Document_and_Entity_Informatio
Document and Entity Information Document (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Aug. 26, 2014 | Dec. 31, 2013 | |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 30-Jun-14 | ' | ' |
Document Fiscal Period Focus | 'Q4 | ' | ' |
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 | ' | ' |
Entity Public Float | ' | ' | $34,384,196 |
Balance_Sheets
Balance Sheets (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
CURRENT ASSETS: | ' | ' |
Cash | $3,448,501 | $13,027,932 |
Prepaid expenses | 98,906 | 102,532 |
Total current assets | 3,547,407 | 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 | 4,981,293 | 14,564,350 |
CURRENT LIABILITIES: | ' | ' |
Accounts payable | 140,133 | 1,656,074 |
Accrued liabilities | 46,500 | 94,287 |
Total current liabilities | 186,633 | 1,750,361 |
COMMITMENTS AND CONTINGENCIES (NOTE 11) | ' | ' |
SHAREHOLDERS' EQUITY: | ' | ' |
Common Stock, $0.01 par value, 30,000,000 shares authorized; 3,805,539 shares issued and outstanding at June 30, 2014; 3,750,394 shares issued and outstanding at June 30, 2013 | 38,055 | 37,504 |
Additional paid-in capital | 32,204,002 | 31,025,660 |
Accumulated deficit during exploration stage | -27,447,397 | -18,249,175 |
SHAREHOLDERS’ EQUITY | 4,794,660 | 12,813,989 |
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $4,981,293 | $14,564,350 |
Balance_Sheets_Parenthetical
Balance Sheets (Parenthetical) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 22, 2013 |
Statement of Financial Position [Abstract] | ' | ' | ' |
Common stock, par value | $0.01 | $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 $) | 12 Months Ended | 56 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | |
EXPENSES: | ' | ' | ' | ' |
Claim rentals and minimum royalties | $179,394 | $171,439 | $198,797 | $1,023,760 |
Exploration expenses | 6,999,624 | 8,065,936 | 3,501,884 | 21,716,294 |
Stock-based compensation expense | 812,698 | 1,133,168 | 192,884 | 2,202,431 |
General and administrative expenses | 1,206,506 | 662,140 | 366,127 | 2,504,912 |
Total expenses | 9,198,222 | 10,032,683 | 4,259,692 | 27,447,397 |
Net Income (Loss) Attributable to Parent | $9,198,222 | $10,032,683 | $4,259,692 | $27,447,397 |
LOSS PER SHARE | ' | ' | ' | ' |
Basic and diluted | $2.43 | $3.54 | $2.35 | $11.66 |
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING | ' | ' | ' | ' |
Basic and diluted | 3,782,061 | 2,837,523 | 1,814,072 | 2,354,518 |
Statements_of_Cash_Flows
Statements of Cash Flows (USD $) | 12 Months Ended | 56 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ($9,198,222) | ($10,032,683) | ($4,259,692) | ($27,447,397) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' | ' | ' |
Stock-based compensation | 1,178,893 | 1,483,021 | 251,210 | 2,998,032 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Decrease (increase) in prepaid expenses | 3,626 | 35,497 | -59,871 | -98,906 |
Increase in accounts payable and other accrued liabilities | -1,563,728 | -51,303 | 1,156,900 | 186,633 |
Net cash used in operating activities | -9,579,431 | -8,565,468 | -2,911,453 | -24,361,638 |
CASH FLOWS FROM INVESTING ACTIVITIES: | ' | ' | ' | ' |
Payments to Acquire Notes Receivable | 100,000 | ' | ' | 100,000 |
Proceeds from Collection of Notes Receivable | 100,000 | ' | ' | 100,000 |
Acquisition of other assets | 0 | 0 | -150,000 | -225,000 |
Acquisition of properties | 0 | -200,000 | 0 | -1,208,886 |
Net cash used in investing activities | 0 | -200,000 | -150,000 | -1,433,886 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' | ' |
Shareholders’ contributions | 0 | 0 | 0 | 6,784,272 |
Common stock issuance, net | 0 | 14,028,135 | 8,431,618 | 22,459,753 |
Short-term borrowings | 0 | 0 | 500,000 | 500,000 |
Repayment of short-term borrowings | 0 | 0 | -500,000 | -500,000 |
Net cash provided by financing activities | 0 | 14,028,135 | 8,431,618 | 29,244,025 |
NET INCREASE IN CASH AND CASH EQUIVALENTS | -9,579,431 | 5,262,667 | 5,370,165 | 3,448,501 |
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD | 13,027,932 | 7,765,265 | 2,395,100 | 0 |
CASH AND CASH EQUIVALENTS, END OF PERIOD | 3,448,501 | 13,027,932 | 7,765,265 | 3,448,501 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ' | ' | ' | ' |
Cash paid for interest | $0 | $0 | $14,917 | $0 |
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 Oct. 15, 2009 | $0 | $0 | $0 | $0 |
Balance, shares at Oct. 15, 2009 | ' | 0 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Issuance of new shares, net | 1,833,634 | 15,665 | 1,817,969 | ' |
Issuance of of new shares, net, shares | ' | 1,566,467 | ' | ' |
Net loss for the period | -1,102,636 | ' | ' | -1,102,636 |
Balance, shares at Jun. 30, 2010 | ' | 1,566,467 | ' | ' |
Balance at Jun. 30, 2010 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Shareholders' contribution | 4,950,638 | ' | 4,950,638 | ' |
Stock-based compensation | 84,908 | ' | 84,908 | ' |
Net loss for the period | -2,854,164 | ' | ' | -2,854,164 |
Balance at Jun. 30, 2011 | 2,912,380 | 15,665 | 6,853,515 | -3,956,800 |
Balance, shares at Jun. 30, 2011 | ' | 1,566,467 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Shareholders' contribution | 251,210 | ' | ' | ' |
Stock-based compensation | 0 | ' | 251,210 | ' |
Shares vested | ' | 313 | -313 | ' |
Shares vested, shares | ' | 31,302 | ' | ' |
Issuance of new shares, net | 8,431,618 | 8,825 | 8,422,793 | ' |
Issuance of of new shares, net, shares | ' | 882,500 | ' | ' |
Net loss for the period | -4,259,692 | ' | ' | -4,259,692 |
Balance at Jun. 30, 2012 | 7,335,516 | 24,803 | 15,527,205 | -8,216,492 |
Balance, shares at Jun. 30, 2012 | ' | 2,480,269 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Stock-based compensation | 1,483,021 | ' | 1,483,021 | ' |
Shares vested | ' | 391 | -391 | ' |
Shares vested, shares | ' | 39,126 | ' | ' |
Issuance of new shares, net | 9,943,755 | 12,310 | 9,931,445 | ' |
Adjustments to Additional Paid in Capital, Warrant Issued | 4,828,245 | ' | 4,828,245 | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | -743,865 | ' | -743,865 | ' |
Issuance of of new shares, net, shares | ' | 1,230,999 | ' | ' |
Net loss for the period | -10,032,683 | ' | ' | -10,032,683 |
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 | 1,178,893 | ' | 1,178,893 | ' |
Shares vested | ' | 551 | -551 | ' |
Shares vested, shares | ' | 55,145 | ' | ' |
Net loss for the period | -9,198,222 | ' | ' | -9,198,222 |
Balance at Jun. 30, 2014 | $4,794,660 | $38,055 | $32,204,002 | ($27,447,397) |
Balance, shares at Jun. 30, 2014 | 3,805,539 | 3,805,539 | ' | ' |
Organization_and_Business
Organization and Business | 12 Months Ended |
Jun. 30, 2012 | |
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 whose primary business is to explorate in the State of Alaska for gold ore and associated minerals. | |
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”). The equity structure (i.e. the number and type of equity interests issued) for periods before November 29, 2010 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. The Company’s 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 L.P. (“JEX”). | |
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% 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 | 12 Months Ended |
Jun. 30, 2012 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, these financial statements include all adjustments considered necessary for a fair presentation of the financial statements. All such adjustments are of a normal recurring nature. | |
Financial statements for the periods from October 15, 2009 to November 29, 2010 represent financial statements of Contango Mining. All assets and liabilities contributed to the Company from Contango Mining on November 29, 2010 were recorded at the carryover historical cost basis. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Jun. 30, 2012 | |
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. | |
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. 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. The Company’s certificate of incorporation authorizes us to issue up to 30,000,000 shares of common stock, $0.01, par value. As of June 30, 2014, approximately 3.8 million shares of common stock were 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. | |
Stock-Based Compensation. The Company applies the fair value method to account 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 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 June 30, 2014 and 2013 and has not recognized any tax provision or benefit for the applicable periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of June 30, 2014 or 2013. The Company files income tax returns in the United States and certain state jurisdictions. The Company’s tax returns through fiscal year 2014 remain open for examination by taxing authorities in the respective jurisdictions where those returns are filed. | |
Recently Issued Accounting Pronouncements. In July 2013, the FASB issued ASU 2013-11 Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The new guidance is effective for fiscal year and interim periods beginning after December 15, 2013. The Company is currently evaluating the impact of the provisions of this pronouncement, and assessing the impact if any, it may have on its financial position and results of operations. | |
In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), revised its criteria related to internal controls over financial reporting from the originally established 1992 Internal Control - Integrated Framework with 2013 Internal Control - Integrated Framework. The modified framework provides enhanced guidance that ties control objectives to the related risk, enhancement of governance concepts, increased emphasis on globalization of markets and operations, increased recognition of use and reliance on information technology, increased discussion of fraud as it relates to internal control, changes of control deficiency descriptions, and that internal reporting is included in both financial and nonfinancial objectives. The revised framework is effective for interim and annual periods beginning after December 15, 2013. The Company plans to implement any changes required by the new COSO framework during the year ended June 30, 2015. Currently, the Company is evaluating the provisions of the revised framework and continues to assess the impact, if any, it may have on its internal control structure. |
Costs_Incurred
Costs Incurred | 12 Months Ended | |||||||||||||||
Jun. 30, 2012 | ||||||||||||||||
Mineral Industries Disclosures [Abstract] | ' | |||||||||||||||
Costs Incurred | ' | |||||||||||||||
Costs Incurred | ||||||||||||||||
Costs to acquire and explore the properties were as follows: | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||
Acquisition of mineral interests | $ | — | $ | 200,000 | $ | — | $ | 1,208,886 | ||||||||
Exploration costs and claim rentals | 7,179,018 | 8,237,375 | 3,700,681 | 22,740,054 | ||||||||||||
Total costs incurred | $ | 7,179,018 | $ | 8,437,375 | $ | 3,700,681 | $ | 23,948,940 | ||||||||
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 | 12 Months Ended |
Jun. 30, 2012 | |
Prepaid Expense, Current [Abstract] | ' |
Prepaid Expenses | ' |
Prepaid Expenses | |
The Company’s prepaid expenses of $98,906 and $102,532 as of June 30, 2014 and 2013, respectively, relate to prepaid insurance costs, claim rentals and certain geological consulting services and exploration activities conducted by Avalon Development Corporation ("Avalon"). As of June 2014, the Company had prepaid the $75,000 advance minimum royalty due to the Tetlin Village Council on July 15, 2014, and prepaid $40,000 of the $75,000 advance minimum royalty that is due to the Tetlin Village Council on July 15, 2015, as further explained in Note 11 - Commitments and Contingencies. |
Other_Assets
Other Assets | 12 Months Ended |
Jun. 30, 2012 | |
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 Native Village of Tetlin, which varies from 2% to 5%, 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 its production royalty, if any, 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 financial statements of the Company. |
Loss_Per_Share
Loss Per Share | 12 Months Ended | ||||||||||
Jun. 30, 2012 | |||||||||||
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 in the tables below: | |||||||||||
Year Ended June 30, 2014 | |||||||||||
Loss | Weighted | Loss Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic and Diluted Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 9,198,222 | 3,782,061 | $ | 2.43 | ||||||
Year Ended June 30, 2013 | |||||||||||
Loss | Weighted | Loss Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic and Diluted Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 10,032,683 | 2,837,523 | $ | 3.54 | ||||||
Year Ended June 30, 2012 | |||||||||||
Loss | Weighted | Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 4,259,692 | 1,814,072 | $ | 2.35 | ||||||
Period from Inception (October 15, 2009) | |||||||||||
to June 30, 2014 | |||||||||||
Loss | Weighted | Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 27,447,397 | 2,354,518 | $ | 11.66 | ||||||
Options and warrants to purchase 1,675,999, 1,635,166, and 50,000 shares of common stock were outstanding as of June 30, 2014, 2013, and 2012 respectively. These options and warrants were not included in the computation of diluted earnings per share for the applicable fiscal year and for the period from inception to June 30, 2014, due to being anti-dilutive as a result of the Company’s net loss for all periods presented. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended |
Jun. 30, 2012 | |
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 June 30, 2014, we had 3,805,539 shares of common stock outstanding. We also had an additional 63,333 shares of unvested restricted stock and 1,675,999 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 assignment by Contango Mining of all of its assets and liabilities, 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 | |
On March 26, 2012, the Company completed the sale of 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. Peak, the Company’s then-Chairman and Chief Executive Officer. The placement agents used in connection with the transaction received aggregate placement fees and expenses of approximately $0.4 million. After repaying approximately $0.5 million of short-term debt under the Company’s Revolving Line of Credit Promissory Note with Contango, the Company used the remaining $7.9 million 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 | |
On March 22, 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, our 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 total transaction costs were approximately $0.7 million, including $0.6 million paid to the placement agent. The Company will use these proceeds to fund its 2013 exploration program in Alaska which runs from May through October 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 to be $4.37 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 buy 1/100 of a share of Series A Junior Preferred Stock of the Company (the “Preferred Stock”) at an exercise price of $80.00 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. |
Line_of_Credit
Line of Credit | 12 Months Ended |
Jun. 30, 2012 | |
Debt Disclosure [Abstract] | ' |
Line of Credit | ' |
Line of Credit | |
On November 10, 2011, the Company entered into a $1.0 million Revolving Line of Credit Promissory Note with Contango (the “CORE Note”) which expired on December 31, 2012. The Company and Contango shared common executive officers at that time. The CORE Note contained covenants limiting our ability to enter into additional indebtedness and prohibiting liens on any of our assets or properties. Borrowings under the CORE Note bore interest at 10% per annum. On March 30, 2012, the Company repaid the $500,000 it had borrowed under the CORE Note, plus accrued interest of $14,917 from the proceeds of the March 2012 equity offering. |
Stock_Based_Compensation
Stock Based Compensation | 12 Months Ended | |||||||||||||||||||||||
Jun. 30, 2012 | ||||||||||||||||||||||||
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”), which was approved by shareholders on December 8, 2011. 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. The maximum aggregate number of shares of common stock of the Company with respect to which grants may be made to any individual is 100,000 shares during any calendar year. 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. | ||||||||||||||||||||||||
Under the 2010 Plan, options granted must have an exercise price equal to or greater than the market price of the Company’s common stock on the date of grant. The Company may grant key employees both incentive stock options intended to qualify under Section 422 of the Internal Revenue Code of 1986, as amended, and stock options that are not qualified as incentive stock options. Stock option grants to non-employees, such as directors and consultants, may only be stock options that are not qualified as incentive stock options. Options generally expire after five years. Upon option exercise the Company's policy is to issue new shares to option holders. | ||||||||||||||||||||||||
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. Expected volatities are based on the historical weekly volatility of our stock with a look back period of one year. The expected dividend yield is zero as we have never declared and to do not anticipate declaring dividends on our common stock. The expected term of the options granted represent the period of time that the options are expected to be outstanding. The simplified method is used for estimating the expected term, due to the lack of historical stock option exercise activity. The risk-free interest rate is based on U.S. Treasury bills with a duration equal to or close to the expected term of the options at the time of grant. The total fair value of stock options vested in fiscal year 2014, 2013, and 2012 was approximately $622,000, $1.0 million, and $56,000, respectively. As of June 30, 2014, the total unrecognized compensation cost related to nonvested stock options was $173,686. As of June 30, 2014 the stock options had a weighted average remaining life of 3.4 years. | ||||||||||||||||||||||||
A summary of the status of stock options granted under the 2010 Plan as of June 30, 2014, 2013 and 2012, and changes during the fiscal years then ended, is presented in the table below. | ||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | |||||||||||||||||||
Under | Exercise | Under | Exercise | Under | Exercise | |||||||||||||||||||
Options | Price | Options | Price | Options | Price | |||||||||||||||||||
Outstanding, beginning of year | 404,167 | $ | 10.49 | 50,000 | $ | 13.13 | — | $ | — | |||||||||||||||
Granted | 57,500 | $ | 10.01 | 387,500 | $ | 10.19 | 50,000 | $ | 13.13 | |||||||||||||||
Exercised | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||
Forfeited | (16,667 | ) | $ | 11 | (33,333 | ) | $ | 11 | — | $ | — | |||||||||||||
Cancelled | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||
Outstanding, end of year | 445,000 | $ | 10.41 | 404,167 | $ | 10.49 | 50,000 | $ | 13.13 | |||||||||||||||
Aggregate intrinsic value | $ | 262,175 | $ | — | $ | 2,450 | ||||||||||||||||||
Exercisable, end of year | 353,333 | $ | 10.52 | 234,165 | $ | 10.77 | 16,667 | $ | 13.13 | |||||||||||||||
Aggregate intrinsic value | $ | 197,191 | $ | — | $ | 817 | ||||||||||||||||||
Available for grant, end of year | 366,094 | 501,927 | 856,094 | |||||||||||||||||||||
Weighted average fair value of | ||||||||||||||||||||||||
options granted during the year (1) | $ | 3.92 | $ | 5.09 | $ | 3.38 | ||||||||||||||||||
_______________ | ||||||||||||||||||||||||
(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 grants during the years ended June 30, 2014, 2013 and 2012, respectively: (i) risk-free interest rate of 0.51 percent, 0.44 percent, and 0.42 percent; (ii) expected lives of 2.63, 2.63, and 3.0 years; (iii) expected volatility of 64.3 percent, 90.1 percent, and 40.0 percent; and (iv) expected dividend yield of zero percent. | ||||||||||||||||||||||||
The following table summarizes information regarding stock options granted under our 2010 Plan that were outstanding at June 30, 2014: | ||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||||||||||
Shares | Average | Weighted | Shares | Average | Weighted | |||||||||||||||||||
Under | Remaining | Average | Under | Remaining | Average | |||||||||||||||||||
Outstanding | Contractual | Exercise | Outstanding | Contractual | Exercise | |||||||||||||||||||
Range of Exercise Price | Options | Life | Price | Options | Life | Price | ||||||||||||||||||
$10.00 - $10.99 | 370,000 | 3.5 | $ | 10 | 278,333 | 3.6 | $ | 10 | ||||||||||||||||
$11.00 - $11.99 | 25,000 | 3 | $ | 11 | 25,000 | 3 | $ | 11 | ||||||||||||||||
$12.00 - $12.99 | 35,000 | 2.2 | $ | 12.75 | 35,000 | 2.2 | $ | 12.75 | ||||||||||||||||
$14.00 - $14.99 | 15,000 | 2.2 | $ | 14.03 | 15,000 | 2.2 | $ | 14.03 | ||||||||||||||||
445,000 | 3.4 | $ | 10.41 | 353,333 | 3.3 | $ | 10.52 | |||||||||||||||||
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, the owner of Avalon . 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. In October 2012, the Compensation Committee elected to immediately vest all restricted stock held by Mr. Peak. 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. A summary of the Company’s restricted stock as of | ||||||||||||||||||||||||
June 30, 2014 and the change during the year then ended, is as follows: | ||||||||||||||||||||||||
Number of | Weighted Average Fair Value | |||||||||||||||||||||||
Shares | Per Share | |||||||||||||||||||||||
Nonvested balance at June 30, 2012 | 62,604 | $ | 4.65 | |||||||||||||||||||||
Granted | — | $ | — | |||||||||||||||||||||
Vested | (39,126 | ) | $ | 4.65 | ||||||||||||||||||||
Forfeited | — | $ | — | |||||||||||||||||||||
Nonvested balance at June 30, 2013 | 23,478 | $ | 4.65 | |||||||||||||||||||||
Granted | 95,000 | $ | 10 | |||||||||||||||||||||
Vested | (55,145 | ) | $ | 7.72 | ||||||||||||||||||||
Forfeited | — | $ | — | |||||||||||||||||||||
Nonvested balance at June 30, 2014 | 63,333 | $ | 10 | |||||||||||||||||||||
As of June 30, 2014, the total compensation cost related to nonvested restricted share awards not yet recognized was $450,703. The remaining costs are expected to be recognized over the next eighteen months. | ||||||||||||||||||||||||
Stock-based compensation expense for the periods reflected was as follows: | ||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||
2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||||||||||
Stock-based compensation included in: | ||||||||||||||||||||||||
Exploration expenses (1) | $ | 366,195 | $ | 349,853 | $ | 58,326 | $ | 795,601 | ||||||||||||||||
Stock-based compensation expense (2) | 812,698 | 1,133,168 | 192,884 | 2,202,431 | ||||||||||||||||||||
Total stock-based compensation expense | $ | 1,178,893 | $ | 1,483,021 | $ | 251,210 | $ | 2,998,032 | ||||||||||||||||
(1) Related to restricted stock and stock option awards to the Company's technical consultant | ||||||||||||||||||||||||
(2) Related to the restricted stock and stock option awards to the Company's directors and employees. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended |
Jun. 30, 2012 | |
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 until July 15, 2018 in exploration costs. However, the Company's exploration expenditures through the 2011 exploration program have satisfied this requirement because exploration funds spent in any year in excess of $350,000 are credited toward future years’ exploration cost requirements. 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 June 30, 2012, the Company had paid the Tetlin Village Council $225,000 in exchange for reducing the production royalty payable to them 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 their 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 of $50,000 per year. On July 15, 2012, the advance minimum royalty increased to $75,000 per year, and subsequent years are 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 projects 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 Swift , Wolf, and Alatna projects on state of Alaska lands to devote more time and resources to its Stone Rock and Salmon Bay projects and 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 and an overriding royalty of 2.0% should we derive revenues from any of the Additional Properties that JEX helps 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 on any matters arising in connection with ownership of the properties prior to the effective date. 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. |
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||||||
Jun. 30, 2012 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Taxes | ' | |||||||||||||||
Income Taxes | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||
Benefit at statutory tax rate | $ | (3,219,378 | ) | $ | (3,511,439 | ) | $ | (1,490,892 | ) | $ | (9,606,589 | ) | ||||
State tax benefit | (547,814 | ) | (1,112,760 | ) | — | (1,660,574 | ) | |||||||||
Permanent differences | 46,876 | 39,823 | — | 146,821 | ||||||||||||
Provision to return adjustment | 29,544 | (82,070 | ) | — | (52,526 | ) | ||||||||||
Valuation allowance | 3,690,772 | 4,666,446 | 1,490,892 | 11,172,868 | ||||||||||||
Income tax provision | $ | — | $ | — | $ | — | $ | — | ||||||||
The benefit for income taxes for the periods indicated below are comprised of the following: | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | ||||||||
State | $ | — | $ | — | $ | — | $ | — | ||||||||
Deferred: | ||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | ||||||||
State | $ | — | $ | — | $ | — | $ | — | ||||||||
The net deferred tax asset is comprised of the following: | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Deferred tax asset: | ||||||||||||||||
Capitalized exploration expenses | $ | 7,972,994 | $ | 5,543,632 | ||||||||||||
State deferred tax assets | 1,660,574 | 1,112,760 | ||||||||||||||
Stock option expenses | 389,708 | 361,230 | ||||||||||||||
Net operating losses | 1,149,592 | 464,475 | ||||||||||||||
Valuation allowance | (11,172,868 | ) | (7,482,097 | ) | ||||||||||||
Net deferred tax assets | $ | — | $ | — | ||||||||||||
During fiscal year 2014, we had a change in our valuation allowance of approximately $3.7 million. At June 30, 2014, we have a U.S. federal tax loss carry-forwards of approximately $3.3 million. These net operating loss carry-forwards will begin expiring in 2031. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Jun. 30, 2012 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
Related Party Transactions | |
In August 2012, Mr. Brad Juneau, the sole manager of the general partner 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. 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. |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Jun. 30, 2012 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
Subsequent Events | |
In August 2014, the Company decided to abandon its 3,440 acres of Federal claims at Stone Rock and Salmon Bay, effective September 1, 2014. Abandoning these claims will reduce our annual rental commitment by approximately $24,080 per year. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Jun. 30, 2012 | |
Accounting Policies [Abstract] | ' |
Basis of Presentation | ' |
Basis of Presentation | |
The accompanying financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“GAAP”). In the opinion of management, these financial statements include all adjustments considered necessary for a fair presentation of the financial statements. All such adjustments are of a normal recurring nature. | |
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. | |
Revenue Recognition | ' |
Revenue Recognition. CORE has yet to realize any revenues. Expenses are presented on the accrual basis of accounting. | |
Capitalized Costs | ' |
. 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. 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. The Company’s certificate of incorporation authorizes us to issue up to 30,000,000 shares of common stock, $0.01, par value. As of June 30, 2014, approximately 3.8 million shares of common stock were 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. | |
Stock-Based Compensation | ' |
Stock-Based Compensation. The Company applies the fair value method to account 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 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 June 30, 2014 and 2013 and has not recognized any tax provision or benefit for the applicable periods. The Company reviews its tax positions quarterly for tax uncertainties. The Company did not have any uncertain tax positions as of June 30, 2014 or 2013. The Company files income tax returns in the United States and certain state jurisdictions. The Company’s tax returns through fiscal year 2014 remain open for examination by taxing authorities in the respective jurisdictions where those returns are filed. | |
Recently Issued Accounting Pronouncements | ' |
Recently Issued Accounting Pronouncements. In July 2013, the FASB issued ASU 2013-11 Income Taxes (Topic 740): Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists. The new guidance is effective for fiscal year and interim periods beginning after December 15, 2013. The Company is currently evaluating the impact of the provisions of this pronouncement, and assessing the impact if any, it may have on its financial position and results of operations. | |
In May 2013, the Committee of Sponsoring Organizations of the Treadway Commission ("COSO"), revised its criteria related to internal controls over financial reporting from the originally established 1992 Internal Control - Integrated Framework with 2013 Internal Control - Integrated Framework. The modified framework provides enhanced guidance that ties control objectives to the related risk, enhancement of governance concepts, increased emphasis on globalization of markets and operations, increased recognition of use and reliance on information technology, increased discussion of fraud as it relates to internal control, changes of control deficiency descriptions, and that internal reporting is included in both financial and nonfinancial objectives. The revised framework is effective for interim and annual periods beginning after December 15, 2013. The Company plans to implement any changes required by the new COSO framework during the year ended June 30, 2015. Currently, the Company is evaluating the provisions of the revised framework and continues to assess the impact, if any, it may have on its internal control structure. |
Costs_Incurred_Tables
Costs Incurred (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2012 | ||||||||||||||||
Mineral Industries Disclosures [Abstract] | ' | |||||||||||||||
Costs to Acquire and Explore the Properties | ' | |||||||||||||||
Costs to acquire and explore the properties were as follows: | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||
Acquisition of mineral interests | $ | — | $ | 200,000 | $ | — | $ | 1,208,886 | ||||||||
Exploration costs and claim rentals | 7,179,018 | 8,237,375 | 3,700,681 | 22,740,054 | ||||||||||||
Total costs incurred | $ | 7,179,018 | $ | 8,437,375 | $ | 3,700,681 | $ | 23,948,940 | ||||||||
Loss_Per_Share_Tables
Loss Per Share (Tables) | 12 Months Ended | ||||||||||
Jun. 30, 2012 | |||||||||||
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 in the tables below: | |||||||||||
Year Ended June 30, 2014 | |||||||||||
Loss | Weighted | Loss Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic and Diluted Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 9,198,222 | 3,782,061 | $ | 2.43 | ||||||
Year Ended June 30, 2013 | |||||||||||
Loss | Weighted | Loss Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic and Diluted Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 10,032,683 | 2,837,523 | $ | 3.54 | ||||||
Year Ended June 30, 2012 | |||||||||||
Loss | Weighted | Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 4,259,692 | 1,814,072 | $ | 2.35 | ||||||
Period from Inception (October 15, 2009) | |||||||||||
to June 30, 2014 | |||||||||||
Loss | Weighted | Per | |||||||||
Average | Share | ||||||||||
Shares | |||||||||||
Basic Loss per Share: | |||||||||||
Net loss attributable to common stock | $ | 27,447,397 | 2,354,518 | $ | 11.66 | ||||||
Stock_Based_Compensation_Table
Stock Based Compensation (Tables) | 12 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2012 | |||||||||||||||||||||||||||||||||||||||||||||
Restricted Stock Units (RSUs) [Member] | 2010 Plan [Member] | 2010 Plan [Member] | ||||||||||||||||||||||||||||||||||||||||||||||
Stock Options [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
The following table summarizes information regarding stock options granted under our 2010 Plan that were outstanding at June 30, 2014: | ||||||||||||||||||||||||||||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted | Number of | Weighted | |||||||||||||||||||||||||||||||||||||||||||||
Shares | Average | Weighted | Shares | Average | Weighted | |||||||||||||||||||||||||||||||||||||||||||
Under | Remaining | Average | Under | Remaining | Average | |||||||||||||||||||||||||||||||||||||||||||
Outstanding | Contractual | Exercise | Outstanding | Contractual | Exercise | |||||||||||||||||||||||||||||||||||||||||||
Range of Exercise Price | Options | Life | Price | Options | Life | Price | ||||||||||||||||||||||||||||||||||||||||||
$10.00 - $10.99 | 370,000 | 3.5 | $ | 10 | 278,333 | 3.6 | $ | 10 | ||||||||||||||||||||||||||||||||||||||||
$11.00 - $11.99 | 25,000 | 3 | $ | 11 | 25,000 | 3 | $ | 11 | ||||||||||||||||||||||||||||||||||||||||
$12.00 - $12.99 | 35,000 | 2.2 | $ | 12.75 | 35,000 | 2.2 | $ | 12.75 | ||||||||||||||||||||||||||||||||||||||||
$14.00 - $14.99 | 15,000 | 2.2 | $ | 14.03 | 15,000 | 2.2 | $ | 14.03 | ||||||||||||||||||||||||||||||||||||||||
445,000 | 3.4 | $ | 10.41 | 353,333 | 3.3 | $ | 10.52 | |||||||||||||||||||||||||||||||||||||||||
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 June 30, 2014, 2013 and 2012, and changes during the fiscal years then ended, is presented in the table below. | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
2014 | 2013 | 2012 | ||||||||||||||||||||||||||||||||||||||||||||||
Weighted | Weighted | Weighted | ||||||||||||||||||||||||||||||||||||||||||||||
Shares | Average | Shares | Average | Shares | Average | |||||||||||||||||||||||||||||||||||||||||||
Under | Exercise | Under | Exercise | Under | Exercise | |||||||||||||||||||||||||||||||||||||||||||
Options | Price | Options | Price | Options | Price | |||||||||||||||||||||||||||||||||||||||||||
Outstanding, beginning of year | 404,167 | $ | 10.49 | 50,000 | $ | 13.13 | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Granted | 57,500 | $ | 10.01 | 387,500 | $ | 10.19 | 50,000 | $ | 13.13 | |||||||||||||||||||||||||||||||||||||||
Exercised | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Forfeited | (16,667 | ) | $ | 11 | (33,333 | ) | $ | 11 | — | $ | — | |||||||||||||||||||||||||||||||||||||
Cancelled | — | $ | — | — | $ | — | — | $ | — | |||||||||||||||||||||||||||||||||||||||
Outstanding, end of year | 445,000 | $ | 10.41 | 404,167 | $ | 10.49 | 50,000 | $ | 13.13 | |||||||||||||||||||||||||||||||||||||||
Aggregate intrinsic value | $ | 262,175 | $ | — | $ | 2,450 | ||||||||||||||||||||||||||||||||||||||||||
Exercisable, end of year | 353,333 | $ | 10.52 | 234,165 | $ | 10.77 | 16,667 | $ | 13.13 | |||||||||||||||||||||||||||||||||||||||
Aggregate intrinsic value | $ | 197,191 | $ | — | $ | 817 | ||||||||||||||||||||||||||||||||||||||||||
Available for grant, end of year | 366,094 | 501,927 | 856,094 | |||||||||||||||||||||||||||||||||||||||||||||
Weighted average fair value of | ||||||||||||||||||||||||||||||||||||||||||||||||
options granted during the year (1) | $ | 3.92 | $ | 5.09 | $ | 3.38 | ||||||||||||||||||||||||||||||||||||||||||
_______________ | ||||||||||||||||||||||||||||||||||||||||||||||||
(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 grants during the years ended June 30, 2014, 2013 and 2012, respectively: (i) risk-free interest rate of 0.51 percent, 0.44 percent, and 0.42 percent; (ii) expected lives of 2.63, 2.63, and 3.0 years; (iii) expected volatility of 64.3 percent, 90.1 percent, and 40.0 percent; and (iv) expected dividend yield of zero percent. | ||||||||||||||||||||||||||||||||||||||||||||||||
Stock-based Compensation Expense, Allocation of Recognized Period Costs | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
Schedule of Restricted Stock and Stock Options | ' | ' | ' | ' | ||||||||||||||||||||||||||||||||||||||||||||
A summary of the Company’s restricted stock as of | Stock-based compensation expense for the periods reflected was as follows: | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2014 and the change during the year then ended, is as follows: | ||||||||||||||||||||||||||||||||||||||||||||||||
Year Ended June 30, | ||||||||||||||||||||||||||||||||||||||||||||||||
Number of | Weighted Average Fair Value | 2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||||||||||||||||||||||||||||||||
Shares | Per Share | Stock-based compensation included in: | ||||||||||||||||||||||||||||||||||||||||||||||
Nonvested balance at June 30, 2012 | 62,604 | $ | 4.65 | Exploration expenses (1) | $ | 366,195 | $ | 349,853 | $ | 58,326 | $ | 795,601 | ||||||||||||||||||||||||||||||||||||
Granted | — | $ | — | Stock-based compensation expense (2) | 812,698 | 1,133,168 | 192,884 | 2,202,431 | ||||||||||||||||||||||||||||||||||||||||
Vested | (39,126 | ) | $ | 4.65 | Total stock-based compensation expense | $ | 1,178,893 | $ | 1,483,021 | $ | 251,210 | $ | 2,998,032 | |||||||||||||||||||||||||||||||||||
Forfeited | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
(1) Related to restricted stock and stock option awards to the Company's technical consultant | ||||||||||||||||||||||||||||||||||||||||||||||||
Nonvested balance at June 30, 2013 | 23,478 | $ | 4.65 | (2) Related to the restricted stock and stock option awards to the Company's directors and employees. | ||||||||||||||||||||||||||||||||||||||||||||
Granted | 95,000 | $ | 10 | |||||||||||||||||||||||||||||||||||||||||||||
Vested | (55,145 | ) | $ | 7.72 | ||||||||||||||||||||||||||||||||||||||||||||
Forfeited | — | $ | — | |||||||||||||||||||||||||||||||||||||||||||||
Nonvested balance at June 30, 2014 | 63,333 | $ | 10 | |||||||||||||||||||||||||||||||||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||||||
Jun. 30, 2012 | ||||||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||||||
Income Tax Provision Reconciliation | ' | |||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||
Benefit at statutory tax rate | $ | (3,219,378 | ) | $ | (3,511,439 | ) | $ | (1,490,892 | ) | $ | (9,606,589 | ) | ||||
State tax benefit | (547,814 | ) | (1,112,760 | ) | — | (1,660,574 | ) | |||||||||
Permanent differences | 46,876 | 39,823 | — | 146,821 | ||||||||||||
Provision to return adjustment | 29,544 | (82,070 | ) | — | (52,526 | ) | ||||||||||
Valuation allowance | 3,690,772 | 4,666,446 | 1,490,892 | 11,172,868 | ||||||||||||
Income tax provision | $ | — | $ | — | $ | — | $ | — | ||||||||
Benefit for Income Tax Reconciliation | ' | |||||||||||||||
The benefit for income taxes for the periods indicated below are comprised of the following: | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | 2012 | Period from Inception (October 15, 2009 to June 30, 2014) | |||||||||||||
Current: | ||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | ||||||||
State | $ | — | $ | — | $ | — | $ | — | ||||||||
Deferred: | ||||||||||||||||
Federal | $ | — | $ | — | $ | — | $ | — | ||||||||
State | $ | — | $ | — | $ | — | $ | — | ||||||||
Schedule of Deferred Tax Asset | ' | |||||||||||||||
The net deferred tax asset is comprised of the following: | ||||||||||||||||
Year Ended June 30, | ||||||||||||||||
2014 | 2013 | |||||||||||||||
Deferred tax asset: | ||||||||||||||||
Capitalized exploration expenses | $ | 7,972,994 | $ | 5,543,632 | ||||||||||||
State deferred tax assets | 1,660,574 | 1,112,760 | ||||||||||||||
Stock option expenses | 389,708 | 361,230 | ||||||||||||||
Net operating losses | 1,149,592 | 464,475 | ||||||||||||||
Valuation allowance | (11,172,868 | ) | (7,482,097 | ) | ||||||||||||
Net deferred tax assets | $ | — | $ | — | ||||||||||||
Organization_and_Business_Deta
Organization and Business (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||||||||||||
In Millions, unless otherwise specified | Nov. 29, 2010 | Apr. 30, 2013 | Mar. 31, 2013 | Aug. 31, 2012 | Jun. 30, 2014 | Nov. 29, 2010 | Nov. 29, 2010 | Jun. 30, 2014 | Jun. 30, 2014 | Nov. 29, 2010 | Nov. 29, 2010 | Aug. 31, 2012 | Nov. 29, 2010 | Jun. 30, 2014 |
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] | JEX [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 | ' |
Overriding royalty interest | ' | ' | ' | ' | ' | ' | ' | 3.00% | 2.00% | ' | ' | ' | ' | 2.00% |
Unpatented Mining Claims | ' | 155 | 96 | 223 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 | Mar. 22, 2013 |
Accounting Policies [Abstract] | ' | ' | ' |
Common stock, shares authorized | 30,000,000 | 30,000,000 | ' |
Common stock, par value | $0.01 | $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 | 12 Months Ended | 56 Months Ended | 12 Months Ended | |||
Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Nov. 29, 2010 | |
Native Village of Tetlin Land [Member] | Native Village of Tetlin Land [Member] | ||||||
acre | |||||||
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | ' | ' | ' | ' | ' | '10 years | ' |
Payment by Lessee to Remove Acreage Renewal Restriction | $200,000 | ' | ' | ' | ' | ' | ' |
Percentage of Acreage Available for Renewal | ' | 50.00% | 50.00% | ' | 50.00% | ' | ' |
Leasehold Interest Acreage | ' | ' | ' | ' | ' | ' | 675,000 |
Acquisition of mineral interests | ' | 0 | 200,000 | 0 | 1,208,886 | ' | ' |
Exploration costs and claim rentals | ' | 7,179,018 | 8,237,375 | 3,700,681 | 22,740,054 | ' | ' |
Total costs incurred | ' | $7,179,018 | $8,437,375 | $3,700,681 | $23,948,940 | ' | ' |
Prepaid_Expenses_Details
Prepaid Expenses (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Advance Minimum Royalty | $75,000 | ' |
Deposit On Advance Minimum Royalty | 40,000 | ' |
Prepaid expenses | $98,906 | $102,532 |
Other_Assets_Details
Other Assets (Details) (USD $) | 1 Months Ended | 13 Months Ended | |||||||||
Jul. 31, 2011 | Jun. 30, 2011 | Jun. 30, 2012 | Jun. 30, 2014 | Jul. 31, 2011 | 31-May-11 | Jul. 31, 2011 | 31-May-11 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 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 $) | 12 Months Ended | 56 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | |
Basic Loss per Share: | ' | ' | ' | ' |
Net loss attributable to common stock, Per Share | $2.43 | $3.54 | $2.35 | $11.66 |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Net Income (Loss) Attributable to Parent | ($9,198,222) | ($10,032,683) | ($4,259,692) | ($27,447,397) |
Options and warrants outstanding | 1,675,999 | 1,635,166 | 50,000 | 1,675,999 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 1 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | ||||||||||||
Nov. 29, 2010 | Mar. 22, 2013 | Dec. 31, 2012 | Jun. 30, 2013 | Jun. 30, 2014 | Dec. 19, 2012 | Jun. 30, 2012 | Nov. 29, 2010 | Nov. 29, 2010 | Mar. 26, 2012 | Mar. 22, 2013 | Mar. 26, 2012 | Mar. 22, 2013 | Mar. 30, 2012 | Mar. 31, 2012 | Mar. 22, 2013 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Rate | Contango Ore Inc [Member] | Contango [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Contango [Member] | Project and General Corporate Purposes [Member] | Additional Paid-in Capital [Member] | Additional Paid-in Capital [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||||
Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Revolving Credit Facility [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [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 | ' | ' | ' | 2,480,269 | 3,805,539 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 63,333 | 23,478 | 62,604 |
Options and warrants outstanding | ' | ' | ' | 1,635,166 | 1,675,999 | ' | 50,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,000 | 404,167 | 50,000 | ' | ' | ' |
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 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement, per share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $12 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Proceeds from private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | 14,100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Placement fees | ' | 600,000 | ' | ' | ' | ' | ' | ' | ' | 400,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repayments of lines of credit | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated future capital expenditures | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,900,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Common Stock, Par or Stated Value Per Share | ' | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | 10 | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Adjustments to Additional Paid in Capital, Stock Issued, Issuance Costs | ' | ' | ' | ($743,865) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $700,000 | ($743,865) | ' | ' | ' | ' | ' | ' |
Class of Warrant or Right, Outstanding | ' | 1,230,999 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Risk Free Interest Rate | ' | 0.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Term | ' | '2 years 9 months 18 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Volatility Rate | ' | 82.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Fair Value Assumptions, Expected Dividend Payments | ' | $0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares preferential right will allow holder to purchase | ' | ' | '1/100 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum Percentage ownership by persons other than Ken Peak's estate before rights are exercisable | ' | ' | ' | ' | ' | 20.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line_of_Credit_Details
Line of Credit (Details) (Contango [Member], Revolving Credit Facility [Member], USD $) | 0 Months Ended | |
Mar. 30, 2012 | Nov. 10, 2011 | |
Contango [Member] | Revolving Credit Facility [Member] | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Line of credit facility maximum borrowing capacity | ' | $1,000,000 |
Line of credit facility interest rate | ' | 10.00% |
Repayments of lines of credit | 500,000 | ' |
Repayment of accrued interest payable, line of credit | $14,917 | ' |
Stock_Based_Compensation_Alloc
Stock Based Compensation Allocation of Recognized Period Costs (Details) (USD $) | 12 Months Ended | 56 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $1,178,893 | $1,483,021 | $251,210 | $2,998,032 |
Exploration expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | 366,195 | 349,853 | 58,326 | 795,601 |
Stock-based compensation expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total stock-based compensation expense | $812,698 | $1,133,168 | $192,884 | $2,202,431 |
Stock Options [Member] | 2010 Plan [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '2 years 7 months 17 days | '2 years 7 months 17 days | ' | ' |
Stock_Based_Compensation_RSUs_
Stock Based Compensation RSUs (Details) (2010 Plan [Member], Restricted Stock [Member], USD $) | 3 Months Ended | 12 Months Ended | |
Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
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 at June 30, 2011 (in shares) | ' | 23,478 | 62,604 |
Granted (in shares) | 95,000 | 95,000 | 0 |
Vested (in shares) | ' | -55,145 | -39,126 |
Forfeited (in shares) | ' | 0 | 0 |
Nonvested balance at June 30, 2012 (in shares) | ' | 63,333 | 23,478 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Roll Forward] | ' | ' | ' |
Nonvested balance at June 30, 2011 (Weighted Average Fair Value Per Share) | ' | $4.65 | $4.65 |
Granted (Weighted Average Fair Value Per Share) | ' | $10 | $0 |
Vested (Weighted Average Fair Value Per Share) | ' | $7.72 | $4.65 |
Forfeited (Weighted Average Fair Value Per Share) | ' | $0 | $0 |
Nonvested balance at June 30, 2012 (Weighted Average Fair Value Per Share) | ' | $10 | $4.65 |
Stock_Based_Compensation_Stock
Stock Based Compensation Stock Options (Details) (USD $) | 12 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Forfeited (in shares) | 16,667 | 33,333 | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Forfeited (Weighted Average Exercise Price) | $11 | $11 | ' |
2010 Plan [Member] | Stock Options [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 5 months | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, beginning of period (in shares) | 404,167 | 50,000 | ' |
Grants (in shares) | 57,500 | 387,500 | 50,000 |
Outstanding, end of period (in shares) | 445,000 | 404,167 | 50,000 |
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 | $13.13 | ' |
Granted (Weighted Average Exercise Price) | $10.01 | $10.19 | $13.13 |
Outstanding, end of period (Weighted Average Exercise Price) | $10.41 | $10.49 | $13.13 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Aggregate intrinsic value, outstanding | $262,175 | $0 | $2,450 |
Exercisable, end of period (in shares) | 353,333 | 234,165 | 16,667 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 3 months 25 days | ' | ' |
Exercisable, end of period (Weighted Average Exercise Price) | $10.52 | $10.77 | $13.13 |
Aggregate intrinsic value, exercisable | $197,191 | $0 | $817 |
Available for grant, end of period (in shares) | 366,094 | 501,927 | 856,094 |
Weighted average fair value of options granted during the period | $3.92 | $5.09 | $3.38 |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk free rate | 0.51% | 0.44% | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | '2 years 7 months 17 days | '2 years 7 months 17 days | ' |
Expected volatility | 64.30% | 90.10% | ' |
2010 Plan [Member] | Equity Option [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions and Methodology [Abstract] | ' | ' | ' |
Risk free rate | ' | ' | 0.42% |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '3 years |
Expected volatility | ' | ' | 40.00% |
Expected dividend yield | 0.00% | ' | ' |
$10.00 - $10.99 [Domain] | ' | ' | ' |
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 10 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, end of period (in shares) | 370,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Outstanding, end of period (Weighted Average Exercise Price) | $10 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Exercisable, end of period (in shares) | 278,333 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 7 months 6 days | ' | ' |
Exercisable, end of period (Weighted Average Exercise Price) | $10 | ' | ' |
$11.00 - $11.99 [Domain] | ' | ' | ' |
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 0 months 3 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, end of period (in shares) | 25,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Outstanding, end of period (Weighted Average Exercise Price) | $11 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Exercisable, end of period (in shares) | 25,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '3 years 0 months 3 days | ' | ' |
Exercisable, end of period (Weighted Average Exercise Price) | $11 | ' | ' |
$12.00 - $12.99 [Domain] | ' | ' | ' |
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 | '2 years 2 months 15 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, end of period (in shares) | 35,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Outstanding, end of period (Weighted Average Exercise Price) | $12.75 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Exercisable, end of period (in shares) | 35,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '2 years 2 months 15 days | ' | ' |
Exercisable, end of period (Weighted Average Exercise Price) | $12.75 | ' | ' |
$14.00 - $14.99 [Domain] | ' | ' | ' |
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 | '2 years 2 months 15 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Outstanding, end of period (in shares) | 15,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' | ' | ' |
Outstanding, end of period (Weighted Average Exercise Price) | $14.03 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Exercisable, end of period (in shares) | 15,000 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | '2 years 2 months 15 days | ' | ' |
Exercisable, end of period (Weighted Average Exercise Price) | $14.03 | ' | ' |
Maximum [Member] | $10.00 - $10.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $10.99 | ' | ' |
Maximum [Member] | $11.00 - $11.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $11.99 | ' | ' |
Maximum [Member] | $12.00 - $12.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $12.99 | ' | ' |
Maximum [Member] | $14.00 - $14.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $14.99 | ' | ' |
Minimum [Member] | $10.00 - $10.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $10 | ' | ' |
Minimum [Member] | $11.00 - $11.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $11 | ' | ' |
Minimum [Member] | $12.00 - $12.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $12 | ' | ' |
Minimum [Member] | $14.00 - $14.99 [Domain] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit | $14 | ' | ' |
Stock_Based_Compensation_Narra
Stock Based Compensation Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 3 Months Ended | 12 Months Ended | 12 Months Ended | 1 Months Ended | 12 Months Ended | |||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Dec. 08, 2011 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Nov. 30, 2010 | Nov. 30, 2010 | Jun. 30, 2012 | Jun. 30, 2012 | Jun. 30, 2012 | |
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] | September 2011 [Member] | September 2012 [Member] | September 2013 [Member] | ||||
Stock Compensation Plan [Member] | Restricted Stock [Member] | Restricted Stock [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] | 2010 Plan [Member] | ||||
Restricted Stock [Member] | Restricted Stock [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock and options authorized under plan | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Maximum awards per individual per calendar year | ' | ' | ' | 100,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number | ' | ' | ' | ' | ' | 63,333 | 23,478 | 62,604 | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | ' | ' | ' | ' | ' | ' | 445,000 | 404,167 | 50,000 | ' | ' | ' | ' | ' |
Restricted shares granted during period | ' | ' | ' | ' | 95,000 | 95,000 | 0 | ' | ' | ' | ' | 70,429 | 23,477 | ' | ' | ' |
Restricted stock vesting period | ' | ' | ' | ' | ' | '3 years | ' | ' | '2 years 7 months 17 days | '2 years 7 months 17 days | ' | ' | ' | ' | ' | ' |
Total compensation costs related to nonvested awards not yet recognized | ' | ' | ' | ' | ' | $450,703 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Vesting rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 33.33% | 33.33% | 33.33% |
Option expiration time period | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | 622,000 | 1,000,000 | 56,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 3 months 25 days | ' | ' | ' | ' | ' | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Stock Options | $173,686 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | ' | ' | ' | ' | ' | ' | ' | ' | '3 years 5 months | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_
Commitments and Contingencies Royalties (Details) (USD $) | 1 Months Ended | 3 Months Ended | 13 Months Ended | 12 Months Ended | |||||||||||||||
Jul. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2014 | Jul. 15, 2012 | Jul. 31, 2011 | 31-May-11 | Jul. 31, 2011 | 31-May-11 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Nov. 29, 2010 | |
JEX [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] | Tetlin Lease [Member] | Native Village of Tetlin Land [Member] | Native Village of Tetlin Land [Member] | ||||||
Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Scenario 1 [Member] | Scenario 2 [Member] | Scenario 3 [Member] | acre | ||||||||||
Royalties [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Initial and Renewal Terms of Leases and Concessions on Undeveloped Acreage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' |
Payment by Lessee to Remove Acreage Renewal Restriction | ' | ' | $200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of Acreage Available for Renewal | ' | ' | ' | 50.00% | 50.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Leasehold Interest Acreage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 675,000 |
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 | ' | ' | ' | ' | ' | 2.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies Claim Rentals (Details) (USD $) | 12 Months Ended |
Jun. 30, 2014 | |
Gold Properties [Member] | ' |
Claim Rentals [Line Items] | ' |
Annual claim rentals | $59,220 |
Number of years annual labor requirements satisfied | '4 years |
Stone Rock and Salmon Bay [Member] | ' |
Claim Rentals [Line Items] | ' |
Annual claim rentals | $24,080 |
Number of projects | 2 |
Income_Taxes_Income_Tax_Provis
Income Taxes Income Tax Provision Reconciliation (Details) (USD $) | 12 Months Ended | 56 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | |
Operating Loss Carryforwards [Line Items] | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $3,700,000 | ' | ' | ' |
Deferred Tax Assets, Operating Loss Carryforwards | 1,149,592 | 464,475 | ' | 1,149,592 |
Provision (benefit) at statutory tax rate | -3,219,378 | -3,511,439 | -1,490,892 | -9,606,589 |
Deferred State and Local Income Tax Expense (Benefit) | -547,814 | -1,112,760 | 0 | -1,660,574 |
Permanent differences | 46,876 | 39,823 | 0 | 146,821 |
Income Tax Reconciliation, Other Adjustments | 29,544 | -82,070 | ' | -52,526 |
Valuation allowance | 3,690,772 | 4,666,446 | 1,490,892 | 11,172,868 |
Income tax provision | $0 | $0 | $0 | $0 |
Income_Taxes_Income_Tax_Provis1
Income Taxes Income Tax Provision Continuing Operation (Details) (USD $) | 12 Months Ended | 56 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | |
Valuation Allowance [Line Items] | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | $3,700,000 | ' | ' | ' |
Current: Federal | 0 | 0 | 0 | 0 |
Current State and Local Tax Expense (Benefit) | 0 | 0 | 0 | 0 |
Deferred: Federal | 0 | 0 | 0 | 0 |
Deferred State and Local Income Tax Expense (Benefit) | -547,814 | -1,112,760 | 0 | -1,660,574 |
Deferred State and Local Tax, Net of Valuation Allowance | $0 | $0 | $0 | $0 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes Deferred Tax Asset (Details) (USD $) | Jun. 30, 2014 | Jun. 30, 2013 |
Operating Loss Carryforwards [Line Items] | ' | ' |
Operating Loss Carryforwards | $3,300,000 | ' |
Capitalized exploration expenses | 7,972,994 | 5,543,632 |
Deferred Tax Assets, State Taxes | -1,660,574 | -1,112,760 |
Stock option expenses | 389,708 | 361,230 |
Deferred Tax Assets, Operating Loss Carryforwards | 1,149,592 | 464,475 |
Valuation allowance | -11,172,868 | -7,482,097 |
Net deferred tax assets | $0 | $0 |
Related_Party_Transactions_Det
Related Party Transactions (Details) (USD $) | 12 Months Ended | 56 Months Ended | 0 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | ||||||||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Mar. 22, 2013 | Dec. 19, 2012 | Jun. 30, 2014 | Nov. 29, 2010 | Nov. 29, 2010 | Jun. 30, 2014 | Mar. 26, 2012 | Mar. 22, 2013 | Mar. 26, 2012 | Mar. 22, 2013 | Mar. 22, 2013 | |
JEX [Member] | Contango [Member] | Contango Ore Inc [Member] | ALASKA | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | Private Placement [Member] | |||||||
JEX [Member] | Board of Directors Chairman [Member] | Board of Directors Chairman [Member] | Juneau Exploration LLC [Member] | ||||||||||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amount paid to acquire ownership interest in mining properties | $0 | $200,000 | $0 | $1,208,886 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Overriding royalty interest | ' | ' | ' | ' | ' | ' | 3.00% | ' | ' | 2.00% | ' | ' | ' | ' | ' |
Exploration expenses | 6,999,624 | 8,065,936 | 3,501,884 | 21,716,294 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Parent contribution | ' | ' | ' | ' | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' | ' | ' |
Dividend In Kind Ratio | ' | ' | ' | ' | ' | ' | ' | 10 | 1 | ' | ' | ' | ' | ' | ' |
Shares sold in private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 882,500 | 1,230,999 | 400,000 | 83,333 | 83,334 |
Common Stock, Par or Stated Value Per Share | $0.01 | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Private placement, per share price | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | $12 | ' | ' | ' |
Proceeds from private placement | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,800,000 | 14,100,000 | ' | ' | ' |
Class of Warrant or Right, Exercise Price of Warrants or Rights | ' | ' | ' | ' | 10 | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Rent | $11,000 | ' | ' | $11,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Subsequent_Events_Details
Subsequent Events (Details) (USD $) | Apr. 30, 2013 | Mar. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2012 | Jun. 30, 2014 | Nov. 29, 2010 | Jun. 30, 2014 |
acre | acre | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | JEX [Member] | Unpatented Federal Mining Claims [Member] | Stone Rock and Salmon Bay [Member] | |
2010 Plan [Member] | 2010 Plan [Member] | 2010 Plan [Member] | acre | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Acreage of Unpatented Mining Claims | 24,800 | 15,360 | ' | ' | ' | ' | 3,440 | ' |
Overriding royalty interest | ' | ' | ' | ' | ' | 3.00% | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | ' | ' | 445,000 | 404,167 | 50,000 | ' | ' | ' |
Risk free rate | ' | ' | 0.51% | 0.44% | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Fair Value Assumptions, Expected Term | ' | ' | '2 years 7 months 17 days | '2 years 7 months 17 days | ' | ' | ' | ' |
Expected volatility | ' | ' | 64.30% | 90.10% | ' | ' | ' | ' |
Annual Claim Rentals | ' | ' | ' | ' | ' | ' | ' | $24,080 |