Document_and_Entity_Informatio
Document and Entity Information Document | 9 Months Ended | |
Mar. 31, 2014 | 9-May-14 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Document Fiscal Year Focus | '2014 | ' |
Entity Registrant Name | 'Contango ORE, Inc. | ' |
Entity Central Index Key | '0001502377 | ' |
Current Fiscal Year End Date | '--06-30 | ' |
Entity Filer Category | 'Smaller Reporting Company | ' |
Entity Common Stock, Shares Outstanding | ' | 3,805,539 |
Entity Well-known Seasoned Issuer | 'No | ' |
Entity Voluntary Filers | 'No | ' |
Entity Current Reporting Status | 'Yes | ' |
Balance_Sheets
Balance Sheets (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $3,942,491 | $13,027,932 |
Prepaid Expense, Current | 94,765 | 102,532 |
Total current assets | 4,037,256 | 13,130,464 |
PROPERTY AND EQUIPMENT: | ' | ' |
Mineral properties | 1,208,886 | 1,208,886 |
Accumulated depreciation, depletion and amortization | 0 | 0 |
Total property and equipment, net | 1,208,886 | 1,208,886 |
OTHER ASSETS: | ' | ' |
Other | 225,000 | 225,000 |
TOTAL ASSETS | 5,471,142 | 14,564,350 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 97,638 | 1,656,074 |
Accrued liabilities | 45,183 | 94,287 |
Total current liabilities | 142,821 | 1,750,361 |
SHAREHOLDERS' EQUITY: | ' | ' |
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,805,539 shares issued and outstanding at March 31, 2014; 3,750,394 shares issued and outstanding at June 30, 2013 | 38,055 | 37,504 |
Additional paid-in capital | 32,011,426 | 31,025,660 |
Accumulated deficit during exploration stage | -26,721,160 | -18,249,175 |
SHAREHOLDERS’ EQUITY | 5,328,321 | 12,813,989 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $5,471,142 | $14,564,350 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Statement of Financial Position [Abstract] | ' | ' |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, shares issued | 3,805,539 | 2,480,269 |
Common stock, shares outstanding | 3,805,539 | 2,480,269 |
Statements_of_Operations
Statements of Operations (USD $) | 3 Months Ended | 9 Months Ended | 53 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
EXPENSES: | ' | ' | ' | ' | ' |
Claim rentals and minimum royalties | $39,576 | $31,683 | $139,820 | $130,971 | $984,186 |
Exploration expenses | 214,598 | 246,732 | 6,734,888 | 4,445,981 | 21,451,558 |
Stock-based compensation expense | 122,951 | 127,540 | 689,747 | 858,164 | 2,079,480 |
General and administrative expenses | 302,399 | 95,078 | 907,530 | 464,124 | 2,205,936 |
Total expenses | 679,524 | 501,033 | 8,471,985 | 5,899,240 | 26,721,160 |
NET LOSS | ' | -501,033 | -8,471,985 | -5,899,240 | -26,721,160 |
LOSS PER SHARE | ' | ' | ' | ' | ' |
Basic and diluted | ($0.18) | ($0.19) | ($2.24) | ($2.32) | ($11.75) |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' | ' |
Basic and diluted | 3,805,539 | 2,642,495 | 3,774,576 | 2,537,466 | 2,273,906 |
Accumulated Defecit Exploration Stage [Member] | ' | ' | ' | ' | ' |
EXPENSES: | ' | ' | ' | ' | ' |
NET LOSS | ($679,524) | ' | ' | ' | ' |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 9 Months Ended | 53 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net loss | ($8,471,985) | ($5,899,240) | ($26,721,160) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' |
Stock-based compensation | 986,317 | 1,151,370 | 2,805,456 |
Changes in operating assets and liabilities: | ' | ' | ' |
Decrease (increase) in prepaid expenses | 7,767 | 73,369 | -94,765 |
Increase in accounts payable and other accrued liabilities | -1,607,540 | -980,292 | 142,821 |
Net cash used in operating activities | -9,085,441 | -5,654,793 | -23,867,648 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' |
Payments to Acquire Notes Receivable | -100,000 | 0 | -100,000 |
Proceeds from Collection of Notes Receivable | 100,000 | ' | 100,000 |
Acquisition of other assets | 0 | 0 | -225,000 |
Acquisition of properties | 0 | -200,000 | -1,208,886 |
Net cash used in investing activities | 0 | -200,000 | -1,433,886 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Shareholders’ contributions | 0 | 0 | 6,784,272 |
Common stock issuance, net | 0 | 14,033,915 | 22,459,753 |
Short-term borrowings | 0 | 0 | 500,000 |
Repayment of short-term borrowings | 0 | 0 | -500,000 |
Net cash provided by financing activities | 0 | 14,033,915 | 29,244,025 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | -9,085,441 | 8,179,122 | 3,942,491 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 13,027,932 | 7,765,265 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | $3,942,491 | $15,944,387 | $3,942,491 |
Statement_of_Shareholders_Equi
Statement of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Defecit Exploration Stage [Member] |
Balance at Jun. 30, 2013 | $12,813,989 | $37,504 | $31,025,660 | ($18,249,175) |
Balance, shares at Jun. 30, 2013 | 2,480,269 | 3,750,394 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock-based compensation | 321,177 | 0 | 321,177 | 0 |
Net loss for the period | -6,178,953 | 0 | 0 | -6,178,953 |
Balance at Sep. 30, 2013 | 6,956,213 | 37,504 | 31,346,837 | -24,428,128 |
Balance, shares at Sep. 30, 2013 | ' | 3,750,394 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock-based compensation | 472,564 | 0 | 472,564 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period | 55,145 | ' | ' | ' |
Shares vested | ' | 551 | -551 | ' |
Net loss for the period | -1,613,508 | 0 | 0 | -1,613,508 |
Balance at Dec. 31, 2013 | 5,815,269 | 38,055 | 31,818,850 | -26,041,636 |
Balance, shares at Dec. 31, 2013 | ' | 3,805,539 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock-based compensation | 192,576 | ' | 192,576 | ' |
Net loss | ' | ' | ' | -679,524 |
Net loss for the period | -679,524 | ' | ' | ' |
Balance at Mar. 31, 2014 | $5,328,321 | $38,055 | $32,011,426 | ($26,721,160) |
Balance, shares at Mar. 31, 2014 | 3,805,539 | 3,805,539 | ' | ' |
Organization_and_Business
Organization and Business | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Business | ' |
Organization and Business | |
Contango ORE, Inc. (“CORE” or the “Company”) is a Houston-based, exploration stage company. The Company was formed on September 1, 2010 as a Delaware corporation for the purpose of engaging in the exploration in the State of Alaska for (i) gold ore and associated minerals and (ii) rare earth elements. | |
On November 29, 2010, Contango Mining Company ("Contango Mining"), a wholly owned subsidiary of Contango Oil & Gas Company (“Contango”), assigned the Original Properties (defined below) and certain other assets and liabilities to Contango. Contango contributed the Original Properties and $3.5 million of cash to the Company, in exchange for approximately 1.6 million shares of the Company’s common stock. The above transactions occurred between companies under common control. Contango subsequently distributed the Company’s common stock to Contango’s stockholders. The Company had no operating history prior to the contribution of assets and liabilities by Contango. The financial statements of the Company include the financial position, results of operations, and cash flows of Contango Mining since Contango Mining’s inception on October 15, 2009 (the “Inception date” or the “Inception”). The equity structure (i.e. the number and type of equity interests issued) for periods prior to November 29, 2010, however, was retroactively adjusted to reflect the capital structure of the Company after November 29, 2010. | |
The Company is an exploration stage company as defined by Accounting Standards Codification (“ASC”) 915, “Development Stage Entities.” An investment in the Company involves a high degree of risk. Our fiscal year end is June 30. | |
The Original Properties contributed by Contango included: i) a 100% leasehold interest in approximately 675,000 acres (the “Tetlin Lease”) from the Tetlin Village Council, the council formed by the governing body for the Native Village of Tetlin, an Alaska Native Tribe (the "Tetlin Village Council"); ii) approximately 18,021 acres in unpatented mining claims from the state of Alaska for the exploration of gold ore and associated minerals and iii) approximately 3,440 acres in unpatented Federal mining claims for the exploration of rare earth elements (collectively, the "Original Properties”). If any of the Original Properties are placed into commercial production, the Company would be obligated to pay a 3.0% production royalty to Juneau Exploration, LP (“JEX”). The Tetlin Lease is our only material property. | |
Effective December 1, 2012, the Company abandoned 97,280 acres in unpatented mining claims from the state of Alaska for the exploration of rare earth elements. These abandoned acres were also originally contributed by Contango. | |
In September 2012, the Company and JEX entered into an Advisory Agreement in which JEX will continue to provide assistance in acquiring additional properties in Alaska in exchange for a 2.0% production royalty on properties acquired after July 1, 2012 (any such properties, the "Additional Properties"). In August 2012, the Company staked an additional 31,736 acres consisting of 223 unpatented state of Alaska mining claims. In March 2013, the Company staked an additional 15,360 acres consisting of 96 unpatented state of Alaska mining claims, and in April 2013 the Company staked an additional 24,800 acres consisting of 155 unpatented State of Alaska mining claims, all in Eastern Alaska for the exploration of gold ore and associated minerals. If any of the Additional Properties are placed into commercial production, the Company would be obligated to pay JEX a 2.0% production royalty under the Advisory Agreement. | |
We have completed our fifth year of exploration efforts on the Original Properties, which has resulted in the discovery of the Peak Zone mineralization within the Chief Danny prospect area on the Tetlin Lease. |
Basis_of_Presentation
Basis of Presentation | 9 Months Ended |
Mar. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying unaudited financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information, pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), including instructions to Form 10-Q and Article 8 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete annual financial statements. In the opinion of management, all adjustments considered necessary for a fair statement of the financial statements have been included. All such adjustments are of a normal recurring nature. The financial statements should be read in conjunction with the audited financial statements and notes included in the Company’s Form 10-K for the fiscal year ended June 30, 2013. The results of operations for the three and nine months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2014. | |
Financial statements for the periods from October 15, 2009 to November 29, 2010 represent financial statements of Contango Mining. All assets and liabilities of Contango Mining contributed to the Company on November 29, 2010 were recorded at the carryover historical cost basis. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
Summary of Significant Accounting Policies | |
The Company’s significant accounting policies are described below. | |
Management Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90 days or less at the date of acquisition. | |
Revenue Recognition. CORE has yet to realize any revenues. Expenses are presented on the accrual basis of accounting. | |
Mineral Properties. The amount capitalized includes costs paid to acquire mineral property interests as well as the costs paid for federal and state of Alaska unpatented mining claims. Exploration costs are expensed as incurred. Development costs are expensed as incurred until the Company obtains proven and probable reserves within its commercially minable properties. Costs of abandoned projects are charged to earnings upon abandonment. Any properties determined to be impaired are written-down to their estimated fair value. The Company periodically evaluates whether events or changes in circumstances indicate that the carrying value of mineral property interests and any related property, plant and equipment may not be recoverable. | |
Common Stock. Our certificate of incorporation authorizes us to issue up to 30,000,000 shares of common stock, par value $0.01. As of March 31, 2014, the Company had 3,805,539 shares of common stock issued and outstanding, all of which were fully paid and non-assessable. Holders of common stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders and are not entitled to cumulative voting for the election of directors. Upon the liquidation, dissolution or winding up of our business, after payment of all liabilities and payment of preferential amounts to the holders of preferred stock, if any, the shares of common stock are entitled to share equally in our remaining assets. Pursuant to our certificate of incorporation, no stockholder has any preemptive rights to subscribe for our securities. The common stock is not subject to redemption. The Company’s equity structure for all periods prior to November 29, 2010 was retroactively adjusted to reflect the equity structure of the Company after November 29, 2010. | |
Stock-Based Compensation. The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each award is estimated as of the date of grant using the Black-Scholes option-pricing model. | |
Reclassifications. Certain prior period amounts have been reclassified to conform to current year presentation. These reclassifications were not material and had no effect on cash flows or net loss. | |
Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of March 31, 2014 and June 30, 2013 and has not recognized any tax provision or benefit for any of the periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of March 31, 2014 or June 30, 2013. | |
Recently Issued Accounting Pronouncements | |
We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe that the future adoption of any such pronouncements will cause a material impact on our financial condition or the results of our operations. |
Costs_Incurred
Costs Incurred | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Mineral Industries Disclosures [Abstract] | ' | ||||||||||||||||||||
Costs Incurred | ' | ||||||||||||||||||||
Costs Incurred | |||||||||||||||||||||
Costs to acquire and explore the Original Properties and Additional Properties were as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from | |||||||||||||||||||
March 31, | March 31, | Inception | |||||||||||||||||||
(October 15, 2009) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | to March 31, 2014 | |||||||||||||||||
Acquisition of mineral interests | $ | — | $ | — | $ | — | $ | 200,000 | $ | 1,208,886 | |||||||||||
Exploration costs, claim rentals, and minimum royalties | 254,174 | 278,415 | 6,874,708 | 4,576,952 | 22,435,744 | ||||||||||||||||
Total costs incurred | $ | 254,174 | $ | 278,415 | $ | 6,874,708 | $ | 4,776,952 | $ | 23,644,630 | |||||||||||
The Tetlin Lease has a ten year term beginning July 2008 with an option to renew for an additional ten years, or so long as we initiate and continue conducting mining operations on the Tetlin Lease. Originally, the Tetlin Lease allowed us to only renew 50% of the acreage, but in December 2012, we paid the Tetlin Village Council $200,000 in exchange for removing this 50% restriction. We are now able to renew our entire lease, consisting of 675,000, acres in July 2018. |
Prepaid_Expenses
Prepaid Expenses | 9 Months Ended |
Mar. 31, 2014 | |
Prepaid Expense, Current [Abstract] | ' |
Prepaid Expenses | ' |
Prepaid Expenses | |
The Company has prepaid expenses of $94,765 and $102,532 as of March 31, 2014 and June 30, 2013, respectively. Prepaid expenses relate to prepaid insurance costs, claim rentals and certain geological consulting services and exploration activities conducted by Avalon Development Corporation ("Avalon"). In May 2013, the Company prepaid $40,000 of the $75,000 advance minimum royalty that is due to the Tetlin Village Council on July 15, 2014, as further explained in Note 11 - Commitments and Contingencies. |
Other_Assets
Other Assets | 9 Months Ended |
Mar. 31, 2014 | |
Other Assets [Abstract] | ' |
Other Assets | ' |
Other Assets | |
If the Tetlin Lease is placed into commercial production, the Company would be obligated to pay a production royalty to the Tetlin Village Council, which varies from 2.0% to 5.0%, depending on the type of metal produced and the year of production. In June 2011, the Company paid the Tetlin Village Council $75,000 in exchange for reducing the production royalty payable to them by 0.25%. In July 2011, the Company paid the Tetlin Village Council $150,000 in exchange for further reducing the production royalty by 0.50%. These payments lowered the production royalty payable to a range of 1.25% to 4.25%, depending on the type of metal produced and the year of production. On or before July 15, 2020, the Tetlin Village Council has the option to increase their production royalty by (i) 0.25% by payment to CORE of $150,000, or (ii) 0.50% by payment to CORE of $300,000, or (iii) 0.75% by payment to CORE of $450,000. The Company has classified these payments as “Other Assets” in the balance sheet of the Company. |
Loss_Per_Share
Loss Per Share | 9 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Loss Per Share | ' | |||||||||||||||||||||
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 March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Loss | Weighted Average Shares | Loss Per | Loss | Weighted Average Shares | Loss Per | |||||||||||||||||
Share | Share | |||||||||||||||||||||
Basic Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (679,524 | ) | 3,805,539 | $ | (0.18 | ) | $ | (501,033 | ) | 2,642,495 | $ | (0.19 | ) | ||||||||
Diluted Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (679,524 | ) | 3,805,539 | $ | (0.18 | ) | $ | (501,033 | ) | 2,642,495 | $ | (0.19 | ) | ||||||||
Nine Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Loss | Weighted Average Shares | Loss Per | Loss | Weighted Average Shares | Loss Per | |||||||||||||||||
Share | Share | |||||||||||||||||||||
Basic Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (8,471,985 | ) | 3,774,576 | $ | (2.24 | ) | $ | (5,899,240 | ) | 2,537,466 | $ | (2.32 | ) | ||||||||
Diluted Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (8,471,985 | ) | 3,774,576 | $ | (2.24 | ) | $ | (5,899,240 | ) | 2,537,466 | $ | (2.32 | ) | ||||||||
Period from Inception (October 15, 2009) to March 31, 2014 | ||||||||||||||||||||||
Loss | Weighted Average Shares | Loss Per | ||||||||||||||||||||
Share | ||||||||||||||||||||||
Basic Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (26,721,160 | ) | 2,273,906 | $ | (11.75 | ) | |||||||||||||||
Diluted Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (26,721,160 | ) | 2,273,906 | $ | (11.75 | ) | |||||||||||||||
Options and warrants to purchase 1,692,666 shares of common stock were outstanding as of March 31, 2014, and options to purchase 400,000 shares of common stock were outstanding as of March 31, 2013. These options and warrants were not included in the computation of diluted earnings per share for each three and nine month period and the period from inception to March 31, 2014, due to being anti-dilutive as a result of the Company’s net loss for all periods presented. |
Shareholders_Equity
Shareholders' Equity | 9 Months Ended |
Mar. 31, 2014 | |
Equity [Abstract] | ' |
Shareholders' Equity | ' |
Shareholders’ Equity | |
The Company’s authorized capital stock consists of 30,000,000 shares of common stock and 15,000,000 shares of preferred stock. As of March 31, 2014, we had 3,805,539 shares of common stock outstanding. We also had an additional 63,333 shares of unvested restricted stock and 1,692,666 options and warrants to purchase shares of common stock outstanding. No shares of preferred stock have been issued. The remaining restricted stock outstanding will vest over the next two years. | |
On November 29, 2010, the Company issued approximately 1.6 million shares of common stock to Contango for distribution to Contango’s stockholders of record as of October 15, 2010 on the basis of one share of common stock for each ten shares of Contango’s common stock then outstanding in exchange for the contribution by Contango of all of the Original Properties, together with $3.5 million in cash to the Company pursuant to the terms of a Contribution Agreement between Contango and the Company (the “Contribution Agreement”). The Company’s equity structure for the periods prior to November 29, 2010 was retroactively adjusted to reflect the equity structure of the Company as of November 29, 2010. | |
2012 Private Placement | |
In March 2012, the Company completed selling 882,500 shares of Common Stock to accredited investors at a price of $10.00 per share in a private placement for total proceeds of approximately $8.8 million, including 400,000 shares that were purchased by Mr. Kenneth R. Peak, the Company’s then-Chairman. The placement agents used in connection with the transaction received aggregate placement fees and expenses of approximately $0.4 million. The Company used these proceeds to fund its 2012 exploration program in Alaska and for general corporate purposes. The shares of Common Stock sold were not registered under the Securities Act of 1933, as amended, but are subject to a Registration Rights Agreement allowing the shares to be registered by the holders at a future date. | |
2013 Private Placement | |
In March 2013, the Company completed the issuance and sale of an aggregate of 1,230,999 Units (“Units”) at a price of $12.00 per Unit with each Unit consisting of (i) one share of the Company's common stock, par value $0.01 per share and (ii) a five-year warrant to purchase one (1) share of Common Stock at $10.00 per share, in a private placement for total proceeds of approximately $14.1 million, including 83,333 shares that were purchased by Mr. Peak, the Company's then-Chairman, and 83,334 shares that were purchased by entities controlled by Mr. Brad Juneau, the Company's President and Chief Executive Officer. The placement agents used in connection with the transaction received aggregate placement fees and expenses of approximately $0.7 million. The Company used these proceeds to fund its 2013 exploration program in Alaska and for general corporate purposes. The Units sold were not registered under the Securities Act of 1933, as amended, but the Common Stock issued in the offering and the shares of Common Stock issued upon exercise of the Warrants are subject to a Registration Rights Agreement allowing the shares to be registered by the holders at a future date. | |
The 1,230,999 warrants may, at any time on or after the date that is six months following the date of issuance, be exercised in whole or in part for the applicable number of shares. The fair value of each warrant was estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted average assumptions used: (i) risk-free interest rate of 0.39%; (ii) expected life of 2.8 years; (iii) expected volatility of 82.34%; and (iv) expected dividend yield of 0%. | |
Rights Plan | |
On December 19, 2012, the Company adopted a Rights Plan which was amended on March 21, 2013. Under the terms of the amended Rights Plan, each right (a "Right") will entitle the holder to purchase 1/100 of a share of Series A Junior Preferred Stock of the Company (the “Preferred Stock”) at an exercise price of $80 per share. The Rights will be exercisable and will trade separately from the shares of common stock only if a person or group, other than the Estate of Mr. Kenneth R. Peak, acquires beneficial ownership of 20% or more of the Company's common stock. | |
Under the terms of the Rights Plan, Rights have been distributed as a dividend at the rate of one Right for each share of common stock that was held as of the close of business on December 20, 2012. Stockholders will not receive certificates for the Rights, but the Rights will become part of each share of common stock. An additional Right will be issued along with each share of common stock that is issued or sold by the Company after December 20, 2012. The Rights may only be exercised during a two-year period and are scheduled to expire on December 19, 2014. |
Stock_Based_Compensation
Stock Based Compensation | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||||||
Stock Based Compensation | ' | ||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
On September 15, 2010, the Company’s Board of Directors (the “Board”) adopted the Contango ORE, Inc. Equity Compensation Plan (the “2010 Plan”). Under the 2010 Plan, the Board may issue up to 1,000,000 shares of common stock and options to officers, directors, employees or consultants of the Company. Awards made under the 2010 Plan are subject to such restrictions, terms and conditions, including forfeitures, if any, as may be determined by the Board. As of March 31, 2014, there were 63,333 shares of unvested restricted common stock outstanding and options to purchase 461,667 shares of common stock outstanding issued under the 2010 Plan. | |||||||||||||||||||||
Stock-based compensation expense for the periods reflected was as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from Inception (October 15, 2009) | |||||||||||||||||||
March 31, | March 31, | ||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | to March 31, 2014 | |||||||||||||||||
Stock-based compensation included in: | |||||||||||||||||||||
Exploration expense (1) | $ | 69,625 | $ | 57,982 | $ | 296,571 | 293,206 | $ | 725,976 | ||||||||||||
Stock-based compensation expense (2) | 122,951 | 127,540 | 689,746 | 858,164 | 2,079,480 | ||||||||||||||||
Total stock-based compensation expense | $ | 192,576 | $ | 185,522 | $ | 986,317 | $ | 1,151,370 | $ | 2,805,456 | |||||||||||
(1) | Related to restricted stock and stock option awards to the Company’s technical consultant, the owner of Avalon and one Avalon employee. | ||||||||||||||||||||
(2) | Related to restricted stock and stock option awards to the Company’s directors and employees. | ||||||||||||||||||||
The amount of compensation expense recognized does not reflect compensation actually received by the individuals, but rather represents the amount recognized by the Company in accordance with GAAP. | |||||||||||||||||||||
Restricted Stock. In November 2010, the Company granted 70,429 restricted shares of common stock to its officers and directors and an additional 23,477 restricted shares to its technical consultant. All shares of restricted stock vest over a three year period, beginning in November 2011, the one-year anniversary of when the restricted stock was issued. Compensation expense related to these shares will be recognized over the vesting period. All of the restricted stock from this grant was fully vested as of March 31, 2014. | |||||||||||||||||||||
In December 2013, the Company's directors, executive officers and our technical consultant were granted an aggregate of 95,000 shares of restricted stock. The restricted stock vests over two years, beginning with one-third vesting on the date of grant. As of December 31, 2013, there were 63,333 shares of restricted stock that remained unvested. As of March 31, 2014, the total compensation cost related to unvested awards not yet recognized was $529,870. The remaining costs will be recognized over the remaining vesting period of the awards. | |||||||||||||||||||||
Stock Options. The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company: | |||||||||||||||||||||
Option Awards | |||||||||||||||||||||
Period Granted | Options Granted | Weighted Average Exercise Price | Vesting Period (7) | ||||||||||||||||||
September 2011 (1) | 50,000 | $13.13 | Vests over two years, beginning with one-third on the grant date. | ||||||||||||||||||
July 2012 (2) | 100,000 | $10.25 | Vests over two years, beginning with one-third on the grant date. | ||||||||||||||||||
December 2012 (3) | 250,000 | $10.20 | Vests over two years, beginning with one-third on the grant date. | ||||||||||||||||||
June 2013 (4) | 37,500 | $10.00 | Vested Immediately | ||||||||||||||||||
July 2013 (5) | 5,000 | $10.00 | Vested Immediately | ||||||||||||||||||
September 2013 (6) | 37,500 | $10.01 | Vested Immediately | ||||||||||||||||||
September 2013 (6) | 15,000 | $10.01 | Vests over two years, beginning with one-third on the grant date. | ||||||||||||||||||
(1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to its technical consultant, the owner of Avalon, for services performed during fiscal year 2011. | |||||||||||||||||||||
(2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to its technical consultant for services performed during fiscal year 2012. | |||||||||||||||||||||
(3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to its technical consultant for services performed during fiscal year 2013. | |||||||||||||||||||||
(4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013. | |||||||||||||||||||||
(5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013. | |||||||||||||||||||||
(6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014. | |||||||||||||||||||||
(7) If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. | |||||||||||||||||||||
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 3 – Summary of Significant Accounting Policies. All employee stock option grants are expensed over the stock option’s vesting period based on the fair value at the date the options are granted. The fair value of each option is estimated as of the date of grant using the Black-Scholes options-pricing model. As of March 31, 2014, the stock options had a weighted-average remaining life of approximately 3.5 years. The the total compensation cost related to unvested options not yet recognized as of March 31, 2014 was $287,094. | |||||||||||||||||||||
A summary of the status of stock options granted under the 2010 Plan as of March 31, 2014 and changes during the nine months then ended, is presented in the table below: | |||||||||||||||||||||
Nine Months Ended | |||||||||||||||||||||
31-Mar-14 | |||||||||||||||||||||
Shares Under Options | Weighted Average Exercise Price | ||||||||||||||||||||
Outstanding, June 30, 2013 | 404,167 | $10.49 | |||||||||||||||||||
Granted - July 2013 (1) | 5,000 | $10.00 | |||||||||||||||||||
Granted - September 2013 (2) | 52,500 | $10.01 | |||||||||||||||||||
Exercised | — | — | |||||||||||||||||||
Forfeited | — | — | |||||||||||||||||||
Outstanding, end of period | 461,667 | $10.43 | |||||||||||||||||||
Aggregate intrinsic value | $ | — | |||||||||||||||||||
Exercisable, end of period | 370,000 | $10.54 | |||||||||||||||||||
Aggregate intrinsic value | $ | 124,542 | |||||||||||||||||||
Available for grant, end of period | 349,427 | ||||||||||||||||||||
Weighted average fair value per share of options granted during the period | $ | 3.92 | |||||||||||||||||||
(1) | The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for the July 2013 grant: (i) risk-free interest rate of 0.47%; (ii) expected life of 2.5 years; (iii) expected volatility of 63.3%; and (iv) expected dividend yield of 0%. The weighted average fair value per share for the options granted in July 2013 is $2.68. | ||||||||||||||||||||
(2) | The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for the September 2013 grant: (i) risk-free interest rate of 0.51%; (ii) expected life of 2.6 years; (iii) expected volatility of 64.4%; and (iv) expected dividend yield of 0%. The weighted average fair value per share for the options granted in September 2013 is $4.04. |
Related_Party_Transactions
Related Party Transactions | 9 Months Ended |
Mar. 31, 2014 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
In August 2012, Mr. Brad Juneau, the sole manager of JEX, was appointed to the Board of Directors of the Company and appointed as President and Acting Chief Executive Officer of the Company following a medical leave of absence of our then-Chief Executive Officer, Mr. Peak. In December 2012, Mr. Juneau was elected President and Chief Executive Officer of the Company, and in April 2013, Mr. Juneau was elected Chairman upon the passing of Mr. Peak. JEX is a private company formed primarily for the purpose of generating natural gas and oil prospects. JEX was responsible for securing and negotiating the Tetlin Lease and assisting in obtaining the Original Properties and initially engaged Avalon to conduct mineral exploration activities on the Tetlin Lease. In agreeing to transfer its interests in the Original Properties to Contango Mining, a predecessor of the Company, JEX retained a 3.0% overriding royalty interest in the Original Properties transferred. | |
In September 2012, the Company and JEX entered into an Advisory Agreement in which JEX will continue to provide assistance in acquiring additional properties in Alaska in exchange for a production royalty of 2.0% on properties acquired after July 1, 2012. | |
The Company currently subleases office space from JEX at 3700 Buffalo Speedway, Ste 925, Houston, TX 77098 for approximately $11,000 per quarter. |
Commitments_and_Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
Tetlin Lease. The Tetlin Lease has a ten year term beginning July 2008 with an option to renew for an additional ten years, or so long as we initiate and continue conducting mining operations on the Tetlin Lease. Originally, the Tetlin Lease allowed us to only renew 50% of the acreage, but in December 2012, we paid the Tetlin Village Council $200,000 in exchange for removing this 50% restriction. We are now able to renew all 675,000 acres in 2018. The Tetlin Lease is our only material property. | |
Pursuant to the terms of the Tetlin Lease, the Company is required to spend $350,000 per year in exploration costs until July 15, 2018. However, because exploration funds spent in any year in excess of $350,000 are credited toward future years’ exploration cost requirements, the Company’s exploration expenditures to date have already satisfied this work commitment requirement for the full lease term, through 2018. Additionally, should we derive revenues from the properties covered under the Tetlin Lease, the Company is required to pay the Tetlin Village Council a production royalty ranging from 2.0% to 5.0%, depending on the type of metal produced and the year of production. As of March 31, 2014, the Company has paid the Tetlin Village Council an aggregate of $225,000 in exchange for reducing the production royalty payable to it by 0.75%. These payments lowered the production royalty to a range of 1.25% to 4.25%. On or before July 15, 2020, the Tetlin Village Council has the option to increase its production royalty by (i) 0.25% by payment to CORE of $150,000 (ii) 0.50% by payment to CORE of $300,000, or (iii) 0.75% by payment to CORE of $450,000. Until such time as production royalties begin, the Company pays the Tetlin Village Council an advance minimum royalty each year. On July 15, 2012, the advance minimum royalty increased from $50,000 to $75,000 per year, and after July 15, 2013, the advance minimum royalty is escalated by an inflation adjustment. | |
Gold Exploration. The Company’s Triple Z, TOK/Tetlin, Eagle, Bush and ADC 2 claims are all located on state of Alaska lands. The annual claim rentals on these projects total $59,220 per year, and are due and payable in full by November 30 of each year. The Company has met the annual labor requirements for the state of Alaska acreage for the next four years, which is the maximum time allowable by Alaska law. | |
REE Exploration. The Company’s Stone Rock and Salmon Bay claims are both located on Federal land. The claim rentals on these two projects total $24,080 per year, and are due and payable in full by August 31 of each year. Effective December 1, 2012, the Company abandoned its state of Alaska claims to devote more time and resources to its gold exploration. | |
JEX Royalties. We will also pay JEX a production royalty of 3.0% should we derive revenues from any of the Original Properties, or a production royalty of 2.0% should we derive revenues from any of the Additional Properties that JEX helped to acquire. | |
In connection with acquiring all the assets and liabilities of Contango Mining, the Company has assumed any claims, litigation or disputes pending as of the effective date of acquisition on any matters arising in connection with ownership of the Original Properties prior to the effective date of acquisition. The Company is not aware of any legal, environmental or other commitments or contingencies that would have a material effect on the Company's financial position or results of operations. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2014 | |
Accounting Policies [Abstract] | ' |
Management Estimates | ' |
Management Estimates. The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | |
Cash Equivalents | ' |
Cash Equivalents. Cash equivalents are considered to be highly liquid securities having an original maturity of 90 days or less at the date of acquisition. | |
Revenue Recognition | ' |
Revenue Recognition. CORE has yet to realize any revenues. Expenses are presented on the accrual basis of accounting. | |
Capitalized Costs | ' |
Mineral Properties. The amount capitalized includes costs paid to acquire mineral property interests as well as the costs paid for federal and state of Alaska unpatented mining claims. Exploration costs are expensed as incurred. Development costs are expensed as incurred until the Company obtains proven and probable reserves within its commercially minable properties. Costs of abandoned projects are charged to earnings upon abandonment. Any properties determined to be impaired are written-down to their estimated fair value. The Company periodically evaluates whether events or changes in circumstances indicate that the carrying value of mineral property interests and any related property, plant and equipment may not be recoverable. | |
Common Stock | ' |
Common Stock. Our certificate of incorporation authorizes us to issue up to 30,000,000 shares of common stock, par value $0.01. As of March 31, 2014, the Company had 3,805,539 shares of common stock issued and outstanding, all of which were fully paid and non-assessable. Holders of common stock are entitled to one vote for each share held of record on all matters to be voted on by stockholders and are not entitled to cumulative voting for the election of directors. Upon the liquidation, dissolution or winding up of our business, after payment of all liabilities and payment of preferential amounts to the holders of preferred stock, if any, the shares of common stock are entitled to share equally in our remaining assets. Pursuant to our certificate of incorporation, no stockholder has any preemptive rights to subscribe for our securities. The common stock is not subject to redemption. The Company’s equity structure for all periods prior to November 29, 2010 was retroactively adjusted to reflect the equity structure of the Company after November 29, 2010. | |
Stock-Based Compensation | ' |
Stock-Based Compensation. The Company applies the fair value method of accounting for stock-based compensation. Under this method, compensation cost is measured at the grant date based on the fair value of the award and is recognized over the award vesting period. The Company classifies the benefits of tax deductions in excess of the compensation cost recognized for the options (excess tax benefit) as financing cash flows. The fair value of each award is estimated as of the date of grant using the Black-Scholes option-pricing model. | |
Reclassifications | ' |
Reclassifications. Certain prior period amounts have been reclassified to conform to current year presentation. These reclassifications were not material and had no effect on cash flows or net loss. | |
Income Taxes | ' |
Income Taxes. The Company follows the liability method of accounting for income taxes under which deferred tax assets and liabilities are recognized for the future tax consequences of (i) temporary differences between the tax basis of assets and liabilities and their reported amounts in the financial statements and (ii) operating loss and tax credit carry-forwards for tax purposes. Deferred tax assets are reduced by a valuation allowance when, based upon management’s estimates, it is more likely than not that a portion of the deferred tax assets will not be realized in a future period. The Company recognized a full valuation allowance as of March 31, 2014 and June 30, 2013 and has not recognized any tax provision or benefit for any of the periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of March 31, 2014 or June 30, 2013. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements | |
We have reviewed all recently issued, but not yet effective, accounting pronouncements and do not believe that the future adoption of any such pronouncements will cause a material impact on our financial condition or the results of our operations. |
Costs_Incurred_Tables
Costs Incurred (Tables) | 9 Months Ended | ||||||||||||||||||||
Mar. 31, 2014 | |||||||||||||||||||||
Mineral Industries Disclosures [Abstract] | ' | ||||||||||||||||||||
Costs to Acquire and Explore the Properties | ' | ||||||||||||||||||||
Costs to acquire and explore the Original Properties and Additional Properties were as follows: | |||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from | |||||||||||||||||||
March 31, | March 31, | Inception | |||||||||||||||||||
(October 15, 2009) | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | to March 31, 2014 | |||||||||||||||||
Acquisition of mineral interests | $ | — | $ | — | $ | — | $ | 200,000 | $ | 1,208,886 | |||||||||||
Exploration costs, claim rentals, and minimum royalties | 254,174 | 278,415 | 6,874,708 | 4,576,952 | 22,435,744 | ||||||||||||||||
Total costs incurred | $ | 254,174 | $ | 278,415 | $ | 6,874,708 | $ | 4,776,952 | $ | 23,644,630 | |||||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 9 Months Ended | |||||||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||||||||
Basic and Diluted Net Loss Per Share of Common Stock | ' | |||||||||||||||||||||
A reconciliation of the components of basic and diluted net loss per share of common stock is presented below: | ||||||||||||||||||||||
Three Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Loss | Weighted Average Shares | Loss Per | Loss | Weighted Average Shares | Loss Per | |||||||||||||||||
Share | Share | |||||||||||||||||||||
Basic Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (679,524 | ) | 3,805,539 | $ | (0.18 | ) | $ | (501,033 | ) | 2,642,495 | $ | (0.19 | ) | ||||||||
Diluted Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (679,524 | ) | 3,805,539 | $ | (0.18 | ) | $ | (501,033 | ) | 2,642,495 | $ | (0.19 | ) | ||||||||
Nine Months Ended March 31, | ||||||||||||||||||||||
2014 | 2013 | |||||||||||||||||||||
Loss | Weighted Average Shares | Loss Per | Loss | Weighted Average Shares | Loss Per | |||||||||||||||||
Share | Share | |||||||||||||||||||||
Basic Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (8,471,985 | ) | 3,774,576 | $ | (2.24 | ) | $ | (5,899,240 | ) | 2,537,466 | $ | (2.32 | ) | ||||||||
Diluted Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (8,471,985 | ) | 3,774,576 | $ | (2.24 | ) | $ | (5,899,240 | ) | 2,537,466 | $ | (2.32 | ) | ||||||||
Period from Inception (October 15, 2009) to March 31, 2014 | ||||||||||||||||||||||
Loss | Weighted Average Shares | Loss Per | ||||||||||||||||||||
Share | ||||||||||||||||||||||
Basic Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (26,721,160 | ) | 2,273,906 | $ | (11.75 | ) | |||||||||||||||
Diluted Loss per Share: | ||||||||||||||||||||||
Net loss attributable to common stock | $ | (26,721,160 | ) | 2,273,906 | $ | (11.75 | ) | |||||||||||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 9 Months Ended | 53 Months Ended | ||||||||||||||||||||||||||
Mar. 31, 2014 | Mar. 31, 2014 | |||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||||||
Stock-based Compensation Expense, Allocation of Recognized Period Costs | ' | ' | ||||||||||||||||||||||||||
Stock-based compensation expense for the periods reflected was as follows: | ||||||||||||||||||||||||||||
Three Months Ended | Nine Months Ended | Period from Inception (October 15, 2009) | ||||||||||||||||||||||||||
March 31, | March 31, | |||||||||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | to March 31, 2014 | ||||||||||||||||||||||||
Stock-based compensation included in: | ||||||||||||||||||||||||||||
Exploration expense (1) | $ | 69,625 | $ | 57,982 | $ | 296,571 | 293,206 | $ | 725,976 | |||||||||||||||||||
Stock-based compensation expense (2) | 122,951 | 127,540 | 689,746 | 858,164 | 2,079,480 | |||||||||||||||||||||||
Total stock-based compensation expense | $ | 192,576 | $ | 185,522 | $ | 986,317 | $ | 1,151,370 | $ | 2,805,456 | ||||||||||||||||||
(1) | Related to restricted stock and stock option awards to the Company’s technical consultant, the owner of Avalon and one Avalon employee. | |||||||||||||||||||||||||||
(2) | Related to restricted stock and stock option awards to the Company’s directors and employees. | |||||||||||||||||||||||||||
Schedule of Restricted Stock and Stock Options | ' | ' | ||||||||||||||||||||||||||
Stock Options. The option awards listed in the table below have been granted to directors, officers, employees and consultants of the Company: | ||||||||||||||||||||||||||||
Option Awards | ||||||||||||||||||||||||||||
Period Granted | Options Granted | Weighted Average Exercise Price | Vesting Period (7) | |||||||||||||||||||||||||
September 2011 (1) | 50,000 | $13.13 | Vests over two years, beginning with one-third on the grant date. | |||||||||||||||||||||||||
July 2012 (2) | 100,000 | $10.25 | Vests over two years, beginning with one-third on the grant date. | |||||||||||||||||||||||||
December 2012 (3) | 250,000 | $10.20 | Vests over two years, beginning with one-third on the grant date. | |||||||||||||||||||||||||
June 2013 (4) | 37,500 | $10.00 | Vested Immediately | |||||||||||||||||||||||||
July 2013 (5) | 5,000 | $10.00 | Vested Immediately | |||||||||||||||||||||||||
September 2013 (6) | 37,500 | $10.01 | Vested Immediately | |||||||||||||||||||||||||
September 2013 (6) | 15,000 | $10.01 | Vests over two years, beginning with one-third on the grant date. | |||||||||||||||||||||||||
(1) The Company granted 40,000 stock options to its directors and officers and an additional 10,000 stock options to its technical consultant, the owner of Avalon, for services performed during fiscal year 2011. | ||||||||||||||||||||||||||||
(2) The Company granted 75,000 stock options to its directors and officers and an additional 25,000 stock options to its technical consultant for services performed during fiscal year 2012. | ||||||||||||||||||||||||||||
(3) The Company granted 175,000 stock options to its directors and an additional 75,000 stock options to its technical consultant for services performed during fiscal year 2013. | ||||||||||||||||||||||||||||
(4) The Company granted 37,500 stock options to its employees for services performed during fiscal year 2013. | ||||||||||||||||||||||||||||
(5) The Company granted 5,000 stock options to an employee of Avalon for services performed during fiscal year 2013. | ||||||||||||||||||||||||||||
(6) The Company granted 52,500 stock options to its employees for services performed during the first quarter of fiscal year 2014. | ||||||||||||||||||||||||||||
(7) If at any time there occurs a change of control, as defined in the 2010 Plan, any options that are unvested at that time will immediately vest. | ||||||||||||||||||||||||||||
2010 Plan [Member] | Stock Options [Member] | ' | ' | ||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ||||||||||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | ' | ' | ||||||||||||||||||||||||||
A summary of the status of stock options granted under the 2010 Plan as of March 31, 2014 and changes during the nine months then ended, is presented in the table below: | ||||||||||||||||||||||||||||
Nine Months Ended | ||||||||||||||||||||||||||||
31-Mar-14 | ||||||||||||||||||||||||||||
Shares Under Options | Weighted Average Exercise Price | |||||||||||||||||||||||||||
Outstanding, June 30, 2013 | 404,167 | $10.49 | ||||||||||||||||||||||||||
Granted - July 2013 (1) | 5,000 | $10.00 | ||||||||||||||||||||||||||
Granted - September 2013 (2) | 52,500 | $10.01 | ||||||||||||||||||||||||||
Exercised | — | — | ||||||||||||||||||||||||||
Forfeited | — | — | ||||||||||||||||||||||||||
Outstanding, end of period | 461,667 | $10.43 | ||||||||||||||||||||||||||
Aggregate intrinsic value | $ | — | ||||||||||||||||||||||||||
Exercisable, end of period | 370,000 | $10.54 | ||||||||||||||||||||||||||
Aggregate intrinsic value | $ | 124,542 | ||||||||||||||||||||||||||
Available for grant, end of period | 349,427 | |||||||||||||||||||||||||||
Weighted average fair value per share of options granted during the period | $ | 3.92 | ||||||||||||||||||||||||||
(1) | The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for the July 2013 grant: (i) risk-free interest rate of 0.47%; (ii) expected life of 2.5 years; (iii) expected volatility of 63.3%; and (iv) expected dividend yield of 0%. The weighted average fair value per share for the options granted in July 2013 is $2.68. | |||||||||||||||||||||||||||
(2) | The fair value of each option is estimated as of the date of grant using the Black-Scholes option-pricing model with the following weighted-average assumptions used for the September 2013 grant: (i) risk-free interest rate of 0.51%; (ii) expected life of 2.6 years; (iii) expected volatility of 64.4%; and (iv) expected dividend yield of 0%. The weighted average fair value per share for the options granted in September 2013 is $4.04. |
Organization_and_Business_Deta
Organization and Business (Details) (USD $) | 0 Months Ended | 9 Months Ended | |||||||||||
In Millions, unless otherwise specified | Nov. 29, 2010 | Apr. 30, 2013 | Mar. 31, 2013 | Aug. 31, 2012 | Mar. 31, 2014 | Nov. 29, 2010 | Nov. 29, 2010 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 29, 2010 | Nov. 29, 2010 | Aug. 31, 2012 | Nov. 29, 2010 |
acre | acre | Native Village of Tetlin Land [Member] | Native Village of Tetlin Land [Member] | Contango [Member] | JEX [Member] | JEX [Member] | Unpatented Mining Claims from the State of Alaska for Gold and Minerals [Member] | Unpatented Federal Mining Claims [Member] | Unpatented Mining Claims from the state of Alaska for Rare Earth Elements [Member] | Unpatented Mining Claims from the state of Alaska for Rare Earth Elements [Member] | |||
acre | ALASKA | acre | acre | acre | acre | ||||||||
Parent contribution | ' | ' | ' | ' | ' | ' | $3.50 | ' | ' | ' | ' | ' | ' |
Subsidiary shares issued | 1.6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Leasehold Interest | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' |
Leasehold Interest Acreage | ' | ' | ' | ' | ' | 675,000 | ' | ' | ' | ' | ' | ' | ' |
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' | ' | ' | ' |
Acreage of Unpatented Mining Claims | ' | 24,800 | 15,360 | ' | ' | ' | ' | ' | ' | 18,021 | 3,440 | 31,736 | 97,280 |
Unpatented Mining Claims | ' | 155 | 96 | 223 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overriding royalty interest | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Accounting Policies [Abstract] | ' | ' |
Common stock, shares authorized | 30,000,000 | 30,000,000 |
Common stock, par value | $0.01 | $0.01 |
Common stock, shares issued | 3,805,539 | 2,480,269 |
Common stock, shares outstanding | 3,805,539 | 2,480,269 |
Costs_Incurred_Details
Costs Incurred (Details) (USD $) | 3 Months Ended | 9 Months Ended | 53 Months Ended | 9 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 29, 2010 | |
Native Village of Tetlin Land [Member] | Native Village of Tetlin Land [Member] | ||||||
acre | |||||||
Costs Incurred to acquire and explore mining properties [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Acquisition of mineral interests | $0 | $0 | $0 | $200,000 | $1,208,886 | ' | ' |
Exploration costs and claim rentals | 254,174 | 278,415 | 6,874,708 | 4,576,952 | 22,435,744 | ' | ' |
Total costs incurred | 254,174 | 278,415 | 6,874,708 | 4,776,952 | 23,644,630 | ' | ' |
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | ' | ' | ' | ' | ' | '10 years | ' |
Percentage of Acreage Available for Renewal | 50.00% | 50.00% | 50.00% | 50.00% | 50.00% | ' | ' |
Payment by Lessee to Remove Acreage Renewal Restriction | ' | $200,000 | ' | ' | ' | ' | ' |
Leasehold Interest Acreage | ' | ' | ' | ' | ' | ' | 675,000 |
Prepaid_Expenses_Details
Prepaid Expenses (Details) (USD $) | Mar. 31, 2014 | Jun. 30, 2013 |
Deposit On Advance Minimum Royalty | $40,000 | ' |
Prepaid Expense, Current | 94,765 | 102,532 |
Advance Minimum Royalty | $75,000 | ' |
Other_Assets_Details
Other Assets (Details) (USD $) | 1 Months Ended | 13 Months Ended | |||||||||
Jul. 31, 2011 | Jun. 30, 2011 | Jun. 30, 2012 | Mar. 31, 2014 | Jul. 31, 2011 | 31-May-11 | Jul. 31, 2011 | 31-May-11 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | |
Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | |||
Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Scenario 1 [Member] | Scenario 2 [Member] | Scenario 3 [Member] | |||||
Royalties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty rate | ' | ' | ' | ' | 1.25% | 2.00% | 4.25% | 5.00% | ' | ' | ' |
Payment to Tetlin to reduce royalty rate | $150,000 | $75,000 | $225,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in royalty rates | 0.50% | 0.25% | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' |
Increase in royalty rates | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.50% | 0.75% |
Payment by Tetlin to increase royalty rate | ' | ' | ' | ' | ' | ' | ' | ' | $150,000 | $300,000 | $450,000 |
Loss_Per_Share_Details
Loss Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | 53 Months Ended | 3 Months Ended | |||||||||
Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | |
2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | Accumulated Defecit Exploration Stage [Member] | Accumulated Defecit Exploration Stage [Member] | Accumulated Defecit Exploration Stage [Member] | ||||||||
Equity Option [Member] | Stock Options [Member] | Stock Options [Member] | |||||||||||
Basic Loss per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to common stock, Per Share | ($0.18) | ' | ' | ($0.19) | ($2.24) | ($2.32) | ($11.75) | ' | ' | ' | ' | ' | ' |
Net loss for the period | ($679,524) | ($1,613,508) | ($6,178,953) | ' | ' | ' | ' | ' | ' | ' | ' | ($1,613,508) | ($6,178,953) |
Diluted Loss per Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net loss attributable to common stock, Per Share | ($0.18) | ' | ' | ($0.19) | ($2.24) | ($2.32) | ($11.75) | ' | ' | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ' | ' | ' | ($501,033) | ($8,471,985) | ($5,899,240) | ($26,721,160) | ' | ' | ' | ($679,524) | ' | ' |
Weighted Average Number of Shares Outstanding, Basic and Diluted | 3,805,539 | ' | ' | 2,642,495 | 3,774,576 | 2,537,466 | 2,273,906 | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options and warrants outstanding | 1,692,666 | ' | ' | ' | 1,692,666 | ' | 1,692,666 | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | 400,000 | 461,667 | 404,167 | ' | ' | ' |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | |||||||
Nov. 29, 2010 | Mar. 22, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2013 | Dec. 19, 2012 | Nov. 29, 2010 | Nov. 29, 2010 | Mar. 26, 2012 | Mar. 22, 2013 | Mar. 26, 2012 | Mar. 22, 2013 | Mar. 22, 2013 | Mar. 22, 2013 | |
Rate | Contango Ore Inc [Member] | Contango [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Additional Paid-In Capital [Member] | ||||||
Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Juneau Exploration LLC [Member] | ||||||||||||
Common Stock, Number of Shares, Par Value and Other Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares authorized | ' | ' | ' | 30,000,000 | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock, shares authorized | ' | ' | ' | 15,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares outstanding | ' | ' | ' | 3,805,539 | 2,480,269 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Shares, Issued | ' | ' | ' | 3,805,539 | 2,480,269 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options and warrants outstanding | ' | ' | ' | 1,692,666 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Distribution [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsidiary shares issued | 1,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share received for 10 shares owned of Contango | ' | ' | ' | ' | ' | ' | 1 | 10 | ' | ' | ' | ' | ' | ' |
Parent contribution | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | ' | ' | ' | ' | ' | ' |
Private Placement [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares sold in private placement | ' | ' | ' | ' | ' | ' | ' | ' | 882,500 | 1,230,999 | 400,000 | 83,333 | 83,334 | ' |
Private placement, per share price | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $12 | ' | ' | ' | ' |
Proceeds from private placement | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | 14,100,000 | ' | ' | ' | ' |
Placement fees | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 |
Class of Warrant or Right, Outstanding | ' | 1,230,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Risk Free Interest Rate | ' | 0.39% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Term | ' | '2 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | 82.34% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Dividend Payments | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares preferential right will allow holder to purchase | ' | ' | '1/100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, par value | ' | ' | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Preferred Stock Holder Can Under the Rights Plan | ' | ' | ' | ' | ' | 0.01 | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | 0 | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Percentage ownership by persons other than Ken Peak's estate before rights are exercisable | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Rate of Rights Distribution | ' | ' | ' | ' | ' | 100.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Based_Compensation_Alloc
Stock Based Compensation Allocation of Recognized Period Costs (Details) (USD $) | 3 Months Ended | 9 Months Ended | 50 Months Ended | ||
Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Total stock-based compensation expense | $192,576 | $185,522 | $986,317 | $1,151,370 | $2,805,456 |
Exploration expenses [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Total stock-based compensation expense | 69,625 | 57,982 | 296,571 | 293,206 | 725,976 |
Stock-based compensation expense [Member] | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' |
Total stock-based compensation expense | $122,951 | $127,540 | $689,746 | $858,164 | $2,079,480 |
Stock_Based_Compensation_RSUs_
Stock Based Compensation RSUs (Details) | 3 Months Ended | 1 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Nov. 30, 2010 | |
2010 Plan [Member] | 2010 Plan [Member] | Directors and Officers [Member] | ||
Restricted Stock [Member] | Restricted Stock [Member] | 2010 Plan [Member] | ||
Restricted Stock [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' | ' | ' |
Nonvested balance (in shares) | ' | ' | 63,333 | ' |
Granted (in shares) | ' | 95,000 | ' | 70,429 |
Vested (in shares) | -55,145 | ' | ' | ' |
Nonvested balance (in shares) | ' | ' | 63,333 | ' |
Stock_Based_Compensation_Stock
Stock Based Compensation Stock Options (Details) (USD $) | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||||||
Jul. 31, 2012 | Sep. 30, 2011 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Jul. 31, 2012 | Sep. 30, 2011 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Jul. 31, 2012 | Sep. 30, 2011 | Mar. 31, 2013 | Jul. 31, 2012 | Sep. 30, 2011 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2014 | |
2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | Directors and Officers [Member] | Directors and Officers [Member] | Directors and Officers [Member] | technical consultant [Member] | technical consultant [Member] | technical consultant [Member] | technical consultant [Member] | technical consultant [Member] | Chief Financial Officer [Member] | ||||||
Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | ||||||
Equity Option [Member] | Equity Option [Member] | Equity Option [Member] | |||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | $287,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (in shares) | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | 404,167 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Grants (in shares) | ' | ' | ' | ' | ' | 52,500 | 52,500 | ' | 100,000 | 50,000 | 37,500 | 37,500 | 250,000 | ' | 75,000 | 40,000 | 175,000 | 25,000 | 10,000 | 75,000 | 5,000 | 5,000 | 15,000 |
Exercised (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | 461,667 | 404,167 | ' | 461,667 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, beginning of period (Weighted Average Exercise Price) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.49 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Granted (Weighted Average Exercise Price) | $10.25 | $13.13 | $10.01 | $10 | $10.20 | ' | ' | ' | ' | ' | $10.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' |
Exercised (Weighted Average Exercise Price) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Forfeited (Weighted Average Exercise Price) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding, end of period (Weighted Average Exercise Price) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.43 | $10.49 | ' | $10.43 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0 | ' | ' | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 370,000 | ' | ' | 370,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Exercisable, end of period (Weighted Average Exercise Price) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10.54 | ' | ' | $10.54 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value, exercisable | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $124,542 | ' | ' | $124,542 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Available for grant, end of period (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 349,427 | ' | ' | 349,427 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average fair value of options granted during the period | ' | ' | ' | ' | ' | ' | $4.04 | ' | ' | ' | ' | ' | ' | $3.92 | ' | ' | ' | ' | ' | ' | ' | $2.68 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Risk free rate | ' | ' | ' | ' | ' | ' | 0.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.47% | ' |
Expected life | ' | ' | ' | ' | ' | ' | '2 years 7 months 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 6 months | ' |
Expected volatility | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.27% | ' |
Expected dividend yield | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' |
Stock_Based_Compensation_Narra
Stock Based Compensation Narrative (Details) (USD $) | 1 Months Ended | 3 Months Ended | 9 Months Ended | 53 Months Ended | 3 Months Ended | 3 Months Ended | 3 Months Ended | 9 Months Ended | 1 Months Ended | 3 Months Ended | ||||||||||
Jul. 31, 2012 | Sep. 30, 2011 | Mar. 31, 2014 | Jun. 30, 2013 | Mar. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Mar. 31, 2013 | Dec. 08, 2011 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2013 | Nov. 30, 2010 | Nov. 30, 2010 | Mar. 31, 2014 | Sep. 30, 2013 | |
2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | Directors and Officers [Member] | Owner of Avalon Development Corporation [Member] | technical consultant [Member] | technical consultant [Member] | |||||||||
Equity Option [Member] | Equity Option [Member] | Stock Compensation Plan [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | |||||||||
Restricted Stock [Member] | Restricted Stock [Member] | Equity Option [Member] | Equity Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 6 months | ' | ' | ' | ' | ' |
Common stock and options authorized under plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Nonvested balance (in shares) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,333 | ' | ' | ' | ' | ' | ' | ' |
Options outstanding | ' | ' | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | 461,667 | 461,667 | 404,167 | ' | ' | ' | ' |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $10.25 | $13.13 | $10.01 | $10 | $10.20 | ' | ' | ' | ' | ' | ' | ' | ' | $10.01 | ' | ' | ' | ' | $10 | ' |
Restricted shares granted during period | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 95,000 | ' | ' | ' | ' | 70,429 | 23,477 | ' | ' |
Stock-based compensation expense | ' | ' | $122,951 | ' | $127,540 | $689,747 | $858,164 | $2,079,480 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock vesting period | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 7 months 2 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '2 years 6 months |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Share-based Awards Other than Options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 529,870 | ' | ' | ' | ' | ' | ' | ' |
Weighted-average exercise price (USD per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0 | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Risk Free Interest Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.51% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.47% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Volatility Rate | ' | ' | ' | ' | ' | ' | ' | ' | 60.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63.27% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Dividend Rate | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.00% |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Not yet Recognized, Stock Options | ' | ' | $287,094 | ' | ' | $287,094 | ' | $287,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | Mar. 31, 2014 |
Related Party Transaction [Line Items] | ' |
Accrued Rent | $11,000 |
JEX [Member] | ' |
Related Party Transaction [Line Items] | ' |
Overriding royalty interest | 3.00% |
ALASKA | JEX [Member] | ' |
Related Party Transaction [Line Items] | ' |
Overriding royalty interest | 2.00% |
Commitments_and_Contingencies_
Commitments and Contingencies Royalties (Details) (USD $) | 1 Months Ended | 3 Months Ended | 13 Months Ended | |||||||||||||||
Jul. 31, 2011 | Jun. 30, 2011 | Mar. 31, 2013 | Mar. 31, 2014 | Jun. 30, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Jul. 15, 2012 | Jul. 31, 2011 | 31-May-11 | Jul. 31, 2011 | 31-May-11 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Nov. 29, 2010 | Mar. 31, 2014 | |
Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | Tetlin Lease [Member] | JEX [Member] | Native Village of Tetlin Land [Member] | ALASKA | |||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Scenario 1 [Member] | Scenario 2 [Member] | Scenario 3 [Member] | acre | JEX [Member] | ||||||||
Royalties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Acreage Available for Renewal | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasehold Interest Acreage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 675,000 | ' |
Payment by Lessee to Remove Acreage Renewal Restriction | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contractual annual exploration costs | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Royalty rate | ' | ' | ' | ' | ' | ' | ' | ' | 1.25% | 2.00% | 4.25% | 5.00% | ' | ' | ' | ' | ' | ' |
Payment to Tetlin to reduce royalty rate | 150,000 | 75,000 | ' | ' | 225,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Decrease in royalty rates | 0.50% | 0.25% | ' | ' | ' | 0.75% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in royalty rates | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 0.25% | 0.50% | 0.75% | ' | ' | ' |
Payment by Tetlin to increase royalty rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | 300,000 | 450,000 | ' | ' | ' |
Advance royalties | ' | ' | ' | ' | ' | ' | $50,000 | $75,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overriding royalty interest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.00% | ' | 2.00% |
Commitments_and_Contingencies_1
Commitments and Contingencies Claim Rentals (Details) (USD $) | 9 Months Ended |
Mar. 31, 2014 | |
Tetlin Lease [Member] | ' |
Claim Rentals [Line Items] | ' |
Contractual Annual Exploration Costs | 350,000 |
Gold Properties [Member] | ' |
Claim Rentals [Line Items] | ' |
Annual claim rentals | 59,220 |
Stone Rock and Salmon Bay [Member] | ' |
Claim Rentals [Line Items] | ' |
Annual claim rentals | 24,080 |
Native Village of Tetlin Land [Member] | ' |
Claim Rentals [Line Items] | ' |
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | '10 years |