Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Sep. 30, 2023 | Nov. 14, 2023 | |
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 | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Sep. 30, 2023 | |
Document Transition Report | false | |
Entity File Number | 001-35770 | |
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, Par Value $0.01 per share | |
Trading Symbol | CTGO | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 9,400,128 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
CURRENT ASSETS: | ||
Cash | $ 18,507,308 | $ 11,646,194 |
Restricted cash | 231,000 | 231,000 |
Prepaid expenses and other | 795,111 | 413,907 |
Derivative contract asset | 549,116 | 0 |
Total current assets | 20,082,535 | 12,291,101 |
LONG-TERM ASSETS: | ||
Investment in Peak Gold (Note 5) | 21,420,712 | 0 |
Property & equipment, net | 13,352,637 | 13,371,638 |
Total long-term assets | 34,773,349 | 13,371,638 |
TOTAL ASSETS | 54,855,884 | 25,662,739 |
CURRENT LIABILITIES: | ||
Accounts payable | 2,129,361 | 220,755 |
Accrued liabilities | 871,728 | 2,077,870 |
Current portion of long-term debt | 2,000,000 | 0 |
Total current liabilities | 5,001,089 | 2,298,625 |
NON-CURRENT LIABILITIES: | ||
Advance royalty reimbursement | 1,200,000 | 1,200,000 |
Asset retirement obligations | 243,126 | 239,942 |
Contingent consideration liability | 1,240,563 | 1,240,563 |
Derivative contract liability | 3,274,527 | 0 |
Debt, net | 32,855,385 | 25,457,047 |
Total non-current liabilities | 38,813,601 | 28,137,552 |
TOTAL LIABILITIES | 43,814,690 | 30,436,177 |
COMMITMENTS AND CONTINGENCIES (NOTE 12) | ||
STOCKHOLDERS’ EQUITY/(DEFICIT): | ||
Common Stock, $0.01 par value, 45,000,000 shares authorized; 9,395,112 shares issued and 9,393,922 outstanding at September 30, 2023; 7,781,690 shares issued and outstanding at June 30, 2023 | 93,951 | 77,817 |
Additional paid-in capital | 122,393,198 | 93,424,283 |
Treasury stock at cost (1,190 at September 30, 2023; and 0 shares at June 30, 2023) | (21,190) | 0 |
Accumulated deficit | (111,424,765) | (98,275,538) |
TOTAL STOCKHOLDERS’ EQUITY/(DEFICIT) | 11,041,194 | (4,773,438) |
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY/(DEFICIT) | $ 54,855,884 | $ 25,662,739 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Sep. 30, 2023 | Jun. 30, 2023 |
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) | 9,395,112 | 7,781,690 |
Common stock, shares outstanding (in shares) | 9,393,922 | 7,781,690 |
Treasury stock, sharesTreasury stock, shares (in shares) | 1,190 | 0 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
EXPENSES: | ||
Claim rental expense | $ (127,006) | $ (146,925) |
Exploration expense | (1,081,927) | (4,396,570) |
Depreciation expense | (25,997) | (34,214) |
Accretion expense | (3,183) | (3,026) |
General and administrative expense | (2,767,477) | (2,424,068) |
Total expenses | (4,005,590) | (7,004,803) |
OTHER INCOME/(EXPENSE): | ||
Interest income | 39,045 | 8,546 |
Interest expense | (847,983) | (449,470) |
Loss from equity investment in Peak Gold, LLC (Note 5) | (5,609,288) | 0 |
Insurance recoveries | 0 | 338,301 |
Unrealized loss on derivative contracts | (2,725,411) | 0 |
Other income | 0 | 15,656 |
Total other income/(expense) | (9,143,637) | (86,967) |
NET LOSS | $ (13,149,227) | $ (7,091,770) |
LOSS PER SHARE | ||
Basic and diluted (in dollars per share) | $ (1.47) | $ (1.05) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ||
Basic and diluted (in shares) | 8,935,863 | 6,771,245 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | |||
Net loss | $ (13,149,227) | $ (7,091,770) | |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Stock-based compensation | 739,783 | 787,874 | |
Depreciation expense | 25,997 | 34,214 | |
Accretion expense | 3,183 | 3,026 | |
Loss from equity investment in Peak Gold, LLC | 5,609,288 | 0 | |
Unrealized loss from derivative contracts | 2,725,411 | 0 | |
Interest expense paid in stock | 66,658 | 0 | |
Amortization of debt discount and debt issuance fees | 105,633 | 49,471 | |
Changes in operating assets and liabilities: | |||
Decrease (increase) in prepaid expenses and other | (381,203) | 13,384 | |
Increase in accounts payable and accrued liabilities | 702,464 | 948,756 | |
Net cash used in operating activities | (3,552,013) | (5,255,045) | |
CASH FLOWS FROM INVESTING ACTIVITIES: | |||
Cash invested in Peak Gold, LLC | (27,030,000) | 0 | |
Acquisition of property and equipment | (6,995) | 0 | |
Net cash used by investing activities | (27,036,995) | 0 | |
CASH FLOWS FROM FINANCING ACTIVITIES: | |||
Cash paid for shares withheld from employees for payroll tax withholding | (21,190) | (27,693) | |
Cash proceeds from debt | 10,000,000 | 0 | |
Debt issuance costs | (707,296) | (2,736) | |
Cash proceeds from capital raise, net | 28,178,608 | 0 | |
Net cash provided/(used) by financing activities | 37,450,122 | (30,429) | |
NET DECREASE (INCREASE) IN CASH | 6,861,114 | (5,285,474) | |
CASH AND RESTRICTED CASH, BEGINNING OF PERIOD | 11,877,194 | 23,326,101 | $ 23,326,101 |
CASH AND RESTRICTED CASH, END OF PERIOD | 18,738,308 | 18,040,627 | $ 11,877,194 |
Supplemental disclosure of cash flow information | |||
Interest expense | 472,184 | 416,670 | |
Non-cash investing and financing activities | |||
Interest expense paid with stock | 66,658 | 138,886 | |
Total non-cash investing and financing activities | $ 66,658 | $ 138,886 |
Condensed Consolidated Statem_3
Condensed Consolidated Statement of Stockholders' Equity (Deficit) (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | Treasury Stock, Common [Member] | Retained Earnings [Member] | Total |
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 | 787,874 | 787,874 | |||
Treasury shares withheld | 0 | 0 | (27,693) | 0 | (27,693) |
Net loss | 0 | 0 | 0 | (7,091,770) | (7,091,770) |
Treasury stock issued for convertible note interest payment | $ 0 | 0 | 138,886 | 0 | 138,886 |
Balance (in shares) at Sep. 30, 2022 | 6,860,420 | ||||
Balance at Sep. 30, 2022 | $ 68,604 | 74,845,733 | (2,206,989) | (65,626,008) | 7,081,340 |
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) |
Stock-based compensation | 739,783 | 739,783 | |||
Restricted stock activity (in shares) | 10,140 | ||||
Restricted stock activity | $ 101 | (101) | 0 | 0 | 0 |
Issuance of common stock (in shares) | 1,600,000 | ||||
Issuance of common stock | $ 16,000 | 30,384,000 | 0 | 0 | 30,400,000 |
Cost of common stock issuance | $ 0 | (2,221,392) | 0 | 0 | (2,221,392) |
Stock issued for convertible note interest payment (in shares) | 3,282 | ||||
Stock issued for convertible note interest payment | $ 33 | 66,625 | 0 | 0 | 66,658 |
Treasury shares withheld | 0 | 0 | (21,190) | 0 | (21,190) |
Net loss | $ 0 | 0 | 0 | (13,149,227) | (13,149,227) |
Balance (in shares) at Sep. 30, 2023 | 9,395,112 | ||||
Balance at Sep. 30, 2023 | $ 93,951 | $ 122,393,198 | $ (21,190) | $ (111,424,765) | $ 11,041,194 |
Note 1 - Organization and Busin
Note 1 - Organization and Business | 3 Months Ended |
Sep. 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 business through three ● 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 (“Manh Choh” or 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., located in three 75 ● 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 Property in November 2022. 2019 2021, The Lucky Shot Property and the Minerals Property are collectively referred to in these Notes to Unaudited Condensed Consolidated Financial Statements as the “Contango Properties”. The Company’s Manh Choh Project is in the development stage. All other projects are in the exploration stage. 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, may 2023, September 30, 2023, 2023 At the Lucky Shot Property, in August 2023, September 2023 On the Shamrock Property, the Company conducted soil and surface rock chip sampling during 2021. 2024. not 2024. During the current quarter, the Company obtained office space in Vancouver, Canada and created a Canadian subsidiary, Contango Mining Canada, Inc. The Company’s fiscal year end is June 30. |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Basis of Accounting [Text Block] | 2. The accompanying unaudited condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“US 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 10 June 30, 2023 three September 30, 2023 not may June 30, 2024. |
Note 3 - Liquidity
Note 3 - Liquidity | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Liquidity [Text Block] | 3. Liquidity 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 JV 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% 2023, September 30, 2023, 2023 14 July 2023 twelve not may not no may not |
Note 4 - Summary of Significant
Note 4 - Summary of Significant Accounting Policies | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 4. Please see the Company’s Form 10 June 30, 2023 no Derivative Instruments. not |
Note 5 - Investment in the Peak
Note 5 - Investment in the Peak Gold JV | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity Method Investments and Joint Ventures Disclosure [Text Block] | 5. Investment in the Peak Gold JV The Company initially 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 September 30, 2023 September 30, 2023 The following table is a roll-forward of the Company’s investment in the Peak Gold JV as of September 30, 2023 Investment in Peak Gold, LLC 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 $ — Investment in Peak Gold, LLC 27,030,000 Loss from equity investment in Peak Gold, LLC (5,609,288 ) Investment balance at September 30, 2023 $ 21,420,712 The following table presents the condensed unaudited results of operations for the Peak Gold JV for the three September 30, 2023 2022 Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 EXPENSES: Exploration expense $ 4,509,967 $ 1,438,756 General and administrative 65,013 77,050 Total expenses 4,574,980 1,515,806 NET LOSS $ 4,574,980 $ 1,515,806 The Company’s share of the Peak Gold JV’s results of operations for the three September 30, 2023 three September 30, 2022 not September 30, 2023 June 30, 2023 zero June 30, 2023. September 30, 2023, June 30, 2023. |
Note 6 - Prepaid Expenses and O
Note 6 - Prepaid Expenses and Other | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Prepaid Expenses [Text Block] | 6. The Company has prepaid expenses and other assets of $795,111 and $413,907 as of September 30, 2023 June 30, 2023 |
Note 7 - Net Loss Per Share
Note 7 - Net Loss Per Share | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Net Loss Per Share A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: Three Months Ended September 30, 2023 2022 Weighted Average Loss Weighted Average Loss Per Net Loss Shares Per Share Net Loss Shares Share Basic Net Loss per Share: Net loss attributable to common stock $ (13,149,227 ) 8,935,863 $ (1.47 ) $ (7,091,770 ) 6,771,245 $ (1.05 ) Diluted Net Loss per Share: Net loss attributable to common stock $ (13,149,227 ) 8,935,863 $ (1.47 ) $ (7,091,770 ) 6,771,245 $ (1.05 ) Options and warrants to purchase 501,000 shares of common stock of the Company were outstanding as of September 30, 2023 September 30, 2022 not three September 30, 2023 2022 no September 30, 2022 |
Note 8 - Stockholders' Equity
Note 8 - Stockholders' Equity | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Equity [Text Block] | 8. Equity The Company has 45,000,000 shares of common stock authorized, and 15,000,000 authorized shares of preferred stock. As of September 30, 2023 September 30, 2023 January 2024 August 2025. Underwritten Offering On July 24, 2023, 1933, 3. July 26, 2023. ATM Offering On June 8, 2023, SM may 3. may 415 4 no may No May 2023 Warrant Exercise In May 2023, December 2022 January 2023 May 9, 2023. 4 2 not December 2022 January 2023 “May 2023 May 9, 2023 4.81%; 42.5%; May 2023 May 2023 May 2023 2 4.81%; s 43.7%; January 2023 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 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 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 Pursuant to the December 2022 December 2022 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 Rights Plan Termination and Rights Agreement On September 23, 2020, Pursuant to the Rights Agreement, the Board declared a dividend of one preferred stock purchase right (a “Right”) for each share of the Company’s common stock held of record as of 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 9 - Property & Equipment
Note 9 - Property & Equipment | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 9. Property & 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 September 30, 2023 June 30, 2023 Mineral properties N/A - Units of Production $ 11,700,726 $ 11,700,726 Land Not Depreciated 87,737 87,737 Buildings and improvements (years) 20 - 39 1,455,546 1,455,546 Machinery and equipment (years) 3 - 10 287,635 287,635 Vehicles (years) 5 135,862 135,862 Computer and office equipment (years) 5 23,235 16,239 Furniture & fixtures (years) 5 2,270 2,270 Less: Accumulated depreciation and amortization (218,238 ) (192,241 ) Less: Accumulated impairment (122,136 ) (122,136 ) Property & Equipment, net $ 13,352,637 $ 13,371,638 |
Note 10 - Related Party Transac
Note 10 - Related Party Transactions | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 10. 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, |
Note 11 - Stock Based Compensat
Note 11 - Stock Based Compensation | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 11. On September 15, 2010, “2010 November 10, 2022, 2010 may may may November 14, 2023, 2023 “2023 2010 2023 2010 September 30, 2023), ( 2010 not 2010 As of September 30, 2023 three September 30, 2023 2022 not may Restricted Stock. On December 1, 2020, two three September 30, 2023 December 2020 On August 16, 2021, three September 30, 2023 August 2021 On November 11, 2021, January 2023 January 2024. September 30, 2023 On February 2, 2022, four January 2023 January 2025. September 30, 2023 In December 2022, January 2023. December 2022 January 2025. September 30, 2023 On February 7, 2023, January 2025. September 30, 2023 On August 18, 2023, two three September 30, 2023, As of September 30, 2023 not Stock options. three September 30, 2023 three September 30, 2022 2 September 30, 2023 September 30, 2023 A summary of the status of stock options granted under the Amended Equity Plan as of September 30, 2023 three Three Months Ended September 30, 2023 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2023 100,000 $ 14.50 Granted — Exercised — Forfeited — Outstanding at the end of the period 100,000 $ 14.50 Aggregate intrinsic value $ 545,000 Exercisable, end of the period 100,000 Aggregate intrinsic value $ 545,000 Available for grant, end of period 462,567 Weighted average fair value per share of options granted during the period $ — |
Note 12 - Commitments and Conti
Note 12 - Commitments and Contingencies | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 12. Tetlin Lease ten July 15, 2028, Pursuant to the terms of the Tetlin Lease, the Peak Gold JV is required to spend $350,000 per year until July 15, 2028 2023 $350,000 $450,000 0.75%, Gold Exploration. November 30 2023 2024 October 2023. September 1 August 31 September 30, 2023 four Lucky Shot Property two first 1 2 second 1 2 30 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, one February 6, 2019 February 6, 2020. December 31, 2023 not Employment Agreement July 11, 2023, 2023, 12 12 12 30 Short Term Incentive Plan June 10, 2020, two first second may not January 2022, January 15, 2023. December 2022, January 2025. September 2023, On August 2, 2023, July 2024 December 2026, 15 |
Note 13 - Income Taxes
Note 13 - Income Taxes | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 13. Income Taxes The Company recognized a full valuation allowance on its deferred tax asset as of September 30, 2023 June 30, 2023 zero three September 30, 2023 September 30, 2022. three September 30, 2023 2022 no not June 30, 2023. not September 30, 2023 June 30, 2023 |
Note 14 - Debt
Note 14 - Debt | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 14. Debt The table below shows the components of Debt, net as of September 30, 2023 June 30, 2023 : September 30, 2023 June 30, 2023 Secured Debt Facility Principal amount $ 20,000,000 $ 10,000,000 Unamortized debt discount (2,388,728 ) (2,342,484 ) Unamortized debt issuance costs (2,212,417 ) (1,628,012 ) Debt, net $ 15,398,855 $ 6,029,504 Convertible Debenture Principal amount $ 20,000,000 $ 20,000,000 Unamortized debt discount (438,264 ) (461,639 ) Unamortized debt issuance costs (105,206 ) (110,818 ) Debt, net $ 19,456,530 $ 19,427,543 Total Debt, net $ 34,855,385 $ 25,457,047 Secured Credit Facility On May 17, 2023, US$70 The Credit Agreement will mature on December 31, 2026 second August 2, 2023, second July 2024 December 2026. 15 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. September 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 1.00; no September 30, 2023, The Company drew $10 million on the term loan facility at the initial closing and an additional $10 million on September 29, 2023. July 31, 2024, December 31, 2026. 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 September 30, 2023, June 30, 2023, 2 September 30, 2023 June 30, 2023 three September 30, 2023 ( three September 30, 2022, not September 30, 2023 June 30, 2023. September 30, 2023 June 30, 2023, 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 Debenture. In accordance with the Letter Agreement, QRC acknowledged that the 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 The Debenture carried an original issue discount of $0.6 million and debt issuance costs of approximately $0.2 million. As of September 30, 2023 June 30, 2023, September 30, 2023 June 30, 2023, 2 September 30, 2023 June 30, 2023 three September 30, 2023 ( September 30, 2022 ( September 30, 2023 June 30, 2023 April 26, 2022, June 30, 2023, September 30, 2023 not |
Note 15 - Derivatives and Hedgi
Note 15 - Derivatives and Hedging Activities | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Derivative Instruments and Hedging Activities Disclosure [Text Block] | 15. On August 2, 2023, July 2024 December 2026, Risk Management Objective of Using Derivatives The Company is exposed to certain risks arising from both its business operations and economic conditions. The Company principally manages its exposures to a wide variety of business and operational risks through management of its core business activities. The Company manages economic risks, including interest rate, liquidity, and credit risk primarily by managing the amount, sources, and duration of its assets and liabilities and the use of derivative financial instruments. Specifically, the Company enters into derivative financial instruments to manage exposures that arise from business activities that result in the receipt or payment of future known and uncertain cash amounts, the value of which are determined by gold future pricing. The Company’s derivative financial instruments are used to manage differences in the amount, timing, and duration of the Company’s known or expected cash receipts and its known or expected cash payments principally related to the Company’s investments. Non-designated Hedges Derivatives not not not not As of September 30, 2023, not Period Commodity Volume Weighted Average Price ($/oz) 2024 Gold 21,100 $ 2,025.17 2025 Gold 62,400 $ 2,025.17 2026 Gold 41,100 $ 2,025.17 Fair Values of Derivative Instruments on the Balance Sheet The table below presents the fair value of the Company’s derivative financial instruments as well as their classification on the Condensed Consolidated Balance Sheets as of September 30, 2023 June 30, 2023. As of September 30, 2023 As of June 30, 2023 Derivatives not designated as hedging instruments Balance Sheet Location Gross Recognized Assets / Liabilites Gross Amounts Offset Net Recognized Assets / Liabilities Gross Recognized Assets / Liabilites Gross Amounts Offset Net Recognized Assets / Liabilities Commodity Contracts Derivative contract asset - current $ 549,116 $ — $ 549,116 $ — $ — $ — Commodity Contracts Derivative contract liability - current $ — $ — $ — $ — $ — $ — Commodity Contracts Derivative contract asset - noncurrent $ 763,631 $ (763,631 ) $ — $ — $ — $ — Commodity Contracts Derivative contract liability - noncurrent $ 4,038,158 $ (763,631 ) $ 3,274,527 $ — $ — $ — As of September 30, 2023, September 30, 2023, not September 30, 2023, Effect of Derivatives Not The table below presents the effect of the Company’s derivative financial instruments that are not three September 30, 2023 2022. Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 Location of Unrealized Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three month period ended September 30, 2023 Three month period ended September 30, 2022 Commodity Contracts Unrealized loss on derivative contracts $ (2,725,411) $ — Total $ (2,725,411 ) $ — Credit-risk-related Contingent Features Cross Default. not Material adverse change. may Incorporation of loan covenants. |
Note 16 - Fair Value Measuremen
Note 16 - Fair Value Measurement | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 16. The Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, 820 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 14 not • Contingent Consideration - As discussed in Note 12 , two The following table summarizes the fair value of the Company’s financial assets and liabilities, by level within the fair-value hierarchy (in thousands): As of September 30, 2023 Level 1 Level 2 Level 3 Financial Assets Derivative contract asset - current $ — $ 549,116 $ — Financial Liabilities Derivative Liability - noncurrent $ — $ 3,274,527 $ — Contingent consideration liability - noncurrent $ — $ — $ 1,240,563 As of June 30, 2023 Financial Assets Derivative contract asset - current $ — $ — $ — Financial Liabilities Derivative Liability - noncurrent $ — $ — $ — Contingent consideration liability - noncurrent $ — $ — $ 1,240,563 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 |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 3 Months Ended |
Sep. 30, 2023 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 17. On October 20, 2023, November 2, 2023, November 9, 2023, On November 7, 2023, |
Note 5 - Investment in the Pe_2
Note 5 - Investment in the Peak Gold JV (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Roll-forward of Equity Method Investment [Table Text Block] | Investment in Peak Gold, LLC 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 $ — Investment in Peak Gold, LLC 27,030,000 Loss from equity investment in Peak Gold, LLC (5,609,288 ) Investment balance at September 30, 2023 $ 21,420,712 |
The Joint Venture Company [Member] | |
Notes Tables | |
Summarized Income Statement of Equity Method Investment [Table Text Block] | Three Months Ended Three Months Ended September 30, 2023 September 30, 2022 EXPENSES: Exploration expense $ 4,509,967 $ 1,438,756 General and administrative 65,013 77,050 Total expenses 4,574,980 1,515,806 NET LOSS $ 4,574,980 $ 1,515,806 |
Note 7 - Net Loss Per Share (Ta
Note 7 - Net Loss Per Share (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended September 30, 2023 2022 Weighted Average Loss Weighted Average Loss Per Net Loss Shares Per Share Net Loss Shares Share Basic Net Loss per Share: Net loss attributable to common stock $ (13,149,227 ) 8,935,863 $ (1.47 ) $ (7,091,770 ) 6,771,245 $ (1.05 ) Diluted Net Loss per Share: Net loss attributable to common stock $ (13,149,227 ) 8,935,863 $ (1.47 ) $ (7,091,770 ) 6,771,245 $ (1.05 ) |
Note 9 - Property & Equipment (
Note 9 - Property & Equipment (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Asset Type Estimated Useful Life September 30, 2023 June 30, 2023 Mineral properties N/A - Units of Production $ 11,700,726 $ 11,700,726 Land Not Depreciated 87,737 87,737 Buildings and improvements (years) 20 - 39 1,455,546 1,455,546 Machinery and equipment (years) 3 - 10 287,635 287,635 Vehicles (years) 5 135,862 135,862 Computer and office equipment (years) 5 23,235 16,239 Furniture & fixtures (years) 5 2,270 2,270 Less: Accumulated depreciation and amortization (218,238 ) (192,241 ) Less: Accumulated impairment (122,136 ) (122,136 ) Property & Equipment, net $ 13,352,637 $ 13,371,638 |
Note 11 - Stock Based Compens_2
Note 11 - Stock Based Compensation (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Three Months Ended September 30, 2023 Shares Under Options Weighted Average Exercise Price Outstanding as of June 30, 2023 100,000 $ 14.50 Granted — Exercised — Forfeited — Outstanding at the end of the period 100,000 $ 14.50 Aggregate intrinsic value $ 545,000 Exercisable, end of the period 100,000 Aggregate intrinsic value $ 545,000 Available for grant, end of period 462,567 Weighted average fair value per share of options granted during the period $ — |
Note 14 - Debt (Tables)
Note 14 - Debt (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Schedule of Debt [Table Text Block] | September 30, 2023 June 30, 2023 Secured Debt Facility Principal amount $ 20,000,000 $ 10,000,000 Unamortized debt discount (2,388,728 ) (2,342,484 ) Unamortized debt issuance costs (2,212,417 ) (1,628,012 ) Debt, net $ 15,398,855 $ 6,029,504 Convertible Debenture Principal amount $ 20,000,000 $ 20,000,000 Unamortized debt discount (438,264 ) (461,639 ) Unamortized debt issuance costs (105,206 ) (110,818 ) Debt, net $ 19,456,530 $ 19,427,543 Total Debt, net $ 34,855,385 $ 25,457,047 |
Note 15 - Derivatives and Hed_2
Note 15 - Derivatives and Hedging Activities (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Derivatives Not Designated as Hedging Instruments [Table Text Block] | Period Commodity Volume Weighted Average Price ($/oz) 2024 Gold 21,100 $ 2,025.17 2025 Gold 62,400 $ 2,025.17 2026 Gold 41,100 $ 2,025.17 |
Schedule of Derivative Instruments in Statement of Financial Position, Fair Value [Table Text Block] | As of September 30, 2023 As of June 30, 2023 Derivatives not designated as hedging instruments Balance Sheet Location Gross Recognized Assets / Liabilites Gross Amounts Offset Net Recognized Assets / Liabilities Gross Recognized Assets / Liabilites Gross Amounts Offset Net Recognized Assets / Liabilities Commodity Contracts Derivative contract asset - current $ 549,116 $ — $ 549,116 $ — $ — $ — Commodity Contracts Derivative contract liability - current $ — $ — $ — $ — $ — $ — Commodity Contracts Derivative contract asset - noncurrent $ 763,631 $ (763,631 ) $ — $ — $ — $ — Commodity Contracts Derivative contract liability - noncurrent $ 4,038,158 $ (763,631 ) $ 3,274,527 $ — $ — $ — |
Derivative Instruments, Gain (Loss) [Table Text Block] | Derivatives Not Designated as Hedging Instruments under Subtopic 815-20 Location of Unrealized Gain or (Loss) Recognized in Income on Derivative Amount of Gain or (Loss) Recognized in Income on Derivative Three month period ended September 30, 2023 Three month period ended September 30, 2022 Commodity Contracts Unrealized loss on derivative contracts $ (2,725,411) $ — Total $ (2,725,411 ) $ — |
Note 16 - Fair Value Measurem_2
Note 16 - Fair Value Measurement (Tables) | 3 Months Ended |
Sep. 30, 2023 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | As of September 30, 2023 Level 1 Level 2 Level 3 Financial Assets Derivative contract asset - current $ — $ 549,116 $ — Financial Liabilities Derivative Liability - noncurrent $ — $ 3,274,527 $ — Contingent consideration liability - noncurrent $ — $ — $ 1,240,563 As of June 30, 2023 Financial Assets Derivative contract asset - current $ — $ — $ — Financial Liabilities Derivative Liability - noncurrent $ — $ — $ — Contingent consideration liability - noncurrent $ — $ — $ 1,240,563 |
Note 1 - Organization and Bus_2
Note 1 - Organization and Business (Details Textual) $ in Millions | 3 Months Ended | |||
Sep. 30, 2023 USD ($) a | Jun. 30, 2023 a | May 17, 2023 | Nov. 30, 2022 a | |
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] | ||||
Equity Method Investment, Ownership Percentage | 30% | |||
Expected Cash Needed | $ | $ 165.1 | |||
Equity Method Investment, Entity Shares of Expenditures, Amount | $ | 49.5 | |||
Exploration Budget, Funded Amount | $ | $ 39.8 | |||
The Joint Venture Company [Member] | KG Mining [Member] | ||||
Equity Method Investment, Ownership Percentage by Other Owner | 70% |
Note 3 - Liquidity (Details Tex
Note 3 - Liquidity (Details Textual) - The Joint Venture Company [Member] $ in Millions | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Expected Cash Needed | $ 165.1 |
Equity Method Investment, Entity Shares of Expenditures, Amount | 49.5 |
Exploration Budget, Funded Amount | 39.8 |
Proceeds from Issuance Initial Public Offering | $ 28.2 |
Note 5 - Investment in the Pe_3
Note 5 - Investment in the Peak Gold JV (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | |||
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | Jan. 08, 2015 | |
Equity Method Investments | $ 21,420,712 | $ 0 | |||
The Joint Venture Company [Member] | |||||
Equity Method Investment, Aggregate Cost | $ 1,400,000 | ||||
Equity Method Investment, Total Contributions | $ 67,500,000 | ||||
Equity Method Investment, Ownership Percentage | 30% | ||||
Loss from Equity Method Investments, Unrecorded | $ 1,400,000 | $ 400,000 | |||
Equity Method Investment, Summarized Financial Information, Inception-to-date Cumulative Income (Loss) | 46,100,000 | 44,800,000 | |||
Equity Method Investments | $ 21,420,712 | 0 | $ 0 | ||
Suspended Losses | $ 4,300,000 |
Note 5 - Investment in Peak Gol
Note 5 - Investment in Peak Gold JV - Roll-forward of Investment in the Joint Venture Company (Details) - USD ($) | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Investment balance | $ 0 | ||
Investment in Peak Gold, LLC | 27,030,000 | $ 0 | |
Loss from equity investment in Peak Gold, LLC | (5,609,288) | 0 | |
Investment balance | 21,420,712 | $ 0 | |
The Joint Venture Company [Member] | |||
Investment balance | 0 | $ 0 | 0 |
Investment in Peak Gold, LLC | 27,030,000 | 21,120,000 | |
Loss from equity investment in Peak Gold, LLC | (5,609,288) | (21,120,000) | |
Investment balance | $ 21,420,712 | $ 0 |
Note 5 - Investment in Peak G_2
Note 5 - Investment in Peak Gold JV - Condensed Results of Operations for Peak Gold, LLC (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Exploration expense | $ 1,081,927 | $ 4,396,570 |
General and administrative | 2,767,477 | 2,424,068 |
Total expenses | 4,005,590 | 7,004,803 |
The Joint Venture Company [Member] | ||
Exploration expense | 4,509,967 | 1,438,756 |
General and administrative | 65,013 | 77,050 |
Total expenses | 4,574,980 | 1,515,806 |
NET LOSS | $ 4,574,980 | $ 1,515,806 |
Note 6 - Prepaid Expenses and_2
Note 6 - Prepaid Expenses and Other (Details Textual) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Prepaid Expense, Current | $ 795,111 | $ 413,907 |
Note 7 - Net Loss Per Share (De
Note 7 - Net Loss Per Share (Details Textual) - shares | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 501,000 | 100,000 |
Note 7 - Net Loss Per Share - R
Note 7 - Net Loss Per Share - Reconciliation of the Components of Basic and Diluted Net Loss Per Share (Details) - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Net loss attributable to common stock, basic | $ (13,149,227) | $ (7,091,770) |
Weighted Average Shares, basic (in shares) | 8,935,863 | 6,771,245 |
Income Per Share, basic (in dollars per share) | $ (1.47) | $ (1.05) |
Net loss attributable to common stock, diluted | $ (13,149,227) | $ (7,091,770) |
Weighted Average Shares, diluted (in shares) | 8,935,863 | 6,771,245 |
Income Per Share, diluted (in dollars per share) | $ (1.47) | $ (1.05) |
Note 8 - Stockholders' Equity (
Note 8 - Stockholders' Equity (Details Textual) | 1 Months Ended | |||||||||
Jul. 24, 2023 USD ($) $ / shares shares | 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 ($) | Sep. 30, 2023 $ / shares shares | Jun. 08, 2023 USD ($) | May 09, 223 $ / shares | |
Common Stock, Shares Authorized (in shares) | 45,000,000 | 45,000,000 | ||||||||
Preferred Stock, Shares Authorized (in shares) | 15,000,000 | |||||||||
Common Stock, Shares, Outstanding (in shares) | 7,781,690 | 9,393,922 | ||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 436,183 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options and Warrants, Outstanding, Number (in shares) | 501,000 | |||||||||
Preferred Stock, Shares Issued (in shares) | 0 | |||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ / shares | $ 0.01 | $ 0.01 | $ 0.01 | |||||||
Rights Agreement, Exercise Price (in dollars per share) | $ / shares | $ 100 | |||||||||
Rights Agreement, Number of Preferred Stock Issuable Per Right (in shares) | 0.001 | |||||||||
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 | $ | $ 6.9 | |||||||||
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 | 4.81 | |||||||||
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 | 42.5 | |||||||||
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 | 4.81 | |||||||||
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 | 43.7 | |||||||||
New Warrants [Member] | Measurement Input, Expected Dividend Rate [Member] | Fair Value, Inputs, Level 2 [Member] | ||||||||||
Warrants and Rights Outstanding, Measurement Input | 0 | |||||||||
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 | |||||||||
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 | |||||||||
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% | |||||||||
Underwritten Public Offering [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 1,600,000 | |||||||||
Shares Issued, Offering Price (in dollars per share) | $ / shares | $ 19 | |||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 17.77 | |||||||||
Underwriting Agreement, Discount Percentage | 6.50% | |||||||||
Proceeds from Issuance of Common Stock, Net | $ | $ 28,200,000 | |||||||||
Sales Agreement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 158,461 | |||||||||
Proceeds from Issuance of Common Stock, Net | $ | $ 4,100,000 | |||||||||
Sales Agreement [Member] | Cantor Fitzgerald & Co. [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% | |||||||||
Private Placement [Member] | ||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 117,500 | 283,500 | ||||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 20 | |||||||||
Proceeds from Issuance of Common Stock, Net | $ | $ 2.3 | $ 5,600,000 | ||||||||
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 | |||||||||
Private Placement [Member] | Petrie Partners Securities, LLC [Member] | ||||||||||
Private Placement Fee, Percentage | 3.25% | |||||||||
Restricted Stock [Member] | ||||||||||
Common Stock, Shares, Outstanding (in shares) | 9,393,922 | |||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 436.183 |
Note 9 - Property & Equipment -
Note 9 - Property & Equipment - Fixed Assets (Details) - USD ($) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2023 | Jun. 30, 2022 | |
Property, plant and equipment, gross | $ 13,352,637 | $ 13,371,638 |
Less: Accumulated depreciation and amortization | (218,238) | (192,241) |
Less: Accumulated impairment | (122,136) | (122,136) |
Mining Properties and Mineral Rights [Member] | ||
Property, plant and equipment, gross | 11,700,726 | 11,700,726 |
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 | $ 23,235 | 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 - Related Party Trans_2
Note 10 - Related Party Transactions (Details Textual) - JEX [Member] - USD ($) | 1 Months Ended | |
Dec. 01, 2020 | Jan. 31, 2023 | |
Management Services Agreement, Fee Per Month | $ 10,000 | |
Expense for Office Space and Equipment [Member] | ||
Management Services Agreement, Fee Per Month | $ 6,900 | |
Expense for Office Equipment and Related Services [Member] | ||
Management Services Agreement, Fee Per Month | $ 3,000 |
Note 11 - Stock Based Compens_3
Note 11 - Stock Based Compensation (Details Textual) - USD ($) | 1 Months Ended | 3 Months Ended | ||||||||||
Aug. 18, 2023 | Feb. 07, 2023 | Nov. 01, 2022 | Feb. 02, 2022 | Nov. 11, 2021 | Aug. 16, 2021 | Dec. 11, 2020 | Dec. 01, 2020 | Dec. 31, 2022 | Sep. 30, 2023 | Sep. 30, 2022 | Jun. 30, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 436,183 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 100,000 | |||||||||||
Share-Based Payment Arrangement, Expense | $ 739,783 | $ 787,784 | ||||||||||
Share-Based Payment Arrangement, Nonvested Award, Option, Cost Not yet Recognized, Amount | $ 2,666,958 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |||||||||||
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) | 1 year 3 months 7 days | |||||||||||
Restricted Stock [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 436.183 | |||||||||||
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) | 3,334 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 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 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 193,500 | |||||||||||
The 2010 Plan [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 462,567 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Outstanding, Number (in shares) | 100,000 | 100,000 | ||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Exercises in Period (in shares) | 0 | |||||||||||
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, Equity Instruments Other than Options, Grants in Period (in shares) | 20,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years | |||||||||||
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, Nonvested, Number (in shares) | 6,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 12,000 | |||||||||||
The 2010 Plan [Member] | Restricted Stock [Member] | Two Executives [Member] | August 18, 2023 [Member] | ||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Nonvested, Number (in shares) | 10,140 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,140 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 3 years |
Note 11 - Stock Based Compens_4
Note 11 - Stock Based Compensation - Summary of Stock Options (Details) | 3 Months Ended |
Sep. 30, 2023 USD ($) $ / shares shares | |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Outstanding at the end of the period (in shares) | 100,000 |
The 2010 Plan [Member] | |
Outstanding (in shares) | 100,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.5 |
Granted (in shares) | 0 |
Exercised (in shares) | 0 |
Forfeited (in shares) | 0 |
Outstanding at the end of the period (in shares) | 100,000 |
Outstanding, weighted average exercise price (in dollars per share) | $ / shares | $ 14.5 |
Aggregate intrinsic value, outstanding | $ | $ 545,000 |
Exercisable, end of the period (in shares) | 100,000 |
Aggregate intrinsic value, exercisable | $ | $ 545,000 |
Available for grant, end of period (in shares) | 462,567 |
Weighted average fair value per share of options granted during the period (in dollars per share) | $ / shares | $ 0 |
Note 12 - Commitments and Con_2
Note 12 - Commitments and Contingencies (Details Textual) | 1 Months Ended | 9 Months Ended | 25 Months Ended | ||||||||||||
Aug. 02, 2023 oz $ / oz | Jul. 11, 2023 USD ($) | Aug. 24, 2021 USD ($) oz | Dec. 31, 2020 USD ($) | Jun. 10, 2020 USD ($) | Jul. 15, 2012 USD ($) | Sep. 30, 2023 USD ($) | Dec. 31, 2022 shares | Jan. 31, 2022 USD ($) shares | Jul. 31, 2008 USD ($) | Mar. 31, 2023 shares | Sep. 30, 2023 USD ($) | Aug. 04, 2023 USD ($) | Feb. 06, 2020 USD ($) | Feb. 28, 2019 USD ($) | |
Contingent Salary and Compensation, Retention Agreement | $ 1,500,000 | ||||||||||||||
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% | ||||||||||||||
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 | $ 200,000 | $ 300,000 | |||||||||||||
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 | ||||||||||||||
Share-Based Compensation Arrangement by Share-Based Payment Award, Non-Option Equity Instruments, Forfeitures (in shares) | shares | 15,000 | ||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | shares | 18,750 | ||||||||||||||
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] | |||||||||||||||
Contingent Salary and Compensation, Retention Agreement | $ 540,000 | ||||||||||||||
Executive Vice President [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] | Scenario 3 [Member] | |||||||||||||||
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 | ||||||||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | |||||||||||||||
Initial 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% | ||||||||||||||
Tetlin Lease [Member] | The Joint Venture Company [Member] | Maximum [Member] | |||||||||||||||
Royalty Rate | 5% | ||||||||||||||
Tetlin Lease and Certain Other Properties [Member] | |||||||||||||||
Annual Claim Rentals | $ 362,465 | $ 362,465 | |||||||||||||
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) Pure in Thousands, $ in Thousands | 3 Months Ended |
Sep. 30, 2023 USD ($) | |
Effective Income Tax Rate Reconciliation, Percent | 0% |
Unrecognized Tax Benefits, Ending Balance | $ 0 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) | 3 Months Ended | 9 Months Ended | 29 Months Ended | |||||||
Jul. 31, 2024 USD ($) | Aug. 02, 2023 oz $ / oz | May 17, 2023 USD ($) oz | Apr. 26, 2022 USD ($) $ / shares | Sep. 30, 2023 USD ($) | Sep. 30, 2022 USD ($) | Sep. 29, 2023 USD ($) | Dec. 31, 2026 USD ($) | Jun. 30, 2023 USD ($) | Apr. 25, 2022 | |
Proceeds from Issuance of Long-Term Debt | $ 10,000,000 | $ 0 | ||||||||
Long-Term Debt | 34,855,385,000 | $ 25,457,047,000 | ||||||||
Amortization of Debt Issuance Costs and Discounts | 105,633 | 49,471 | ||||||||
Designated as Hedging Instrument [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 | 45 | |||||||||
Debt Instrument, Covenant, Historical Debt Service Coverage Ratio | 1.3 | |||||||||
Debt Instrument, Covenant, Projected Debt Service Coverage Ratio | 1.3 | |||||||||
Debt Instrument, Covenant, Loan Life Coverage Ratio | 1.4 | |||||||||
Debt Instrument, Covenant, Discounted Present Value Cash Flow Coverage Ratio | 1.7 | |||||||||
Debt Instrument, Covenant, Reserve Tail Ratio | 25% | |||||||||
Debt Instrument, Covenant, Minimum Cash Balance | $ 2,000,000 | |||||||||
Proceeds from Issuance of Long-Term Debt | $ 10,000,000 | |||||||||
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 | 2,400,000 | $ 2,300,000 | |||||||
Debt Issuance Costs, Net | 1,600,000 | 2,200,000 | 1,600,000 | |||||||
Long-Term Debt | 15,400,000 | 6,000,000 | ||||||||
Debt Instrument, Fair Value Disclosure | 20,000,000 | $ 10,000,000 | ||||||||
Interest Expense, Debt | 400,000 | 0 | ||||||||
Interest Expense, Debt, Excluding Amortization | 292,000 | |||||||||
Amortization of Debt Issuance Costs and Discounts | $ 77,000 | |||||||||
Debt Instrument, Interest Rate, Effective Percentage | 11.58% | 11.75% | ||||||||
Debt Instrument, Interest Rate, Effective Percentage, Amortization of Discount and Issuance Costs | 4.80% | 2.40% | ||||||||
Credit Agreement [Member] | Term Loan Facility [Member] | Forecast [Member] | ||||||||||
Repayments of Long-Term Debt | $ 2,000,000 | $ 18 | ||||||||
Credit Agreement [Member] | Liquidity Facility [Member] | ||||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000,000 | |||||||||
Unsecured Convertible Debenture [Member] | ||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 0.60% | 0.60% | ||||||||
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 | $ 30.5 | |||||||||
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% | |||||||||
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 | 500,000 | 500,000 | |||||||
Debt Issuance Costs, Net | $ 200,000 | 600,000 | 600,000 | |||||||
Long-Term Debt | 19,500,000 | $ 19,400,000 | ||||||||
Interest Expense, Debt | 500,000 | 400,000 | ||||||||
Interest Expense, Debt, Excluding Amortization | 450,000 | 400,000 | ||||||||
Amortization of Debt Issuance Costs and Discounts | $ 29,000 | $ 49,000 |
Note 14 - Debt - Components of
Note 14 - Debt - Components of Debt (Details) - USD ($) $ in Thousands | Sep. 30, 2023 | Jun. 30, 2023 |
Debt, net | $ 34,855,385 | $ 25,457,047 |
Total Debt, net | 34,855,385 | 25,457,047 |
Secured Debt [Member] | ||
Principal amount | 20,000,000 | 10,000,000 |
Unamortized debt discount | (2,388,728) | (2,342,484) |
Unamortized debt issuance costs | (2,212,417) | (1,628,012) |
Debt, net | 15,398,855 | 6,029,504 |
Total Debt, net | 15,398,855 | 6,029,504 |
Convertible Debt [Member] | ||
Principal amount | 20,000,000 | 20,000,000 |
Unamortized debt discount | (438,264) | (461,639) |
Unamortized debt issuance costs | (105,206) | (110,818) |
Debt, net | 19,456,530 | 19,427,543 |
Total Debt, net | $ 19,456,530 | $ 19,427,543 |
Note 15 - Derivatives and Hed_3
Note 15 - Derivatives and Hedging Activities (Details Textual) | Aug. 02, 2023 oz $ / oz | Sep. 30, 2023 USD ($) |
Derivative Assets (Liabilities), at Fair Value, Net | $ | $ (2,725,411) | |
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% |
Note 15 - Derivatives and Hed_4
Note 15 - Derivatives and Hedging Activities - Derivatives Not Designated as Hedging (Details) - Not Designated as Hedging Instrument [Member] | 3 Months Ended |
Sep. 30, 2023 oz $ / oz | |
Commodity Contract 2024 [Member] | |
Volume (Ounce) | oz | 21,100 |
Weighted average price (in USD per Ounce) | $ / oz | 2,025.17 |
Commodity Contract 2025 [Member] | |
Volume (Ounce) | oz | 62,400 |
Weighted average price (in USD per Ounce) | $ / oz | 2,025.17 |
Commodity Contract 2026 [Member] | |
Volume (Ounce) | oz | 41,100 |
Weighted average price (in USD per Ounce) | $ / oz | 2,025.17 |
Note 15 - Derivatives and Hed_5
Note 15 - Derivatives and Hedging Activities - Fair Values of Derivative Instruments on the Balance Sheet (Details) - Commodity Contract [Member] - Not Designated as Hedging Instrument [Member] - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Derivative Contract Asset, Current [Member] | ||
Gross Asset | $ 549,116 | $ 0 |
Gross amount offset, asset | 0 | 0 |
Net recognized asset | 549,116 | 0 |
Derivative Contract Liability, Current [Member] | ||
Gross Liability | 0 | 0 |
Gross amount offset, liability | 0 | 0 |
Net recognized liability | 0 | 0 |
Derivative Contract Asset, Noncurrent [Member] | ||
Gross Asset | 763,631 | 0 |
Gross amount offset, asset | (763,631) | 0 |
Net recognized asset | 0 | 0 |
Derivative Contract Liability, Noncurrent [Member] | ||
Gross Liability | 4,038,158 | 0 |
Gross amount offset, liability | (763,631) | 0 |
Net recognized liability | $ 3,274,527 | $ 0 |
Note 15 - Derivatives and Hed_6
Note 15 - Derivatives and Hedging Activities - Effect on Income Statement (Details) - Not Designated as Hedging Instrument [Member] - USD ($) | 3 Months Ended | |
Sep. 30, 2023 | Sep. 30, 2022 | |
Amount of gain (loss) recognized in income | $ (2,725,411) | $ 0 |
Commodity Contract [Member] | ||
Amount of gain (loss) recognized in income | $ (2,725,411) | $ 0 |
Note 16 - Fair Value Measurem_3
Note 16 - Fair Value Measurement - Summary of Fair Value (Details) - USD ($) | Sep. 30, 2023 | Jun. 30, 2023 |
Derivative contract asset - current | $ 549,116 | $ 0 |
Derivative Liability - noncurrent | 3,274,527 | 0 |
Contingent consideration liability - noncurrent | 1,240,563 | 1,240,563 |
Fair Value, Inputs, Level 1 [Member] | ||
Derivative contract asset - current | 0 | 0 |
Derivative Liability - noncurrent | 0 | 0 |
Contingent consideration liability - noncurrent | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Derivative contract asset - current | 549,116 | 0 |
Derivative Liability - noncurrent | 3,274,527 | 0 |
Contingent consideration liability - noncurrent | 0 | 0 |
Fair Value, Inputs, Level 3 [Member] | ||
Derivative contract asset - current | 0 | 0 |
Derivative Liability - noncurrent | 0 | 0 |
Contingent consideration liability - noncurrent | $ 1,240,563 | $ 1,240,563 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Nov. 07, 2023 | May 17, 2023 | Sep. 30, 2023 | Sep. 30, 2022 | Sep. 29, 2023 | |
Proceeds from Issuance of Long-Term Debt | $ 10,000,000 | $ 0 | |||
Credit Agreement [Member] | |||||
Proceeds from Issuance of Long-Term Debt | $ 10,000,000 | ||||
Credit Agreement [Member] | Term Loan Facility [Member] | |||||
Proceeds from Issuance of Long-Term Debt | $ 10,000,000 | ||||
Credit Agreement [Member] | Term Loan Facility [Member] | Subsequent Event [Member] | |||||
Proceeds from Issuance of Long-Term Debt | $ 10,000,000 |