Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2019 | Nov. 13, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Contango ORE, Inc. | |
Entity Central Index Key | 0001502377 | |
Trading Symbol | ctgo | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 6,357,113 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2019 | |
Document Fiscal Year Focus | 2020 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock, Par Value $0.01 per share |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
CURRENT ASSETS: | ||
Cash | $ 7,610,351 | $ 8,600,658 |
Prepaid expenses and other | 28,445 | 161,195 |
Total current assets | 7,638,796 | 8,761,853 |
OTHER ASSETS: | ||
Investment in Peak Gold, LLC (Note 4) | ||
Total other assets | ||
TOTAL ASSETS | 7,638,796 | 8,761,853 |
CURRENT LIABILITIES: | ||
Accounts payable | 136,051 | 71,410 |
Accrued liabilities | 271,073 | 347,879 |
Total current liabilities | 407,124 | 419,289 |
COMMITMENTS AND CONTINGENCIES (NOTE 11) | ||
SHAREHOLDERS’ EQUITY: | ||
Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,357,113 shares issued and outstanding at September 30, 2019 and June 30, 2019 | 63,571 | 63,571 |
Additional paid-in capital | 58,676,105 | 57,935,663 |
Accumulated deficit | (51,508,004) | (49,656,670) |
SHAREHOLDERS’ EQUITY | 7,231,672 | 8,342,564 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $ 7,638,796 | $ 8,761,853 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2019 | Jun. 30, 2019 |
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) | 6,357,113 | 6,357,113 |
Common stock, shares outstanding (in shares) | 6,357,113 | 6,357,113 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
General and administrative expense | $ (990,990) | $ (993,433) |
Total expenses | (990,990) | (993,433) |
OTHER INCOME/(EXPENSE): | ||
Interest income | 39,656 | 58,033 |
Loss from equity investment in Peak Gold, LLC (Note 4) | (900,000) | (1,950,000) |
NET LOSS | $ (1,851,334) | $ (2,885,400) |
LOSS PER SHARE | ||
Basic and diluted (in dollars per share) | $ (0.29) | $ (0.47) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic and diluted (in shares) | 6,357,113 | 6,155,695 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (1,851,334) | $ (2,885,400) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 740,442 | 745,069 |
Loss from equity investment in Peak Gold, LLC | 900,000 | 1,950,000 |
Changes in operating assets and liabilities: | ||
Decrease/(increase) in prepaid expenses and other | 132,750 | (10,345) |
(Decrease)/increase in accounts payable and accrued liabilities | (12,165) | 14,856 |
Net cash used in operating activities | (90,307) | (185,820) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash invested in Peak Gold, LLC | (900,000) | (1,950,000) |
Net cash used by investing activities | (900,000) | (1,950,000) |
NET DECREASE IN CASH AND CASH EQUIVALENTS | (990,307) | (2,135,820) |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 8,600,658 | 13,810,805 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $ 7,610,351 | $ 11,674,985 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2018 | 6,153,266 | |||
Balance at Jun. 30, 2018 | $ 63,571 | $ 54,949,370 | $ (41,300,831) | $ 13,710,072 |
Stock-based compensation | 745,069 | 745,069 | ||
Net loss for the period | (2,855,400) | (2,885,400) | ||
Stock-based compensation | 745,069 | 745,069 | ||
Stock option exercises (in shares) | 19,513 | |||
Stock option exercises | $ 195 | (195) | ||
Net loss for the period | (2,855,400) | (2,885,400) | ||
Balance (in shares) at Sep. 30, 2018 | 6,172,779 | |||
Balance at Sep. 30, 2018 | $ 61,728 | 55,694,244 | (44,186,231) | 11,569,741 |
Balance (in shares) at Jun. 30, 2019 | 6,357,113 | |||
Balance at Jun. 30, 2019 | $ 63,571 | 57,935,663 | (49,656,670) | 8,342,564 |
Stock-based compensation | 740,442 | 740,442 | ||
Net loss for the period | (1,851,334) | (1,851,334) | ||
Stock-based compensation | 740,442 | 740,442 | ||
Net loss for the period | (1,851,334) | (1,851,334) | ||
Balance (in shares) at Sep. 30, 2019 | 6,357,113 | |||
Balance at Sep. 30, 2019 | $ 63,571 | $ 58,676,105 | $ (51,508,004) | $ 7,231,672 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 3 Months Ended |
Sep. 30, 2019 | |
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 “Joint Venture Company”). The Company was formed on September 1, 2010 The Company is in an exploration stage. The Company’s fiscal year end is June 30 . On November 29, 2010, $3.5 1.6 805, The properties contributed by Contango included: (i) a 100% 675,000 Tetlin Lease”) from the Tetlin Village Council, the council formed by the governing body for the Native Village of Tetlin, an Alaska Native Tribe (the “Tetlin Village Council”); and (ii) approximately 18,021 3.0% September 29, 2014, 3.0% 9 3.0% In September 2012, 474 71,896 2.0% July 1, 2012. September 29, 2014, 2.0% 9 1, 2012 2.0% 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 “Peak Gold Joint Venture Property”), together with other property, to the Joint Venture Company, a newly formed limited liability company. The Joint Venture Company is managed according to a Limited Liability Company Agreement (the “JV LLCA”) between subsidiaries of Royal Gold and the Company. At the Closing, Royal Gold made an initial investment of $5 $5 not 40% $30 $5 October 2018. September 30, 2019, $35.1 40.0%. $30 On November 10, 2017, No. 1 541 84,840 3.0% 3.0% On January 18, 2019, No. 2 not may not The Company has completed ten two 2019 October 2019. 3,073 The Company retained Petrie Partners, LLC and Cantor Fitzgerald and Co. to advise on its strategic options, including in connection with a contemplated joint sale process with its joint venture partner, Royal Gold. Royal Gold retained Scotia Capital Inc. to conduct a joint process for the sale directly or indirectly of the Joint Venture Company’s properties in Alaska. The process concluded with no 60% no |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Sep. 30, 2019 | |
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 X. not ’s Form 10 June 30, 2019. three September 30, 2019 not may June 30, 2020. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2019 | |
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 not September 30, 2019 June 30, 2019 not not September 30, 2019 June 30, 2019. December 22, 2017, 35.0% 21.0%, The Company has assessed the impact of the tax bill on the financial statements as of September 30, 2019. not Investment in the Joint Venture Company. The Company’s consolidated financial statements include the investment in the Joint Venture Company which is accounted for under the equity method. The Company has designated one three 30, 2019 60.0% September 30, 2019 June 30, 2019 . Recently Issued Accounting Pronouncements. February 2016, 2016 02, Leases (Topic 842 twelve 2016 02 July 2019. not The Company has evaluated all other recent acco unting pronouncements and believes that none . |
Note 4 - Investment in Joint Ve
Note 4 - Investment in Joint Venture Company | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 4 . Investment in the Joint Venture Company The Company recorded its investment at the historical book value of the assets contributed to the Joint Venture Company which was approximately $1.4 September 30, 2019, $35.1 40.0%. September 30, 2019, 6 0.0% The following table is a roll-forward of our investment in the Joint Venture Company from January 8, 2015 ( September 30, 2019: 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 June 30, 2017 $ — Investment in Peak Gold, LLC 2,580,000 Loss from equity investment in Peak Gold, LLC (2,580,000 ) Investment balance as June 30, 2018 $ — Investment in Peak Gold, LLC 4,140,000 Loss from equity investment in Peak Gold, LLC (4,140,000 ) Investment balance at June 30, 2019 $ — Investment in Peak Gold, LLC 900,000 Loss from equity investment in Peak Gold, LLC (900,000 ) Investment balance at September 30, 2019 $ — The following table presents the condensed balance sheet for the Joint Venture Company as of September 30, 2019 June 30, 2019: September 30, 2019 June 30, 2019 ASSETS Cash and cash equivalents $ 174,256 $ 473,056 Mineral properties 1,433,886 1,433,886 Other assets 128,037 57,538 TOTAL ASSETS $ 1,736,179 $ 1,964,480 LIABILITIES AND MEMBERS’ EQUITY Accounts payable and other liabilities $ 1,956,597 $ 927,424 TOTAL LIABILITIES 1,956,597 927,424 MEMBERS’ EQUITY/(DEFICIT) (220,418 ) 1,037,056 TOTAL LIABILITIES AND MEMBERS’ EQUITY $ 1,736,179 $ 1,964,480 The Company’s share of the Joint Venture Company’s results of operations for the three September 30, 2019 $1.7 three 30 , 2018 $2.8 million. The Joint Venture Company loss does not September 30, 2019 June 30, 2019, $33.1 $31.5 $1.4 zero September 30, 2019 June 30, 2019. $9.1 30, 2019. September 30, 2019 $24.1 three September 30, 2019 2018, 30, 2019: Three Months Ended Three Months Ended Period from Inception January 8, 2015 to September 30, 2019 September 30, 2018 September 30, 2019 EXPENSES: Exploration expense $ 2,140,932 $ 3,554,798 $ 36,365,356 General and administrative 616,542 1,030,533 8,002,838 Total expenses 2,757,474 4,585,331 44,368,194 NET LOSS $ 2,757,474 $ 4,585,331 $ 44,368,194 |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Prepaid Expenses [Text Block] | 5. The Company has prepaid expenses of $28,445 $161,195 September 30, 2019 and June 30, 2019, |
Note 6 - Loss Per Share
Note 6 - Loss Per Share | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: Three Months Ended September 30, 2019 2018 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (1,851,334 ) 6,357,113 $ (0.29 ) $ (2,885,400 ) 6,155,695 $ (0.47 ) Diluted Loss per Share: Net loss attributable to common stock $ (1,851,334 ) 6,357,113 $ (0.29 ) $ (2,885,400 ) 6,155,695 $ (0.47 ) No September 30, 2019 September 30, 2018 |
Note 7 - Shareholders' Equity
Note 7 - Shareholders' Equity | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Stockholders' Equity Note Disclosure [Text Block] | 7. ’ Equity The Company ’s authorized capital stock consists of 30,000,000 shares of common stock and 15,000,000 shares of preferred stock. As of September 30, 2019, we had 6,357,113 shares of common stock outstanding, including 456,666 share s of unvested restricted stock. No January 2020 January 2021. In September 2016, the Company distributed a Private Placement Memorandum to its warrant holders to give them the opportunity to exercise their warrants at a reduced exercise price and receive shares of common stock, par value $0.01 per share of the Company by paying the reduced exercise price in cash and surrendering the original warrants. The offering applied to warrant holders with an exercise price of $10.00 per share originally issued in March 2013. The offering gave the warrant holders the opportunity to exer cise the warrants for $9.00 per share. The offer expired on November 15, 2016. In conjunction with the offering, a total of 587,500 warrants were exercised resulting in total cash to the Company of $5.3 million. Of the total warrants exercised, 83,334 were exercised by entities controlled by Mr. Brad Juneau, the Company’s Chairman, President and Chief Executive Officer. Proceeds from the exercise of the warrants will be used for working capital purposes and for funding future obligations to the Joint Venture Company. On October 13, 2017, $0.01 $10.00 March 2013. $9.50 November 10, 2017. 124,999 $1.2 In connection with the exercise offer, the Company entered into a Registration Rights Agreement dated as of November 10, 2017, two ith the SEC at any time after expiration of the offer but before three During fiscal year 2018, 580,999 404,923 $2.3 On October 23, 2017, 553,672 $0.01 $19.00 ck, in a private placement (the “Private Placement”) to certain purchasers (the “Purchasers”) pursuant to a Stock Purchase Agreement dated as of October 23, 2017 ( $10.5 $10.0 6.50%, 3.25% $0.5 ’s President and Chief Executive Officer, purchased 13,200 $250,800 The shares sold in the Private Placement were issued in reliance on an exemption from registration under the Securities Act of 1933, suant to Section 4 2 not Pursuant to a Registration Rights Agreement dated as of October 23, 2017 ( two ge Commission at any time after one three Rights Plan On Decembe r 19, 2012, March 21, 2013, September 29, 2014, December 18, 2014, November 11, 2015, and April 22, 2018. Under the terms of the amended Rights Plan, each right (a “Right”) will entitle the holder to purchase 1/100 $80 15 one December 20, 2012. not December 20, 2012. December 19, 2019. |
Note 8 - Formation of Joint Ven
Note 8 - Formation of Joint Venture Company | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Formation of Joint Venture Company [Text Block] | 8. On January 8, 2015, Peak Gold Joint Venture Property, 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 Peak Gold Joint Venture Property 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 manages, directs, and controls 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 not ’s percentage interest in the Joint Venture Company equaled 0% 100%. $750,000, The JV LLCA gave Royal Gold the right, but not 40% $30 $5 October 31, 2018. On April 26, 2018 Royal Gold funded $30 40% 60% 40% September 30, 2019, $35.1 $5 The proceeds from the investments are used for additional exploration of the Peak Gold Joint Venture Property. Pursuant to the terms of the JV LLCA, the members contribute funds to approved programs and budgets in proportion to their respective percentage interests in the Joint Venture Company. If a member elects not 100. The Company and Royal Gold have the right to transfer their respective percentage interests in the Joint Venture Company to a third third 40% 20% 40% 20% third On January 18, 2019, No. 2 not may not The Joint Venture Company is a variable interest entity as defined by FASB ASU No. 2015 02, Consolidation (Topic 810 not not |
Note 9 - Related Party Transact
Note 9 - Related Party Transactions | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 9. 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 No third may three two On October 23, 2017, 7 JEX, which is controlled by ’s President and Chief Executive Officer, purchased 13,200 $250,800 On April 16, 2018, 13D 13.6% $26 13D June 29, 2018, October 4, 2018, January 22, 2019, August 2, 2019. August 2, 2019 12.7% The Company retained Petrie Partners, LLC and Cantor Fitzgerald and Co. to advise on its strategic options, including in connection with a joint sale process with its joint venture partner, Royal Gold. Royal Gold retained Scotia Capital Inc. to conduct a joint process for the sale directly or indirectly of the Joint Venture Company’s properties in Alaska. The process concluded with no 60% no |
Note 10 - Stock-based Compensat
Note 10 - Stock-based Compensation | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 10. On September 15, 2010, “2010 November 14, 2017, 2010 2010 may 500,000 September 15, 2027; ’s tax withholding obligations with respect to grants paid in Company Stock. Under the Amended Equity Plan, the Board may 1,500,000 may September 30, 2019, 456,666 zero three September 30, 2019 $740,442 three 30, 2018 $745,069 The amount of compensation expense recognized does not may Restricted Stock. November 2017, 155,000 January 2020. September 30, 2019, 155,000 In November 2018, 155,000 January 2021. September 30, 2019, 155,000 In December 2018, 117,332 two January 1, 2019. 146,666 two December 2018 January 2021. September 30, 2019, 146,666 As of September 30, 2019 , the total compensation cost related to unvested awards not $2,272,268. There were no stock option exercises during the quarter ended September 30, 2019 . September 30, 2018 35,625 19,513 no ny. The Company applies the fair value method to account for stock option expense. Under this method, cash flows from the exercise of stock options resulting from tax benefits in excess of recognized cumulative compensation cost (excess 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 September 30, 2019, there were no stock options outstanding |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 11. 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 was required to spend $350,000 July 15, 2018 2011 $350,000 2.0% 5.0%, September 30, 2019, $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 2018 2019 $227,460. four Royal Gold Royalties . The Joint Venture Company is obligated to pay Royal Gold (i) an overriding royalty of 3.0% 2.0% Retention Agreements. February 2019, one $1,500,000 $1,000,000 $250,000, |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 3 Months Ended |
Sep. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. In October November 2019, $1,800,000 2019 60% $4.1 2018 2019 2019 October 2019. not 2019 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Sep. 30, 2019 | |
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 Payment Arrangement [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 not September 30, 2019 June 30, 2019 not not September 30, 2019 June 30, 2019. December 22, 2017, 35.0% 21.0%, The Company has assessed the impact of the tax bill on the financial statements as of September 30, 2019. not |
Equity Method Investments [Policy Text Block] | Investment in the Joint Venture Company. The Company’s consolidated financial statements include the investment in the Joint Venture Company which is accounted for under the equity method. The Company has designated one three 30, 2019 60.0% September 30, 2019 June 30, 2019 . |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements. February 2016, 2016 02, Leases (Topic 842 twelve 2016 02 July 2019. not The Company has evaluated all other recent acco unting pronouncements and believes that none . |
Note 4 - Investment in Joint _2
Note 4 - Investment in Joint Venture Company (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
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 June 30, 2017 $ — Investment in Peak Gold, LLC 2,580,000 Loss from equity investment in Peak Gold, LLC (2,580,000 ) Investment balance as June 30, 2018 $ — Investment in Peak Gold, LLC 4,140,000 Loss from equity investment in Peak Gold, LLC (4,140,000 ) Investment balance at June 30, 2019 $ — Investment in Peak Gold, LLC 900,000 Loss from equity investment in Peak Gold, LLC (900,000 ) Investment balance at September 30, 2019 $ — |
The Joint Venture Company [Member] | |
Notes Tables | |
Summarized Balance Sheet of Equity Method Investment [Table Text Block] | September 30, 2019 June 30, 2019 ASSETS Cash and cash equivalents $ 174,256 $ 473,056 Mineral properties 1,433,886 1,433,886 Other assets 128,037 57,538 TOTAL ASSETS $ 1,736,179 $ 1,964,480 LIABILITIES AND MEMBERS’ EQUITY Accounts payable and other liabilities $ 1,956,597 $ 927,424 TOTAL LIABILITIES 1,956,597 927,424 MEMBERS’ EQUITY/(DEFICIT) (220,418 ) 1,037,056 TOTAL LIABILITIES AND MEMBERS’ EQUITY $ 1,736,179 $ 1,964,480 |
Summarized Income Statement of Equity Method Investment [Table Text Block] | Three Months Ended Three Months Ended Period from Inception January 8, 2015 to September 30, 2019 September 30, 2018 September 30, 2019 EXPENSES: Exploration expense $ 2,140,932 $ 3,554,798 $ 36,365,356 General and administrative 616,542 1,030,533 8,002,838 Total expenses 2,757,474 4,585,331 44,368,194 NET LOSS $ 2,757,474 $ 4,585,331 $ 44,368,194 |
Note 6 - Loss Per Share (Tables
Note 6 - Loss Per Share (Tables) | 3 Months Ended |
Sep. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, 2019 2018 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (1,851,334 ) 6,357,113 $ (0.29 ) $ (2,885,400 ) 6,155,695 $ (0.47 ) Diluted Loss per Share: Net loss attributable to common stock $ (1,851,334 ) 6,357,113 $ (0.29 ) $ (2,885,400 ) 6,155,695 $ (0.47 ) |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) $ in Thousands, shares in Millions | Nov. 10, 2017a | Sep. 29, 2014 | Nov. 29, 2010USD ($)ashares | Sep. 30, 2012a | Sep. 30, 2019USD ($) | Jan. 08, 2015USD ($) |
Long-term Debt, Total | $ 0 | |||||
The Joint Venture Company [Member] | ||||||
Equity Method Investment, Ownership Percentage | 60.00% | |||||
Royal Gold [Member] | The Joint Venture Company [Member] | ||||||
Initial Investment to Fund Exploration Activity | $ 5,000 | |||||
Percentage of Economic Interest That May Be Obtained | 40.00% | |||||
Amount of Economic Interest That May Be Obtained | $ 30,000 | |||||
Payments to Acquire Interest in Joint Venture | $ 35,100 | |||||
Percentage Ownership in Company | 40.00% | |||||
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 | 541 | |||||
Mining Claims Acquired, Area | a | 84,840 | |||||
Production Royalty Percentage | 3.00% | |||||
Native Village of Tetlin Land [Member] | ||||||
Percentage of Leasehold Interest | 100.00% | |||||
Leasehold Interest Acreage | a | 675,000 | |||||
Contango [Member] | ||||||
Parent Contribution | $ 3,500 | |||||
Sale of Stock, Number of Shares Issued in Transaction | shares | 1.6 | |||||
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% | |||||
JEX [Member] | ||||||
Overriding Royalty Interest | 2.00% | 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 Significa_2
Note 3 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Dec. 22, 2017 | Sep. 30, 2019 | Jun. 30, 2019 | Apr. 26, 2018 |
Income Tax Expense (Benefit), Total | $ 0 | $ 0 | ||
Liability for Uncertainty in Income Taxes, Current | $ 0 | $ 0 | ||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 21.00% | ||
The Joint Venture Company [Member] | ||||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% |
Note 4 - Investment in Joint _3
Note 4 - Investment in Joint Venture Company (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | 57 Months Ended | |||||||||
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Jun. 30, 2018 | Apr. 26, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jan. 08, 2015 | Jun. 30, 2014 | |
Equity Method Investments | ||||||||||||
The Joint Venture Company [Member] | ||||||||||||
Equity Method Investment, Aggregate Cost | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 | ||||||||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% | 60.00% | 60.00% | ||||||||
Loss from Equity Method Investments, Unrecorded | $ 1,700,000 | $ 2,800,000 | ||||||||||
Equity Method Investment, Summarized Financial Information, Inception-to-date Cumulative Income (Loss) | 33,100,000 | $ 33,100,000 | $ 33,100,000 | 31,500,000 | ||||||||
Equity Method Investments | 0 | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | |||
Equity Method Investment, Cumulative Investment | $ 9,100,000 | 9,100,000 | 9,100,000 | |||||||||
Suspended Losses | 24,100,000 | |||||||||||
The Joint Venture Company [Member] | Royal Gold [Member] | ||||||||||||
Payments to Acquire Interest in Joint Venture | $ 35,100,000 | $ 35,100,000 | ||||||||||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 40.00% | 40.00% |
Note 4 - Investment in Joint _4
Note 4 - Investment in Joint Venture Company - Roll-forward of Investment in the Joint Venture Company (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |||||
Sep. 30, 2019 | Sep. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investment balance | |||||||
Investment in Peak Gold, LLC | 900,000 | $ 1,950,000 | |||||
Loss from equity investment in Peak Gold, LLC | (900,000) | (1,950,000) | |||||
Investment balance | |||||||
The Joint Venture Company [Member] | |||||||
Investment balance | 0 | $ 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Investment in Peak Gold, LLC | 900,000 | 4,140,000 | 2,580,000 | 0 | 1,433,886 | ||
Loss from equity investment in Peak Gold, LLC | (900,000) | (4,140,000) | (2,580,000) | (1,433,886) | |||
Investment balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 4 - Investment in Joint _5
Note 4 - Investment in Joint Venture Company - Condensed Balance Sheet for Peak Gold, LLC (Details) - The Joint Venture Company [Member] - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Cash and cash equivalents | $ 174,256 | $ 473,056 |
Mineral properties | 1,433,886 | 1,433,886 |
Other assets | 128,037 | 57,538 |
TOTAL ASSETS | 1,736,179 | 1,964,480 |
Accounts payable and other liabilities | 1,956,597 | 927,424 |
TOTAL LIABILITIES | 1,956,597 | 927,424 |
MEMBERS’ EQUITY/(DEFICIT) | (220,418) | 1,037,056 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY | $ 1,736,179 | $ 1,964,480 |
Note 4 - Investment in Joint _6
Note 4 - Investment in Joint Venture Company - Condensed Results of Operations for Peak Gold, LLC (Details) - The Joint Venture Company [Member] - USD ($) | 3 Months Ended | 57 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | Sep. 30, 2019 | |
Exploration expense | $ 2,140,932 | $ 3,554,798 | $ 36,365,356 |
General and administrative | 616,542 | 1,030,533 | 8,002,838 |
Total expenses | 2,757,474 | 4,585,331 | 44,368,194 |
NET LOSS | $ 2,757,474 | $ 4,585,331 | $ 44,368,194 |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other (Details Textual) - USD ($) | Sep. 30, 2019 | Jun. 30, 2019 |
Prepaid Expense, Current, Total | $ 28,445 | $ 161,195 |
Note 6 - Loss Per Share (Detail
Note 6 - Loss Per Share (Details Textual) - shares shares in Thousands | Sep. 30, 2019 | Sep. 30, 2018 |
Options and Warrants Outstanding | 0 | 0 |
Note 6 - Loss Per Share - Recon
Note 6 - Loss Per Share - Reconciliation of the Components of Basic and Diluted Net Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2019 | Sep. 30, 2018 | |
Net loss for the period | $ (1,851,334) | $ (2,885,400) |
Weighted average shares outstanding, basic (in shares) | 6,357,113 | 6,155,695 |
Net loss attributable to common stock, basic, loss per share (in dollars per share) | $ (0.29) | $ (0.47) |
Weighted average shares outstanding, diluted (in shares) | 6,357,113 | 6,155,695 |
Net loss attributable to common stock, diluted, loss per share (in dollars per share) | $ (0.29) | $ (0.47) |
Note 7 - Shareholders' Equity (
Note 7 - Shareholders' Equity (Details Textual) - USD ($) | Oct. 23, 2017 | Oct. 13, 2017 | Sep. 30, 2016 | Jun. 30, 2018 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2013 |
Common Stock, Shares Authorized | 30,000,000 | 30,000,000 | |||||
Preferred Stock, Shares Authorized | 15,000,000 | ||||||
Common Stock, Shares, Outstanding, Ending Balance | 6,357,113 | 6,357,113 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 0 | ||||||
Preferred Stock, Shares Issued, Total | 0 | ||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | $ 0.01 | $ 0.01 | ||||
Common Stock Issued in Connection with Warrants Exercised [Member] | |||||||
Class of Warrant or Right, Exercised During Period | 404,923 | ||||||
Private Placement [Member] | March 2013 Warrant Holders [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 10 | ||||||
Class of Warrant or Right, Exercised During Period | 124,999 | ||||||
Proceeds from Warrant Exercises | $ 1,200,000 | ||||||
Class of Warrant or Right, Reduced Exercise Price of Warrants or Rights | $ 9.50 | ||||||
Private Placement [Member] | Certain Purchasers [Member] | |||||||
Common Stock, Par or Stated Value Per Share | $ 0.01 | ||||||
Stock Issued During Period, Shares, New Issues | 553,672 | ||||||
Shares Issued, Price Per Share | $ 19 | ||||||
Proceeds from Issuance of Private Placement | $ 10,500,000 | ||||||
Proceeds from Issuance of Private Placement, Net of Issuance Costs | $ 10,000,000 | ||||||
Private Placement Fee, Percentage | 6.50% | ||||||
Private Placement Fee, Reduced Percentage | 3.25% | ||||||
Payments of Stock Issuance Costs | $ 500,000 | ||||||
Juneau Exploration L.P. [Member] | Private Placement [Member] | |||||||
Stock Issued During Period, Shares, New Issues | 13,200 | ||||||
Stock Issued During Period, Value, New Issues | $ 250,800 | ||||||
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 | 580,999 | |||||
Proceeds from Warrant Exercises | $ 5,300,000 | ||||||
Stock Issued During Period, Value, Warrants Exercised | $ 2,300,000 | ||||||
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, Exercise Price of Warrants or Rights | $ 80 | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 0.01 | ||||||
Beneficial Ownership Required for Rights to Be Exercisable | 15.00% | ||||||
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, Ending Balance | 456,666 |
Note 8 - Formation of Joint V_2
Note 8 - Formation of Joint Venture Company (Details Textual) - USD ($) | Jan. 08, 2015 | Sep. 30, 2019 | Sep. 30, 2019 | Apr. 26, 2018 |
The Joint Venture Company [Member] | ||||
Noncontrolling Interest, Ownership Percentage by Parent | 100.00% | |||
The Joint Venture Company [Member] | ||||
Equity Method Investment, Aggregate Cost | $ 1,400,000 | $ 1,400,000 | $ 1,400,000 | |
Investments in Joint Ventures, Contributed Assets Value | 45,700,000 | |||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% | 60.00% | |
The Joint Venture Company [Member] | Royal Gold [Member] | ||||
Initial Investment to Fund Exploration Activity | $ 5,000,000 | |||
Variable Interest Entity, Qualitative or Quantitative Information, Ownership Percentage | 0.00% | |||
Reimbursement from Joint Venture Co-founder | $ 750,000 | |||
Percentage of Economic Interest That May Be Obtained | 40.00% | |||
Amount of Economic Interest That May Be Obtained | $ 30,000,000 | |||
Equity Method Investment, Cumulative Contributions if Additional Contributions Made | $ 30,000,000 | |||
Equity Method Investment, Ownership Percentage | 40.00% | 40.00% | 40.00% | |
Payments to Acquire Interest in Joint Venture | $ 35,100,000 | $ 35,100,000 | ||
Additional Economic Interest Sellable | 20.00% | 20.00% |
Note 9 - Related Party Transa_2
Note 9 - Related Party Transactions (Details Textual) - USD ($) | Oct. 23, 2017 | Sep. 30, 2016 | Sep. 30, 2019 | Aug. 02, 2019 | Apr. 26, 2018 | Apr. 16, 2018 | Sep. 30, 2012 | Nov. 29, 2010 |
Long-term Debt, Total | $ 0 | |||||||
The Joint Venture Company [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 60.00% | 60.00% | ||||||
JEX [Member] | ||||||||
Overriding Royalty Interest | 3.00% | 2.00% | ||||||
Management Services Agreement, Initial Term | 1 year | |||||||
Management Services Agreement, Fee Per Month | $ 32,000 | |||||||
JEX [Member] | Expense for Office Space and Equipment [Member] | ||||||||
Management Services Agreement, Fee Per Month | $ 6,900 | |||||||
JEX [Member] | ALASKA | ||||||||
Overriding Royalty Interest | 2.00% | |||||||
Juneau Exploration L.P. [Member] | Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 13,200 | |||||||
Stock Issued During Period, Value, New Issues | $ 250,800 | |||||||
Royal Gold [Member] | ||||||||
Overriding Royalty Interest | 3.00% | |||||||
Royal Gold [Member] | Common Stock [Member] | ||||||||
Percentage of Ownership Interest Acquired by Related Party | 12.70% | 13.60% | ||||||
Shares Issued, Price Per Share | $ 26 |
Note 10 - Stock-based Compens_2
Note 10 - Stock-based Compensation (Details Textual) - USD ($) | Nov. 30, 2018 | Nov. 14, 2017 | Dec. 31, 2018 | Nov. 30, 2018 | Nov. 30, 2017 | Sep. 30, 2019 | Sep. 30, 2018 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 0 | ||||||
Share-based Payment Arrangement, Expense | $ 740,442 | $ 745,069 | |||||
Restricted Stock [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 456,666 | ||||||
The 2010 Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 500,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,500,000 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 2,272,268 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 0 | 35,625 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 19,513 | ||||||
Proceeds from Stock Options Exercised | $ 0 | ||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Executives and Non-executive Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 155,000 | 155,000 | 155,000 | ||||
The 2010 Plan [Member] | Restricted Stock [Member] | Executives and Non-executive Directors [Member] | November 2018 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 155,000 | ||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Two Executives and Non-executive Directors [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 146,666 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period | 117,332 | ||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Two Executives and Non-executive Directors [Member] | December 2018 Grant [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance | 146,666 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | Jul. 15, 2012 | Jul. 31, 2008 | Sep. 30, 2019 | Feb. 28, 2019 |
Contingent Salary and Compensation, Retention Agreement | $ 1,500,000 | |||
Chief Executive Officer [Member] | ||||
Contingent Salary and Compensation, Retention Agreement | 1,000,000 | |||
Chief Financial Officer [Member] | ||||
Contingent Salary and Compensation, Retention Agreement | $ 250,000 | |||
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 | 2.00% | 1.25% | ||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Maximum [Member] | ||||
Royalty Rate | 5.00% | 4.25% | ||
Gold Properties [Member] | ||||
Annual Claim Rentals | $ 227,460 | |||
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 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - The Joint Venture Company [Member] - USD ($) | 1 Months Ended | |
Nov. 13, 2019 | Sep. 30, 2019 | |
Equity Method Investment, Ownership Percentage | 60.00% | |
Exploration Budget, Funded Amount | $ 4,100,000 | |
Subsequent Event [Member] | ||
Exploration Budget, Funding in Period | $ 1,800,000 | |
Equity Method Investment, Ownership Percentage | 60.00% |