Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Sep. 13, 2023 | Dec. 31, 2022 | |
Document Information [Line Items] | |||
Entity Central Index Key | 0001502377 | ||
Entity Registrant Name | Contango ORE, Inc. | ||
Amendment Flag | false | ||
Current Fiscal Year End Date | --06-30 | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2023 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Jun. 30, 2023 | ||
Document Transition Report | false | ||
Entity File Number | 000-54136 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-3431051 | ||
Entity Address, Address Line One | 3700 BUFFALO SPEEDWAY, SUITE 925 | ||
Entity Address, City or Town | Houston | ||
Entity Address, State or Province | TX | ||
Entity Address, Postal Zip Code | 77098 | ||
City Area Code | 713 | ||
Local Phone Number | 877-1311 | ||
Title of 12(b) Security | Common Stock, $0.01 par value | ||
Trading Symbol | CTGO | ||
Security Exchange Name | NYSE | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Small Business | true | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 91,041,747 | ||
Entity Common Stock, Shares Outstanding | 9,393,922 | ||
Auditor Name | Moss Adams LLP | ||
Auditor Location | Houston, Texas | ||
Auditor Firm ID | 659 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
CURRENT ASSETS: | ||
Cash | $ 11,646,194 | $ 23,095,101 |
Restricted cash | 231,000 | 231,000 |
Prepaid expenses and other | 413,907 | 453,353 |
Total current assets | 12,291,101 | 23,779,454 |
LONG-TERM ASSETS: | ||
Investment in Peak Gold, LLC (NOTE 10) | 0 | 0 |
Property & equipment, net | 13,371,638 | 13,514,531 |
Total long-term assets | 13,371,638 | 13,514,531 |
TOTAL ASSETS | 25,662,739 | 37,293,985 |
CURRENT LIABILITIES: | ||
Accounts payable | 220,755 | 633,856 |
Accrued liabilities | 2,077,870 | 870,981 |
Total current liabilities | 2,298,625 | 1,504,837 |
NON-CURRENT LIABILITIES: | ||
Advance royalty reimbursement | 1,200,000 | 1,200,000 |
Asset retirement obligations | 239,942 | 228,082 |
Contingent consideration liability | 1,240,563 | 1,847,063 |
Debt, net | 25,457,047 | 19,239,960 |
Total non-current liabilities | 28,137,552 | 22,515,105 |
TOTAL LIABILITIES | 30,436,177 | 24,019,942 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
STOCKHOLDERS’ EQUITY (DEFICIT): | ||
Preferred Stock, 15,000,000 shares authorized | 0 | 0 |
Common Stock, $0.01 par value, 45,000,000 shares authorized; 7,781,690 shares issued and outstanding as of June 30, 2023; 6,860,420 shares issued and 6,769,923 shares outstanding at June 30, 2022 | 77,817 | 68,604 |
Additional paid-in capital | 93,424,283 | 74,057,859 |
Treasury stock at cost (0 at June 30, 2023; and 90,497 shares at June 30, 2022) | 0 | (2,318,182) |
Accumulated deficit | (98,275,538) | (58,534,238) |
STOCKHOLDERS’ EQUITY (DEFICIT) | (4,773,438) | 13,274,043 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY | $ 25,662,739 | $ 37,293,985 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - $ / shares | Jun. 30, 2023 | Jun. 30, 2022 |
Preferred stock, shares authorized (in shares) | 15,000,000 | 15,000,000 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, shares issued (in shares) | 7,781,690 | 6,860,420 |
Common stock, shares outstanding (in shares) | 7,781,690 | 6,769,923 |
Treasury stock, sharesTreasury stock, shares (in shares) | 0 | 90,497 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
EXPENSES: | ||
Claim rental expense | $ (526,279) | $ (621,298) |
Exploration expense | (7,878,863) | (8,517,938) |
Depreciation expense | (136,501) | (55,740) |
Accretion expense | (11,860) | (9,156) |
Impairment from casualty loss, net of recovery | (7,111) | (92,777) |
General and administrative expense | (9,091,127) | (10,336,378) |
Total expenses | (17,651,741) | (19,633,287) |
OTHER INCOME/(EXPENSE): | ||
Interest income | 29,651 | 1,503 |
Interest expense | (1,959,666) | (330,047) |
Loss from equity investment in Peak Gold, LLC (NOTE 10) | (21,120,000) | (3,706,000) |
Other income | 622,155 | 41,450 |
Insurance recoveries | 338,301 | 0 |
Total other expense | (22,089,559) | (3,993,094) |
LOSS BEFORE INCOME TAXES | (39,741,300) | (23,626,381) |
Income tax benefit | 0 | 119,731 |
NET LOSS | $ (39,741,300) | $ (23,506,650) |
NET LOSS PER SHARE | ||
Basic and diluted (in dollars per share) | $ (5.61) | $ (3.49) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic and diluted (in shares) | 7,087,027 | 6,734,444 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ||
Net loss | $ (39,741,300) | $ (23,506,650) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 2,931,288 | 3,993,660 |
Depreciation expense | 136,501 | 55,740 |
Accretion expense | 11,860 | 9,156 |
Impairment expense | 7,111 | 115,025 |
Interest expense paid in stock | 438,877 | 0 |
Change in the fair value of contingent consideration | (606,500) | |
Amortization of debt discount and issuance costs | 190,358 | 34,675 |
Loss from equity investment in Peak Gold, LLC | 21,120,000 | 3,706,000 |
Changes in operating assets and liabilities: | ||
Decrease in prepaid expenses and other | 39,446 | 176,914 |
Increase in accounts payable and other accrued liabilities | 793,788 | 1,271,899 |
Decrease in income tax receivable | 0 | 198,126 |
Net cash used in operating activities | (14,678,571) | (13,945,455) |
CASH FLOWS FROM INVESTING ACTIVITIES: | ||
Cash invested in Peak Gold, LLC | (21,120,000) | (3,706,000) |
Acquisition of property& equipment | 0 | (43,989) |
Cash paid for the acquisition of Alaska Gold Torrent, LLC, net of cash received | (719) | (11,642,586) |
Net cash used in investing activities | (21,120,719) | (15,392,575) |
CASH FLOWS FROM FINANCING ACTIVITIES: | ||
Cash paid for shares withheld from employees for payroll tax withholding | (126,428) | (779,622) |
Cash paid for shares purchased from directors for estimated tax obligations associated with stock vesting | 0 | (1,538,560) |
Cash proceeds from debt, net | 7,647,500 | 19,969,967 |
Debt issuance costs | (1,620,771) | (164,682) |
Cash proceeds from warrant exercise | 6,886,000 | 0 |
Cash proceeds from capital raises, net | 11,564,082 | (43,560) |
Net cash provided in financing activities | 24,350,383 | 17,443,543 |
NET DECREASE IN CASH AND RESTRICTED CASH | (11,448,907) | (11,894,487) |
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | 23,326,101 | 35,220,588 |
CASH AND RESTRICTED CASH, END OF PERIOD | 11,877,194 | 23,326,101 |
Supplemental disclosure of cash flow information | ||
Interest expense | 1,324,474 | 0 |
Cash paid for income taxes | 0 | 218,546 |
Non-cash investing and financing activities: | ||
Asset retirement obligations | 0 | 218,927 |
Contingent liability for acquisition of Alaska Gold Torrent, LLC | 0 | (1,847,063) |
Establishment fee for convertible debt paid with stock issuance | 0 | 600,000 |
Total non-cash investing and financing activities: | $ 0 | $ 2,665,990 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Defitcit) - USD ($) | Director [Member] Common Stock [Member] | Director [Member] Additional Paid-in Capital [Member] | Director [Member] Treasury Stock, Common [Member] | Director [Member] Retained Earnings [Member] | Director [Member] | Treasury Shares Issued in Common Stock Issuance [Member] Common Stock [Member] | Treasury Shares Issued in Common Stock Issuance [Member] Additional Paid-in Capital [Member] | Treasury Shares Issued in Common Stock Issuance [Member] Treasury Stock, Common [Member] | Treasury Shares Issued in Common Stock Issuance [Member] Retained Earnings [Member] | Treasury Shares Issued in Common Stock Issuance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
Balance (in shares) at Jun. 30, 2021 | 6,675,746 | ||||||||||||||
Balance at Jun. 30, 2021 | $ 66,757 | $ 69,509,606 | $ 0 | $ (35,027,588) | $ 34,548,775 | ||||||||||
Stock-based compensation | 3,993,660 | 3,993,660 | |||||||||||||
Restricted shares activity (in shares) | 160,500 | ||||||||||||||
Restricted shares activity | $ 1,605 | (1,605) | 0 | 0 | 0 | ||||||||||
Issuance of common stock (in shares) | 24,174 | ||||||||||||||
Issuance of common stock | $ 242 | 599,758 | 0 | 0 | 600,000 | ||||||||||
Cost of common stock issuance | 0 | (43,560) | 0 | 0 | (43,560) | ||||||||||
Treasury shares withheld | $ 0 | $ 0 | $ (1,538,560) | $ 0 | $ (1,538,560) | 0 | 0 | (779,622) | 0 | (779,622) | |||||
Net loss | $ 0 | 0 | 0 | (23,506,650) | (23,506,650) | ||||||||||
Balance (in shares) at Jun. 30, 2022 | 6,860,420 | ||||||||||||||
Balance at Jun. 30, 2022 | $ 68,604 | 74,057,859 | (2,318,182) | (58,534,238) | 13,274,043 | ||||||||||
Stock-based compensation | $ 0 | 2,931,288 | 0 | 0 | 2,931,288 | ||||||||||
Restricted shares activity (in shares) | 85,166 | ||||||||||||||
Restricted shares activity | $ 851 | (851) | 0 | 0 | 0 | ||||||||||
Issuance of common stock (in shares) | 559,461 | ||||||||||||||
Issuance of common stock | $ 5,595 | 8,919,025 | 0 | 0 | 8,924,620 | ||||||||||
Cost of common stock issuance | 0 | (661,109) | 0 | 0 | (661,109) | ||||||||||
Treasury shares withheld | (15) | 0 | (126,413) | 0 | (126,428) | ||||||||||
Net loss | $ 0 | 0 | 0 | (39,741,300) | (39,741,300) | ||||||||||
Treasury shares issued in common stock issuance (in shares) | (42,525) | ||||||||||||||
Treasury shares issued | $ (425) | $ 0 | $ 2,205,709 | $ 0 | $ 2,205,284 | ||||||||||
Warrant exercise (in shares) | 313,000 | ||||||||||||||
Warrant exercise | $ 3,130 | 5,855,642 | 0 | 0 | 5,858,772 | ||||||||||
Cost of warrant modification | 0 | (382,769) | 0 | 0 | (382,769) | ||||||||||
Fair value of warrants issued with common stock | $ 0 | 2,505,284 | 0 | 0 | 2,505,284 | ||||||||||
Shares issued for convertible note interest payment (in shares) | 7,695 | ||||||||||||||
Shares issued for convertible note interest payment | $ 77 | 199,914 | 238,886 | 0 | 438,877 | ||||||||||
Balance (in shares) at Jun. 30, 2023 | 7,781,690 | ||||||||||||||
Balance at Jun. 30, 2023 | $ 77,817 | $ 93,424,283 | $ 0 | $ (98,275,538) | $ (4,773,438) |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Contango ORE, Inc. (“CORE” or the “Company”) engages in exploration for gold ore and associated minerals in Alaska. The Company conducts its operations through three ● a 30.0% membership interest in Peak Gold, LLC (the “Peak Gold JV”), which leases approximately 675,000 acres from the Tetlin Tribal Council and holds approximately 13,000 additional acres of State of Alaska mining claims (such combined acreage, the “Peak Gold JV Property”) for exploration and development, including in connection with the Peak Gold JV's plan to mine ore from the Main and North Manh Choh deposits within the Peak Gold JV Property (the “Manh Choh Project”); ● its wholly-owned subsidiary, Alaska Gold Torrent, LLC, an Alaska limited liability company (“AGT”), which leases the mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims for exploration from Alaska Hard Rock, Inc., which includes three 75 8 ● its wholly-owned subsidiary, Contango Minerals Alaska, LLC (“Contango Minerals”), which separately owns the mineral rights to approximately 145,280 acres of State of Alaska mining claims for exploration, including (i) approximately 69,780 acres located immediately northwest of the Peak Gold JV Property (the “Eagle/Hona Property”), (ii) approximately 14,800 acres located northeast of the Peak Gold JV Property (the “Triple Z Property”), (iii) approximately 52,700 acres of new property in the Richardson district of Alaska (the “Shamrock Property”) and (iv) approximately 8,000 acres located to the north and east of the Lucky Shot Property (the “Willow Property” and, together with the Eagle/Hona Property, the Triple Z Property, and the Shamrock Property, collectively the “Minerals Property”). The Company relinquished approximately 69,000 acres located on the Eagle/Hona prospect in November 2022 . 2019 2021, The Lucky Shot Property and the Minerals Property are collectively referred to in these Notes to Consolidated Financial Statements as the “Contango Properties”. The Manh Choh Project is in the development stage. All other projects are in an exploration stage. The Company’s fiscal year end is June 30. The Company has been involved, directly and through the Peak Gold JV, in exploration on the Manh Choh Project since 2010, two 240 400 April 14, 2023. Kinross released a combined feasibility study for the Fort Knox mill and the Peak Gold JV in July 2022. July 2022, December 31, 2022, 2023, 2023, 2023 At the Lucky Shot Property, the Company engaged Atkinson Construction and Major Drilling as contractors to execute the 2022 June 2022, November August 2023, On the Shamrock Property, the Company conducted soil and surface rock chip sampling during 2021. 2024. not 2024. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business for the foreseeable future. |
Note 3 - Liquidity
Note 3 - Liquidity | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Liquidity [Text Block] | 3. The Company’s cash needs going forward will primarily relate to capital calls from the Peak Gold JV, exploration of the Contango Properties, and general and administrative expenses of the Company. The Management Committee has proposed a significant budget to complete and start the operations of the Manh Choh mine, which will require the Company to either elect to fund its 30% 15 July 2023 ( 16 twelve may not no may not |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 4. Summary of Significant Accounting Policies The Company’s significant accounting policies are described below. Cash three June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022, Management Estimates not Stock-Based Compensation Income Taxes not not Investment in the Peak Gold JV. June 30, 2023 one three June 30, 2023 June 30, 2022 Property & Equipment. may not June 30, 2023 June 30, 2022. February 2022. no no no Fair Value Measurement three one three The three Level 1 Level 2 not Level 3 no A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not three no no June 30, 2023 Fair Value on a Recurring Basis The Company performs fair value measurements on a recurring basis for the following: • Derivative Financial Instruments - Derivative financial instruments are carried at fair value and measured on a recurring basis. The Company's potential derivative financial instruments include features embedded within its convertible debenture with Queens Road Capital (see Note 15 not • Contingent Consideration - As discussed in Note 8, two Fair Value on a Nonrecurring Basis The Company applies the provisions of the fair value measurement standard on a non-recurring basis to its non-financial assets and liabilities, including mineral properties, business combinations, and asset retirement obligations. These assets and liabilities are not may Business Combinations first not not not not not The Company purchased 100% of the outstanding membership interests of AGT in August 2021 ( 8 Convertible Debenture 470 20, 470 20" 2 Derivative Asset for Embedded Conversion Features. 3 may, Asset Retirement Obligations June 30, 2023 2022 June 30, 2023 2022 Recently Issued Accounting Pronouncements. August 2020, 2020 06, 470 20 815 40 2020 06” 2020 06 2020 06 January 1, 2022 January 1, 2021. 2020 06 January 1, 2022. 15 The Company has evaluated all other recent accounting pronouncements and believes that none |
Note 5 - Prepaid Expenses and O
Note 5 - Prepaid Expenses and Other | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Prepaid Expenses [Text Block] | 5. The Company had prepaid expenses and other assets of $413,907 and $453,353 as of June 30, 2023 2022 |
Note 6 - Net Loss Per Share
Note 6 - Net Loss Per Share | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 6. Net Loss Per Share A reconciliation of the components of basic and diluted net loss per share of common stock is presented in the tables below: Fiscal Year Ended June 30, 2023 June 30, 2022 Net loss attributable to common stock $ (39,741,300 ) $ (23,506,650 ) Weighted average shares for basic EPS 7,087,027 6,734,444 Effect of dilutive securities — — Weighted average shares for diluted EPS 7,087,027 6,734,444 Basic EPS $ (5.61 ) $ (3.49 ) Diluted EPS $ (5.61 ) $ (3.49 ) There were 100,000 options and 401,000 warrants outstanding as of June 30, 2023 June 30, 2022 not June 30, 2023 June 30, 2022 |
Note 7 - Stockholders' Equity (
Note 7 - Stockholders' Equity (Deficit) | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 7. Equity (Deficit) The Company has 45,000,000 shares of common stock authorized, and 15,000,000 authorized shares of preferred stock. As of June 30, 2023 June 30, 2023 August 2023 January 2025. ATM Offering On June 8, 2023, SM may 1933, 3. may 415 4 no may June 30, 2023, January 2023 Private Placement On January 19, 2023, “January 2023 “January 2023 “January 2023 January 2023 January 2023 “January 2023 “January 2023 “January 2023 “January 2023 January 19, 2023 January 2023 January 2023 January 2023 Pursuant to the January 2023 January 2023 January 2023 second January 2023 may January 2023 January 2023 2 4.65%; 40.4%; 0%. Petrie Partners Securities, LLC (“Petrie”) assisted the Company with the January 2023 January 2023 January 2023 January 2023 not January 2023 January 2023 December 2022 Private Placement On December 23, 2022 “December 2022 “December 2022 “December 2022 December 2022 December 2022 “December 2022 “December 2022 “December 2022 “December 2022 December 23, 2022 December 2022 December 2022 December 2022 The December 2022 second December 2022 may December 2022 December 2022 2 4.66%; 37.73%; Petrie assisted the Company with the December 2022 December 2022 December 2022 December 2022 not December 2022 December 2022 May 2023 In May 2023, December 2022 January 2023 May 9, 2023. 4 2 not December 2022 January 2023 December 2022 January 2023 “May 2023 May 9, 2023 4.81%; 42.5%; May 2023 May 2023 May 2023 2 4.81%; 43.7%; Rights Agreement On September 23, 2020, Pursuant to the Rights Agreement, the Board declared a dividend of one October 5, 2020. no 18.0% 20.0% one one 1/1000 The Rights Agreement had an initial term of one September 22, 2021. September 21, 2021, September 22, 2022. August 31, 2022, September 22, 2023. September 13, 2023, September 23, 2024. |
Note 8 - Acquisition of Lucky S
Note 8 - Acquisition of Lucky Shot Property | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Asset Acquisition [Text Block] | 8. On August 24, 2021, February 28, 2022 ( November 2021, not February 25, 2022. The Company will be obligated to pay CRH additional consideration if production on the Lucky Shot Property meets two first 1 2 1:65 second 1 2 30 thirty not no The Company also agreed to make $10,000,000 in expenditures during the 36 June 30, 2023 The Company evaluated this acquisition under ASC 805, 805 805 not not 480 3 4 $1.2 June 30, 2023. $0.6 |
Note 9 - Property & Equipment
Note 9 - Property & Equipment | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Equipment The table below sets forth the book value by type of fixed asset as well as the estimated useful life: Asset Type Estimated Useful Life (in years) June 30, 2023 June 30, 2022 Mineral properties N/A - Units of Production $ 11,700,726 $ 11,700,007 Land Not Depreciated 87,737 87,737 Buildings and improvements 20 - 39 1,455,546 1,455,546 Machinery and equipment 3 - 10 287,635 287,635 Vehicles 5 135,862 135,862 Computer and office equipment 5 16,239 16,239 Furniture & fixtures 5 2,270 2,270 Less: Accumulated depreciation and amortization (192,241 ) (55,740 ) Less: Accumulated impairment (122,136 ) (115,025 ) Property & Equipment, net $ 13,371,638 $ 13,514,531 |
Note 10 - Investment in the Pea
Note 10 - Investment in the Peak Gold, LLC | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 10. The Company recorded its investment at the historical book value of the assets contributed to the Peak Gold JV which was approximately $1.4 million. As of June 30, 2023 The following table is a roll-forward of our investment in the Peak Gold JV from January 8, 2015 ( June 30, 2023 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 at 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 3,720,000 Loss from equity investment in Peak Gold, LLC (3,720,000 ) Investment balance at June 30, 2020 $ — Investment in Peak Gold, LLC 3,861,252 Loss from equity investment in Peak Gold, LLC (3,861,252 ) Investment balance at June 30, 2021 — Investment in Peak Gold, LLC 3,706,000 Loss from equity investment in Peak Gold, LLC (3,706,000 ) Investment balance at June 30, 2022 $ — Investment in Peak Gold, LLC 21,120,000 Loss from equity investment in Peak Gold, LLC (21,120,000 ) Investment balance at June 30, 2023 $ — The following table presents the condensed balance sheets for the Peak Gold JV as of June 30, 2023 2022 June 30, 2023 June 30, 2022 ASSETS Current assets $ 81,719,273 $ 9,022,315 Non-current assets 97,748,104 4,548,709 TOTAL ASSETS $ 179,467,377 $ 13,571,024 LIABILITIES AND MEMBERS’EQUITY Current liabilities $ 14,283,457 $ 3,057,873 Non-current liabilities 21,973,623 416,081 TOTAL LIABILITIES $ 36,257,080 $ 3,473,954 MEMBERS’ EQUITY 143,210,297 10,097,070 TOTAL LIABILITIES AND MEMBERS’ EQUITY $ 179,467,377 $ 13,571,024 The following table presents the condensed results of operations for the Peak Gold JV for the year ended June 30, 2023 2022 June 30, 2023 Year Ended Year Ended Period from Inception January 8, 2015 to June 30, 2023 June 30, 2022 June 30, 2023 EXPENSES: Exploration expense $ 7,940,683 $ 9,534,764 $ 66,352,210 General and administrative 1,374,003 1,290,013 13,655,022 Total expenses 9,314,686 10,824,777 80,007,232 NET LOSS $ 9,314,686 $ 10,824,777 $ 80,007,232 The Company’s share of the Peak Gold JV’s results of operations for the year ended June 30, 2023 $2.8 June 30, 2022 not June 30, 2023 June 30, 2022 zero June 30, 2023 June 30, 2022. not not June 30, 2023 |
Note 11 - Stock Based Compensat
Note 11 - Stock Based Compensation | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. Stock Based Compensation On September 15, 2010, “2010 November 10, 2022, 2010 may may may As of June 30, 2023 June 30, 2023 2022 not may Stock Options. may 422 1986, not may not five 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 tax benefits) are classified as financing cash flows. See Note 4 not 2023. 2022 June 30, 2023 zero June 30, 2023 In connection with the appointment of Rick Van Nieuwenhuyse as the President and Chief Executive Officer of the Company, on January 6, 2020, January 6, 2020, two first second A summary of the status of stock options granted under the 2010 June 30, 2023 2022 Year Ended June 30, 2023 2022 Weighted Weighted Shares Average Shares Average Under Exercise Under Exercise Options Price Options Price Outstanding, beginning of year 100,000 $ 14.50 100,000 $ 14.50 Granted — — — — Exercised — — — — Forfeited — — — — Cancelled — — — — Outstanding, end of year 100,000 $ 14.50 100,000 $ 14.50 Aggregate intrinsic value $ 1,133,000 $ 811,000 Exercisable, end of year 100,000 $ 14.50 100,000 $ 14.50 Aggregate intrinsic value $ 1,133,000 $ 811,000 Available for grant, end of year 473,386 100,427 Weighted average fair value of options granted during the year (1) $ — $ — _______________ ( 1 June 30, 2023 2022. Restricted Stock. may June 30, 2023 2022 On December 1, 2020, two three June 30, 2023 December 2020 On August 16, 2021, three June 30, 2023 On November 11, 2021, April 2022 January 2024. June 30, 2023 On February 2, 2022, four June 30, 2023, In December 2022, January 2023. December 2022 January 2025. June 30, 2023, On February 7, 2023, January 2025. June 30, 2023, As of June 30, 2023 A summary of the Company’s restricted stock as of June 30, 2023 2022 Weighted Average Number of Fair Value Shares Per Share Nonvested balance at June 30, 2021 401,333 $ 16.28 Granted 160,500 $ 21.73 Vested (245,499 ) $ 15.39 Nonvested balance at June 30, 2022 316,334 $ 19.73 Granted 299,875 $ 23.33 Forfeited/Cancelled (172,834 ) $ 18.68 Vested (13,999 ) $ 18.71 Nonvested balance at June 30, 2023 429,376 $ 22.70 As of June 30, 2023 not |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Tetlin Lease ten July 2008 ten July 15, 2028, Pursuant to the terms of the Tetlin Lease, the Peak Gold JV was required to spend $350,000 per year until July 15, 2018 2011 $350,000 $450,000. 0.75% December 31, 2020. $450,000 not July 15, 2012, Gold Exploration November 2020. November 30 2022 2023 November 2022. September 1 st August 31 st June 30, 2023 four Lucky Shot Acquisition two first 1 2 second 1 2 30 thirty 8 Royal Gold Royalties Retention Agreements February 2019, one February 6, 2020, August 6, 2020 August 6, 2025. August 6, 2025. June 10, 2020, August 6, 2025, August 4, 2023, “2023 one 16 Employment Agreement July 11, 2023, 2023, 12 12 12 30 Short Term Incentive Plan June 10, 2020, two first second may not December 2020, January 1, 2022. January 2022, January 15, 2023. |
Note 13 - Income Taxes
Note 13 - Income Taxes | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Year Ended June 30, 2023 2022 Income tax benefit at statutory tax rate $ (8,345,673 ) $ (4,961,540 ) State tax benefit (3,225,218 ) (1,544,567 ) Return to provision — (38 ) Permanent differences 19,916 12,937 Stock based compensation (527,765 ) 100,666 Legal fees 24,167 131,311 Convertible debt interest 368,875 66,463 162(m) Limitation 373,763 84,822 Other valuation allowance 11,311,935 5,990,215 Income tax benefit $ — $ (119,731 ) The provision for income taxes for the periods indicated below are comprised of the following: Year Ended June 30, 2023 2022 Current: Federal $ — $ (261,636 ) State — 141,905 Total current income tax benefit $ — $ (119,731 ) Deferred: Federal $ — $ — State — — Total deferred income tax expense $ — $ — The net deferred tax asset is comprised of the following: Year Ended June 30, 2023 2022 Deferred tax asset: Investment in the Peak Gold JV $ 14,203,470 $ 8,278,223 State deferred tax assets 6,728,285 3,503,066 Stock option expenses 1,106,783 1,425,498 Net operating losses 5,027,243 2,547,058 Valuation allowance (27,065,781 ) (15,753,845 ) Net deferred tax assets $ — $ — . At each reporting period, we weigh all positive and negative evidence to determine whether our deferred tax assets are more likely than not June 30, 2023 June 30, 2022 not not During fiscal year 2023, At June 30, 2023 $22.3 may 50 three 382 382 June 30, 2023 June 30, 2022 June 30, 2023 no 382. March 22, 2013. 382 not The Company did not June 30, 2023 may twelve not June 30, 2013 June 30, 2022. not June 30, 2023 On August 16, 2022, 15 three $1.0 one January 1, 2023). not |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 14. Mr. Brad Juneau, who served as the Company’s Chairman, President and Chief Executive Officer until January 6, 2020, November 11, 2021 , December 11, 2020, November 20, 2019. one December 1, 2020 ninety third January 2023, On January 1, 2022, January 5, 2022, January 1, 2022), |
Note 15 - Debt
Note 15 - Debt | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 15. Debt The table below shows the components of Debt, net as of June 30, 2023 2022: Year Ended June 30, 2023 2022 Secured Debt Facility Principal amount $ 10,000,000 $ — Unamortized debt discount (2,342,484 ) — Unamortized debt issuance costs (1,628,012 ) — Debt, net $ 6,029,504 $ — Convertible Debenture Principal amount $ 20,000,000 $ 20,000,000 Unamortized debt discount (461,639 ) (602,430 ) Unamortized debt issuance costs (110,818 ) (157,610 ) Debt, net $ 19,427,543 $ 19,239,960 Total Debt, net $ 25,457,047 $ 19,239,960 Secured Credit Facility On May 17, 2023, US$70 $65 The Credit Agreement will mature on December 31, 2026 second August 2, 2023, $2,025 July 2024 December 2026. 16 Term loans, which can be made quarterly are to be used only to finance cash calls to the Peak Gold JV, fund the debt service reserve account, pay corporate costs in accordance with Budget and Base Case financial model and fees and expenses in connection with the loan. Liquidity loans, which can be made once a month, are to be used for cost overruns. Any outstanding liquidity loans must be repaid on July 31, 2025. Loans under the facility can be Base Rate loans at the Base Rate plus the Applicable Margin or Secured Overnight Financing Rate (“SOFR”) loans at the three may .50% one .15% Interest is payable commencing on the date of each loan and ending on the next payment date. The interest payment dates prior to November 1, 2025 July, October, January April; March, June, September December. 18 May 17, 2023. As of June 30, 2023, The Credit Agreement contains representations and warranties and affirmative and negative covenants customary for credit facilities of this type, including limitations on the Company and its subsidiaries with respect to indebtedness, liens, mergers, consolidations, liquidations and dissolutions, sales of all or substantially all assets, transactions with affiliates and entry into hedging arrangements. The Credit Agreement also requires the Company to maintain, as of the last day of each fiscal quarter, (i) a historical debt service coverage ratio of no 1.00, no 1.00; no 1.00; no 1.70 1.00; no 25%. $2 June 30, 2023, The Company drew $10 million on the term loan facility at the initial closing. The Company will repay $2 July 31, 2024, December 31, 2026. The Company entered into amendments to the Credit Agreement extending the time for the Company to satisfy the remaining conditions to a second Borrowings under the term loan facility carried an original issue discount of $2.3 million and debt issuance costs of approximately $1.6 million. As of June 30, 2023 2 June 30, 2023 June 30, 2023 June 30, 2023 In connection with entering into the Credit Agreement, the Company entered into a mandate lender arrangement fee letter (the “MLA Fee Letter”) with ING and Macquarie (collectively, the “Mandated Parties”) and a production linked arrangement fee letter (the “PLA Fee Letter”) with ING. Pursuant to the MLA Fee Letter, the Company paid the Mandated Parties on the date of the initial disbursement at the initial closing an upfront fee, calculated based on the principal amount of the Facility. Additionally, the Company paid the Mandated Parties an initial disbursement upfront fee, calculated based on the initial disbursement of $10 million. Pursuant to the PLA Fee Letter, the Company will pay ING a production linked arranging fee based on projected total production over the life of the Facility, as well as an agency fee for consideration of acting as administrative agent and collateral agent. Convertible Debenture On April 26, 2022 , In connection with the closing of the Credit Agreement, the Company entered into a letter agreement with QRC (the "Letter Agreement") which amended the terms of the convertible debenture. In accordance with the Letter Agreement, QRC acknowledged that the convertible debenture would be subordinate to the loans under the Credit Agreement, and acknowledged that the Company entering into the loans under the Credit Agreement would not July, October, January, April, November 1, 2025 March, June, September, December. April 26, 2026 May 26, 2028. The debenture currently bears interest at 9% per annum, payable quarterly, with 7% paid in cash and 2% paid in shares of common stock issued at the market price at the time of payment based on a 20 may may third 20 In connection with the issuance of the debenture, the Company agreed to pay an establishment fee of 3% of the debenture face amount. In accordance with the investment agreement, QRC elected to receive the establishment fee in shares of common stock valued at $24.82 per share, for a total of 24,174 shares. The establishment fee shares were issued to QRC pursuant to an exemption from registration under Regulation S. QRC entered into an investor rights agreement with the Company in connection with the issuance of the debenture. The investor rights agreement contains provisions that require QRC and its affiliates, while they own 5% or more of our outstanding common stock, to standstill, not not not The debt carried an original issue discount of $0.6 million and debt issuance costs of approximately $0.2 million. As of June 30, 2023 June 30, 2022, June 30, 2023 June 30, 2022, 2 June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022 ( June 30, 2023 June 30, 2022 April 26, 2022, June 30, 2022, June 30, 2023 not |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 12 Months Ended |
Jun. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 16. On July 24, 2023, 3. July 26, 2023. 1933, On August 2, 2023, July 2024 December 2026, On August 4, 2023, February 6, 2019 February 6, 2020. December 31, 2023 not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2023 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash three June 30, 2023 June 30, 2022 June 30, 2023 June 30, 2022, |
Use of Estimates, Policy [Policy Text Block] | Management Estimates not |
Share-Based Payment Arrangement [Policy Text Block] | Stock-Based Compensation |
Income Tax, Policy [Policy Text Block] | Income Taxes not not |
Equity Method Investments [Policy Text Block] | Investment in the Peak Gold JV. June 30, 2023 one three June 30, 2023 June 30, 2022 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property & Equipment. may not June 30, 2023 June 30, 2022. February 2022. no no no |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurement three one three The three Level 1 Level 2 not Level 3 no A financial instrument’s level within the fair value hierarchy is based on the lowest level of any input that is significant to the fair value measurement. Where available, fair value is based on observable market prices or parameters or derived from such prices or parameters. Where observable prices or inputs are not three no no June 30, 2023 Fair Value on a Recurring Basis The Company performs fair value measurements on a recurring basis for the following: • Derivative Financial Instruments - Derivative financial instruments are carried at fair value and measured on a recurring basis. The Company's potential derivative financial instruments include features embedded within its convertible debenture with Queens Road Capital (see Note 15 not • Contingent Consideration - As discussed in Note 8, two Fair Value on a Nonrecurring Basis The Company applies the provisions of the fair value measurement standard on a non-recurring basis to its non-financial assets and liabilities, including mineral properties, business combinations, and asset retirement obligations. These assets and liabilities are not may |
Business Combinations Policy [Policy Text Block] | Business Combinations first not not not not not The Company purchased 100% of the outstanding membership interests of AGT in August 2021 ( 8 |
Debt, Policy [Policy Text Block] | Convertible Debenture 470 20, 470 20" 2 |
Derivatives, Embedded Derivatives [Policy Text Block] | Derivative Asset for Embedded Conversion Features. 3 may, |
Asset Retirement Obligation [Policy Text Block] | Asset Retirement Obligations June 30, 2023 2022 June 30, 2023 2022 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Pronouncements. August 2020, 2020 06, 470 20 815 40 2020 06” 2020 06 2020 06 January 1, 2022 January 1, 2021. 2020 06 January 1, 2022. 15 The Company has evaluated all other recent accounting pronouncements and believes that none |
Note 6 - Net Loss Per Share (Ta
Note 6 - Net Loss Per Share (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Fiscal Year Ended June 30, 2023 June 30, 2022 Net loss attributable to common stock $ (39,741,300 ) $ (23,506,650 ) Weighted average shares for basic EPS 7,087,027 6,734,444 Effect of dilutive securities — — Weighted average shares for diluted EPS 7,087,027 6,734,444 Basic EPS $ (5.61 ) $ (3.49 ) Diluted EPS $ (5.61 ) $ (3.49 ) |
Note 9 - Property & Equipment (
Note 9 - Property & Equipment (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Type Estimated Useful Life (in years) June 30, 2023 June 30, 2022 Mineral properties N/A - Units of Production $ 11,700,726 $ 11,700,007 Land Not Depreciated 87,737 87,737 Buildings and improvements 20 - 39 1,455,546 1,455,546 Machinery and equipment 3 - 10 287,635 287,635 Vehicles 5 135,862 135,862 Computer and office equipment 5 16,239 16,239 Furniture & fixtures 5 2,270 2,270 Less: Accumulated depreciation and amortization (192,241 ) (55,740 ) Less: Accumulated impairment (122,136 ) (115,025 ) Property & Equipment, net $ 13,371,638 $ 13,514,531 |
Note 10 - Investment in the P_2
Note 10 - Investment in the Peak Gold, LLC (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
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 at 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 3,720,000 Loss from equity investment in Peak Gold, LLC (3,720,000 ) Investment balance at June 30, 2020 $ — Investment in Peak Gold, LLC 3,861,252 Loss from equity investment in Peak Gold, LLC (3,861,252 ) Investment balance at June 30, 2021 — Investment in Peak Gold, LLC 3,706,000 Loss from equity investment in Peak Gold, LLC (3,706,000 ) Investment balance at June 30, 2022 $ — Investment in Peak Gold, LLC 21,120,000 Loss from equity investment in Peak Gold, LLC (21,120,000 ) Investment balance at June 30, 2023 $ — |
The Joint Venture Company [Member] | |
Notes Tables | |
Summarized Balance Sheet of Equity Method Investment [Table Text Block] | June 30, 2023 June 30, 2022 ASSETS Current assets $ 81,719,273 $ 9,022,315 Non-current assets 97,748,104 4,548,709 TOTAL ASSETS $ 179,467,377 $ 13,571,024 LIABILITIES AND MEMBERS’EQUITY Current liabilities $ 14,283,457 $ 3,057,873 Non-current liabilities 21,973,623 416,081 TOTAL LIABILITIES $ 36,257,080 $ 3,473,954 MEMBERS’ EQUITY 143,210,297 10,097,070 TOTAL LIABILITIES AND MEMBERS’ EQUITY $ 179,467,377 $ 13,571,024 |
Summarized Income Statement of Equity Method Investment [Table Text Block] | Year Ended Year Ended Period from Inception January 8, 2015 to June 30, 2023 June 30, 2022 June 30, 2023 EXPENSES: Exploration expense $ 7,940,683 $ 9,534,764 $ 66,352,210 General and administrative 1,374,003 1,290,013 13,655,022 Total expenses 9,314,686 10,824,777 80,007,232 NET LOSS $ 9,314,686 $ 10,824,777 $ 80,007,232 |
Note 11 - Stock Based Compens_2
Note 11 - Stock Based Compensation (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Year Ended June 30, 2023 2022 Weighted Weighted Shares Average Shares Average Under Exercise Under Exercise Options Price Options Price Outstanding, beginning of year 100,000 $ 14.50 100,000 $ 14.50 Granted — — — — Exercised — — — — Forfeited — — — — Cancelled — — — — Outstanding, end of year 100,000 $ 14.50 100,000 $ 14.50 Aggregate intrinsic value $ 1,133,000 $ 811,000 Exercisable, end of year 100,000 $ 14.50 100,000 $ 14.50 Aggregate intrinsic value $ 1,133,000 $ 811,000 Available for grant, end of year 473,386 100,427 Weighted average fair value of options granted during the year (1) $ — $ — |
Nonvested Restricted Stock Shares Activity [Table Text Block] | Weighted Average Number of Fair Value Shares Per Share Nonvested balance at June 30, 2021 401,333 $ 16.28 Granted 160,500 $ 21.73 Vested (245,499 ) $ 15.39 Nonvested balance at June 30, 2022 316,334 $ 19.73 Granted 299,875 $ 23.33 Forfeited/Cancelled (172,834 ) $ 18.68 Vested (13,999 ) $ 18.71 Nonvested balance at June 30, 2023 429,376 $ 22.70 |
Note 13 - Income Taxes (Tables)
Note 13 - Income Taxes (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended June 30, 2023 2022 Income tax benefit at statutory tax rate $ (8,345,673 ) $ (4,961,540 ) State tax benefit (3,225,218 ) (1,544,567 ) Return to provision — (38 ) Permanent differences 19,916 12,937 Stock based compensation (527,765 ) 100,666 Legal fees 24,167 131,311 Convertible debt interest 368,875 66,463 162(m) Limitation 373,763 84,822 Other valuation allowance 11,311,935 5,990,215 Income tax benefit $ — $ (119,731 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended June 30, 2023 2022 Current: Federal $ — $ (261,636 ) State — 141,905 Total current income tax benefit $ — $ (119,731 ) Deferred: Federal $ — $ — State — — Total deferred income tax expense $ — $ — |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Year Ended June 30, 2023 2022 Deferred tax asset: Investment in the Peak Gold JV $ 14,203,470 $ 8,278,223 State deferred tax assets 6,728,285 3,503,066 Stock option expenses 1,106,783 1,425,498 Net operating losses 5,027,243 2,547,058 Valuation allowance (27,065,781 ) (15,753,845 ) Net deferred tax assets $ — $ — |
Note 15 - Debt (Tables)
Note 15 - Debt (Tables) | 12 Months Ended |
Jun. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | Year Ended June 30, 2023 2022 Secured Debt Facility Principal amount $ 10,000,000 $ — Unamortized debt discount (2,342,484 ) — Unamortized debt issuance costs (1,628,012 ) — Debt, net $ 6,029,504 $ — Convertible Debenture Principal amount $ 20,000,000 $ 20,000,000 Unamortized debt discount (461,639 ) (602,430 ) Unamortized debt issuance costs (110,818 ) (157,610 ) Debt, net $ 19,427,543 $ 19,239,960 Total Debt, net $ 25,457,047 $ 19,239,960 |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) $ in Millions | 9 Months Ended | ||||
Mar. 31, 2023 USD ($) | Jun. 30, 2023 a | May 17, 2023 | Nov. 30, 2022 a | Sep. 30, 2020 | |
The Joint Venture Company [Member] | State of Alaska Mining Claims for Exploration and Development [Member] | |||||
Area of Land (Acre) | 13,000 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located North and Northwest of Tetlin Lease [Member] | |||||
Area of Land (Acre) | 145,280 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located Near Eagle/Hona Property [Member] | |||||
Area of Land (Acre) | 69,780 | 69,000 | |||
Contango Minerals [Member] | State of Alaska Mining Claims Located Near Triple Z Property [Member] | |||||
Area of Land (Acre) | 14,800 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located in Richardson District [Member] | |||||
Area of Land (Acre) | 52,700 | ||||
Contango Minerals [Member] | State of Alaska Mining Claims Located North and East of Lucky Shot Property [Member] | |||||
Area of Land (Acre) | 8,000 | ||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | |||||
Area of Land (Acre) | 675,000 | ||||
Alaska Hard Rock Lease [Member] | Alaska Gold Torrent, LLC [Member] | |||||
Area of Land (Acre) | 8,600 | ||||
Peak Gold, LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 30% | 30% | |||
The Joint Venture Company [Member] | |||||
Expected Cash Needed | $ | $ 180 | ||||
Equity Method Investment, Entity Shares of Expenditures, Amount | $ | 54 | ||||
Exploration Budget, Funded Amount | $ | $ 36.5 | ||||
The Joint Venture Company [Member] | KG Mining [Member] | |||||
Equity Method Investment, Ownership Percentage by Other Owner | 70% | 64% |
Note 4 - Summary of Significa_2
Note 4 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 6 Months Ended | 12 Months Ended | |||
Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | May 17, 2023 | Aug. 24, 2021 | |
Restricted Cash, Current | $ 231,000 | $ 231,000 | $ 231,000 | ||
Impairment Charge on Reclassified Assets | $ 92,777 | 7,111 | |||
Asset Retirement Obligation, Accretion Expense | 11,860 | $ 9,156 | |||
Lucky Shot Prospect [Member] | |||||
Asset Retirement Obligation, Ending Balance | $ 200,000 | ||||
Alaska Gold Torrent [Member] | |||||
Asset Acquisition Percentage of Interests Acquired | 100% | ||||
Peak Gold, LLC [Member] | |||||
Equity Method Investment, Ownership Percentage | 30% | 30% |
Note 5 - Prepaid Expenses and_2
Note 5 - Prepaid Expenses and Other (Details Textual) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Prepaid Expense, Current | $ 413,907 | $ 453,353 |
Note 6 - Net Loss Per Share (De
Note 6 - Net Loss Per Share (Details Textual) - shares | Jun. 30, 2023 | Jun. 30, 2022 | Nov. 13, 2019 |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 100,000 | 100,000 | 100,000 |
Class of Warrant or Right, Outstanding (in shares) | 401,000 | 0 |
Note 6 - Net Loss Per Share - R
Note 6 - Net Loss Per Share - Reconciliation of the Components of Basic and Diluted Net Loss Per Share (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Net loss attributable to common stock | $ (39,741,300) | $ (23,506,650) |
Weighted average shares for basic EPS (in shares) | 7,087,027 | 6,734,444 |
Effect of dilutive securities (in shares) | 0 | 0 |
Weighted average shares for diluted EPS (in shares) | 7,087,027 | 6,734,444 |
Basic and diluted (in dollars per share) | $ (5.61) | $ (3.49) |
Diluted EPS (in dollars per share) | $ (5.61) | $ (3.49) |
Note 7 - Stockholders' Equity_2
Note 7 - Stockholders' Equity (Deficit) (Details Textual) | 1 Months Ended | 12 Months Ended | ||||||||
May 09, 2023 USD ($) $ / shares shares | Jan. 19, 2023 USD ($) $ / shares shares | Dec. 23, 2022 $ / shares shares | Oct. 05, 2020 $ / shares shares | Jun. 30, 2023 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Jun. 08, 2023 USD ($) | Sep. 23, 2020 shares | |
Common Stock, Shares Authorized (in shares) | 45,000,000 | 45,000,000 | 45,000,000 | |||||||
Preferred Stock, Shares Authorized (in shares) | 15,000,000 | 15,000,000 | 15,000,000 | |||||||
Common Stock, Shares, Outstanding (in shares) | 7,781,690 | 7,781,690 | 6,769,923 | |||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options and Warrants, Outstanding, Number (in shares) | 501,000 | 501,000 | ||||||||
Preferred Stock, Shares Issued (in shares) | 0 | 0 | ||||||||
Rights Agreement, Exercise Price (in dollars per share) | $ / shares | $ 100 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | $ 0.01 | ||||||
Proceeds from Warrant Exercises | $ | $ 6,886,000 | $ 0 | ||||||||
Rights Agreement, Number of Preferred Stock Issuable Per Right (in shares) | 0.001 | |||||||||
January 2023 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0465 | |||||||||
January 2023 Warrants [Member] | Measurement Input, Expected Term [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 1 | |||||||||
January 2023 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.404 | |||||||||
January 2023 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||
December 2022 Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 25 | |||||||||
December 2022 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0466 | |||||||||
December 2022 Warrants [Member] | Measurement Input, Expected Term [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 1 | |||||||||
Class of Warrant or Right, Distributed for Each Share of Common Stock (in shares) | 1 | |||||||||
December 2022 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.3773 | |||||||||
December 2022 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||
December 2022 and January 2023 Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 25 | |||||||||
Class of Warrant or Right, Exercised During Period (in shares) | 313,000 | |||||||||
Proceeds from Warrant Exercises | $ | $ 6,900,000 | |||||||||
Stock Issued During Period, Shares, Warrants Exercised (in shares) | 313,000 | |||||||||
Fair Value Adjustment of Warrants | $ | $ 383,000 | |||||||||
December 2022 and January 2023 Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0481 | |||||||||
December 2022 and January 2023 Warrants [Member] | Measurement Input, Expected Term [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 1 | |||||||||
December 2022 and January 2023 Warrants [Member] | Measurement Input, Price Volatility [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.425 | |||||||||
December 2022 and January 2023 Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||
Modified Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 22 | |||||||||
New Warrants [Member] | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 30 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights (in shares) | 313,000 | |||||||||
New Warrants [Member] | Measurement Input, Risk Free Interest Rate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.0481 | |||||||||
New Warrants [Member] | Measurement Input, Expected Term [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 1.5 | |||||||||
New Warrants [Member] | Measurement Input, Price Volatility [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0.437 | |||||||||
New Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||
Sales Agreement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 158,461 | |||||||||
Proceeds from Issuance of Common Stock, Net | $ | $ 4,100,000 | |||||||||
Private Placement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 117,500 | 283,500 | ||||||||
Proceeds from Issuance of Common Stock, Net | $ | $ 2.3 | $ 5,600,000 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 20 | |||||||||
Rights Agreement, Exercise Price (in dollars per share) | $ / shares | $ 25 | $ 25 | ||||||||
Private Placement Fee, Percentage | 3.25% | |||||||||
Private Placement [Member] | January 2023 Warrants [Member] | ||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 20 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights (in dollars per share) | $ / shares | $ 25 | |||||||||
Cantor Fitzgerald & Co. [Member] | Sales Agreement [Member] | ||||||||||
Offering Agreement, Maximum Aggregate Common Shares May be Offered | $ | $ 40,000,000 | |||||||||
Commission Fee, Percentage of Gross Proceeds of Shares Sold, Maximum | 2.75% | |||||||||
Petrie Partners Securities, LLC [Member] | Private Placement [Member] | ||||||||||
Private Placement Fee, Percentage | 3.25% | |||||||||
Person or Group [Member] | ||||||||||
Rights Agreement, Beneficial Ownership Percentage of Common Stock,Threshold | 18% | |||||||||
Certain Passive Investors [Member] | ||||||||||
Rights Agreement, Beneficial Ownership Percentage of Common Stock,Threshold | 20% | |||||||||
Restricted Stock [Member] | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 429,376 | 429,376 |
Note 8 - Acquisition of Lucky_2
Note 8 - Acquisition of Lucky Shot Property (Details Textual) - Alaska Gold Torrent, LLC [Member] | 12 Months Ended | 22 Months Ended | |
Aug. 24, 2021 USD ($) oz | Jun. 30, 2023 USD ($) | Jun. 30, 2023 USD ($) | |
Asset Acquisition, Consideration Transferred, Total | $ 30,000,000 | ||
Payments to Acquire Productive Assets, Total | 5,000,000 | ||
Asset Acquisition, Acquired Asset Amount | 13,500,000 | ||
Payments to Acquire Productive Assets, Including Working Capital Adjustments | 5,100,000 | ||
Asset Acquisition, Consideration Transferred, Transaction Cost | 300,000 | ||
Lucky Shot Prospect [Member] | |||
Asset Acquisition, Exploration Expenditures, Requirement, Minimum Amount During 36 Months Period | 10,000,000 | ||
Common Stock [Member] | |||
Asset Acquisition, Contingent Consideration, Liability | $ 1,850,000 | $ 1,200,000 | $ 1,200,000 |
Asset Acquisiton, Contingent Consideration Arrangements, Change in Amount of Contingent Consideration, Liability | $ 600,000 | ||
Production Threshold, One [Member] | |||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 500,000 | ||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 30,000 | ||
Gold to Silver Ratio | 1:65 | ||
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | ||
Production Threshold, One [Member] | Common Stock [Member] | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 3,750,000 | ||
Production Threshold, Two [Member] | |||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 1,000,000 | ||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 60,000 | ||
Gold to Silver Ratio | 1:65 | ||
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | ||
Production Threshold, Two [Member] | Common Stock [Member] | |||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | 5,000,000 | ||
Promissory Note Issued with AGT Acquisition [Member] | |||
Asset Acquisition, Consideration Transferred, Liabilities Incurred | $ 6,250,000 |
Note 9 - Property & Equipment -
Note 9 - Property & Equipment - Fixed Assets (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Property, plant and equipment, gross | $ 13,371,638 | $ 13,514,531 |
Less: Accumulated depreciation and amortization | (192,241) | (55,740) |
Less: Accumulated impairment | (122,136) | (115,025) |
Mining Properties and Mineral Rights [Member] | ||
Property, plant and equipment, gross | 11,700,726 | 11,700,007 |
Land [Member] | ||
Property, plant and equipment, gross | 87,737 | 87,737 |
Building and Building Improvements [Member] | ||
Property, plant and equipment, gross | $ 1,455,546 | 1,455,546 |
Building and Building Improvements [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 20 years | |
Building and Building Improvements [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 39 years | |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 287,635 | 287,635 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Estimated useful life (Year) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Estimated useful life (Year) | 10 years | |
Vehicles [Member] | ||
Property, plant and equipment, gross | $ 135,862 | 135,862 |
Estimated useful life (Year) | 5 years | |
Computer and Office Equipment [Member] | ||
Property, plant and equipment, gross | $ 16,239 | 16,239 |
Estimated useful life (Year) | 5 years | |
Furniture and Fixtures [Member] | ||
Property, plant and equipment, gross | $ 2,270 | $ 2,270 |
Estimated useful life (Year) | 5 years |
Note 10 - Investment in the P_3
Note 10 - Investment in the Peak Gold, LLC (Details Textual) - USD ($) | 12 Months Ended | 102 Months Ended | |||||||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2021 | Sep. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | Jan. 08, 2015 | Jun. 30, 2014 | |
Equity Method Investments | $ 0 | $ 0 | $ 0 | ||||||||||
The Joint Venture Company [Member] | |||||||||||||
Equity Method Investment, Aggregate Cost | 40,500,000 | 40,500,000 | $ 1,400,000 | ||||||||||
Equity Method Investment, Total Contributions | 40,500,000 | ||||||||||||
Loss from Equity Method Investments, Unrecorded | 3,300,000 | ||||||||||||
Equity Method Investment, Summarized Financial Information, Inception-to-date Cumulative Income (Loss) | 44,800,000 | 42,000,000 | 44,800,000 | ||||||||||
Payments to Acquire Interest in Joint Venture | 39,100,000 | ||||||||||||
Equity Method Investments | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | ||
Suspended Losses | $ 4,300,000 | ||||||||||||
The Joint Venture Company [Member] | KG Mining [Member] | |||||||||||||
Equity Method Investment, Ownership Percentage by Other Owner | 70% | 70% | 64% |
Note 10 - Investment in Peak Go
Note 10 - Investment in Peak Gold, LLC - Roll-forward of Investment in the Joint Venture Company (Details) - USD ($) | 12 Months Ended | ||||||||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2016 | Jun. 30, 2015 | |
Investment balance | $ 0 | ||||||||
Investment in Peak Gold, LLC | 21,120,000 | $ 3,706,000 | |||||||
Loss from equity investment in Peak Gold, LLC | (21,120,000) | (3,706,000) | |||||||
Investment balance | 0 | 0 | |||||||
The Joint Venture Company [Member] | |||||||||
Investment balance | 0 | 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Investment in Peak Gold, LLC | 21,120,000 | 3,706,000 | 3,861,252 | 3,720,000 | 4,140,000 | 2,580,000 | 0 | 0 | 1,433,886 |
Loss from equity investment in Peak Gold, LLC | (21,120,000) | (3,706,000) | (3,861,252) | (3,720,000) | (4,140,000) | (2,580,000) | 0 | 0 | (1,433,886) |
Investment balance | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 | $ 0 |
Note 10 - Investment in Peak _2
Note 10 - Investment in Peak Gold, LLC - Condensed Balance Sheet for Peak Gold, LLC (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Current assets | $ 12,291,101 | $ 23,779,454 |
TOTAL ASSETS | 25,662,739 | 37,293,985 |
Current liabilities | 2,298,625 | 1,504,837 |
Non-current liabilities | 28,137,552 | 22,515,105 |
TOTAL LIABILITIES | 30,436,177 | 24,019,942 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY | 25,662,739 | 37,293,985 |
The Joint Venture Company [Member] | ||
Current assets | 81,719,273 | 9,022,315 |
Non-current assets | 97,748,104 | 4,548,709 |
TOTAL ASSETS | 179,467,377 | 13,571,024 |
Current liabilities | 14,283,457 | 3,057,873 |
Non-current liabilities | 21,973,623 | 416,081 |
TOTAL LIABILITIES | 36,257,080 | 3,473,954 |
MEMBERS’ EQUITY | 143,210,297 | 10,097,070 |
TOTAL LIABILITIES AND MEMBERS’ EQUITY | $ 179,467,377 | $ 13,571,024 |
Note 10 - Investment in Peak _3
Note 10 - Investment in Peak Gold, LLC - Condensed Results of Operations for Peak Gold, LLC (Details) - USD ($) | 12 Months Ended | 102 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | |
General and administrative | $ 9,091,127 | $ 10,336,378 | |
Total expenses | 17,651,741 | 19,633,287 | |
The Joint Venture Company [Member] | |||
General and administrative | 1,374,003 | 1,290,013 | $ 13,655,022 |
Total expenses | 9,314,686 | 10,824,777 | 80,007,232 |
NET LOSS | $ 9,314,686 | $ 10,824,777 | $ 80,007,232 |
Note 11 - Stock Based Compens_3
Note 11 - Stock Based Compensation (Details Textual) - USD ($) $ / shares in Units, Pure in Thousands | 1 Months Ended | 12 Months Ended | |||||||||||
Feb. 07, 2023 | Nov. 01, 2022 | Feb. 02, 2022 | Nov. 11, 2021 | Aug. 16, 2021 | Dec. 11, 2020 | Dec. 01, 2020 | Jan. 06, 2020 | Dec. 31, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2021 | Nov. 13, 2019 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 100,000 | 100,000 | 100,000 | ||||||||||
Share-Based Payment Arrangement, Expense | $ 2,900,000 | $ 4,000,000 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested, Number of Shares (in shares) | 0 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value | $ 7.42 | ||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 0 | ||||||||||||
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 (in shares) | 429,376 | ||||||||||||
Share-Based Payment Arrangement, Nonvested Award, Excluding Option, Cost Not yet Recognized, Amount | $ 3,227,163 | ||||||||||||
Restricted Stock [Member] | Share-Based Payment Arrangement, Employee [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 6,667 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | ||||||||||||
Share-Based Payment Arrangement, Option [Member] | President and CEO [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | ||||||||||||
Amended Equity Plan [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Additional Shares Authorized (in shares) | 600,000 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 2,600,000 | ||||||||||||
The 2010 Plan [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 100,000 | 100,000 | 100,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term (Year) | 1 year 6 months 7 days | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 | |||||||||||
Share-Based Compensation Arrangements by Share-Based Payment Award, Options, Grants in Period, Weighted Average Exercise Price (in dollars per share) | $ 0 | $ 0 | |||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 429,376 | 316,334 | 401,333 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grant Date Fair Value | $ 7,000,000 | $ 3,500,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 299,875 | 160,500 | |||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Awards Granted February 7, 2023 [member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 90,500 | ||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Two Employees [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 3,334 | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 3 years | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | ||||||||||||
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, Nonvested, Number (in shares) | 209,375 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 90,500 | 209,375 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures (in shares) | 167,500 | ||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Executives and Non-executive Directors [Member] | Vesting Between April 2022 and January 2024 [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 113,500 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 123,500 | ||||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Four Employees [Member] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,000 | 6,000 | |||||||||||
The 2010 Plan [Member] | Share-Based Payment Arrangement, Option [Member] | |||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Expiration Period (Year) | 5 years | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Fair Value Assumptions, Expected Dividend Rate | 0% | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | 0 |
Note 11 - Stock Based Compens_4
Note 11 - Stock Based Compensation - Summary of Stock Options (Details) - USD ($) | 12 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | ||
Outstanding (in shares) | 100,000 | ||
Outstanding (in shares) | 100,000 | 100,000 | |
The 2010 Plan [Member] | |||
Outstanding (in shares) | 100,000 | 100,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.50 | $ 14.50 | |
Granted (in shares) | 0 | 0 | |
Granted, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |
Exercised (in shares) | 0 | 0 | |
Exercised, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |
Forfeited (in shares) | 0 | 0 | |
Forfeited, weighted average exercise price (in dollars per share) | $ 0 | $ 0 | |
Outstanding (in shares) | 100,000 | 100,000 | |
Outstanding, weighted average exercise price (in dollars per share) | $ 14.50 | $ 14.50 | |
Aggregate intrinsic value, outstanding | $ 1,133,000 | $ 811,000 | |
Exercisable, end of year (in shares) | 100,000 | 100,000 | |
Exercisable, end of year, weighted average exercise price (in dollars per share) | $ 14.50 | $ 14.50 | |
Aggregate intrinsic value, exercisable | $ 1,133,000 | $ 811,000 | |
Available for grant, end of year (in shares) | 473,386 | 100,427 | |
Weighted average fair value of options granted during the year (in dollars per share) | [1] | $ 0 | $ 0 |
[1]There were no options granted during the fiscal years ended June 30, 2023 and 2022. |
Note 11 - Stock Based Compens_5
Note 11 - Stock Based Compensation - Summary of Restricted Stock (Details) - Restricted Stock [Member] - $ / shares | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Nonvested (in shares) | 429,376 | |
The 2010 Plan [Member] | ||
Nonvested (in shares) | 316,334 | 401,333 |
Nonvested, weighted average fair value (in dollars per share) | $ 19.73 | $ 16.28 |
Granted (in shares) | 299,875 | 160,500 |
Granted, weighted average fair value (in dollars per share) | $ 23.33 | $ 21.73 |
Vested (in shares) | (13,999) | (245,499) |
Vested, weighted average fair value (in dollars per share) | $ 18.71 | $ 15.39 |
Forfeited/Cancelled (in shares) | (172,834) | |
Forfeited/Cancelled (in dollars per share) | $ 18.68 | |
Nonvested (in shares) | 429,376 | 316,334 |
Nonvested, weighted average fair value (in dollars per share) | $ 22.70 | $ 19.73 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 12 Months Ended | 22 Months Ended | |||||||||||
Jul. 11, 2023 USD ($) | Aug. 24, 2021 USD ($) oz | Dec. 31, 2020 USD ($) | Jun. 10, 2020 USD ($) | Jul. 15, 2012 USD ($) | Jan. 31, 2022 USD ($) shares | Dec. 31, 2020 USD ($) shares | Jul. 31, 2008 USD ($) | Jun. 30, 2023 USD ($) shares | Jun. 30, 2022 shares | Jun. 30, 2023 USD ($) | Aug. 04, 2023 USD ($) | Feb. 06, 2020 USD ($) | Feb. 28, 2019 USD ($) | |
Contingent Salary and Compensation, Retention Agreement | $ 1,500,000 | |||||||||||||
Restricted Stock [Member] | The 2010 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 299,875 | 160,500 | ||||||||||||
Chief Executive Officer [Member] | ||||||||||||||
Contingent Salary and Compensation, Retention Agreement | $ 350,000 | $ 1,000,000 | ||||||||||||
Short Term Incentive Plan, Minimum Performance Target, Payout, Percentage of Base Salary | 25% | |||||||||||||
Short Term Incentive Plan, All Performance Goals, Payout, Percentage of Base Salary | 100% | |||||||||||||
Short Term Incentive Plan, Maximum Performance Target, Payout, Percentage of Base Salary | 200% | |||||||||||||
Short Term Incentive Plan, Payout, Percentage Cash | 50% | |||||||||||||
Short Term Incentive Plan, Payout, Percentage Restricted Stock | 50% | |||||||||||||
Short Term Incentive Plan, Change of Control, Percentage of Base Salary | 200% | |||||||||||||
Short Term Incentive Plan, Change of Control, Maximum Period of Payment (Day) | 30 days | |||||||||||||
Short-term Incentive Plan, Compensation Expense, Cash Bonus | $ 300,000 | $ 350,000 | ||||||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | The 2010 Plan [Member] | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | shares | 15,000 | 23,333 | ||||||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||||||
Chief Executive Officer [Member] | Restricted Stock [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Award Vesting Period (Year) | 2 years | |||||||||||||
Chief Financial Officer [Member] | ||||||||||||||
Contingent Salary and Compensation, Retention Agreement | $ 250,000 | |||||||||||||
Chief Financial Officer and One Other Employee [Member] | Subsequent Event [Member] | ||||||||||||||
Contingent Salary and Compensation, Retention Agreement | $ 540,000 | |||||||||||||
Executive Vice President [Member] | Subsequent Event [Member] | ||||||||||||||
Annual Base Salary | $ 300,000 | |||||||||||||
Production Threshold, One [Member] | Alaska Gold Torrent, LLC [Member] | ||||||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 500,000 | |||||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 30,000 | |||||||||||||
Gold to Silver Ratio | 1:65 | |||||||||||||
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | |||||||||||||
Production Threshold, One [Member] | Alaska Gold Torrent, LLC [Member] | Common Stock [Member] | ||||||||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 3,750,000 | |||||||||||||
Production Threshold, Two [Member] | Alaska Gold Torrent, LLC [Member] | ||||||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Mineral Resource (Ounce) | oz | 1,000,000 | |||||||||||||
Asset Acquisition, Contingent Consideration Arrangements, Production Threshold, Output, Gold (Ounce) | oz | 60,000 | |||||||||||||
Gold to Silver Ratio | 1:65 | |||||||||||||
Asset Acquisition, Consideration Transferred, Contingent Consideration | $ 5,000,000 | |||||||||||||
Production Threshold, Two [Member] | Alaska Gold Torrent, LLC [Member] | Common Stock [Member] | ||||||||||||||
Asset Acquisition, Consideration Transferred, Equity Interest Issued and Issuable | $ 5,000,000 | |||||||||||||
Tetlin Lease [Member] | ||||||||||||||
Inception-to-date Payments to Reduce Royalty Rate | $ 225,000 | $ 225,000 | ||||||||||||
Decrease in Royalty Rates | 0.75% | 0.75% | ||||||||||||
Tetlin Lease [Member] | Scenario 1 [Member] | ||||||||||||||
Increase in Royalty Rates | 0.25% | 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% | 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% | 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] | ||||||||||||||
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 | |||||||||||||
Contractual Annual Exploration Costs | $ 350,000 | |||||||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Minimum [Member] | ||||||||||||||
Royalty Rate | 3% | 2.25% | 2.25% | |||||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Maximum [Member] | ||||||||||||||
Royalty Rate | 5% | 4.25% | 4.25% | |||||||||||
Tetlin Lease and Certain Other Properties [Member] | ||||||||||||||
Annual Claim Rentals | $ 355,805 | $ 355,805 | ||||||||||||
Tetlin Lease and Certain Other Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member] | ||||||||||||||
Overriding Royalty Interest | 3% | 3% | ||||||||||||
Additional Properties [Member] | The Joint Venture Company [Member] | Royal Gold [Member] | ||||||||||||||
Net Smelter Returns Silver Royalty, Percent | 28% | 28% |
Note 13 - Income Taxes (Details
Note 13 - Income Taxes (Details Textual) $ in Thousands | 12 Months Ended |
Jun. 30, 2023 USD ($) | |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 11,300 |
Unrecognized Tax Benefits, Ending Balance | 0 |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | |
Operating Loss Carryforwards | 23,900 |
State and Local Jurisdiction [Member] | Alaska Department of Revenue [Member] | |
Operating Loss Carryforwards | $ 22,300 |
Note 13 - Income Taxes - Income
Note 13 - Income Taxes - Income Tax Provision Reconciliation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Income tax benefit at statutory tax rate | $ (8,345,673) | $ (4,961,540) |
State tax benefit | (3,225,218) | (1,544,567) |
Return to provision | 0 | (38) |
Permanent differences | 19,916 | 12,937 |
Stock based compensation | (527,765) | 100,666 |
Legal fees | 24,167 | 131,311 |
Convertible debt interest | 368,875 | 66,463 |
162(m) Limitation | 373,763 | 84,822 |
Other valuation allowance | 11,311,935 | 5,990,215 |
Income tax benefit | $ 0 | $ (119,731) |
Note 13 - Income Taxes - Inco_2
Note 13 - Income Taxes - Income Tax Provision Continuing Operation (Details) - USD ($) | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Federal | $ 0 | $ (261,636) |
State | 0 | 141,905 |
Total current income tax benefit | 0 | (119,731) |
Federal | 0 | 0 |
State | 0 | 0 |
Total deferred income tax expense | $ 0 | $ 0 |
Note 13 - Income Taxes - Deferr
Note 13 - Income Taxes - Deferred Tax Asset (Details) - USD ($) | Jun. 30, 2023 | Jun. 30, 2022 |
Investment in the Peak Gold JV | $ 14,203,470 | $ 8,278,223 |
State deferred tax assets | 6,728,285 | 3,503,066 |
Stock option expenses | 1,106,783 | 1,425,498 |
Net operating losses | 5,027,243 | 2,547,058 |
Valuation allowance | (27,065,781) | (15,753,845) |
Net deferred tax assets | $ 0 | $ 0 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Details Textual) - USD ($) | 1 Months Ended | ||
Jan. 01, 2022 | Dec. 01, 2020 | Jan. 31, 2023 | |
Restricted Stock [Member] | Director [Member] | |||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 160,000 | ||
Stock Repurchased During Period, Shares (in shares) | 60,100 | ||
Share Price (in dollars per share) | $ 25.60 | ||
Payments for Repurchase of Common Stock | $ 1.5 | ||
JEX [Member] | |||
Management Services Agreement, Fee Per Month | $ 10,000 | ||
JEX [Member] | Expense for Office Space and Equipment [Member] | |||
Management Services Agreement, Fee Per Month | $ 6,900 | ||
JEX [Member] | Expense for Office Equipment and Related Services [Member] | |||
Management Services Agreement, Fee Per Month | $ 3,000 |
Note 15 - Debt (Details Textual
Note 15 - Debt (Details Textual) | 12 Months Ended | 29 Months Ended | ||||||
Jul. 31, 2024 USD ($) | Aug. 02, 2023 oz $ / oz | May 17, 2023 USD ($) oz | Apr. 26, 2022 USD ($) $ / shares shares | Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2026 USD ($) | Apr. 25, 2022 | |
Proceeds from Issuance of Long-Term Debt | $ 7,647,500 | $ 19,969,967 | ||||||
Long-Term Debt | 25,457,047,000 | 19,239,960,000 | ||||||
Amortization of Debt Issuance Costs and Discounts | $ 190,358 | $ 34,675 | ||||||
Designated as Hedging Instrument [Member] | Subsequent Event [Member] | ||||||||
Derivative, Nonmonetary Notional Amount, Mass (Ounce) | oz | 124,600 | |||||||
Underlying, Derivative Mass (in USD per Ounce) | $ / oz | 2,025 | |||||||
Peak Gold, LLC [Member] | ||||||||
Equity Method Investment, Ownership Percentage | 30% | 30% | ||||||
Credit Agreement [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 70,000,000 | |||||||
Derivative, Nonmonetary Notional Amount, Mass (Ounce) | oz | 125,000 | |||||||
Debt Instrument, Applicable Margin, Before Project Complete | 6% | |||||||
Debt Instrument, Applicable Margin, After Project Complete | 5% | |||||||
Debt Instrument, Commitment Fee, Percentage of Applicable Margin | 40% | |||||||
Debt Instrument, Unused Borrowing Capacity, Amount | $ 55,000,000 | |||||||
Debt Instrument, Covenant, Historical Debt Service Coverage Ratio | 1.30 | |||||||
Debt Instrument, Covenant, Projected Debt Service Coverage Ratio | 1.30 | |||||||
Debt Instrument, Covenant, Loan Life Coverage Ratio | 1.40 | |||||||
Debt Instrument, Covenant, Discounted Present Value Cash Flow Coverage Ratio | 1.70 | |||||||
Debt Instrument, Covenant, Reserve Tail Ratio | 25% | |||||||
Debt Instrument, Covenant, Minimum Cash Balance | $ 2,000,000 | |||||||
Credit Agreement [Member] | Base Rate [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.50% | |||||||
Credit Agreement [Member] | Adjusted Term SOFR [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 1% | |||||||
Credit Agreement [Member] | SOFR Adjustment [Member] | ||||||||
Debt Instrument, Basis Spread on Variable Rate | 0.15% | |||||||
Credit Agreement [Member] | Term Loan Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 65,000,000 | |||||||
Proceeds from Issuance of Long-Term Debt | 10,000,000 | |||||||
Debt Instrument, Unamortized Discount (Premium), Net | 2,300,000 | 2,300,000 | ||||||
Debt Issuance Costs, Net | 1,600,000 | 1,600,000 | ||||||
Long-Term Debt | 6,000,000 | |||||||
Debt Instrument, Fair Value Disclosure | 10,000,000 | |||||||
Interest Expense, Debt | 200,000 | |||||||
Interest Expense, Debt, Excluding Amortization | 145,000 | |||||||
Amortization of Debt Issuance Costs and Discounts | $ 17,000 | |||||||
Debt Instrument, Interest Rate, Effective Percentage | 11.75% | |||||||
Debt Instrument, Interest Rate, Effective Percentage, Amortization of Discount and Issuance Costs | 2.40% | |||||||
Credit Agreement [Member] | Term Loan Facility [Member] | Forecast [Member] | ||||||||
Repayments of Long-Term Debt | $ 2,000,000 | $ 8,000,000 | ||||||
Credit Agreement [Member] | Liquidity Facility [Member] | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||
Unsecured Convertible Debenture [Member] | ||||||||
Interest Expense, Debt | $ 300,000 | |||||||
Interest Expense, Debt, Excluding Amortization | $ 1,600,000 | 289,000 | ||||||
Amortization of Debt Issuance Costs and Discounts | $ 200,000 | $ 35,000 | ||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.60% | 1% | ||||||
Debt Instrument, Face Amount | $ 20,000,000 | |||||||
Debt Instrument, Interest Rate, Stated Percentage | 9% | 9% | 8% | |||||
Debt Instrument, Interest Paid in Cash, Percentage | 7% | |||||||
Debt Instrument, Interest Paid in Shares, Percentage | 2% | |||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 30.50 | |||||||
Debt Instrument, Convertible, Number of Equity Instruments | 655,738 | |||||||
Debt Instrument, Covenant, Redeemable, Percentage of Par | 105% | |||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130% | |||||||
Debt Instrument, Fee Percentage | 3% | |||||||
Share Price (in dollars per share) | $ / shares | $ 24.82 | |||||||
Stock Issued During Period, Shares, Debt Establishment Fee (in shares) | shares | 24,174 | |||||||
Investor Right Agreement, Ownership Percentage | 5% | |||||||
Investor Right Agreement, Maximum Percentage of Shares Transferable without Notifying in Advance | 0.50% | |||||||
Interest Expense, Debt, Contractual Interest | $ 1,800,000 | |||||||
Unsecured Convertible Debenture [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||
Debt Instrument, Fair Value Disclosure | 20,000,000 | $ 20,000,000 | ||||||
Senior Secured Loan Facility [Member] | ||||||||
Debt Instrument, Unamortized Discount (Premium), Net | $ 600,000 | 600,000 | 19,400,000 | |||||
Debt Issuance Costs, Net | $ 200,000 | $ 800,000 | $ 19,200,000 |
Note 15 - Debt - Components of
Note 15 - Debt - Components of Debt (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Jun. 30, 2022 |
Debt, net | $ 25,457,047 | $ 19,239,960 |
Total Debt, net | 25,457,047 | 19,239,960 |
Secured Debt [Member] | ||
Principal amount | 10,000,000 | 0 |
Unamortized debt discount | (2,342,484) | 0 |
Unamortized debt issuance costs | (1,628,012) | 0 |
Debt, net | 6,029,504 | 0 |
Total Debt, net | 6,029,504 | 0 |
Convertible Debt [Member] | ||
Principal amount | 20,000,000 | 20,000,000 |
Unamortized debt discount | (461,639) | (602,430) |
Unamortized debt issuance costs | (110,818) | (157,610) |
Debt, net | 19,427,543 | 19,239,960 |
Total Debt, net | $ 19,427,543 | $ 19,239,960 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ / shares in Units, $ in Millions | Aug. 02, 2023 oz $ / oz | Jul. 26, 2023 USD ($) $ / shares shares | Jul. 24, 2023 |
Designated as Hedging Instrument [Member] | |||
Derivative, Nonmonetary Notional Amount, Mass (Ounce) | oz | 124,600 | ||
Underlying, Derivative Mass (in USD per Ounce) | $ / oz | 2,025 | ||
Interest in Projected Production, Percentage | 45% | ||
Underwritten Public Offering [Member] | |||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 1,600,000 | ||
Shares Issued, Offering Price (in dollars per share) | $ 19 | ||
Shares Issued, Price Per Share (in dollars per share) | $ 17.77 | ||
Underwriting Agreement, Discount Percentage | 6.50% | ||
Proceeds from Issuance of Common Stock, Net | $ | $ 28.3 |