Contango Ore (CTGO) 10-Q 6 May 20 2020 Q3 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	9 Months Ended
	Mar. 31, 2020	May 06, 2020
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 Interactive Data Current	Yes
Entity Common Stock, Shares Outstanding (in shares)		6,557,239
Entity Shell Company	false
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q3
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 ($)	Mar. 31, 2020	Jun. 30, 2019
CURRENT ASSETS:
Cash	$ 3,593,644	$ 8,600,658
Prepaid expenses and other	252,181	161,195
Total current assets	3,845,825	8,761,853
OTHER ASSETS:
Investment in Peak Gold, LLC (Note 4)
Total other assets
TOTAL ASSETS	3,845,825	8,761,853
CURRENT LIABILITIES:
Accounts payable	6,171	71,410
Accrued liabilities	178,505	347,879
Total current liabilities	184,676	419,289
COMMITMENTS AND CONTINGENCIES (NOTE 11)
SHAREHOLDERS’ EQUITY:
Common Stock, $0.01 par value, 30,000,000 shares authorized; 6,590,113 shares issued and 6,557,239 outstanding at March 31, 2020; 6,357,113 shares issued and outstanding at June 30, 2019	65,901	63,571
Additional paid-in capital	60,418,781	57,935,663
Treasury stock at cost (32,874 shares at March 31, 2020; and 0 at June 30, 2019)	(476,672)
Accumulated deficit	(56,346,861)	(49,656,670)
SHAREHOLDERS’ EQUITY	3,661,149	8,342,564
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 3,845,825	$ 8,761,853

Condensed Consolidated Balanc_2

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares	Mar. 31, 2020	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)	6,590,113	6,357,113
Common stock, shares outstanding (in shares)	6,557,239	6,357,113
Treasury stock, shares (in shares)	32,874	0

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
General and administrative expense	$ (1,322,125)	$ (1,070,916)	$ (3,464,060)	$ (3,168,099)
Total expenses	(1,322,125)	(1,070,916)	(3,464,060)	(3,168,099)
OTHER INCOME/(EXPENSE):
Interest income	11,801	55,232	73,869	171,285
Loss from equity investment in Peak Gold, LLC (Note 4)	(600,000)	(420,000)	(3,300,000)	(3,210,000)
NET LOSS	$ (1,910,325)	$ (1,435,684)	$ (6,690,191)	$ (6,206,814)
LOSS PER SHARE
Basic and diluted (in dollars per share)	$ (0.29)	$ (0.23)	$ (1.04)	$ (0.99)
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING
Basic and diluted (in shares)	6,550,068	6,357,113	6,449,345	6,257,512

Condensed Consolidated Statem_2

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (6,690,191)	$ (6,206,814)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation	2,485,448	2,255,937
Loss from equity investment in Peak Gold, LLC	3,300,000	3,210,000
Changes in operating assets and liabilities:
Decrease in prepaid expenses and other	(90,986)	(41,907)
Decrease in accounts payable and accrued liabilities	(234,613)	(40,541)
Net cash used in operating activities	(1,230,342)	(823,325)
CASH FLOWS FROM INVESTING ACTIVITIES:
Cash invested in Peak Gold, LLC	(3,300,000)	(3,210,000)
Net cash used in investing activities	(3,300,000)	(3,210,000)
CASH FLOWS FROM FINANCING ACTIVITIES:
Cash paid for shares withheld from employees for payroll tax withholding	(476,672)
Net cash used in financing activities	(476,672)
NET DECREASE IN CASH AND CASH EQUIVALENTS	(5,007,014)	(4,033,325)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	8,600,658	13,810,805
CASH AND CASH EQUIVALENTS, END OF PERIOD	$ 3,593,644	$ 9,777,480

Condensed Consolidated Statem_3

Condensed Consolidated Statement of Shareholders' Equity (Unaudited) - USD ($)	Common Stock [Member]	Additional Paid-in Capital [Member]	Treasury Stock [Member]	Retained Earnings [Member]	Total
Balance (in shares) at Jun. 30, 2018	6,153,266
Balance at Jun. 30, 2018	$ 61,533	$ 54,949,370		$ (41,300,831)	$ 13,710,072
Stock-based compensation		2,255,937			2,255,937
Restricted stock activity (in shares)	184,334
Restricted stock activity	$ 1,843	(1,843)
Net loss for the period				(6,206,814)	(6,206,814)
Stock option exercises (in shares)	19,513
Stock option exercises	$ 195	(195)
Balance (in shares) at Mar. 31, 2019	6,357,113
Balance at Mar. 31, 2019	$ 63,571	57,203,269		(47,507,645)	9,759,195
Balance (in shares) at Dec. 31, 2018	6,357,113
Balance at Dec. 31, 2018	$ 63,571	56,478,299		(46,071,961)	10,469,909
Stock-based compensation		724,970			724,970
Net loss for the period				(1,435,684)	$ (1,435,684)
Stock option exercises (in shares)					0
Balance (in shares) at Mar. 31, 2019	6,357,113
Balance at Mar. 31, 2019	$ 63,571	57,203,269		(47,507,645)	$ 9,759,195
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		2,485,448			2,485,448
Restricted stock activity (in shares)	233,000
Restricted stock activity	$ 2,330	(2,330)
Treasury shares withheld for employee taxes			(476,672)		(476,672)
Net loss for the period				(6,690,191)	$ (6,690,191)
Stock option exercises (in shares)
Balance (in shares) at Mar. 31, 2020	6,590,113
Balance at Mar. 31, 2020	$ 65,901	60,418,781	(476,672)	(56,346,861)	$ 3,661,149
Balance (in shares) at Dec. 31, 2019	6,515,113
Balance at Dec. 31, 2019	$ 65,151	59,557,406		(54,436,536)	5,186,021
Stock-based compensation		862,125			862,125
Restricted stock activity (in shares)	75,000
Restricted stock activity	$ 750	(750)
Treasury shares withheld for employee taxes			(476,672)		(476,672)
Net loss for the period				(1,910,325)	(1,910,325)
Balance (in shares) at Mar. 31, 2020	6,590,113
Balance at Mar. 31, 2020	$ 65,901	$ 60,418,781	$ (476,672)	$ (56,346,861)	$ 3,661,149

Note 1 - Organization and Busin

Note 1 - Organization and Business	9 Months Ended
	Mar. 31, 2020
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. March 31, 2020, $36.7 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 In December 2019, 19” March 31, 2020, 19. 19, $1.8 2020 2020 $1.1 In June 2018, 60% no

Note 2 - Basis of Presentation

Note 2 - Basis of Presentation	9 Months Ended
	Mar. 31, 2020
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 nine March 31, 2020 not may June 30, 2020.

Note 3 - Summary of Significant

Note 3 - Summary of Significant Accounting Policies	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020 June 30, 2019 not not March 31, 2020 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 March 31, 2020. not On March 27, 2020, 19. 19 five Investment in the Joint Venture Company. T one three 31, 2020 60.0% March 31, 2020 June 30, 2019 . Recently Issued Accounting Pronouncements. In February 2016, 2016 02, Leases (Topic 842 , which requires recognition of right-of-use assets and lease payment liabilities on the balanc twelve 2016 02 July 2019. not In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 the interaction between the three December 15, 2020, not The Company has evaluated all other recent acco unting pronouncements and believes that none .

Note 4 - Investment in the Join

Note 4 - Investment in the Joint Venture Company	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020, $11.4 36.7 March 31, 2020, 6 0.0% The following table is a roll-forward of our investment in the Joint Venture Company from January 8, 2015 ( March 31, 2020: 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 3,300,000 Loss from equity investment in Peak Gold, LLC (3,300,000 ) Investment balance at March 31, 2020 $ — The following table presents the condensed unaudited balance sheet for the Joint Venture Company as of March 31, 2020 June 30, 2019: March 31, 2020 June 30, 2019 ASSETS Cash and cash equivalents $ 191,578 $ 473,056 Mineral properties 1,433,886 1,433,886 Other assets 193,116 57,538 TOTAL ASSETS $ 1,818,580 $ 1,964,480 LIABILITIES AND MEMBERS’ EQUITY Accounts payable and other liabilities $ 220,507 $ 927,424 TOTAL LIABILITIES 220,507 927,424 MEMBERS’ EQUITY 1,598,073 1,037,056 TOTAL LIABILITIES AND MEMBERS’ EQUITY $ 1,818,580 $ 1,964,480 The Company’s share of the Joint Venture Company’s results of operations for the three nine March 31, 2020 $0.3 $3.0 three nine 31 , 2019 $0.2 $3.5 million, respectively. The Joint Venture Company loss does not March 31, 2020 June 30, 2019, $34.4 $31.5 $1.4 zero each March 31, 2020 June 30, 2019. $11.4 31, 2020. March 31, 2020 $23.0 three nine March 31, 2020 2019, 31, 2020: Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Period from Inception January 8, 2015 to March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 EXPENSES: Exploration expense $ 342,077 $ 215,930 $ 3,648,059 $ 4,403,170 $ 37,829,127 General and administrative 250,160 130,625 1,290,924 1,413,383 8,720,576 Total expenses 592,237 346,555 4,938,983 5,816,553 46,549,703 NET LOSS $ 592,237 $ 346,555 $ 4,938,983 $ 5,816,553 $ 46,549,703

Note 5 - Prepaid Expenses and O

Note 5 - Prepaid Expenses and Other	9 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Prepaid Expenses [Text Block]	5. The Company has prepaid expenses of $252,181 $161,195 March 31, 2020 and June 30, 2019,

Note 6 - Loss Per Share

Note 6 - Loss Per Share	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (1,910,324 ) 6,550,068 $ (0.29 ) $ (1,435,684 ) 6,357,113 $ (0.23 ) Diluted Loss per Share: Net loss attributable to common stock $ (1,910,324 ) 6,550,068 $ (0.29 ) $ (1,435,684 ) 6,357,113 $ (0.23 ) Nine Months Ended March 31, 2020 2019 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (6,690,191 ) 6,449,345 $ (1.04 ) $ (6,206,814 ) 6,257,512 $ (0.99 ) Diluted Loss per Share: Net loss attributable to common stock $ (6,690,191 ) 6,449,345 $ (1.04 ) $ (6,206,814 ) 6,257,512 $ (0.99 ) Options to purchase 100,000 March 31, 2020, no June 30, 2019 . In connection with the appointment of Rick Van Nieuwenhuyse as the President and Chief Executive Officer of the Company, on January 6, 2020, 100,000 $14.50 January 6, 2020, two first second

Note 7 - Shareholders' Equity

Note 7 - Shareholders' Equity	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020, we had 6,557,239 shares of common stock outstanding, including 53 4,666 share s of unvested restricted stock. March 31, 2020, 100,000 No January 2021 January 2022. 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, who was serving as the Company’s Chairman, President and Chief Executive Officer at the time of exercise of the warrants. Proceeds from the exercise of the warrants were used for working capital purposes and for funding 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 at the time of the Private Placement, 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, April 22, 2018, and November 20, 2019. 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 31, 2021

Note 8 - Formation of Joint Ven

Note 8 - Formation of Joint Venture Company	9 Months Ended
	Mar. 31, 2020
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% March 31, 2020, $36.7 $5 $10.0 $1.4 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	9 Months Ended
	Mar. 31, 2020
Notes to Financial Statements
Related Party Transactions Disclosure [Text Block]	9. Mr. Brad Juneau, who served as the Company’s Chairman, President and Chief Executive Officer January 6, 2020, January 6, 2020, 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, On November 20, 2019, October 1, 2016. $47,000, $6,900 third No may On October 23, 2017, 7 JEX, which is controlled by ’s then-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% In June 2018, no 60% no

Note 10 - Stock-based Compensat

Note 10 - Stock-based Compensation	9 Months Ended
	Mar. 31, 2020
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. On November 13, 2019, 2010 may 500,000 Under the Equity Plan, the Board may 2,000,000 may March 31, 2020, 534,666 100,000 three nine March 31, 2020 and 2019 $862,125 $2,485,448 three nine 31, 2019 $724,970 $2,255,937, The amount of compensation expense recognized does not may Restricted Stock. November 2017, 155,000 155,000 1, 2020. In November 2018, 155,000 January 2021. March 31, 2020, 155,000 In December 2018, 117,332 two January 1, 2019. 146,666 two December 2018 January 2021. March 31, 2020, 146,666 In November 2019, 158,000 January 2022. March 31, 2020, 158,000 In connection with the appointment of Rick Van Nieuwenhuyse as the President and Chief Executive Officer of the Company, on January 9, 2020, 75,000 two first second As of March 31, 2020 , the total compensation cost related to unvested awards not $4,064,923. Stock options. January 6, 2020, 100,000 $14.50 January 6, 2020, two first second There were no stock option exercises during the three nine March 31, 2020 . There were also no nine March 31, 2019, 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. March 31, 2020, 4.8 not March 31, 2020 $655,839. A summary of the status of stock options granted under the Equity Plan as of March 31, 2020 nine Nine Months Ended March 31, 2020 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2019 — Granted (1) 100,000 $ 14.50 Exercised — Forfeited — Outstanding at the end of the period 100,000 Aggregate intrinsic value $ — Exercisable, end of the period — Aggregate intrinsic value $ — Available for grant, end of period Weighted average fair value per share of options granted during the period $ 7.42 ( 1 1.56%; 3.3 74%; 0%. $7.42

Note 11 - Commitments and Conti

Note 11 - Commitments and Contingencies	9 Months Ended
	Mar. 31, 2020
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%, March 31, 2020, $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 2019 2020 $323,248. 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 August 6, 2025, $1,000,000 $250,000,

Significant Accounting Policies

Significant Accounting Policies (Policies)	9 Months Ended
	Mar. 31, 2020
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 March 31, 2020 June 30, 2019 not not March 31, 2020 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 March 31, 2020. not On March 27, 2020, 19. 19 five
Equity Method Investments [Policy Text Block]	Investment in the Joint Venture Company. T one three 31, 2020 60.0% March 31, 2020 June 30, 2019 .
New Accounting Pronouncements, Policy [Policy Text Block]	Recently Issued Accounting Pronouncements. In February 2016, 2016 02, Leases (Topic 842 , which requires recognition of right-of-use assets and lease payment liabilities on the balanc twelve 2016 02 July 2019. not In January 2020, 2020 01, Investments—Equity Securities (Topic 321 323 815 the interaction between the three December 15, 2020, not The Company has evaluated all other recent acco unting pronouncements and believes that none .

Note 4 - Investment in the Jo_2

Note 4 - Investment in the Joint Venture Company (Tables)	9 Months Ended
	Mar. 31, 2020
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 3,300,000 Loss from equity investment in Peak Gold, LLC (3,300,000 ) Investment balance at March 31, 2020 $ —
The Joint Venture Company [Member]
Notes Tables
Summarized Balance Sheet of Equity Method Investment [Table Text Block]	March 31, 2020 June 30, 2019 ASSETS Cash and cash equivalents $ 191,578 $ 473,056 Mineral properties 1,433,886 1,433,886 Other assets 193,116 57,538 TOTAL ASSETS $ 1,818,580 $ 1,964,480 LIABILITIES AND MEMBERS’ EQUITY Accounts payable and other liabilities $ 220,507 $ 927,424 TOTAL LIABILITIES 220,507 927,424 MEMBERS’ EQUITY 1,598,073 1,037,056 TOTAL LIABILITIES AND MEMBERS’ EQUITY $ 1,818,580 $ 1,964,480
Summarized Income Statement of Equity Method Investment [Table Text Block]	Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended Period from Inception January 8, 2015 to March 31, 2020 March 31, 2019 March 31, 2020 March 31, 2019 March 31, 2020 EXPENSES: Exploration expense $ 342,077 $ 215,930 $ 3,648,059 $ 4,403,170 $ 37,829,127 General and administrative 250,160 130,625 1,290,924 1,413,383 8,720,576 Total expenses 592,237 346,555 4,938,983 5,816,553 46,549,703 NET LOSS $ 592,237 $ 346,555 $ 4,938,983 $ 5,816,553 $ 46,549,703

Note 6 - Loss Per Share (Tables

Note 6 - Loss Per Share (Tables)	9 Months Ended
	Mar. 31, 2020
Notes Tables
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block]	Three Months Ended March 31, 2020 2019 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (1,910,324 ) 6,550,068 $ (0.29 ) $ (1,435,684 ) 6,357,113 $ (0.23 ) Diluted Loss per Share: Net loss attributable to common stock $ (1,910,324 ) 6,550,068 $ (0.29 ) $ (1,435,684 ) 6,357,113 $ (0.23 ) Nine Months Ended March 31, 2020 2019 Loss Weighted Average Shares Loss Per Share Loss Weighted Average Shares Loss Per Share Basic Loss per Share: Net loss attributable to common stock $ (6,690,191 ) 6,449,345 $ (1.04 ) $ (6,206,814 ) 6,257,512 $ (0.99 ) Diluted Loss per Share: Net loss attributable to common stock $ (6,690,191 ) 6,449,345 $ (1.04 ) $ (6,206,814 ) 6,257,512 $ (0.99 )

Note 10 - Stock-based Compens_2

Note 10 - Stock-based Compensation (Tables)	9 Months Ended
	Mar. 31, 2020
Notes Tables
Share-based Payment Arrangement, Option, Activity [Table Text Block]	Nine Months Ended March 31, 2020 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2019 — Granted (1) 100,000 $ 14.50 Exercised — Forfeited — Outstanding at the end of the period 100,000 Aggregate intrinsic value $ — Exercisable, end of the period — Aggregate intrinsic value $ — Available for grant, end of period Weighted average fair value per share of options granted during the period $ 7.42

Note 1 - Organization and Bus_2

Note 1 - Organization and Business (Details Textual) shares in Millions	Nov. 10, 2017a	Sep. 29, 2014	Nov. 29, 2010USD ($)ashares	Sep. 30, 2012a	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Mar. 31, 2020USD ($)	Oct. 31, 2019	Apr. 26, 2018	Jan. 08, 2015USD ($)
Long-term Debt, Total					$ 0	$ 0	$ 0
The Joint Venture Company [Member]
Payments to Acquire Interest in Joint Venture							$ 10,000,000
Meters of Drilling Completed								3,073
Exploration Budget, Amount That Would Need to Be Funded to Maintain Current Level of Interest					$ 1,100,000
Equity Method Investment, Ownership Percentage					60.00%	60.00%	60.00%		60.00%
Royal Gold [Member] | The Joint Venture Company [Member]
Number of Mining Claims Acquired	541
Mining Claims Acquired, Area (Acre) | a	84,840
Production Royalty Percentage	3.00%
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						$ 36,700,000	$ 36,700,000
Percentage Ownership in Company					40.00%	40.00%	40.00%
Equity Method Investment, Ownership Percentage									40.00%
Unpatented Mining Claims from the State of Alaska for Gold and Minerals [Member]
Acreage of Unpatented Mining Claims (Acre) | a			18,021
Native Village of Tetlin Land [Member]
Percentage of Leasehold Interest			100.00%
Leasehold Interest Acreage (Acre) | a			675,000
Contango [Member]
Parent Contribution			$ 3,500,000
Sale of Stock, Number of Shares Issued in Transaction (in shares) | 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%	3.00%	3.00%
JEX [Member] | Unpatented State of Alaska Mining Claims [Member]
Number of Mining Claims Acquired				474
Mining Claims Acquired, Area (Acre) | 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	Mar. 31, 2020	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 the Jo_3

Note 4 - Investment in the Joint Venture Company (Details Textual) - USD ($)	3 Months Ended		9 Months Ended		63 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	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
Payments to Acquire Interest in Joint Venture					11,400,000
Payments to Acquire Interest in Joint Venture					$ 10,000,000
Equity Method Investment, Ownership Percentage	60.00%		60.00%		60.00%			60.00%
Loss from Equity Method Investments, Unrecorded	$ 300,000	$ 200,000	$ 3,000,000	$ 3,500,000
Equity Method Investment, Summarized Financial Information, Inception-to-date Cumulative Income (Loss)	34,400,000		34,400,000		$ 34,400,000	31,500,000
Equity Method Investments	0		0		0	$ 0	$ 0		$ 0	$ 0	$ 0		$ 0
Equity Method Investment, Cumulative Investment	$ 11,400,000		11,400,000		11,400,000
Suspended Losses					23,000,000
The Joint Venture Company [Member] | Royal Gold [Member]
Payments to Acquire Interest in Joint Venture			$ 36,700,000		$ 36,700,000
Equity Method Investment, Ownership Percentage								40.00%

Note 4 - Investment in the Jo_4

Note 4 - Investment in the Joint Venture Company - Roll-forward of Investment in the Joint Venture Company (Details) - USD ($)	3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2017	Jun. 30, 2016	Jun. 30, 2015
Investment balance
Investment in Peak Gold, LLC			3,300,000	$ 3,210,000
Loss from equity investment in Peak Gold, LLC	$ (600,000)	$ (420,000)	(3,300,000)	(3,210,000)
Investment balance
The Joint Venture Company [Member]
Investment balance			0	$ 0	0	$ 0	$ 0	$ 0	$ 0
Investment in Peak Gold, LLC			3,300,000		4,140,000	2,580,000		0	1,433,886
Loss from equity investment in Peak Gold, LLC			(3,300,000)		(4,140,000)	(2,580,000)			(1,433,886)
Investment balance	$ 0		$ 0		$ 0	$ 0	$ 0	$ 0	$ 0

Note 4 - Investment in the Jo_5

Note 4 - Investment in the Joint Venture Company - Condensed Balance Sheet for Peak Gold, LLC (Details) - USD ($)	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018
Cash	$ 3,593,644	$ 8,600,658	$ 9,777,480	$ 13,810,805
TOTAL ASSETS	3,845,825	8,761,853
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	3,845,825	8,761,853
The Joint Venture Company [Member]
Cash	191,578	473,056
Mineral properties	1,433,886	1,433,886
Other assets	193,116	57,538
TOTAL ASSETS	1,818,580	1,964,480
Accounts payable and other liabilities	220,507	927,424
TOTAL LIABILITIES	220,507	927,424
MEMBERS’ EQUITY	1,598,073	1,037,056
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	$ 1,818,580	$ 1,964,480

Note 4 - Investment in Joint Ve

Note 4 - Investment in Joint Venture Company - Condensed Results of Operations for Peak Gold, LLC (Details) - USD ($)	3 Months Ended		9 Months Ended		63 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020
General and administrative	$ 1,322,125	$ 1,070,916	$ 3,464,060	$ 3,168,099
Total expenses	1,322,125	1,070,916	3,464,060	3,168,099
The Joint Venture Company [Member]
NET LOSS					$ 46,549,703
The Joint Venture Company [Member]
Exploration expense	342,077	215,930	3,648,059	4,403,170	37,829,127
General and administrative	250,160	130,625	1,290,924	1,413,383	8,720,576
Total expenses	592,237	346,555	4,938,983	5,816,553	$ 46,549,703
NET LOSS	$ 592,237	$ 346,555	$ 4,938,983	$ 5,816,553

Note 5 - Prepaid Expenses and_2

Note 5 - Prepaid Expenses and Other (Details Textual) - USD ($)	Mar. 31, 2020	Jun. 30, 2019
Prepaid Expense, Current, Total	$ 252,181	$ 161,195

Note 6 - Loss Per Share (Detail

Note 6 - Loss Per Share (Details Textual) - $ / shares		Jan. 06, 2020	Mar. 31, 2020	Jun. 30, 2019
Options and Warrants Outstanding (in shares)			100,000	0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	[1]		100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	[1]		$ 14.50
President and CEO [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)		100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)		$ 14.50
[1]	The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: (i) risk-free interest rate of 1.56%; (ii) expected life of 3.3 years; (iii) expected volatility of 74%; and (iv) expected dividend yield of 0%. The weighted average fair value per share for the options granted is $7.42

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		9 Months Ended
	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019
Net loss for the period	$ (1,910,325)	$ (1,435,684)	$ (6,690,191)	$ (6,206,814)
Weighted average shares outstanding, basic (in shares)	6,550,068	6,357,113	6,449,345	6,257,512
Net loss attributable to common stock, basic, loss per share (in dollars per share)	$ (0.29)	$ (0.23)	$ (1.04)	$ (0.99)
Weighted average shares outstanding, diluted (in shares)	6,550,068	6,357,113	6,449,345	6,257,512
Net loss attributable to common stock, diluted, loss per share (in dollars per share)	$ (0.29)	$ (0.23)	$ (1.04)	$ (0.99)

Note 7 - Shareholders' Equity (

Note 7 - Shareholders' Equity (Details Textual) - USD ($)	Oct. 23, 2017	Oct. 13, 2017	Sep. 30, 2016	Jun. 30, 2018	Mar. 31, 2020	Jun. 30, 2019	Mar. 31, 2013	Dec. 19, 2012
Common Stock, Shares Authorized (in shares)					30,000,000	30,000,000
Preferred Stock, Shares Authorized (in shares)					15,000,000
Common Stock, Shares, Outstanding, Ending Balance (in shares)					6,557,239	6,357,113
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)					100,000
Preferred Stock, Shares Issued, Total (in shares)					0
Common Stock, Par or Stated Value Per Share (in dollars 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 (in shares)				404,923
Private Placement [Member] | March 2013 Warrant Holders [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)		$ 0.01
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)		$ 10
Class of Warrant or Right, Exercised During Period (in shares)		124,999
Proceeds from Warrant Exercises		$ 1,200,000
Class of Warrant or Right, Reduced Exercise Price of Warrants or Rights (in dollars per share)		$ 9.50
Private Placement [Member] | Certain Purchasers [Member]
Common Stock, Par or Stated Value Per Share (in dollars per share)	$ 0.01
Stock Issued During Period, Shares, New Issues (in shares)	553,672
Shares Issued, Price Per Share (in dollars 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 (in shares)	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 (in dollars per share)			$ 9				$ 10
Class of Warrant or Right, Exercised During Period (in shares)			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 (in shares)			83,334
Rights to Purchase Series A Junior Preferred Stock [Member]
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share)								$ 80
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares)								0.01
Beneficial Ownership Required for Rights to Be Exercisable								15.00%
Class of Warrant or Right, Distributed for Each Share of Common Stock (in shares)								1
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)					534,666

Note 8 - Formation of Joint V_2

Note 8 - Formation of Joint Venture Company (Details Textual) - USD ($)	Jan. 08, 2015	Mar. 31, 2020	Mar. 31, 2020	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%
Payments to Acquire Interest in Joint Venture			$ 10,000,000
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%
Payments to Acquire Interest in Joint Venture		$ 36,700,000	$ 36,700,000
Additional Economic Interest Sellable		20.00%	20.00%

Note 9 - Related Party Transa_2

Note 9 - Related Party Transactions (Details Textual) - USD ($)	Nov. 20, 2019	Oct. 23, 2017	Mar. 31, 2020	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, Fee Per Month	$ 47,000
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 (in shares)		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 (in dollars per share)						$ 26

Note 10 - Stock-based Compens_3

Note 10 - Stock-based Compensation (Details Textual) - USD ($)		Jan. 09, 2020	Jan. 06, 2020	Nov. 30, 2018	Nov. 14, 2017	Nov. 30, 2019	Dec. 31, 2018	Nov. 30, 2018	Nov. 30, 2017	Mar. 31, 2020	Mar. 31, 2019	Mar. 31, 2020	Mar. 31, 2019	Nov. 14, 2019	Jun. 30, 2019
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number, Ending Balance (in shares)										100,000		100,000
Share-based Payment Arrangement, Expense										$ 862,125	$ 724,970	$ 2,485,448	$ 2,255,937
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)	[1]											100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)	[1]											$ 14.50
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)											0
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year)												4 years 292 days
Share-based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount										$ 655,839		$ 655,839
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate												1.56%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term (Year)												3 years 109 days
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate												74.00%
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate												0.00%
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value (in dollars per share)												$ 7.42
President and CEO [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares)			100,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share)			$ 14.50
Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)										534,666		534,666
Restricted Stock [Member] | President and CEO [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)		75,000
The 2010 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares)					500,000
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares)														2,000,000
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total										$ 4,064,923		$ 4,064,923
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period (in shares)										0		0	35,625
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period (in shares)													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 (in shares)				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 (in shares)										155,000		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 (in shares)							146,666
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Forfeited in Period (in shares)							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 (in shares)										146,666		146,666
The 2010 Plan [Member] | Restricted Stock [Member] | Two Executives and Non-executive Directors [Member] | November 2019 Grant [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number, Ending Balance (in shares)										158,000		158,000
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares)						158,000
[1]	The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: (i) risk-free interest rate of 1.56%; (ii) expected life of 3.3 years; (iii) expected volatility of 74%; and (iv) expected dividend yield of 0%. The weighted average fair value per share for the options granted is $7.42

Note 10 - Stock-based Compens_4

Note 10 - Stock-based Compensation - Summary of Stock Options (Details)	3 Months Ended	9 Months Ended
	Mar. 31, 2019shares	Mar. 31, 2020USD ($)$ / sharesshares
Outstanding, shares under options (in shares)
Granted, shares under options (in shares)		100,000	[1]
Granted, weighted average exercise price (in dollars per share) | $ / shares		$ 14.50	[1]
Exercised, shares under options (in shares)	0
Forfeited, shares under options (in shares)
Outstanding, shares under options (in shares)		100,000
Aggregate intrinsic value, outstanding | $
Exercisable, end of the period (in shares)
Aggregate intrinsic value, exercisable | $
Weighted average fair value per share of options granted during the period (in dollars per share) | $ / shares		$ 7.42
[1]	The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions: (i) risk-free interest rate of 1.56%; (ii) expected life of 3.3 years; (iii) expected volatility of 74%; and (iv) expected dividend yield of 0%. The weighted average fair value per share for the options granted is $7.42

Note 11 - Commitments and Con_2

Note 11 - Commitments and Contingencies (Details Textual) - USD ($)	Jul. 15, 2012	Jul. 31, 2008	Mar. 31, 2020	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%
Tetlin Lease and Certain Other Properties [Member]
Annual Claim Rentals			$ 323,248
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 (Year)		10 years
Extension of Term of Leases and Concessions on Undeveloped Acreage (Year)		10 years