Contango Ore (CTGO) 10-Q 9 May 17 2017 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2017	May 09, 2017
Document Information [Line Items]
Entity Registrant Name	Contango ORE, Inc.
Entity Central Index Key	1,502,377
Trading Symbol	ctgo
Current Fiscal Year End Date	--06-30
Entity Filer Category	Smaller Reporting Company
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		4,903,766
Document Type	10-Q
Document Period End Date	Mar. 31, 2017
Document Fiscal Year Focus	2,017
Document Fiscal Period Focus	Q3
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
CURRENT ASSETS:
Cash	$ 5,647,941	$ 1,254,489
Prepaid expenses and other	78,115	58,165
Total current assets	5,726,056	1,312,654
OTHER ASSETS:
Investment in Peak Gold, LLC (Note 4)
Total other assets
TOTAL ASSETS	5,726,056	1,312,654
CURRENT LIABILITIES:
Accounts payable	20,644	20,854
Accrued liabilities	82,219	92,884
Total current liabilities	102,863	113,738
COMMITMENTS AND CONTINGENCIES (NOTE 12)
SHAREHOLDERS’ EQUITY:
Common Stock, $0.01 par value, 30,000,000 shares authorized; 4,910,951 shares issued and 4,903,766 outstanding at March 31, 2017; 3,958,540 shares issued and outstanding at June 30, 2016	49,110	39,585
Additional paid-in capital	40,085,530	33,434,899
Treasury shares at cost (7,185 shares at March 31, 2017; and 0 at June 30, 2016)	(171,158)
Accumulated deficit	(34,340,289)	(32,275,568)
SHAREHOLDERS’ EQUITY	5,623,193	1,198,916
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 5,726,056	$ 1,312,654

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2017	Jun. 30, 2016
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	30,000,000	30,000,000
Common stock, shares issued (in shares)	4,910,951	3,958,540
Common stock, shares outstanding (in shares)	4,903,766	3,958,540
Treasury shares, number (in shares)	7,185	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Claim rentals and minimum royalties				$ 14,425
General and administrative expense	516,929	181,257	2,064,721	935,482
Total expenses	516,929	181,257	2,064,721	949,907
Loss from equity investment in Peak Gold, LLC (Note 4)
NET LOSS	$ (516,929)	$ (181,257)	$ (2,064,721)	$ (949,907)
Basic and diluted (in dollars per share)	$ (0.11)	$ (0.05)	$ (0.46)	$ (0.24)
Basic and diluted (in shares)	4,903,766	3,957,640	4,509,950	3,918,430

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (2,064,721)	$ (949,907)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	1,372,656	437,452
Changes in operating assets and liabilities:
Increase in prepaid expenses	(19,950)	(19,091)
Decrease in accounts payable and accrued liabilities	(10,875)	(69,163)
Net cash used in operating activities	(722,890)	(600,709)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash paid for shares withheld from employees for payroll tax withholding	(171,158)
Cash from warrant exercises	5,287,500
Net cash provided by financing activities	5,116,342
NET INCREASE/(DECREASE) IN CASH AND CASH EQUIVALENTS	4,393,452	(600,709)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	1,254,489	1,947,046
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 5,647,941	$ 1,346,337

Condensed Consolidated Stateme6

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - 9 months ended Mar. 31, 2017 - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Accumulated Deficit, Exploration Stage [Member]	Total
Balance (in shares) at Jun. 30, 2016	3,958,540				3,958,540
Balance at Jun. 30, 2016	$ 39,585	$ 33,434,899		$ (32,275,568)	$ 1,198,916
Stock-based compensation		1,372,656			1,372,656
Restricted shares activity (in shares)	280,067
Restricted shares activity	$ 2,801	(2,801)
Treasury shares withheld for employee taxes			(171,158)		(171,158)
Stock option exercises (in shares)	52,174
Stock option exercises	$ 522	(522)
Stock warrant exercises (in shares)	620,170
Stock warrant exercises	$ 6,202	5,281,298			5,287,500
Net loss for the period				(2,064,721)	$ (2,064,721)
Balance (in shares) at Mar. 31, 2017	4,910,951				4,903,766
Balance at Mar. 31, 2017	$ 49,110	$ 40,085,530	$ (171,158)	$ (34,340,289)	$ 5,623,193

Note 1 - Organization and Busin

Note 1 - Organization and Business	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block]	1. Contango ORE, Inc. (“CORE” or the “Company”) is a Houston-based company that engages in the exploration in Alaska for gold and associated minerals through a joint venture company, Peak Gold, LLC. The Company was formed on September 1, 2010 two January 2015. On November 29, 2010, $3.5 1.6 805, The Company is still in an exploration stage. The Company ’s fiscal year end is June 30. The properties contributed by Contango included: (i) a 100% 675,000 18,021 3.0% September 29, 2014, 3.0% 10 In September 2012, 474 unpatented state of Alaska mining claims consisting of 71,896 2.0% July 1, 2012. 2.0% September 29, 2014, 2.0% 10 On September 29, 2014, January 8, 2015 In connection with the Closing, the Company contributed its Tetlin Lease and state of Alaska mining claims near Tok, Alaska (the "Tetlin Property"), together with other property, to Peak Gold, LLC, a newly formed limited liability company (the “Joint Venture Company”). The Joint Venture Company is managed according to a Limited Liability Company Agreement between subsidiaries of Royal Gold and the Company. At the Closing, Royal Gold made an initial investment of $5 $5 40% $30 $5 October 2018. March 31, 2017, $20.0 24.9%. The Company has completed seven two 2016, three March 31, 2017, 2017 217 34,480

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Basis of Accounting [Text Block]	2. The accompanying unaudited consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), including instructions to Form 10 8 ’s Form 10 June 30, 2016. three nine March 31, 2017 may June 30, 2017.

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Significant Accounting Policies [Text Block]	3. The Company ’s significant accounting policies are described below. Management Estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90 Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each option award is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value of each restricted stock award is equal to the Company's stock price on the date the award is granted. Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of March 31, 2017 June 30, 2016 not not March 31, 2017 June 30, 2016. Investment in the Joint Venture Company. The Company’s consolidated financial statements include the investment in Peak Gold, LLC which is accounted for under the equity method. The Company has designated one three March 31, 2017 75.1% June 30, 2016 zero. Recently Issued Accounting Pronouncements. August 2016, 2016 15: 230), 230, eight eight 1) 2) zero 3) 4) 5) 6) 7) 8) December 15, 2017, may In March 2016, 2016 09: Compensation – Stock Compensation (Topic 718): 2016 09) 2016 09 2016 09 2016 09 December 15, 2016, In November 2015, 2015 17: Income Taxes (Topic 740): 2015 17 one one ’s fiscal year beginning July 1, 2017 The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company ’s consolidated financial statements.

Note 4 - Investment in Peak Gol

Note 4 - Investment in Peak Gold, LLC	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Investment in Peak Gold, LLC [Text Block]	4 . Investment in Peak Gold, LLC The Company recorded its investment at the historical book value of the assets contributed to the Joint Venture Company which was approximately $1.4 March 31, 2017, $20.0 24.9%. $20.0 $3.0 March 31, 2017. March 31, 2017, 75.1% June 30, 2016, 89.0% not The following table is a roll-forward of our investment in the Joint Venture Company from January 8, 2015 March 31, 2017: Investment in Peak Gold, LLC Investment balance at June 30, 2014 $ — Investment in Peak Gold, LLC, at inception January 8, 2015 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance at June 30, 2015 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2016 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at March 31, 2017 $ — The following table presents the condensed balance sheet for Peak Gold, LLC as of March 31, 2017 June 30, 2016: March 31, 2017 June 30, 2016 ASSETS Cash and cash equivalents $ 1,233,727 $ 990,698 Mineral properties 1,433,886 1,433,886 TOTAL ASSETS $ 2,667,613 $ 2,424,584 LIABILITIES AND MEMBERS' EQUITY Accounts payable and other liabilities $ 1,448,798 $ 1,674,956 TOTAL LIABILITIES 1,448,798 1,674,956 MEMBERS' EQUITY 1,218,815 749,628 TOTAL LIABILITIES AND MEMBERS' EQUITY $ 2,667,613 $ 2,424,584 The Company's share of the Joint Venture Company's results of operations for the three nine March 31, 2017 $2.1 $7.1 three nine March 31, 2016 $1.8 $6.3 The Peak Gold, LLC loss does not include any provisions related to income taxes as Peak Gold, LLC is treated as a partnership for income tax purposes. As of March 31, 2017 June 30, 2016, $17.9 $10.9 $1.4 zero March 31, 2017 June 30, 2016. $1.4 March 31, 2017 $16.5 three nine March 31, 2017 2016: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Inception to Date March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 EXPENSES: Exploration expense $ 2,358,681 $ 1,667,889 $ 7,591,712 $ 5,612,119 $ 17,106,300 General and administrative 420,157 274,454 1,239,101 829,257 3,058,771 Total expenses 2,778,838 1,942,343 8,830,813 6,411,376 20,165,071 NET LOSS $ 2,778,838 $ 1,942,343 $ 8,803,813 $ 6,411,376 $ 20,165,071

Note 5 - Costs Incurred

Note 5 - Costs Incurred	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Mineral Industries Disclosures [Text Block]	5. Costs incurred by the Company to acquire and explore our Tetlin Lease and other properties were as follows: Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Exploration costs, claim rentals, and minimum royalties $ — $ — $ — $ 14,425 Total costs incurred $ — $ — $ — $ 14,425 The Tetlin Lease had an initial ten July 2008 ten July 15, 2028, August 2015

Note 6 - Prepaid Expenses

Note 6 - Prepaid Expenses	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Prepaid Expenses [Text Block]	6. The Company has prepaid expenses of $78,115 $58,165 March 31 , 2017 June 30, 2016,

Note 7 - Loss Per Share

Note 7 - Loss Per Share	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Earnings Per Share [Text Block]	7. A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: Three Months ended March 31, 2017 2016 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (516,929 ) 4,903,766 $ (0.11 ) $ (181,257 ) 3,957,640 $ (0.05 ) Diluted Loss per Share: Net loss attributable to common stock $ (516,929 ) 4,903,766 $ (0.11 ) $ (181,257 ) 3,957,640 $ (0.05 ) Nine Months ended March 31, 2017 2016 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (2,064,721 ) 4,509,950 $ (0.46 ) $ (949,907 ) 3,918,430 $ (0.24 ) Diluted Loss per Share: Net loss attributable to common stock $ (2,064,721 ) 4,509,950 $ (0.46 ) $ (949,907 ) 3,918,430 $ (0.24 ) Options and warrants to purchase 887,999 1,635,999 March 31, 2017 June 30, 2016, three nine March 31, 2017 2016

Note 8 - Shareholders' Equity

Note 8 - Shareholders' Equity	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	8. ’ Equity The Company ’s authorized capital stock consists of 30,000,000 15,000,000 March 31, 2017, 4,903,766 198,997 887,999 March 31, 2017. No August 2016 January 2019. In September 2016, $0.01 The offering applied to warrant holders with an exercise price of $10.00 March 2013. $9.00 November 15, 2016. 587,500 $5.3 83,334 Rights Plan On December 19, 2012, March 21, 2013, September 29, 2014, December 18, 2014, November 11, 2015. 1/100 of a share of Series A Junior Preferred Stock of the Company (the “Preferred Stock”) at an exercise price of $80 per share. The Rights will be exercisable and will trade separately from the shares of common stock only if a person or group, other than the Estate of Mr. Kenneth R. Peak and its affiliates, acquires beneficial ownership of 23% Under the terms of the Rights Plan, Rights have been distributed as a dividend at the rate of one December 20, 2012. December 20, 2012. December 19, 2018.

Note 9 - Formation of Joint Ven

Note 9 - Formation of Joint Venture Company	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Formation of Joint Venture Company [Text Block]	9. On January 8, 2015, ’s Tetlin Properties, for gold ore and associated minerals prospects. In connection with the Closing of the Transactions, the Company formed the Joint Venture Company. The Company contributed to the Joint Venture Company its Tetlin properties near Tok, Alaska, together with other property (the “Contributed Assets”) with a historical book value of $1.4 $45.7 Royal Gold serves as manager of the Joint Venture Company ("the Manager") and will initially manage, direct, and control the operations of the Joint Venture Company. As a condition to the Closing, the Company and the Tetlin Village Council entered into a Stability Agreement dated October 2, 2014, At Closing, Royal Gold, as an initial contribution to the Joint Venture Company, contributed $5 ’s percentage interest in the Joint Venture Company equaled 0% 100%. $750,000 The Joint Venture Company's LLC Agreement provides Royal Gold with the right, but not the obligation, to earn a percentage interest in the Joint Venture Company (up to a maximum of 40%) $30 $5 October 31, 2018. $30 October 31, 2018, 40% 60% March 31, 2017, $20.0 $5 24.9%. The proceeds of Royal Gold ’s contributions to the Joint Venture Company (including the Royal Gold Initial Contribution) have been used by the Joint Venture Company to fund further exploration activities on the Tetlin Properties. Both the Company and Royal Gold will have the right to transfer each of their respective percentage interests in the Joint Venture Company to a third third ’s proportionate share of its percentage interests at the same purchase price and terms and conditions. Once Royal Gold has earned a 40% 20% 40% third third After October 31, 2018, 40% 100. The Joint Venture Company is a variable interest entity as defined by FASB ASU No. 2015 02, Consolidation (Topic 810):

Note 10 - Related Party Transac

Note 10 - Related Party Transactions	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	10. Mr. Brad Juneau, the Company's Chairman, President and Chief Executive Officer, is also the sole manager of JEX, a private company involved in the exploration and production of oil and natural gas. JEX was responsible for securing and negotiating the Tetlin Lease and assisting in obtaining other properties and initially engaged Avalon Development Corporation ("Avalon") to conduct mineral exploration activities on the Tetlin Lease. In agreeing to transfer its interests in such properties to Contango Mining, a predecessor of the Company, JEX retained a 3.0% overriding royalty interest in the properties transferred. In September 2012, 2.0% on properties acquired after July 1, 2012. On September 29, 2014, In September 2016, October 1, 2016. one $32,000 $6,900 third may three two

Note 11 - Stock-based Compensat

Note 11 - Stock-based Compensation	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	11. On September 15, 2010, “2010 2010 may 1,000,000 2010 may March 31, 2017, 198,997 307,000 2010 three nine March 31, 2017 $413,006 $1,372,656, three nine March 31, 2016 $70,232 $437,452, The amount of compensation expense recognized does not reflect cash compensation actually received by the individuals during the current period, but rather represents the amount of expense recognized by the Company in accordance with GAAP. All restricted stock grants are expensed over the applicable vesting period based on the fair value at the date the stock is granted. The grant date fair value may Restricted Stock. In November 2010, 70,429 23,477 March 31, 2017. In December 2013, 95,000 two one third March 31, 2017, December 2013 In November 2014, 27,000 two one third September 2016, one third January 2019. March 31 , 2017, 9,000 In January 2015, 30,000 two 10,000 two thirds two 10,000 March 31 , 2017, January 2015 . In September 2015, 85,000 two one third September 2016, two one third January 2019. March 31 , 2017, 28,332 In December 2015, 40,000 two two one third March 31 , 2017, 13,332 In August 2016, 100,000 two one third January 2019. March 31, 2017, 73,333 In November 2016, 75,000 January 2019. March 31, 2017, 75,000 As of March 31 , 2017, $2,632,456. Stock Options. The option awards listed in the table below have been granted to directors, executives and consultants of the Company: Option Awards Period Granted Options Granted Weighted Average Exercise Price Vesting Period (7) Expiration Date September 2011 (1) 50,000 $13.13 Vests over two years, beginning with one-third on the grant date. September 2016 July 2012 (2) 100,000 $10.25 Vests over two years, beginning with one-third on the grant date. July 2017 December 2012 (3) 250,000 $10.20 Vests over two years, beginning with one-third on the grant date. December 2017 June 2013 (4) 37,500 $10.00 Vested Immediately June 2018 July 2013 (5) 5,000 $10.00 Vested Immediately July 2018 September 2013 (6) 37,500 $10.01 Vested Immediately September 2018 September 2013 (6) 15,000 $10.01 Vests over two years, beginning with one-third on the grant date. September 2018 (1) The Company granted 40,000 10,000 2011. 15,000 (2) The Company granted 75,000 25,000 2012. 25,000 (3) The Company granted 175,000 75,000 2013. 50,000 (4) The Company granted 37,500 2013. (5) The Company granted 5,000 2013. (6) The Company granted 52,500 first 2014. (7) 2010 2010 During the first second 2017, 80,000 18,000 42,817 9,357 no no March 31, 2017. 3 – Summary of Significant Accounting Policies. All employee stock option grants are expensed over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. As of March 31, 2017, 1 March 31, 2017 A summary of the status of stock options granted under the 2010 March 31, 2017 and changes during the nine Nine Months Ended Shares Under Options Weighted Average Exercise Price Outstanding, June 30, 2016 405,000 $ 10.24 Granted — — Exercised (98,000 ) $ 10.98 Forfeited — — Outstanding, March 31, 2017 307,000 $ 10.00 Aggregate intrinsic value $ 3,072,620 Exercisable, end of period 307,000 $ 10.00 Aggregate intrinsic value $ 3,072,620 Available for grant, end of period 39,094

Note 12 - Commitments and Conti

Note 12 - Commitments and Contingencies	9 Months Ended
	Mar. 31, 2017
Notes to Financial Statements
Commitments and Contingencies Disclosure [Text Block]	12. Tetlin Lease . The Tetlin Lease had an initial ten July 2008 ten July 15, 2028, Pursuant to the terms of the Tetlin Lease, the Joint Venture Company is required to spend $350,000 July 15, 2018 2011 $350,000 2.0% 5.0%, March 31, 2017, $225,000 0.75%. 1.25% 4.25%. July 15, 2020, 0.25% $150,000, 0.50% $300,000, 0.75% $450,000. $50,000 July 15, 2012, $75,000 Gold Exploration. The Joint Venture Company’s Triple Z, TOK/Tetlin, Eagle, Bush, West Fork, and Noah claims are all located on state of Alaska lands. The annual claim rentals on these projects vary based on the age of the claims, and are due and payable in full by November 30 2015 2016 $125,370. four Royal Gold Royalties . Pursuant to the Royalty Purchase Agreement, the Joint Venture Company will pay Royal Gold an overriding royalty of 3.0% 2.0%

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Use of Estimates, Policy [Policy Text Block]	Management Estimates. The preparation of consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Cash and Cash Equivalents, Policy [Policy Text Block]	Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block]	Stock-Based Compensation . The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each option award is estimated as of the date of grant using the Black-Scholes option-pricing model. The fair value of each restricted stock award is equal to the Company's stock price on the date the award is granted.
Income Tax, Policy [Policy Text Block]	Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the consolidated financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of March 31, 2017 June 30, 2016 March 31, 2017 June 30, 2016.
Equity Method Investments [Policy Text Block]	Investment in the Joint Venture Company. The Company’s consolidated financial statements include the investment in Peak Gold, LLC which is accounted for under the equity method. The Company has designated one three March 31, 2017 75.1% June 30, 2016 zero.
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements. August 2016, 2016 15: 230), 230, eight eight 1) 2) zero 3) 4) 5) 6) 7) 8) December 15, 2017, may In March 2016, 2016 09: Compensation – Stock Compensation (Topic 718): 2016 09) 2016 09 2016 09 2016 09 December 15, 2016, In November 2015, 2015 17: Income Taxes (Topic 740): 2015 17 one one ’s fiscal year beginning July 1, 2017 The Company has evaluated all other recent accounting pronouncements and believes that none of them will have a significant effect on the Company ’s consolidated financial statements.

Note 4 - Investment in Peak G20

Note 4 - Investment in Peak Gold, LLC (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Roll-forward of Equity Method Investment [Table Text Block]	Investment in Peak Gold, LLC Investment balance at June 30, 2014 $ — Investment in Peak Gold, LLC, at inception January 8, 2015 1,433,886 Loss from equity investment in Peak Gold, LLC (1,433,886 ) Investment balance at June 30, 2015 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at June 30, 2016 $ — Investment in Peak Gold, LLC — Loss from equity investment in Peak Gold, LLC — Investment balance at March 31, 2017 $ —
The Joint Venture Company [Member]
Notes Tables
Summarized Balance Sheet of Equity Method Investment [Table Text Block]	March 31, 2017 June 30, 2016 ASSETS Cash and cash equivalents $ 1,233,727 $ 990,698 Mineral properties 1,433,886 1,433,886 TOTAL ASSETS $ 2,667,613 $ 2,424,584 LIABILITIES AND MEMBERS' EQUITY Accounts payable and other liabilities $ 1,448,798 $ 1,674,956 TOTAL LIABILITIES 1,448,798 1,674,956 MEMBERS' EQUITY 1,218,815 749,628 TOTAL LIABILITIES AND MEMBERS' EQUITY $ 2,667,613 $ 2,424,584
Summarized Income Statement of Equity Method Investment [Table Text Block]	Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Inception to Date March 31, 2017 March 31, 2016 March 31, 2017 March 31, 2016 March 31, 2017 EXPENSES: Exploration expense $ 2,358,681 $ 1,667,889 $ 7,591,712 $ 5,612,119 $ 17,106,300 General and administrative 420,157 274,454 1,239,101 829,257 3,058,771 Total expenses 2,778,838 1,942,343 8,830,813 6,411,376 20,165,071 NET LOSS $ 2,778,838 $ 1,942,343 $ 8,803,813 $ 6,411,376 $ 20,165,071

Note 5 - Costs Incurred (Tables

Note 5 - Costs Incurred (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Costs to Acquire and Explore Mining Properties [Table Text Block]	Three Months Ended March 31, Six Months Ended March 31, 2017 2016 2017 2016 Exploration costs, claim rentals, and minimum royalties $ — $ — $ — $ 14,425 Total costs incurred $ — $ — $ — $ 14,425

Note 7 - Loss Per Share (Tables

Note 7 - Loss Per Share (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months ended March 31, 2017 2016 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (516,929 ) 4,903,766 $ (0.11 ) $ (181,257 ) 3,957,640 $ (0.05 ) Diluted Loss per Share: Net loss attributable to common stock $ (516,929 ) 4,903,766 $ (0.11 ) $ (181,257 ) 3,957,640 $ (0.05 ) Nine Months ended March 31, 2017 2016 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (2,064,721 ) 4,509,950 $ (0.46 ) $ (949,907 ) 3,918,430 $ (0.24 ) Diluted Loss per Share: Net loss attributable to common stock $ (2,064,721 ) 4,509,950 $ (0.46 ) $ (949,907 ) 3,918,430 $ (0.24 )

Note 11 - Stock-based Compens23

Note 11 - Stock-based Compensation (Tables)	9 Months Ended
	Mar. 31, 2017
Notes Tables
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block]	Option Awards Period Granted Options Granted Weighted Average Exercise Price Vesting Period (7) Expiration Date September 2011 (1) 50,000 $13.13 Vests over two years, beginning with one-third on the grant date. September 2016 July 2012 (2) 100,000 $10.25 Vests over two years, beginning with one-third on the grant date. July 2017 December 2012 (3) 250,000 $10.20 Vests over two years, beginning with one-third on the grant date. December 2017 June 2013 (4) 37,500 $10.00 Vested Immediately June 2018 July 2013 (5) 5,000 $10.00 Vested Immediately July 2018 September 2013 (6) 37,500 $10.01 Vested Immediately September 2018 September 2013 (6) 15,000 $10.01 Vests over two years, beginning with one-third on the grant date. September 2018
The 2010 Plan [Member]
Notes Tables
Share-based Compensation, Stock Options, Activity [Table Text Block]	Nine Months Ended Shares Under Options Weighted Average Exercise Price Outstanding, June 30, 2016 405,000 $ 10.24 Granted — — Exercised (98,000 ) $ 10.98 Forfeited — — Outstanding, March 31, 2017 307,000 $ 10.00 Aggregate intrinsic value $ 3,072,620 Exercisable, end of period 307,000 $ 10.00 Aggregate intrinsic value $ 3,072,620 Available for grant, end of period 39,094

Note 1 - Organization and Bus24

Note 1 - Organization and Business (Details Textual) shares in Millions	Sep. 29, 2014	Nov. 29, 2010USD ($)ashares	Sep. 30, 2012a	Mar. 31, 2017USD ($)a	Mar. 31, 2017USD ($)	Mar. 31, 2017USD ($)	Jan. 08, 2015USD ($)
Number of Wholly Owned Subsidiaries				2	2	2
Sale of Stock, Number of Shares Issued in Transaction | shares		1.6
Royal Gold [Member] | The Joint Venture Company [Member]
Initial Investment to Fund Exploration Activity | $							$ 5,000,000
Percentage of Economic Interest That May Be Obtained							40.00%
Amount of Economic Interest That May Be Obtained | $							$ 30,000,000
Payments to Acquire Interest in Joint Venture | $				$ 3,000,000	$ 20,000,000	$ 20,000,000
Percentage Ownership in Company				24.90%	24.90%	24.90%
Unpatented Mining Claims from the State of Alaska for Gold and Minerals [Member]
Acreage of Unpatented Mining Claims | a		18,021
Unpatented State of Alaska Mining Claims [Member] | The Joint Venture Company [Member]
Number of Mining Claims Acquired				217
Mining Claims Acquired, Area | a				34,480
Native Village of Tetlin Land [Member]
Percentage of Leasehold Interest		100.00%
Leasehold Interest Acreage | a		675,000
Contango [Member]
Parent Contribution | $		$ 3,500,000
Royal Gold [Member]
Overriding Royalty Interest		3.00%
Royal Gold [Member] | The Tetlin Lease and Unpatented State of Alaska Mining Claims [Member] | JEX [Member]
Royalty Interest Sold	3.00%
Royal Gold [Member] | Unpatented State of Alaska Mining Claims [Member] | JEX [Member]
Royalty Interest Sold	2.00%
JEX [Member]
Overriding Royalty Interest			2.00%	3.00%	3.00%	3.00%
JEX [Member] | Unpatented State of Alaska Mining Claims [Member]
Number of Mining Claims Acquired			474
Mining Claims Acquired, Area | a			71,896
Production Royalty Percentage			2.00%

Note 3 - Summary of Significa25

Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($)	9 Months Ended	12 Months Ended
	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2015	Jan. 08, 2015	Jun. 30, 2014
Liability for Uncertainty in Income Taxes, Current	$ 0	$ 0
Equity Method Investments
Income Tax Expense (Benefit)	$ 0	$ 0
The Joint Venture Company [Member]
Equity Method Investment, Ownership Percentage	75.10%	89.00%		100.00%
Equity Method Investments	$ 0	$ 0	$ 0

Note 4 - Investment in Peak G26

Note 4 - Investment in Peak Gold, LLC (Details Textual) - USD ($)	Jan. 08, 2015	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2014
Equity Method Investments
Royal Gold [Member] | The Joint Venture Company [Member]
Payments to Acquire Interest in Joint Venture		$ 3,000,000		$ 20,000,000		$ 20,000,000
Percentage Ownership in Company		24.90%		24.90%		24.90%
Equity Method Investment, Ownership Percentage		24.90%		24.90%		24.90%
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	0.00%
The Joint Venture Company [Member]
Equity Method Investment, Aggregate Cost	$ 1,400,000
Equity Method Investment, Ownership Percentage	100.00%	75.10%		75.10%		75.10%	89.00%
Loss from Equity Method Investments, Unrecorded		$ 2,100,000	$ 1,800,000	$ 7,100,000	$ 6,300,000
Equity Method Investment, Summarized Financial Information, Inception-to-date Cumulative Income (Loss)		17,900,000		17,900,000		$ 17,900,000	$ 10,900,000
Equity Method Investments		$ 0		$ 0		0	$ 0	$ 0
Suspended Losses						$ 16,500,000

Note 4 - Investment in Peak G27

Note 4 - Investment in Peak Gold, LLC - Roll-forward of Investment in the Joint Venture Company (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016	Jun. 30, 2015
Investment balance
Loss from equity investment in Peak Gold, LLC
Investment balance
The Joint Venture Company [Member]
Investment balance			0	$ 0	0
Investment in Peak Gold, LLC			0		0	1,433,886
Loss from equity investment in Peak Gold, LLC			0		0	(1,433,886)
Investment balance	$ 0		$ 0		$ 0	$ 0

Note 4 - Investment in Peak G28

Note 4 - Investment in Peak Gold, LLC - Condensed Balance Sheet for Peak Gold, LLC (Details) - The Joint Venture Company [Member] - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Cash and cash equivalents	$ 1,233,727	$ 990,698
Mineral properties	1,433,886	1,433,886
TOTAL ASSETS	2,667,613	2,424,584
Accounts payable and other liabilities	1,448,798	1,674,956
TOTAL LIABILITIES	1,448,798	1,674,956
MEMBERS' EQUITY	1,218,815	749,628
TOTAL LIABILITIES AND MEMBERS' EQUITY	$ 2,667,613	$ 2,424,584

Note 4 - Investment in Peak G29

Note 4 - Investment in Peak Gold, LLC - Condensed Results of Operations for Peak Gold, LLC (Details) - The Joint Venture Company [Member] - USD ($)	3 Months Ended		9 Months Ended		27 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017
Exploration expense	$ 2,358,681	$ 1,667,889	$ 7,591,712	$ 5,612,119	$ 17,106,300
General and administrative	420,157	274,454	1,239,101	829,257	3,058,771
Total expenses	2,778,838	1,942,343	8,830,813	6,411,376	20,165,071
NET LOSS	$ 2,778,838	$ 1,942,343	$ 8,803,813	$ 6,411,376	$ 20,165,071

Note 5 - Costs Incurred (Detail

Note 5 - Costs Incurred (Details Textual) - Native Village of Tetlin Land [Member]	9 Months Ended
	Mar. 31, 2017
Initial Term of Leases and Concessions on Undeveloped Acreage	10 years
Extension of Term of Leases and Concessions on Undeveloped Acreage	10 years

Note 5 - Costs Incurred - Costs

Note 5 - Costs Incurred - Costs to Acquire and Explore Mining Properties (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Exploration costs, claim rentals, and minimum royalties	$ 0			$ 14,425
Total costs incurred	$ 0			$ 14,425

Note 6 - Prepaid Expenses (Deta

Note 6 - Prepaid Expenses (Details Textual) - USD ($)	Mar. 31, 2017	Jun. 30, 2016
Prepaid Expense, Current	$ 78,115	$ 58,165

Note 7 - Loss Per Share (Detail

Note 7 - Loss Per Share (Details Textual) - shares	Mar. 31, 2017	Jun. 30, 2016
Options and Warrants Outstanding	887,999	1,635,999

Note 7 - Loss Per Share - Recon

Note 7 - Loss Per Share - Reconciliation of the Components of Basic and Diluted Net Loss Per Share (Details) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016
Net loss	$ (516,929)	$ (181,257)	$ (2,064,721)	$ (949,907)
Net loss attributable to common stock, basic, weighted average shares (in shares)	4,903,766	3,957,640	4,509,950	3,918,430
Net loss attributable to common stock, basic, loss per share (in dollars per share)	$ (0.11)	$ (0.05)	$ (0.46)	$ (0.24)
Net loss attributable to common stock, diluted, weighted average shares (in shares)	4,903,766	3,957,640	4,509,950	3,918,430
Net loss attributable to common stock, diluted, loss per share (in dollars per share)	$ (0.11)	$ (0.05)	$ (0.46)	$ (0.24)

Note 8 - Shareholders' Equity (

Note 8 - Shareholders' Equity (Details Textual) - USD ($)	1 Months Ended	9 Months Ended
	Sep. 30, 2016	Mar. 31, 2017	Mar. 31, 2016	Jun. 30, 2016	Mar. 31, 2013
Common Stock, Shares Authorized		30,000,000		30,000,000
Preferred Stock, Shares Authorized		15,000,000
Common Stock, Shares, Outstanding		4,903,766		3,958,540
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		887,999
Common Stock, Par or Stated Value Per Share	$ 0.01	$ 0.01		$ 0.01
Proceeds from Warrant Exercises		$ 5,287,500
Preferred Stock, Shares Issued		0
March 2013 Warrant [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 9				$ 10
Class of Warrant or Right, Exercised During Period	587,500
Proceeds from Warrant Exercises	$ 5,300,000
March 2013 Warrant [Member] | Entities Controlled by CEO [Member]
Class of Warrant or Right, Exercised During Period	83,334
Rights to Purchase Series A Junior Preferred Stock [Member]
Class of Warrant or Right, Number of Securities Called by Warrants or Rights		0.01
Class of Warrant or Right, Exercise Price of Warrants or Rights		$ 80
Beneficial Ownership Required for Rights to Be Exercisable		23.00%
Class of Warrant or Right, Distributed for Each Share of Common Stock		1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number		198,997

Note 9 - Formation of Joint V36

Note 9 - Formation of Joint Venture Company (Details Textual) - USD ($)	Jan. 08, 2015	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Oct. 31, 2018	Jun. 30, 2016
Royal Gold [Member] | The Joint Venture Company [Member]
Initial Investment to Fund Exploration Activity	$ 5,000,000
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage	0.00%
Equity Method Investment, Ownership Percentage		24.90%	24.90%	24.90%
Percentage of Economic Interest That May Be Obtained	40.00%
Amount of Economic Interest That May Be Obtained	$ 30,000,000
Payments to Acquire Interest in Joint Venture		$ 3,000,000	$ 20,000,000	$ 20,000,000
The Joint Venture Company [Member]
Equity Method Investment, Aggregate Cost	1,400,000
Investments in Joint Ventures, Contributed Assets Value	$ 45,700,000
Equity Method Investment, Ownership Percentage	100.00%	75.10%	75.10%	75.10%		89.00%
Additional Economic Interest Sellable	20.00%
Percentage Interest in Joint Venture, Calculation of Proportionate Interest, Multiplier	100
The Joint Venture Company [Member] | Scenario, Forecast [Member]
Equity Method Investment, Ownership Percentage					60.00%
The Joint Venture Company [Member] | Royal Gold [Member]
Reimbursement from Joint Venture Co-founder	$ 750,000

Note 10 - Related Party Trans37

Note 10 - Related Party Transactions (Details Textual) - JEX [Member] - USD ($)	7 Months Ended
	Mar. 31, 2017	Sep. 30, 2012
Overriding Royalty Interest	3.00%	2.00%
Management Services Agreement, Initial Term	1 year
Management Services Agreement, Fee Per Month	$ 32,000
Expense for Office Space and Equipment [Member]
Management Services Agreement, Fee Per Month	$ 6,900
Alaska [Member]
Overriding Royalty Interest		2.00%

Note 11 - Stock-based Compens38

Note 11 - Stock-based Compensation (Details Textual) - USD ($)		1 Months Ended																						3 Months Ended				9 Months Ended		51 Months Ended	56 Months Ended	67 Months Ended
		Nov. 30, 2016	Sep. 30, 2016	Aug. 31, 2016	Dec. 31, 2015	Sep. 30, 2015	Jan. 31, 2015	Nov. 30, 2014	Dec. 31, 2013	Sep. 30, 2013	Jul. 31, 2013	Jul. 30, 2013	[1]	Jun. 30, 2013		Dec. 31, 2012	Dec. 30, 2012	[3]	Jul. 31, 2012		Sep. 30, 2011		Nov. 30, 2010	Mar. 31, 2017	Dec. 31, 2016	Sep. 30, 2016	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2016	Mar. 31, 2017	Mar. 31, 2017	Mar. 31, 2017	Jun. 30, 2016
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number																								198,997				198,997		198,997	198,997	198,997
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Share-based Awards Other than Options																								$ 2,632,456				$ 2,632,456		$ 2,632,456	$ 2,632,456	$ 2,632,456
The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized																								1,000,000				1,000,000		1,000,000	1,000,000	1,000,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number																								307,000				307,000		307,000	307,000	307,000	405,000
Allocated Share-based Compensation Expense																								$ 413,006			$ 70,232	$ 1,372,656	$ 437,452
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross												5,000		37,500	[2]		250,000		100,000	[4]	50,000	[5]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period																												98,000
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term																								1 year
The 2010 Plan [Member] | Directors and Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross																175,000			75,000		40,000
The 2010 Plan [Member] | Former Technical Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross																75,000			25,000		10,000
The 2010 Plan [Member] | Directors, Executives, and a Former Technical Consultant [Member] | September 2011 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period																																15,000
The 2010 Plan [Member] | Directors, Executives, and a Former Technical Consultant [Member] | July 2012 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period																															25,000
The 2010 Plan [Member] | Directors, Executives, and a Former Technical Consultant [Member] | December 2012 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period																														50,000
The 2010 Plan [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross										52,500				37,500
The 2010 Plan [Member] | Employee [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross											5,000
The 2010 Plan [Member] | Current and Former Executives, Directors, and Consultants [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period																								0	18,000	80,000
Stock Issued During Period, Shares, Cashless Stock Options Exercised																									9,357	42,817
Proceeds from Stock Options Exercised																									$ 0	$ 0
The 2010 Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number																								198,997				198,997		198,997	198,997	198,997
The 2010 Plan [Member] | Restricted Stock [Member] | Directors and Officers [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period																							70,429
The 2010 Plan [Member] | Restricted Stock [Member] | Former Technical Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period																							23,477
The 2010 Plan [Member] | Restricted Stock [Member] | Former Technical Consultant [Member] | January 2015 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period							10,000
The 2010 Plan [Member] | Restricted Stock [Member] | Directors, Executives, and a Former Technical Consultant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period									95,000
The 2010 Plan [Member] | Restricted Stock [Member] | Directors, Executives, and a Former Technical Consultant [Member] | December 2013 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period									2 years
The 2010 Plan [Member] | Restricted Stock [Member] | Directors, Executives, and a Former Technical Consultant [Member] | December 2013 Grant [Member] | Vesting on the Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage									0.3333%
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period				100,000		85,000		27,000
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member] | November 2014 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number																								9,000				9,000		9,000	9,000	9,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period								2 years
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member] | November 2014 Grant [Member] | Vesting on the Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage								0.3333%
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member] | November 2014 Grant [Member] | Vesting in January 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			0.3333%
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member] | September 2015 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number																								28,332				28,332		28,332	28,332	28,332
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period						2 years
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member] | September 2015 Grant [Member] | Vesting on the Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage						0.3333%
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member] | August 2016 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number																								73,333				73,333		73,333	73,333	73,333
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period				2 years
The 2010 Plan [Member] | Restricted Stock [Member] | Executives [Member] | August 2016 Grant [Member] | Vesting on the Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage				0.3333%
The 2010 Plan [Member] | Restricted Stock [Member] | Two Non-executive Directors [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period					40,000		30,000
The 2010 Plan [Member] | Restricted Stock [Member] | Two Non-executive Directors [Member] | January 2015 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period							2 years
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period							10,000
The 2010 Plan [Member] | Restricted Stock [Member] | Two Non-executive Directors [Member] | January 2015 Grant [Member] | Vesting Equally Over Two Years [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage							0.6667%
The 2010 Plan [Member] | Restricted Stock [Member] | Two Non-executive Directors [Member] | December 2015 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number																								13,332				13,332		13,332	13,332	13,332
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period					2 years
The 2010 Plan [Member] | Restricted Stock [Member] | Two Non-executive Directors [Member] | December 2015 Grant [Member] | Vesting on the Date of Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage					0.3333%
The 2010 Plan [Member] | Restricted Stock [Member] | Two Executives [Member] | September 2015 Grant [Member] | Vesting in January 2019 [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			0.3333%
The 2010 Plan [Member] | Restricted Stock [Member] | Non-Executive Directors [Member] | November 2016 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number																								75,000				75,000		75,000	75,000	75,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		75,000
The 2010 Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number																								307,000				307,000		307,000	307,000	307,000
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period	[6]																2 years		2 years	[4]	2 years	[5]
[1]	The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013.
[2]	The Company granted 37,500 stock options to its executives for services performed during fiscal year 2013.
[3]	The Company granted 175,000 stock options to its directors and executives and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. Of the total options granted as a part of this grant, 50,000 were later forfeited.
[4]	The Company granted 75,000 stock options to its directors and executives and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. Of the total options granted as a part of this grant, 25,000 were later forfeited.
[5]	The Company granted 40,000 stock options to its directors and executives and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. Of the total options granted 15,000 were later forfeited.
[6]	If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. The Company's Compensation Committee has determined that the Transactions do not constitute a change of control under the 2010 Plan.

Note 11 - Stock-based Compens39

Note 11 - Stock-based Compensation - Option Awards (Details) - The 2010 Plan [Member] - $ / shares

1 Months Ended

9 Months Ended

Sep. 30, 2013

Jul. 30, 2013

[1]

Jun. 30, 2013

[2]

Dec. 30, 2012

[3]

Jul. 31, 2012

[4]

Sep. 30, 2011

[5]

Mar. 31, 2017

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

5,000

37,500

250,000

100,000

50,000

Options Granted, Weighted Average Exercise Price (in dollars per share)

$ 10

$ 10

$ 10.20

$ 10.25

$ 13.13

Vested Immediately [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

[6]

37,500

Options Granted, Weighted Average Exercise Price (in dollars per share)

[6]

$ 10.01

Vests Over Two Years [Member]

Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross

[6]

15,000

Options Granted, Weighted Average Exercise Price (in dollars per share)

[6]

$ 10.01

Employee Stock Option [Member]

Vesting Period, description (Year)

[7]

2 years

2 years

2 years

Employee Stock Option [Member] | Vests Over Two Years [Member]

Vesting Period, description

[6],[7]

2

[1]

The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013.

[2]

The Company granted 37,500 stock options to its executives for services performed during fiscal year 2013.

[3]

The Company granted 175,000 stock options to its directors and executives and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. Of the total options granted as a part of this grant, 50,000 were later forfeited.

[4]

The Company granted 75,000 stock options to its directors and executives and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. Of the total options granted as a part of this grant, 25,000 were later forfeited.

[5]

The Company granted 40,000 stock options to its directors and executives and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. Of the total options granted 15,000 were later forfeited.

[6]

The Company granted 52,500 stock options to its executives for services performed during the first quarter of fiscal year 2014.

[7]

If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. The Company's Compensation Committee has determined that the Transactions do not constitute a change of control under the 2010 Plan.

Note 11 - Stock-based Compens40

Note 11 - Stock-based Compensation - Summary of Stock Options (Details) - The 2010 Plan [Member] - USD ($)	1 Months Ended										9 Months Ended
	Jul. 30, 2013	[1]	Jun. 30, 2013	[2]	Dec. 30, 2012	[3]	Jul. 31, 2012	[4]	Sep. 30, 2011	[5]	Mar. 31, 2017
Outstanding, beginning of period (in shares)											405,000
Outstanding, beginning of period (in dollars per share)											$ 10.24
Granted (in shares)	5,000		37,500		250,000		100,000		50,000
Options Granted, Weighted Average Exercise Price (in dollars per share)	$ 10		$ 10		$ 10.20		$ 10.25		$ 13.13
Exercised (in shares)											(98,000)
Exercised (in dollars per share)											$ 10.98
Forfeited (in shares)
Forfeited (in dollars per share)
Outstanding, end of period (in shares)											307,000
Outstanding, end of period (in dollars per share)											$ 10
Aggregate intrinsic value											$ 3,072,620
Exercisable, end of period (in shares)											307,000
Exercisable, end of period (in dollars per share)											$ 10
Available for grant, end of period (in shares)											39,094
[1]	The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013.
[2]	The Company granted 37,500 stock options to its executives for services performed during fiscal year 2013.
[3]	The Company granted 175,000 stock options to its directors and executives and an additional 75,000 stock options to a former technical consultant for services performed during fiscal year 2013. Of the total options granted as a part of this grant, 50,000 were later forfeited.
[4]	The Company granted 75,000 stock options to its directors and executives and an additional 25,000 stock options to a former technical consultant for services performed during fiscal year 2012. Of the total options granted as a part of this grant, 25,000 were later forfeited.
[5]	The Company granted 40,000 stock options to its directors and executives and an additional 10,000 stock options to a former technical consultant, for services performed during fiscal year 2011. Of the total options granted 15,000 were later forfeited.

Note 12 - Commitments and Con41

Note 12 - Commitments and Contingencies (Details Textual) - USD ($)	Jul. 15, 2012	Mar. 31, 2017	Jul. 14, 2012	Jun. 30, 2012	Jul. 01, 2008
Tetlin Lease [Member]
Inception-to-date Payments to Reduce Royalty Rate		$ 225,000
Decrease in Royalty Rates		0.75%
Tetlin Lease [Member] | Scenario 1 [Member]
Increase in Royalty Rates		0.25%
Payment that Lessor May Pay to Lessee to Increase Royalty Rate		$ 150,000
Tetlin Lease [Member] | Scenario 2 [Member]
Increase in Royalty Rates		0.50%
Payment that Lessor May Pay to Lessee to Increase Royalty Rate		$ 300,000
Tetlin Lease [Member] | Scenario 3 [Member]
Increase in Royalty Rates		0.75%
Payment that Lessor May Pay to Lessee to Increase Royalty Rate		$ 450,000
Tetlin Lease [Member] | Minimum [Member]
Advance Royalties to Be Paid Per Year	$ 75,000		$ 50,000
Tetlin Lease [Member] | The Joint Venture Company [Member]
Contractual Annual Exploration Costs		350,000
Tetlin Lease [Member] | The Joint Venture Company [Member] | Minimum [Member]
Royalty Rate				1.25%	2.00%
Tetlin Lease [Member] | The Joint Venture Company [Member] | Maximum [Member]
Royalty Rate				4.25%	5.00%
Gold Properties [Member]
Annual Claim Rentals		$ 125,370
Tetlin Lease and Certain Other Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member]
Overriding Royalty Interest		3.00%
Additional Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member]
Overriding Royalty Interest		2.00%
Native Village of Tetlin Land [Member]
Initial Term of Leases and Concessions on Undeveloped Acreage		10 years
Extension of Term of Leases and Concessions on Undeveloped Acreage		10 years