Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Details | |
Registrant Name | Avrupa Minerals Ltd. |
Registrant CIK | 0001445467 |
SEC Form | 20-F |
Period End date | Dec. 31, 2018 |
Fiscal Year End | --12-31 |
Trading Symbol | AVPMF |
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 |
Shell Company | false |
Emerging Growth Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2018 |
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, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash | $ 106,288 | $ 182,794 |
Restricted cash | 0 | 167,910 |
Prepaid expenses and advances | 66,008 | 41,974 |
Due from optionees | 43,223 | 28,557 |
VAT receivables | 22,308 | 36,666 |
Other receivables | 123,837 | 30,559 |
Current assets | 361,664 | 488,460 |
Non-current assets | ||
Property deposits | 134,272 | 177,613 |
Exploration and evaluation assets | 1,407,915 | 1,407,915 |
Equipment | 34,107 | 56,117 |
Non-current assets | 1,576,294 | 1,641,645 |
Total assets | 1,937,958 | 2,130,105 |
Current liabilities | ||
Funds held for optionees | 0 | 167,910 |
Accounts payable and accrued liabilities | 628,867 | 138,845 |
Accounts payable owed by optionees | 43,223 | 88,687 |
Due to related parties | 130,652 | 59,523 |
Current portion of long-term loan | 7,031 | 6,393 |
Current liabilities | 809,773 | 461,358 |
Non-current liabilities | ||
Long-term loan | 18,096 | 24,058 |
Non-current liabilities | 18,096 | 24,058 |
Equity | ||
Share capital | 9,582,406 | 8,786,896 |
Reserves | 6,675,064 | 6,119,842 |
Deficit | (15,147,381) | (13,262,049) |
Equity | 1,110,089 | 1,644,689 |
Total equity and liabilities | $ 1,937,958 | $ 2,130,105 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME/LOSS | 12 Months Ended | |||||
Dec. 31, 2018$ / shares | Dec. 31, 2018CAD ($) | Dec. 31, 2017$ / shares | Dec. 31, 2017CAD ($) | Dec. 31, 2016$ / shares | Dec. 31, 2016CAD ($) | |
Mineral exploration expenses | ||||||
Mineral exploration expenses | $ 2,276,286 | $ 1,742,813 | $ 1,157,878 | |||
Reimbursements from optionees | (1,189,652) | (780,195) | (581,875) | |||
Operating expense | (1,086,634) | (962,618) | (576,003) | |||
General administrative expenses | ||||||
Bank charges | 4,661 | 3,875 | 13,136 | |||
Consulting | 143,332 | 124,520 | 266,573 | |||
Depreciation | 0 | 2,589 | 5,176 | |||
Investor relations | 132,189 | 292,430 | 191,544 | |||
Listing and filing fees | 8,791 | 10,485 | 12,035 | |||
Office and administrative fees | 28,686 | 29,070 | 44,867 | |||
Professional fees | 231,065 | 203,662 | 202,484 | |||
Rent | 9,000 | 9,000 | 7,308 | |||
Share-based payment | 141,124 | 110,564 | 270,698 | |||
Telephone | 0 | 37 | 37 | |||
Transfer agent fees | 9,670 | 10,581 | 8,432 | |||
Travel | 46,928 | 66,882 | 61,023 | |||
General and administrative expense | (755,446) | (863,695) | (1,083,313) | |||
Other items | ||||||
Foreign exchange gain/(loss) | (485) | (11,494) | 20,536 | |||
Interest income | 1,181 | 2,068 | 3,056 | |||
(Loss) on disposal of equipment | 0 | (2,105) | 0 | |||
Other income | 6,014 | 2,837 | 2,308 | |||
Write down of due from optionee | 0 | (1) | (238,705) | |||
Write-down of exploration and evaluation assets | 0 | (71,289) | 0 | |||
Write-down of exploration and evaluation assets | (49,962) | 0 | 0 | |||
Other expense, by function | (43,252) | (79,984) | (212,805) | |||
Net loss for the year | (1,885,332) | (1,906,297) | (1,872,121) | |||
Exchange difference arising on the translation of foreign subsidiaries | (16,548) | 26,776 | (28,208) | |||
Comprehensive loss for the year | $ (1,901,880) | $ (1,879,521) | $ (1,900,329) | |||
Basic and diluted loss per share | $ / shares | $ (0.02) | $ (0.02) | $ (0.03) |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) | Issued capital | Warrants | Finders options | Equity-settled employee benefits | Exchange | Subtotal | Deficit | Total |
Equity at beginning 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 beginning 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 |
Shares issued for warrants exercised, shares | 4,573,000 | |||||||
Shares issued for options exercised | $ 37,373 | 0 | 0 | (17,373) | 0 | (17,373) | 0 | 20,000 |
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 |
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) |
Number of shares outstanding at end of period at Dec. 31, 2016 | 74,248,797 | |||||||
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 |
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 | (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) |
Number of shares outstanding at end of period at Dec. 31, 2017 | 9 | |||||||
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 |
Share issues: | ||||||||
Shares issued for private placement | $ 851,354 | 430,646 | 0 | 0 | 0 | 430,646 | 0 | 1,282,000 |
Number of Shares issued for private placement | 21,515,000 | |||||||
Share issue costs | $ (55,844) | 0 | 0 | 0 | 0 | 0 | 0 | (55,844) |
Share-based payment | 0 | 0 | 0 | 141,124 | 0 | 141,124 | 0 | 141,124 |
Comprehensive loss | $ 0 | 0 | 0 | 0 | (16,548) | (16,548) | (1,885,332) | (1,901,880) |
Number of shares outstanding at end of period at Dec. 31, 2018 | 108,433,797 | |||||||
Equity at end of period at Dec. 31, 2018 | $ 9,582,406 | $ 5,104,738 | $ 277,893 | $ 1,289,103 | $ 3,330 | $ 6,675,064 | $ (15,147,381) | $ 1,110,089 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Cash flows from operating activities | |||
Net loss for the year | $ (1,885,332) | $ (1,906,297) | $ (1,872,121) |
Items not involving cash: | |||
Depreciation | 0 | 2,589 | 5,176 |
Loss on disposal of equipment | 0 | 2,105 | 0 |
Mineral exploration expenses | 23,796 | 21,520 | (179,800) |
Share-based payment | 141,124 | 110,564 | 270,698 |
Write-down of due from optionee | 0 | 1 | 238,705 |
Write-down of exploration and evaluation assets | 0 | 71,289 | 0 |
Write-down of exploration and evaluation assets | 49,962 | 0 | 0 |
Changes in non-cash working capital items | |||
VAT receivables | 14,358 | 6,510 | 300,722 |
Due from optionees | (14,666) | (28,557) | 68,577 |
Prepaid expenses and advances | (24,034) | 19,818 | 65,650 |
Other receivables | (93,278) | (11,121) | (19,438) |
Accounts payable and accrued liabilities | 486,711 | 82,982 | (475,300) |
Accounts payable owed by optionees | (45,464) | (31,124) | (80,538) |
Due from/to related parties | 39,129 | (7,842) | (24,176) |
Funds held for optionees | (167,910) | 163,735 | 4,175 |
Exchange difference arising on the translation of foreign subsidiaries | (23,469) | 24,496 | (24,802) |
Net cash (used in) operating activities | (1,499,073) | (1,479,332) | (1,722,472) |
Cash flows from investing activities | |||
Net proceeds from investments - available for sale | 0 | 84,862 | 2,245 |
Net proceeds from sale of equipment | 0 | 12,167 | 0 |
Property deposits | 0 | 40,589 | 51,569 |
Purchase of equipment | (6,810) | (13,630) | 0 |
Net cash provided by (used in) investing activities | (6,810) | 123,988 | 53,814 |
Cash flows from financing activities | |||
Proceeds from issuance of common shares | 1,282,000 | 1,242,000 | 2,105,950 |
Share issue costs | (20,533) | (58,323) | (76,847) |
Net cash provided by financing activities | 1,261,467 | 1,183,677 | 2,029,103 |
Change in cash for the year | (244,416) | (171,667) | 360,445 |
Cash, beginning of the year | 350,704 | 522,371 | 161,926 |
Cash, end of the year | 106,288 | 350,704 | 522,371 |
Cash comprised of | |||
Cash | 106,288 | 182,794 | 518,196 |
Restricted cash | 0 | 167,910 | 4,175 |
Supplementary information | |||
Interest received | $ 1,181 | $ 2,068 | $ 3,056 |
1. NATURE OF OPERATIONS AND CON
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2018 | |
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 on the TSX Venture Exchange (the Exchange) on July 14, 2010. On September 20, 2012, the Company listed in Europe on the Frankfurt Stock Exchange under the trading symbol 8AM. The Company is primarily engaged in the acquisition and exploration of mineral properties in Europe. 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 Companys 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, 2018 | |
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, 2018. |
3. SIGNIFICANT ACCOUNTING POLIC
3. SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
3. SIGNIFICANT ACCOUNTING POLICIES | 3. SIGNIFICANT ACCOUNTING POLICIES a) 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 10.29% Kosovo Exploration Avrupa Holdings Inc. (1) 100% Barbados Holding Avrupa Portugal Holdings Inc. (1) 100% Barbados Holding Avrupa Kosovo Holdings Inc. (1) 100% Barbados Holding (1) The companies are in the process of being wound up. 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 investees returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a companys 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 Companys 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 Companys proportionate share of the profit or loss, other comprehensive income or loss and any other changes in the associates or joint ventures net assets. The Companys proportionate share of the associates or joint ventures 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 Companys accounting policies and the associates or joint ventures 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 Companys share of the associates or joint ventures losses equals or exceeds the investment in the associate or joint venture, recognition of further losses is discontinued. After the Companys 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 managements 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 Companys 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 Companys 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 Companys 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 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 Adoption of IFRS 9 Financial Instruments On January 1, 2018, the Company adopted IFRS 9 in accordance with the transitional provisions of the standard. IFRS 9 uses a single approach to determine whether a financial asset is classified and measured at amortized cost or fair value, replacing the multiple rules in IAS 39, Financial Instruments: Recognition and Measurement. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward in IFRS 9, so the Companys accounting policy with respect to financial liabilities is unchanged. The change did not impact the carrying value of any of the Companys financial assets on the transition date. The following financial assets are classified as subsequently measured at amortized cost under both IAS 39 and IFRS 9 - cash, restricted cash, due from optionees, certain other receivables and property deposits. The following financial liabilities are classified as subsequently measured at amortized cost under both IAS 39 and IFRS 9 funds held for optionees, accounts payable and accrued liabilities, accounts payable owed by optionees, due to related parties and long-term loan. The classification of financial assets is based on how an entity manages its financial instruments and the contractual cash flow characteristics of the financial asset. Transaction costs with respect to financial instruments classified as fair value through profit or loss are recognized as an adjustment to the cost of the underlying instruments. The Companys financial assets are classified into one of the following two measurement categories: Financial assets held within a business model for the purpose of collecting contractual cash flows (held to collect) that represent solely payments of principal and interest (SPPI) are measured at amortized cost. Financial assets held within a business model where assets are both held for the purpose of collecting contractual cash flows or sold prior to maturity and the contractual cash flows represent solely payments of principal and interest are measured at FVPL. 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, 2018 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: · 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, 2018 | |
Notes | |
4. EQUIPMENT | 4. EQUIPMENT Furniture and other equipment Vehicles Other assets Total Cost As at January 1, 2017 $ 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 Additions during the year 178 - - 178 Disposal during the year - (34,581) - (34,581) Exchange adjustment 4,459 4,006 837 9,302 As at December 31, 2018 $ 124,266 $ 76,919 $ 23,302 $ 224,487 Accumulated depreciation As at January 1, 2017 $ 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 Depreciation for the year 12,305 10,291 1,200 23,796 Depreciation for the year related to disposals - (34,581) - (34,581) Exchange adjustment 3,900 3,021 773 7,694 As at December 31, 2018 $ 114,132 $ 54,171 $ 22,077 $ 190,380 Net book value As at January 1, 2017 $ 30,210 $ 14,593 $ 3,334 $ 48,137 As at December 31, 2017 $ 21,702 $ 32,054 $ 2,361 $ 56,117 As at December 31, 2018 $ 10,134 $ 22,748 $ 1,225 $ 34,107 |
5. EXPLORATION AND EVALUATION A
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES Portugal Kosovo Germany Others Tot al Alvito Alvalade Covas Others Slivovo Others Exploration and evaluation assets Acquisition costs As of January 1, 2018 $ - $ 167,920 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Addition during the period - - - - - - - - - As of December 31, 2018 $ - $ 167,920 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Mineral exploration expenses for the year ended December 31, 2018 Concession fees and taxes $ 30,425 $ 46,595 $ - $ 861 $ - $ 1,622 $ - $ - $ 79,503 Depreciation - 10,058 - 13,738 - - - - 23,796 Drilling 472,513 485,935 - - - - - - 958,448 Geological salaries and consulting 459,193 182,622 4,930 113,737 - 70,432 - - 830,914 Geology work - - - - - - - 15,592 15,592 Insurance 1,240 1,811 - 2,279 - - - - 5,330 Legal and accounting - 226 - 239 - 215 - - 680 Office and administrative fees 5,400 35,292 839 22,755 - 1,676 - 4,313 70,275 Rent 66,513 62,112 3,107 51,433 - 14,125 - 138 197,428 Site costs 25,777 17,587 550 16,419 - 697 - - 61,030 Travel 18,418 5,981 3,472 3,823 - 1,041 - 555 33,290 Reimbursements from optionee (1,079,479) (32,371) (12,898) (64,904) - - - - (1,189,652) $ - $ 815,848 $ - $ 160,380 $ - $ 89,808 $ - $ 20,598 $ 1,086,634 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 132,478 311,861 197,339 348,359 9,998 203,411 4 - 1,203,450 Depreciation 5,515 10,058 - 89,331 - - - - 104,904 Drilling 472,513 485,935 - - 1,180,217 - - - 2,138,665 Geological salaries and consulting 1,565,418 6,387,427 2,094,650 2,589,743 119,801 678,023 12,359 - 13,447,421 Geology work - - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,561 20,418 10,550 32,694 14,604 14,790 - - 98,617 Legal and accounting 158 522 130 937 58,158 13,715 - - 73,620 Office and administrative fees 37,320 235,465 26,160 207,454 80,149 100,368 5,255 63,191 755,362 Rent 179,602 492,391 52,175 343,609 28,694 81,364 - 20,560 1,198,395 Report - - - - 24,232 - - - 24,232 Site costs 70,295 178,714 58,205 113,990 185,074 194,297 - 8,865 809,440 Travel 75,516 231,701 60,210 111,419 60,107 22,414 - 15,326 576,693 Trenching and road work - - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (7,402,160) (2,433,097) (308,385) (2,834,986) (45,158) - - (15,173,130) $ 395,032 $ 952,332 $ 66,322 $ 3,561,528 $ 149,944 $1,731,675 $ 252,083 $ 248,848 $ 7,357,764 Portugal Kosovo Germany Others T otal 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 Drilling - - - - - - - - - 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 Report - - - - - - - - - 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 Trenching and road work - - - - - - - - - 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 The Company, through its 100% holding in MAEPA Empreendimentos Mineiros e Participacoes Lda (MAEPA), holds four 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: · · · · · Licenses have varying required work commitments and carry a 3% Net Smelter Return (NSR) payable to the government of Portugal. 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: · For OZE to earn a 51% interest in year 1: Fund AUS$1,000,000 in exploration expenditures (subsequently amended to OZE must spend a minimum of AUS$1,000,000 on or before July 5, 2018 - spent); · For OZE to earn a further 24% interest (total of 75% interest) by September 30, 2019: Fund a further AUS$3,000,000 in exploration expenditures; and · The Company will be the operator during the first earn-in stage with active technical support and oversight from OZEs experienced IOCG team. On October 5, 2018, OZE terminated the agreement. Since inception of the agreement and to December 31, 2018, OZE had forwarded a total of $1,725,209 (1,130,000) for the Alvito property. The Company incurred an additional amount of $9,368 (6,000) as of December 31, 2018 which was subsequently reimbursed by OZE. Alvalade: 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, allowing it 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. Such amount was received in December 2017 and was used to offset the expenditures incurred in fiscal 2018. Covas: Blackheath Resources Inc. (Blackheath) has earned a 75% interest in the Covas property by spending a cumulative amended Joint Venture agreement, Blackheath can earn further interests, as noted below: · · Since inception of the agreement and to December 31, 2018, Blackheath had forwarded a total of $2,399,242 (1,733,612) for the Covas property. The Company incurred an additional amount of $33,855 (21,684) as of December 31, 2018 which will be reimbursed by Blackheath. In March 2018, Blackheath terminated the agreement and the Company wrote off $71,289 as of December 31, 2017 and has let the Covas license lapse. Others including Marateca and Mertola: On December 7, 2017, the Company signed an exclusivity agreement with the Funding Partner and On . See Note 5 under Alvalade. The LOI sets out the general terms and conditions that are proposed to be included in a definitive agreement (the DA). Until the DA is signed and each party has obtained the required approvals, there are no legally binding obligations on either party. Given that the Funding Partner has not moved forward on the proposed transactions, management considers the LOI to have lapsed. Kosovo The Company, through its 100% holding in Innomatik, held one exploration license in Kosovo: · The Metovit license was issued in 2015 and carries certain work commitments and a 5% NSR payable to the government of Kosovo. This license expired on June 10, 2018 and the Company is currently in the process of renewing it. There are no acquisition costs associated with this license. 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 partys interest in Peshter Mining has been diluted to 10% or less, the diluted partys interest in Peshter Mining will be converted into a 2% Net Smelter Return. As of December 31, 2018, Byrnecut spent over 3,883,421 in Peshter Mining, diluting the Companys interest in Peshter Mining to 10.29%. Germany The Company has earned an 85% interest in the Oelsnitz property under its agreement with Beak Consultants GmbH (Beak) by spending December 31 December 31, 2018 December 31, 2017 Restricted cash & Funds held for optionees Alvito - OZE $ - $ 70,635 Alvalade, Marateca and Mertola - Funding Partner - 97,275 $ - $ 167,910 Due from optionees Covas - Blackheath $ 33,855 $ 28,557 Alvito - OZE 9,368 - $ 43,223 $ 28,557 |
6. PROPERTY DEPOSITS
6. PROPERTY DEPOSITS | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
6. PROPERTY DEPOSITS | 6. PROPERTY DEPOSITS As of December 31, 2018, the Company had a total of $134,272 (86,000) (December 31, 2017: $177,613 (118,000)) 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. During the year ended December 31, 2018, the Company determined that the required work obligations for the Covas, Marateca, Mertola and two minor properties either had not, or would not, be completed. Accordingly, $167,059 (107,000), in cash pledged for these exploration licenses was written off. In addition, the property deposit of $117,097 (75,000) pledged by the former optionee of the Alvalade property was assigned to the Company. As a result of these transactions, property deposits were written down by a net amount of $49,962 (32,000). |
7. CAPITAL AND RESERVES
7. CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
7. CAPITAL AND RESERVES | 7. CAPITAL AND RESERVES (a) Authorized: At December 31 (b) Share issuances: i. During the year ended December ii. On July 4, 2016, the 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. Each Unit consists of one common share and one non-transferable warrant. Each warrant entitles the holder to purchase one additional common share for a 3-year period at a price of $0.15. The warrants were ascribed a value of $596,068. In connection with the financing, the Company paid $16,125 as a cash finders fee and issued 411,250 finders 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 finders options were ascribed a value of $47,540. In addition, $60,722 was included in share issue costs. iii. On April 20, 2017, the 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. In connection with the financing, a total of $11,975 share issue costs were paid. iv. On July 12, 2017, the 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. Each Unit consists of one common share and one non-transferrable warrant. Each warrant entitles the holder to purchase one additional common share for a 3-year period at a price of $0.15. The warrants were ascribed a value of $391,154. In connection with the financing, a total of $46,348 share issue costs were paid. v. On March 26, 2018, the Company completed a non-brokered private placement by issuing 6,875,000 units (Unit) at a price of $0.08 per Unit for gross proceeds of $550,000. Each Unit consists of one common share and one non-transferable warrant. Each warrant entitles the holder to purchase one additional common share for a 2-year period at a price of $0.12. The warrants were ascribed a value of $172,137. In connection with the financing, a total of $19,019 share issue costs were paid. vi. On November 9, 2018, the Company closed the first tranche of a non-brokered private placement by issuing 10,000,000 units (Unit) at a price of $0.05 per Unit for gross proceeds of $500,000, and on December 17, 2018 th In connection with the financing, a total of $36,825 share issue costs were paid. (c) Share Purchase Option Compensation Plan: 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, 2018 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2017 Granted Exercised cancelled 2018 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 Tuesday, April 26, 2022 $0.10 1,310,000 - - - 1,310,000 Tuesday, March 14, 2023 $0.10 - 1,800,000 - - 1,800,000 Sunday, March 26, 2023 $0.10 - 40,000 - - 40,000 Options outstanding 6,245,000 1,840,000 - (1,145,000) 6,940,000 Options exercisable 6,245,000 1,840,000 - (1,145,000) 6,940,000 Weighted average exercise price $0.12 $0.10 $Nil $0.10 $0.12 * Subsequently expired unexercised. As of December 31, 2018, the weighted average contractual remaining life is 2.81 years (December 31, 2017 2.85 years). Stock options 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 Tuesday, 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 $Nil $0.25 $0.12 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 $Nil $0.15 The weighted average assumptions used to estimate the fair value of options for the years ended December 31, 2018, 2017 and 2016 were: 2018 2017 2016 Risk-free interest rate 1.25% 1.21% 1.71% Expected life 5 years 5 years 4.53 years Expected volatility 130.43% 141.88% 144.86% Expected dividend yield Nil Nil Nil 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 Companys share purchase options. (d) Finders Options: The continuity of finders options for the year December 31 Exercise December 31, December 31, Expiry date price 2017 Issued Exercised Expired 2018 July 14, 2018 $0.10 99,000 - - (99,000) - July 4, 2019 (1) $0.10 411,250 - - - 411,250 Outstanding 510,250 - - (99,000) 411,250 Weighted average exercise price $0.10 $Nil $Nil $0.10 $0.10 (1) The finders options are exercisable into units, with each unit consisting of one common share and one warrant exercisable until July 4, 2019 at $0.15. As of December 31, 2018, the weighted average contractual remaining life is 0.51 years (December 31, 2017 1.32 years). The continuity of finders options for the year ended December 31 Exercise December 31, December 31, Expiry date price 2016 Issued Exercised Expired 2017 August 22, 2017 $0.25 152,600 - - (152,600) - July 14, 2018 $0.10 99,000 - - - 99,000 July 4, 2019 $0.10 411,250 - - - 411,250 Outstanding 662,850 - - (152,600) 510,250 Weighted average exercise price $0.13 $Nil $Nil $0.25 $0.10 The continuity of finders options for the year December 31 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 weighted average assumptions used to estimate the fair value of finders options for the years ended December 31, 2018, 2017 and 2016 were: 2018 2017 2016 Risk-free interest rate Nil Nil 0.87% Expected life Nil Nil 3 years Expected volatility Nil Nil 144.75% Expected dividend yield Nil Nil Nil (e) Warrants: The continuity of warrants for the year ended December 31, 2018 is as follows: Exercise December 31, December 31, Expiry date price 2017 Issued Exercised Expired 2018 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 March 26, 2020 $0.12 - 6,875,000 - - 6,875,000 November 9, 2021 (1) $0.10 - 10,000,000 - - 10,000,000 December 17, 2021 (1) $0.10 - 4,640,000 - - 4,640,000 Outstanding 34,637,000 21,515,000 - (10,920,000) 45,232,000 Weighted average exercise price $0.15 $0.11 $Nil $0.15 $0.13 (1) th As of December 31 December 31 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 $Nil $0.33 $0.15 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 (2) (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 (2) The weighted average assumptions used to estimate the fair value of warrants for the years ended December 31, 2018, 2017 and 2016 were: 2018 2017 2016 Risk-free interest rate 1.14% 0.71% 0.87% Expected life 2.68 years 3 years 2.98 years Expected volatility 108.87% 116.49% 144.62% Expected dividend yield Nil Nil Nil |
8. RELATED PARTY TRANSACTIONS A
8. RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2018 | |
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 ended December 31, 2018 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 $253,968 $Nil $Nil $Nil $61,430 $11,505 $326,903 Winnie Wong, Chief Financial Officer $Nil $Nil $Nil $Nil $Nil $9,588 $9,588 For the , 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 $Nil $Nil $Nil $53,262 $16,880 $335,970 Winnie Wong, Chief Financial Officer $Nil $Nil $Nil $Nil $Nil $12,660 $12,660 For the , 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 $Nil $Nil $Nil $67,972 $16,270 $349,813 Winnie Wong, Chief Financial Officer $Nil $Nil $Nil $Nil $Nil $16,270 $16,270 Related party liabilities Years ended Services December 31, 2018 December 31, 2017 December 31, 2016 As at December 31, 2018 As at December 31, 2017 Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management and accounting services $ 228,455 $ 218,690 $ 236,975 $ 62,754 $ 21,134 Paul W. Kuhn Consulting and housing allowance and share-based payment $ 326,903 $ 335,970 $ 349,813 $ 33,523 $ 16,776 Paul L. Nelles (b) Salaries and share-based payment $ 27,620 $ 23,320 $ 35,387 $ Nil $ Nil Mineralia (c) Consulting $ 157,536 $ 198,089 $ 239,882 $ 34,375 $ 17,496 B&B Renting and Consulting Lda. (d) Rent $ Nil $ 42,026 $ 26,293 $ Nil $ 4,117 Adriano Barros (c) Share-based payment $ 5,369 $ 16,880 $ 11,389 $ Nil $ Nil TOTAL: $ 745,883 $ 834,975 $ 899,739 $ 130,652 $ 59,523 (a) Pacific Opportunity Capital Ltd., a company controlled by a director of the Company . (b) Paul L. Nelles is a director 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 . |
9. LONG-TERM LOAN
9. LONG-TERM LOAN | 12 Months Ended |
Dec. 31, 2018 | |
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 totalling $27,911 (17,877) as of December 31, 2018, including interest calculated at 5.635% , and maturing on April 5, 2022. December 31, 2018 December 31, 2017 Long-term loan $ 25,127 16,094 $ 30,451 20,230 Less: current portion of long-term loan 7,031 4,503 6,393 4,248 $ 18,096 11,591 $ 24,058 15,982 Payment schedule of long-term loan Year 1 $ 8,373 5,363 $ 8,072 5,363 Year 2 8,373 5,363 8,072 5,363 Year 3 8,373 5,363 8,072 5,363 Year 4 2,791 1,788 8,072 5,363 Year 5 - - 2,524 1,675 $ 27,911 17,877 $ 34,812 23,127 Less: imputed interest 2,596 1,663 4,126 2,741 Other fees 188 120 235 156 $ 25,127 16,094 $ 30,451 20,230 |
10. LOSS PER SHARE
10. LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2018 | |
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 , 2018 was based on the loss attributable to common shareholders of $1,885,332 (2017 $1,906,297 ; 2016 - $1,872,121 ) and a weighted average number of common shares outstanding of 93,795,401 (2017 80,787,810 ; 2016 63,766,095 ). Diluted loss per share did not include the effect of 6,940,000 share purchase options, 411,250 finders options and 45,232,000 warrants outstanding at year end (2017 6,245,000 share purchase options, 510,250 finders options and 34,637,000 warrants; 2016 6,055,000 share purchase options, 662,850 finders options and 40,857,000 warrants) as they are anti-dilutive. |
11. FINANCIAL INSTRUMENTS
11. FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
11. FINANCIAL INSTRUMENTS | 11. FINANCIAL INSTRUMENTS The fair values of the Companys cash, restricted cash, other receivables, due from optionees, 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 Companys 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 Companys cash is held in financial institutions in Canada, Portugal, Kosovo and Barbados and property deposits are held by Portuguese regulatory authorities. 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 Dec ember 31 , 2018, the Company had cash of $106,288 (December 31, 2017 - $ 182,794 ), VAT receivables of $22,308 (December 31, 2017 - $36,666 ) and other receivables of $123,837 (December 31, 2017 - $30,559 ) to settle current liabilities, net of funds held for optionees and accounts payable owed by optionees, of $766,550 (December 31, 2017 - $204,761 ). 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 Companys 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 Companys property interests in Portugal and Kosovo make it subject to foreign currency fluctuations and inflationary pressures which may adversely affect the Companys 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 liabilities of $439,300 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 $21,000. 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 Companys financial assets measured at fair value by level within the fair value hierarchy as at December 31, 2018 and 2017. As at December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash $ 106,288 $ - $ - $ 106,288 Restricted cash - - - - $ 106,288 $ - $ - $ 106,288 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, 2018, the carrying value of financial assets classified as subsequently measured at amortized cost totalled $319,399 (December 31, 2017 - $587,433). See Note 3 j). |
12. SUPPLEMENTAL DISCLOSURE WIT
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018, 2017 and 2016 were as follows: · · · · · · |
13. MANAGEMENT OF CAPITAL RISK
13. MANAGEMENT OF CAPITAL RISK | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
13. MANAGEMENT OF CAPITAL RISK | 13. MANAGEMENT OF CAPITAL RISK The Company manages its cash, common shares, warrants, finders options and share purchase options as capital (see Note 7). The Companys 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 Companys 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, 2018 | |
Notes | |
14. INCOME TAX | 14. INCOME TAX A reconciliation of income taxes at statutory rates is as follows: 2018 2017 2016 Net loss $ (1,885,332) $ (1,906,297) $ (1,872,121) Expected income tax recovery $ (509,040) $ (495,637) $ (486,751) Effect of foreign tax rate 145,825 110,748 39,191 Non-deductible items 38,513 76,169 71,150 Deductible items (15,911) (14,580) (19,631) Unrecognized benefit of non-capital losses 340,613 323,301 396,041 $ - $ - $ - The significant components of the Companys deferred income tax assets are as follows: 2018 2017 Deferred income tax assets Non-capital loss carryforwards $ 1,660,778 $ 1,484,054 Share issue costs 31,773 32,606 1,692,551 1,516,660 Valuation allowance (1,692,551) (1,516,660) Net deferred income tax assets $ - $ - The Company has available for deduction against future taxable income non-capital losses of approximately $6,150,500 in Canada (2017 - $5,496,500). These losses, if not utilized, will expire through to 2038. 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 854,000 2018 2038 657,000 $ 6,150,500 |
15. SEGMENTED FINANCIAL INFORMA
15. SEGMENTED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 December 31, 2017 Non-current assets Portugal $ 1,433,139 $ 1,498,490 Kosovo 143,155 143,155 $ 1,576,294 $ 1,641,645 Years ended December 31, 2018 December 31, 2017 Mineral exploration expenses Portugal $ 2,165,880 $ 1,405,528 Kosovo 89,808 235,563 Germany - 29,621 Others 20,598 72,101 $ 2,276,286 $ 1,742,813 |
16. EVENTS AFTER THE REPORTING
16. EVENTS AFTER THE REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2018 | |
Notes | |
16. EVENTS AFTER THE REPORTING PERIOD | 16. EVENTS AFTER THE REPORTING PERIOD On January 7, 2019 , Company granted a total of 183,000 stock options at an exercise price of $0.05 per share for a period of five years to a director and its consultants. On February 25, 2019 , the Company completed the third tranche of a non-brokered private placement by issuing 2,000,000 units at a price of $0.05 per unit for gross proceeds of $100,000. Each Unit consists of one common share and one non-transferable warrant. Each warrant entitles the holder to purchase one additional common share for a 3 year period at a price of $0.10. If however the closing price of the Companys share are $0.20 or greater for a period of 20 consecutive trading days, the warrants th |
1. NATURE OF OPERATIONS AND C_2
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS: Disclosure of going concern (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 | |
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, 2018 | |
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, 2018. |
3. SIGNIFICANT ACCOUNTING POL_2
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
a) Basis of consolidation | a) 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 10.29% Kosovo Exploration Avrupa Holdings Inc. (1) 100% Barbados Holding Avrupa Portugal Holdings Inc. (1) 100% Barbados Holding Avrupa Kosovo Holdings Inc. (1) 100% Barbados Holding (1) The companies are in the process of being wound up. 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 investees returns. This control is generally evidenced through owning more than 50% of the voting rights or currently exercisable potential voting rights of a companys 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 POL_3
3. SIGNIFICANT ACCOUNTING POLICIES: b) Interests in Joint Arrangements (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 Companys share of the assets, liabilities, revenue, expenses and cash flows of the joint operation in the consolidated financial statements. |
3. SIGNIFICANT ACCOUNTING POL_4
3. SIGNIFICANT ACCOUNTING POLICIES: c) Investments in Associates and Joint Ventures (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 Companys proportionate share of the profit or loss, other comprehensive income or loss and any other changes in the associates or joint ventures net assets. The Companys proportionate share of the associates or joint ventures 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 Companys accounting policies and the associates or joint ventures 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 Companys share of the associates or joint ventures losses equals or exceeds the investment in the associate or joint venture, recognition of further losses is discontinued. After the Companys 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 POL_5
3. SIGNIFICANT ACCOUNTING POLICIES: d) Foreign currencies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 managements 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 Companys presentation currency are taken directly to the exchange reserve. |
3. SIGNIFICANT ACCOUNTING POL_6
3. SIGNIFICANT ACCOUNTING POLICIES: e) Exploration and evaluation assets and expenditures (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 POL_7
3. SIGNIFICANT ACCOUNTING POLICIES: f) Share-based payment transactions (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
f) Share-based payment transactions | f) Share-based payment transactions The share option plan allows the Companys 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 POL_8
3. SIGNIFICANT ACCOUNTING POLICIES: g) Loss per share (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 Companys 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 POL_9
3. SIGNIFICANT ACCOUNTING POLICIES: h) Significant accounting judgments and estimates (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 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 PO_10
3. SIGNIFICANT ACCOUNTING POLICIES: i) Provisions (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 PO_11
3. SIGNIFICANT ACCOUNTING POLICIES: j) Financial instruments (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Policies | |
j) Financial instruments | j) Financial instruments Adoption of IFRS 9 Financial Instruments On January 1, 2018, the Company adopted IFRS 9 in accordance with the transitional provisions of the standard. IFRS 9 uses a single approach to determine whether a financial asset is classified and measured at amortized cost or fair value, replacing the multiple rules in IAS 39, Financial Instruments: Recognition and Measurement. Most of the requirements in IAS 39 for classification and measurement of financial liabilities were carried forward in IFRS 9, so the Companys accounting policy with respect to financial liabilities is unchanged. The change did not impact the carrying value of any of the Companys financial assets on the transition date. The following financial assets are classified as subsequently measured at amortized cost under both IAS 39 and IFRS 9 - cash, restricted cash, due from optionees, certain other receivables and property deposits. The following financial liabilities are classified as subsequently measured at amortized cost under both IAS 39 and IFRS 9 funds held for optionees, accounts payable and accrued liabilities, accounts payable owed by optionees, due to related parties and long-term loan. The classification of financial assets is based on how an entity manages its financial instruments and the contractual cash flow characteristics of the financial asset. Transaction costs with respect to financial instruments classified as fair value through profit or loss are recognized as an adjustment to the cost of the underlying instruments. The Companys financial assets are classified into one of the following two measurement categories: Financial assets held within a business model for the purpose of collecting contractual cash flows (held to collect) that represent solely payments of principal and interest (SPPI) are measured at amortized cost. Financial assets held within a business model where assets are both held for the purpose of collecting contractual cash flows or sold prior to maturity and the contractual cash flows represent solely payments of principal and interest are measured at FVPL. |
3. SIGNIFICANT ACCOUNTING PO_12
3. SIGNIFICANT ACCOUNTING POLICIES: k) Income taxes (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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 PO_13
3. SIGNIFICANT ACCOUNTING POLICIES: l) New accounting standards and interpretations (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
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, 2018 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: · 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 PO_14
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
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 10.29% Kosovo Exploration Avrupa Holdings Inc. (1) 100% Barbados Holding Avrupa Portugal Holdings Inc. (1) 100% Barbados Holding Avrupa Kosovo Holdings Inc. (1) 100% Barbados Holding |
5. EXPLORATION AND EVALUATION_2
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Exploration and Evaluation Assets and Expenses (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of Exploration and Evaluation Assets and Expenses | Portugal Kosovo Germany Others Tot al Alvito Alvalade Covas Others Slivovo Others Exploration and evaluation assets Acquisition costs As of January 1, 2018 $ - $ 167,920 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Addition during the period - - - - - - - - - As of December 31, 2018 $ - $ 167,920 $ - $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Mineral exploration expenses for the year ended December 31, 2018 Concession fees and taxes $ 30,425 $ 46,595 $ - $ 861 $ - $ 1,622 $ - $ - $ 79,503 Depreciation - 10,058 - 13,738 - - - - 23,796 Drilling 472,513 485,935 - - - - - - 958,448 Geological salaries and consulting 459,193 182,622 4,930 113,737 - 70,432 - - 830,914 Geology work - - - - - - - 15,592 15,592 Insurance 1,240 1,811 - 2,279 - - - - 5,330 Legal and accounting - 226 - 239 - 215 - - 680 Office and administrative fees 5,400 35,292 839 22,755 - 1,676 - 4,313 70,275 Rent 66,513 62,112 3,107 51,433 - 14,125 - 138 197,428 Site costs 25,777 17,587 550 16,419 - 697 - - 61,030 Travel 18,418 5,981 3,472 3,823 - 1,041 - 555 33,290 Reimbursements from optionee (1,079,479) (32,371) (12,898) (64,904) - - - - (1,189,652) $ - $ 815,848 $ - $ 160,380 $ - $ 89,808 $ - $ 20,598 $ 1,086,634 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 132,478 311,861 197,339 348,359 9,998 203,411 4 - 1,203,450 Depreciation 5,515 10,058 - 89,331 - - - - 104,904 Drilling 472,513 485,935 - - 1,180,217 - - - 2,138,665 Geological salaries and consulting 1,565,418 6,387,427 2,094,650 2,589,743 119,801 678,023 12,359 - 13,447,421 Geology work - - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,561 20,418 10,550 32,694 14,604 14,790 - - 98,617 Legal and accounting 158 522 130 937 58,158 13,715 - - 73,620 Office and administrative fees 37,320 235,465 26,160 207,454 80,149 100,368 5,255 63,191 755,362 Rent 179,602 492,391 52,175 343,609 28,694 81,364 - 20,560 1,198,395 Report - - - - 24,232 - - - 24,232 Site costs 70,295 178,714 58,205 113,990 185,074 194,297 - 8,865 809,440 Travel 75,516 231,701 60,210 111,419 60,107 22,414 - 15,326 576,693 Trenching and road work - - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (7,402,160) (2,433,097) (308,385) (2,834,986) (45,158) - - (15,173,130) $ 395,032 $ 952,332 $ 66,322 $ 3,561,528 $ 149,944 $1,731,675 $ 252,083 $ 248,848 $ 7,357,764 Portugal Kosovo Germany Others T otal 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 Drilling - - - - - - - - - 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 Report - - - - - - - - - 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 Trenching and road work - - - - - - - - - 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 |
5. EXPLORATION AND EVALUATION_3
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Restricted Cash and Funds held and due (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of Restricted Cash and Funds held and due | December 31, 2018 December 31, 2017 Restricted cash & Funds held for optionees Alvito - OZE $ - $ 70,635 Alvalade, Marateca and Mertola - Funding Partner - 97,275 $ - $ 167,910 Due from optionees Covas - Blackheath $ 33,855 $ 28,557 Alvito - OZE 9,368 - $ 43,223 $ 28,557 |
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, 2018 | |
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, 2018 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2017 Granted Exercised cancelled 2018 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 Tuesday, April 26, 2022 $0.10 1,310,000 - - - 1,310,000 Tuesday, March 14, 2023 $0.10 - 1,800,000 - - 1,800,000 Sunday, March 26, 2023 $0.10 - 40,000 - - 40,000 Options outstanding 6,245,000 1,840,000 - (1,145,000) 6,940,000 Options exercisable 6,245,000 1,840,000 - (1,145,000) 6,940,000 Weighted average exercise price $0.12 $0.10 $Nil $0.10 $0.12 * Subsequently expired unexercised. As of December 31, 2018, the weighted average contractual remaining life is 2.81 years (December 31, 2017 2.85 years). Stock options 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 Tuesday, 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 $Nil $0.25 $0.12 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 $Nil $0.15 |
7. CAPITAL AND RESERVES_ Sche_2
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of options (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of options | 2018 2017 2016 Risk-free interest rate 1.25% 1.21% 1.71% Expected life 5 years 5 years 4.53 years Expected volatility 130.43% 141.88% 144.86% Expected dividend yield Nil Nil Nil |
7. CAPITAL AND RESERVES_ Sche_3
7. CAPITAL AND RESERVES: Schedule of continuity of finder's options (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of continuity of finder's options | The continuity of finders options for the year December 31 Exercise December 31, December 31, Expiry date price 2017 Issued Exercised Expired 2018 July 14, 2018 $0.10 99,000 - - (99,000) - July 4, 2019 (1) $0.10 411,250 - - - 411,250 Outstanding 510,250 - - (99,000) 411,250 Weighted average exercise price $0.10 $Nil $Nil $0.10 $0.10 |
7. CAPITAL AND RESERVES_ Sche_4
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, 2018 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of finder's options | 2018 2017 2016 Risk-free interest rate Nil Nil 0.87% Expected life Nil Nil 3 years Expected volatility Nil Nil 144.75% Expected dividend yield Nil Nil Nil |
7. CAPITAL AND RESERVES_ Sche_5
7. CAPITAL AND RESERVES: Schedule of continuity of warrants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of continuity of warrants | The continuity of warrants for the year ended December 31, 2018 is as follows: Exercise December 31, December 31, Expiry date price 2017 Issued Exercised Expired 2018 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 March 26, 2020 $0.12 - 6,875,000 - - 6,875,000 November 9, 2021 (1) $0.10 - 10,000,000 - - 10,000,000 December 17, 2021 (1) $0.10 - 4,640,000 - - 4,640,000 Outstanding 34,637,000 21,515,000 - (10,920,000) 45,232,000 Weighted average exercise price $0.15 $0.11 $Nil $0.15 $0.13 (1) th As of December 31 December 31 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 $Nil $0.33 $0.15 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 (2) (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 |
7. CAPITAL AND RESERVES_ Sche_6
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of warrants (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of warrants | 2018 2017 2016 Risk-free interest rate 1.14% 0.71% 0.87% Expected life 2.68 years 3 years 2.98 years Expected volatility 108.87% 116.49% 144.62% Expected dividend yield Nil Nil Nil |
8. RELATED PARTY TRANSACTIONS_2
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of transactions and outstanding balances relating to key management personnel (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of transactions and outstanding balances relating to key management personnel | For the ended December 31, 2018 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 $253,968 $Nil $Nil $Nil $61,430 $11,505 $326,903 Winnie Wong, Chief Financial Officer $Nil $Nil $Nil $Nil $Nil $9,588 $9,588 For the , 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 $Nil $Nil $Nil $53,262 $16,880 $335,970 Winnie Wong, Chief Financial Officer $Nil $Nil $Nil $Nil $Nil $12,660 $12,660 For the , 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 $Nil $Nil $Nil $67,972 $16,270 $349,813 Winnie Wong, Chief Financial Officer $Nil $Nil $Nil $Nil $Nil $16,270 $16,270 |
8. RELATED PARTY TRANSACTIONS_3
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of Related Party Liabilities | Years ended Services December 31, 2018 December 31, 2017 December 31, 2016 As at December 31, 2018 As at December 31, 2017 Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management and accounting services $ 228,455 $ 218,690 $ 236,975 $ 62,754 $ 21,134 Paul W. Kuhn Consulting and housing allowance and share-based payment $ 326,903 $ 335,970 $ 349,813 $ 33,523 $ 16,776 Paul L. Nelles (b) Salaries and share-based payment $ 27,620 $ 23,320 $ 35,387 $ Nil $ Nil Mineralia (c) Consulting $ 157,536 $ 198,089 $ 239,882 $ 34,375 $ 17,496 B&B Renting and Consulting Lda. (d) Rent $ Nil $ 42,026 $ 26,293 $ Nil $ 4,117 Adriano Barros (c) Share-based payment $ 5,369 $ 16,880 $ 11,389 $ Nil $ Nil TOTAL: $ 745,883 $ 834,975 $ 899,739 $ 130,652 $ 59,523 |
9. LONG-TERM LOAN_ Schedule of
9. LONG-TERM LOAN: Schedule of Long-term Loan (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of Long-term Loan | December 31, 2018 December 31, 2017 Long-term loan $ 25,127 16,094 $ 30,451 20,230 Less: current portion of long-term loan 7,031 4,503 6,393 4,248 $ 18,096 11,591 $ 24,058 15,982 Payment schedule of long-term loan Year 1 $ 8,373 5,363 $ 8,072 5,363 Year 2 8,373 5,363 8,072 5,363 Year 3 8,373 5,363 8,072 5,363 Year 4 2,791 1,788 8,072 5,363 Year 5 - - 2,524 1,675 $ 27,911 17,877 $ 34,812 23,127 Less: imputed interest 2,596 1,663 4,126 2,741 Other fees 188 120 235 156 $ 25,127 16,094 $ 30,451 20,230 |
11. FINANCIAL INSTRUMENTS_ Sche
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of financial assets measured at fair value by level | As at December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash $ 106,288 $ - $ - $ 106,288 Restricted cash - - - - $ 106,288 $ - $ - $ 106,288 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 |
14. INCOME TAX_ Schedule of rec
14. INCOME TAX: Schedule of reconciliation of income taxes at statutory rates (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of reconciliation of income taxes at statutory rates | 2018 2017 2016 Net loss $ (1,885,332) $ (1,906,297) $ (1,872,121) Expected income tax recovery $ (509,040) $ (495,637) $ (486,751) Effect of foreign tax rate 145,825 110,748 39,191 Non-deductible items 38,513 76,169 71,150 Deductible items (15,911) (14,580) (19,631) Unrecognized benefit of non-capital losses 340,613 323,301 396,041 $ - $ - $ - |
14. INCOME TAX_ Schedule of com
14. INCOME TAX: Schedule of components of deferred income tax assets (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of components of deferred income tax assets | 2018 2017 Deferred income tax assets Non-capital loss carryforwards $ 1,660,778 $ 1,484,054 Share issue costs 31,773 32,606 1,692,551 1,516,660 Valuation allowance (1,692,551) (1,516,660) 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, 2018 | |
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 854,000 2018 2038 657,000 $ 6,150,500 |
15. SEGMENTED FINANCIAL INFOR_2
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Tables/Schedules | |
Schedule of Geographic information | December 31, 2018 December 31, 2017 Non-current assets Portugal $ 1,433,139 $ 1,498,490 Kosovo 143,155 143,155 $ 1,576,294 $ 1,641,645 Years ended December 31, 2018 December 31, 2017 Mineral exploration expenses Portugal $ 2,165,880 $ 1,405,528 Kosovo 89,808 235,563 Germany - 29,621 Others 20,598 72,101 $ 2,276,286 $ 1,742,813 |
1. NATURE OF OPERATIONS AND C_3
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2018 | |
Details | |
Entity Incorporation, Date of Incorporation | Jan. 23, 2008 |
Entity Information, Date to Change Former Legal or Registered Name | Jul. 7, 2010 |
Trading Symbol | AVPMF |
Entity Listing, Description | TSX Venture Exchange |
3. SIGNIFICANT ACCOUNTING PO_15
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Details) | 12 Months Ended |
Dec. 31, 2018 | |
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 | 10.29% |
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 |
4. EQUIPMENT (Details)
4. EQUIPMENT (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Equipment Cost | $ 249,588 | $ 313,961 | |
Additions during the year | 178 | 44,081 | |
Disposal during the year | (128,020) | ||
Exchange adjustment | 9,302 | 19,566 | |
Equipment Cost | 224,487 | 249,588 | |
Disposal during the year | (34,581) | ||
Equipment, Accumulated Depreciation | 193,471 | 265,824 | |
Equipment, depreciation during period | 23,796 | 24,109 | |
Depreciation for the year related to disposals | (113,691) | ||
Equipment, depreciation, exchange adjustment | 7,694 | 17,229 | |
Equipment, Accumulated Depreciation | 190,380 | 193,471 | |
Equipment, depreciation during period, related to disposals | (34,581) | ||
Equipment, net book value | 34,107 | 56,117 | $ 48,137 |
Furniture and other equipment | |||
Equipment Cost | 119,629 | 120,250 | |
Additions during the year | 178 | 3,591 | |
Disposal during the year | (11,706) | ||
Exchange adjustment | 4,459 | 7,494 | |
Equipment Cost | 124,266 | 119,629 | |
Disposal during the year | 0 | ||
Equipment, Accumulated Depreciation | 97,927 | 90,040 | |
Equipment, depreciation during period | 12,305 | 13,608 | |
Depreciation for the year related to disposals | (11,706) | ||
Equipment, depreciation, exchange adjustment | 3,900 | 5,985 | |
Equipment, Accumulated Depreciation | 114,132 | 97,927 | |
Equipment, depreciation during period, related to disposals | 0 | ||
Equipment, net book value | 10,134 | 21,702 | 30,210 |
Motor vehicles | |||
Equipment Cost | 107,494 | 172,564 | |
Additions during the year | 0 | 40,490 | |
Disposal during the year | (116,314) | ||
Exchange adjustment | 4,006 | 10,754 | |
Equipment Cost | 76,919 | 107,494 | |
Disposal during the year | (34,581) | ||
Equipment, Accumulated Depreciation | 75,440 | 157,971 | |
Equipment, depreciation during period | 10,291 | 9,352 | |
Depreciation for the year related to disposals | (101,985) | ||
Equipment, depreciation, exchange adjustment | 3,021 | 10,102 | |
Equipment, Accumulated Depreciation | 54,171 | 75,440 | |
Equipment, depreciation during period, related to disposals | (34,581) | ||
Equipment, net book value | 22,748 | 32,054 | 14,593 |
Other property, plant and equipment | |||
Equipment Cost | 22,465 | 21,147 | |
Additions during the year | 0 | 0 | |
Disposal during the year | 0 | ||
Exchange adjustment | 837 | 1,318 | |
Equipment Cost | 23,302 | 22,465 | |
Disposal during the year | 0 | ||
Equipment, Accumulated Depreciation | 20,104 | 17,813 | |
Equipment, depreciation during period | 1,200 | 1,149 | |
Depreciation for the year related to disposals | 0 | ||
Equipment, depreciation, exchange adjustment | 773 | 1,142 | |
Equipment, Accumulated Depreciation | 22,077 | 20,104 | |
Equipment, depreciation during period, related to disposals | 0 | ||
Equipment, net book value | $ 1,225 | $ 2,361 | $ 3,334 |
5. EXPLORATION AND EVALUATION_4
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Exploration and Evaluation Assets and Expenses (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Portugal - Alvito | |||
Exploration and Evaluation assets acquisition costs | $ 0 | $ 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 | $ 0 |
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 395,032 | 395,032 | |
Write-down of exploration and evaluation assets | 0 | ||
Portugal - Alvito | Concession fees and taxes | |||
Mineral Exploration Expenses | 30,425 | 18,574 | |
Cumulative Mineral Exploration Expenses since acquisition | 132,478 | 102,053 | |
Portugal - Alvito | Depreciation | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 5,515 | 5,515 | |
Portugal - Alvito | Drilling | |||
Mineral Exploration Expenses | 472,513 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 472,513 | 0 | |
Portugal - Alvito | Geological salaries and consulting | |||
Mineral Exploration Expenses | 459,193 | 527,082 | |
Cumulative Mineral Exploration Expenses since acquisition | 1,565,418 | 1,106,225 | |
Portugal - Alvito | Geology work | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Portugal - Alvito | Insurance | |||
Mineral Exploration Expenses | 1,240 | 814 | |
Cumulative Mineral Exploration Expenses since acquisition | 5,561 | 4,321 | |
Portugal - Alvito | Legal and accounting | |||
Mineral Exploration Expenses | 0 | 16 | |
Cumulative Mineral Exploration Expenses since acquisition | 158 | 158 | |
Portugal - Alvito | Office and administrative fees | |||
Mineral Exploration Expenses | 5,400 | 6,397 | |
Cumulative Mineral Exploration Expenses since acquisition | 37,320 | 31,920 | |
Portugal - Alvito | Rent | |||
Mineral Exploration Expenses | 66,513 | 56,798 | |
Cumulative Mineral Exploration Expenses since acquisition | 179,602 | 113,089 | |
Portugal - Alvito | Site costs | |||
Mineral Exploration Expenses | 25,777 | 19,811 | |
Cumulative Mineral Exploration Expenses since acquisition | 70,295 | 44,518 | |
Portugal - Alvito | Travel | |||
Mineral Exploration Expenses | 18,418 | 25,606 | |
Cumulative Mineral Exploration Expenses since acquisition | 75,516 | 57,098 | |
Portugal - Alvito | Reimbursements from optionee | |||
Mineral Exploration Expenses | (1,079,479) | (655,098) | |
Cumulative Mineral Exploration Expenses since acquisition | (2,149,344) | (1,069,865) | |
Portugal - Alvito | Assaying | |||
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 - Alvalade | |||
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 | |
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 | 167,920 |
Mineral Exploration Expenses | 815,848 | 217,413 | |
Cumulative Mineral Exploration Expenses since acquisition | 952,332 | 136,484 | |
Write-down of exploration and evaluation assets | 0 | ||
Portugal - Alvalade | Concession fees and taxes | |||
Mineral Exploration Expenses | 46,595 | 44,290 | |
Cumulative Mineral Exploration Expenses since acquisition | 311,861 | 265,266 | |
Portugal - Alvalade | Depreciation | |||
Mineral Exploration Expenses | 10,058 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 10,058 | 0 | |
Portugal - Alvalade | Drilling | |||
Mineral Exploration Expenses | 485,935 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 485,935 | 0 | |
Portugal - Alvalade | Geological salaries and consulting | |||
Mineral Exploration Expenses | 182,622 | 98,544 | |
Cumulative Mineral Exploration Expenses since acquisition | 6,387,427 | 6,204,805 | |
Portugal - Alvalade | Geology work | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Portugal - Alvalade | Insurance | |||
Mineral Exploration Expenses | 1,811 | 347 | |
Cumulative Mineral Exploration Expenses since acquisition | 20,418 | 18,607 | |
Portugal - Alvalade | Legal and accounting | |||
Mineral Exploration Expenses | 226 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 522 | 296 | |
Portugal - Alvalade | Office and administrative fees | |||
Mineral Exploration Expenses | 35,292 | 6,333 | |
Cumulative Mineral Exploration Expenses since acquisition | 235,465 | 200,173 | |
Portugal - Alvalade | Rent | |||
Mineral Exploration Expenses | 62,112 | 68,617 | |
Cumulative Mineral Exploration Expenses since acquisition | 492,391 | 430,279 | |
Portugal - Alvalade | Site costs | |||
Mineral Exploration Expenses | 17,587 | 2,474 | |
Cumulative Mineral Exploration Expenses since acquisition | 178,714 | 161,127 | |
Portugal - Alvalade | Travel | |||
Mineral Exploration Expenses | 5,981 | 2,067 | |
Cumulative Mineral Exploration Expenses since acquisition | 231,701 | 225,720 | |
Portugal - Alvalade | Reimbursements from optionee | |||
Mineral Exploration Expenses | (32,371) | (5,259) | |
Cumulative Mineral Exploration Expenses since acquisition | (7,402,160) | (7,369,789) | |
Portugal - Alvalade | Assaying | |||
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 | 0 | 71,289 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 | 71,289 |
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 66,322 | 66,322 | |
Write-down of exploration and evaluation assets | (71,289) | ||
Portugal - Covas | Concession fees and taxes | |||
Mineral Exploration Expenses | 0 | 0 | |
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 | Drilling | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Portugal - Covas | Geological salaries and consulting | |||
Mineral Exploration Expenses | 4,930 | 98,520 | |
Cumulative Mineral Exploration Expenses since acquisition | 2,094,650 | 2,089,720 | |
Portugal - Covas | Geology work | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Portugal - Covas | Insurance | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 10,550 | 10,550 | |
Portugal - Covas | Legal and accounting | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 130 | 130 | |
Portugal - Covas | Office and administrative fees | |||
Mineral Exploration Expenses | 839 | 1,170 | |
Cumulative Mineral Exploration Expenses since acquisition | 26,160 | 25,321 | |
Portugal - Covas | Rent | |||
Mineral Exploration Expenses | 3,107 | 8,790 | |
Cumulative Mineral Exploration Expenses since acquisition | 52,175 | 49,068 | |
Portugal - Covas | Site costs | |||
Mineral Exploration Expenses | 550 | 552 | |
Cumulative Mineral Exploration Expenses since acquisition | 58,205 | 57,655 | |
Portugal - Covas | Travel | |||
Mineral Exploration Expenses | 3,472 | 450 | |
Cumulative Mineral Exploration Expenses since acquisition | 60,210 | 56,738 | |
Portugal - Covas | Reimbursements from optionee | |||
Mineral Exploration Expenses | (12,898) | (109,482) | |
Cumulative Mineral Exploration Expenses since acquisition | (2,433,097) | (2,420,199) | |
Portugal - Covas | Assaying | |||
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 - Others | |||
Exploration and Evaluation assets acquisition costs | 1,096,840 | 1,096,840 | |
Exploration and Evaluation assets acquisition costs | 1,096,840 | 1,096,840 | 1,096,840 |
Mineral Exploration Expenses | 160,380 | 407,920 | |
Cumulative Mineral Exploration Expenses since acquisition | 3,561,528 | 3,401,148 | |
Write-down of exploration and evaluation assets | 0 | ||
Portugal - Others | Concession fees and taxes | |||
Mineral Exploration Expenses | 861 | 11,839 | |
Cumulative Mineral Exploration Expenses since acquisition | 348,359 | 347,498 | |
Portugal - Others | Depreciation | |||
Mineral Exploration Expenses | 13,738 | 21,520 | |
Cumulative Mineral Exploration Expenses since acquisition | 89,331 | 75,593 | |
Portugal - Others | Drilling | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Portugal - Others | Geological salaries and consulting | |||
Mineral Exploration Expenses | 113,737 | 278,198 | |
Cumulative Mineral Exploration Expenses since acquisition | 2,589,743 | 2,476,006 | |
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 | 2,279 | 5,090 | |
Cumulative Mineral Exploration Expenses since acquisition | 32,694 | 30,415 | |
Portugal - Others | Legal and accounting | |||
Mineral Exploration Expenses | 239 | 155 | |
Cumulative Mineral Exploration Expenses since acquisition | 937 | 698 | |
Portugal - Others | Office and administrative fees | |||
Mineral Exploration Expenses | 22,755 | 25,524 | |
Cumulative Mineral Exploration Expenses since acquisition | 207,454 | 184,699 | |
Portugal - Others | Rent | |||
Mineral Exploration Expenses | 51,433 | 61,410 | |
Cumulative Mineral Exploration Expenses since acquisition | 343,609 | 292,176 | |
Portugal - Others | Site costs | |||
Mineral Exploration Expenses | 16,419 | 8,848 | |
Cumulative Mineral Exploration Expenses since acquisition | 113,990 | 97,571 | |
Portugal - Others | Travel | |||
Mineral Exploration Expenses | 3,823 | 5,692 | |
Cumulative Mineral Exploration Expenses since acquisition | 111,419 | 107,596 | |
Portugal - Others | Reimbursements from optionee | |||
Mineral Exploration Expenses | (64,904) | (10,356) | |
Cumulative Mineral Exploration Expenses since acquisition | (308,385) | (243,481) | |
Portugal - Others | Assaying | |||
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 | |
Exploration and Evaluation assets acquisition costs | 143,155 | 143,155 | 143,155 |
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 149,944 | 149,944 | |
Write-down of exploration and evaluation assets | 0 | ||
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 | Drilling | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 1,180,217 | 1,180,217 | |
Kosovo - Slivovo | Geological salaries and consulting | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 119,801 | 119,801 | |
Kosovo - Slivovo | Geology work | |||
Mineral Exploration Expenses | 0 | 0 | |
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 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 80,149 | 80,149 | |
Kosovo - Slivovo | Rent | |||
Mineral Exploration Expenses | 0 | 0 | |
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 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 60,107 | 60,107 | |
Kosovo - Slivovo | Reimbursements from optionee | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | (2,834,986) | (2,834,986) | |
Kosovo - Slivovo | Assaying | |||
Mineral Exploration Expenses | 0 | ||
Cumulative Mineral Exploration Expenses since acquisition | 297,975 | 297,975 | |
Kosovo - Slivovo | Report | |||
Mineral Exploration Expenses | 0 | ||
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 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 | 0 |
Mineral Exploration Expenses | 89,808 | 235,563 | |
Cumulative Mineral Exploration Expenses since acquisition | 1,731,675 | 1,641,867 | |
Write-down of exploration and evaluation assets | 0 | ||
Kosovo - Others | Concession fees and taxes | |||
Mineral Exploration Expenses | 1,622 | 3,088 | |
Cumulative Mineral Exploration Expenses since acquisition | 203,411 | 201,789 | |
Kosovo - Others | Depreciation | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Kosovo - Others | Drilling | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Kosovo - Others | Geological salaries and consulting | |||
Mineral Exploration Expenses | 70,432 | 73,176 | |
Cumulative Mineral Exploration Expenses since acquisition | 678,023 | 607,591 | |
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 | 215 | 13,500 | |
Cumulative Mineral Exploration Expenses since acquisition | 13,715 | 13,500 | |
Kosovo - Others | Office and administrative fees | |||
Mineral Exploration Expenses | 1,676 | 82,182 | |
Cumulative Mineral Exploration Expenses since acquisition | 100,368 | 98,692 | |
Kosovo - Others | Rent | |||
Mineral Exploration Expenses | 14,125 | 18,906 | |
Cumulative Mineral Exploration Expenses since acquisition | 81,364 | 67,239 | |
Kosovo - Others | Site costs | |||
Mineral Exploration Expenses | 697 | 3,625 | |
Cumulative Mineral Exploration Expenses since acquisition | 194,297 | 193,600 | |
Kosovo - Others | Travel | |||
Mineral Exploration Expenses | 1,041 | 6,976 | |
Cumulative Mineral Exploration Expenses since acquisition | 22,414 | 21,373 | |
Kosovo - Others | Reimbursements from optionee | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | (45,158) | (45,158) | |
Kosovo - Others | Assaying | |||
Mineral Exploration Expenses | 34,110 | ||
Cumulative Mineral Exploration Expenses since acquisition | 65,936 | 65,936 | |
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 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 | 0 |
Mineral Exploration Expenses | 0 | 29,621 | |
Cumulative Mineral Exploration Expenses since acquisition | 252,083 | 252,083 | |
Write-down of exploration and evaluation assets | 0 | ||
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 | Drilling | |||
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 | 0 | 29,621 | |
Cumulative Mineral Exploration Expenses since acquisition | 223,619 | 223,619 | |
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 | Assaying | |||
Mineral Exploration Expenses | 0 | ||
Cumulative Mineral Exploration Expenses since acquisition | 10,846 | 10,846 | |
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 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 | 0 |
Mineral Exploration Expenses | 20,598 | 72,101 | |
Cumulative Mineral Exploration Expenses since acquisition | 248,848 | 228,250 | |
Write-down of exploration and evaluation assets | 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 | Drilling | |||
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 | 15,592 | 42,664 | |
Cumulative Mineral Exploration Expenses since acquisition | 140,906 | 125,314 | |
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 | 4,313 | 16,717 | |
Cumulative Mineral Exploration Expenses since acquisition | 63,191 | 58,878 | |
Others | Rent | |||
Mineral Exploration Expenses | 138 | 5,764 | |
Cumulative Mineral Exploration Expenses since acquisition | 20,560 | 20,422 | |
Others | Site costs | |||
Mineral Exploration Expenses | 0 | 1,392 | |
Cumulative Mineral Exploration Expenses since acquisition | 8,865 | 8,865 | |
Others | Travel | |||
Mineral Exploration Expenses | 555 | 5,564 | |
Cumulative Mineral Exploration Expenses since acquisition | 15,326 | 14,771 | |
Others | Reimbursements from optionee | |||
Mineral Exploration Expenses | 0 | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 | |
Others | Assaying | |||
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 | |
Write-down of exploration and evaluation assets | $ 0 | $ 71,289 | $ 0 |
5. EXPLORATION AND EVALUATION_5
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Details) | Dec. 31, 2018CAD ($) | Dec. 31, 2018CAD ($) |
Details | ||
Advances received for contracts in progress, Alvito property | $ 1,725,209 | |
Prepaid expenses to be reimbursed, Alvito property | 9,368 | $ 9,368 |
Advances received for contracts in progress, Kovas property | 2,399,242 | 2,399,242 |
Prepaid expenses to be reimbursed, Kovas property | $ 33,855 | 33,855 |
Write off, Kovas | 71,289 | |
Joint venture expense, Oelsnitz | $ 252,083 |
5. EXPLORATION AND EVALUATION_6
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES: Schedule of Restricted Cash and Funds held and due (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Restricted cash & Funds held for optionees | $ 0 | $ 167,910 |
Due from optionee | 43,223 | 28,557 |
Alvito - OZE | ||
Restricted cash & Funds held for optionees | 0 | 70,635 |
Due from optionee | 9,368 | 0 |
Alvalade, Marateca and Mertola - Funding Partner | ||
Restricted cash & Funds held for optionees | 0 | 97,275 |
Covas - Blackheath | ||
Due from optionee | $ 33,855 | $ 28,557 |
6. PROPERTY DEPOSITS (Details)
6. PROPERTY DEPOSITS (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Pledged for its exploration licenses in Portugal | $ 134,272 | $ 177,613 |
Cash pledged for exploration written off | $ 167,059 |
7. CAPITAL AND RESERVES (Detail
7. CAPITAL AND RESERVES (Details) | 12 Months Ended | |||||
Dec. 31, 2018$ / shares | Dec. 31, 2018CAD ($)shares | Dec. 31, 2017$ / shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016CAD ($)$ / shares | Dec. 31, 2016CAD ($)shares | |
Share issue costs | $ | $ (55,844) | $ (58,323) | $ (76,847) | |||
Weighted average remaining contractual life, Finder's options | 6 months 4 days | 1 year 3 months 25 days | ||||
Finder's Options Outstanding, Number of Options | 510,250 | 662,850 | 769,400 | |||
Finder's Options Outstanding, Number of Options Issued | 0 | 411,250 | ||||
Finder's Options Outstanding, Number of Options Exercised | 0 | 0 | (453,000) | |||
Finder's Options Outstanding, Number of Options Expired | (99,000) | (152,600) | (64,800) | |||
Finder's Options Outstanding, Number of Options | 411,250 | 510,250 | 662,850 | |||
Finder's Options, Weighted Average Exercise Price | $ / shares | $ 0.10 | $ 0.13 | $ 0.13 | |||
Finder's Options, Weighted Average Exercise Price, Issued | $ / shares | 0 | 0 | 0.10 | |||
Finder's Options, Weighted Average Exercise Price, Exercised | $ / shares | 0 | 0 | 0.10 | |||
Finder's Options, Weighted Average Exercise Price, Expired | $ / shares | 0.10 | 0.25 | 0.10 | |||
Finder's Options, Weighted Average Exercise Price | $ / shares | 0.10 | 0.10 | 0.13 | |||
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 | 4,573,000 | |||||
Cash proceeds from transaction | $ | $ 685,950 | |||||
Issuance 2 | ||||||
Cash proceeds from transaction | $ | $ 20,000 | |||||
Stock Options exercised | 200,000 | |||||
Issuance 3 | ||||||
Cash proceeds from transaction | $ | $ 45,300 | |||||
Finder's Options exercised | 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 | 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 | 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 | 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 | 10,170,000 | |||||
Unit price per share | $ / shares | 0.10 | |||||
Warrants issued, value | $ | $ 391,154 | |||||
Share issue costs | $ | $ 46,348 | |||||
Issuance 8 | ||||||
Description of significant events and transactions | Company completed a non-brokered private placement by issuing 6,875,000 units (“Unit”) at a price of $0.08 per Unit for gross proceeds of $550,000 | |||||
Cash proceeds from transaction | $ | $ 550,000 | |||||
Date of event | Mar. 26, 2018 | |||||
Units issued | 6,875,000 | |||||
Unit price per share | $ / shares | 0.08 | |||||
Warrants issued, value | $ | $ 172,137 | |||||
Share issue costs | $ | $ 19,019 | |||||
Issuance 9 | ||||||
Description of significant events and transactions | Company closed the first tranche of a non-brokered private placement by issuing 10,000,000 units (“Unit”) at a price of $0.05 per Unit for gross proceeds of $500,000 | |||||
Cash proceeds from transaction | $ | $ 500,000 | |||||
Date of event | Nov. 9, 2018 | |||||
Units issued | 10,000,000 | |||||
Unit price per share | $ / shares | 0.05 | |||||
Issuance 10 | ||||||
Description of significant events and transactions | closed the second tranche of $232,000 by issuing 4,640,000 units at a price of $0.05 per Unit | |||||
Cash proceeds from transaction | $ | $ 232,000 | |||||
Date of event | Dec. 17, 2018 | |||||
Units issued | 4,640,000 | |||||
Unit price per share | $ / shares | $ 0.05 | |||||
Option 5 | ||||||
Finder's Option, Expiry Date | Aug. 22, 2017 | |||||
Finder's Option, Exercise Price | $ / shares | 0.25 | |||||
Finder's Option, Number of Options | 0 | 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 6 | ||||||
Finder's Option, Expiry Date | Jul. 14, 2018 | |||||
Finder's Option, Exercise Price | $ / shares | 0.10 | |||||
Finder's Option, Number of Options | 99,000 | 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 7 | ||||||
Finder's Option, Expiry Date | Jul. 4, 2019 | |||||
Finder's Option, Exercise Price | $ / shares | $ 0.10 | |||||
Finder's Option, Number of Options | 411,250 | 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 9 | ||||||
Finder's Option, Expiry Date | Sep. 24, 2016 | |||||
Finder's Option, Exercise Price | $ / shares | $ 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 | |||||
Option 10 | ||||||
Finder's Option, Expiry Date | Aug. 22, 2017 | |||||
Finder's Option, Exercise Price | $ / shares | 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 | $ / shares | $ 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 |
7. CAPITAL AND RESERVES_ Sche_7
7. CAPITAL AND RESERVES: Schedule of Stock option transactions and the number of stock options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Options Outstanding | 6,245,000 | 6,055,000 | 4,680,000 |
Options Outstanding, granted | 1,840,000 | 1,310,000 | 1,575,000 |
Options Outstanding, exercised | (200,000) | ||
Options Outstanding, expired or cancelled | (1,145,000) | (1,120,000) | 0 |
Options Outstanding | 6,940,000 | 6,245,000 | 6,055,000 |
Options Exercisable | 6,245,000 | 6,055,000 | 4,455,000 |
Options Exercisable, granted | 1,840,000 | 1,310,000 | 1,575,000 |
Options Exercisable, exercised | (200,000) | ||
Options Exercisable, expired or cancelled | (1,145,000) | (1,120,000) | 0 |
Options Exercisable | 6,940,000 | 6,245,000 | 6,055,000 |
Weighted average exercise price | $ 0.12 | $ 0.15 | $ 0.14 |
Weighted average exercise price, options granted | 0.10 | 0.10 | 0.18 |
Weighted average exercise price, options exercised | 0 | 0 | 0.10 |
Weighted average exercise price, options expired or cancelled | 0.10 | 0.25 | 0 |
Weighted average exercise price | $ 0.12 | $ 0.12 | $ 0.15 |
Weighted average remaining contractual life, stock options | 2 years 9 months 22 days | 2 years 10 months 6 days | |
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 | (1,145,000) | ||
Number of Options | 0 | 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 | 1,310,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,310,000 | 1,310,000 | |
Option 9 | |||
Expiry Date | Mar. 14, 2023 | Jan. 27, 2017 | |
Optiion Exercise Price | $ 0.10 | $ 0.30 | |
Number of Options | 0 | 100,000 | |
Options Granted | 1,800,000 | 0 | |
Options Exercised | 0 | 0 | |
Options Expaired or Cancelled | 0 | (100,000) | |
Number of Options | 1,800,000 | 0 | 100,000 |
Option 10 | |||
Expiry Date | Mar. 26, 2023 | Apr. 10, 2017 | |
Optiion Exercise Price | $ 0.10 | $ 0.30 | |
Number of Options | 0 | 720,000 | |
Options Granted | 40,000 | 0 | |
Options Exercised | 0 | 0 | |
Options Expaired or Cancelled | 0 | (720,000) | |
Number of Options | 40,000 | 0 | 720,000 |
Option 11 | |||
Expiry Date | Jul. 15, 2017 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 0 | 300,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | (300,000) | ||
Number of Options | 0 | 300,000 | |
Option 12 | |||
Expiry Date | Oct. 16, 2018 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,145,000 | 1,145,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,145,000 | 1,145,000 | |
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 | 1,575,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,575,000 | 1,575,000 | |
Option 16 | |||
Expiry Date | Apr. 26, 2022 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,310,000 | 0 | |
Options Granted | 1,310,000 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 1,310,000 | 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 | 720,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 720,000 | ||
Option 20 | |||
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 | ||
Option 21 | |||
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 | ||
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 | 2,015,000 | |
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expaired or Cancelled | 0 | ||
Number of Options | 2,015,000 | ||
Option 24 | |||
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 |
7. CAPITAL AND RESERVES_ Sche_8
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of options (Details) - Options | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Risk-free interest rate | 1.25% | 1.21% | 1.71% |
Expected life | 5 years | 5 years | 4 years 6 months 11 days |
Expected volatility | 130.43% | 141.88% | 144.86% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
7. CAPITAL AND RESERVES_ Sche_9
7. CAPITAL AND RESERVES: Schedule of continuity of finder's options (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Finder's Options Outstanding, Number of Options | 510,250 | 662,850 | 769,400 |
Finder's Options Outstanding, Number of Options Issued | 0 | 411,250 | |
Finder's Options Outstanding, Number of Options Exercised | 0 | 0 | (453,000) |
Finder's Options Outstanding, Number of Options Expired | (99,000) | (152,600) | (64,800) |
Finder's Options Outstanding, Number of Options | 411,250 | 510,250 | 662,850 |
Finder's Options, Weighted Average Exercise Price | $ 0.10 | $ 0.13 | $ 0.13 |
Finder's Options, Weighted Average Exercise Price, Issued | 0 | 0 | 0.10 |
Finder's Options, Weighted Average Exercise Price, Exercised | 0 | 0 | 0.10 |
Finder's Options, Weighted Average Exercise Price, Expired | 0.10 | 0.25 | 0.10 |
Finder's Options, Weighted Average Exercise Price | $ 0.10 | $ 0.10 | $ 0.13 |
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 | (99,000) | ||
Finder's Option, Number of Options | 0 | 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 |
7. CAPITAL AND RESERVES_ Sch_10
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, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Risk-free interest rate | 0.00% | 0.00% | 0.87% |
Expected life | 0 years | 0 years | 3 years |
Expected volatility | 0.00% | 0.00% | 144.75% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
7. CAPITAL AND RESERVES_ Sch_11
7. CAPITAL AND RESERVES: Schedule of continuity of warrants (Details) - $ / shares | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Warrants, Outstanding, Number of Options | 34,637,000 | 40,857,000 | 35,863,334 |
Warrants, Outstanding, Number of Options Issued | 21,515,000 | 10,170,000 | 13,631,000 |
Warrants, Outstanding, Number of Options Exercised | 0 | 0 | (4,573,000) |
Warrants, Outstanding, Number of Options Expired | (10,920,000) | (16,390,000) | (4,064,334) |
Warrants, Outstanding, Number of Options | 45,232,000 | 34,637,000 | 40,857,000 |
Warrants, Weighted Average Exercise Price | $ 0.15 | $ 0.22 | $ 0.23 |
Warrants, Weighted Average Exercise Price, Issued | 0.11 | 0.15 | 0.15 |
Warrants, Weighted Average Exercise Price, Exercised | 0 | 0 | 0.15 |
Warrants, Weighted Average Exercise Price, Expired | 0.15 | 0.33 | 0.15 |
Warrants, Weighted Average Exercise Price | $ 0.13 | $ 0.15 | $ 0.22 |
Warrants, Weighted Average Contractual Life | 1 year 7 months 13 days | 1 year 6 months | |
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 | (10,920,000) | ||
Warrants, Number of Options | 0 | 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 | 10,170,000 | ||
Warrants, Number of Options Issued | 0 | ||
Warrants, Number of Options Exercised | 0 | ||
Warrants, Number of Options Expired | 0 | ||
Warrants, Number of Options | 10,170,000 | 10,170,000 | |
Option 7 | |||
Warrants, Expiry Date | Mar. 26, 2020 | ||
Warrants, Exercise Price | $ 0.12 | ||
Warrants, Number of Options | 0 | ||
Warrants, Number of Options Issued | 6,875,000 | ||
Warrants, Number of Options Exercised | 0 | ||
Warrants, Number of Options Expired | 0 | ||
Warrants, Number of Options | 6,875,000 | 0 | |
Option 8 | |||
Warrants, Expiry Date | Nov. 9, 2021 | ||
Warrants, Exercise Price | $ 0.10 | ||
Warrants, Number of Options | 0 | ||
Warrants, Number of Options Issued | 10,000,000 | ||
Warrants, Number of Options Exercised | 0 | ||
Warrants, Number of Options Expired | 0 | ||
Warrants, Number of Options | 10,000,000 | 0 | |
Option 9 | |||
Warrants, Expiry Date | Dec. 17, 2021 | Mar. 28, 2017 | |
Warrants, Exercise Price | $ 0.10 | $ 0.40 | |
Warrants, Number of Options | 0 | 4,000,000 | |
Warrants, Number of Options Issued | 4,640,000 | 0 | |
Warrants, Number of Options Exercised | 0 | 0 | |
Warrants, Number of Options Expired | 0 | (4,000,000) | |
Warrants, Number of Options | 4,640,000 | 0 | 4,000,000 |
Option 10 | |||
Warrants, Expiry Date | Aug. 22, 2017 | ||
Warrants, Exercise Price | $ 0.40 | ||
Warrants, Number of Options | 0 | 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 11 | |||
Warrants, Expiry Date | Oct. 4, 2017 | ||
Warrants, Exercise Price | $ 0.25 | ||
Warrants, Number of Options | 0 | 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 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 | 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 14 | |||
Warrants, Expiry Date | Jul. 12, 2020 | ||
Warrants, Exercise Price | $ 0.15 | ||
Warrants, Number of Options | 10,170,000 | 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 15 | |||
Warrants, Expiry Date | Sep. 24, 2016 | ||
Warrants, Exercise Price | $ 0.15 | ||
Warrants, Number of Options | 0 | 5,720,000 | |
Warrants, Number of Options Issued | 84,000 | ||
Warrants, Number of Options Exercised | (4,354,000) | ||
Warrants, Number of Options Expired | (1,450,000) | ||
Warrants, Number of Options | 0 | ||
Option 16 | |||
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 | ||
Option 17 | |||
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 18 | |||
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 19 | |||
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 20 | |||
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 | ||
Option 21 | |||
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 Exercised | 0 | ||
Warrants, Number of Options Expired | 0 | ||
Warrants, Number of Options | 13,547,000 |
7. CAPITAL AND RESERVES_ Sch_12
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of warrants (Details) - Warrants | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Risk-free interest rate | 1.14% | 0.71% | 0.87% |
Expected life | 2 years 8 months 5 days | 3 years | 2 years 11 months 23 days |
Expected volatility | 108.87% | 116.49% | 144.62% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
8. RELATED PARTY TRANSACTIONS_4
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of transactions and outstanding balances relating to key management personnel (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Paul W. Kuhn Chief Executive Officer, Director | |||
Aggregate value of transaction - Short-term employee benefits | $ 253,968 | $ 265,828 | $ 265,571 |
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 | 61,430 | 53,262 | 67,972 |
Aggregate value of transaction - Share-based payments | 11,505 | 16,880 | 16,270 |
Aggregate value of transaction - Total | 326,903 | 335,970 | 349,813 |
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 | 9,588 | 12,660 | 16,270 |
Aggregate value of transaction - Total | $ 9,588 | $ 12,660 | $ 16,270 |
8. RELATED PARTY TRANSACTIONS_5
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Liability - Amount during period | $ 745,883 | $ 834,975 | $ 899,739 | |
Related Party Liability | $ 130,652 | 59,523 | ||
Pacific Opportunity Capital Ltd | ||||
Related Party Liability - Description of Services | [1] | Rent, management and accounting services | ||
Related Party Liability - Amount during period | [1] | $ 228,455 | 218,690 | 236,975 |
Related Party Liability | [1] | $ 62,754 | 21,134 | |
Paul W. Kuhn | ||||
Related Party Liability - Description of Services | Consulting and housing allowance and share-based payment | |||
Related Party Liability - Amount during period | $ 326,903 | 335,970 | 349,813 | |
Related Party Liability | $ 33,523 | 16,776 | ||
Paul L. Nelles | ||||
Related Party Liability - Description of Services | [2] | Salaries and share-based payment | ||
Related Party Liability - Amount during period | [2] | $ 27,620 | 23,320 | 35,387 |
Related Party Liability | [2] | $ 0 | 0 | |
Mineralia | ||||
Related Party Liability - Description of Services | [3] | Consulting | ||
Related Party Liability - Amount during period | [3] | $ 157,536 | 198,089 | 239,882 |
Related Party Liability | [3] | $ 34,375 | 17,496 | |
B&B Renting and Consulting Lda | ||||
Related Party Liability - Description of Services | [4] | Rent | ||
Related Party Liability - Amount during period | [4] | $ 0 | 42,026 | 26,293 |
Related Party Liability | [4] | $ 0 | 4,117 | |
Adriano Barros | ||||
Related Party Liability - Description of Services | [3] | Share-based payment | ||
Related Party Liability - Amount during period | [3] | $ 5,369 | 16,880 | $ 11,389 |
Related Party Liability | [3] | $ 0 | $ 0 | |
[1] | Pacific Opportunity Capital Ltd., a company controlled by a director of the Company | |||
[2] | Paul L. Nelles is a director 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 |
9. LONG-TERM LOAN (Details)
9. LONG-TERM LOAN (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Details | ||
Long-term loan, with payment schedule, including interest | $ 27,911 | $ 34,812 |
Borrowings, interest rate | 5.63% |
9. LONG-TERM LOAN_ Schedule o_2
9. LONG-TERM LOAN: Schedule of Long-term Loan (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Details | ||
Long-term loan, gross amount | $ 25,127 | $ 30,451 |
Current portion of long-term loan | 7,031 | 6,393 |
Long-term loan, less current portion | 18,096 | 24,058 |
Long-term loan payment schedule - Year 1 | 8,373 | 8,072 |
Long-term loan payment schedule - Year 2 | 8,373 | 8,072 |
Long-term loan payment schedule - Year 3 | 8,373 | 8,072 |
Long-term loan payment schedule - Year 4 | 2,791 | 8,072 |
Long-term loan payment schedule - Year 5 | 0 | 2,524 |
Long-term loan, with payment schedule | 27,911 | 34,812 |
Long-term loan, imputed interest | 2,596 | 4,126 |
Long-term loan, other fees | 188 | 235 |
Long-term loan, less imputed interest | $ 25,127 | $ 30,451 |
10. LOSS PER SHARE (Details)
10. LOSS PER SHARE (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Details | |||
Income (Loss) attributable to common shareholders | $ 1,885,332 | $ 1,906,297 | $ 1,872,121 |
Income (Loss) attributable to common shareholders | 93,795,401 | 80,787,810 | 63,766,095 |
Share Purchase Optioins not included in dilution | 6,940,000 | 6,245,000 | 6,055,000 |
Share Purchase Optioins not included in dilution | 411,250 | 510,250 | 662,850 |
Warrants outstanding not included in dilution | 45,232,000 | 34,637,000 | 40,857,000 |
11. FINANCIAL INSTRUMENTS (Deta
11. FINANCIAL INSTRUMENTS (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Details | |||
Cash | $ 106,288 | $ 182,794 | $ 518,196 |
VAT receivables | 22,308 | 36,666 | |
Other receivables | 123,837 | 30,559 | |
Funds held for optionees and accounts payable owed by optionees | $ 766,550 | $ 204,761 |
11. FINANCIAL INSTRUMENTS_ Sc_2
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Level 1 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | $ 106,288 | |
Fair value - Restricted cash | 0 | |
Fair value - Assets | 106,288 | $ 350,704 |
Fair value - Cash | 182,794 | |
Fair value - Restricted cash | 167,910 | |
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 | |
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 - Cash | 106,288 | |
Fair value - Restricted cash | 0 | |
Fair value - Assets | $ 106,288 | 350,704 |
Fair value - Cash | 182,794 | |
Fair value - Restricted cash | $ 167,910 |
12. SUPPLEMENTAL DISCLOSURE W_2
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Details | |||||||
Mineral exploration expenses related to depreciation | $ 23,796 | $ 21,520 | $ 14,240 | ||||
Equipment purchased and financed with long-term loan | [1] | 0 | 40,490 | 0 | |||
Reimbursements from optionees related to the fair value of common shares | 0 | 0 | 194,040 | ||||
Reclassified from equity reserves to share capital | 0 | 0 | 437,900 | ||||
Share issue costs related to the issue of finder's options | $ 0 | $ 0 | $ 47,540 | ||||
Share issue costs included in accounts payable and accrued liabilities | $ 3,311 | $ 0 | $ 0 | ||||
Share issue costs included in Due to related parties | $ 32,000 | $ 0 | $ 0 | ||||
[1] | See Note 9 |
14. INCOME TAX_ Schedule of r_2
14. INCOME TAX: Schedule of reconciliation of income taxes at statutory rates (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Details | |||
Net loss for the year | $ (1,885,332) | $ (1,906,297) | $ (1,872,121) |
Expected income tax recovery | (509,040) | (495,637) | (486,751) |
Effect of foreign tax rate | 145,825 | 110,748 | 39,191 |
Non-deductible items | 38,513 | 76,169 | 71,150 |
Deductible items | (15,911) | (14,580) | (19,631) |
Unrecognized benefit of non-capital losses | 340,613 | 323,301 | 396,041 |
Income taxes at statutory | $ 0 | $ 0 | $ 0 |
14. INCOME TAX_ Schedule of c_2
14. INCOME TAX: Schedule of components of deferred income tax assets (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Deferred income tax assets | ||
Non-capital loss carryforwards | $ 1,660,778 | $ 1,484,054 |
Share issue costs | 31,773 | 32,606 |
Deferred tax assets | 1,692,551 | 1,516,660 |
Valuation allowance | (1,692,551) | (1,516,660) |
Net deferred income tax assets | $ 0 | $ 0 |
14. INCOME TAX_ Schedule of n_2
14. INCOME TAX: Schedule of non-capital losses in Canada (Details) | 12 Months Ended |
Dec. 31, 2018CAD ($) | |
Non-capital losses (income) | $ 6,150,500 |
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) | $ 854,000 |
Non-capital loss - Item 12 | |
Non-capital losses - Year of Origin | 2,018 |
Non-capital losses - Year of Expiry | 2,038 |
Non-capital losses (income) | $ 657,000 |
15. SEGMENTED FINANCIAL INFOR_3
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Non-current assets | $ 1,576,294 | $ 1,641,645 | |
Mineral exploration expenses | 2,276,286 | 1,742,813 | $ 1,157,878 |
Portugal | |||
Non-current assets | 1,433,139 | 1,498,490 | |
Mineral exploration expenses | 2,165,880 | 1,405,528 | |
Kosovo | |||
Non-current assets | 143,155 | 143,155 | |
Mineral exploration expenses | 89,808 | 235,563 | |
Germany | |||
Mineral exploration expenses | 0 | 29,621 | |
Others | |||
Mineral exploration expenses | $ 20,598 | $ 72,101 |
16. EVENTS AFTER THE REPORTIN_2
16. EVENTS AFTER THE REPORTING PERIOD (Details) | 12 Months Ended |
Dec. 31, 2018$ / sharesshares | |
Event 1 | |
Date of event | Jan. 7, 2019 |
Description of significant events and transactions | Company granted a total of 183,000 stock options at an exercise price of $0.05 per share for a period of five years |
Stock Options granted | shares | 183,000 |
Exercise price | $ / shares | $ 0.05 |
Event 2 | |
Date of event | Feb. 25, 2019 |
Description of significant events and transactions | Company completed the third tranche of a non-brokered private placement by issuing 2,000,000 units at a price of $0.05 per unit |
Units issued | shares | 2,000,000 |
Price per unit | $ / shares | $ 0.05 |