Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Details | |
Registrant CIK | 0001445467 |
Fiscal Year End | --12-31 |
Document Type | 20-F |
Document Annual Report | true |
Document Period End Date | Dec. 31, 2019 |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Registrant Name | Avrupa Minerals Ltd. |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Address Line One | Suite 410 – 325 Howe Street |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6C 1Z7 |
Entity Address, Address Description | Address of principal executive offices |
Entity Common Stock, Shares Outstanding | 114,073,797 |
Entity Home Country ISO Code | CA |
Entity Reporting Currency ISO Code | CAD |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Interactive Data Current | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Emerging Growth Company | false |
Entity Accounting Standard | International Financial Reporting Standards |
Entity Shell Company | false |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
CONSOLIDATED STATEMENTS OF FINA
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 | |
Current assets | |||
Cash | $ 58,343 | $ 106,288 | |
Prepaid expenses and advances | 31,334 | 66,008 | |
Due from optionees | [1] | 31,622 | 43,223 |
VAT receivables | 17,042 | 22,308 | |
Other receivables | 29,096 | 35,636 | |
Current assets | 167,437 | 273,463 | |
Non-current assets | |||
Property deposits | [2] | 17,500 | 134,272 |
Tax deposits | [2] | 41,201 | 88,201 |
Exploration and evaluation assets | [1] | 167,921 | 1,407,915 |
Equipment | [3] | 17,630 | 34,107 |
Non-current assets | 244,252 | 1,664,495 | |
Total assets | 411,689 | 1,937,958 | |
Current liabilities | |||
Accounts payable and accrued liabilities | 524,028 | 628,867 | |
Accounts payable owed by optionees | 31,622 | 43,223 | |
Due to related parties | [4] | 568,597 | 130,652 |
Current portion of long-term loan | [5] | 6,963 | 7,031 |
Current liabilities | 1,131,210 | 809,773 | |
Non-current liabilities | |||
Long-term loan | [5] | 9,939 | 18,096 |
Non-current liabilities | 9,939 | 18,096 | |
Shareholders' (deficiency) / equity | |||
Share capital | [6] | 9,733,139 | 9,582,406 |
Reserves | [6] | 6,782,381 | 6,675,064 |
Deficit | (17,244,980) | (15,147,381) | |
Equity | (729,460) | 1,110,089 | |
Total shareholders' (deficiency)/equity and liabilities | $ 411,689 | $ 1,937,958 | |
[1] | Note 5. | ||
[2] | Note 6. | ||
[3] | Note 4. | ||
[4] | Note 8. | ||
[5] | Note 9. | ||
[6] | Note 7. |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS | 12 Months Ended | ||||||
Dec. 31, 2019$ / shares | Dec. 31, 2019CAD ($) | Dec. 31, 2018$ / shares | Dec. 31, 2018CAD ($) | Dec. 31, 2017$ / shares | Dec. 31, 2017CAD ($) | ||
Mineral exploration expenses | |||||||
Mineral exploration expenses | [1] | $ 566,427 | $ 2,276,286 | $ 1,742,813 | |||
Reimbursements from optionees | [1] | (291,680) | (1,189,652) | (780,195) | |||
Operating expense | (274,747) | (1,086,634) | (962,618) | ||||
General administrative expenses | |||||||
Bank charges | 1,784 | 4,661 | 3,875 | ||||
Consulting | 117,278 | 143,332 | 124,520 | ||||
Depreciation | 3,496 | 0 | 2,589 | ||||
Investor relations | 139,494 | 132,189 | 292,430 | ||||
Listing and filing fees | 9,062 | 8,791 | 10,485 | ||||
Office and administrative fees | 19,052 | 28,686 | 29,107 | ||||
Professional fees | [2] | 191,238 | 231,065 | 203,662 | |||
Rent | [2] | 12,286 | 9,000 | 9,000 | |||
Share-based payment | [2] | 9,369 | 141,124 | 110,564 | |||
Transfer agent fees | 9,472 | 9,670 | 10,581 | ||||
Travel | 35,723 | 46,928 | 66,882 | ||||
General and administrative expense | (548,254) | (755,446) | (863,695) | ||||
Other items | |||||||
Foreign exchange gain (loss) | (195) | (485) | (11,494) | ||||
Interest income | 148 | 1,181 | 2,068 | ||||
Gain on disposal of equipment | 6,643 | 0 | (2,105) | ||||
Other income | 0 | 6,014 | 2,837 | ||||
Write down of due from optionee | 0 | 0 | (1) | ||||
Write-down of exploration and evaluation assets | [1] | (1,239,994) | 0 | (71,289) | |||
Write-down of tax deposits | [3] | (41,200) | 0 | 0 | |||
Write-down of exploration and evaluation assets | [3] | 0 | (49,962) | 0 | |||
Other expense, by function | (1,274,598) | (43,252) | (79,984) | ||||
Net loss for the year | (2,097,599) | (1,885,332) | (1,906,297) | ||||
Exchange difference arising on the translation of foreign subsidiaries | 20,714 | (16,548) | 26,776 | ||||
Comprehensive loss for the year | $ (2,076,885) | $ (1,901,880) | $ (1,879,521) | ||||
Basic and diluted loss per share | $ / shares | [4] | $ (0.02) | $ (0.02) | $ (0.02) | |||
[1] | Note 5. | ||||||
[2] | Note 8. | ||||||
[3] | Note 6. | ||||||
[4] | Note 10. |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN (DEFICIENCY) / EQUITY - CAD ($) | Issued capital | Warrants | Finders options | Equity-settled employee benefits | Exchange | Subtotal | Deficit | Total | |
Equity at beginning of period at Dec. 31, 2016 | $ 7,994,373 | $ 4,282,938 | $ 277,893 | $ 1,037,415 | $ (6,898) | $ 5,591,348 | $ (11,355,752) | $ 2,229,969 | |
Number of shares outstanding at beginning of period at Dec. 31, 2016 | 74,248,797 | ||||||||
Share issues: | |||||||||
Shares issued for private placement | $ 850,846 | 391,154 | 0 | 0 | 0 | 391,154 | 0 | 1,242,000 | |
Number of Shares issued for private placement | 12,670,000 | ||||||||
Share issue costs | $ (58,323) | 0 | 0 | 0 | 0 | 0 | 0 | (58,323) | |
Share-based payment | 0 | 0 | 0 | 110,564 | 0 | 110,564 | 0 | 110,564 | |
Comprehensive loss | $ 0 | 0 | 0 | 0 | 26,776 | 26,776 | (1,906,297) | (1,879,521) | |
Number of shares outstanding at end of period at Dec. 31, 2017 | 86,918,797 | ||||||||
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 | |
Share issues: | |||||||||
Shares issued for private placement | $ 204,766 | 77,234 | 0 | 0 | 0 | 77,234 | 0 | 282,000 | |
Number of Shares issued for private placement | 5,640,000 | ||||||||
Share issue costs | [1] | $ (54,033) | 0 | 0 | 0 | 0 | 0 | 0 | (54,033) |
Share-based payment | 0 | 0 | 0 | 9,369 | 0 | 9,369 | 0 | 9,369 | |
Comprehensive loss | $ 0 | 0 | 0 | 0 | 20,714 | 20,714 | (2,097,599) | (2,076,885) | |
Number of shares outstanding at end of period at Dec. 31, 2019 | 114,073,797 | ||||||||
Equity at end of period at Dec. 31, 2019 | $ 9,733,139 | $ 5,181,972 | $ 277,893 | $ 1,298,472 | $ 24,044 | $ 6,782,381 | $ (17,244,980) | $ (729,460) | |
[1] | Note 8. |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash flows from operating activities | ||||
Net loss for the year | $ (2,097,599) | $ (1,885,332) | $ (1,906,297) | |
Items not involving cash: | ||||
Depreciation | 3,496 | 0 | 2,589 | |
(Gain) loss on disposal of equipment | (6,643) | 0 | 2,105 | |
Mineral exploration expenses | 10,996 | 23,796 | 21,520 | |
Share-based payment | 9,369 | 141,124 | 110,564 | |
Write-down of due from optionee | 0 | 0 | 1 | |
Write-down of exploration and evaluation assets | 1,239,994 | 0 | 71,289 | |
Write-down of tax deposits | [1] | 41,200 | 0 | 0 |
Write-down of exploration and evaluation assets | [1] | 0 | 49,962 | 0 |
Changes in non-cash working capital items | ||||
VAT receivables | 5,266 | 14,358 | 6,510 | |
Due from optionees | 11,601 | (14,666) | (28,557) | |
Prepaid expenses and advances | 34,674 | (24,034) | 19,818 | |
Other receivables | 6,540 | (93,278) | (11,121) | |
Accounts payable and accrued liabilities | (101,528) | 486,711 | 82,982 | |
Accounts payable owed by optionees | (11,601) | (45,464) | (31,124) | |
Due from/to related parties | 392,145 | 39,129 | (7,842) | |
Funds held for optionees | 0 | (167,910) | 163,735 | |
Exchange difference arising on the translation of foreign subsidiaries | 26,841 | (23,469) | 24,496 | |
Net cash (used in) operating activities | (435,249) | (1,499,073) | (1,479,332) | |
Cash flows from investing activities | ||||
Net proceeds from investments - available for sale | 0 | 0 | 84,862 | |
Net proceeds from sale of equipment | 6,643 | 0 | 12,167 | |
Property deposits | 116,772 | 0 | 40,589 | |
Purchase of equipment | (6,567) | (6,810) | (13,630) | |
Net cash provided by (used in) investing activities | 116,848 | (6,810) | 123,988 | |
Cash flows from financing activities | ||||
Proceeds from issuance of common shares | 282,000 | 1,282,000 | 1,242,000 | |
Share issue costs | (11,544) | (20,533) | (58,323) | |
Net cash provided by financing activities | 270,456 | 1,261,467 | 1,183,677 | |
Change in cash for the year | (47,945) | (244,416) | (171,667) | |
Cash, beginning of the year | 106,288 | 350,704 | 522,371 | |
Cash, end of the year | 58,343 | 106,288 | 350,704 | |
Cash comprised of | ||||
Cash | 58,343 | 106,288 | 182,794 | |
Restricted cash and cash equivalents | 0 | 0 | 167,910 | |
Supplementary information | ||||
Interest received | [2] | $ 148 | $ 1,181 | $ 2,068 |
[1] | Note 6. | |||
[2] | Note 12. |
1. NATURE OF OPERATIONS AND CON
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
Notes | |
2. BASIS OF PREPARATION | 2. BASIS OF PREPARATION a) 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) 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, 2019. |
3. SIGNIFICANT ACCOUNTING POLIC
3. SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
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 (3) 100% Portugal Exploration Innomatik Exploration Kosovo LLC (3) 100% 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 Pormining, Unipessoal Lda. (2) 100% Portugal Exploration (1) (2) (3) 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) 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 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) 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 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) 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) 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) 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 · · · Significant estimates · i) 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) The following financial assets are classified as measured at amortized cost - cash, due from optionees, certain other receivables and property deposits. The following financial liabilities are classified as measured at amortized cost 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 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. |
4. EQUIPMENT
4. EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
4. EQUIPMENT | 4. EQUIPMENT Furniture and other equipment Vehicles Other assets Total Cost As at January 1, 2018 $ 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 Disposal during the year - (32,617) - (32,617) Exchange adjustment (8,199) (5,074) (1,537) (14,810) As at December 31, 2019 $ 116,067 $ 39,228 $ 21,765 $ 177,060 Accumulated depreciation As at January 1, 2018 $ 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 Depreciation for the year 3,337 9,990 1,165 14,492 Depreciation for the year related to disposals - (32,617) - (32,617) Exchange adjustment (7,591) (3,757) (1,477) (12,825) As at December 31, 2019 $ 109,878 $ 27,787 $ 21,765 $ 159,430 Net book value As at January 1, 2018 $ 21,702 $ 32,054 $ 2,361 $ 56,117 As at December 31, 2018 $ 10,134 $ 22,748 $ 1,225 $ 34,107 As at December 31, 2019 $ 6,189 $ 11,441 $ - $ 17,630 |
5. EXPLORATION AND EVALUATION A
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES | 5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES Portugal Kosovo Germany Others Alvito Alvalade Others Slivovo Others Total Exploration and evaluation assets Acquisition costs As of January 1, 2019 $ - $ 167,920 $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Write-down of property during the year - - (1,096,840) (143,154) - - - (1,239,994) As of December 31, 2019 $ - $ 167,920 $ - $ 1 $ - $ - $ - $ 167,921 Mineral exploration expenses for the year ended December 31, 2019 Concession fees and taxes $ 15,422 $ 50,003 $ 10 $ - $ 3,564 $ - $ - $ 68,999 Depreciation 1,676 7,120 2,200 - - - - 10,996 Drilling - 124,262 - - - - - 124,262 Geological salaries and consulting 59,406 121,313 7,930 - 33,885 - - 222,534 Insurance 122 3,755 3,185 - 217 - - 7,279 Legal and accounting 19 498 - - 243 - - 760 Office and administrative fees 6,379 14,071 2,426 - 812 - - 23,688 Rent 9,202 57,794 12,308 - 6,857 - - 86,161 Site costs 1,157 13,950 730 - 285 - - 16,122 Travel 109 5,430 23 - 64 - - 5,626 Reimbursements from optionee - (291,680) - - - - - (291,680) $ 93,492 $ 106,516 $ 28,812 $ - $ 45,927 $ - $ - $ 274,747 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 147,900 361,864 545,708 9,998 206,975 4 - 1,272,449 Depreciation 7,191 17,178 91,531 - - - - 115,900 Drilling 472,513 610,197 - 1,180,217 - - - 2,262,927 Geological salaries and consulting 1,624,824 6,508,740 4,692,323 119,801 711,908 12,359 - 13,669,955 Geology work - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,683 24,173 46,429 14,604 15,007 - - 105,896 Legal and accounting 177 1,020 1,067 58,158 13,958 - - 74,380 Office and administrative fees 43,699 249,536 236,040 80,149 101,180 5,255 63,191 779,050 Rent 188,804 550,185 408,092 28,694 88,221 - 20,560 1,284,556 Report - - - 24,232 - - - 24,232 Site costs 71,452 192,664 172,925 185,074 194,582 - 8,865 825,562 Travel 75,625 237,131 171,652 60,107 22,478 - 15,326 582,319 Trenching and road work - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (7,693,840) (2,741,482) (2,834,986) (45,158) - - (15,464,810) $ 488,524 $ 1,058,848 $ 3,656,662 $ 149,944 $ 1,777,602 $ 252,083 $ 248,848 $ 7,632,511 Portugal Kosovo Germany Others Alvito Alvalade Covas Others Slivovo Others Total 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 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. 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 Alvalade property for a non-refundable payment of 25,000. Such amount was received in December 2017 and was used to offset the expenditures incurred in fiscal 2018. On November 19, 2019, the Company and MAEPA (collectively the Company) and Minas de Aguas Teñidas, S.A. (MATSA) and its wholly-owned subsidiary EUL (collectively MATSA) entered into an Earn-In Joint Venture Agreement (the Agreement) in respect of the Alvalade project. Pursuant to the Agreement, Pormining was incorporated to hold assets and develop mineral rights (both as defined) and EUL can earn up to an 85% interest in Pormining. The earning of this interest, subsequent arrangements that may be entered into to explore the assets and, if warranted, the development of one or more projects are referred to as the Transaction. The effective date of the Transaction is the date that Pormining receives the mineral rights in its name from the General Directorate of Energy and Geology of Portugal (DGEG). The Transaction is comprised of the following phases: · · · · Phase I First Option Phase I commences on the effective date and continues until the first to occur of the first option exercise date and the termination of the first option. During Phase I, MAEPA will grant EUL the sole and exclusive right to hold an undivided 51% interest in Pormining (the first option) for at least three years from the effective date or the issue of the Experimental Exploitation License (the EEL) by DGEG to Pormining. EULs right to maintain its 51% interest is conditional upon MATSA: · · · Funding of the first option expenditures is solely at MATSAs discretion and MATSA may elect to terminate the first option at any time by delivering notice (the first option termination notice) to the Company. MATSA may elect to accelerate the funding of the first option expenditures in order to exercise the first option at an earlier date. If there is a shortfall in the first option expenditures, MATSA may elect to pay such amount on or before the end of the three-year period and the first option expenditures will be deemed to have been satisfied. Upon MATSA completing all of the requirements of the first option, EUL will have unconditionally earned the 51% interest in Pormining. If the first option is terminated, MAEPA will acquire the 51% interest from EUL for a nominal value, the shares will be cancelled and MAEPA will hold a 100% interest in Pormining. During Phase I, MAEPA will act as the operator of the mineral rights. Pormining will pay MAEPA an operators fee equal to 100,000 per year, paid monthly, funded by MATSA and which shall form part of the first option expenditures. In all other phases, Pormining will be the operator unless it appoints another person to act as operator. The operator is responsible for developing and submitting work programs to the technical committee or the board of directors for consideration and approval and to implement work programs when approved according to the approved budget. The technical committee is comprised of two representatives from each of EUL and MAEPA and will be in effect until the first option exercise date. Thereafter, the board of directors will make all decisions with respect to the mineral rights. During Phase I, EUL will fund 100% of all maintenance payments (as defined) and approved work programs. Failure by DGEG to issue the mineral rights to Pormining within 120 days (amended to 240 days on April 30, 2020) of the date of the Agreement will result in termination of the Agreement. See Notes 3 a) and 16. Phase II Second Option Phase II commences on the first option exercise date and continues until the first to occur of the second option exercise date and the termination of the second option. On the first option exercise date, the Company will grant EUL the sole and exclusive right and option to acquire an additional 34% (for an aggregate 85% interest) in Pormining (the second option). EULs right to exercise the second option is conditional on MATSA satisfying the second option conditions as follows: · · · o o o o o o o The satisfaction of the second option conditions is solely at MATSAs discretion and MATSA may elect to terminate the second option at any time by delivering notice (the second option termination notice) to the Company. If the second option is terminated, EUL will be entitled to retain its 51% interest in Pormining, plus an additional 1% interest for every 735,294 of expenditures funded during Phase II and the 51/49 Phase will commence. Upon MATSA satisfying the second option conditions, EUL automatically earns an additional 34% interest in Pormining for an aggregate interest of 85%. During Phase II, EUL will fund 100% of all maintenance payments and approved work programs. 51/49 Phase The 51/49 Phase commences on termination of the second option and continues until the deemed conversion of the interest of a party to a royalty. During the 51/49 Phase, Pormining will remain the operator subject to the terms of the Agreement and the shareholders agreement and the activities of the parties with respect to the mineral rights will be continue to be governed by the shareholders agreement. If at any time after the 51/49 Phase has commenced EULs interest is reduced to below 10% as a result of dilution calculations, its interest will be deemed to be converted to a 1.5% royalty, which royalty shall only be payable up to a maximum total payment of 13,000,000 after which it will no longer be applicable. Upon conversion to the royalty, EUL will have no further rights or interest in respect of the assets under the Agreement or the shareholders agreement except for the royalty and the termination provisions apply. If at any time during the 51/49 Phase MAEPAs interest is reduced to 15% as a result of dilution calculations, then its interest will be deemed to be converted to a 15% carried interest following which MAEPA will not be required to contribute to any further work programs and will not be subject to any further dilution until such time as a feasibility study has been prepared, at which point Phase III will have been deemed to have commenced and MAEPA will have to sell the option. During the 51/49 Phase, the parties will fund the maintenance payments and contribute to the costs of any approved work and/or development programs in proportion to their proportionate share. Phase III Development and Operation Phase III commences on the second option exercise date and continues until the deemed conversion of the interest of a party to a royalty. Within 90 days of the commencement of Phase III, the Company will transfer its 15% interest in Pormining to MATSA in consideration for 10,000,000 to be paid as follows: · · · During Phase III, the parties will contribute their respective pro rata share of all approved work programs and budgets. If at any time after Phase III has commenced MAEPAs interest is reduced to below 10% as a result of dilution calculations, its interest will be deemed to be converted to a 1.5% royalty as described above for EUL. 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. On October 5, 2018, OZE terminated the agreement and returned 100% ownership to the Company. Since inception of the agreement and to the termination, OZE had forwarded a total of $1,734,369 (1,136,000) for the Alvito property. Others including Marateca, Mertola and Covas: 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 Marateca property and the Mertola property for non-refundable payments of 25,000 each. During fiscal 2019, the Company dropped Marateca property and write off $1,096,840. During fiscal 2019, the Company had applied to DGEG to drop the Alvito and Mertola licenses and as of December 31, 2019, DGEG had not processed such requests. During fiscal 2018, the Company let the Covas license lapse after Blackheath Resources Inc. (Blackheath) terminated the earn-in agreement in March 2018. As part of the termination, the Company incurred an additional amount of $31,622 (21,684) as of December 31, 2019 which will be reimbursed by Blackheath. 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. Avrupas interest in Peshter Mining had since been diluted to below 10%, resulting in the Companys interest in Peshter Mining being converted into a 2% Net Smelter Return. As of December 31, 2019, Byrnecut spent over 4.6 million in Peshter Mining. As of December 31, 2019, the Company wrote down its interest in Slivovo by $143,154 (2018 - $nil) to $1 as the Company continues to negotiate with the Kosovo Mining Bureau as well as Byrnecut in order to extend the life of this license. Germany The Company has earned an 85% interest in the Oelsnitz property under its agreement with Beak Consultants GmbH (Beak) by spending 140,000. There is no royalty attached to the property. The Company is working with Beak to set up a joint-venture entity. As of December 31, 2019, the Company had spent $252,083 (192,576) on the Oelsnitz property. December 31, 2019 December 31, 2018 Due from optionees Covas - Blackheath $ 31,622 $ 33,855 Alvito - OZE - 9,368 $ 31,622 $ 43,223 |
6. PROPERTY DEPOSITS _ TAX DEPO
6. PROPERTY DEPOSITS / TAX DEPOSITS | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
6. PROPERTY DEPOSITS / TAX DEPOSITS | 6. PROPERTY DEPOSITS / TAX DEPOSITS Property deposits As of December 31, 2019, the Company had a total of $17,500 (12,000) (December 31, 2018: $134,272 (86,000)) 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). Tax deposits In November 2018, MAEPA paid 56,505 ($88,201) in lieu of bank guarantees of 77,918 ($121,625) to the Directora de Finanças de Braga in Portugal. This amount was comprised of 51,920 ($81,044) in respect of stamp tax and 4,585 ($7,157) in respect of VAT. The stamp tax portion relates to the interpretation that intercompany advances received by MAEPA are financing loans and, accordingly, are subject to stamp tax. The Vat portion relates to certain invoices for vehicle usage and construction services. As of December 31, 2019, the Company estimates that the judicial review process will take approximately one year for the VAT claim and three to five years for the stamp tax claim and that the likelihood of success for each is 50%. As a result, tax deposits were written down by $41,200 (28,252). |
7. CAPITAL AND RESERVES
7. CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
7. CAPITAL AND RESERVES | 7. CAPITAL AND RESERVES (a) At December 31, 2019, the authorized share capital was comprised of an unlimited number of common shares. The common shares do not have a par value. All issued shares are fully paid. (b) i. ii. In connection with the financing, a total of $46,348 share issue costs were incurred. iii. In connection with the financing, a total of $19,019 share issue costs were incurred. i. In connection with the financing, a total of $36,825 share issue costs were incurred. ii. In connection with the financing, a total of $29,673 share issue costs were incurred. iii. In connection with the financing, a total of $24,360 share issue costs were incurred. (c) The Company has established a stock option plan whereby the Company may grant options to directors, officers, employees and consultants of up to 10% of the common shares outstanding at the time of grant. The exercise price, term and vesting period of each option are determined by the board of directors within regulatory guidelines. Stock option transactions and the number of stock options for the year ended December 31, 2019 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2018 Granted Exercised cancelled 2019 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 Sunday, January 07, 2024 $0.05 - 183,000 - - 183,000 Options outstanding 6,940,000 183,000 - (200,000) 6,923,000 Options exercisable 6,940,000 183,000 - (200,000) 6,923,000 Weighted average exercise price $0.12 $0.05 $Nil $0.165 $0.12 As of December 31, 2019, the weighted average contractual remaining life is 1.95 years (December 31, 2018 2.81 years). 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 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 The weighted average assumptions used to estimate the fair value of options for the years ended December 31, 2019, 2018 and 2017 were: 2019 2018 2017 Risk-free interest rate 1.33% 1.25% 1.21% Expected life 5 years 5 years 5 years Expected volatility 123.92% 130.43% 141.88% 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) The continuity of finders options for the year ended December 31, 2019 is as follows: Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.10 411,250 - - (411,250) - Outstanding 411,250 - - (411,250) - Weighted average exercise price $0.10 $Nil $Nil $0.10 $Nil As of December 31, 2019, the weighted average contractual remaining life is Nil years (December 31, 2018 0.51 years). The continuity of finders options 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 $0.10 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 The continuity of finders options for the year ended December 31, 2017 is as follows: Exercise December 31, December 31, Expiry date price 2016 Issued Exercised Expired 2017 August 22, 2017 $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 weighted average assumptions used to estimate the fair value of finders options for the years ended December 31, 2019, 2018 and 2017 were: 2019 2018 2017 Risk-free interest rate Nil Nil Nil Expected life Nil Nil Nil Expected volatility Nil Nil Nil Expected dividend yield Nil Nil Nil (e) The continuity of warrants for the year ended December 31, 2019 is as follows: Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.15 13,547,000 - - (13,547,000) - March 26, 2020 * $0.12 6,875,000 - - - 6,875,000 July 12, 2020 $0.15 10,170,000 - - - 10,170,000 November 9, 2021 (1) $0.10 10,000,000 - - - 10,000,000 December 17, 2021 (1) $0.10 4,640,000 - - - 4,640,000 February 25, 2022 (1) $0.10 - 2,000,000 - - 2,000,000 December 18, 2021 $0.05 - 1,820,000 - - 1,820,000 Outstanding 45,232,000 3,820,000 - (13,547,000) 35,505,000 Weighted average exercise price $0.13 $0.08 $Nil $0.15 $0.12 *Subsequently, these warrants expired unexercised. (1) th As of December 31, 2019, the weighted average contractual life is 1.20 years (December 31, 2018 1.62 years). 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 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 weighted average assumptions used to estimate the fair value of warrants for the years ended December 31, 2019, 2018 and 2017 were: 2019 2018 2017 Risk-free interest rate 1.55% 1.14% 0.71% Expected life 2.52 years 2.68 years 3 years Expected volatility 118.63% 108.87% 116.49% Expected dividend yield Nil Nil Nil |
8. RELATED PARTY TRANSACTIONS A
8. RELATED PARTY TRANSACTIONS AND BALANCES | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
8. RELATED PARTY TRANSACTIONS AND BALANCES | 8. RELATED PARTY TRANSACTIONS AND BALANCES The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows: For the year ended December 31, 2019 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (g) $ 163,766 $ Nil $ Nil $ Nil $ 53,482 $ Nil $ 217,248 Paul L. Nelles (c) $ 8,070 $ Nil $ Nil $ Nil $ Nil $ Nil $ 8,070 Frank Hogel Director $ Nil $ Nil $ Nil $ Nil $ Nil $ 5,530 $ 5,530 For the year 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 (g) $ 253,968 $ Nil $ Nil $ Nil $ 61,430 $ 11,505 $ 326,903 Winnie WongChief Financial Officer $ Nil $ Nil $ Nil $ Nil $ Nil $ 9,588 $ 9,588 Paul L. Nelles (c) $ 19,950 $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 27,620 Frank Hogel Director $ Nil $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 7,670 Mark T. BrownDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 9,588 $ 9,588 Paul DircksenDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 7,670 Ross StringerDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 7,670 Adriano Barros (d) $ Nil $ Nil $ Nil $ Nil $ Nil $ 5,369 $ 5,369 For the year ended December 31, 2017 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (g) $ 265,828 $ Nil $ Nil $ Nil $ 53,262 $ 16,880 $ 335,970 Winnie WongChief Financial Officer $ Nil $ Nil $ Nil $ Nil $ Nil $ 12,660 $ 12,660 Paul L. Nelles (c) $ 19,100 $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 23,320 Frank Hogel Director $ Nil $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 4,220 Mark T. BrownDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 12,660 $ 12,660 Paul DircksenDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 4,220 Ross StringerDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 4,220 Adriano Barros (d) $ Nil $ Nil $ Nil $ Nil $ Nil $ 16,880 $ 16,880 Related party liabilities Years ended Services / Advances December 31, 2019 December 31, 2018 December 31, 2017 As at As at December 31, 2019 December 31, 2018 Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management, accounting, marketing and financing services $ 198,158 $ 228,455 $ 218,690 $319,029 (b) $ 62,754 Paul W. Kuhn (g) Consulting, salaries, housing allowance and share-based payment $ 217,248 $ 326,903 $ 335,970 $ 203,519 $ 33,523 Mark T. Brown (f) Short-term loan $ 16,000 $ Nil $ Nil $ 16,518 $ Nil Paul L. Nelles (c) Salaries and share-based payment $ 8,070 $ 27,620 $ 23,320 $ 14,583 $ Nil Mineralia (d) Consulting $ Nil $ 157,536 $ 198,089 $ 14,948 $ 34,375 B&B Renting and Consulting Lda. (e) Rent $ Nil $ Nil $ 42,026 $ Nil $ Nil Adriano Barros (d) Share-based payment $ Nil $ 5,369 $ 16,880 $ Nil $ Nil TOTAL: $ 439,476 $ 745,883 $ 834,975 $ 568,597 $ 130,652 (a) (b) (c) (d) (e) (f) (g) · · · |
9. LONG-TERM LOAN
9. LONG-TERM LOAN | 12 Months Ended |
Dec. 31, 2019 | |
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 $18,249 (12,514) as of December 31, 2019, including interest calculated at 5.635%, and maturing on April 5, 2022. December 31, 2019 December 31, 2018 Long-term loan $ 16,902 11,590 $ 25,127 16,094 Less: current portion of long-term loan 6,963 4,774 7,031 4,503 $ 9,939 6,816 $ 18,096 11,591 Payment schedule of long-term loan Year 1 $ 7,821 5,363 $ 8,373 5,363 Year 2 7,821 5,363 8,373 5,363 Year 3 2,607 1,788 8,373 5,363 Year 4 - - 2,792 1,788 18,249 12,514 27,911 17,877 Less: imputed interest 1,224 839 2,596 1,663 Other fees 123 84 188 120 $ 16,902 11,591 $ 25,127 16,094 |
10. LOSS PER SHARE
10. LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
10. LOSS PER SHARE | 10. LOSS PER SHARE Basic and diluted loss per share The calculation of basic and diluted loss per share for the year ended December 31, 2019 was based on the loss attributable to common shareholders of $2,097,599 (2018 $1,885,332; 2017 - $1,906,297) and a weighted average number of common shares outstanding of 110,256,592 (2018 93,795,401; 2017 80,787,810). Diluted loss per share did not include the effect of 6,923,000 share purchase options and 35,505,000 warrants outstanding at year end (2018 6,940,000 share purchase options, 411,250 finders options and 45,232,000 warrants; 2017 6,245,000 share purchase options, 510,250 finders options and 34,637,000 warrants) as they are anti-dilutive. |
11. FINANCIAL INSTRUMENTS
11. FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
11. FINANCIAL INSTRUMENTS | 11. FINANCIAL INSTRUMENTS The fair values of the Companys cash, other receivables, due from optionees, property deposits, 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) 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 is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. As at December 31, 2019, the Company had cash of $58,343 (December 31, 2018 - $106,288), VAT receivables of $17,042 (December 31, 2018 - $22,308) and other receivables of $29,096 (December 31, 2018 - $35,636) to settle current liabilities, net of funds held for optionees and accounts payable owed by optionees, of $1,099,588 (December 31, 2018 - $766,550). Accounts payable and accrued liabilities are due within the current operating period. (c) 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) 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) 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 $339,300 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 $6,600. 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 classified as subsequently measured at amortized cost as at December 31, 2019 and 2018. As at December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash $ 58,343 $ - $ - $ 58,343 Due from optionees 31,622 - - 31,622 Other receivables 29,096 - - 29,096 Property deposits 17,500 - - 17,500 $ 136,561 $ - $ - $ 136,561 As at December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash $ 106,288 $ - $ - $ 106,288 Due from optionees 43,223 - $ - 43,223 Other receivables 35,636 - $ - 35,636 Property deposits 134,272 - $ - 134,272 $ 319,419 $ - $ - $ 319,419 The financial liabilities are classified as subsequently measured at amortized cost (See Note 3 j). |
12. SUPPLEMENTAL DISCLOSURE WIT
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019, 2018 and 2017 were as follows: · · · |
13. MANAGEMENT OF CAPITAL RISK
13. MANAGEMENT OF CAPITAL RISK | 12 Months Ended |
Dec. 31, 2019 | |
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 or operations in the near term. |
14. INCOME TAX
14. INCOME TAX | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
14. INCOME TAX | 14. INCOME TAX A reconciliation of income taxes at statutory rates is as follows: 2019 2018 2017 Net loss $ (2,097,599) $ (1,885,332) $ (1,906,297) Expected income tax recovery $ (566,352) $ (509,040) $ (495,637) Effect of foreign tax rate 46,724 145,825 110,748 Non-deductible items 112,279 38,513 76,169 Deductible items (15,196) (15,911) (14,580) Unrecognized benefit of non-capital losses 422,545 340,613 323,301 $ - $ - $ - The significant components of the Companys deferred income tax assets are as follows: 2019 2018 Deferred income tax assets Non-capital loss carryforwards $ 1,854,696 $ 1,660,778 Share issue costs 31,166 31,773 1,885,862 1,692,551 Valuation allowance (1,885,862) (1,692,551) Net deferred income tax assets $ - $ - The Company has available for deduction against future taxable income non-capital losses of approximately $6,868,500 in Canada (2018 - $6,150,500). These losses, if not utilized, will expire through to 2039. 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 2019 2039 718,000 $ 6,868,500 |
15. SEGMENTED FINANCIAL INFORMA
15. SEGMENTED FINANCIAL INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 December 31, 2018 Non-current assets Portugal $ 244,251 $ 1,433,139 Kosovo 1 143,155 $ 244,252 $ 1,576,294 Years ended December 31, 2019 December 31, 2018 Mineral exploration expenses Portugal $ 520,500 $ 2,165,880 Kosovo 45,927 89,808 Others - 20,598 $ 566,427 $ 2,276,286 |
16. EVENTS AFTER THE REPORTING
16. EVENTS AFTER THE REPORTING PERIOD | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
16. EVENTS AFTER THE REPORTING PERIOD | 16. EVENTS AFTER THE REPORTING PERIOD In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Companys business or ability to raise funds. On March 27, 2020, MAEPA and EUL entered into a Quota Transfer Agreement pursuant to which MAEPA split its 100% interest in the share capital of Pormining into two quotas, representing 51% and 49% of the companys share capital, and sold the 51% quota to EUL for the nominal value of 510. See Notes 3 a) and 5. On March 27, 2020, the Company, MAEPA, MATSA and EUL entered into the Pormining Lda. Shareholders Agreement (the Agreement). Pursuant to the Agreement: · · · See Notes 3 a) and 5. |
17. COMPARATIVE AMOUNTS
17. COMPARATIVE AMOUNTS | 12 Months Ended |
Dec. 31, 2019 | |
Notes | |
17. COMPARATIVE AMOUNTS | 17. COMPARATIVE AMOUNTS Certain of the prior years amounts have been reclassified to conform with the current years presentation. |
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, 2019 | |
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_ a) Sta
2. BASIS OF PREPARATION: a) Statement of compliance (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
a) 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_ b) Bas
2. BASIS OF PREPARATION: b) Basis of preparation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
b) 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, 2019. |
3. SIGNIFICANT ACCOUNTING POL_2
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Policies | |
a) Basis of consolidation | a)Basis of consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries as follows: % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda (3) 100% Portugal Exploration Innomatik Exploration Kosovo LLC (3) 100% 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 Pormining, Unipessoal Lda. (2) 100% Portugal Exploration (1) (2) (3) 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, 2019 | |
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, 2019 | |
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, 2019 | |
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, 2019 | |
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, 2019 | |
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, 2019 | |
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, 2019 | |
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 · · · Significant estimates · |
3. SIGNIFICANT ACCOUNTING PO_10
3. SIGNIFICANT ACCOUNTING POLICIES: i) Provisions (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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, 2019 | |
Policies | |
j) Financial instruments | j)Financial instruments The following financial assets are classified as measured at amortized cost - cash, due from optionees, certain other receivables and property deposits. The following financial liabilities are classified as measured at amortized cost 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, 2019 | |
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: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of accounts of the Company and its subsidiaries | % of ownership Jurisdiction Nature of operations MAEPA Empreendimentos Mineiros e Participacoes Lda (3) 100% Portugal Exploration Innomatik Exploration Kosovo LLC (3) 100% 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 Pormining, Unipessoal Lda. (2) 100% Portugal Exploration |
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, 2019 | |
Tables/Schedules | |
Schedule of Exploration and Evaluation Assets and Expenses | Portugal Kosovo Germany Others Alvito Alvalade Others Slivovo Others Total Exploration and evaluation assets Acquisition costs As of January 1, 2019 $ - $ 167,920 $ 1,096,840 $ 143,155 $ - $ - $ - $ 1,407,915 Write-down of property during the year - - (1,096,840) (143,154) - - - (1,239,994) As of December 31, 2019 $ - $ 167,920 $ - $ 1 $ - $ - $ - $ 167,921 Mineral exploration expenses for the year ended December 31, 2019 Concession fees and taxes $ 15,422 $ 50,003 $ 10 $ - $ 3,564 $ - $ - $ 68,999 Depreciation 1,676 7,120 2,200 - - - - 10,996 Drilling - 124,262 - - - - - 124,262 Geological salaries and consulting 59,406 121,313 7,930 - 33,885 - - 222,534 Insurance 122 3,755 3,185 - 217 - - 7,279 Legal and accounting 19 498 - - 243 - - 760 Office and administrative fees 6,379 14,071 2,426 - 812 - - 23,688 Rent 9,202 57,794 12,308 - 6,857 - - 86,161 Site costs 1,157 13,950 730 - 285 - - 16,122 Travel 109 5,430 23 - 64 - - 5,626 Reimbursements from optionee - (291,680) - - - - - (291,680) $ 93,492 $ 106,516 $ 28,812 $ - $ 45,927 $ - $ - $ 274,747 Cumulative mineral exploration expenses since acquisition Assaying $ - $ - $ - $ 297,975 $ 65,936 $ 10,846 $ - $ 374,757 Concession fees and taxes 147,900 361,864 545,708 9,998 206,975 4 - 1,272,449 Depreciation 7,191 17,178 91,531 - - - - 115,900 Drilling 472,513 610,197 - 1,180,217 - - - 2,262,927 Geological salaries and consulting 1,624,824 6,508,740 4,692,323 119,801 711,908 12,359 - 13,669,955 Geology work - - 32,377 891,582 402,515 223,619 140,906 1,690,999 Insurance 5,683 24,173 46,429 14,604 15,007 - - 105,896 Legal and accounting 177 1,020 1,067 58,158 13,958 - - 74,380 Office and administrative fees 43,699 249,536 236,040 80,149 101,180 5,255 63,191 779,050 Rent 188,804 550,185 408,092 28,694 88,221 - 20,560 1,284,556 Report - - - 24,232 - - - 24,232 Site costs 71,452 192,664 172,925 185,074 194,582 - 8,865 825,562 Travel 75,625 237,131 171,652 60,107 22,478 - 15,326 582,319 Trenching and road work - - - 34,339 - - - 34,339 Reimbursements from optionee (2,149,344) (7,693,840) (2,741,482) (2,834,986) (45,158) - - (15,464,810) $ 488,524 $ 1,058,848 $ 3,656,662 $ 149,944 $ 1,777,602 $ 252,083 $ 248,848 $ 7,632,511 Portugal Kosovo Germany Others Alvito Alvalade Covas Others Slivovo Others Total 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 |
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, 2019 | |
Tables/Schedules | |
Schedule of Restricted Cash and Funds held and due | December 31, 2019 December 31, 2018 Due from optionees Covas - Blackheath $ 31,622 $ 33,855 Alvito - OZE - 9,368 $ 31,622 $ 43,223 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tables/Schedules | |||
Schedule of Stock option transactions and the number of stock options | Stock option transactions and the number of stock options for the year ended December 31, 2019 are summarized as follows: Exercise December 31, Expired/ December 31, Expiry date price 2018 Granted Exercised cancelled 2019 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 Sunday, January 07, 2024 $0.05 - 183,000 - - 183,000 Options outstanding 6,940,000 183,000 - (200,000) 6,923,000 Options exercisable 6,940,000 183,000 - (200,000) 6,923,000 Weighted average exercise price $0.12 $0.05 $Nil $0.165 $0.12 | 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 | 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 |
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, 2019 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of options | 2019 2018 2017 Risk-free interest rate 1.33% 1.25% 1.21% Expected life 5 years 5 years 5 years Expected volatility 123.92% 130.43% 141.88% 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tables/Schedules | |||
Schedule of continuity of finder's options | The continuity of finders options for the year ended December 31, 2019 is as follows: Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.10 411,250 - - (411,250) - Outstanding 411,250 - - (411,250) - Weighted average exercise price $0.10 $Nil $Nil $0.10 $Nil | The continuity of finders options 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 $0.10 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 | The continuity of finders options for the year ended December 31, 2017 is as follows: Exercise December 31, December 31, Expiry date price 2016 Issued Exercised Expired 2017 August 22, 2017 $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 |
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, 2019 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of finder's options | 2019 2018 2017 Risk-free interest rate Nil Nil Nil Expected life Nil Nil Nil Expected volatility Nil Nil Nil 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Tables/Schedules | |||
Schedule of continuity of warrants | Exercise December 31, December 31, Expiry date price 2018 Issued Exercised Expired 2019 July 4, 2019 $0.15 13,547,000 - - (13,547,000) - March 26, 2020 * $0.12 6,875,000 - - - 6,875,000 July 12, 2020 $0.15 10,170,000 - - - 10,170,000 November 9, 2021 (1) $0.10 10,000,000 - - - 10,000,000 December 17, 2021 (1) $0.10 4,640,000 - - - 4,640,000 February 25, 2022 (1) $0.10 - 2,000,000 - - 2,000,000 December 18, 2021 $0.05 - 1,820,000 - - 1,820,000 Outstanding 45,232,000 3,820,000 - (13,547,000) 35,505,000 Weighted average exercise price $0.13 $0.08 $Nil $0.15 $0.12 | 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 | 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 |
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, 2019 | |
Tables/Schedules | |
Schedule of weighted average assumptions used to estimate the fair value of warrants | 2019 2018 2017 Risk-free interest rate 1.55% 1.14% 0.71% Expected life 2.52 years 2.68 years 3 years Expected volatility 118.63% 108.87% 116.49% 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, 2019 | |
Tables/Schedules | |
Schedule of transactions and outstanding balances relating to key management personnel | For the year ended December 31, 2019 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (g) $ 163,766 $ Nil $ Nil $ Nil $ 53,482 $ Nil $ 217,248 Paul L. Nelles (c) $ 8,070 $ Nil $ Nil $ Nil $ Nil $ Nil $ 8,070 Frank Hogel Director $ Nil $ Nil $ Nil $ Nil $ Nil $ 5,530 $ 5,530 For the year 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 (g) $ 253,968 $ Nil $ Nil $ Nil $ 61,430 $ 11,505 $ 326,903 Winnie WongChief Financial Officer $ Nil $ Nil $ Nil $ Nil $ Nil $ 9,588 $ 9,588 Paul L. Nelles (c) $ 19,950 $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 27,620 Frank Hogel Director $ Nil $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 7,670 Mark T. BrownDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 9,588 $ 9,588 Paul DircksenDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 7,670 Ross StringerDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 7,670 $ 7,670 Adriano Barros (d) $ Nil $ Nil $ Nil $ Nil $ Nil $ 5,369 $ 5,369 For the year ended December 31, 2017 Short-term employee benefits Post-employment benefits Other long-term benefits Termination benefits Other expenses Share-based payments Total Paul W. Kuhn (g) $ 265,828 $ Nil $ Nil $ Nil $ 53,262 $ 16,880 $ 335,970 Winnie WongChief Financial Officer $ Nil $ Nil $ Nil $ Nil $ Nil $ 12,660 $ 12,660 Paul L. Nelles (c) $ 19,100 $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 23,320 Frank Hogel Director $ Nil $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 4,220 Mark T. BrownDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 12,660 $ 12,660 Paul DircksenDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 4,220 Ross StringerDirector $ Nil $ Nil $ Nil $ Nil $ Nil $ 4,220 $ 4,220 Adriano Barros (d) $ Nil $ Nil $ Nil $ Nil $ Nil $ 16,880 $ 16,880 |
8. RELATED PARTY TRANSACTIONS_3
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Related Party Liabilities | Years ended Services / Advances December 31, 2019 December 31, 2018 December 31, 2017 As at As at December 31, 2019 December 31, 2018 Amounts due to: Pacific Opportunity Capital Ltd. (a) Rent, management, accounting, marketing and financing services $ 198,158 $ 228,455 $ 218,690 $319,029 (b) $ 62,754 Paul W. Kuhn (g) Consulting, salaries, housing allowance and share-based payment $ 217,248 $ 326,903 $ 335,970 $ 203,519 $ 33,523 Mark T. Brown (f) Short-term loan $ 16,000 $ Nil $ Nil $ 16,518 $ Nil Paul L. Nelles (c) Salaries and share-based payment $ 8,070 $ 27,620 $ 23,320 $ 14,583 $ Nil Mineralia (d) Consulting $ Nil $ 157,536 $ 198,089 $ 14,948 $ 34,375 B&B Renting and Consulting Lda. (e) Rent $ Nil $ Nil $ 42,026 $ Nil $ Nil Adriano Barros (d) Share-based payment $ Nil $ 5,369 $ 16,880 $ Nil $ Nil TOTAL: $ 439,476 $ 745,883 $ 834,975 $ 568,597 $ 130,652 |
9. LONG-TERM LOAN_ Schedule of
9. LONG-TERM LOAN: Schedule of Long-term Loan (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Long-term Loan | December 31, 2019 December 31, 2018 Long-term loan $ 16,902 11,590 $ 25,127 16,094 Less: current portion of long-term loan 6,963 4,774 7,031 4,503 $ 9,939 6,816 $ 18,096 11,591 Payment schedule of long-term loan Year 1 $ 7,821 5,363 $ 8,373 5,363 Year 2 7,821 5,363 8,373 5,363 Year 3 2,607 1,788 8,373 5,363 Year 4 - - 2,792 1,788 18,249 12,514 27,911 17,877 Less: imputed interest 1,224 839 2,596 1,663 Other fees 123 84 188 120 $ 16,902 11,591 $ 25,127 16,094 |
11. FINANCIAL INSTRUMENTS_ Sche
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of financial assets measured at fair value by level | As at December 31, 2019 Level 1 Level 2 Level 3 Total Assets: Cash $ 58,343 $ - $ - $ 58,343 Due from optionees 31,622 - - 31,622 Other receivables 29,096 - - 29,096 Property deposits 17,500 - - 17,500 $ 136,561 $ - $ - $ 136,561 As at December 31, 2018 Level 1 Level 2 Level 3 Total Assets: Cash $ 106,288 $ - $ - $ 106,288 Due from optionees 43,223 - $ - 43,223 Other receivables 35,636 - $ - 35,636 Property deposits 134,272 - $ - 134,272 $ 319,419 $ - $ - $ 319,419 |
14. INCOME TAX_ Schedule of rec
14. INCOME TAX: Schedule of reconciliation of income taxes at statutory rates (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of reconciliation of income taxes at statutory rates | 2019 2018 2017 Net loss $ (2,097,599) $ (1,885,332) $ (1,906,297) Expected income tax recovery $ (566,352) $ (509,040) $ (495,637) Effect of foreign tax rate 46,724 145,825 110,748 Non-deductible items 112,279 38,513 76,169 Deductible items (15,196) (15,911) (14,580) Unrecognized benefit of non-capital losses 422,545 340,613 323,301 $ - $ - $ - |
14. INCOME TAX_ Schedule of com
14. INCOME TAX: Schedule of components of deferred income tax assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of components of deferred income tax assets | 2019 2018 Deferred income tax assets Non-capital loss carryforwards $ 1,854,696 $ 1,660,778 Share issue costs 31,166 31,773 1,885,862 1,692,551 Valuation allowance (1,885,862) (1,692,551) 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, 2019 | |
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 2019 2039 718,000 $ 6,868,500 |
15. SEGMENTED FINANCIAL INFOR_2
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Tables/Schedules | |
Schedule of Geographic information | December 31, 2019 December 31, 2018 Non-current assets Portugal $ 244,251 $ 1,433,139 Kosovo 1 143,155 $ 244,252 $ 1,576,294 Years ended December 31, 2019 December 31, 2018 Mineral exploration expenses Portugal $ 520,500 $ 2,165,880 Kosovo 45,927 89,808 Others - 20,598 $ 566,427 $ 2,276,286 |
1. NATURE OF OPERATIONS AND C_3
1. NATURE OF OPERATIONS AND CONTINUANCE OF OPERATIONS (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Details | |
Entity Incorporation, Date of Incorporation | Jan. 23, 2008 |
Entity Information, Date to Change Former Legal or Registered Name | Jul. 7, 2010 |
Entity Listing, Description | TSX Venture Exchange |
3. SIGNIFICANT ACCOUNTING PO_14
3. SIGNIFICANT ACCOUNTING POLICIES: a) Basis of consolidation: Schedule of accounts of the Company and its subsidiaries (Details) | 12 Months Ended | |
Dec. 31, 2019 | ||
MAEPA Empreendimentos Mineiros e Participacoes Lda | ||
% of ownership | 100.00% | [1] |
Jurisdiction | Portugal | [1] |
Nature of operations | Exploration | [1] |
Innomatik Exploration Kosovo LLC | ||
% of ownership | 100.00% | [1] |
Jurisdiction | Kosovo | [1] |
Nature of operations | Exploration | [1] |
Avrupa Holdings Inc | ||
% of ownership | 100.00% | [2] |
Jurisdiction | Barbados | [2] |
Nature of operations | Holding | [2] |
Avrupa Portugal Holdings Inc | ||
% of ownership | 100.00% | [2] |
Jurisdiction | Barbados | [2] |
Nature of operations | Holding | [2] |
Avrupa Kosovo Holdings Inc | ||
% of ownership | 100.00% | [2] |
Jurisdiction | Barbados | [2] |
Nature of operations | Holding | [2] |
Pormining, Unipessoal Lda. (2) | ||
% of ownership | 100.00% | [3] |
Jurisdiction | Portugal | [3] |
Nature of operations | Exploration | [3] |
[1] | On December 28, 2018, the ownership of Innomatik was transferred from Avrupa Kosovo Holdings Ltd. to the Company and on January 2, 2019, the ownership of MAEPA was transferred from Avrupa Portugal Holdings Ltd. to the Company. | |
[2] | The companies are in the process of being wound up. | |
[3] | On December 17, 2019, Pormining, Unipessoal Lda. (Pormining) was incorporated for the purpose of mining exploration and exploitation activities in Portugal. Pursuant to the companys Bylaws, the share capital of 1,000 will be divided into two quotas with one quota representing 51% of the issued share capital to be held by Emisurmin Unipessoal Ltda. (EUL) and one quota representing 49% of the issued share capital to be held by MAEPA. As of December 31, 2019, 100% of the companys shares were held by MAEPA. See Notes 5 and 16. |
4. EQUIPMENT (Details)
4. EQUIPMENT (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Equipment Cost | $ 224,487 | $ 249,588 | |
Additions during the year | 178 | ||
Disposal during the year | (34,581) | ||
Exchange adjustment | (14,810) | 9,302 | |
Equipment Cost | 177,060 | 224,487 | |
Disposal during the year | (32,617) | ||
Equipment, Accumulated Depreciation | 190,380 | 193,471 | |
Equipment, depreciation during period | 14,492 | 23,796 | |
Depreciation for the year related to disposals | (34,581) | ||
Equipment, depreciation, exchange adjustment | (12,825) | 7,694 | |
Equipment, Accumulated Depreciation | 159,430 | 190,380 | |
Equipment, depreciation during period, related to disposals | (32,617) | ||
Equipment, net book value | 17,630 | 34,107 | $ 56,117 |
Furniture and other equipment | |||
Equipment Cost | 124,266 | 119,629 | |
Additions during the year | 178 | ||
Disposal during the year | 0 | ||
Exchange adjustment | (8,199) | 4,459 | |
Equipment Cost | 116,067 | 124,266 | |
Disposal during the year | 0 | ||
Equipment, Accumulated Depreciation | 114,132 | 97,927 | |
Equipment, depreciation during period | 3,337 | 12,305 | |
Depreciation for the year related to disposals | 0 | ||
Equipment, depreciation, exchange adjustment | (7,591) | 3,900 | |
Equipment, Accumulated Depreciation | 109,878 | 114,132 | |
Equipment, depreciation during period, related to disposals | 0 | ||
Equipment, net book value | 6,189 | 10,134 | 21,702 |
Motor vehicles | |||
Equipment Cost | 76,919 | 107,494 | |
Additions during the year | 0 | ||
Disposal during the year | (34,581) | ||
Exchange adjustment | (5,074) | 4,006 | |
Equipment Cost | 39,228 | 76,919 | |
Disposal during the year | (32,617) | ||
Equipment, Accumulated Depreciation | 54,171 | 75,440 | |
Equipment, depreciation during period | 9,990 | 10,291 | |
Depreciation for the year related to disposals | (34,581) | ||
Equipment, depreciation, exchange adjustment | (3,757) | 3,021 | |
Equipment, Accumulated Depreciation | 27,787 | 54,171 | |
Equipment, depreciation during period, related to disposals | (32,617) | ||
Equipment, net book value | 11,441 | 22,748 | 32,054 |
Other property, plant and equipment | |||
Equipment Cost | 23,302 | 22,465 | |
Additions during the year | 0 | ||
Disposal during the year | 0 | ||
Exchange adjustment | (1,537) | 837 | |
Equipment Cost | 21,765 | 23,302 | |
Disposal during the year | 0 | ||
Equipment, Accumulated Depreciation | 22,077 | 20,104 | |
Equipment, depreciation during period | 1,165 | 1,200 | |
Depreciation for the year related to disposals | 0 | ||
Equipment, depreciation, exchange adjustment | (1,477) | 773 | |
Equipment, Accumulated Depreciation | 21,765 | 22,077 | |
Equipment, depreciation during period, related to disposals | 0 | ||
Equipment, net book value | $ 0 | $ 1,225 | $ 2,361 |
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, 2019 | Dec. 31, 2018 | |
Portugal - Alvito | ||
Exploration and Evaluation assets acquisition costs | $ 0 | $ 0 |
Write-down of property during the year | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 488,524 | 395,032 |
Addition during the period | 0 | |
Portugal - Alvito | Concession fees and taxes | ||
Mineral Exploration Expenses | 15,422 | 30,425 |
Cumulative Mineral Exploration Expenses since acquisition | 147,900 | 132,478 |
Portugal - Alvito | Depreciation | ||
Mineral Exploration Expenses | 1,676 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 7,191 | 5,515 |
Portugal - Alvito | Drilling | ||
Mineral Exploration Expenses | 0 | 472,513 |
Cumulative Mineral Exploration Expenses since acquisition | 472,513 | 472,513 |
Portugal - Alvito | Geological salaries and consulting | ||
Mineral Exploration Expenses | 59,406 | 459,193 |
Cumulative Mineral Exploration Expenses since acquisition | 1,624,824 | 1,565,418 |
Portugal - Alvito | Insurance | ||
Mineral Exploration Expenses | 122 | 1,240 |
Cumulative Mineral Exploration Expenses since acquisition | 5,683 | 5,561 |
Portugal - Alvito | Legal and accounting | ||
Mineral Exploration Expenses | 19 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 177 | 158 |
Portugal - Alvito | Office and administrative fees | ||
Mineral Exploration Expenses | 6,379 | 5,400 |
Cumulative Mineral Exploration Expenses since acquisition | 43,699 | 37,320 |
Portugal - Alvito | Rent | ||
Mineral Exploration Expenses | 9,202 | 66,513 |
Cumulative Mineral Exploration Expenses since acquisition | 188,804 | 179,602 |
Portugal - Alvito | Site costs | ||
Mineral Exploration Expenses | 1,157 | 25,777 |
Cumulative Mineral Exploration Expenses since acquisition | 71,452 | 70,295 |
Portugal - Alvito | Travel | ||
Mineral Exploration Expenses | 109 | 18,418 |
Cumulative Mineral Exploration Expenses since acquisition | 75,625 | 75,516 |
Portugal - Alvito | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | (1,079,479) |
Cumulative Mineral Exploration Expenses since acquisition | (2,149,344) | (2,149,344) |
Portugal - Alvito | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Geology work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvito | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | ||
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 |
Write-down of property during the year | 0 | |
Exploration and Evaluation assets acquisition costs | 167,920 | 167,920 |
Mineral Exploration Expenses | 815,848 | |
Cumulative Mineral Exploration Expenses since acquisition | 1,058,848 | 952,332 |
Addition during the period | 0 | |
Portugal - Alvalade | Concession fees and taxes | ||
Mineral Exploration Expenses | 50,003 | 46,595 |
Cumulative Mineral Exploration Expenses since acquisition | 361,864 | 311,861 |
Portugal - Alvalade | Depreciation | ||
Mineral Exploration Expenses | 7,120 | 10,058 |
Cumulative Mineral Exploration Expenses since acquisition | 17,178 | 10,058 |
Portugal - Alvalade | Drilling | ||
Mineral Exploration Expenses | 124,262 | 485,935 |
Cumulative Mineral Exploration Expenses since acquisition | 610,197 | 485,935 |
Portugal - Alvalade | Geological salaries and consulting | ||
Mineral Exploration Expenses | 121,313 | 182,622 |
Cumulative Mineral Exploration Expenses since acquisition | 6,508,740 | 6,387,427 |
Portugal - Alvalade | Insurance | ||
Mineral Exploration Expenses | 3,755 | 1,811 |
Cumulative Mineral Exploration Expenses since acquisition | 24,173 | 20,418 |
Portugal - Alvalade | Legal and accounting | ||
Mineral Exploration Expenses | 498 | 226 |
Cumulative Mineral Exploration Expenses since acquisition | 1,020 | 522 |
Portugal - Alvalade | Office and administrative fees | ||
Mineral Exploration Expenses | 14,071 | 35,292 |
Cumulative Mineral Exploration Expenses since acquisition | 249,536 | 235,465 |
Portugal - Alvalade | Rent | ||
Mineral Exploration Expenses | 57,794 | 62,112 |
Cumulative Mineral Exploration Expenses since acquisition | 550,185 | 492,391 |
Portugal - Alvalade | Site costs | ||
Mineral Exploration Expenses | 13,950 | 17,587 |
Cumulative Mineral Exploration Expenses since acquisition | 192,664 | 178,714 |
Portugal - Alvalade | Travel | ||
Mineral Exploration Expenses | 5,430 | 5,981 |
Cumulative Mineral Exploration Expenses since acquisition | 237,131 | 231,701 |
Portugal - Alvalade | Reimbursements from optionee | ||
Mineral Exploration Expenses | (291,680) | (32,371) |
Cumulative Mineral Exploration Expenses since acquisition | (7,693,840) | (7,402,160) |
Portugal - Alvalade | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Geology work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Alvalade | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | ||
Exploration and Evaluation assets acquisition costs | 1,096,840 | 1,096,840 |
Write-down of property during the year | (1,096,840) | |
Exploration and Evaluation assets acquisition costs | 0 | 1,096,840 |
Mineral Exploration Expenses | 160,380 | |
Cumulative Mineral Exploration Expenses since acquisition | 3,656,662 | 3,561,528 |
Addition during the period | 0 | |
Portugal - Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 10 | 861 |
Cumulative Mineral Exploration Expenses since acquisition | 545,708 | 348,359 |
Portugal - Others | Depreciation | ||
Mineral Exploration Expenses | 2,200 | 13,738 |
Cumulative Mineral Exploration Expenses since acquisition | 91,531 | 89,331 |
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 | 7,930 | 113,737 |
Cumulative Mineral Exploration Expenses since acquisition | 4,692,323 | 2,589,743 |
Portugal - Others | Insurance | ||
Mineral Exploration Expenses | 3,185 | 2,279 |
Cumulative Mineral Exploration Expenses since acquisition | 46,429 | 32,694 |
Portugal - Others | Legal and accounting | ||
Mineral Exploration Expenses | 0 | 239 |
Cumulative Mineral Exploration Expenses since acquisition | 1,067 | 937 |
Portugal - Others | Office and administrative fees | ||
Mineral Exploration Expenses | 2,426 | 22,755 |
Cumulative Mineral Exploration Expenses since acquisition | 236,040 | 207,454 |
Portugal - Others | Rent | ||
Mineral Exploration Expenses | 12,308 | 51,433 |
Cumulative Mineral Exploration Expenses since acquisition | 408,092 | 343,609 |
Portugal - Others | Site costs | ||
Mineral Exploration Expenses | 730 | 16,419 |
Cumulative Mineral Exploration Expenses since acquisition | 172,925 | 113,990 |
Portugal - Others | Travel | ||
Mineral Exploration Expenses | 23 | 3,823 |
Cumulative Mineral Exploration Expenses since acquisition | 171,652 | 111,419 |
Portugal - Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | (64,904) |
Cumulative Mineral Exploration Expenses since acquisition | (2,741,482) | (308,385) |
Portugal - Others | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Geology work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 32,377 | 32,377 |
Portugal - Others | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Portugal - Others | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Slivovo | ||
Exploration and Evaluation assets acquisition costs | 143,155 | 143,155 |
Write-down of property during the year | (143,154) | |
Exploration and Evaluation assets acquisition costs | 1 | 143,155 |
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 149,944 | 149,944 |
Addition during the period | 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 | 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 | ||
Cumulative Mineral Exploration Expenses since acquisition | 297,975 | 297,975 |
Kosovo - Slivovo | Geology work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 891,582 | 891,582 |
Kosovo - Slivovo | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 24,232 | 24,232 |
Kosovo - Slivovo | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 34,339 | 34,339 |
Kosovo - Others | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Write-down of property during the year | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 89,808 | |
Cumulative Mineral Exploration Expenses since acquisition | 1,777,602 | 1,731,675 |
Addition during the period | 0 | |
Kosovo - Others | Concession fees and taxes | ||
Mineral Exploration Expenses | 3,564 | 1,622 |
Cumulative Mineral Exploration Expenses since acquisition | 206,975 | 203,411 |
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 | 33,885 | 70,432 |
Cumulative Mineral Exploration Expenses since acquisition | 711,908 | 678,023 |
Kosovo - Others | Insurance | ||
Mineral Exploration Expenses | 217 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 15,007 | 14,790 |
Kosovo - Others | Legal and accounting | ||
Mineral Exploration Expenses | 243 | 215 |
Cumulative Mineral Exploration Expenses since acquisition | 13,958 | 13,715 |
Kosovo - Others | Office and administrative fees | ||
Mineral Exploration Expenses | 812 | 1,676 |
Cumulative Mineral Exploration Expenses since acquisition | 101,180 | 100,368 |
Kosovo - Others | Rent | ||
Mineral Exploration Expenses | 6,857 | 14,125 |
Cumulative Mineral Exploration Expenses since acquisition | 88,221 | 81,364 |
Kosovo - Others | Site costs | ||
Mineral Exploration Expenses | 285 | 697 |
Cumulative Mineral Exploration Expenses since acquisition | 194,582 | 194,297 |
Kosovo - Others | Travel | ||
Mineral Exploration Expenses | 64 | 1,041 |
Cumulative Mineral Exploration Expenses since acquisition | 22,478 | 22,414 |
Kosovo - Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | (45,158) | (45,158) |
Kosovo - Others | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 65,936 | 65,936 |
Kosovo - Others | Geology work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 402,515 | 402,515 |
Kosovo - Others | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Kosovo - Others | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Write-down of property during the year | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 252,083 | 252,083 |
Addition during the period | 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 | 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 | ||
Cumulative Mineral Exploration Expenses since acquisition | 10,846 | 10,846 |
Germany | Geology work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 223,619 | 223,619 |
Germany | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Germany | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | ||
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Write-down of property during the year | 0 | |
Exploration and Evaluation assets acquisition costs | 0 | 0 |
Mineral Exploration Expenses | 20,598 | |
Cumulative Mineral Exploration Expenses since acquisition | 248,848 | 248,848 |
Addition during the period | 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 | 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 | 0 | 4,313 |
Cumulative Mineral Exploration Expenses since acquisition | 63,191 | 63,191 |
Others | Rent | ||
Mineral Exploration Expenses | 0 | 138 |
Cumulative Mineral Exploration Expenses since acquisition | 20,560 | 20,560 |
Others | Site costs | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 8,865 | 8,865 |
Others | Travel | ||
Mineral Exploration Expenses | 0 | 555 |
Cumulative Mineral Exploration Expenses since acquisition | 15,326 | 15,326 |
Others | Reimbursements from optionee | ||
Mineral Exploration Expenses | 0 | 0 |
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Geology work | ||
Mineral Exploration Expenses | 15,592 | |
Cumulative Mineral Exploration Expenses since acquisition | 140,906 | 140,906 |
Others | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Others | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | 0 |
Exploration and Evaluation assets acquisition costs | 1,407,915 | 1,407,915 |
Write-down of property during the year | (1,239,994) | |
Exploration and Evaluation assets acquisition costs | 167,921 | 1,407,915 |
Mineral Exploration Expenses | 1,086,634 | |
Cumulative Mineral Exploration Expenses since acquisition | 7,632,511 | 7,357,764 |
Addition during the period | 0 | |
Concession fees and taxes | ||
Mineral Exploration Expenses | 68,999 | 79,503 |
Cumulative Mineral Exploration Expenses since acquisition | 1,272,449 | 1,203,450 |
Depreciation | ||
Mineral Exploration Expenses | 10,996 | 23,796 |
Cumulative Mineral Exploration Expenses since acquisition | 115,900 | 104,904 |
Drilling | ||
Mineral Exploration Expenses | 124,262 | 958,448 |
Cumulative Mineral Exploration Expenses since acquisition | 2,262,927 | 2,138,665 |
Geological salaries and consulting | ||
Mineral Exploration Expenses | 222,534 | 830,914 |
Cumulative Mineral Exploration Expenses since acquisition | 13,669,955 | 13,447,421 |
Insurance | ||
Mineral Exploration Expenses | 7,279 | 5,330 |
Cumulative Mineral Exploration Expenses since acquisition | 105,896 | 98,617 |
Legal and accounting | ||
Mineral Exploration Expenses | 760 | 680 |
Cumulative Mineral Exploration Expenses since acquisition | 74,380 | 73,620 |
Office and administrative fees | ||
Mineral Exploration Expenses | 23,688 | 70,275 |
Cumulative Mineral Exploration Expenses since acquisition | 779,050 | 755,362 |
Rent | ||
Mineral Exploration Expenses | 86,161 | 197,428 |
Cumulative Mineral Exploration Expenses since acquisition | 1,284,556 | 1,198,395 |
Site costs | ||
Mineral Exploration Expenses | 16,122 | 61,030 |
Cumulative Mineral Exploration Expenses since acquisition | 825,562 | 809,440 |
Travel | ||
Mineral Exploration Expenses | 5,626 | 33,290 |
Cumulative Mineral Exploration Expenses since acquisition | 582,319 | 576,693 |
Reimbursements from optionee | ||
Mineral Exploration Expenses | (291,680) | (1,189,652) |
Cumulative Mineral Exploration Expenses since acquisition | (15,464,810) | (15,173,130) |
Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 374,757 | 374,757 |
Geology work | ||
Mineral Exploration Expenses | 15,592 | |
Cumulative Mineral Exploration Expenses since acquisition | 1,690,999 | 1,690,999 |
Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 24,232 | 24,232 |
Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | 34,339 | 34,339 |
Portugal - Covas | ||
Exploration and Evaluation assets acquisition costs | $ 0 | 0 |
Exploration and Evaluation assets acquisition costs | 0 | |
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 66,322 | |
Addition during the period | 0 | |
Portugal - Covas | Concession fees and taxes | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 197,339 | |
Portugal - Covas | Depreciation | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | |
Portugal - Covas | Drilling | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | |
Portugal - Covas | Geological salaries and consulting | ||
Mineral Exploration Expenses | 4,930 | |
Cumulative Mineral Exploration Expenses since acquisition | 2,094,650 | |
Portugal - Covas | Insurance | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 10,550 | |
Portugal - Covas | Legal and accounting | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 130 | |
Portugal - Covas | Office and administrative fees | ||
Mineral Exploration Expenses | 839 | |
Cumulative Mineral Exploration Expenses since acquisition | 26,160 | |
Portugal - Covas | Rent | ||
Mineral Exploration Expenses | 3,107 | |
Cumulative Mineral Exploration Expenses since acquisition | 52,175 | |
Portugal - Covas | Site costs | ||
Mineral Exploration Expenses | 550 | |
Cumulative Mineral Exploration Expenses since acquisition | 58,205 | |
Portugal - Covas | Travel | ||
Mineral Exploration Expenses | 3,472 | |
Cumulative Mineral Exploration Expenses since acquisition | 60,210 | |
Portugal - Covas | Reimbursements from optionee | ||
Mineral Exploration Expenses | (12,898) | |
Cumulative Mineral Exploration Expenses since acquisition | (2,433,097) | |
Portugal - Covas | Assaying | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | |
Portugal - Covas | Geology work | ||
Mineral Exploration Expenses | 0 | |
Cumulative Mineral Exploration Expenses since acquisition | 0 | |
Portugal - Covas | Report | ||
Cumulative Mineral Exploration Expenses since acquisition | 0 | |
Portugal - Covas | Trenching and road work | ||
Cumulative Mineral Exploration Expenses since acquisition | $ 0 |
5. EXPLORATION AND EVALUATION_5
5. EXPLORATION AND EVALUATION ASSETS AND MINERAL EXPLORATION EXPENSES (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Details | |||
Advances received for contracts in progress, Alvito property | $ 1,734,369 | ||
Marateca property write off | $ 1,096,840 | ||
Marateca property termination write off | 31,622 | ||
Slivovo license writeoff | 143,154 | $ 0 | |
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, 2019 | Dec. 31, 2018 |
Due from optionee | $ 31,622 | $ 43,223 |
Covas - Blackheath | ||
Due from optionee | 31,622 | 33,855 |
Alvito - OZE | ||
Due from optionee | $ 0 | $ 9,368 |
6. PROPERTY DEPOSITS _ TAX DE_2
6. PROPERTY DEPOSITS / TAX DEPOSITS (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Pledged for its exploration licenses in Portugal | $ 17,500 | $ 134,272 |
Cash pledged for exploration written off | $ 167,059 |
7. CAPITAL AND RESERVES (Detail
7. CAPITAL AND RESERVES (Details) | 12 Months Ended | ||||
Dec. 31, 2019$ / shares | Dec. 31, 2019CAD ($)shares | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | ||
Share issue costs | $ (54,033) | [1] | $ (55,844) | $ (58,323) | |
Weighted average remaining contractual life, stock options | 1 year 11 months 12 days | 2 years 9 months 22 days | |||
Weighted average remaining contractual life, Finder's options | 0 years | 6 months 4 days | |||
Warrants, Weighted Average Contractual Life | 1 year 2 months 12 days | 1 year 7 months 13 days | |||
Issuance 6 | |||||
Date of event | Apr. 20, 2017 | ||||
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 | ||||
Common shares issued | shares | 2,500,000 | ||||
Common shares issued, price per share | $ / shares | $ 0.09 | ||||
Cash proceeds from transaction | $ 225,000 | ||||
Share issue costs | $ 11,975 | ||||
Issuance 7 | |||||
Date of event | Jul. 12, 2017 | ||||
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 | ||||
Share issue costs | $ 46,348 | ||||
Units issued | shares | 10,170,000 | ||||
Unit price per share | $ / shares | 0.10 | ||||
Warrants issued, value | $ 391,154 | ||||
Issuance 8 | |||||
Date of event | Mar. 26, 2018 | ||||
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 | ||||
Share issue costs | $ 19,019 | ||||
Units issued | shares | 6,875,000 | ||||
Unit price per share | $ / shares | 0.08 | ||||
Warrants issued, value | $ 172,137 | ||||
Issuance 9 | |||||
Date of event | Nov. 9, 2018 | ||||
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 | ||||
Units issued | shares | 10,000,000 | ||||
Unit price per share | $ / shares | 0.05 | ||||
Issuance 10 | |||||
Date of event | Dec. 17, 2018 | ||||
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 | ||||
Units issued | shares | 4,640,000 | ||||
Unit price per share | $ / shares | 0.05 | ||||
Issuance 11 | |||||
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 (“Unit”) at a price of $0.05 per Unit for gross proceeds of $100,000 | ||||
Cash proceeds from transaction | $ 100,000 | ||||
Units issued | shares | 2,000,000 | ||||
Unit price per share | $ / shares | 0.05 | ||||
Issuance 12 | |||||
Date of event | Dec. 18, 2019 | ||||
Description of significant events and transactions | Company completed a non-brokered private placement by issuing 3,640,000 units (“Unit”) at a price of $0.05 per Unit for gross proceeds of $182,000 | ||||
Cash proceeds from transaction | $ 182,000 | ||||
Units issued | shares | 3,640,000 | ||||
Unit price per share | $ / shares | $ 0.05 | ||||
[1] | Note 8. |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Options Outstanding | 6,940,000 | 6,245,000 | 6,055,000 |
Options Outstanding, granted | 183,000 | 1,840,000 | 1,310,000 |
Options Outstanding, exercised | 0 | 0 | 0 |
Options Outstanding, expired or cancelled | (200,000) | (1,145,000) | (1,120,000) |
Options Outstanding | 6,923,000 | 6,940,000 | 6,245,000 |
Options Exercisable | 6,940,000 | 6,245,000 | 6,055,000 |
Options Exercisable, granted | 183,000 | 1,840,000 | 1,310,000 |
Options Exercisable, exercised | 0 | 0 | 0 |
Options Exercisable, expired or cancelled | (200,000) | (1,145,000) | (1,120,000) |
Options Exercisable | 6,923,000 | 6,940,000 | 6,245,000 |
Weighted average exercise price | $ 0.12 | $ 0.12 | $ 0.15 |
Weighted average exercise price, options granted | 0.05 | 0.10 | 0.10 |
Weighted average exercise price, options exercised | 0 | 0 | 0 |
Weighted average exercise price, options expired or cancelled | 0.165 | 0.10 | 0.25 |
Weighted average exercise price | $ 0.12 | $ 0.12 | $ 0.12 |
Option 1 | |||
Expiry Date | Mar. 3, 2019 | ||
Optiion Exercise Price | $ 0.165 | ||
Number of Options | 200,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | (200,000) | ||
Stock Options, Balance | 0 | ||
Option 2 | |||
Expiry Date | Jul. 15, 2020 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 2,015,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 2,015,000 | ||
Option 3 | |||
Expiry Date | Sep. 26, 2021 | ||
Optiion Exercise Price | $ 0.18 | ||
Number of Options | 1,575,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,575,000 | ||
Option 4 | |||
Expiry Date | Apr. 26, 2022 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,310,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,310,000 | ||
Option 5 | |||
Expiry Date | Mar. 14, 2023 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,800,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,800,000 | ||
Option 6 | |||
Expiry Date | Mar. 26, 2023 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 40,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 40,000 | ||
Option 7 | |||
Expiry Date | Jan. 7, 2024 | ||
Optiion Exercise Price | $ 0.05 | ||
Number of Options | 0 | ||
Options Granted | 183,000 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 183,000 | ||
Option 8 | |||
Expiry Date | Oct. 16, 2018 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,145,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | (1,145,000) | ||
Stock Options, Balance | 0 | ||
Option 9 | |||
Expiry Date | Mar. 3, 2019 | ||
Optiion Exercise Price | $ 0.165 | ||
Number of Options | 200,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 200,000 | ||
Option 10 | |||
Expiry Date | Jul. 15, 2020 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 2,015,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 2,015,000 | ||
Option 11 | |||
Expiry Date | Sep. 26, 2021 | ||
Optiion Exercise Price | $ 0.18 | ||
Number of Options | 1,575,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,575,000 | ||
Option 12 | |||
Expiry Date | Apr. 26, 2022 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,310,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,310,000 | ||
Option 13 | |||
Expiry Date | Mar. 14, 2023 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 0 | ||
Options Granted | 1,800,000 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,800,000 | ||
Option 14 | |||
Expiry Date | Mar. 26, 2023 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 0 | ||
Options Granted | 40,000 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 40,000 | ||
Option 15 | |||
Expiry Date | Jan. 27, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 100,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | (100,000) | ||
Stock Options, Balance | 0 | ||
Option 16 | |||
Expiry Date | Apr. 10, 2017 | ||
Optiion Exercise Price | $ 0.30 | ||
Number of Options | 720,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | (720,000) | ||
Stock Options, Balance | 0 | ||
Option 17 | |||
Expiry Date | Jul. 15, 2017 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 300,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | (300,000) | ||
Stock Options, Balance | 0 | ||
Option 18 | |||
Expiry Date | Oct. 16, 2018 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 1,145,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,145,000 | ||
Option 19 | |||
Expiry Date | Mar. 3, 2019 | ||
Optiion Exercise Price | $ 0.165 | ||
Number of Options | 200,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 200,000 | ||
Option 20 | |||
Expiry Date | Jul. 15, 2020 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 2,015,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 2,015,000 | ||
Option 21 | |||
Expiry Date | Sep. 26, 2021 | ||
Optiion Exercise Price | $ 0.18 | ||
Number of Options | 1,575,000 | ||
Options Granted | 0 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,575,000 | ||
Option 22 | |||
Expiry Date | Apr. 26, 2022 | ||
Optiion Exercise Price | $ 0.10 | ||
Number of Options | 0 | ||
Options Granted | 1,310,000 | ||
Options Exercised | 0 | ||
Options Expired or Cancelled | 0 | ||
Stock Options, Balance | 1,310,000 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risk-free interest rate | 1.33% | 1.25% | 1.21% |
Expected life | 5 years | 5 years | 5 years |
Expected volatility | 123.92% | 130.43% | 141.88% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Finder's Options Outstanding, Number of Options | 411,250 | 510,250 | 662,850 |
Finder's Options Outstanding, Number of Options Issued | 0 | 0 | 0 |
Finder's Options Outstanding, Number of Options Exercised | 0 | 0 | 0 |
Finder's Options Outstanding, Number of Options Expired | (411,250) | (99,000) | (152,600) |
Finder's Options Outstanding, Number of Options | 0 | 411,250 | 510,250 |
Finder's Options, Weighted Average Exercise Price | $ 0.10 | $ 0.10 | $ 0.13 |
Finder's Options, Weighted Average Exercise Price, Issued | 0 | 0 | 0 |
Finder's Options, Weighted Average Exercise Price, Exercised | 0 | 0 | 0 |
Finder's Options, Weighted Average Exercise Price, Expired | 0.10 | 0.10 | 0.25 |
Finder's Options, Weighted Average Exercise Price | $ 0 | $ 0.10 | $ 0.10 |
Option 1 | |||
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 | (411,250) | ||
Finder's Option, Number of Options | 0 | 411,250 | |
Option 2 | |||
Finder's Option, Expiry Date | Jul. 14, 2018 | ||
Finder's Option, Exercise Price | $ 0.10 | ||
Finder's Option, Number of Options | 0 | 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 | 411,250 | |
Finder's Option, Number of Options Issued | 0 | ||
Finder's Option, Number of Options Exercised | 0 | ||
Finder's Option, Number of Options Expired | 0 | ||
Finder's Option, Number of Options | 411,250 | 411,250 | |
Option 4 | |||
Finder's Option, Expiry Date | Aug. 22, 2017 | ||
Finder's Option, Exercise Price | $ 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 | ||
Option 5 | |||
Finder's Option, Expiry Date | Jul. 14, 2018 | ||
Finder's Option, Exercise Price | $ 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 | ||
Option 6 | |||
Finder's Option, Expiry Date | Jul. 4, 2019 | ||
Finder's Option, Exercise Price | $ 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 |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risk-free interest rate | 0.00% | 0.00% | 0.00% |
Expected life | 0 years | 0 years | 0 years |
Expected volatility | 0.00% | 0.00% | 0.00% |
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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Warrants, Outstanding, Number of Options | 45,232,000 | 34,637,000 | 40,857,000 | |
Warrants, Outstanding, Number of Options Issued | 3,820,000 | 21,515,000 | 10,170,000 | |
Warrants, Outstanding, Number of Options Exercised | 0 | 0 | 0 | |
Warrants, Outstanding, Number of Options Expired | (13,547,000) | (10,920,000) | (16,390,000) | |
Warrants, Outstanding, Number of Options | 35,505,000 | 45,232,000 | 34,637,000 | |
Warrants, Weighted Average Exercise Price | $ 0.13 | $ 0.15 | $ 0.22 | |
Warrants, Weighted Average Exercise Price, Issued | 0.08 | 0.11 | 0.15 | |
Warrants, Weighted Average Exercise Price, Exercised | 0 | 0 | 0 | |
Warrants, Weighted Average Exercise Price, Expired | 0.15 | 0.15 | 0.33 | |
Warrants, Weighted Average Exercise Price | $ 0.12 | $ 0.13 | $ 0.15 | |
Option 1 | ||||
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 | (13,547,000) | |||
Warrants, Number of Options | 0 | 13,547,000 | ||
Option 2 | ||||
Warrants, Expiry Date | [1] | Mar. 26, 2020 | ||
Warrants, Exercise Price | $ 0.12 | |||
Warrants, Number of Options | 6,875,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 6,875,000 | 6,875,000 | ||
Option 3 | ||||
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 4 | ||||
Warrants, Expiry Date | [2] | Nov. 9, 2021 | ||
Warrants, Exercise Price | $ 0.10 | |||
Warrants, Number of Options | 10,000,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 10,000,000 | 10,000,000 | ||
Option 5 | ||||
Warrants, Expiry Date | [2] | Dec. 17, 2021 | ||
Warrants, Exercise Price | $ 0.10 | |||
Warrants, Number of Options | 4,640,000 | |||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,640,000 | 4,640,000 | ||
Option 6 | ||||
Warrants, Expiry Date | [2] | Feb. 25, 2022 | ||
Warrants, Exercise Price | $ 0.10 | |||
Warrants, Number of Options | 0 | |||
Warrants, Number of Options Issued | 2,000,000 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 2,000,000 | 0 | ||
Option 7 | ||||
Warrants, Expiry Date | Dec. 18, 2021 | |||
Warrants, Exercise Price | $ 0.05 | |||
Warrants, Number of Options | 0 | |||
Warrants, Number of Options Issued | 1,820,000 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 1,820,000 | 0 | ||
Option 8 | ||||
Warrants, Expiry Date | Jul. 14, 2018 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 0 | 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 9 | ||||
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 10 | ||||
Warrants, Expiry Date | Jul. 12, 2020 | |||
Warrants, Exercise Price | $ 0.15 | |||
Warrants, Number of Options | 10,170,000 | 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 11 | ||||
Warrants, Expiry Date | Mar. 26, 2020 | |||
Warrants, Exercise Price | $ 0.12 | |||
Warrants, Number of Options | 6,875,000 | 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 12 | ||||
Warrants, Expiry Date | Nov. 9, 2021 | |||
Warrants, Exercise Price | $ 0.10 | |||
Warrants, Number of Options | 10,000,000 | 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 13 | ||||
Warrants, Expiry Date | Dec. 17, 2021 | |||
Warrants, Exercise Price | $ 0.10 | |||
Warrants, Number of Options | 4,640,000 | 0 | ||
Warrants, Number of Options Issued | 4,640,000 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | 0 | |||
Warrants, Number of Options | 4,640,000 | 0 | ||
Option 14 | ||||
Warrants, Expiry Date | Mar. 28, 2017 | |||
Warrants, Exercise Price | $ 0.40 | |||
Warrants, Number of Options | 0 | 4,000,000 | ||
Warrants, Number of Options Issued | 0 | |||
Warrants, Number of Options Exercised | 0 | |||
Warrants, Number of Options Expired | (4,000,000) | |||
Warrants, Number of Options | 0 | |||
Option 15 | ||||
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 | |||
Option 16 | ||||
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 | |||
Option 17 | ||||
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 18 | ||||
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 | |||
Option 19 | ||||
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 | |||
[1] | Subsequently, these warrants expired unexercised. | |||
[2] | These warrants have a forced exercise price. If the closing price of the Companys shares is $0.20 or greater for a period of 20 consecutive trading days, the warrants will expire on the earlier of the 30th day after such notice is given and the original expiry date. |
7. CAPITAL AND RESERVES_ Sch_12
7. CAPITAL AND RESERVES: Schedule of weighted average assumptions used to estimate the fair value of warrants (Details) - Warrants | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Risk-free interest rate | 1.55% | 1.14% | 0.71% |
Expected life | 2 years 6 months 7 days | 2 years 8 months 5 days | 3 years |
Expected volatility | 118.63% | 108.87% | 116.49% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
8. RELATED PARTY TRANSACTIONS_4
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of transactions and outstanding balances relating to key management personnel (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Paul W. Kuhn Chief Executive Officer, Director | |||
Aggregate value of transaction - Short-term employee benefits | $ 163,766 | $ 253,968 | $ 265,828 |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | 0 |
Aggregate value of transaction - Termination benefits | 0 | 0 | 0 |
Aggregate value of transaction - Other expenses | 53,482 | 61,430 | 53,262 |
Aggregate value of transaction - Share-based payments | 0 | 11,505 | 16,880 |
Aggregate value of transaction - Total | 217,248 | 326,903 | 335,970 |
Paul L. Nelles (c) Director | |||
Aggregate value of transaction - Short-term employee benefits | 8,070 | 19,950 | 19,100 |
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 | 0 | 7,670 | 4,220 |
Aggregate value of transaction - Total | 8,070 | 27,620 | 23,320 |
Frank Hogel Director | |||
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 | 5,530 | 7,670 | 4,220 |
Aggregate value of transaction - Total | $ 5,530 | 7,670 | 4,220 |
Winnie Wong, Chief Financial Officer | |||
Aggregate value of transaction - Short-term employee benefits | 0 | 0 | |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | |
Aggregate value of transaction - Termination benefits | 0 | 0 | |
Aggregate value of transaction - Other expenses | 0 | 0 | |
Aggregate value of transaction - Share-based payments | 9,588 | 12,660 | |
Aggregate value of transaction - Total | 9,588 | 12,660 | |
Mark T. Brown Director | |||
Aggregate value of transaction - Short-term employee benefits | 0 | 0 | |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | |
Aggregate value of transaction - Termination benefits | 0 | 0 | |
Aggregate value of transaction - Other expenses | 0 | 0 | |
Aggregate value of transaction - Share-based payments | 9,588 | 12,660 | |
Aggregate value of transaction - Total | 9,588 | 12,660 | |
Paul Dircksen Director | |||
Aggregate value of transaction - Short-term employee benefits | 0 | 0 | |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | |
Aggregate value of transaction - Termination benefits | 0 | 0 | |
Aggregate value of transaction - Other expenses | 0 | 0 | |
Aggregate value of transaction - Share-based payments | 7,670 | 4,220 | |
Aggregate value of transaction - Total | 7,670 | 4,220 | |
Ross Stringer Director | |||
Aggregate value of transaction - Short-term employee benefits | 0 | 0 | |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | |
Aggregate value of transaction - Termination benefits | 0 | 0 | |
Aggregate value of transaction - Other expenses | 0 | 0 | |
Aggregate value of transaction - Share-based payments | 7,670 | 4,220 | |
Aggregate value of transaction - Total | 7,670 | 4,220 | |
Adriano Barros (d) | |||
Aggregate value of transaction - Short-term employee benefits | 0 | 0 | |
Aggregate value of transaction - Post-employment benefits | 0 | 0 | |
Aggregate value of transaction - Other long-term benefits | 0 | 0 | |
Aggregate value of transaction - Termination benefits | 0 | 0 | |
Aggregate value of transaction - Other expenses | 0 | 0 | |
Aggregate value of transaction - Share-based payments | 5,369 | 16,880 | |
Aggregate value of transaction - Total | $ 5,369 | $ 16,880 |
8. RELATED PARTY TRANSACTIONS_5
8. RELATED PARTY TRANSACTIONS AND BALANCES: Schedule of Related Party Liabilities (Details) - CAD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Related Party Liability - Amount during period | $ 439,476 | $ 745,883 | $ 834,975 | |
Related Party Liability | 130,652 | |||
Pacific Opportunity Capital Ltd | ||||
Related Party Liability - Description of Services | [1] | Rent, management, accounting, marketing and financing services | ||
Related Party Liability - Amount during period | [1] | $ 198,158 | 228,455 | 218,690 |
Related Party Liability | [1] | 62,754 | ||
Paul W. Kuhn | ||||
Related Party Liability - Description of Services | [2] | Consulting, salaries, housing allowance and share-based payment | ||
Related Party Liability - Amount during period | [2] | $ 217,248 | 326,903 | 335,970 |
Related Party Liability | [2] | 33,523 | ||
Mark T. Brown (f) | ||||
Related Party Liability - Description of Services | [3] | Short-term loan | ||
Related Party Liability - Amount during period | [3] | $ 16,000 | 0 | 0 |
Related Party Liability | [3] | 0 | ||
Paul L. Nelles | ||||
Related Party Liability - Description of Services | [4] | Salaries and share-based payment | ||
Related Party Liability - Amount during period | [4] | $ 8,070 | 27,620 | 23,320 |
Related Party Liability | [4] | 0 | ||
Mineralia | ||||
Related Party Liability - Description of Services | [5] | Consulting | ||
Related Party Liability - Amount during period | [5] | $ 0 | 157,536 | 198,089 |
Related Party Liability | [5] | 34,375 | ||
B&B Renting and Consulting Lda | ||||
Related Party Liability - Description of Services | [6] | Rent | ||
Related Party Liability - Amount during period | [6] | $ 0 | 0 | 42,026 |
Related Party Liability | [6] | 0 | ||
Adriano Barros | ||||
Related Party Liability - Description of Services | [5] | Share-based payment | ||
Related Party Liability - Amount during period | [5] | $ 0 | 5,369 | $ 16,880 |
Related Party Liability | [5] | $ 0 | ||
[1] | Pacific Opportunity Capital Ltd., a company controlled by a director of the Company | |||
[2] | On June 1, 2019, the Company entered into a Contract for Services (the Contract) with a contractor to serve as the Companys president and chief executive officer. The contractor is responsible for providing technical oversight and guidance, establishing corporate goals and objectives and setting and implementing corporate strategies. | |||
[3] | Mark T. Brown is a director of the Company. The $16,000 advance is non-interest bearing without specific terms of repayment. | |||
[4] | Paul L. Nelles is a director of Innomatik | |||
[5] | Mineralia, a private company partially owned by Adriano Barros, the general manager of MAEPA | |||
[6] | B&B Renting and Consulting Lda., a private company partially owned by Adriano Barros, the general manager of MAEPA |
9. LONG-TERM LOAN (Details)
9. LONG-TERM LOAN (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Details | ||
Long-term loan, with payment schedule, including interest | $ 18,249 | $ 27,911 |
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, 2019 | Dec. 31, 2018 |
Details | ||
Long-term loan, gross amount | $ 16,902 | $ 25,127 |
Current portion of long-term loan | 6,963 | 7,031 |
Long-term loan, less current portion | 9,939 | 18,096 |
Long-term loan payment schedule - Year 1 | 7,821 | 8,373 |
Long-term loan payment schedule - Year 2 | 7,821 | 8,373 |
Long-term loan payment schedule - Year 3 | 2,607 | 8,373 |
Long-term loan payment schedule - Year 4 | 0 | 2,792 |
Long-term loan, with payment schedule | 18,249 | 27,911 |
Long-term loan, imputed interest | 1,224 | 2,596 |
Long-term loan, other fees | 123 | 188 |
Long-term loan, less imputed interest | $ 16,902 | $ 25,127 |
10. LOSS PER SHARE (Details)
10. LOSS PER SHARE (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details | |||
Income (Loss) attributable to common shareholders | $ 2,097,599 | $ 1,885,332 | $ 1,906,297 |
Income (Loss) attributable to common shareholders | 110,256,592 | 93,795,401 | 80,787,810 |
Share Purchase Optioins not included in dilution | 6,923,000 | 6,940,000 | 6,245,000 |
Warrants outstanding not included in dilution | 35,505,000 | 45,232,000 | 34,637,000 |
Share Purchase Optioins not included in dilution | 411,250 | 510,250 |
11. FINANCIAL INSTRUMENTS (Deta
11. FINANCIAL INSTRUMENTS (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Details | |||
Cash | $ 58,343 | $ 106,288 | $ 182,794 |
Current trade receivables | 17,042 | 22,308 | |
Other receivables | 29,096 | 35,636 | |
Funds held for optionees and accounts payable owed by optionees | $ 1,099,588 | $ 766,550 |
11. FINANCIAL INSTRUMENTS_ Sc_2
11. FINANCIAL INSTRUMENTS: Schedule of financial assets measured at fair value by level (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Level 1 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | $ 58,343 | $ 106,288 |
Fair value - Due from optionees | 31,622 | 43,223 |
Fair value - Other receivables | 29,096 | 35,636 |
Fair value - Property deposits | 17,500 | 134,272 |
Fair value - Assets | 136,561 | 319,419 |
Level 2 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | 0 | 0 |
Fair value - Due from optionees | 0 | 0 |
Fair value - Other receivables | 0 | 0 |
Fair value - Property deposits | 0 | 0 |
Fair value - Assets | 0 | 0 |
Level 3 of fair value hierarchy | ||
Assets | ||
Fair value - Cash | 0 | 0 |
Fair value - Due from optionees | 0 | 0 |
Fair value - Other receivables | 0 | 0 |
Fair value - Property deposits | 0 | 0 |
Fair value - Assets | 0 | 0 |
Fair value - Cash | 58,343 | 106,288 |
Fair value - Due from optionees | 31,622 | 43,223 |
Fair value - Other receivables | 29,096 | 35,636 |
Fair value - Property deposits | 17,500 | 134,272 |
Fair value - Assets | $ 136,561 | $ 319,419 |
12. SUPPLEMENTAL DISCLOSURE W_2
12. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS (Details) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details | |||||||
Mineral exploration expenses related to depreciation | $ 10,996 | $ 23,796 | $ 21,520 | ||||
Equipment purchased and financed with long-term loan | [1] | $ 0 | $ 0 | $ 40,490 | |||
Share issue costs included in accounts payable and accrued liabilities | $ 0 | $ 3,311 | $ 0 | ||||
Share issue costs included in Due to related parties | $ 77,800 | $ 32,000 | $ 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, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Details | |||
Net loss for the year | $ (2,097,599) | $ (1,885,332) | $ (1,906,297) |
Expected income tax recovery | (566,352) | (509,040) | (495,637) |
Effect of foreign tax rate | 46,724 | 145,825 | 110,748 |
Non-deductible items | 112,279 | 38,513 | 76,169 |
Deductible items | (15,196) | (15,911) | (14,580) |
Unrecognized benefit of non-capital losses | 422,545 | 340,613 | 323,301 |
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, 2019 | Dec. 31, 2018 |
Deferred income tax assets | ||
Non-capital loss carryforwards | $ 1,854,696 | $ 1,660,778 |
Share issue costs | 31,166 | 31,773 |
Deferred tax assets | 1,885,862 | 1,692,551 |
Valuation allowance | (1,885,862) | (1,692,551) |
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, 2019CAD ($) | |
Non-capital losses (income) | $ 6,868,500 |
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 |
Non-capital loss - Item 13 | |
Non-capital losses - Year of Origin | 2,019 |
Non-capital losses - Year of Expiry | 2,039 |
Non-capital losses (income) | $ 718,000 |
15. SEGMENTED FINANCIAL INFOR_3
15. SEGMENTED FINANCIAL INFORMATION: Schedule of Geographic information (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Portugal | ||
Non-current assets | $ 244,251 | $ 1,433,139 |
Mineral exploration expenses | 520,500 | 2,165,880 |
Kosovo | ||
Non-current assets | 1 | 143,155 |
Mineral exploration expenses | 45,927 | 89,808 |
All | ||
Non-current assets | 244,252 | 1,576,294 |
Mineral exploration expenses | 566,427 | 2,276,286 |
Others | ||
Mineral exploration expenses | $ 0 | $ 20,598 |
16. EVENTS AFTER THE REPORTIN_2
16. EVENTS AFTER THE REPORTING PERIOD (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Event after reporting period #1 | |
Description of nature of non-adjusting event after reporting period | In March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. |
Event after reporting period #1 | Bottom of range | |
Subsequent Event, Date | Mar. 1, 2020 |
Event after reporting period #1 | Top of range | |
Subsequent Event, Date | Mar. 31, 2020 |
Event after reporting period #2 | |
Description of nature of non-adjusting event after reporting period | On March 27, 2020, MAEPA and EUL entered into a Quota Transfer Agreement pursuant to which MAEPA split its 100% interest in the share capital of Pormining into two quotas |
Subsequent Event, Date | Mar. 27, 2020 |
Event after reporting period #3 | |
Description of nature of non-adjusting event after reporting period | On March 27, 2020, the Company, MAEPA, MATSA and EUL entered into the Pormining Lda. Shareholders’ Agreement (the “Agreement”) |
Subsequent Event, Date | Mar. 27, 2020 |