Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Details | |
Registrant Name | Avrupa Minerals Ltd. |
Registrant CIK | 1,445,467 |
SEC Form | 20-F |
Period End date | Dec. 31, 2017 |
Fiscal Year End | --12-31 |
Trading Symbol | avrp |
Number of common stock shares outstanding | 86,918,797 |
Filer Category | Non-accelerated Filer |
Current with reporting | Yes |
Voluntary filer | No |
Well-known Seasoned Issuer | No |
Amendment Flag | false |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Entity Incorporation, State Country Name | British Columbia, Canada |
Entity Address, Address Line One | Suite 410 – 325 Howe Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | British Columbia |
Entity Address, Country | Canada |
Entity Address, Postal Zip Code | V6C 1Z7 |
Entity Address, Address Description | Address of principal executive offices |
Entity Home Country ISO Code | CA |
Entity Reporting Currency ISO Code | CAD |
Entity Accounting Standard | International Financial Reporting Standards |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | |
Current assets | |||
Cash | $ 182,794 | $ 518,196 | |
Restricted cash | [1] | 167,910 | 4,175 |
Investments - available for sale | 0 | 84,862 | |
Prepaid expenses and advances | 41,974 | 61,792 | |
Due from optionee | [1] | 28,557 | 1 |
Due from related party | [2] | 0 | 4,742 |
VAT receivables | 36,666 | 43,176 | |
Other receivables | 30,559 | 19,438 | |
Current assets | 488,460 | 736,382 | |
Non-current assets | |||
Property deposits | [3] | 177,613 | 218,202 |
Exploration and evaluation assets | [1] | 1,407,915 | 1,479,204 |
Equipment | [4] | 56,117 | 48,137 |
Non-current assets | 1,641,645 | 1,745,543 | |
Total assets | 2,130,105 | 2,481,925 | |
Current liabilities | |||
Funds held for optionees | 167,910 | 4,175 | |
Accounts payable and accrued liabilities | 138,845 | 55,863 | |
Accounts payable owed by optionees | 88,687 | 119,811 | |
Due to related parties | 59,523 | 72,107 | |
Current portion of long-term loan | 6,393 | 0 | |
Current liabilities | 461,358 | 251,956 | |
Non-current liabilities | |||
Long-term loan | 24,058 | 0 | |
Non-current liabilities | 24,058 | 0 | |
Equity | |||
Share capital | 8,786,896 | 7,994,373 | |
Reserves | 6,119,842 | 5,591,348 | |
Deficit | (13,262,049) | (11,355,752) | |
Equity | 1,644,689 | 2,229,969 | |
Total equity and liabilities | $ 2,130,105 | $ 2,481,925 | |
[1] | Note 5 | ||
[2] | Note 8 | ||
[3] | Note 6 | ||
[4] | Note 4 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS | 12 Months Ended | |||||
Dec. 31, 2017$ / shares | Dec. 31, 2017CAD ($) | Dec. 31, 2016$ / shares | Dec. 31, 2016CAD ($) | Dec. 31, 2015$ / shares | Dec. 31, 2015CAD ($) | |
Mineral exploration expenses | ||||||
Mineral exploration expenses | $ 1,742,813 | $ 1,157,878 | $ 3,395,193 | |||
Reimbursements from optionees | (780,195) | (581,875) | (2,654,670) | |||
Operating expense | (962,618) | (576,003) | (740,523) | |||
General administrative expenses | ||||||
Bank charges | 3,875 | 13,136 | 10,577 | |||
Consulting | 124,520 | 266,573 | 143,100 | |||
Depreciation | 2,589 | 5,176 | 5,765 | |||
Insurance | 0 | 0 | 4,600 | |||
Investor relations | 292,430 | 191,544 | 163,278 | |||
Listing and filing fees | 10,485 | 12,035 | 10,087 | |||
Office and administrative fees | 29,070 | 44,867 | 21,777 | |||
Professional fees | 203,662 | 202,484 | 180,836 | |||
Rent | 9,000 | 7,308 | 25,729 | |||
Salaries | 0 | 0 | 161 | |||
Share-based payment | 110,564 | 270,698 | 192,043 | |||
Telephone | 37 | 37 | 0 | |||
Transfer agent fees | 10,581 | 8,432 | 6,335 | |||
Travel | 66,882 | 61,023 | 52,130 | |||
General and administrative expense | (863,695) | (1,083,313) | (816,418) | |||
Other items | ||||||
Foreign exchange (loss) | (11,494) | 20,536 | 4,256 | |||
Interest income | 2,068 | 3,056 | 2,508 | |||
Other income | 2,837 | 2,308 | 1,247 | |||
Write down of due from optionee | (1) | (238,705) | 0 | |||
(Loss) on disposal of equipment | (2,105) | 0 | 0 | |||
Write-down of exploration and evaluation assets | (71,289) | 0 | 0 | |||
Other expense, by function | (79,984) | (212,805) | 8,011 | |||
Net loss for the year | (1,906,297) | (1,872,121) | (1,548,930) | |||
Exchange difference arising on the translation of foreign subsidiaries | 26,776 | (28,208) | 5,593 | |||
Comprehensive loss for the year | $ (1,879,521) | $ (1,900,329) | $ (1,543,337) | |||
Basic and diluted loss per share | $ / shares | $ (0.02) | $ (0.03) | $ (0.03) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN STOCKHOLDERS' EQUITY - CAD ($) | Issued capital | Warrants | Finders options | Equity-settled employee benefits | Exchange | Subtotal | Deficit | Total |
Equity at beginning of period at Dec. 31, 2014 | $ 5,633,560 | $ 3,589,762 | $ 229,764 | $ 592,047 | $ 15,717 | $ 4,427,290 | $ (7,934,701) | $ 2,126,149 |
Number of shares outstanding at beginning of period at Dec. 31, 2014 | 44,555,797 | |||||||
Share issues: | ||||||||
Shares issued for private placement | $ 613,483 | 478,517 | 0 | 0 | 0 | 478,517 | 0 | 1,092,000 |
Number of Shares issued for private placement | 10,920,000 | |||||||
Share issue costs | $ (74,687) | 0 | 38,329 | 0 | 0 | 38,329 | 0 | (36,358) |
Share-based payment | 0 | 0 | 0 | 192,043 | 0 | 192,043 | 0 | 192,043 |
Comprehensive loss | 0 | 0 | 0 | 0 | 5,593 | 5,593 | (1,548,930) | (1,543,337) |
Equity at end of period at Dec. 31, 2015 | $ 6,172,356 | 4,068,279 | 268,093 | 784,090 | 21,310 | 5,141,772 | (9,483,631) | 1,830,497 |
Number of shares outstanding at end of period at Dec. 31, 2015 | 55,475,797 | |||||||
Share issues: | ||||||||
Shares issued for private placement | $ 758,632 | 596,068 | 0 | 0 | 0 | 596,068 | 0 | 1,354,700 |
Number of Shares issued for private placement | 13,547,000 | |||||||
Share issue costs | $ (124,387) | 0 | 47,540 | 0 | 0 | 47,540 | 0 | (76,847) |
Shares issued for warrants exercised | $ 1,068,737 | (382,787) | 0 | 0 | 0 | (382,787) | 0 | 685,950 |
Number of Shares issued for warrants exercised | 4,573,000 | |||||||
Shares issued for options exercised | $ 37,373 | 0 | 0 | (17,373) | 0 | (17,373) | 0 | 20,000 |
Number of Shares issued for options exercised | 200,000 | |||||||
Shares issued for finder's options exercised | $ 81,662 | 1,378 | (37,740) | 0 | 0 | (36,362) | 0 | 45,300 |
Number of Shares issued for finder's options exercised | 453,000 | |||||||
Share-based payment | $ 0 | 0 | 0 | 270,698 | 0 | 270,698 | 0 | 270,698 |
Comprehensive loss | 0 | 0 | 0 | 0 | (28,208) | (28,208) | (1,872,121) | (1,900,329) |
Equity at end of period at Dec. 31, 2016 | $ 7,994,373 | 4,282,938 | 277,893 | 1,037,415 | (6,898) | 5,591,348 | (11,355,752) | 2,229,969 |
Number of shares outstanding at end of period at Dec. 31, 2016 | 74,248,797 | |||||||
Share issues: | ||||||||
Shares issued for private placement | $ 850,846 | 391,154 | 0 | 0 | 0 | 391,154 | 0 | 1,242,000 |
Number of Shares issued for private placement | 12,670,000 | |||||||
Share issue costs | $ (58,323) | 0 | 0 | 0 | 0 | 0 | 0 | (58,323) |
Share-based payment | 0 | 0 | 0 | 110,564 | 0 | 110,564 | 0 | 110,564 |
Comprehensive loss | 0 | 0 | 0 | 0 | 26,776 | 26,776 | (1,906,297) | (1,879,521) |
Equity at end of period at Dec. 31, 2017 | $ 8,786,896 | $ 4,674,092 | $ 277,893 | $ 1,147,979 | $ 19,878 | $ 6,119,842 | $ (13,262,049) | $ 1,644,689 |
Number of shares outstanding at end of period at Dec. 31, 2017 | 86,918,797 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | ||||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||
Cash flows from operating activities | |||||
Net loss for the year | $ (1,906,297) | $ (1,872,121) | $ (1,548,930) | ||
Items not involving cash: | |||||
Depreciation | 2,589 | 5,176 | 5,765 | ||
Loss on disposal of equipment | 2,105 | 0 | 0 | ||
Mineral exploration expenses | 21,520 | (179,800) | 15,669 | ||
Share-based payment | 110,564 | 270,698 | 192,043 | ||
Write down of due from optionee | 1 | 238,705 | 0 | ||
Write-down of exploration and evaluation assets | 71,289 | 0 | 0 | ||
Changes in non-cash working capital items | |||||
VAT receivables | 6,510 | 300,722 | (299,447) | ||
Due from optionee | (28,557) | 68,577 | (4,494) | ||
Prepaid expenses and advances | 19,818 | 65,650 | 113,160 | ||
Other receivables | (11,121) | (19,438) | 0 | ||
Accounts payable and accrued liabilities | 82,982 | (475,300) | (25,418) | ||
Accounts payable owed by optionees | (31,124) | (80,538) | 0 | ||
Due from/to related parties | (7,842) | (24,176) | 38,240 | ||
Funds held for optionees | 163,735 | 4,175 | (299,305) | ||
Exchange difference arising on the translation of foreign subsidiaries | 24,496 | (24,802) | 1,598 | ||
Net cash (used in) operating activities | (1,479,332) | (1,722,472) | (1,811,119) | ||
Cash flows from investing activities | |||||
Net proceeds from investments - available for sale | 84,862 | 2,245 | 0 | ||
Net proceeds from sale of equipment | 12,167 | 0 | 0 | ||
Property deposits | 40,589 | 51,569 | (130,093) | ||
Purchase of equipment | (13,630) | 0 | (13,741) | ||
Net cash provided by (used in) investing activities | 123,988 | 53,814 | (143,834) | ||
Cash flows from financing activities | |||||
Proceeds from issuance of common shares | 1,242,000 | 2,105,950 | 1,092,000 | ||
Share issue costs | (58,323) | (76,847) | (36,358) | ||
Net cash provided by financing activities | 1,183,677 | 2,029,103 | 1,055,642 | ||
Change in cash for the year | (171,667) | 360,445 | (899,311) | ||
Cash, beginning of the year | 522,371 | 161,926 | 1,061,237 | ||
Cash, end of the year | 350,704 | 522,371 | 161,926 | ||
Cash comprised of | |||||
Cash | 182,794 | 518,196 | 161,926 | ||
Restricted cash | 167,910 | [1] | 4,175 | [1] | 0 |
Supplementary information | |||||
Interest received | $ 2,068 | $ 3,056 | $ 2,508 | ||
[1] | Note 5 |
1. NATURE OF OPERATIONS AND CON
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | 1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS Avrupa Minerals Ltd. (the “Company”) was incorporated on January 23, 2008 under the Business Corporations Act of British Columbia and its registered office is Suite 2610 – 1066 West Hastings Street, Vancouver, BC, Canada, V6E 3X1. The Company changed its name on July 7, 2010 and began trading under the symbol “ AVU These consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. There are material uncertainties that cast significant doubt about the appropriateness of the going concern assumption. If the Company is to advance or develop its mineral properties further, it will be necessary to obtain additional financing and while it has been successful in the past, there can be no assurance that it will be able to do so in the future. Failure to raise sufficient funds would result in the Company’s inability to make future required property payments, which would result in the loss of those property options. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material. |
2. BASIS OF PREPARATION
2. BASIS OF PREPARATION | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
2. BASIS OF PREPARATION | 2. BASIS OF PREPARATION a) Statement of compliance These consolidated financial statements have been prepared in accordance and compliance with International Financial Reporting standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). b) Basis of preparation These consolidated financial statements have been prepared on a historical cost basis except certain financial instruments which are measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements, including comparatives, have been prepared on the basis of IFRS standards that are effective as at December 31, 2017. |
3. SIGNIFICANT ACCOUNTING POLIC
3. SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
3. SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries as follows: % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda 100% Portugal Exploration Innomatik Exploration Kosovo LLC 100% Kosovo Exploration Peshter Mining J.S.C 11.06% Kosovo Exploration Avrupa Holdings Inc. 100% Barbados Holding Avrupa Portugal Holdings Inc. 100% Barbados Holding Avrupa Kosovo Holdings Inc. 100% Barbados Holding All subsidiaries are entities that are controlled, either directly or indirectly. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when the Company has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company’s share capital. All of the intra-group balances and transactions, including unrealized profits and losses arising from intra-group transactions, have been eliminated in full. For subsidiaries that the Company controls, but does not own 100% of, the net assets and net profit attributable to outside shareholders are presented as amounts attributable to non-controlling interests in the consolidated statements of financial position and consolidated statements of comprehensive loss. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the consolidated financial statements. b) Interests in Joint Arrangements A joint arrangement can take the form of a joint venture or joint operation. All joint arrangements involve a contractual arrangement that establishes joint control, which exists only when decisions about the activities that significantly affect the returns of the investee require unanimous consent of the parties sharing control. A joint operation is a joint arrangement in which the Company has rights to the assets and obligations for the liabilities relating to the arrangement. A joint venture is a joint arrangement in which the Company has rights to only the net assets of the arrangement. Joint ventures are accounted for in accordance with the policy “Investments in Associates and Joint Ventures.” Joint operations are accounted for by recognizing the Company’s share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements. c) Investments in Associates and Joint Ventures Investments over which the Company exercises significant influence and which it does not control or jointly control are associates. Investments in associates are accounted for using the equity method, except when classified as held for sale. Investments in joint ventures as determined in accordance with the policy “Interests in Joint Arrangements” are also accounted for using the equity method. The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value of the investment for the Company’s proportionate share of the profit or loss, other comprehensive income or loss and any other changes in the associate’s or joint venture’s net assets. The Company’s proportionate share of the associate’s or joint venture’s profit or loss and other comprehensive income or loss is based on its most recent financial statements. Adjustments are made to align any inconsistencies between the Company’s accounting policies and the associate’s or joint venture’s policies before applying the equity method. Adjustments are also made to account for depreciable assets based on their fair values at the acquisition date of the investment and for any impairment losses recognized by the associate or joint venture. If the Company’s share of the associate’s or joint venture’s losses equals or exceeds the investment in the associate or joint venture, recognition of further losses is discontinued. After the Company’s interest is reduced to zero, additional losses will be provided for and a liability recognized only to the extent that the Company has incurred legal or constructive obligations to provide additional funding or make payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, the Company resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. At each statement of financial position date, management considers whether there is objective evidence of impairment in associates and joint ventures. If there is such evidence, management determines if there is a need to record an impairment in relation to the associate or joint venture. d) Foreign currencies The Company assesses functional currency on an entity by entity basis based on the related fact pattern; however, the presentation currency used in these consolidated financial statements is determined at management’s discretion. The currency of the parent company, and the presentation currency applicable to these consolidated financial statements, is the Canadian dollar. Transactions in currencies other than the functional currency are recorded at the rates of the exchange prevailing on dates of transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non-monetary items denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. The Company has determined that the functional currency of its wholly-owned subsidiaries in Europe is the Euro and that the functional currency of its wholly-owned subsidiaries in Barbados is the US dollar. Exchange differences arising from the translation of the subsidiaries’ functional currencies into the Company’s presentation currency are taken directly to the exchange reserve. e) Exploration and evaluation assets and expenditures Exploration and evaluation expenditures include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are expensed as incurred except for expenditures associated with the acquisition of exploration and evaluation assets through a business combination or asset acquisition which are recognized as assets. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in the consolidated statement of comprehensive loss. Capitalized costs, including general and administrative costs, are only allocated to the extent that these costs can be related directly to operational activities in the relevant area of interest where they are considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. f) Share-based payment transactions The share option plan allows the Company’s employees and consultants to acquire shares of the Company. The fair value of options granted is recognized as a share-based payment expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value is measured at grant date and each tranche is recognized on a graded-vesting basis over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At each statement of financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. g) Loss per share The Company presents the basic and diluted loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. In the Company’s case, diluted loss per share is the same as basic loss per share as the effects of including all outstanding options and warrants would be anti-dilutive. h) Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout these consolidated financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and further periods if the revision affects both current and future periods. Significant assumptions about the future and other sources of estimation uncertainty that management has made at the consolidated statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: Critical judgments The analysis of the functional currency for each entity of the Company. In concluding that the Canadian dollar is the functional currency of the parent, management considered both the funds from financing activities and the currency in which goods and services are paid. The functional currency of its wholly-owned subsidiaries in Europe is the Euro and subsidiaries in Barbados is the US Dollar as management considered the currencies which mainly influence the cost of providing goods and services in those subsidiaries. The Company chooses to report in Canadian dollar as the presentation currency; The assessment of indications of impairment of each mineral property and related determination of the net realized value and write-down of those properties where applicable; and The determination that the Company will continue as a going concern for the next year. i) Provisions Provisions are recognized in the consolidated statement of financial position when the Company has a legal or constructive obligation as a result of past events and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. j) Financial instruments Financial assets The Company classifies its financial assets into one of the following categories, depending on the purpose for which the asset was acquired. The Company's accounting policy for each category is as follows: Fair value through profit or loss Loans and receivables Held-to-maturity investments - Available-for-sale - All financial assets except for those at fair value through profit or loss are subject to review for impairment at least at each reporting date. Financial assets are impaired when there is any objective evidence that a financial asset or a group of financial assets is impaired. Different criteria to determine impairment are applied for each category of financial assets, which are described above. Financial liabilities The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Company's accounting policy for each category is as follows: Fair value through profit or loss Other financial liabilities - At December 31, 2017, 2016 and 2015, the Company did not have any derivative financial assets or liabilities. k) Income taxes Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded using the statement of financial position liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting or taxable loss; nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted that are expected to apply when temporary differences are expected to settle. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. To the extent that the Company does not consider it probable that a future tax asset will be recovered, it provides a valuation allowance against that excess. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. l) New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for the December 31, 2017 reporting period. The Company has not early adopted the following new and revised standards, amendments and interpretations that have been issued but are not yet effective: IFRS 9 (Amended 2010) Financial Instruments (effective January 1, 2018) The Company anticipates that the application of the above new and revised standards, amendments and interpretations will have no material impact on its results and financial position. |
4. EQUIPMENT
4. EQUIPMENT | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
4. EQUIPMENT | 4. EQUIPMENT Furniture and other equipment Vehicles Other assets Total Cost As at January 1, 2016 $ 127,549 $ 183,038 $ 22,431 $ 333,018 Additions during the year - - - - Exchange adjustment (7,299) (10,474) (1,284) (19,057) As at December 31, 2016 120,250 172,564 21,147 313,961 Additions during the year 3,591 40,490 - 44,081 Disposal during the year (11,706) (116,314) - (128,020) Exchange adjustment 7,494 10,754 1,318 19,566 As at December 31, 2017 $ 119,629 $ 107,494 $ 22,465 $ 249,588 Accumulated depreciation As at January 1, 2016 $ 82,324 $ 162,870 $ 16,864 $ 262,058 Depreciation for the year 12,860 4,575 1,981 19,416 Exchange adjustment (5,144) (9,474) (1,032) (15,650) As at December 31, 2016 90,040 157,971 17,813 265,824 Depreciation for the year 13,608 9,352 1,149 24,109 Depreciation for the year related to disposals (11,706) (101,985) - (113,691) Exchange adjustment 5,985 10,102 1,142 17,229 As at December 31, 2017 $ 97,927 $ 75,440 $ 20,104 $ 193,471 Net book value As at January 1, 2016 $ 45,225 $ 20,168 $ 5,567 $ 70,960 As at December 31, 2016 $ 30,210 $ 14,593 $ 3,334 $ 48,137 As at December 31, 2017 $ 21,702 $ 32,054 $ 2,361 $ 56,117 |
5. EXPLORATION AND EVALUATION A
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES Portugal Kosovo Germany Others Total Alvalade Covas Alvito Others Slivovo Others Exploration and evaluation assets Acquisition costs As of January 1, 2017 $ 167,920 $ 71,289 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,479,204 Write-down of property during the year - (71,289) - - - - - - (71,289) As of December 31, 2017 $ 167,920 $ - $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Mineral exploration expenses for the year ended December 31, 2017 Assaying $ - $ - $ - $ - $ - $ 34,110 $ - $ - $ 34,110 Concession fees and taxes 44,290 - 18,574 11,839 - 3,088 - - 77,791 Depreciation - - - 21,520 - - - - 21,520 Geological salaries and consulting 98,544 98,520 527,082 278,198 - 73,176 - - 1,075,520 Geology work - - - - - - 29,621 42,664 72,285 Insurance 347 - 814 5,090 - - - - 6,251 Legal and accounting - - 16 155 - 13,500 - - 13,671 Office and administrative fees 6,333 1,170 6,397 25,524 - 82,182 - 16,717 138,323 Rent 68,617 8,790 56,798 61,410 - 18,906 - 5,764 220,285 Site costs 2,474 552 19,811 8,848 - 3,625 - 1,392 36,702 Travel 2,067 450 25,606 5,692 - 6,976 - 5,564 46,355 Reimbursements from optionee (5,259) (109,482) (655,098) (10,356) - - - - (780,195) $ 217,413 $ - $ - $ 407,920 $ - $ 235,563 $ 29,621 $ 72,101 $ 962,618 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 265,266 197,339 102,053 347,498 9,998 201,789 4 - 1,123,947 Depreciation - - 5,515 75,593 - - - - 81,108 Drilling - - - - 1,180,217 - - - 1,180,217 Geological salaries and consulting 6,204,805 2,089,720 1,106,225 2,476,006 119,801 607,591 12,359 - 12,616,507 Geology work - - - 32,377 891,582 402,515 223,619 125,314 1,675,407 Insurance 18,607 10,550 4,321 30,415 14,604 14,790 - - 93,287 Legal and accounting 296 130 158 698 58,158 13,500 - - 72,940 Office and administrative fees 200,173 25,321 31,920 184,699 80,149 98,692 5,255 58,878 685,087 Rent 430,279 49,068 113,089 292,176 28,694 67,239 - 20,422 1,000,967 Report - - - - 24,232 - - - 24,232 Site costs 161,127 57,655 44,518 97,571 185,074 193,600 - 8,865 748,410 Travel 225,720 56,738 57,098 107,596 60,107 21,373 - 14,771 543,403 Trenching and road work - - - - 34,339 - - - 34,339 Reimbursements from optionee (7,369,789) (2,420,199) (1,069,865) (243,481) (2,834,986) (45,158) - - (13,983,478) $ 136,484 $ 66,322 $ 395,032 $ 3,401,148 $ 149,944 $ 1,641,867 $ 252,083 $ 228,250 $ 6,271,130 Portugal Kosovo Germany Others Total Alvalade Covas Alvito Others Slivovo Others Exploration and evaluation assets Acquisition costs As of January 1, 2016 $ 167,920 $ 71,289 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,479,204 Additions during the year - - - - - - - - - As of December 31, 2016 $ 167,920 $ 71,289 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,479,204 Mineral exploration expenses for the year ended December 31, 2016 Assaying $ - $ - $ - $ - $ (2,630) $ 33 $ - $ - $ (2,597) Concession fees and taxes 88,378 12,097 22,191 71,981 - 4,281 - - 198,928 Depreciation - - - 14,240 - - - - 14,240 Drilling - - - - (79,180) - - - (79,180) Geological salaries and consulting 335,477 42,017 96,996 214,691 681 25,036 - - 714,898 Geology work - - - - (5,889) - - 38,580 32,691 Insurance 93 93 99 3,821 - - - - 4,106 Legal and accounting - 130 - 154 - - - - 284 Office and administrative fees 6,251 1,608 1,421 24,830 6,699 (2,572) - 20,809 59,046 Rent 30,164 8,798 7,888 38,075 725 3,341 - 5,418 94,409 Report - - - - 24,232 - - - 24,232 Site costs 53,462 425 2,103 13,606 - - - 2,166 71,762 Travel 1,211 2,014 1,313 15,190 628 2,599 - 2,104 25,059 Trenching and road work - - - - - - - - - Reimbursements from optionee (515,036) (67,182) - - 45,501 (45,158) - - (581,875) $ - $ - $ 132,011 $ 396,588 $ (9,233) $ (12,440) $ - $ 69,077 $ 576,003 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ - $ 297,975 $ 31,826 $ 10,846 $ - $ 340,647 Concession fees and taxes 220,976 197,339 83,479 335,659 9,998 198,701 4 - 1,046,156 Depreciation - - 5,515 54,073 - - - - 59,588 Drilling - - - - 1,180,217 - - - 1,180,217 Geological salaries and consulting 6,106,261 1,991,200 579,143 2,197,808 119,801 534,415 12,359 - 11,540,987 Geology work - - - 32,377 891,582 402,515 193,998 82,650 1,603,122 Insurance 18,260 10,550 3,507 25,325 14,604 14,790 - - 87,036 Legal and accounting 296 130 142 543 58,158 - - - 59,269 Office and administrative fees 193,840 24,151 25,523 159,175 80,149 16,510 5,255 42,161 546,764 Rent 361,662 40,278 56,291 230,766 28,694 48,333 - 14,658 780,682 Report - - - - 24,232 - - - 24,232 Site costs 158,653 57,103 24,707 88,723 185,074 189,975 - 7,473 711,708 Travel 223,653 56,288 31,492 101,904 60,107 14,397 - 9,207 497,048 Trenching and road work - - - - 34,339 - - - 34,339 Reimbursements from optionee (7,364,530) (2,310,717) (414,767) (233,125) (2,834,986) (45,158) - - (13,203,283) $ (80,929) $ 66,322 $ 395,032 $ 2,993,228 $ 149,944 $ 1,406,304 $ 222,462 $ 156,149 $ 5,308,512 Portugal The Company, through its 100% holding in MAEPA Empreendimentos Mineiros e Participacoes Lda (“MAEPA”), holds five exploration licenses in Portugal, spread from the north to the south in the country. The licenses have been issued to MAEPA by the government of Portugal, and relate to the following named properties: * Alvalade * Covas * Alvito * Marateca * Mertola Licenses have varying required work commitments and carry a 3% Net Smelter Return (“NSR”) payable to the government of Portugal. Alvalade: Colt Resources Inc. (“Colt”) purchased Antofagasta Minerals S.A. (“Antofagasta”)’s 60% joint venture (“JV”) interest with Avrupa in the Alvalade property in August 2015 and was entitled to further earn-in of the property subject to certain payments to Antofagasta. Colt did not meet the payment requirements with Antofagasta and also failed to meet expenditure requirements under the JV arrangement with the Company. As of December 31, 2016, the Company wrote down the amount owing from Colt to $1 and as of June 30, 2017, the Company wrote off $1. In June 2017, the Company recovered 100% ownership of the Alvalade project by forgiving certain debts, assuming a deposit on the project and making future payments to its initial partner upon meeting certain milestones. On December 7, 2017, the Company signed an exclusivity agreement with a subsidiary of an international mining company (the “Funding Partner”), allowing the Funding Partner a right to negotiate the acquisition of an interest in the Alavade property, the Marateca property and the Mertola property for non-refundable payments of €25,000 in respect of each property for a total of €75,000. Should a transaction be reached on these properties, these exclusivity payments shall be applied as a credit in favour of the Funding Partner. As of December 31, 2017, the Company held $97,275 (€64,626) on behalf of the Funding Partner to be spent on the three properties, which is recorded as restricted cash. Subsequent to December 31, 2017, the Company and the Funding Partner signed a non-binding Letter of Intent (“LOI’). See Note 16(a). Covas: Blackheath Resources Inc. (“Blackheath”) has earned a 75% interest in the Covas property by spending a cumulative €1,320,000 and per the May 7, 2014 amended Joint Venture agreement, Blackheath can earn further interests, as noted below: To earn a further 5% of the JV (for an aggregate total of 80%), Blackheath must fund €498,000 on exploration by March 20, 2016. [Not completed.] To earn a further 5% of the JV (for an aggregate total of 85%), Blackheath must fund €833,000 on exploration by March 20, 2017. [Not completed.] Since inception of the agreement and to December 31, 2017, Blackheath had forwarded a total of $2,391,642 (€1,728,680) for the Covas property. The Company incurred an additional amount of $28,557 (€18,972) as of December 31, 2017 which will be reimbursed by Blackheath. Subsequently, Blackheath terminated the agreement. The Company dropped the Covas property and wrote off $71,289. Alvito: Callinan Royalties Corporation (“Callinan”) (now Altius Minerals Corporation) has a 1.5% NSR royalty on the Alvito property. On April 5, 2017, the Company signed an earn-in option agreement with Australia-based OZ Exploration Pty. Ltd. (“OZE”), a wholly-owned subsidiary of OZ Minerals Limited (“OZM”), to explore on the Alvito iron oxide, copper-gold (“IOCG”) project located in southern Portugal. The agreement allows for OZE to earn up to a total 75% interest in the project by spending AUS $4,000,000 over approximately 2½ years under the following terms: Since inception of the agreement and to December 31, 2017, OZE had forwarded a total of $725,733 (€485,000) for the Alvito property. The Company held $70,635 (€46,927) on behalf of OZE to be spent on the Alvito property, which is recorded as restricted cash. Others including Marateca and Mertola: On December 7, 2017, the Company signed an exclusivity agreement with the Funding Partner. See Note 5 under “Alvalade” and Note 16(a). Kosovo The Company, through its 100% holding in Innomatik, holds one exploration license in Kosovo: * Metovit The Metovit license was issued in 2015 and carries certain work commitments and a 5% NSR payable to the government of Kosovo. Slivovo license: Byrnecut International Limited (“Byrnecut”) has earned an 85% interest in the Slivovo property after forwarding $2,834,986 (€2,000,000) for the Slivovo property to the Company and completing a Preliminary Feasibility Study (“PFS”) by April 10, 2017. Byrnecut and the Company had set up a joint venture entity known as Peshter Mining J.S.C. (“Peshter Mining”) to reflect the 85:15 ownership and transferred the Slivovo license into Peshter Mining with Byrnecut being the operator. If a party’s interest in Peshter Mining has been diluted to 10% or less, the diluted party’s interest in Peshter Mining will be converted into a 2% Net Smelter Return. As of December 31, 2017, Byrnecut spent over €3,350,000 in Peshter Mining, diluting the Company’s interest in Peshter Mining to 11.06%. Germany The Company has earned an 85% interest in the Oelsnitz property under its agreement with Beak Consultants GmbH (“Beak”) by spending €140,000. There is no royalty attached to the property. The Company is working with Beak to set up a joint-venture entity. As of December 31, 2017, the Company had spent $252,083 (€192,576) on the Oelsnitz property. December 31, 2017 December 31, 2016 Restricted cash & Funds held for optionees Covas - Blackheath $ - $ 4,175 Alvito - OZE 70,635 - Alvalade, Marateca and Mertola - Funding Partner 97,275 - $ 167,910 $ 4,175 Due from optionee Alvalade - Colt $ - $ 1 Covas - Blackheath 28,557 - $ 28,557 $ 1 |
6. PROPERTY DEPOSITS
6. PROPERTY DEPOSITS | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
6. PROPERTY DEPOSITS | 6. PROPERTY DEPOSITS As of December 31, 2017, the Company had a total of $177,613 (€118,000) (December 31, 2016: $218,202 (€154,000)) of cash pledged for its exploration licenses in Portugal. The advances to the Portuguese regulatory authorities are refundable to the Company, subject to completion of the work obligations described in the exploration license applications. |
7. CAPITAL AND RESERVES
7. CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
7. CAPITAL AND RESERVES | 7. CAPITAL AND RESERVES (a) At December 31, 2017, the authorized share capital was comprised of an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid. (b) i. ii. In connection with the financing, the Company paid $16,125 as a cash finder’s fee and issued 411,250 finder’s options, each of which is exercisable into one Unit at a price of $0.10 for a period of 36 months. Each Unit consists of one common share and one non-transferable warrant exercisable for a 3-year period at a price of $0.15. The finder’s options were ascribed a value of $47,540. In addition, $60,722 was included in share issue costs. iii. iv. In connection with the financing, a total of $46,348 share issue costs was paid. (c) The Company has established a stock option plan whereby the Company may grant options to directors, officers, employees and consultants of up to 10% of the common shares outstanding at the time of grant. The exercise price, term and vesting period of each option are determined by the board of directors within regulatory guidelines. Stock option transactions and the number of stock options for the year ended December 31, 2017 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2016 Granted Exercised cancelled 2017 January 27, 2017 $0.30 100,000 - - (100,000) - April 10, 2017 $0.30 720,000 - - (720,000) - July 15, 2017 $0.10 300,000 - - (300,000) - October 16, 2018 $0.10 1,145,000 - - - 1,145,000 March 3, 2019 $0.165 200,000 - - - 200,000 July 15, 2020 $0.10 2,015,000 - - - 2,015,000 September 26, 2021 $0.18 1,575,000 - - - 1,575,000 April 26, 2022 $0.10 - 1,310,000 - - 1,310,000 Options outstanding 6,055,000 1,310,000 - (1,120,000) 6,245,000 Options exercisable 6,055,000 1,310,000 - (1,120,000) 6,245,000 Weighted average exercise price $0.15 $0.10 $0 $0.25 $0.12 As of December 31, 2017, the weighted average contractual remaining life is 2.85 years (December 31, 2016 –2.88 years). Stock options transactions and the number of stock options for the year ended December 31, 2016 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2015 Granted Exercised cancelled 2016 January 27, 2017 $0.30 100,000 - - - 100,000 April 10, 2017 $0.30 720,000 - - - 720,000 July 15, 2017 $0.10 300,000 - - - 300,000 October 16, 2018 $0.10 1,345,000 - (200,000) - 1,145,000 March 3, 2019 $0.165 200,000 - - - 200,000 July 15, 2020 $0.10 2,015,000 - - - 2,015,000 September 26, 2021 $0.18 - 1,575,000 - - 1,575,000 Options outstanding 4,680,000 1,575,000 (200,000) - 6,055,000 Options exercisable 4,455,000 1,575,000 (200,000) - 6,055,000 Weighted average exercise price $0.14 $0.18 $0.10 $0 $0.15 Stock options transactions and the number of stock options for the year ended December 31, 2015 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2014 Granted Exercised cancelled 2015 July 8, 2015 $0.35 770,000 - - (770,000) - July 15, 2015 $0.35 10,000 - - (10,000) - January 27, 2017 $0.30 100,000 - - - 100,000 April 10, 2017 $0.30 755,000 - - (35,000) 720,000 July 15, 2017 $0.10 - 300,000 - - 300,000 October 16, 2018 $0.10 1,400,000 - - (55,000) 1,345,000 March 3, 2019 $0.165 200,000 - - - 200,000 July 15, 2020 $0.10 - 2,015,000 - - 2,015,000 Options outstanding 3,235,000 2,315,000 - (870,000) 4,680,000 Options exercisable 3,235,000 2,090,000 - (870,000) 4,455,000 Weighted average exercise price $0.22 $0.10 $0 $0.33 $0.14 The weighted average assumptions used to estimate the fair value of options for the years ended December 31, 2017, 2016 and 2015 were: 2017 2016 2015 Risk-free interest rate 1.21% 1.71% 1.45% Expected life 5 years 4.53 years 4.89 years Expected volatility 141.88% 144.86% 149.53% Expected dividend yield 0 0 0 Option pricing models require the input of highly subjective assumptions including the expected price volatility. Changes in the subjective input assumptions can materially affect the fair value estimate, and therefore the existing models do not necessarily provide a reliable measure of the fair value of the Company’s share purchase options. (d) The continuity of finder’s options for the year ended December 31, 2017 is as follows: Exercise December 31, December 31, Expiry date price 2016 Issued Exercised Expired 2017 August 22, 2017 (1) $0.25 152,600 - - (152,600) - July 14, 2018 $0.10 99,000 - - - 99,000 July 4, 2019 (2) $0.10 411,250 - - - 411,250 Outstanding 662,850 - - (152,600) 510,250 Weighted average exercise price $0.13 $0 $0 $0.25 $0.10 (1) The finder’s options are exercisable into units, with each unit consisting of one common share and one warrant exercisable until August 22, 2017 at $0.40. These finder’s options expired unexercised. (2) As of December 31, 2017, the weighted average contractual remaining life is 1.32 years (December 31, 2016 – 1.93 years). The continuity of finder’s options for the year ended December 31, 2016 is as follows: Exercise December 31, December 31, Expiry date price 2015 Issued Exercised Expired 2016 September 24, 2016 $0.10 148,800 - (84,000) (64,800) - August 22, 2017 $0.25 152,600 - - - 152,600 July 14, 2018 $0.10 468,000 - (369,000) - 99,000 July 4, 2019 $0.10 - 411,250 - - 411,250 Outstanding 769,400 411,250 (453,000) (64,800) 662,850 Weighted average exercise price $0.13 $0.10 $0.10 $0.10 $0.13 The continuity of finder’s options for the year ended December 31, 2015 is as follows: Exercise December 31, December 31, Expiry date price 2014 Issued Exercised Expired 2015 October 4, 2015 $0.15 545,500 - - (545,500) - September 24, 2016 (1) $0.10 148,800 - - - 148,800 August 22, 2017 (2) $0.25 152,600 - - - 152,600 July 14, 2018 $0.10 - 468,000 - - 468,000 Outstanding 846,900 468,000 - (545,500) 769,400 Weighted average exercise price $0.16 $0.10 $0 $0.15 $0.13 The weighted average assumptions used to estimate the fair value of finder’s options for the years ended December 31, 2017, 2016 and 2015 were: 2017 2016 2015 Risk-free interest rate 0 0.87% 1.00% Expected life 0 3 years 3 years Expected volatility 0 144.75% 153.46% Expected dividend yield 0 0 0 (e) The continuity of warrants for the year ended December 31, 2017 is as follows: Exercise December 31, December 31, Expiry date price 2016 Issued Exercised Expired 2017 March 28, 2017 $0.40 4,000,000 - - (4,000,000) - August 22, 2017 $0.40 4,400,000 - - (4,400,000) - October 4, 2017 $0.25 7,990,000 - - (7,990,000) - July 14, 2018 $0.15 10,920,000 - - - 10,920,000 July 4, 2019 $0.15 13,547,000 - - - 13,547,000 July 12, 2020 $0.15 - 10,170,000 - - 10,170,000 Outstanding 40,857,000 10,170,000 - (16,390,000) 34,637,000 Weighted average exercise price $0.22 $0.15 $0 $0.33 $0.15 As of December 31, 2017, the weighted average contractual life is 1.50 years (December 31, 2016 – 1.48 years). The continuity of warrants for the year ended December 31, 2016 is as follows: Exercise December 31, December 31, Expiry date price 2015 Issued Exercised Expired 2016 September 24, 2016 $0.15 5,720,000 84,000 (1) (4,354,000) (1,450,000) - October 15, 2016 $0.15 2,833,334 - (219,000) (2,614,334) - March 28, 2017 $0.40 4,000,000 - - - 4,000,000 August 22, 2017 $0.40 4,400,000 - - - 4,400,000 October 4, 2017 $0.25 7,990,000 - - - 7,990,000 July 14, 2018 $0.15 10,920,000 - - - 10,920,000 July 4, 2019 $0.15 - 13,547,000 13,547,000 Outstanding 35,863,334 13,631,000 (4,573,000) (4,064,334) 40,857,000 Weighted average exercise price $0.23 $0.15 $0.15 $0.15 $0.22 (1) The warrants were issued as a result of 84,000 finder’s options being exercised. The continuity of warrants for the year ended December 31, 2015 is as follows: Exercise December 31, December 31, Expiry date price 2014 Issued Exercised Expired 2015 September 24, 2016 $0.15 5,720,000 - - - 5,720,000 October 15, 2016 $0.15 2,833,334 - - - 2,833,334 March 28, 2017 $0.40 4,000,000 - - - 4,000,000 August 22, 2017 $0.40 4,400,000 - - - 4,400,000 October 4, 2017 $0.25 7,990,000 - - - 7,990,000 July 14, 2018 $0.15 - 10,920,000 - - 10,920,000 Outstanding 24,943,334 10,920,000 - - 35,863,334 Weighted average exercise price $0.27 $0.15 $0 $0 $0.23 The weighted average assumptions used to estimate the fair value of warrants for the years ended December 31, 2017, 2016 and 2015 were: 2017 2016 2015 Risk-free interest rate 0.71% 0.87% 0.95% Expected life 3 years 2.98 years 2.58 years Expected volatility 116.49% 144.62% 148.02% Expected dividend yield 0 0 0 |
8. RELATED PARTY TRANSACTIONS A
8. RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
8. RELATED PARTY TRANSACTIONS AND BALANCES | 8. RELATED PARTY TRANSACTIONS AND BALANCES The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows: For the year ended December 31, 2017 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn Chief Executive Officer, Director $265,828 $0 $0 $0 $53,262 $16,880 $335,970 Winnie Wong, Chief Financial Officer $0 $0 $0 $0 $0 $12,660 $12,660 For the year ended December 31, 2016 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn Chief Executive Officer, Director $265,571 $0 $0 $0 $67,972 $16,270 $349,813 Winnie Wong, Chief Financial Officer $0 $0 $0 $0 $0 $16,270 $16,270 For the year ended December 31, 2015 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn Chief Executive Officer, Director $235,936 $0 $0 $0 $65,251 $31,850 $333,037 Winnie Wong, Chief Financial Officer $0 $0 $0 $0 $0 $20,475 $20,475 Related party liabilities Years ended Services December 31, 2017 December 31, 2016 December 31, 2015 As at December 31, 2017 As at December 31, 2016 Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management and accounting services $ 218,690 $ 236,975 $ 254,775 $ 21,134 $ 16,406 Paul W. Kuhn Consulting and housing allowance and share-based payment $ 335,970 $ 349,813 $ 333,037 $ 16,776 $ 6,446 Paul L. Nelles (b) Salaries and share-based payment $ 23,320 $ 35,387 $ 100,526 $ 0 $ 0 Michael Diehl (b) Salaries and share-based payment $ 0 $ 0 $ 47,213 $ 0 $ 0 Mineralia (c) Consulting $ 198,089 $ 239,882 $ 254,598 $ 17,496 $ 16,469 B&B Renting and Consulting Lda. (d) Rent $ 42,026 $ 26,293 $ 0 $ 4,117 $ 32,786 Adriano Barros (c) Share-based payment $ 16,880 $ 11,389 $ 4,550 $ 0 $ 0 TOTAL: $ 834,975 $ 899,739 $ 994,699 $ 59,523 $ 72,107 Amounts due from: Peshter Mining J.S.C (e) Office, equipement, vehicles, insurance and consulting $ 0 $ 0 $ 0 $ 0 $ 4,742 (a) Pacific Opportunity Capital Ltd., a company controlled by a director of the Company. (b) Paul L. Nelles is a director of Innomatik while Michael Diehl was the former exploration manager of Innomatik. In February 2015, Mr. Diehl ceased to be the exploration manager of Innomatik. (c) Mineralia, a private company partially owned by Adriano Barros, the general manager of MAEPA. (d) B&B Renting and Consulting Lda., a private company partially owned by Adriano Barros, the general manager of MAEPA. (e) Peshter Mining J.S.C is a joint venture entity owned by Byrnecut and Innomatik. |
9. LONG-TERM LOAN
9. LONG-TERM LOAN | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
9. LONG-TERM LOAN | 9. LONG-TERM LOAN In March 2017, the Company entered into a long-term loan to purchase a used vehicle. The long-term loan is repayable in monthly payments totaling $34,812 (€23,128) as of December 31, 2017, including interest calculated at 5.635%, and maturing on April 5, 2022. December 31, 2017 December 31, 2016 Long-term loan $ 30,451 € 20,230 $ - € - Less: current portion of long-term loan 6,393 4,248 - - $ 24,058 € 15,982 $ - € - Payment schedule of long-term loan Year 1 $ 8,072 € 5,363 $ - € - Year 2 8,072 5,363 - - Year 3 8,072 5,363 - - Year 4 8,072 5,363 - - Year 5 2,524 1,676 - - $ 34,812 € 23,128 $ - € - Less: imputed interest 4,126 2,741 - - Other fees 235 156 - - $ 30,451 € 20,231 $ - € - |
10. LOSS PER SHARE
10. LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
10. LOSS PER SHARE | 10. LOSS PER SHARE Basic and diluted loss per share The calculation of basic and diluted loss per share for the year ended December 31, 2017 was based on the loss attributable to common shareholders of $1,906,297 (2016 – $1,872,121; 2015 - $1,548,930) and a weighted average number of common shares outstanding of 80,787,810 (2016 – 63,766,095; 2015 – 49,641,824). Diluted loss per share did not include the effect of 6,245,000 share purchase options, 510,250 finder’s options and 34,637,000 warrants outstanding at year end (2016 – 6,055,000 share purchase options, 662,850 finder’s options and 40,857,000 warrants; 2015 – 4,680,000 share purchase options, 769,400 finder’s options and 35,863,334 warrants) as they are anti-dilutive. |
11. FINANCIAL INSTRUMENTS
11. FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
11. FINANCIAL INSTRUMENTS | 11. FINANCIAL INSTRUMENTS The fair values of the Company’s cash, restricted cash, investments - available for sale, other receivables, due from optionee, property deposits, funds held for optionees, accounts payables and accrued liabilities, accounts payable owed by optionees, due to related parties and loans and other borrowings approximate their carrying values because of the short-term nature of these instruments. The Company’s financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, interest risk, commodity price risk and currency risk. (a) Credit risk The Company’s cash is held in financial institutions in Canada, Portugal, Kosovo and Barbados. Amounts are receivable from optionees. (b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. As at December 31, 2017, the Company had cash of $182,794 (December 31, 2016 - $518,196), VAT receivables of $36,666 (December 31, 2016 - $43,176), investments of $0 (December 31, 2016 - $84,862) and other receivables of $30,559 (December 31, 2016 - $19,438) to settle current liabilities, net of funds held for optionees and accounts payable owed by optionees, of $204,761 (December 31, 2016 - $127,970). Accounts payable and accrued liabilities are due within the current operating period. (c) Interest rate risk Interest rate risk is not material as the Company does not have any significant financial assets or liabilities subject to fluctuation in interest rates. (d) Equity market price risk The Company is exposed to price risk with respect to equity market prices. Price risk as it relates to the Company is defined as the potential adverse impact on the Company’s ability to finance due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company. (e) Currency risk The Company’s property interests in Portugal and Kosovo make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Company’s financial position, results of operations and cash flows. The Company is affected by changes in exchange rates between the Canadian Dollar and foreign functional currencies. The Company does not invest in foreign currency contracts to mitigate the risks. The Company has net monetary assets of $67,400 dominated in US dollars and Euros. A 1% change in the absolute rate of exchange in US dollars and Euros would affect its net loss by $18,300. IFRS 7 establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The following table sets forth the Company’s financial assets measured at fair value by level within the fair value hierarchy as at December 31, 2017 and 2016. As at December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash $ 182,794 $ - $ - $ 182,794 Restricted cash 167,910 - - 167,910 $ 350,704 $ - $ - $ 350,704 As at December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash $ 518,196 $ - $ - $ 518,196 Restricted cash 4,175 - - 4,175 Investments – available for sale 84,862 - - 84,862 $ 607,233 $ - $ - $ 607,233 |
12. SUPPLEMENTAL DISCLOSURE WIT
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS The non-cash transactions during the years ended December 31, 2017, 2016 and 2015 were as follows: $21,520 (2016 - $14,240; 2015 - $15,669) in mineral exploration expenses was related to depreciation; $40,490 (2016 - $0; 2015 - $0) in equipment was purchased and financed with a long term loan. See Note 9. $0 (2016 - $194,040; 2015 - $0) in reimbursements from optionees related to the fair value of common shares issued by Colt; $0 (2016 - $437,900; 2015 - $ 0) was reclassified from equity reserves to share capital pursuant to the exercise of warrants, stock options and finder’s options; $0 (2016 - $47,540; 2015 - $38,239) in share issue costs related to the issue of finder’s options pursuant to the private placement financing completed. |
13. MANAGEMENT OF CAPITAL RISK
13. MANAGEMENT OF CAPITAL RISK | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
13. MANAGEMENT OF CAPITAL RISK | 13. MANAGEMENT OF CAPITAL RISK The Company manages its cash, common shares, warrants, finder’s options and share purchase options as capital (see Note 7). The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, acquire or dispose of assets or adjust the amount of cash and cash equivalents held. In order to maximize ongoing operating efforts, the Company does not pay out dividends. The Company’s investment policy is to invest its short-term excess cash in highly liquid short-term interest-bearing investments with maturities of 90 days or less from the original date of acquisition, selected with regards to the expected timing of expenditures from continuing operations. The Company expects its current capital resources will be sufficient to carry out its exploration and operations in the near term. |
14. INCOME TAX
14. INCOME TAX | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
14. INCOME TAX | 14. INCOME TAX A reconciliation of income taxes at statutory rates is as follows: 2017 2016 2015 Net loss $ (1,906,297) $ (1,872,121) $ (1,548,930) Expected income tax recovery $ (495,637) $ (486,751) $ (402,722) Effect of foreign tax rate 110,748 39,191 348,770 Non-deductible items 76,169 71,150 50,201 Deductible items (14,580) (19,631) (15,635) Unrecognized benefit of non-capital losses 323,301 396,041 19,386 $ - $ - $ - The significant components of the Company’s deferred income tax assets are as follows: 2017 2016 Deferred income tax assets Non-capital loss carryforwards $ 1,484,054 $ 1,124,301 Share issue costs 32,606 30,815 1,516,660 1,155,116 Valuation allowance (1,516,660) (1,155,116) Net deferred income tax assets $ - $ - The Company has available for deduction against future taxable income non-capital losses of approximately $5,496,500 in Canada (2016 - $4,324,500). These losses, if not utilized, will expire through to 2037. Tax benefits which may arise as a result of these non-capital losses have not been recognized in these consolidated financial statements and have been offset by a valuation allowance. The following table shows the non-capital losses in Canada: Year of Origin Year of Expiry Non-capital losses/(Income) 2008 2028 $ 10,500 2009 2029 45,000 2010 2030 38,500 2010 2030 325,000 2011 2031 51,500 2012 2032 798,000 2013 2033 606,000 2014 2034 921,000 2015 2035 837,000 2016 2036 1,007,000 2017 2037 857,000 $ 5,496,500 |
15. SEGMENTED FINANCIAL INFORMA
15. SEGMENTED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
15. SEGMENTED FINANCIAL INFORMATION | 15. SEGMENTED FINANCIAL INFORMATION The Company operates in one industry segment, being the acquisition and exploration of mineral properties. Geographic information is as follows: December 31, 2017 December 31, 2016 Non-current assets Portugal $ 1,498,490 $ 1,586,395 Kosovo 143,155 159,148 $ 1,641,645 $ 1,745,543 Years ended December 31, 2017 December 31, 2016 Mineral exploration expenses Portugal $ 1,405,528 $ 1,110,817 Kosovo 235,563 (22,016) Germany 29,621 - Others 72,101 69,077 $ 1,742,813 $ 1,157,878 |
16. EVENTS AFTER THE REPORTING
16. EVENTS AFTER THE REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2017 | |
Notes | |
16. EVENTS AFTER THE REPORTING PERIOD | 16. EVENTS AFTER THE REPORTING PERIOD (a) The LOI includes the following earn-in terms: Alvalade o For 51% of the license, spend €10 million over the next 3 years (including 30,000 meters of drilling); and o For an additional 24%, for a total of 75%, produce a feasibility study on any one particular project within the license area by the end of the pre-exploitation license period, or by the end of 2023, whichever is earliest. Marateca o For 51% of the license, spend €2 million over the next 2 years, including 10,000 meters of drilling; o For an additional 9%, for a total of 60%, spend €4 million over the following 2 years, including a minimum of 10,000 meters of drilling; and o For a further 10%, for a total of 70%, produce a pre-feasibility study on any one particular project within the license area by the end of 2023. Mertola o For 51% of the license, spend €1 million by the end of the exploration license period in 2019, including at least 2,000 meters of drilling; o For an additional 9%, for a total of 60%, spend €2 million within two years of the start of the pre-exploitation license, including a minimum of 6,000 meters of drilling; and o For a further 10%, for a total of 70%, produce a pre-feasibility study, within three years of the 60% earn-in, or by the end of the pre-exploitation license period, on any one particular project within the license area. (b) (c) (d) |
1. NATURE OF OPERATIONS AND C22
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS: Disclosure of going concern (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Disclosure of going concern | These consolidated financial statements have been prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to meet its commitments, continue operations and realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. There are material uncertainties that cast significant doubt about the appropriateness of the going concern assumption. |
2. BASIS OF PREPARATION_ Statem
2. BASIS OF PREPARATION: Statement of compliance (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Statement of compliance | a) Statement of compliance These consolidated financial statements have been prepared in accordance and compliance with International Financial Reporting standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). |
2. BASIS OF PREPARATION_ Basis
2. BASIS OF PREPARATION: Basis of preparation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
Basis of preparation | b) Basis of preparation These consolidated financial statements have been prepared on a historical cost basis except certain financial instruments which are measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. These consolidated financial statements, including comparatives, have been prepared on the basis of IFRS standards that are effective as at December 31, 2017. |
3. SIGNIFICANT ACCOUNTING POL25
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
a) Basis of consolidation | a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries as follows: % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda 100% Portugal Exploration Innomatik Exploration Kosovo LLC 100% Kosovo Exploration Peshter Mining J.S.C 11.06% Kosovo Exploration Avrupa Holdings Inc. 100% Barbados Holding Avrupa Portugal Holdings Inc. 100% Barbados Holding Avrupa Kosovo Holdings Inc. 100% Barbados Holding All subsidiaries are entities that are controlled, either directly or indirectly. Control is defined as the exposure, or rights, to variable returns from involvement with an investee and the ability to affect those returns through power over the investee. Power over an investee exists when the Company has existing rights that give it the ability to direct the activities that significantly affect the investee’s returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a company’s share capital. All of the intra-group balances and transactions, including unrealized profits and losses arising from intra-group transactions, have been eliminated in full. For subsidiaries that the Company controls, but does not own 100% of, the net assets and net profit attributable to outside shareholders are presented as amounts attributable to non-controlling interests in the consolidated statements of financial position and consolidated statements of comprehensive loss. Inter-company balances and transactions, including unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the consolidated financial statements. |
3. SIGNIFICANT ACCOUNTING POL26
3. SIGNIFICANT ACCOUNTING POLICIES: b) Interests in Joint Arrangements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
b) Interests in Joint Arrangements | b) Interests in Joint Arrangements A joint arrangement can take the form of a joint venture or joint operation. All joint arrangements involve a contractual arrangement that establishes joint control, which exists only when decisions about the activities that significantly affect the returns of the investee require unanimous consent of the parties sharing control. A joint operation is a joint arrangement in which the Company has rights to the assets and obligations for the liabilities relating to the arrangement. A joint venture is a joint arrangement in which the Company has rights to only the net assets of the arrangement. Joint ventures are accounted for in accordance with the policy “Investments in Associates and Joint Ventures.” Joint operations are accounted for by recognizing the Company’s share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements. |
3. SIGNIFICANT ACCOUNTING POL27
3. SIGNIFICANT ACCOUNTING POLICIES: c) Investments in Associates and Joint Ventures (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
c) Investments in Associates and Joint Ventures | c) Investments in Associates and Joint Ventures Investments over which the Company exercises significant influence and which it does not control or jointly control are associates. Investments in associates are accounted for using the equity method, except when classified as held for sale. Investments in joint ventures as determined in accordance with the policy “Interests in Joint Arrangements” are also accounted for using the equity method. The equity method involves recording the initial investment at cost and subsequently adjusting the carrying value of the investment for the Company’s proportionate share of the profit or loss, other comprehensive income or loss and any other changes in the associate’s or joint venture’s net assets. The Company’s proportionate share of the associate’s or joint venture’s profit or loss and other comprehensive income or loss is based on its most recent financial statements. Adjustments are made to align any inconsistencies between the Company’s accounting policies and the associate’s or joint venture’s policies before applying the equity method. Adjustments are also made to account for depreciable assets based on their fair values at the acquisition date of the investment and for any impairment losses recognized by the associate or joint venture. If the Company’s share of the associate’s or joint venture’s losses equals or exceeds the investment in the associate or joint venture, recognition of further losses is discontinued. After the Company’s interest is reduced to zero, additional losses will be provided for and a liability recognized only to the extent that the Company has incurred legal or constructive obligations to provide additional funding or make payments on behalf of the associate or joint venture. If the associate or joint venture subsequently reports profits, the Company resumes recognizing its share of those profits only after its share of the profits equals the share of losses not recognized. At each statement of financial position date, management considers whether there is objective evidence of impairment in associates and joint ventures. If there is such evidence, management determines if there is a need to record an impairment in relation to the associate or joint venture. |
3. SIGNIFICANT ACCOUNTING POL28
3. SIGNIFICANT ACCOUNTING POLICIES: d) Foreign currencies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
d) Foreign currencies | d) Foreign currencies The Company assesses functional currency on an entity by entity basis based on the related fact pattern; however, the presentation currency used in these consolidated financial statements is determined at management’s discretion. The currency of the parent company, and the presentation currency applicable to these consolidated financial statements, is the Canadian dollar. Transactions in currencies other than the functional currency are recorded at the rates of the exchange prevailing on dates of transactions. At each financial position reporting date, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at each reporting date. Non-monetary items denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate at the date the fair value was determined. Non-monetary items that are measured in terms of historical cost in a foreign currency are not retranslated. The Company has determined that the functional currency of its wholly-owned subsidiaries in Europe is the Euro and that the functional currency of its wholly-owned subsidiaries in Barbados is the US dollar. Exchange differences arising from the translation of the subsidiaries’ functional currencies into the Company’s presentation currency are taken directly to the exchange reserve. |
3. SIGNIFICANT ACCOUNTING POL29
3. SIGNIFICANT ACCOUNTING POLICIES: e) Exploration and evaluation assets and expenditures (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
e) Exploration and evaluation assets and expenditures | e) Exploration and evaluation assets and expenditures Exploration and evaluation expenditures include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are expensed as incurred except for expenditures associated with the acquisition of exploration and evaluation assets through a business combination or asset acquisition which are recognized as assets. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in the consolidated statement of comprehensive loss. Capitalized costs, including general and administrative costs, are only allocated to the extent that these costs can be related directly to operational activities in the relevant area of interest where they are considered likely to be recoverable by future exploitation or sale or where the activities have not reached a stage which permits a reasonable assessment of the existence of reserves. Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts and circumstances suggest that the carrying amount exceeds the recoverable amount. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. |
3. SIGNIFICANT ACCOUNTING POL30
3. SIGNIFICANT ACCOUNTING POLICIES: f) Share-based payment transactions (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
f) Share-based payment transactions | f) Share-based payment transactions The share option plan allows the Company’s employees and consultants to acquire shares of the Company. The fair value of options granted is recognized as a share-based payment expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value is measured at grant date and each tranche is recognized on a graded-vesting basis over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At each statement of financial position reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest. |
3. SIGNIFICANT ACCOUNTING POL31
3. SIGNIFICANT ACCOUNTING POLICIES: g) Loss per share (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
g) Loss per share | g) Loss per share The Company presents the basic and diluted loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares. In the Company’s case, diluted loss per share is the same as basic loss per share as the effects of including all outstanding options and warrants would be anti-dilutive. |
3. SIGNIFICANT ACCOUNTING POL32
3. SIGNIFICANT ACCOUNTING POLICIES: h) Significant accounting judgments and estimates (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
h) Significant accounting judgments and estimates | h) Significant accounting judgments and estimates The preparation of these consolidated financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout these consolidated financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and further periods if the revision affects both current and future periods. Significant assumptions about the future and other sources of estimation uncertainty that management has made at the consolidated statement of financial position date, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: Critical judgments The analysis of the functional currency for each entity of the Company. In concluding that the Canadian dollar is the functional currency of the parent, management considered both the funds from financing activities and the currency in which goods and services are paid. The functional currency of its wholly-owned subsidiaries in Europe is the Euro and subsidiaries in Barbados is the US Dollar as management considered the currencies which mainly influence the cost of providing goods and services in those subsidiaries. The Company chooses to report in Canadian dollar as the presentation currency; The assessment of indications of impairment of each mineral property and related determination of the net realized value and write-down of those properties where applicable; and The determination that the Company will continue as a going concern for the next year. |
3. SIGNIFICANT ACCOUNTING POL33
3. SIGNIFICANT ACCOUNTING POLICIES: i) Provisions (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
i) Provisions | i) Provisions Provisions are recognized in the consolidated statement of financial position when the Company has a legal or constructive obligation as a result of past events and it is probable that an outflow of economic benefit will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. |
3. SIGNIFICANT ACCOUNTING POL34
3. SIGNIFICANT ACCOUNTING POLICIES: j) Financial instruments (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
j) Financial instruments | j) Financial instruments Financial assets The Company classifies its financial assets into one of the following categories, depending on the purpose for which the asset was acquired. The Company's accounting policy for each category is as follows: Fair value through profit or loss Loans and receivables Held-to-maturity investments - Available-for-sale - All financial assets except for those at fair value through profit or loss are subject to review for impairment at least at each reporting date. Financial assets are impaired when there is any objective evidence that a financial asset or a group of financial assets is impaired. Different criteria to determine impairment are applied for each category of financial assets, which are described above. Financial liabilities The Company classifies its financial liabilities into one of two categories, depending on the purpose for which the liability was acquired. The Company's accounting policy for each category is as follows: Fair value through profit or loss Other financial liabilities - At December 31, 2017, 2016 and 2015, the Company did not have any derivative financial assets or liabilities. |
3. SIGNIFICANT ACCOUNTING POL35
3. SIGNIFICANT ACCOUNTING POLICIES: k) Income taxes (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
k) Income taxes | k) Income taxes Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Deferred tax is recorded using the statement of financial position liability method, providing for temporary differences, between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting or taxable loss; nor differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted that are expected to apply when temporary differences are expected to settle. A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilised. To the extent that the Company does not consider it probable that a future tax asset will be recovered, it provides a valuation allowance against that excess. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. |
3. SIGNIFICANT ACCOUNTING POL36
3. SIGNIFICANT ACCOUNTING POLICIES: l) New accounting standards and interpretations (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Policies | |
l) New accounting standards and interpretations | l) New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for the December 31, 2017 reporting period. The Company has not early adopted the following new and revised standards, amendments and interpretations that have been issued but are not yet effective: IFRS 9 (Amended 2010) Financial Instruments (effective January 1, 2018) The Company anticipates that the application of the above new and revised standards, amendments and interpretations will have no material impact on its results and financial position. |
3. SIGNIFICANT ACCOUNTING POL37
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of accounts of the Company and its subsidiaries | % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda 100% Portugal Exploration Innomatik Exploration Kosovo LLC 100% Kosovo Exploration Peshter Mining J.S.C 11.06% Kosovo Exploration Avrupa Holdings Inc. 100% Barbados Holding Avrupa Portugal Holdings Inc. 100% Barbados Holding Avrupa Kosovo Holdings Inc. 100% Barbados Holding |
4. EQUIPMENT_ Schedule of Equip
4. EQUIPMENT: Schedule of Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Equipment | Furniture and other equipment Vehicles Other assets Total Cost As at January 1, 2016 $ 127,549 $ 183,038 $ 22,431 $ 333,018 Additions during the year - - - - Exchange adjustment (7,299) (10,474) (1,284) (19,057) As at December 31, 2016 120,250 172,564 21,147 313,961 Additions during the year 3,591 40,490 - 44,081 Disposal during the year (11,706) (116,314) - (128,020) Exchange adjustment 7,494 10,754 1,318 19,566 As at December 31, 2017 $ 119,629 $ 107,494 $ 22,465 $ 249,588 Accumulated depreciation As at January 1, 2016 $ 82,324 $ 162,870 $ 16,864 $ 262,058 Depreciation for the year 12,860 4,575 1,981 19,416 Exchange adjustment (5,144) (9,474) (1,032) (15,650) As at December 31, 2016 90,040 157,971 17,813 265,824 Depreciation for the year 13,608 9,352 1,149 24,109 Depreciation for the year related to disposals (11,706) (101,985) - (113,691) Exchange adjustment 5,985 10,102 1,142 17,229 As at December 31, 2017 $ 97,927 $ 75,440 $ 20,104 $ 193,471 Net book value As at January 1, 2016 $ 45,225 $ 20,168 $ 5,567 $ 70,960 As at December 31, 2016 $ 30,210 $ 14,593 $ 3,334 $ 48,137 As at December 31, 2017 $ 21,702 $ 32,054 $ 2,361 $ 56,117 |
5. EXPLORATION AND EVALUATION39
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Exploration and Evaluation Assets and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Exploration and Evaluation Assets and Expenses | Portugal Kosovo Germany Others Total Alvalade Covas Alvito Others Slivovo Others Exploration and evaluation assets Acquisition costs As of January 1, 2017 $ 167,920 $ 71,289 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,479,204 Write-down of property during the year - (71,289) - - - - - - (71,289) As of December 31, 2017 $ 167,920 $ - $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Mineral exploration expenses for the year ended December 31, 2017 Assaying $ - $ - $ - $ - $ - $ 34,110 $ - $ - $ 34,110 Concession fees and taxes 44,290 - 18,574 11,839 - 3,088 - - 77,791 Depreciation - - - 21,520 - - - - 21,520 Geological salaries and consulting 98,544 98,520 527,082 278,198 - 73,176 - - 1,075,520 Geology work - - - - - - 29,621 42,664 72,285 Insurance 347 - 814 5,090 - - - - 6,251 Legal and accounting - - 16 155 - 13,500 - - 13,671 Office and administrative fees 6,333 1,170 6,397 25,524 - 82,182 - 16,717 138,323 Rent 68,617 8,790 56,798 61,410 - 18,906 - 5,764 220,285 Site costs 2,474 552 19,811 8,848 - 3,625 - 1,392 36,702 Travel 2,067 450 25,606 5,692 - 6,976 - 5,564 46,355 Reimbursements from optionee (5,259) (109,482) (655,098) (10,356) - - - - (780,195) $ 217,413 $ - $ - $ 407,920 $ - $ 235,563 $ 29,621 $ 72,101 $ 962,618 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 265,266 197,339 102,053 347,498 9,998 201,789 4 - 1,123,947 Depreciation - - 5,515 75,593 - - - - 81,108 Drilling - - - - 1,180,217 - - - 1,180,217 Geological salaries and consulting 6,204,805 2,089,720 1,106,225 2,476,006 119,801 607,591 12,359 - 12,616,507 Geology work - - - 32,377 891,582 402,515 223,619 125,314 1,675,407 Insurance 18,607 10,550 4,321 30,415 14,604 14,790 - - 93,287 Legal and accounting 296 130 158 698 58,158 13,500 - - 72,940 Office and administrative fees 200,173 25,321 31,920 184,699 80,149 98,692 5,255 58,878 685,087 Rent 430,279 49,068 113,089 292,176 28,694 67,239 - 20,422 1,000,967 Report - - - - 24,232 - - - 24,232 Site costs 161,127 57,655 44,518 97,571 185,074 193,600 - 8,865 748,410 Travel 225,720 56,738 57,098 107,596 60,107 21,373 - 14,771 543,403 Trenching and road work - - - - 34,339 - - - 34,339 Reimbursements from optionee (7,369,789) (2,420,199) (1,069,865) (243,481) (2,834,986) (45,158) - - (13,983,478) $ 136,484 $ 66,322 $ 395,032 $ 3,401,148 $ 149,944 $ 1,641,867 $ 252,083 $ 228,250 $ 6,271,130 Portugal Kosovo Germany Others Total Alvalade Covas Alvito Others Slivovo Others Exploration and evaluation assets Acquisition costs As of January 1, 2016 $ 167,920 $ 71,289 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,479,204 Additions during the year - - - - - - - - - As of December 31, 2016 $ 167,920 $ 71,289 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,479,204 Mineral exploration expenses for the year ended December 31, 2016 Assaying $ - $ - $ - $ - $ (2,630) $ 33 $ - $ - $ (2,597) Concession fees and taxes 88,378 12,097 22,191 71,981 - 4,281 - - 198,928 Depreciation - - - 14,240 - - - - 14,240 Drilling - - - - (79,180) - - - (79,180) Geological salaries and consulting 335,477 42,017 96,996 214,691 681 25,036 - - 714,898 Geology work - - - - (5,889) - - 38,580 32,691 Insurance 93 93 99 3,821 - - - - 4,106 Legal and accounting - 130 - 154 - - - - 284 Office and administrative fees 6,251 1,608 1,421 24,830 6,699 (2,572) - 20,809 59,046 Rent 30,164 8,798 7,888 38,075 725 3,341 - 5,418 94,409 Report - - - - 24,232 - - - 24,232 Site costs 53,462 425 2,103 13,606 - - - 2,166 71,762 Travel 1,211 2,014 1,313 15,190 628 2,599 - 2,104 25,059 Trenching and road work - - - - - - - - - Reimbursements from optionee (515,036) (67,182) - - 45,501 (45,158) - - (581,875) $ - $ - $ 132,011 $ 396,588 $ (9,233) $ (12,440) $ - $ 69,077 $ 576,003 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ - $ 297,975 $ 31,826 $ 10,846 $ - $ 340,647 Concession fees and taxes 220,976 197,339 83,479 335,659 9,998 198,701 4 - 1,046,156 Depreciation - - 5,515 54,073 - - - - 59,588 Drilling - - - - 1,180,217 - - - 1,180,217 Geological salaries and consulting 6,106,261 1,991,200 579,143 2,197,808 119,801 534,415 12,359 - 11,540,987 Geology work - - - 32,377 891,582 402,515 193,998 82,650 1,603,122 Insurance 18,260 10,550 3,507 25,325 14,604 14,790 - - 87,036 Legal and accounting 296 130 142 543 58,158 - - - 59,269 Office and administrative fees 193,840 24,151 25,523 159,175 80,149 16,510 5,255 42,161 546,764 Rent 361,662 40,278 56,291 230,766 28,694 48,333 - 14,658 780,682 Report - - - - 24,232 - - - 24,232 Site costs 158,653 57,103 24,707 88,723 185,074 189,975 - 7,473 711,708 Travel 223,653 56,288 31,492 101,904 60,107 14,397 - 9,207 497,048 Trenching and road work - - - - 34,339 - - - 34,339 Reimbursements from optionee (7,364,530) (2,310,717) (414,767) (233,125) (2,834,986) (45,158) - - (13,203,283) $ (80,929) $ 66,322 $ 395,032 $ 2,993,228 $ 149,944 $ 1,406,304 $ 222,462 $ 156,149 $ 5,308,512 |
5. EXPLORATION AND EVALUATION40
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Restricted Cash and Funds held and due (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Restricted Cash and Funds held and due | December 31, 2017 December 31, 2016 Restricted cash & Funds held for optionees Covas - Blackheath $ - $ 4,175 Alvito - OZE 70,635 - Alvalade, Marateca and Mertola - Funding Partner 97,275 - $ 167,910 $ 4,175 Due from optionee Alvalade - Colt $ - $ 1 Covas - Blackheath 28,557 - $ 28,557 $ 1 |
7. CAPITAL AND RESERVES_ Schedu
7. CAPITAL AND RESERVES: Schedule of Stock option transactions and the number of stock options (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Stock option transactions and the number of stock options | Stock option transactions and the number of stock options for the year ended December 31, 2017 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2016 Granted Exercised cancelled 2017 January 27, 2017 $0.30 100,000 - - (100,000) - April 10, 2017 $0.30 720,000 - - (720,000) - July 15, 2017 $0.10 300,000 - - (300,000) - October 16, 2018 $0.10 1,145,000 - - - 1,145,000 March 3, 2019 $0.165 200,000 - - - 200,000 July 15, 2020 $0.10 2,015,000 - - - 2,015,000 September 26, 2021 $0.18 1,575,000 - - - 1,575,000 April 26, 2022 $0.10 - 1,310,000 - - 1,310,000 Options outstanding 6,055,000 1,310,000 - (1,120,000) 6,245,000 Options exercisable 6,055,000 1,310,000 - (1,120,000) 6,245,000 Weighted average exercise price $0.15 $0.10 $0 $0.25 $0.12 As of December 31, 2017, the weighted average contractual remaining life is 2.85 years (December 31, 2016 –2.88 years). Stock options transactions and the number of stock options for the year ended December 31, 2016 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2015 Granted Exercised cancelled 2016 January 27, 2017 $0.30 100,000 - - - 100,000 April 10, 2017 $0.30 720,000 - - - 720,000 July 15, 2017 $0.10 300,000 - - - 300,000 October 16, 2018 $0.10 1,345,000 - (200,000) - 1,145,000 March 3, 2019 $0.165 200,000 - - - 200,000 July 15, 2020 $0.10 2,015,000 - - - 2,015,000 September 26, 2021 $0.18 - 1,575,000 - - 1,575,000 Options outstanding 4,680,000 1,575,000 (200,000) - 6,055,000 Options exercisable 4,455,000 1,575,000 (200,000) - 6,055,000 Weighted average exercise price $0.14 $0.18 $0.10 $0 $0.15 Stock options transactions and the number of stock options for the year ended December 31, 2015 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2014 Granted Exercised cancelled 2015 July 8, 2015 $0.35 770,000 - - (770,000) - July 15, 2015 $0.35 10,000 - - (10,000) - January 27, 2017 $0.30 100,000 - - - 100,000 April 10, 2017 $0.30 755,000 - - (35,000) 720,000 July 15, 2017 $0.10 - 300,000 - - 300,000 October 16, 2018 $0.10 1,400,000 - - (55,000) 1,345,000 March 3, 2019 $0.165 200,000 - - - 200,000 July 15, 2020 $0.10 - 2,015,000 - - 2,015,000 Options outstanding 3,235,000 2,315,000 - (870,000) 4,680,000 Options exercisable 3,235,000 2,090,000 - (870,000) 4,455,000 Weighted average exercise price $0.22 $0.10 $0 $0.33 $0.14 |
7. CAPITAL AND RESERVES_ Sche42
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of options (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of options | 2017 2016 2015 Risk-free interest rate 1.21% 1.71% 1.45% Expected life 5 years 4.53 years 4.89 years Expected volatility 141.88% 144.86% 149.53% Expected dividend yield 0 0 0 |
7. CAPITAL AND RESERVES_ Sche43
7. CAPITAL AND RESERVES: Schedule of continuity of finder's options (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of continuity of finder's options | The continuity of finder’s options for the year ended December 31, 2017 is as follows: Exercise December 31, December 31, Expiry date price 2016 Issued Exercised Expired 2017 August 22, 2017 (1) $0.25 152,600 - - (152,600) - July 14, 2018 $0.10 99,000 - - - 99,000 July 4, 2019 (2) $0.10 411,250 - - - 411,250 Outstanding 662,850 - - (152,600) 510,250 Weighted average exercise price $0.13 $0 $0 $0.25 $0.10 (1) The finder’s options are exercisable into units, with each unit consisting of one common share and one warrant exercisable until August 22, 2017 at $0.40. These finder’s options expired unexercised. (2) As of December 31, 2017, the weighted average contractual remaining life is 1.32 years (December 31, 2016 – 1.93 years). The continuity of finder’s options for the year ended December 31, 2016 is as follows: Exercise December 31, December 31, Expiry date price 2015 Issued Exercised Expired 2016 September 24, 2016 $0.10 148,800 - (84,000) (64,800) - August 22, 2017 $0.25 152,600 - - - 152,600 July 14, 2018 $0.10 468,000 - (369,000) - 99,000 July 4, 2019 $0.10 - 411,250 - - 411,250 Outstanding 769,400 411,250 (453,000) (64,800) 662,850 Weighted average exercise price $0.13 $0.10 $0.10 $0.10 $0.13 The continuity of finder’s options for the year ended December 31, 2015 is as follows: Exercise December 31, December 31, Expiry date price 2014 Issued Exercised Expired 2015 October 4, 2015 $0.15 545,500 - - (545,500) - September 24, 2016 (1) $0.10 148,800 - - - 148,800 August 22, 2017 (2) $0.25 152,600 - - - 152,600 July 14, 2018 $0.10 - 468,000 - - 468,000 Outstanding 846,900 468,000 - (545,500) 769,400 Weighted average exercise price $0.16 $0.10 $0 $0.15 $0.13 |
7. CAPITAL AND RESERVES_ Sche44
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of finder's options (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of finder's options | 2017 2016 2015 Risk-free interest rate 0 0.87% 1.00% Expected life 0 3 years 3 years Expected volatility 0 144.75% 153.46% Expected dividend yield 0 0 0 |
7. CAPITAL AND RESERVES_ Sche45
7. CAPITAL AND RESERVES: Schedule of continuity of warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of continuity of warrants | The continuity of warrants for the year ended December 31, 2017 is as follows: Exercise December 31, December 31, Expiry date price 2016 Issued Exercised Expired 2017 March 28, 2017 $0.40 4,000,000 - - (4,000,000) - August 22, 2017 $0.40 4,400,000 - - (4,400,000) - October 4, 2017 $0.25 7,990,000 - - (7,990,000) - July 14, 2018 $0.15 10,920,000 - - - 10,920,000 July 4, 2019 $0.15 13,547,000 - - - 13,547,000 July 12, 2020 $0.15 - 10,170,000 - - 10,170,000 Outstanding 40,857,000 10,170,000 - (16,390,000) 34,637,000 Weighted average exercise price $0.22 $0.15 $0 $0.33 $0.15 As of December 31, 2017, the weighted average contractual life is 1.50 years (December 31, 2016 – 1.48 years). The continuity of warrants for the year ended December 31, 2016 is as follows: Exercise December 31, December 31, Expiry date price 2015 Issued Exercised Expired 2016 September 24, 2016 $0.15 5,720,000 84,000 (1) (4,354,000) (1,450,000) - October 15, 2016 $0.15 2,833,334 - (219,000) (2,614,334) - March 28, 2017 $0.40 4,000,000 - - - 4,000,000 August 22, 2017 $0.40 4,400,000 - - - 4,400,000 October 4, 2017 $0.25 7,990,000 - - - 7,990,000 July 14, 2018 $0.15 10,920,000 - - - 10,920,000 July 4, 2019 $0.15 - 13,547,000 13,547,000 Outstanding 35,863,334 13,631,000 (4,573,000) (4,064,334) 40,857,000 Weighted average exercise price $0.23 $0.15 $0.15 $0.15 $0.22 (1) The warrants were issued as a result of 84,000 finder’s options being exercised. The continuity of warrants for the year ended December 31, 2015 is as follows: Exercise December 31, December 31, Expiry date price 2014 Issued Exercised Expired 2015 September 24, 2016 $0.15 5,720,000 - - - 5,720,000 October 15, 2016 $0.15 2,833,334 - - - 2,833,334 March 28, 2017 $0.40 4,000,000 - - - 4,000,000 August 22, 2017 $0.40 4,400,000 - - - 4,400,000 October 4, 2017 $0.25 7,990,000 - - - 7,990,000 July 14, 2018 $0.15 - 10,920,000 - - 10,920,000 Outstanding 24,943,334 10,920,000 - - 35,863,334 Weighted average exercise price $0.27 $0.15 $0 $0 $0.23 |
7. CAPITAL AND RESERVES_ Sche46
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of warrants (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of warrants | 2017 2016 2015 Risk-free interest rate 0.71% 0.87% 0.95% Expected life 3 years 2.98 years 2.58 years Expected volatility 116.49% 144.62% 148.02% Expected dividend yield 0 0 0 |
8. RELATED PARTY TRANSACTIONS47
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of transactions and outstanding balances relating to key management personnel (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of transactions and outstanding balances relating to key management personnel | For the year ended December 31, 2017 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn Chief Executive Officer, Director $265,828 $0 $0 $0 $53,262 $16,880 $335,970 Winnie Wong, Chief Financial Officer $0 $0 $0 $0 $0 $12,660 $12,660 For the year ended December 31, 2016 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn Chief Executive Officer, Director $265,571 $0 $0 $0 $67,972 $16,270 $349,813 Winnie Wong, Chief Financial Officer $0 $0 $0 $0 $0 $16,270 $16,270 For the year ended December 31, 2015 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn Chief Executive Officer, Director $235,936 $0 $0 $0 $65,251 $31,850 $333,037 Winnie Wong, Chief Financial Officer $0 $0 $0 $0 $0 $20,475 $20,475 |
8. RELATED PARTY TRANSACTIONS48
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Related Party Liabilities | Years ended Services December 31, 2017 December 31, 2016 December 31, 2015 As at December 31, 2017 As at December 31, 2016 Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management and accounting services $ 218,690 $ 236,975 $ 254,775 $ 21,134 $ 16,406 Paul W. Kuhn Consulting and housing allowance and share-based payment $ 335,970 $ 349,813 $ 333,037 $ 16,776 $ 6,446 Paul L. Nelles (b) Salaries and share-based payment $ 23,320 $ 35,387 $ 100,526 $ 0 $ 0 Michael Diehl (b) Salaries and share-based payment $ 0 $ 0 $ 47,213 $ 0 $ 0 Mineralia (c) Consulting $ 198,089 $ 239,882 $ 254,598 $ 17,496 $ 16,469 B&B Renting and Consulting Lda. (d) Rent $ 42,026 $ 26,293 $ 0 $ 4,117 $ 32,786 Adriano Barros (c) Share-based payment $ 16,880 $ 11,389 $ 4,550 $ 0 $ 0 TOTAL: $ 834,975 $ 899,739 $ 994,699 $ 59,523 $ 72,107 Amounts due from: Peshter Mining J.S.C (e) Office, equipement, vehicles, insurance and consulting $ 0 $ 0 $ 0 $ 0 $ 4,742 (a) Pacific Opportunity Capital Ltd., a company controlled by a director of the Company. (b) Paul L. Nelles is a director of Innomatik while Michael Diehl was the former exploration manager of Innomatik. In February 2015, Mr. Diehl ceased to be the exploration manager of Innomatik. (c) Mineralia, a private company partially owned by Adriano Barros, the general manager of MAEPA. (d) B&B Renting and Consulting Lda., a private company partially owned by Adriano Barros, the general manager of MAEPA. (e) Peshter Mining J.S.C is a joint venture entity owned by Byrnecut and Innomatik. |
9. LONG-TERM LOAN_ Schedule of
9. LONG-TERM LOAN: Schedule of Long-term Loan (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Long-term Loan | December 31, 2017 December 31, 2016 Long-term loan $ 30,451 € 20,230 $ - € - Less: current portion of long-term loan 6,393 4,248 - - $ 24,058 € 15,982 $ - € - Payment schedule of long-term loan Year 1 $ 8,072 € 5,363 $ - € - Year 2 8,072 5,363 - - Year 3 8,072 5,363 - - Year 4 8,072 5,363 - - Year 5 2,524 1,676 - - $ 34,812 € 23,128 $ - € - Less: imputed interest 4,126 2,741 - - Other fees 235 156 - - $ 30,451 € 20,231 $ - € - |
11. FINANCIAL INSTRUMENTS_ Sche
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of financial assets measured at fair value by level | As at December 31, 2017 Level 1 Level 2 Level 3 Total Assets: Cash $ 182,794 $ - $ - $ 182,794 Restricted cash 167,910 - - 167,910 $ 350,704 $ - $ - $ 350,704 As at December 31, 2016 Level 1 Level 2 Level 3 Total Assets: Cash $ 518,196 $ - $ - $ 518,196 Restricted cash 4,175 - - 4,175 Investments – available for sale 84,862 - - 84,862 $ 607,233 $ - $ - $ 607,233 |
14. INCOME TAX_ Schedule of rec
14. INCOME TAX: Schedule of reconciliation of income taxes at statutory rates (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of reconciliation of income taxes at statutory rates | 2017 2016 2015 Net loss $ (1,906,297) $ (1,872,121) $ (1,548,930) Expected income tax recovery $ (495,637) $ (486,751) $ (402,722) Effect of foreign tax rate 110,748 39,191 348,770 Non-deductible items 76,169 71,150 50,201 Deductible items (14,580) (19,631) (15,635) Unrecognized benefit of non-capital losses 323,301 396,041 19,386 $ - $ - $ - |
14. INCOME TAX_ Schedule of com
14. INCOME TAX: Schedule of components of deferred income tax assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of components of deferred income tax assets | 2017 2016 Deferred income tax assets Non-capital loss carryforwards $ 1,484,054 $ 1,124,301 Share issue costs 32,606 30,815 1,516,660 1,155,116 Valuation allowance (1,516,660) (1,155,116) Net deferred income tax assets $ - $ - |
14. INCOME TAX_ Schedule of non
14. INCOME TAX: Schedule of non-capital losses in Canada (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of non-capital losses in Canada | Year of Origin Year of Expiry Non-capital losses/(Income) 2008 2028 $ 10,500 2009 2029 45,000 2010 2030 38,500 2010 2030 325,000 2011 2031 51,500 2012 2032 798,000 2013 2033 606,000 2014 2034 921,000 2015 2035 837,000 2016 2036 1,007,000 2017 2037 857,000 $ 5,496,500 |
15. SEGMENTED FINANCIAL INFOR54
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Tables/Schedules | |
Schedule of Geographic information | December 31, 2017 December 31, 2016 Non-current assets Portugal $ 1,498,490 $ 1,586,395 Kosovo 143,155 159,148 $ 1,641,645 $ 1,745,543 Years ended December 31, 2017 December 31, 2016 Mineral exploration expenses Portugal $ 1,405,528 $ 1,110,817 Kosovo 235,563 (22,016) Germany 29,621 - Others 72,101 69,077 $ 1,742,813 $ 1,157,878 |
1. NATURE OF OPERATIONS AND C55
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Details | |
Entity Incorporation, Date of Incorporation | Jan. 23, 2008 |
Entity Information, Date to Change Former Legal or Registered Name | Jul. 7, 2010 |
Trading Symbol | avrp |
Entity Listing, Description | TSX Venture Exchange |
3. SIGNIFICANT ACCOUNTING POL56
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2017 | |
MAEPA Empreendimentos Mineiros e Participacoes Lda | |
% of ownership | 100.00% |
Jurisdiction | Portugal |
Nature of operations | Exploration |
Innomatik Exploration Kosovo LLC | |
% of ownership | 100.00% |
Jurisdiction | Kosovo |
Nature of operations | Exploration |
Peshter Mining J.S.C | |
% of ownership | 11.06% |
Jurisdiction | Kosovo |
Nature of operations | Exploration |
Avrupa Holdings Inc | |
% of ownership | 100.00% |
Jurisdiction | Barbados |
Nature of operations | Holding |
Avrupa Portugal Holdings Inc | |
% of ownership | 100.00% |
Jurisdiction | Barbados |
Nature of operations | Holding |
Avrupa Kosovo Holdings Inc | |
% of ownership | 100.00% |
Jurisdiction | Barbados |
Nature of operations | Holding |
3. SIGNIFICANT ACCOUNTING POL57
3. SIGNIFICANT ACCOUNTING POLICIES: j) Financial instruments (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Details | |||
Current derivative financial assets | $ 0 | $ 0 | $ 0 |
Current derivative financial liabilities | $ 0 | $ 0 | $ 0 |
4. EQUIPMENT_ Schedule of Equ58
4. EQUIPMENT: Schedule of Equipment (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Equipment Cost | $ 313,961 | $ 333,018 | |
Additions during the year | 44,081 | 0 | |
Exchange adjustment | 19,566 | (19,057) | |
Equipment Cost | 249,588 | 313,961 | |
Disposal during the year | (128,020) | ||
Equipment, Accumulated Depreciation | 265,824 | 262,058 | |
Equipment, depreciation during period | 24,109 | 19,416 | |
Equipment, depreciation, exchange adjustment | 17,229 | (15,650) | |
Equipment, Accumulated Depreciation | 193,471 | 265,824 | |
Equipment, depreciation during period, related to disposals | (113,691) | ||
Equipment, net book value | 56,117 | 48,137 | $ 70,960 |
Furniture and other equipment | |||
Equipment Cost | 120,250 | 127,549 | |
Additions during the year | 3,591 | 0 | |
Exchange adjustment | 7,494 | (7,299) | |
Equipment Cost | 119,629 | 120,250 | |
Disposal during the year | (11,706) | ||
Equipment, Accumulated Depreciation | 90,040 | 82,324 | |
Equipment, depreciation during period | 13,608 | 12,860 | |
Equipment, depreciation, exchange adjustment | 5,985 | (5,144) | |
Equipment, Accumulated Depreciation | 97,927 | 90,040 | |
Equipment, depreciation during period, related to disposals | (11,706) | ||
Equipment, net book value | 21,702 | 30,210 | 45,225 |
Motor vehicles | |||
Equipment Cost | 172,564 | 183,038 | |
Additions during the year | 40,490 | 0 | |
Exchange adjustment | 10,754 | (10,474) | |
Equipment Cost | 107,494 | 172,564 | |
Disposal during the year | (116,314) | ||
Equipment, Accumulated Depreciation | 157,971 | 162,870 | |
Equipment, depreciation during period | 9,352 | 4,575 | |
Equipment, depreciation, exchange adjustment | 10,102 | (9,474) | |
Equipment, Accumulated Depreciation | 75,440 | 157,971 | |
Equipment, depreciation during period, related to disposals | (101,985) | ||
Equipment, net book value | 32,054 | 14,593 | 20,168 |
Other property, plant and equipment | |||
Equipment Cost | 21,147 | 22,431 | |
Additions during the year | 0 | 0 | |
Exchange adjustment | 1,318 | (1,284) | |
Equipment Cost | 22,465 | 21,147 | |
Disposal during the year | 0 | ||
Equipment, Accumulated Depreciation | 17,813 | 16,864 | |
Equipment, depreciation during period | 1,149 | 1,981 | |
Equipment, depreciation, exchange adjustment | 1,142 | (1,032) | |
Equipment, Accumulated Depreciation | 20,104 | 17,813 | |
Equipment, depreciation during period, related to disposals | 0 | ||
Equipment, net book value | $ 2,361 | $ 3,334 | $ 5,567 |
5. EXPLORATION AND EVALUATION59
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Exploration and Evaluation Assets and Expenses (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Portugal - Alvalade | ||
Exploration and Evaluation assets acquisition costs | $ 167,920 | $ 167,920 |
Write-down of property during period | 0 | |
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 |
Mineral Exploration Expenses | 217,413 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 136,484 | (80,929) |
Additions during the year | 0 | |
Portugal - Alvalade | Assaying | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Concession fees and taxes | ||
Mineral Exploration Expenses | 44,290 | 88,378 |
Cumulative Mineral Exploration Expenses since acquisition | 265,266 | 220,976 |
Portugal - Alvalade | Depreciation | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Geological salaries and consulting | ||
Mineral Exploration Expenses | 98,544 | 335,477 |
Cumulative Mineral Exploration Expenses since acquisition | 6,204,805 | 6,106,261 |
Portugal - Alvalade | Geology work | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Insurance | ||
Mineral Exploration Expenses | 347 | 93 |
Cumulative Mineral Exploration Expenses since acquisition | 18,607 | 18,260 |
Portugal - Alvalade | Legal and accounting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 296 | 296 |
Portugal - Alvalade | Office and administrative fees | ||
Mineral Exploration Expenses | 6,333 | 6,251 |
Cumulative Mineral Exploration Expenses since acquisition | 200,173 | 193,840 |
Portugal - Alvalade | Rent | ||
Mineral Exploration Expenses | 68,617 | 30,164 |
Cumulative Mineral Exploration Expenses since acquisition | 430,279 | 361,662 |
Portugal - Alvalade | Site costs | ||
Mineral Exploration Expenses | 2,474 | 53,462 |
Cumulative Mineral Exploration Expenses since acquisition | 161,127 | 158,653 |
Portugal - Alvalade | Travel | ||
Mineral Exploration Expenses | 2,067 | 1,211 |
Cumulative Mineral Exploration Expenses since acquisition | 225,720 | 223,653 |
Portugal - Alvalade | Reimbursements from optionee | ||
Mineral Exploration Expenses | (5,259) | (515,036) |
Cumulative Mineral Exploration Expenses since acquisition | (7,369,789) | (7,364,530) |
Portugal - Alvalade | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Report | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Covas | ||
Exploration and Evaluation assets acquisition costs | 71,289 | 71,289 |
Write-down of property during period | (71,289) | |
Exploration and Evaluation assets acquisition costs | 0 | 71,289 |
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 66,322 | 66,322 |
Additions during the year | 0 | |
Portugal - Covas | Assaying | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Covas | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 12,097 |
Cumulative Mineral Exploration Expenses since acquisition | 197,339 | 197,339 |
Portugal - Covas | Depreciation | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Covas | Geological salaries and consulting | ||
Mineral Exploration Expenses | 98,520 | 42,017 |
Cumulative Mineral Exploration Expenses since acquisition | 2,089,720 | 1,991,200 |
Portugal - Covas | Geology work | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Covas | Insurance | ||
Mineral Exploration Expenses | 0 | 93 |
Cumulative Mineral Exploration Expenses since acquisition | 10,550 | 10,550 |
Portugal - Covas | Legal and accounting | ||
Mineral Exploration Expenses | 0 | 130 |
Cumulative Mineral Exploration Expenses since acquisition | 130 | 130 |
Portugal - Covas | Office and administrative fees | ||
Mineral Exploration Expenses | 1,170 | 1,608 |
Cumulative Mineral Exploration Expenses since acquisition | 25,321 | 24,151 |
Portugal - Covas | Rent | ||
Mineral Exploration Expenses | 8,790 | 8,798 |
Cumulative Mineral Exploration Expenses since acquisition | 49,068 | 40,278 |
Portugal - Covas | Site costs | ||
Mineral Exploration Expenses | 552 | 425 |
Cumulative Mineral Exploration Expenses since acquisition | 57,655 | 57,103 |
Portugal - Covas | Travel | ||
Mineral Exploration Expenses | 450 | 2,014 |
Cumulative Mineral Exploration Expenses since acquisition | 56,738 | 56,288 |
Portugal - Covas | Reimbursements from optionee | ||
Mineral Exploration Expenses | (109,482) | (67,182) |
Cumulative Mineral Exploration Expenses since acquisition | (2,420,199) | (2,310,717) |
Portugal - Covas | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Covas | Report | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Covas | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Write-down of property during period | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | 132,011 |
Cumulative Mineral Exploration Expenses since acquisition | 395,032 | 395,032 |
Additions during the year | 0 | |
Portugal - Alvito | Assaying | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Concession fees and taxes | ||
Mineral Exploration Expenses | 18,574 | 22,191 |
Cumulative Mineral Exploration Expenses since acquisition | 102,053 | 83,479 |
Portugal - Alvito | Depreciation | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 5,515 | 5,515 |
Portugal - Alvito | Geological salaries and consulting | ||
Mineral Exploration Expenses | 527,082 | 96,996 |
Cumulative Mineral Exploration Expenses since acquisition | 1,106,225 | 579,143 |
Portugal - Alvito | Geology work | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Insurance | ||
Mineral Exploration Expenses | 814 | 99 |
Cumulative Mineral Exploration Expenses since acquisition | 4,321 | 3,507 |
Portugal - Alvito | Legal and accounting | ||
Mineral Exploration Expenses | 16 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 158 | 142 |
Portugal - Alvito | Office and administrative fees | ||
Mineral Exploration Expenses | 6,397 | 1,421 |
Cumulative Mineral Exploration Expenses since acquisition | 31,920 | 25,523 |
Portugal - Alvito | Rent | ||
Mineral Exploration Expenses | 56,798 | 7,888 |
Cumulative Mineral Exploration Expenses since acquisition | 113,089 | 56,291 |
Portugal - Alvito | Site costs | ||
Mineral Exploration Expenses | 19,811 | 2,103 |
Cumulative Mineral Exploration Expenses since acquisition | 44,518 | 24,707 |
Portugal - Alvito | Travel | ||
Mineral Exploration Expenses | 25,606 | 1,313 |
Cumulative Mineral Exploration Expenses since acquisition | 57,098 | 31,492 |
Portugal - Alvito | Reimbursements from optionee | ||
Mineral Exploration Expenses | (655,098) | 0 |
Cumulative Mineral Exploration Expenses since acquisition | (1,069,865) | (414,767) |
Portugal - Alvito | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Report | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | ||
Exploration and Evaluation assets acquisition costs | 1,096,840 | 1,096,840 |
Write-down of property during period | 0 | |
Exploration and Evaluation assets acquisition costs | 1,096,840 | 1,096,840 |
Mineral Exploration Expenses | 407,920 | 396,588 |
Cumulative Mineral Exploration Expenses since acquisition | 3,401,148 | 2,993,228 |
Additions during the year | 0 | |
Portugal - Others | Assaying | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 11,839 | 71,981 |
Cumulative Mineral Exploration Expenses since acquisition | 347,498 | 335,659 |
Portugal - Others | Depreciation | ||
Mineral Exploration Expenses | 21,520 | 14,240 |
Cumulative Mineral Exploration Expenses since acquisition | 75,593 | 54,073 |
Portugal - Others | Geological salaries and consulting | ||
Mineral Exploration Expenses | 278,198 | 214,691 |
Cumulative Mineral Exploration Expenses since acquisition | 2,476,006 | 2,197,808 |
Portugal - Others | Geology work | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 32,377 | 32,377 |
Portugal - Others | Insurance | ||
Mineral Exploration Expenses | 5,090 | 3,821 |
Cumulative Mineral Exploration Expenses since acquisition | 30,415 | 25,325 |
Portugal - Others | Legal and accounting | ||
Mineral Exploration Expenses | 155 | 154 |
Cumulative Mineral Exploration Expenses since acquisition | 698 | 543 |
Portugal - Others | Office and administrative fees | ||
Mineral Exploration Expenses | 25,524 | 24,830 |
Cumulative Mineral Exploration Expenses since acquisition | 184,699 | 159,175 |
Portugal - Others | Rent | ||
Mineral Exploration Expenses | 61,410 | 38,075 |
Cumulative Mineral Exploration Expenses since acquisition | 292,176 | 230,766 |
Portugal - Others | Site costs | ||
Mineral Exploration Expenses | 8,848 | 13,606 |
Cumulative Mineral Exploration Expenses since acquisition | 97,571 | 88,723 |
Portugal - Others | Travel | ||
Mineral Exploration Expenses | 5,692 | 15,190 |
Cumulative Mineral Exploration Expenses since acquisition | 107,596 | 101,904 |
Portugal - Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | (10,356) | 0 |
Cumulative Mineral Exploration Expenses since acquisition | (243,481) | (233,125) |
Portugal - Others | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Report | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Slivovo | ||
Exploration and Evaluation assets acquisition costs | 143,155 | 143,155 |
Write-down of property during period | 0 | |
Exploration and Evaluation assets acquisition costs | 143,155 | 143,155 |
Mineral Exploration Expenses | 0 | (9,233) |
Cumulative Mineral Exploration Expenses since acquisition | 149,944 | 149,944 |
Additions during the year | 0 | |
Kosovo - Slivovo | Assaying | ||
Mineral Exploration Expenses | 0 | (2,630) |
Cumulative Mineral Exploration Expenses since acquisition | 297,975 | 297,975 |
Kosovo - Slivovo | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 9,998 | 9,998 |
Kosovo - Slivovo | Depreciation | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Slivovo | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 681 |
Cumulative Mineral Exploration Expenses since acquisition | 119,801 | 119,801 |
Kosovo - Slivovo | Geology work | ||
Mineral Exploration Expenses | 0 | (5,889) |
Cumulative Mineral Exploration Expenses since acquisition | 891,582 | 891,582 |
Kosovo - Slivovo | Insurance | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 14,604 | 14,604 |
Kosovo - Slivovo | Legal and accounting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 58,158 | 58,158 |
Kosovo - Slivovo | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 6,699 |
Cumulative Mineral Exploration Expenses since acquisition | 80,149 | 80,149 |
Kosovo - Slivovo | Rent | ||
Mineral Exploration Expenses | 0 | 725 |
Cumulative Mineral Exploration Expenses since acquisition | 28,694 | 28,694 |
Kosovo - Slivovo | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 185,074 | 185,074 |
Kosovo - Slivovo | Travel | ||
Mineral Exploration Expenses | 0 | 628 |
Cumulative Mineral Exploration Expenses since acquisition | 60,107 | 60,107 |
Kosovo - Slivovo | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 45,501 |
Cumulative Mineral Exploration Expenses since acquisition | (2,834,986) | (2,834,986) |
Kosovo - Slivovo | Drilling | ||
Mineral Exploration Expenses | (79,180) | |
Cumulative Mineral Exploration Expenses since acquisition | 1,180,217 | 1,180,217 |
Kosovo - Slivovo | Report | ||
Mineral Exploration Expenses | 24,232 | |
Cumulative Mineral Exploration Expenses since acquisition | 24,232 | 24,232 |
Kosovo - Slivovo | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 34,339 | 34,339 |
Kosovo - Others | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Write-down of property during period | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 235,563 | (12,440) |
Cumulative Mineral Exploration Expenses since acquisition | 1,641,867 | 1,406,304 |
Additions during the year | 0 | |
Kosovo - Others | Assaying | ||
Mineral Exploration Expenses | 34,110 | 33 |
Cumulative Mineral Exploration Expenses since acquisition | 65,936 | 31,826 |
Kosovo - Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 3,088 | 4,281 |
Cumulative Mineral Exploration Expenses since acquisition | 201,789 | 198,701 |
Kosovo - Others | Depreciation | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Others | Geological salaries and consulting | ||
Mineral Exploration Expenses | 73,176 | 25,036 |
Cumulative Mineral Exploration Expenses since acquisition | 607,591 | 534,415 |
Kosovo - Others | Geology work | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 402,515 | 402,515 |
Kosovo - Others | Insurance | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 14,790 | 14,790 |
Kosovo - Others | Legal and accounting | ||
Mineral Exploration Expenses | 13,500 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 13,500 | 0 |
Kosovo - Others | Office and administrative fees | ||
Mineral Exploration Expenses | 82,182 | (2,572) |
Cumulative Mineral Exploration Expenses since acquisition | 98,692 | 16,510 |
Kosovo - Others | Rent | ||
Mineral Exploration Expenses | 18,906 | 3,341 |
Cumulative Mineral Exploration Expenses since acquisition | 67,239 | 48,333 |
Kosovo - Others | Site costs | ||
Mineral Exploration Expenses | 3,625 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 193,600 | 189,975 |
Kosovo - Others | Travel | ||
Mineral Exploration Expenses | 6,976 | 2,599 |
Cumulative Mineral Exploration Expenses since acquisition | 21,373 | 14,397 |
Kosovo - Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | (45,158) |
Cumulative Mineral Exploration Expenses since acquisition | (45,158) | (45,158) |
Kosovo - Others | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Others | Report | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Others | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Write-down of property during period | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 29,621 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 252,083 | 222,462 |
Additions during the year | 0 | |
Germany | Assaying | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 10,846 | 10,846 |
Germany | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 4 | 4 |
Germany | Depreciation | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 12,359 | 12,359 |
Germany | Geology work | ||
Mineral Exploration Expenses | 29,621 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 223,619 | 193,998 |
Germany | Insurance | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Legal and accounting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Office and administrative fees | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 5,255 | 5,255 |
Germany | Rent | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Travel | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Report | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Write-down of property during period | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 72,101 | 69,077 |
Cumulative Mineral Exploration Expenses since acquisition | 228,250 | 156,149 |
Additions during the year | 0 | |
Others | Assaying | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Depreciation | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Geological salaries and consulting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Geology work | ||
Mineral Exploration Expenses | 42,664 | 38,580 |
Cumulative Mineral Exploration Expenses since acquisition | 125,314 | 82,650 |
Others | Insurance | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Legal and accounting | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Office and administrative fees | ||
Mineral Exploration Expenses | 16,717 | 20,809 |
Cumulative Mineral Exploration Expenses since acquisition | 58,878 | 42,161 |
Others | Rent | ||
Mineral Exploration Expenses | 5,764 | 5,418 |
Cumulative Mineral Exploration Expenses since acquisition | 20,422 | 14,658 |
Others | Site costs | ||
Mineral Exploration Expenses | 1,392 | 2,166 |
Cumulative Mineral Exploration Expenses since acquisition | 8,865 | 7,473 |
Others | Travel | ||
Mineral Exploration Expenses | 5,564 | 2,104 |
Cumulative Mineral Exploration Expenses since acquisition | 14,771 | 9,207 |
Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Report | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Exploration and Evaluation assets acquisition costs | 1,479,204 | 1,479,204 |
Write-down of property during period | (71,289) | |
Exploration and Evaluation assets acquisition costs | 1,407,915 | 1,479,204 |
Mineral Exploration Expenses | 962,618 | 576,003 |
Cumulative Mineral Exploration Expenses since acquisition | 6,271,130 | 5,308,512 |
Additions during the year | 0 | |
Assaying | ||
Mineral Exploration Expenses | 34,110 | (2,597) |
Cumulative Mineral Exploration Expenses since acquisition | 374,757 | 340,647 |
Concession fees and taxes | ||
Mineral Exploration Expenses | 77,791 | 198,928 |
Cumulative Mineral Exploration Expenses since acquisition | 1,123,947 | 1,046,156 |
Depreciation | ||
Mineral Exploration Expenses | 21,520 | 14,240 |
Cumulative Mineral Exploration Expenses since acquisition | 81,108 | 59,588 |
Geological salaries and consulting | ||
Mineral Exploration Expenses | 1,075,520 | 714,898 |
Cumulative Mineral Exploration Expenses since acquisition | 12,616,507 | 11,540,987 |
Geology work | ||
Mineral Exploration Expenses | 72,285 | 32,691 |
Cumulative Mineral Exploration Expenses since acquisition | 1,675,407 | 1,603,122 |
Insurance | ||
Mineral Exploration Expenses | 6,251 | 4,106 |
Cumulative Mineral Exploration Expenses since acquisition | 93,287 | 87,036 |
Legal and accounting | ||
Mineral Exploration Expenses | 13,671 | 284 |
Cumulative Mineral Exploration Expenses since acquisition | 72,940 | 59,269 |
Office and administrative fees | ||
Mineral Exploration Expenses | 138,323 | 59,046 |
Cumulative Mineral Exploration Expenses since acquisition | 685,087 | 546,764 |
Rent | ||
Mineral Exploration Expenses | 220,285 | 94,409 |
Cumulative Mineral Exploration Expenses since acquisition | 1,000,967 | 780,682 |
Site costs | ||
Mineral Exploration Expenses | 36,702 | 71,762 |
Cumulative Mineral Exploration Expenses since acquisition | 748,410 | 711,708 |
Travel | ||
Mineral Exploration Expenses | 46,355 | 25,059 |
Cumulative Mineral Exploration Expenses since acquisition | 543,403 | 497,048 |
Reimbursements from optionee | ||
Mineral Exploration Expenses | (780,195) | (581,875) |
Cumulative Mineral Exploration Expenses since acquisition | (13,983,478) | (13,203,283) |
Drilling | ||
Mineral Exploration Expenses | (79,180) | |
Cumulative Mineral Exploration Expenses since acquisition | 1,180,217 | 1,180,217 |
Report | ||
Mineral Exploration Expenses | 24,232 | |
Cumulative Mineral Exploration Expenses since acquisition | 24,232 | 24,232 |
Trenching and road work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | $ 34,339 | $ 34,339 |
5. EXPLORATION AND EVALUATION60
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
Details | |
Restricted Cash, Alvalade | $ 97,275 |
Advances received for contracts in progress, Kovas property | 2,391,642 |
Prepaid expenses to be reimbursed, Kovas property | 28,557 |
Write off, Kovas | 71,289 |
Restricted Cash, Alvito | 70,635 |
Joint venture expense, Oelsnitz | $ 252,083 |
5. EXPLORATION AND EVALUATION61
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Restricted Cash and Funds held and due (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Covas - Blackheath | ||
Restricted cash & Funds held for optionees | $ 0 | $ 4,175 |
Due from optionee | 28,557 | 0 |
Alvito - OZE | ||
Restricted cash & Funds held for optionees | 70,635 | 0 |
Alvalade, Marateca and Mertola - Funding Partner | ||
Restricted cash & Funds held for optionees | 97,275 | 0 |
Alvalade - Colt | ||
Due from optionee | $ 0 | $ 1 |
6. PROPERTY DEPOSITS (Details)
6. PROPERTY DEPOSITS (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Pledged for its exploration licenses in Portugal | $ 177,613 | $ 218,202 |
7. CAPITAL AND RESERVES (Detail
7. CAPITAL AND RESERVES (Details) | 12 Months Ended | ||||
Dec. 31, 2017$ / shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)$ / shares | Dec. 31, 2016CAD ($)shares | Dec. 31, 2015CAD ($) | |
Share issue costs | $ (58,323) | $ (76,847) | $ (36,358) | ||
Issuance 1 | |||||
Description of significant events and transactions | Company issued common shares pursuant to the exercise of 4,573,000 warrants for cash proceeds of $685,950 | ||||
Warrants exercised | shares | 4,573,000 | ||||
Cash proceeds from transaction | $ 685,950 | ||||
Issuance 2 | |||||
Cash proceeds from transaction | $ 20,000 | ||||
Stock Options exercised | shares | 200,000 | ||||
Issuance 3 | |||||
Cash proceeds from transaction | $ 45,300 | ||||
Finder's Options exercised | shares | 453,000 | ||||
Issuance 4 | |||||
Description of significant events and transactions | Company completed a non-brokered private placement by issuing 13,547,000 units (“Unit”) at a price of $0.10 per Unit for gross proceeds of $1,354,700 | ||||
Cash proceeds from transaction | $ 1,354,700 | ||||
Date of event | Jul. 4, 2016 | ||||
Units issued | shares | 13,547,000 | ||||
Unit price per share | $ / shares | $ 0.10 | ||||
Warrants issued, value | $ 596,068 | ||||
Issuance 5 | |||||
Description of significant events and transactions | Company paid $16,125 as a cash finder’s fee and issued 411,250 finder’s options | ||||
Cash Finder's Fee | $ 16,125 | ||||
Finder's Options issued | shares | 411,250 | ||||
Finder's options, value | $ 47,540 | $ 47,540 | |||
Share issue costs | $ 60,722 | ||||
Issuance 6 | |||||
Description of significant events and transactions | Company completed a non-brokered private placement by issuing 2,500,000 common shares at a price of $0.09 per share for gross proceeds of $225,000 | ||||
Cash proceeds from transaction | $ 225,000 | ||||
Date of event | Apr. 20, 2017 | ||||
Share issue costs | $ 11,975 | ||||
Common shares issued | shares | 2,500,000 | ||||
Common shares issued, price per share | $ / shares | $ 0.09 | ||||
Issuance 7 | |||||
Description of significant events and transactions | Company completed a non-brokered private placement by issuing 10,170,000 units (“Unit”) at a price of $0.10 per Unit for gross proceeds of $1,017,000 | ||||
Cash proceeds from transaction | $ 1,017,000 | ||||
Date of event | Jul. 12, 2017 | ||||
Units issued | shares | 10,170,000 | ||||
Unit price per share | $ / shares | $ 0.10 | ||||
Warrants issued, value | $ 391,154 | ||||
Issuance 8 | |||||
Share issue costs | $ 46,348 |
7. CAPITAL AND RESERVES_ Sche64
7. CAPITAL AND RESERVES: Schedule of Stock option transactions and the number of stock options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Options Outstanding | 6,055,000 | 4,680,000 | 3,235,000 |
Options Outstanding, granted | 1,310,000 | 1,575,000 | 2,315,000 |
Options Outstanding, exercised | 0 | (200,000) | 0 |
Options Outstanding, expired or cancelled | (1,120,000) | 0 | (870,000) |
Options Outstanding | 6,245,000 | 6,055,000 | 4,680,000 |
Options Exercisable | 6,055,000 | 4,455,000 | 3,235,000 |
Options Exercisable, granted | 1,310,000 | 1,575,000 | 2,090,000 |
Options Exercisable, exercised | 0 | (200,000) | 0 |
Options Exercisable, expired or cancelled | (1,120,000) | 0 | (870,000) |
Options Exercisable | 6,245,000 | 6,055,000 | 4,455,000 |
Weighted average exercise price | $ 0.15 | $ 0.14 | $ 0.22 |
Weighted average exercise price, options granted | 0.10 | 0.18 | 0.10 |
Weighted average exercise price, options exercised | 0 | 0.10 | 0 |
Weighted average exercise price, options expired or cancelled | 0.25 | 0 | 0.33 |
Weighted average exercise price | $ 0.12 | $ 0.15 | $ 0.14 |
Weighted average remaining contractual life, stock options | 2 years 10 months 6 days | 2 years 10 months 17 days | |
Option 1 | |||
Expiry Date | Jan. 27, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 100,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (100,000) | ||
Number of Options | 0 | 100,000 | |
Option 2 | |||
Expiry Date | Apr. 10, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 720,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (720,000) | ||
Number of Options | 0 | 720,000 | |
Option 3 | |||
Expiry Date | Jul. 15, 2017 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 300,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (300,000) | ||
Number of Options | 0 | 300,000 | |
Option 4 | |||
Expiry Date | Oct. 16, 2018 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,145,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,145,000 | 1,145,000 | |
Option 5 | |||
Expiry Date | Mar. 3, 2019 | ||
Optiion Exercise Price | $ 0.165 | ||
Number of Options | 200,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 200,000 | 200,000 | |
Option 6 | |||
Expiry Date | Jul. 15, 2020 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 2,015,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 2,015,000 | 2,015,000 | |
Option 7 | |||
Expiry Date | Sep. 26, 2021 | ||
Optiion Exercise Price | $ 0.18 | ||
Number of Options | 1,575,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,575,000 | 1,575,000 | |
Option 8 | |||
Expiry Date | Apr. 26, 2022 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 0 | ||
Options Granted | 1,310,000 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,310,000 | 0 | |
Option 9 | |||
Expiry Date | Jan. 27, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 100,000 | 100,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 100,000 | 100,000 | |
Option 10 | |||
Expiry Date | Apr. 10, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 720,000 | 720,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 720,000 | 720,000 | |
Option 11 | |||
Expiry Date | Jul. 15, 2017 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 300,000 | 300,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 300,000 | 300,000 | |
Option 12 | |||
Expiry Date | Oct. 16, 2018 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,145,000 | 1,345,000 | |
Options Granted | 0 | ||
Options Exercised | (200,000) | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,145,000 | 1,345,000 | |
Option 13 | |||
Expiry Date | Mar. 3, 2019 | ||
Optiion Exercise Price | $ 0.165 | ||
Number of Options | 200,000 | 200,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 200,000 | 200,000 | |
Option 14 | |||
Expiry Date | Jul. 15, 2020 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 2,015,000 | 2,015,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 2,015,000 | 2,015,000 | |
Option 15 | |||
Expiry Date | Sep. 26, 2021 | ||
Optiion Exercise Price | $ 0.18 | ||
Number of Options | 1,575,000 | 0 | |
Options Granted | 1,575,000 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,575,000 | 0 | |
Option 16 | |||
Expiry Date | Jul. 8, 2015 | ||
Optiion Exercise Price | $ 0.35 | ||
Number of Options | 0 | 770,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (770,000) | ||
Number of Options | 0 | ||
Option 17 | |||
Expiry Date | Jul. 15, 2015 | ||
Optiion Exercise Price | $ 0.35 | ||
Number of Options | 0 | 10,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (10,000) | ||
Number of Options | 0 | ||
Option 18 | |||
Expiry Date | Jan. 27, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 100,000 | 100,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 100,000 | ||
Option 19 | |||
Expiry Date | Apr. 10, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 720,000 | 755,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (35,000) | ||
Number of Options | 720,000 | ||
Option 20 | |||
Expiry Date | Jul. 15, 2017 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 300,000 | 0 | |
Options Granted | 300,000 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 300,000 | ||
Option 21 | |||
Expiry Date | Oct. 16, 2018 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,345,000 | 1,400,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (55,000) | ||
Number of Options | 1,345,000 | ||
Option 22 | |||
Expiry Date | Mar. 3, 2019 | ||
Optiion Exercise Price | $ 0.165 | ||
Number of Options | 200,000 | 200,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 200,000 | ||
Option 23 | |||
Expiry Date | Jul. 15, 2020 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 2,015,000 | 0 | |
Options Granted | 2,015,000 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 2,015,000 |
7. CAPITAL AND RESERVES_ Sche65
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of options (Details) - Options | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Risk-free interest rate | 1.21% | 1.71% | 1.45% |
Expected life | 5 years | 4 years 6 months 10 days | 4 years 10 months 20 days |
Expected volatility | 141.88% | 144.86% | 149.53% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
7. CAPITAL AND RESERVES_ Sche66
7. CAPITAL AND RESERVES: Schedule of continuity of finder's options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Finder's Options Outstanding, Number of Options | 662,850 | 769,400 | 846,900 |
Finder's Options Outstanding, Number of Options Issued | 0 | 411,250 | 468,000 |
Finder's Options Outstanding, Number of Options Exercised | 0 | (453,000) | 0 |
Finder's Options Outstanding, Number of Options Expired | (152,600) | (64,800) | (545,500) |
Finder's Options Outstanding, Number of Options | 510,250 | 662,850 | 769,400 |
Finder's Options, Weighted Average Exercise Price | $ 0.13 | $ 0.13 | $ 0.16 |
Finder's Options, Weighted Average Exercise Price, Issued | 0 | 0.10 | 0.10 |
Finder's Options, Weighted Average Exercise Price, Exercised | 0 | 0.10 | 0 |
Finder's Options, Weighted Average Exercise Price, Expired | 0.25 | 0.10 | 0.15 |
Finder's Options, Weighted Average Exercise Price | $ 0.10 | $ 0.13 | $ 0.13 |
Weighted average remaining contractual life, Finder's options | 1 year 3 months 25 days | 1 year 11 months 4 days | |
Option 1 | |||
Finder's Option, Expiry Date | Aug. 22, 2017 | ||
Finder's Option, Exercise Price | $ 0.25 | ||
Finder's Option, Number of Options | 152,600 | ||
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | (152,600) | ||
Finder's Option, Number of Options | 0 | 152,600 | |
Option 2 | |||
Finder's Option, Expiry Date | Jul. 14, 2018 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 99,000 | ||
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 99,000 | 99,000 | |
Option 3 | |||
Finder's Option, Expiry Date | Jul. 4, 2019 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 411,250 | ||
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 411,250 | 411,250 | |
Option 4 | |||
Finder's Option, Expiry Date | Sep. 24, 2016 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 0 | 148,800 | |
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | (84,000) | ||
Finder's Option, Number of Options Expired | (64,800) | ||
Finder's Option, Number of Options | 0 | 148,800 | |
Option 5 | |||
Finder's Option, Expiry Date | Aug. 22, 2017 | ||
Finder's Option, Exercise Price | $ 0.25 | ||
Finder's Option, Number of Options | 152,600 | 152,600 | |
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 152,600 | 152,600 | |
Option 6 | |||
Finder's Option, Expiry Date | Jul. 14, 2018 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 99,000 | 468,000 | |
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | (369,000) | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 99,000 | 468,000 | |
Option 7 | |||
Finder's Option, Expiry Date | Jul. 4, 2019 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 411,250 | 0 | |
Finder's Option, Number of Options Issued | 411,250 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 411,250 | 0 | |
Option 8 | |||
Finder's Option, Expiry Date | Oct. 4, 2015 | ||
Finder's Option, Exercise Price | $ 0.15 | ||
Finder's Option, Number of Options | 0 | 545,500 | |
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | (545,500) | ||
Finder's Option, Number of Options | 0 | ||
Option 9 | |||
Finder's Option, Expiry Date | Sep. 24, 2016 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 148,800 | 148,800 | |
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 148,800 | ||
Option 10 | |||
Finder's Option, Expiry Date | Aug. 22, 2017 | ||
Finder's Option, Exercise Price | $ 0.25 | ||
Finder's Option, Number of Options | 152,600 | 152,600 | |
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 152,600 | ||
Option 11 | |||
Finder's Option, Expiry Date | Jul. 14, 2018 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 468,000 | 0 | |
Finder's Option, Number of Options Issued | 468,000 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 468,000 |
7. CAPITAL AND RESERVES_ Sche67
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of finder's options (Details) - Finder's Options | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Risk-free interest rate | 0.00% | 0.87% | 1.00% |
Expected life | 0 years | 3 years | 3 years |
Expected volatility | 0.00% | 144.75% | 153.46% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
7. CAPITAL AND RESERVES_ Sche68
7. CAPITAL AND RESERVES: Schedule of continuity of warrants (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Warrants, Outstanding, Number of Options | 40,857,000 | 35,863,334 | 24,943,334 | |
Warrants, Outstanding, Number of Options Issued | 10,170,000 | 13,631,000 | 10,920,000 | |
Warrants, Outstanding, Number of Options Exercised | 0 | (4,573,000) | 0 | |
Warrants, Outstanding, Number of Options Expired | (16,390,000) | (4,064,334) | 0 | |
Warrants, Outstanding, Number of Options | 34,637,000 | 40,857,000 | 35,863,334 | |
Warrants, Weighted Average Exercise Price | $ 0.22 | $ 0.23 | $ 0.27 | |
Warrants, Weighted Average Exercise Price, Issued | 0.15 | 0.15 | 0.15 | |
Warrants, Weighted Average Exercise Price, Exercised | 0 | 0.15 | 0 | |
Warrants, Weighted Average Exercise Price, Expired | 0.33 | 0.15 | 0 | |
Warrants, Weighted Average Exercise Price | $ 0.15 | $ 0.22 | $ 0.23 | |
Warrants, Weighted Average Contractual Life | 1 year 6 months | 1 year 5 months 23 days | ||
Option 1 | ||||
Warrants, Expiry Date | Mar. 28, 2017 | |||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 4,000,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (4,000,000) | |||
Warrants, Number of Options | 0 | 4,000,000 | ||
Option 2 | ||||
Warrants, Expiry Date | Aug. 22, 2017 | |||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 4,400,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (4,400,000) | |||
Warrants, Number of Options | 0 | 4,400,000 | ||
Option 3 | ||||
Warrants, Expiry Date | Oct. 4, 2017 | |||
Warrants, Exercise Price | $ 0.25 | |||
Warrants, Number of Options | 7,990,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (7,990,000) | |||
Warrants, Number of Options | 0 | 7,990,000 | ||
Option 4 | ||||
Warrants, Expiry Date | Jul. 14, 2018 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 10,920,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 10,920,000 | 10,920,000 | ||
Option 5 | ||||
Warrants, Expiry Date | Jul. 4, 2019 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 13,547,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 13,547,000 | 13,547,000 | ||
Option 6 | ||||
Warrants, Expiry Date | Jul. 12, 2020 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 0 | |||
Warrants, Number of Options Issued | 10,170,000 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 10,170,000 | 0 | ||
Option 7 | ||||
Warrants, Expiry Date | [1] | Sep. 24, 2016 | ||
Warrants, Exercise Price | [1] | $ 0.15 | ||
Warrants, Number of Options | [1] | 0 | 5,720,000 | |
Warrants, Number of Options Issued | [1] | 84,000 | ||
Warrants, Number of Options Exercised | [1] | (4,354,000) | ||
Warrants, Number of Options Expired | [1] | (1,450,000) | ||
Warrants, Number of Options | [1] | 0 | 5,720,000 | |
Option 8 | ||||
Warrants, Expiry Date | Oct. 15, 2016 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 0 | 2,833,334 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | (219,000) | |||
Warrants, Number of Options Expired | (2,614,334) | |||
Warrants, Number of Options | 0 | 2,833,334 | ||
Option 9 | ||||
Warrants, Expiry Date | Mar. 28, 2017 | |||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 4,000,000 | 4,000,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,000,000 | 4,000,000 | ||
Option 10 | ||||
Warrants, Expiry Date | Aug. 22, 2017 | |||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 4,400,000 | 4,400,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,400,000 | 4,400,000 | ||
Option 11 | ||||
Warrants, Expiry Date | Oct. 4, 2017 | |||
Warrants, Exercise Price | $ 0.25 | |||
Warrants, Number of Options | 7,990,000 | 7,990,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 7,990,000 | 7,990,000 | ||
Option 12 | ||||
Warrants, Expiry Date | Jul. 14, 2018 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 10,920,000 | 10,920,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 10,920,000 | 10,920,000 | ||
Option 13 | ||||
Warrants, Expiry Date | Jul. 4, 2019 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 13,547,000 | 0 | ||
Warrants, Number of Options Issued | 13,547,000 | |||
Warrants, Number of Options | 13,547,000 | 0 | ||
Option 14 | ||||
Warrants, Expiry Date | Sep. 24, 2016 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 5,720,000 | 5,720,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 5,720,000 | |||
Option 15 | ||||
Warrants, Expiry Date | Oct. 15, 2016 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 2,833,334 | 2,833,334 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 2,833,334 | |||
Option 16 | ||||
Warrants, Expiry Date | Mar. 28, 2017 | |||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 4,000,000 | 4,000,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,000,000 | |||
Option 17 | ||||
Warrants, Expiry Date | Aug. 22, 2017 | |||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 4,400,000 | 4,400,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,400,000 | |||
Option 18 | ||||
Warrants, Expiry Date | Oct. 4, 2017 | |||
Warrants, Exercise Price | $ 0.25 | |||
Warrants, Number of Options | 7,990,000 | 7,990,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 7,990,000 | |||
Option 19 | ||||
Warrants, Expiry Date | Jul. 14, 2018 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 10,920,000 | 0 | ||
Warrants, Number of Options Issued | 10,920,000 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 10,920,000 | |||
[1] | (1) The warrants were issued as a result of 84,000 finder’s options being exercised. |
7. CAPITAL AND RESERVES_ Sche69
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of warrants (Details) - Warrants | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Risk-free interest rate | 0.71% | 0.87% | 0.95% |
Expected life | 3 years | 2 years 11 months 23 days | 2 years 6 months 29 days |
Expected volatility | 116.49% | 144.62% | 148.02% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
8. RELATED PARTY TRANSACTIONS70
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of transactions and outstanding balances relating to key management personnel (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Paul W. Kuhn Chief Executive Officer, Director | |||
Aggregate value of transaction - Short-term employee benefits | $ 265,828 | $ 265,571 | $ 235,936 |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | 0 |
Aggregate value of transaction - Termination benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other expenses | 53,262 | 67,972 | 65,251 |
Aggregate value of transaction - Share-based payments | 16,880 | 16,270 | 31,850 |
Aggregate value of transaction - Total | 335,970 | 349,813 | 333,037 |
Winnie Wong, Chief Financial Officer | |||
Aggregate value of transaction - Short-term employee benefits | 0 | 0 | 0 |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | 0 |
Aggregate value of transaction - Termination benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other expenses | 0 | 0 | 0 |
Aggregate value of transaction - Share-based payments | 12,660 | 16,270 | 20,475 |
Aggregate value of transaction - Total | $ 12,660 | $ 16,270 | $ 20,475 |
8. RELATED PARTY TRANSACTIONS71
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Pacific Opportunity Capital Ltd | ||||
Related Party Liability - Description of Services | [1] | Rent, management and accounting services | ||
Related Party Liability - Amount during period | [1] | $ 218,690 | $ 236,975 | $ 254,775 |
Related Party Liability | [1] | $ 21,134 | 16,406 | |
Paul W. Kuhn | ||||
Related Party Liability - Description of Services | Consulting and housing allowance and share-based payment | |||
Related Party Liability - Amount during period | $ 335,970 | 349,813 | 333,037 | |
Related Party Liability | $ 16,776 | 6,446 | ||
Paul L. Nelles | ||||
Related Party Liability - Description of Services | [2] | Salaries and share-based payment | ||
Related Party Liability - Amount during period | [2] | $ 23,320 | 35,387 | 100,526 |
Related Party Liability | [2] | $ 0 | 0 | |
Michael Diehl | ||||
Related Party Liability - Description of Services | [2] | Salaries and share-based payment | ||
Related Party Liability - Amount during period | [2] | $ 0 | 0 | 47,213 |
Related Party Liability | [2] | $ 0 | 0 | |
Mineralia | ||||
Related Party Liability - Description of Services | [3] | Consulting | ||
Related Party Liability - Amount during period | [3] | $ 198,089 | 239,882 | 254,598 |
Related Party Liability | [3] | $ 17,496 | 16,469 | |
B&B Renting and Consulting Lda | ||||
Related Party Liability - Description of Services | [4] | Rent | ||
Related Party Liability - Amount during period | [4] | $ 42,026 | 26,293 | 0 |
Related Party Liability | [4] | $ 4,117 | 32,786 | |
Adriano Barros | ||||
Related Party Liability - Description of Services | [3] | Share-based payment | ||
Related Party Liability - Amount during period | [3] | $ 16,880 | 11,389 | 4,550 |
Related Party Liability | [3] | 0 | 0 | |
TOTAL | ||||
Related Party Liability - Amount during period | 834,975 | 899,739 | 994,699 | |
Related Party Liability | $ 59,523 | 72,107 | ||
Peshter Mining J.S.C | ||||
Related Party Liability - Description of Services | [5] | Office, equipement, vehicles, insurance and consulting | ||
Amount due from related party during period | [5] | $ 0 | 0 | $ 0 |
Amount due from related party | [5] | $ 0 | $ 4,742 | |
[1] | Pacific Opportunity Capital Ltd., a company controlled by a director of the Company. | |||
[2] | Paul L. Nelles is a director of Innomatik while Michael Diehl was the former exploration manager of Innomatik. In February 2015, Mr. Diehl ceased to be the exploration manager of Innomatik. | |||
[3] | Mineralia, a private company partially owned by Adriano Barros, the general manager of MAEPA. | |||
[4] | B&B Renting and Consulting Lda., a private company partially owned by Adriano Barros, the general manager of MAEPA. | |||
[5] | Peshter Mining J.S.C is a joint venture entity owned by Byrnecut and Innomatik. |
9. LONG-TERM LOAN (Details)
9. LONG-TERM LOAN (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Long-term loan, with payment schedule, including interest | $ 34,812 | $ 0 |
Borrowings, interest rate | 5.635% |
9. LONG-TERM LOAN_ Schedule o73
9. LONG-TERM LOAN: Schedule of Long-term Loan (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Details | ||
Long-term loan, gross amount | $ 30,451 | $ 0 |
Current portion of long-term loan | 6,393 | 0 |
Long-term loan, less current portion | 24,058 | 0 |
Long-term loan payment schedule - Year 1 | 8,072 | 0 |
Long-term loan payment schedule - Year 2 | 8,072 | 0 |
Long-term loan payment schedule - Year 3 | 8,072 | 0 |
Long-term loan payment schedule - Year 4 | 8,072 | 0 |
Long-term loan payment schedule - Year 5 | 2,524 | 0 |
Long-term loan, with payment schedule | 34,812 | 0 |
Long-term loan, imputed interest | 4,126 | 0 |
Long-term loan, other fees | 235 | 0 |
Long-term loan, less imputed interest | $ 30,451 | $ 0 |
10. LOSS PER SHARE (Details)
10. LOSS PER SHARE (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Income (Loss) attributable to common shareholders | $ 1,906,297 | $ 1,872,121 | $ 1,548,930 |
Income (Loss) attributable to common shareholders | 80,787,810 | 63,766,095 | 49,641,824 |
Share Purchase Optioins not included in dilution | 6,245,000 | 6,055,000 | 4,680,000 |
Share Purchase Optioins not included in dilution | 510,250 | 662,850 | 769,400 |
Warrants outstanding not included in dilution | 34,637,000 | 40,857,000 | 35,863,334 |
11. FINANCIAL INSTRUMENTS (Deta
11. FINANCIAL INSTRUMENTS (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Details | |||
Cash | $ 182,794 | $ 518,196 | $ 161,926 |
VAT receivables | 36,666 | 43,176 | |
Investments - available for sale | 0 | 84,862 | |
Other receivables | 30,559 | 19,438 | |
Funds held for optionees and accounts payable owed by optionees | $ 204,761 | $ 127,970 |
11. FINANCIAL INSTRUMENTS_ Sc76
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Level 1 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | $ 182,794 | |
Fair value - Restricted cash | 167,910 | |
Fair value - Assets | 350,704 | $ 607,233 |
Fair value - Cash | 518,196 | |
Fair value - Restricted cash | 4,175 | |
Fair value - Investments - available for sale | 84,862 | |
Level 2 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | 0 | |
Fair value - Restricted cash | 0 | |
Fair value - Assets | 0 | 0 |
Fair value - Cash | 0 | |
Fair value - Restricted cash | 0 | |
Fair value - Investments - available for sale | 0 | |
Level 3 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | 0 | |
Fair value - Restricted cash | 0 | |
Fair value - Assets | 0 | 0 |
Fair value - Cash | 0 | |
Fair value - Restricted cash | 0 | |
Fair value - Investments - available for sale | 0 | |
Fair value - Cash | 182,794 | |
Fair value - Restricted cash | 167,910 | |
Fair value - Assets | $ 350,704 | 607,233 |
Fair value - Cash | 518,196 | |
Fair value - Restricted cash | 4,175 | |
Fair value - Investments - available for sale | $ 84,862 |
12. SUPPLEMENTAL DISCLOSURE W77
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | ||
Details | ||||
Mineral exploration expenses related to depreciation | $ 21,520 | $ 14,240 | $ 15,669 | |
Equipment purchased and financed with long-term loan | [1] | 40,490 | 0 | 0 |
Reimbursements from optionees related to the fair value of common shares | 0 | 194,040 | 0 | |
Reclassified from equity reserves to share capital | 0 | 437,900 | 0 | |
Share issue costs related to the issue of finder's options | $ 0 | $ 47,540 | $ 38,239 | |
[1] | See Note 9. |
14. INCOME TAX_ Schedule of r78
14. INCOME TAX: Schedule of reconciliation of income taxes at statutory rates (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Details | |||
Net loss for the year | $ (1,906,297) | $ (1,872,121) | $ (1,548,930) |
Expected income tax recovery | (495,637) | (486,751) | (402,722) |
Effect of foreign tax rate | 110,748 | 39,191 | 348,770 |
Non-deductible items | 76,169 | 71,150 | 50,201 |
Deductible items | (14,580) | (19,631) | (15,635) |
Unrecognized benefit of non-capital losses | 323,301 | 396,041 | 19,386 |
Income taxes at statutory | $ 0 | $ 0 | $ 0 |
14. INCOME TAX_ Schedule of c79
14. INCOME TAX: Schedule of components of deferred income tax assets (Details) - CAD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax assets | ||
Non-capital loss carryforwards | $ 1,484,054 | $ 1,124,301 |
Share issue costs | 32,606 | 30,815 |
Deferred tax assets | 1,516,660 | 1,155,116 |
Valuation allowance | (1,516,660) | (1,155,116) |
Net deferred income tax assets | $ 0 | $ 0 |
14. INCOME TAX_ Schedule of n80
14. INCOME TAX: Schedule of non-capital losses in Canada (Details) | 12 Months Ended |
Dec. 31, 2017CAD ($) | |
Non-capital loss - Item 1 | |
Non-capital losses - Year of Origin | 2,008 |
Non-capital losses - Year of Expiry | 2,028 |
Non-capital losses (income) | $ 10,500 |
Non-capital loss - Item 2 | |
Non-capital losses - Year of Origin | 2,009 |
Non-capital losses - Year of Expiry | 2,029 |
Non-capital losses (income) | $ 45,000 |
Non-capital loss - Item 3 | |
Non-capital losses - Year of Origin | 2,010 |
Non-capital losses - Year of Expiry | 2,030 |
Non-capital losses (income) | $ 38,500 |
Non-capital loss - Item 4 | |
Non-capital losses - Year of Origin | 2,010 |
Non-capital losses - Year of Expiry | 2,030 |
Non-capital losses (income) | $ 325,000 |
Non-capital loss - Item 5 | |
Non-capital losses - Year of Origin | 2,011 |
Non-capital losses - Year of Expiry | 2,031 |
Non-capital losses (income) | $ 51,500 |
Non-capital loss - Item 6 | |
Non-capital losses - Year of Origin | 2,012 |
Non-capital losses - Year of Expiry | 2,032 |
Non-capital losses (income) | $ 798,000 |
Non-capital loss - Item 7 | |
Non-capital losses - Year of Origin | 2,013 |
Non-capital losses - Year of Expiry | 2,033 |
Non-capital losses (income) | $ 606,000 |
Non-capital loss - Item 8 | |
Non-capital losses - Year of Origin | 2,014 |
Non-capital losses - Year of Expiry | 2,034 |
Non-capital losses (income) | $ 921,000 |
Non-capital loss - Item 9 | |
Non-capital losses - Year of Origin | 2,015 |
Non-capital losses - Year of Expiry | 2,035 |
Non-capital losses (income) | $ 837,000 |
Non-capital loss - Item 10 | |
Non-capital losses - Year of Origin | 2,016 |
Non-capital losses - Year of Expiry | 2,036 |
Non-capital losses (income) | $ 1,007,000 |
Non-capital loss - Item 11 | |
Non-capital losses - Year of Origin | 2,017 |
Non-capital losses - Year of Expiry | 2,037 |
Non-capital losses (income) | $ 857,000 |
Non-capital losses (income) | $ 5,496,500 |
15. SEGMENTED FINANCIAL INFOR81
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Non-current assets | $ 1,641,645 | $ 1,745,543 | |
Mineral exploration expenses | 1,742,813 | 1,157,878 | $ 3,395,193 |
Portugal | |||
Non-current assets | 1,498,490 | 1,586,395 | |
Mineral exploration expenses | 1,405,528 | 1,110,817 | |
Kosovo | |||
Non-current assets | 143,155 | 159,148 | |
Mineral exploration expenses | 235,563 | (22,016) | |
Germany | |||
Mineral exploration expenses | 29,621 | 0 | |
Others | |||
Mineral exploration expenses | $ 72,101 | $ 69,077 |
16. EVENTS AFTER THE REPORTIN82
16. EVENTS AFTER THE REPORTING PERIOD (Details) | 12 Months Ended | |
Dec. 31, 2017CAD ($)$ / sharesshares | Dec. 31, 2016CAD ($) | |
Funds held for optionees and accounts payable owed by optionees | $ | $ 204,761 | $ 127,970 |
Event 1 | ||
Date of event | Mar. 5, 2018 | |
Description of significant events and transactions | Company signed a non-binding Letter of Intent (“LOI”) with a subsidiary of an international mining company (the “Funding Partner”) to option out three exploration projects | |
Event 2 | ||
Date of event | Mar. 14, 2018 | |
Description of significant events and transactions | Company granted a total of 1,800,000 stock options at an exercise price of $0.10 per share for a period of five years | |
Stock Options granted | shares | 1,800,000 | |
Exercise price | $ 0.10 | |
Event 3 | ||
Date of event | Mar. 26, 2018 | |
Description of significant events and transactions | Company completed a private placement of $550,000 by issuing 6,875,000 units (‘Unit”) at a price of $0.08 per Unit | |
Units issued | shares | 6,875,000 | |
Price per unit | $ 0.08 | |
Event 4 | ||
Date of event | Mar. 26, 2018 | |
Description of significant events and transactions | Company granted 40,000 stock options at an exercise price of $0.10 per share for a period of five years | |
Exercise price | $ 0.10 | |
Funds held for optionees and accounts payable owed by optionees | $ | $ 40,000 |