Contango Ore (CTGO) 10-Q 13 Nov 19 2020 Q1 Quarterly report Financial data

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%