Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Feb. 28, 2019 | Apr. 02, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | Corvus Gold Inc. | |
Entity Central Index Key | 0001507964 | |
Trading Symbol | corvf | |
Current Fiscal Year End Date | --05-31 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | true | |
Entity Small Business | true | |
Entity Common Stock, Shares Outstanding (in shares) | 110,847,845 | |
Document Type | 10-Q | |
Document Period End Date | Feb. 28, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets (Current Period Unaudited) | Feb. 28, 2019CAD ($) | May 31, 2018CAD ($) |
Current assets | ||
Cash and cash equivalents | $ 5,117,107 | $ 2,610,541 |
Accounts receivable | 45,934 | 25,438 |
Prepaid expenses | 391,875 | 256,772 |
Total current assets | 5,554,916 | 2,892,751 |
Property and equipment (note 3) | 47,787 | 56,490 |
Capitalized acquisition costs (note 4) | 5,436,745 | 5,238,789 |
Total assets | 11,039,448 | 8,188,030 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 6) | 39,987 | 330,704 |
Total current liabilities | 39,987 | 330,704 |
Asset retirement obligations (note 4) | 374,642 | 366,641 |
Total liabilities | 414,629 | 697,345 |
Shareholders’ equity | ||
Share capital (note 5) | 96,405,192 | 83,606,486 |
Contributed surplus (note 5) | 11,256,524 | 13,030,715 |
Accumulated other comprehensive income - cumulative translation differences | 1,228,951 | 1,123,410 |
Deficit accumulated during the exploration stage | (98,265,848) | (90,269,926) |
Total shareholders’ equity | 10,624,819 | 7,490,685 |
Total liabilities and shareholders’ equity | $ 11,039,448 | $ 8,188,030 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - CAD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Operating Expenses | ||||
Administration | $ 108 | $ 105 | $ 323 | $ 316 |
Consulting fees (notes 5 and 6) | 393,195 | 183,224 | 663,884 | 468,982 |
Depreciation (note 3) | 3,787 | 4,468 | 11,262 | 13,477 |
Exploration expenditures (notes 4 and 5) | 1,071,392 | 1,623,436 | 4,218,191 | 4,075,384 |
Insurance | 55,565 | 49,151 | 157,791 | 147,279 |
Investor relations (notes 5 and 6) | 315,115 | 226,370 | 1,002,840 | 616,295 |
Office and miscellaneous | 25,679 | 30,453 | 85,934 | 108,437 |
Professional fees (note 5) | 109,969 | 94,610 | 267,401 | 194,435 |
Regulatory | 32,930 | 47,778 | 102,381 | 86,311 |
Rent | 18,835 | 17,241 | 55,521 | 79,484 |
Travel | 50,364 | 31,422 | 188,339 | 163,960 |
Wages and benefits (notes 5 and 6) | 788,617 | 570,899 | 1,335,653 | 1,033,069 |
Total operating expenses | (2,865,556) | (2,879,157) | (8,089,520) | (6,987,429) |
Other income (expense) | ||||
Interest income | 26,337 | 6,445 | 54,941 | 12,567 |
Foreign exchange gain (loss) | (47,477) | (58,884) | 38,657 | (138,781) |
Total other income (expense) | (21,140) | (52,439) | 93,598 | (126,214) |
Net loss for the period | (2,886,696) | (2,931,596) | (7,995,922) | (7,113,643) |
Other comprehensive income (loss) | ||||
Exchange difference on translating foreign operations | (41,777) | (38,904) | 105,541 | (287,646) |
Comprehensive loss for the period | $ (2,928,473) | $ (2,970,500) | $ (7,890,381) | $ (7,401,289) |
Basic and diluted loss per share (in CAD per share) | $ (0.03) | $ (0.03) | $ (0.07) | $ (0.07) |
Weighted average number of shares outstanding (in shares) | 110,678,956 | 103,961,579 | 107,735,881 | 100,301,808 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - CAD ($) | 9 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Operating activities | ||
Net loss for the period | $ (7,995,922) | $ (7,113,643) |
Add items not affecting cash: | ||
Depreciation | 11,262 | 13,477 |
Stock-based compensation (note 5) | 962,148 | 508,865 |
Foreign exchange gain (loss) | (38,657) | 138,781 |
Changes in non-cash items: | ||
Accounts receivable | (20,496) | (13,292) |
Prepaid expenses | (135,103) | (69,340) |
Accounts payable and accrued liabilities | (290,717) | 56,231 |
Cash used in operating activities | (7,507,485) | (6,478,921) |
Financing activities | ||
Cash received from issuance of shares | 10,033,926 | 10,073,362 |
Share issuance costs | (31,059) | (107,348) |
Cash provided by financing activities | 10,002,867 | 9,966,014 |
Investing activities | ||
Expenditures on property and equipment | (1,769) | (7,710) |
Capitalized acquisition costs | (47,318) | (38,384) |
Cash used in investing activities | (49,087) | (46,094) |
Effect of foreign exchange on cash | 60,271 | (170,097) |
Increase in cash and cash equivalents | 2,506,566 | 3,270,902 |
Cash and cash equivalents, beginning of the period | 2,610,541 | 1,300,553 |
Cash and cash equivalents, end of the period | $ 5,117,107 | $ 4,571,455 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statement of Changes in Equity (Unaudited) - 9 months ended Feb. 28, 2019 - CAD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at May. 31, 2018 | 104,255,175 | |||||
Balance at May. 31, 2018 | $ 83,606,486 | $ 13,030,715 | $ 1,123,410 | $ (90,269,926) | $ 7,490,685 | |
Net loss for the period | (7,995,922) | (7,995,922) | ||||
Private placement (in shares) | 2,530,770 | |||||
Private placement | $ 6,580,002 | $ 6,580,002 | ||||
Exercise of stock options (in shares) | 4,036,900 | 4,036,900 | ||||
Exercise of stock options | $ 3,453,924 | $ 3,453,924 | ||||
Share issued for capitalized acquisition costs (in shares) | 25,000 | |||||
Share issued for capitalized acquisition costs | $ 59,500 | 59,500 | [1] | |||
Exchange difference on translating foreign operations | 105,541 | 105,541 | ||||
Share issuance costs | (31,059) | (31,059) | ||||
Reclassification of contributed surplus on exercise of stock options | $ 2,736,339 | (2,736,339) | ||||
Stock-based compensation | 962,148 | 962,148 | ||||
Balance (in shares) at Feb. 28, 2019 | 110,847,845 | |||||
Balance at Feb. 28, 2019 | $ 96,405,192 | $ 11,256,524 | $ 1,228,951 | $ (98,265,848) | $ 10,624,819 | |
[1] | Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. The lease will continue for as long thereafter as the property is in commercial production or, alternatively, for an additional three years if Corvus Nevada makes advance minimum royalty payments of USD 100,000 per year (which are recoupable against actual production royalties). Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: USD 5,000 (paid) and 25,000 common shares of ITH (delivered) following regulatory acceptance of the transaction; and an additional USD 5,000 and 20,000 common shares on each of the first through fourth lease anniversaries (paid and issued). Pursuant to an agreement with the lessors, in lieu of the 20,000 ITH common shares due December 1, 2010, Corvus Nevada paid USD 108,750 on November 10, 2010 and delivered 46,250 common shares of the Company on December 2, 2010. If Corvus Nevada elects to extend the lease for a second five-year term, it will pay USD 10,000 and deliver 50,000 common shares of ITH upon election being made, and an additional 50,000 common shares of ITH on each of the fifth through ninth anniversaries (USD 10,000 paid on October 31, 2012 and 50,000 common shares of ITH delivered on October 25, 2012 paid with cash of $126,924; USD 10,000 paid on November 13, 2013 and 50,000 common shares of ITH delivered on November 25, 2013 paid with cash of $35,871; USD 10,000 paid on November 17, 2014 and 50,000 common shares of ITH delivered on November 7, 2014 paid with cash of $21,200; USD 10,000 paid on November 23, 2015 and 50,000 common shares of ITH delivered on November 5, 2015 paid with cash of $19,237; USD 10,000 paid on November 17, 2016 and 50,000 common shares of ITH, purchased for $53,447 in the market by the Company, were delivered on November 10, 2016; and USD 10,000 paid on November 22, 2017 and 50,000 common shares of ITH, purchased for $25,655 in the market by the Company, were delivered on November 30, 2017; and USD 10,000 paid on November 15, 2018 and 50,000 common shares of ITH, purchased for $34,116 in the market by the Company, were delivered on November 6, 2018). Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company shall deliver a total of 85,000 common shares (issued) of the Company for the years 2011 to 2014 (2011: 10,000 common shares; 2012 to 2014: 25,000 common shares each year). All future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (issued 25,000 common shares of the Company on November 18, 2015; 25,000 shares of the Company on November 18, 2016; 25,000 shares of the Company on November 30, 2017 and 25,000 shares of the Company on November 26, 2018). Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. |
Note 1 - Nature and Continuance
Note 1 - Nature and Continuance of Operations | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Nature of Operations [Text Block] | 1. NATURE AND CONTINUANCE OF OPERATIONS On August 25, 2010, The Company was incorporated on April 13, 2010 Business Corporations Act June 1, 2006. The Company is engaged in the business of acquiring, exploring and evaluating mineral properties, and either joint venturing or developing these properties further or disposing of them when the evaluation is completed. At February 28, 2019, The business of mining and exploration involves a high degree of risk and there can be no no not These condensed interim consolidated financial statements have been prepared on a going concern basis, which presume the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The Company’s ability to continue as a going concern is dependent upon achieving profitable operations and/or obtaining additional financing. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future within one The Company has sustained significant losses from operations, has negative cash flows, and has an ongoing requirement for capital investment to explore its mineral properties. As at February 28, 2019, $5,514,929 $2,562,047 May 31, 2018. June 7, 2018, 1,730,770 $2.60 $4,500,002. November 2018, 4,036,900 4,036,900 $0.86 $3,453,924. December 20, 2018, 800,000 $2.60 $2,080,000. 17 The Company expects that it will need to raise substantial additional capital to accomplish its business plan over the next several years. There is no not not These condensed interim consolidated financial statements do not All currency amounts are stated in Canadian dollars unless noted otherwise. |
Note 2 - Significant Accounting
Note 2 - Significant Accounting Policies | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 X Securities Exchange Act of 1934 not May 31, 2018 10 February 28, 2019 nine nine February 28, 2019 not may May 31, 2019. 2018 not The preparation of these condensed interim consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these condensed interim consolidated financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. Basis of consolidation These condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Nevada (a Nevada corporation), Raven Gold (an Alaska corporation), SoN Land and Water LLC (“SoN”) (a Nevada limited liability company) and Mother Lode Mining Company LLC (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation. Loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings (loss) per share is calculated presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. For the period ended February 28, 2019, 10,315,000 2018 9,861,900 not Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In March 2016, No. 2016 02, No. 2016 02 No. 2016 02 not 12 not December 15, 2018. not In June 2016, No. 2016 13, No. 2016 13 not first December 15, 2019. December 15, 2018, not |
Note 3 - Property and Equipment
Note 3 - Property and Equipment | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 3. PROPERTY AND EQUIPMENT Computer Equipment Vehicles Tent Total Cost Balance, May 31, 2018 $ 83,619 $ 88,328 $ 64,740 $ 236,687 Additions 1,769 — — 1,769 Currency translation adjustments 1,035 1,507 1,105 3,647 Balance, February 28, 2019 $ 86,423 $ 89,835 $ 65,845 $ 242,103 Depreciation Balance, May 31, 2018 $ 60,144 $ 79,178 $ 40,875 $ 180,197 Depreciation for the period 5,530 2,092 3,640 11,262 Currency translation adjustments 806 1,352 699 2,857 Balance, February 28, 2019 $ 66,480 $ 82,622 $ 45,214 $ 194,316 Carrying amounts Balance, May 31, 2018 $ 23,475 $ 9,150 $ 23,865 $ 56,490 Balance, February 28, 2019 $ 19,943 $ 7,213 $ 20,631 $ 47,787 |
Note 4 - Mineral Properties
Note 4 - Mineral Properties | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Mineral Industries Disclosures [Text Block] | 4. MINERAL PROPERTIES The Company had the following activity related to capitalized acquisition costs: North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Balance, May 31, 2018 $ 4,428,752 $ 810,037 $ 5,238,789 Cash payments (note 4a)(ii)(1) 47,318 — 47,318 Shares issued (note 4a)(ii)(1) 59,500 — 59,500 Asset retirement obligations — 1,742 1,742 Currency translation adjustments 75,567 13,829 89,396 Balance, February 28, 2019 $ 4,611,137 $ 825,608 $ 5,436,745 The following table presents costs incurred for exploration and evaluation activities for the nine February 28, 2019: North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Exploration costs: Assay $ 2,990 $ 439,889 $ 442,879 Drilling 1,239 1,438,354 1,439,593 Equipment rental — 49,655 49,655 Field costs 356 187,757 188,113 Geological/ Geophysical 28,362 483,319 511,681 Land maintenance & tenure 337,178 258,274 595,452 Permits 7,546 90,907 98,453 Studies 85,578 719,095 804,673 Travel 3,731 83,961 87,692 Total expenditures for the period $ 466,980 $ 3,751,211 $ 4,218,191 The following table presents costs incurred for exploration and evaluation activities for the nine February 28, 2018: North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Exploration costs: Assay $ 44,148 $ 576,806 $ 620,954 Drilling (3,265 ) 1,423,671 1,420,406 Equipment rental 15,698 65,678 81,376 Field costs 32,121 236,373 268,494 Geological/ Geophysical 66,473 456,948 523,421 Land maintenance & tenure 267,977 125,699 393,676 Permits 6,395 92,254 98,649 Studies 473,213 115,415 588,628 Travel 10,243 69,537 79,780 Total expenditures for the period $ 913,003 $ 3,162,381 $ 4,075,384 a) North Bullfrog Project, Nevada The Company’s North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% (i) Interests acquired from Redstar Gold Corp. On October 9, 2009, ( 1 Pursuant to a mining lease and option to purchase agreement made effective October 27, 2008 twelve ten not 10,800 first three 10,800 16,200 October 27, 2018). 1,000,000 4% may 1,250,000 1% 5,000,000 ( 2 Pursuant to a mining lease made and entered into as of May 8, 2006 two three ten 4,000 3,500 May 8, 2007, 2008 2009 4,500 May 8, 2010 May 8, 2018). 2% may 1,000,000 1% 2,000,000 ( 3 Pursuant to a mining lease made and entered into as of May 8, 2006 two ten 2,000 2,000 May 8, 2007, 2008 2009 3,000 May 8, 2010 May 8, 2018). 3% may 850,000 1% 2,550,000 May 29, 2014, 2,400 2,400 May 29, 2015, 2016 2017 3,600 May 29, 2018 May 29, 2018). 3% may 770,000 1% 2,310,000 ( 4 Pursuant to a mining lease made and entered into as of May 16, 2006 twelve ten 20,500 20,000 May 16, 2018). 4% may 1,000,000 1% 4,000,000 ( 5 Pursuant to a mining lease made and entered into as of May 22, 2006 three ten 8,000 4,800 May 22, 2007, 2008 2009 7,200 May 22, 2010 May 22, 2018). 2% may 1,000,000 1% 2,000,000 ( 6 Pursuant to a mining lease made and entered into as of June 16, 2006 one ten 2,000 2,000 June 16, 2007, 2008 2009 3,000 June 16, 2010 June 16, 2018). 2% may 1,000,000 1% 2,000,000 As a consequence of the acquisition of Redstar and Redstar US’s interest in the foregoing leases, Corvus Nevada is now the lessee under all of such leases. (ii) Interests acquired directly by Corvus Nevada ( 1 Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 ° Terms five December 1, 2007, five three 100,000 January 15, 2016 November 22, 2017, ten ° Lease Payments 5,000 25,000 5,000 20,000 first fourth 20,000 December 1, 2010, 108,750 November 10, 2010 46,250 December 2, 2010. second five 10,000 50,000 50,000 fifth ninth 10,000 October 31, 2012 50,000 October 25, 2012 $126,924; 10,000 November 13, 2013 50,000 November 25, 2013 $35,871; 10,000 November 17, 2014 50,000 November 7, 2014 $21,200; 10,000 November 23, 2015 50,000 November 5, 2015 $19,237; 10,000 November 17, 2016 50,000 $53,447 November 10, 2016; 10,000 November 22, 2017 50,000 $25,655 November 30, 2017; 10,000 November 15, 2018 50,000 $34,116 November 6, 2018). ° Anti-Dilution: March 2015, 85,000 2011 2014 2011: 10,000 2012 2014: 25,000 25,000 November 18, 2015; 25,000 November 18, 2016; 25,000 November 30, 2017 25,000 November 26, 2018). ° Work Commitments 100,000 first three 200,000 four six 300,000 seven ten 300,000 11 20 may not ° Retained Royalty 2% 400 3% 401 500 4% 500 ( 2 Pursuant to a mining lease and option to purchase made effective March 1, 2011 two ten ten not 20,000 25,000 March 1, 2012 ( 2013 2014 30,000 March 1, 2015 March 1, 2019), 2% may 1,000,000 1%. 2,000,000 ( 3 Pursuant to a purchase agreement made effective March 28, 2013, five two 160,000 March 28, 2013). 0.02 12 240,000 4.77% December 31, 2015 ( December 17, 2015). $406,240 400,000 $157,408 $248,832 240,000 May 31, 2013. ( 4 In December 2013, 30 1,600 $1,100,118 1,034,626 ( 5 On March 30, 2015, three 2014. three seven 5,000 5,000 March 2019). 4% 500,000 1% 2,000,000 4% 300,000. b) Mother Lode Property, Nevada Pursuant to a purchase agreement made effective June 9, 2017 100% two 1,000,000 $0.81 1% 1,400 1% 2% 1,400 Acquisitions The acquisition of title to mineral properties is a detailed and time-consuming process. The Company has taken steps, in accordance with industry norms, to verify title to mineral properties in which it has an interest. Although the Company has taken every reasonable precaution to ensure that legal title to its properties is properly recorded in the name of the Company (or, in the case of an option, in the name of the relevant optionor), there can be no Environmental Expenditures The operations of the Company may not Environmental expenditures that relate to ongoing environmental and reclamation programs are charged against earnings as incurred or capitalized and amortized depending on their future economic benefits. Estimated future removal and site restoration costs, when the ultimate liability is reasonably determinable, are charged against earnings over the estimated remaining life of the related business operation, net of expected recoveries. The Company has estimated the fair value of the liability for asset retirement that arose as a result of exploration activities to be $374,642 284,000 May 31, 2018 - $366,641 283,000 not |
Note 5 - Share Capital
Note 5 - Share Capital | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | 5. SHARE CAPITAL Authorized Unlimited common shares without par value. Share issuances During the period ended February 28, 2019: a) On June 7, 2018, 1,730,770 $2.60 $4,500,002. $14,605 b) On November 26, 2018, 25,000 4a 1 $59,500. $6,212 c) In November 2018, 4,036,900 4,036,900 $0.86 $3,453,924. d) On December 20, 2018, 800,000 $2.60 $2,080,000. $10,242 Stock options Stock options awarded to employees and non-employees by the Company are measured and recognized in the Condensed Interim Consolidated Statement of Operations and Comprehensive Loss over the vesting period. The Company has adopted an incentive stock option plan, first 2010 2013 2010 2010 may 2010 may may not 10% 2010 ten 2010 not five 5 may 2010 A summary of the status of the stock option plan as of February 28, 2019, May 31, 2018, Nine months ended Year ended Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Balance, beginning of the period 9,861,900 $ 0.85 8,846,900 $ 0.87 Granted 4,520,000 2.06 1,840,000 0.77 Exercised (4,036,900 ) (0.86 ) (256,660 ) (0.66 ) Forfeited (30,000 ) (0.96 ) (568,340 ) (0.93 ) Balance, end of the period 10,315,000 $ 1.38 9,861,900 $ 0.85 The weighted average remaining contractual life of options outstanding at February 28, 2019 3.27 May 31, 2018 - 1.74 Stock options outstanding are as follows: February 28, 2019 May 31, 2018 Expiry Date Exercise Number Exercisable Exercise Number of Exercisable September 19, 2017* $ 0.96 — — $ 0.96 1,966,900 1,966,900 August 16, 2018* $ 0.76 — — $ 0.76 2,095,000 2,095,000 September 8, 2019 $ 1.40 1,250,000 1,250,000 $ 1.40 1,250,000 1,250,000 September 9, 2020 $ 0.46 620,000 620,000 $ 0.46 625,000 625,000 November 13, 2020 $ 0.49 1,000,000 1,000,000 $ 0.49 1,000,000 1,000,000 September 15, 2021 $ 0.91 1,085,000 1,085,000 $ 0.91 1,085,000 722,610 July 31, 2022 $ 0.77 1,840,000 612,720 $ 0.77 1,840,000 — November 19, 2023 $ 2.06 4,520,000 — $ — — — 10,315,000 4,567,720 9,861,900 7,659,510 *The Company’s share trading policy (the “Policy”) requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company’s securities, during the period in any quarter commencing 30 2010 not not ten The Company uses the fair value method for determining stock-based compensation for all options granted during the periods. The fair value of options granted was $6,939,946 2018 $951,067 For the nine months ended Feburary 28, 2019 2018 Risk-free interest rate 2.28 % 1.65 % Expected life of options (in years) 5 5 Annualized volatility 73.69 % 79.14 % Dividend yield 0 % 0 % Exercise price $ 2.06 $ 0.77 Fair value per share $ 1.54 $ 0.52 Annualized volatility was determined by reference to historic volatility of the Company. Stock-based compensation has been allocated to the same expenses as cash compensation paid to the same employees or consultants, as follows: For the nine months ended Feburary 28, 2019 2018 Consulting fees $ 423,134 $ 231,065 Exploration expenditures - Geological/geophysical 85,090 41,166 Investor relations 130,676 69,817 Professional fees 7,533 5,511 Wages and benefits 315,715 161,306 $ 962,148 $ 508,865 |
Note 6 - Related Party Transact
Note 6 - Related Party Transactions | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 6. RELATED PARTY TRANSACTIONS The Company entered into the following transactions with related parties: For the nine months ended Feburary 28, 2019 2018 Consulting fees to CFO $ 107,500 $ 101,667 Wages and benefits to CEO and COO 811,701 703,888 Directors fees (included in consulting fees) 101,250 104,250 Stock-based compensation to related parties 668,202 377,128 $ 1,688,653 $ 1,286,933 As at February 28, 2019, $1,427 May 31, 2018 - $15,537 These amounts were unsecured, non-interest bearing and had no not The Company has also entered into change of control agreements with officers of the Company. In the case of termination, the officers are entitled to an amount equal to a multiple (ranging from two three one |
Note 7 - Geographic Segmented I
Note 7 - Geographic Segmented Information | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 7. GEOGRAPHIC SEGMENTED INFORMATION The Company operates in one two Canada United States Total February 28, 2019 Capitalized acquisition costs $ — $ 5,436,745 $ 5,436,745 Property and equipment $ 8,680 $ 39,107 $ 47,787 May 31, 2018 Capitalized acquisition costs $ — $ 5,238,789 $ 5,238,789 Property and equipment $ 11,200 $ 45,290 $ 56,490 For the period ended February 28, 2019 2018 Net loss for the period - Canada $ (2,594,785 ) $ (1,938,545 ) Net loss for the period - United States (5,401,137 ) (5,175,098 ) Net loss for the period $ (7,995,922 ) $ (7,113,643 ) |
Note 8 - Subsidiaries
Note 8 - Subsidiaries | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Subsidiaries [Text Block] | 8. SUBSIDIARIES Significant subsidiaries for the nine February 28, 2019 2018 Country of Incorporation Principal The Company’s effective interest for The Company’s effective interest for Corvus Gold (USA) Inc. USA Holding company 100 % 100 % Raven Gold Alaska Inc. USA Exploration company 100 % 100 % Corvus Gold Nevada Inc. USA Exploration company 100 % 100 % SoN Land & Water LLC USA Exploration company 100 % 100 % Mother Lode Mining Company LLC USA Exploration company 100 % 100 % |
Note 9 - Supplemental Cash Flow
Note 9 - Supplemental Cash Flow Information | 9 Months Ended |
Feb. 28, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 9. SUPPLEMENTAL CASH FLOW INFORMATION For the nine months ended February 28, 2019 2018 Supplemental cash flow information Interest paid $ — $ — Income taxes paid (received) $ — $ — Non-cash financing and investing transactions Shares issued to acquire mineral properties $ 59,500 $ 847,000 Reclassification of contributed surplus on exercise of stock options $ 2,736,339 $ 123,302 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 9 Months Ended |
Feb. 28, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation These condensed interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim financial information and with the instructions to Form 10 10 X Securities Exchange Act of 1934 not May 31, 2018 10 February 28, 2019 nine nine February 28, 2019 not may May 31, 2019. 2018 not The preparation of these condensed interim consolidated financial statements in conformity with U.S. GAAP requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of these condensed interim consolidated financial statements, and the reported amounts of revenues and expenses during the period. These judgments, estimates and assumptions are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. While management believes the estimates to be reasonable, actual results could differ from those estimates and could impact future results of operations and cash flows. |
Consolidation, Policy [Policy Text Block] | Basis of consolidation These condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries (collectively, the “Group”), Corvus Gold (USA) Inc. (“Corvus USA”) (a Nevada corporation), Corvus Nevada (a Nevada corporation), Raven Gold (an Alaska corporation), SoN Land and Water LLC (“SoN”) (a Nevada limited liability company) and Mother Lode Mining Company LLC (a Nevada limited liability company). All intercompany transactions and balances were eliminated upon consolidation. |
Earnings Per Share, Policy [Policy Text Block] | Loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings (loss) per share is calculated presuming the exercise of outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. For the period ended February 28, 2019, 10,315,000 2018 9,861,900 not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent accounting pronouncements The Company continually assesses any new accounting pronouncements to determine their applicability. When it is determined that a new accounting pronouncement affects the Company's financial reporting, the Company undertakes a study to determine the consequences of the change to its consolidated financial statements and assures that there are proper controls in place to ascertain that the Company’s consolidated financial statements properly reflect the change. In March 2016, No. 2016 02, No. 2016 02 No. 2016 02 not 12 not December 15, 2018. not In June 2016, No. 2016 13, No. 2016 13 not first December 15, 2019. December 15, 2018, not |
Note 3 - Property and Equipme_2
Note 3 - Property and Equipment (Tables) | 9 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Computer Equipment Vehicles Tent Total Cost Balance, May 31, 2018 $ 83,619 $ 88,328 $ 64,740 $ 236,687 Additions 1,769 — — 1,769 Currency translation adjustments 1,035 1,507 1,105 3,647 Balance, February 28, 2019 $ 86,423 $ 89,835 $ 65,845 $ 242,103 Depreciation Balance, May 31, 2018 $ 60,144 $ 79,178 $ 40,875 $ 180,197 Depreciation for the period 5,530 2,092 3,640 11,262 Currency translation adjustments 806 1,352 699 2,857 Balance, February 28, 2019 $ 66,480 $ 82,622 $ 45,214 $ 194,316 Carrying amounts Balance, May 31, 2018 $ 23,475 $ 9,150 $ 23,865 $ 56,490 Balance, February 28, 2019 $ 19,943 $ 7,213 $ 20,631 $ 47,787 |
Note 4 - Mineral Properties (Ta
Note 4 - Mineral Properties (Tables) | 9 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Capitalized Costs Relating to Acquisition Activities Disclosure [Table Text Block] | North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Balance, May 31, 2018 $ 4,428,752 $ 810,037 $ 5,238,789 Cash payments (note 4a)(ii)(1) 47,318 — 47,318 Shares issued (note 4a)(ii)(1) 59,500 — 59,500 Asset retirement obligations — 1,742 1,742 Currency translation adjustments 75,567 13,829 89,396 Balance, February 28, 2019 $ 4,611,137 $ 825,608 $ 5,436,745 |
Cost Incurred in Acquisition Exploration and Evaluation Activities Disclosure [Table Text Block] | North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Exploration costs: Assay $ 2,990 $ 439,889 $ 442,879 Drilling 1,239 1,438,354 1,439,593 Equipment rental — 49,655 49,655 Field costs 356 187,757 188,113 Geological/ Geophysical 28,362 483,319 511,681 Land maintenance & tenure 337,178 258,274 595,452 Permits 7,546 90,907 98,453 Studies 85,578 719,095 804,673 Travel 3,731 83,961 87,692 Total expenditures for the period $ 466,980 $ 3,751,211 $ 4,218,191 North Bullfrog Mother Lode Total (note 4a)) (note 4b)) Exploration costs: Assay $ 44,148 $ 576,806 $ 620,954 Drilling (3,265 ) 1,423,671 1,420,406 Equipment rental 15,698 65,678 81,376 Field costs 32,121 236,373 268,494 Geological/ Geophysical 66,473 456,948 523,421 Land maintenance & tenure 267,977 125,699 393,676 Permits 6,395 92,254 98,649 Studies 473,213 115,415 588,628 Travel 10,243 69,537 79,780 Total expenditures for the period $ 913,003 $ 3,162,381 $ 4,075,384 |
Note 5 - Share Capital (Tables)
Note 5 - Share Capital (Tables) | 9 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Nine months ended Year ended Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Balance, beginning of the period 9,861,900 $ 0.85 8,846,900 $ 0.87 Granted 4,520,000 2.06 1,840,000 0.77 Exercised (4,036,900 ) (0.86 ) (256,660 ) (0.66 ) Forfeited (30,000 ) (0.96 ) (568,340 ) (0.93 ) Balance, end of the period 10,315,000 $ 1.38 9,861,900 $ 0.85 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | February 28, 2019 May 31, 2018 Expiry Date Exercise Number Exercisable Exercise Number of Exercisable September 19, 2017* $ 0.96 — — $ 0.96 1,966,900 1,966,900 August 16, 2018* $ 0.76 — — $ 0.76 2,095,000 2,095,000 September 8, 2019 $ 1.40 1,250,000 1,250,000 $ 1.40 1,250,000 1,250,000 September 9, 2020 $ 0.46 620,000 620,000 $ 0.46 625,000 625,000 November 13, 2020 $ 0.49 1,000,000 1,000,000 $ 0.49 1,000,000 1,000,000 September 15, 2021 $ 0.91 1,085,000 1,085,000 $ 0.91 1,085,000 722,610 July 31, 2022 $ 0.77 1,840,000 612,720 $ 0.77 1,840,000 — November 19, 2023 $ 2.06 4,520,000 — $ — — — 10,315,000 4,567,720 9,861,900 7,659,510 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the nine months ended Feburary 28, 2019 2018 Risk-free interest rate 2.28 % 1.65 % Expected life of options (in years) 5 5 Annualized volatility 73.69 % 79.14 % Dividend yield 0 % 0 % Exercise price $ 2.06 $ 0.77 Fair value per share $ 1.54 $ 0.52 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | For the nine months ended Feburary 28, 2019 2018 Consulting fees $ 423,134 $ 231,065 Exploration expenditures - Geological/geophysical 85,090 41,166 Investor relations 130,676 69,817 Professional fees 7,533 5,511 Wages and benefits 315,715 161,306 $ 962,148 $ 508,865 |
Note 6 - Related Party Transa_2
Note 6 - Related Party Transactions (Tables) | 9 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the nine months ended Feburary 28, 2019 2018 Consulting fees to CFO $ 107,500 $ 101,667 Wages and benefits to CEO and COO 811,701 703,888 Directors fees (included in consulting fees) 101,250 104,250 Stock-based compensation to related parties 668,202 377,128 $ 1,688,653 $ 1,286,933 |
Note 7 - Geographic Segmented_2
Note 7 - Geographic Segmented Information (Tables) | 9 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Long-lived Assets by Geographic Areas [Table Text Block] | Canada United States Total February 28, 2019 Capitalized acquisition costs $ — $ 5,436,745 $ 5,436,745 Property and equipment $ 8,680 $ 39,107 $ 47,787 May 31, 2018 Capitalized acquisition costs $ — $ 5,238,789 $ 5,238,789 Property and equipment $ 11,200 $ 45,290 $ 56,490 |
Net Income (Loss) by Geographic Areas [Table Text Block] | For the period ended February 28, 2019 2018 Net loss for the period - Canada $ (2,594,785 ) $ (1,938,545 ) Net loss for the period - United States (5,401,137 ) (5,175,098 ) Net loss for the period $ (7,995,922 ) $ (7,113,643 ) |
Note 8 - Subsidiaries (Tables)
Note 8 - Subsidiaries (Tables) | 9 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Significant Subsidiaries [Table Text Block] | Country of Incorporation Principal The Company’s effective interest for The Company’s effective interest for Corvus Gold (USA) Inc. USA Holding company 100 % 100 % Raven Gold Alaska Inc. USA Exploration company 100 % 100 % Corvus Gold Nevada Inc. USA Exploration company 100 % 100 % SoN Land & Water LLC USA Exploration company 100 % 100 % Mother Lode Mining Company LLC USA Exploration company 100 % 100 % |
Note 9 - Supplemental Cash Fl_2
Note 9 - Supplemental Cash Flow Information (Tables) | 9 Months Ended |
Feb. 28, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the nine months ended February 28, 2019 2018 Supplemental cash flow information Interest paid $ — $ — Income taxes paid (received) $ — $ — Non-cash financing and investing transactions Shares issued to acquire mineral properties $ 59,500 $ 847,000 Reclassification of contributed surplus on exercise of stock options $ 2,736,339 $ 123,302 |
Note 1 - Nature and Continuan_2
Note 1 - Nature and Continuance of Operations (Details Textual) - CAD ($) | Dec. 20, 2018 | Jun. 07, 2018 | Nov. 30, 2018 | Feb. 28, 2019 | May 31, 2018 |
Working Capital | $ 5,514,929 | $ 2,562,047 | |||
Proceeds from Issuance of Private Placement | $ 2,080,000 | $ 4,500,002 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 4,036,900 | 4,036,900 | 256,660 | ||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 0.86 | $ 0.86 | $ 0.66 | ||
Proceeds from Stock Options Exercised | $ 3,453,924 | ||||
Private Placement [Member] | |||||
Stock Issued During Period, Shares, New Issues | 800,000 | 1,730,770 | |||
Shares Issued, Price Per Share | $ 2.60 | $ 2.60 | |||
Proceeds from Issuance of Private Placement | $ 4,500,002 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) - shares | 9 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,315,000 | 9,861,900 |
Note 3 - Property and Equipme_3
Note 3 - Property and Equipment - Property and Equipment (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | |||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | May 31, 2018 | |
Cost, Balance | $ 236,687 | ||||
Additions | 1,769 | ||||
Currency translation adjustments | 3,647 | ||||
Cost, Balance | $ 242,103 | 242,103 | |||
Accumulated depreciation, Balance | 180,197 | ||||
Depreciation | 3,787 | $ 4,468 | 11,262 | $ 13,477 | |
Currency translation adjustments | 2,857 | ||||
Accumulated depreciation, Balance | 194,316 | 194,316 | |||
Accumulated depreciation, Balance | 47,787 | 47,787 | $ 56,490 | ||
Computer Equipment [Member] | |||||
Cost, Balance | 83,619 | ||||
Additions | 1,769 | ||||
Currency translation adjustments | 1,035 | ||||
Cost, Balance | 86,423 | 86,423 | |||
Accumulated depreciation, Balance | 60,144 | ||||
Depreciation | 5,530 | ||||
Currency translation adjustments | 806 | ||||
Accumulated depreciation, Balance | 66,480 | 66,480 | |||
Accumulated depreciation, Balance | 19,943 | 19,943 | 23,475 | ||
Vehicles [Member] | |||||
Cost, Balance | 88,328 | ||||
Additions | |||||
Currency translation adjustments | 1,507 | ||||
Cost, Balance | 89,835 | 89,835 | |||
Accumulated depreciation, Balance | 79,178 | ||||
Depreciation | 2,092 | ||||
Currency translation adjustments | 1,352 | ||||
Accumulated depreciation, Balance | 82,622 | 82,622 | |||
Accumulated depreciation, Balance | 7,213 | 7,213 | 9,150 | ||
Tent [Member] | |||||
Cost, Balance | 64,740 | ||||
Additions | |||||
Currency translation adjustments | 1,105 | ||||
Cost, Balance | 65,845 | 65,845 | |||
Accumulated depreciation, Balance | 40,875 | ||||
Depreciation | 3,640 | ||||
Currency translation adjustments | 699 | ||||
Accumulated depreciation, Balance | 45,214 | 45,214 | |||
Accumulated depreciation, Balance | $ 20,631 | $ 20,631 | $ 23,865 |
Note 4 - Mineral Properties (De
Note 4 - Mineral Properties (Details Textual) $ / shares in Units, T in Millions | Nov. 26, 2018shares | Nov. 15, 2018CAD ($)shares | Nov. 15, 2018USD ($)shares | Nov. 30, 2017CAD ($)shares | Nov. 22, 2017USD ($) | Jun. 09, 2017$ / shares$ / ozshares | Nov. 18, 2016shares | Nov. 17, 2016USD ($) | Nov. 10, 2016CAD ($)shares | Nov. 23, 2015USD ($) | Nov. 18, 2015shares | Nov. 05, 2015CAD ($)shares | Mar. 30, 2015USD ($) | Nov. 17, 2014USD ($) | Nov. 07, 2014CAD ($)shares | Nov. 25, 2013CAD ($)shares | Nov. 13, 2013USD ($) | Mar. 28, 2013USD ($)T$ / T | Oct. 31, 2012USD ($) | Oct. 25, 2012CAD ($)shares | Mar. 01, 2011USD ($) | Dec. 02, 2010USD ($)shares | Nov. 10, 2010USD ($) | Oct. 27, 2008USD ($) | Dec. 01, 2007USD ($)shares | Jun. 16, 2006USD ($) | May 22, 2006USD ($) | May 16, 2006USD ($) | May 08, 2006USD ($) | Dec. 31, 2013CAD ($)a | Dec. 31, 2013USD ($)a | Feb. 28, 2019CAD ($) | Dec. 31, 2014shares | Dec. 31, 2013ashares | May 31, 2013CAD ($) | May 31, 2013USD ($) | Dec. 31, 2012shares | Dec. 31, 2011shares | Mar. 31, 2015shares | Feb. 28, 2019USD ($) | May 31, 2018CAD ($) | May 31, 2018USD ($) | Mar. 31, 2018USD ($) | Mar. 01, 2015USD ($) | May 29, 2014USD ($) | Mar. 01, 2014USD ($) | May 31, 2013USD ($) | Mar. 01, 2013USD ($) | Mar. 01, 2012USD ($) | |
Payments to Acquire Mineral Rights | [1] | $ 47,318 | ||||||||||||||||||||||||||||||||||||||||||||||||
Asset Retirement Obligations, Noncurrent, Total | $ 374,642 | $ 284,000 | $ 366,641 | $ 283,000 | ||||||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | [1],[2] | $ 47,318 | ||||||||||||||||||||||||||||||||||||||||||||||||
Land Subject to Ground Leases | a | 1,600 | 1,600 | 1,600 | |||||||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Nevada Corporation [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Patented Mining Claims Leased | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 2,000 | $ 2,400 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 2,000 | 2,400 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | $ 3,000 | $ 3,600 | ||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production | 3.00% | 3.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price of Each 1% NSR Royalty | $ 850,000 | $ 770,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price of NSR Royalty | 2,550,000 | 2,310,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | 3,000 | 3,600 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | 2,000 | 2,400 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | $ 2,000 | $ 2,400 | ||||||||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Redstar Gold Corp. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Patented Mining Claims Leased | 12 | 1 | 3 | 12 | 3 | |||||||||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract | 10 years | 10 years | 10 years | 10 years | 10 years | |||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 10,800 | $ 2,000 | $ 8,000 | $ 20,500 | $ 4,000 | |||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Three Years | 10,800 | 2,000 | 4,800 | 3,500 | ||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | 16,200 | $ 3,000 | $ 7,200 | $ 20,000 | $ 4,500 | |||||||||||||||||||||||||||||||||||||||||||||
Purchase Obligation, Total | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production | 4.00% | 2.00% | 2.00% | 4.00% | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||
Purchase Price of Each 1% NSR Royalty | $ 1,250,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | $ 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Purchase Price of NSR Royalty | $ 5,000,000 | 2,000,000 | 2,000,000 | $ 4,000,000 | 2,000,000 | |||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Five Years | 3,000 | 7,200 | 4,500 | |||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Two Years | 2,000 | 4,800 | ||||||||||||||||||||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due in Four Years | $ 2,000 | $ 4,800 | $ 3,500 | |||||||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Number of Patented Mining Claims Leased | 2 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract | 10 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production | 4.00% | 2.00% | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price of Each 1% NSR Royalty | $ 500,000 | $ 1,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Price of NSR Royalty | $ 2,000,000 | 2,000,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Lease Term | 3 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Lease Term | 7 years | 5 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Additional Term if the Company Makes Advance Minimum Royalty Payments of USD100,000 per year | 3 years | |||||||||||||||||||||||||||||||||||||||||||||||||
Advance Royalties Payment | $ 5,000 | $ 20,000 | $ 100,000 | $ 5,000 | $ 30,000 | $ 25,000 | $ 25,000 | $ 25,000 | ||||||||||||||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract, Extension Term | 10 years | 10 years | ||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payment for Patented Mining Claims Lease | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 10,000 | $ 5,000 | ||||||||||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 25,000 | 10,000 | 85,000 | |||||||||||||||||||||||||||||||||||||||||
Additional Lease Payment for Patented Mining Claims Lease on Each Year | $ 5,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payments Additional Common Shares Issued | shares | 20,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash Payment in Lieu of Issuing Shares Under Lease Agreement | $ 108,750 | |||||||||||||||||||||||||||||||||||||||||||||||||
Common Stock Issued During Period Shares Issued for Lease Payments | shares | 46,250 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payment for Patended Mining Claims Upon Extend Lease | $ 10,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Cash Payment Along with Shares Issued as Lease Payment | $ 34,116 | $ 25,655 | $ 53,447 | $ 19,237 | $ 21,200 | $ 35,871 | $ 126,924 | |||||||||||||||||||||||||||||||||||||||||||
Work Commitments for the First Three Year | $ 100,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Work Commitments for the Years 4 to 6 | 200,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Work Commitments for the years 7 to 10 | 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Work Commitments for the years 11 to 20 | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of NSR Royalty Required to Pay If Average Gold Price Less than or Equal to USD400 per Ounce | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of NSR Royalty Required to Pay If Average Gold Price Between USD401 and USD500 per Ounce | 3.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Percentage of NSR Royalty Required to Pay if Average Gold Price Greater than USD500 per Ounce | 4.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Patented Mining Claims, Agreed to Purchase | 5 | |||||||||||||||||||||||||||||||||||||||||||||||||
Purchase Agreement Payable | $ 160,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Price Per Ton Of Overburden to be Stored On Property | $ / T | 0.02 | |||||||||||||||||||||||||||||||||||||||||||||||||
Minimum Storage Capacity of Property | T | 12 | |||||||||||||||||||||||||||||||||||||||||||||||||
Notes Payable, Total | $ 240,000 | $ 248,832 | $ 240,000 | |||||||||||||||||||||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | 406,240 | $ 400,000 | ||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | $ 157,408 | |||||||||||||||||||||||||||||||||||||||||||||||||
Number of Patented Sunflower Claims | 3 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease Agreement, Option to Purchase Property, Purcahse Price | $ 300,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 25,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member] | Promissory Note Payable [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Debt Instrument, Interest Rate, Effective Percentage | 4.77% | |||||||||||||||||||||||||||||||||||||||||||||||||
North Bullfrog [Member] | International Tower Hill Mines Ltd. [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 50,000 | 25,000 | |||||||||||||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued Upon Extend Lease | shares | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Lease Payments Additional Common Shares Issued Upon Extend Lease | shares | 50,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Land and Water Rights [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | $ 1,100,118 | $ 1,034,626 | ||||||||||||||||||||||||||||||||||||||||||||||||
Mother Lode Property [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | ||||||||||||||||||||||||||||||||||||||||||||||||||
Mother Lode Property [Member] | Goldcorp USA, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,000,000 | |||||||||||||||||||||||||||||||||||||||||||||||||
Shares Issued, Price Per Share | $ / shares | $ 0.81 | |||||||||||||||||||||||||||||||||||||||||||||||||
Mother Lode Property [Member] | Goldcorp USA, Inc [Member] | ||||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production Based on Specified Maximum Gold Price | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Maximum Gold Price | $ / oz | 1,400 | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Additional Royalty Percentage of Production Based on Specified Minimum Gold Price | 1.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Total Royalty Percentage of Production | 2.00% | |||||||||||||||||||||||||||||||||||||||||||||||||
Net Smelter Return, Minimum Gold Price | $ / oz | 1,400 | |||||||||||||||||||||||||||||||||||||||||||||||||
[1] | Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. The lease will continue for as long thereafter as the property is in commercial production or, alternatively, for an additional three years if Corvus Nevada makes advance minimum royalty payments of USD 100,000 per year (which are recoupable against actual production royalties). Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: USD 5,000 (paid) and 25,000 common shares of ITH (delivered) following regulatory acceptance of the transaction; and an additional USD 5,000 and 20,000 common shares on each of the first through fourth lease anniversaries (paid and issued). Pursuant to an agreement with the lessors, in lieu of the 20,000 ITH common shares due December 1, 2010, Corvus Nevada paid USD 108,750 on November 10, 2010 and delivered 46,250 common shares of the Company on December 2, 2010. If Corvus Nevada elects to extend the lease for a second five-year term, it will pay USD 10,000 and deliver 50,000 common shares of ITH upon election being made, and an additional 50,000 common shares of ITH on each of the fifth through ninth anniversaries (USD 10,000 paid on October 31, 2012 and 50,000 common shares of ITH delivered on October 25, 2012 paid with cash of $126,924; USD 10,000 paid on November 13, 2013 and 50,000 common shares of ITH delivered on November 25, 2013 paid with cash of $35,871; USD 10,000 paid on November 17, 2014 and 50,000 common shares of ITH delivered on November 7, 2014 paid with cash of $21,200; USD 10,000 paid on November 23, 2015 and 50,000 common shares of ITH delivered on November 5, 2015 paid with cash of $19,237; USD 10,000 paid on November 17, 2016 and 50,000 common shares of ITH, purchased for $53,447 in the market by the Company, were delivered on November 10, 2016; and USD 10,000 paid on November 22, 2017 and 50,000 common shares of ITH, purchased for $25,655 in the market by the Company, were delivered on November 30, 2017; and USD 10,000 paid on November 15, 2018 and 50,000 common shares of ITH, purchased for $34,116 in the market by the Company, were delivered on November 6, 2018). Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company shall deliver a total of 85,000 common shares (issued) of the Company for the years 2011 to 2014 (2011: 10,000 common shares; 2012 to 2014: 25,000 common shares each year). All future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (issued 25,000 common shares of the Company on November 18, 2015; 25,000 shares of the Company on November 18, 2016; 25,000 shares of the Company on November 30, 2017 and 25,000 shares of the Company on November 26, 2018). Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. | |||||||||||||||||||||||||||||||||||||||||||||||||
[2] | North Bullfrog Project, Nevada The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. |
Note 4 - Mineral Properties - A
Note 4 - Mineral Properties - Activity Related to Capitalized Acquisition Costs (Details) | 9 Months Ended | |
Feb. 28, 2019CAD ($) | ||
Balance | $ 5,238,789 | |
Cash payments (note 4a)(ii)(1) | 47,318 | [1] |
Share issued for capitalized acquisition costs | 59,500 | [1] |
Asset retirement obligations | 1,742 | |
Currency translation adjustments | 89,396 | |
Balance | 5,436,745 | |
North Bullfrog [Member] | ||
Balance | 4,428,752 | [2] |
Cash payments (note 4a)(ii)(1) | 47,318 | [1],[2] |
Share issued for capitalized acquisition costs | 59,500 | [1] |
Asset retirement obligations | ||
Currency translation adjustments | 75,567 | [2] |
Balance | 4,611,137 | |
Mother Lode Property [Member] | ||
Balance | 810,037 | [3] |
Cash payments (note 4a)(ii)(1) | ||
Share issued for capitalized acquisition costs | ||
Asset retirement obligations | 1,742 | [3] |
Currency translation adjustments | 13,829 | [3] |
Balance | $ 825,608 | |
[1] | Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. The lease will continue for as long thereafter as the property is in commercial production or, alternatively, for an additional three years if Corvus Nevada makes advance minimum royalty payments of USD 100,000 per year (which are recoupable against actual production royalties). Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: USD 5,000 (paid) and 25,000 common shares of ITH (delivered) following regulatory acceptance of the transaction; and an additional USD 5,000 and 20,000 common shares on each of the first through fourth lease anniversaries (paid and issued). Pursuant to an agreement with the lessors, in lieu of the 20,000 ITH common shares due December 1, 2010, Corvus Nevada paid USD 108,750 on November 10, 2010 and delivered 46,250 common shares of the Company on December 2, 2010. If Corvus Nevada elects to extend the lease for a second five-year term, it will pay USD 10,000 and deliver 50,000 common shares of ITH upon election being made, and an additional 50,000 common shares of ITH on each of the fifth through ninth anniversaries (USD 10,000 paid on October 31, 2012 and 50,000 common shares of ITH delivered on October 25, 2012 paid with cash of $126,924; USD 10,000 paid on November 13, 2013 and 50,000 common shares of ITH delivered on November 25, 2013 paid with cash of $35,871; USD 10,000 paid on November 17, 2014 and 50,000 common shares of ITH delivered on November 7, 2014 paid with cash of $21,200; USD 10,000 paid on November 23, 2015 and 50,000 common shares of ITH delivered on November 5, 2015 paid with cash of $19,237; USD 10,000 paid on November 17, 2016 and 50,000 common shares of ITH, purchased for $53,447 in the market by the Company, were delivered on November 10, 2016; and USD 10,000 paid on November 22, 2017 and 50,000 common shares of ITH, purchased for $25,655 in the market by the Company, were delivered on November 30, 2017; and USD 10,000 paid on November 15, 2018 and 50,000 common shares of ITH, purchased for $34,116 in the market by the Company, were delivered on November 6, 2018). Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company shall deliver a total of 85,000 common shares (issued) of the Company for the years 2011 to 2014 (2011: 10,000 common shares; 2012 to 2014: 25,000 common shares each year). All future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (issued 25,000 common shares of the Company on November 18, 2015; 25,000 shares of the Company on November 18, 2016; 25,000 shares of the Company on November 30, 2017 and 25,000 shares of the Company on November 26, 2018). Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. | |
[2] | North Bullfrog Project, Nevada The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. | |
[3] | Mother Lode Property, Nevada Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. ("Goldcorp USA"), Corvus Nevada has acquired 100% of the Mother Lode property (the "Mother Lode Property"). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 common shares at a price of $0.81 per common share to Goldcorp USA. The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce. |
Note 4 - Mineral Properties - C
Note 4 - Mineral Properties - Costs Incurred for Exploration and Evaluation Activities (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | ||||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |||
Exploration expenditures (notes 4 and 5) | $ 1,071,392 | $ 1,623,436 | $ 4,218,191 | $ 4,075,384 | ||
North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [1] | 466,980 | 913,003 | |||
Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 3,751,211 | 3,162,381 | |||
Assay [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 442,879 | 620,954 | ||||
Assay [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 2,990 | 44,148 | [1] | |||
Assay [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 439,889 | 576,806 | |||
Drilling [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 1,439,593 | 1,420,406 | ||||
Drilling [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [1] | 1,239 | ||||
Costs Recovered for Exploration and Evaluation Activities, Gross | [1] | (3,265) | ||||
Drilling [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 1,438,354 | 1,423,671 | |||
Equipment rental [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 49,655 | 81,376 | ||||
Equipment rental [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 15,698 | [1] | ||||
Equipment rental [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 49,655 | 65,678 | |||
Field Costs [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 188,113 | 268,494 | ||||
Field Costs [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [1] | 356 | 32,121 | |||
Field Costs [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 187,757 | 236,373 | |||
Geological Geophysical [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 511,681 | 523,421 | ||||
Geological Geophysical [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [1] | 28,362 | 66,473 | |||
Geological Geophysical [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 483,319 | 456,948 | |||
Land Maintenance and Tenure [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 595,452 | 393,676 | ||||
Land Maintenance and Tenure [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [1] | 337,178 | 267,977 | |||
Land Maintenance and Tenure [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 258,274 | 125,699 | |||
Permits [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 98,453 | 98,649 | ||||
Permits [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [1] | 7,546 | 6,395 | |||
Permits [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 90,907 | 92,254 | |||
Studies [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 804,673 | 588,628 | ||||
Studies [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [1] | 85,578 | 473,213 | |||
Studies [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | 719,095 | 115,415 | |||
Travel [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 87,692 | 79,780 | ||||
Travel [Member] | North Bullfrog [Member] | ||||||
Exploration expenditures (notes 4 and 5) | 3,731 | 10,243 | [1] | |||
Travel [Member] | Mother Lode Property [Member] | ||||||
Exploration expenditures (notes 4 and 5) | [2] | $ 83,961 | $ 69,537 | |||
[1] | North Bullfrog Project, Nevada The Company's North Bullfrog project consists of certain leased patented lode mining claims and federal unpatented mining claims owned 100% by the Company. | |||||
[2] | Mother Lode Property, Nevada Pursuant to a purchase agreement made effective June 9, 2017 between Corvus Nevada and Goldcorp USA, Inc. ("Goldcorp USA"), Corvus Nevada has acquired 100% of the Mother Lode property (the "Mother Lode Property"). In addition, Corvus Nevada staked two additional adjacent claim blocks to the Mother Lode Property. In connection with the acquisition, the Company issued 1,000,000 common shares at a price of $0.81 per common share to Goldcorp USA. The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce. |
Note 5 - Share Capital (Details
Note 5 - Share Capital (Details Textual) - CAD ($) | Dec. 20, 2018 | Nov. 26, 2018 | Jun. 07, 2018 | Nov. 30, 2018 | Nov. 30, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | May 31, 2018 | |
Sale of Stock, Price Per Share | $ 0.86 | $ 0.86 | |||||||
Proceeds from Issuance of Private Placement | $ 2,080,000 | $ 4,500,002 | |||||||
Payments of Stock Issuance Costs | $ 31,059 | $ 107,348 | |||||||
Stock Issued During Period, Value, Acquisitions | [1] | $ 59,500 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 4,036,900 | 4,036,900 | 256,660 | ||||||
Proceeds from Stock Options Exercised | $ 3,453,924 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 98 days | 1 year 270 days | |||||||
Employee Stock Option [Member] | |||||||||
Stock Granted, Value, Share-based Compensation, Gross | $ 6,939,946 | $ 951,067 | |||||||
Employee Stock Option, Expiring on November 17, 2016 [Member] | |||||||||
Options Exercisable Period, After Restrictions Lifted | 10 days | ||||||||
The 2010 Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 4,036,900 | ||||||||
The 2010 Plan [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | ||||||||
The 2010 Plan [Member] | Employee Stock Option [Member] | Maximum [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 10 years | ||||||||
North Bullfrog [Member] | |||||||||
Stock Issued During Period, Value, Acquisitions | [1] | $ 59,500 | |||||||
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member] | |||||||||
Payments of Stock Issuance Costs | $ 6,212 | ||||||||
Stock Issued During Period, Shares, Acquisitions | 25,000 | ||||||||
Stock Issued During Period, Value, Acquisitions | $ 59,500 | ||||||||
Private Placement [Member] | |||||||||
Stock Issued During Period, Shares, New Issues | 800,000 | 1,730,770 | |||||||
Sale of Stock, Price Per Share | $ 2.60 | ||||||||
Proceeds from Issuance of Private Placement | $ 4,500,002 | ||||||||
Payments of Stock Issuance Costs | $ 10,242 | $ 14,605 | |||||||
Shares Issued, Price Per Share | $ 2.60 | $ 2.60 | |||||||
[1] | Pursuant to a mining lease and option to purchase agreement made effective December 1, 2007 between Corvus Nevada and a group of arm's length limited partnerships, Corvus Nevada has leased (and has the option to purchase) patented mining claims referred to as the "Mayflower" claims which form part of the North Bullfrog project. The terms of the lease/option are as follows: Terms: Initial term of five years, commencing December 1, 2007, with the option to extend the lease for an additional five years. The lease will continue for as long thereafter as the property is in commercial production or, alternatively, for an additional three years if Corvus Nevada makes advance minimum royalty payments of USD 100,000 per year (which are recoupable against actual production royalties). Pursuant to an extension agreement dated January 15, 2016 and fully executed and effective as of November 22, 2017, the parties agreed to extend the lease and option granted for an additional ten years with the same lease payment terms. Lease Payments: USD 5,000 (paid) and 25,000 common shares of ITH (delivered) following regulatory acceptance of the transaction; and an additional USD 5,000 and 20,000 common shares on each of the first through fourth lease anniversaries (paid and issued). Pursuant to an agreement with the lessors, in lieu of the 20,000 ITH common shares due December 1, 2010, Corvus Nevada paid USD 108,750 on November 10, 2010 and delivered 46,250 common shares of the Company on December 2, 2010. If Corvus Nevada elects to extend the lease for a second five-year term, it will pay USD 10,000 and deliver 50,000 common shares of ITH upon election being made, and an additional 50,000 common shares of ITH on each of the fifth through ninth anniversaries (USD 10,000 paid on October 31, 2012 and 50,000 common shares of ITH delivered on October 25, 2012 paid with cash of $126,924; USD 10,000 paid on November 13, 2013 and 50,000 common shares of ITH delivered on November 25, 2013 paid with cash of $35,871; USD 10,000 paid on November 17, 2014 and 50,000 common shares of ITH delivered on November 7, 2014 paid with cash of $21,200; USD 10,000 paid on November 23, 2015 and 50,000 common shares of ITH delivered on November 5, 2015 paid with cash of $19,237; USD 10,000 paid on November 17, 2016 and 50,000 common shares of ITH, purchased for $53,447 in the market by the Company, were delivered on November 10, 2016; and USD 10,000 paid on November 22, 2017 and 50,000 common shares of ITH, purchased for $25,655 in the market by the Company, were delivered on November 30, 2017; and USD 10,000 paid on November 15, 2018 and 50,000 common shares of ITH, purchased for $34,116 in the market by the Company, were delivered on November 6, 2018). Anti-Dilution: Pursuant to an amended agreement agreed to by the lessors in March 2015, the Company shall deliver a total of 85,000 common shares (issued) of the Company for the years 2011 to 2014 (2011: 10,000 common shares; 2012 to 2014: 25,000 common shares each year). All future payments will be satisfied by the delivery of an additional 1/2 common shares of the Company for each of the ITH common shares due per the original agreement (issued 25,000 common shares of the Company on November 18, 2015; 25,000 shares of the Company on November 18, 2016; 25,000 shares of the Company on November 30, 2017 and 25,000 shares of the Company on November 26, 2018). Work Commitments: USD 100,000 per year for the first three years (incurred), USD 200,000 per year for the years four to six (incurred), USD 300,000 for the years seven to ten (incurred) and USD 300,000 for the years 11 - 20 (incurred). Excess expenditures in any year may be carried forward. If Corvus Nevada does not incur the required expenditures in year one, the deficiency is required to be paid to the lessors. Retained Royalty: Corvus Nevada will pay the lessors a NSR royalty of 2% if the average gold price is USD 400 per ounce or less, 3% if the average gold price is between USD 401 and USD 500 per ounce and 4% if the average gold price is greater than USD 500 per ounce. |
Note 5 - Share Capital - Summar
Note 5 - Share Capital - Summary of the Status of the Stock Option Plan (Details) - $ / shares | 1 Months Ended | 9 Months Ended | 12 Months Ended |
Nov. 30, 2018 | Feb. 28, 2019 | May 31, 2018 | |
Number of Options, Balance (in shares) | 9,861,900 | 8,846,900 | |
Weighted Average Exercise Price, Balance (in CAD per share) | $ 0.85 | $ 0.87 | |
Number of Options, Granted (in shares) | 4,520,000 | 1,840,000 | |
Weighted Average Exercise Price, Granted (in CAD per share) | $ 2.06 | $ 0.77 | |
Number of Options, Exercised (in shares) | (4,036,900) | (4,036,900) | (256,660) |
Weighted Average Exercise Price, Exercised (in CAD per share) | $ (0.86) | $ (0.86) | $ (0.66) |
Number of Options, Forfeited (in shares) | (30,000) | (568,340) | |
Weighted Average Exercise Price, Forfeited (in CAD per share) | $ (0.96) | $ (0.93) | |
Number of Options, Balance (in shares) | 10,315,000 | 9,861,900 | |
Weighted Average Exercise Price, Balance (in CAD per share) | $ 1.38 | $ 0.85 |
Note 5 - Share Capital - Stock
Note 5 - Share Capital - Stock Options Outstanding (Details) - $ / shares | Feb. 28, 2019 | May 31, 2018 | May 31, 2017 | |
Exercise Price (in CAD per share) | $ 1.38 | $ 0.85 | $ 0.87 | |
Number of Options (in shares) | 10,315,000 | 9,861,900 | 8,846,900 | |
Exercisable at Year- End (in shares) | 4,567,720 | 7,659,510 | ||
Employee Stock Option, Expiring on September 19, 2017 [Member] | ||||
Exercise Price (in CAD per share) | [1] | $ 0.96 | $ 0.96 | |
Number of Options (in shares) | [1] | 1,966,900 | ||
Exercisable at Year- End (in shares) | [1] | 1,966,900 | ||
Employee Stock Option, Expiring on August 16, 2018 [Member] | ||||
Exercise Price (in CAD per share) | [1] | $ 0.76 | $ 0.76 | |
Number of Options (in shares) | [1] | 2,095,000 | ||
Exercisable at Year- End (in shares) | [1] | 2,095,000 | ||
Employee Stock Option, Expiring on September 8, 2019 [Member] | ||||
Exercise Price (in CAD per share) | $ 1.40 | $ 1.40 | ||
Number of Options (in shares) | 1,250,000 | 1,250,000 | ||
Exercisable at Year- End (in shares) | 1,250,000 | 1,250,000 | ||
Employee Stock Option, Expiring on September 9, 2020 [Member] | ||||
Exercise Price (in CAD per share) | $ 0.46 | $ 0.46 | ||
Number of Options (in shares) | 620,000 | 625,000 | ||
Exercisable at Year- End (in shares) | 620,000 | 625,000 | ||
Employee Stock Option, Expiring on November 13, 2020 [Member] | ||||
Exercise Price (in CAD per share) | $ 0.49 | $ 0.49 | ||
Number of Options (in shares) | 1,000,000 | 1,000,000 | ||
Exercisable at Year- End (in shares) | 1,000,000 | 1,000,000 | ||
Employee Stock Option, Expiring on September 15, 2021 [Member] | ||||
Exercise Price (in CAD per share) | $ 0.91 | $ 0.91 | ||
Number of Options (in shares) | 1,085,000 | 1,085,000 | ||
Exercisable at Year- End (in shares) | 1,085,000 | 722,610 | ||
Employee Stock Option, Expiring on July 31, 2022 [Member] | ||||
Exercise Price (in CAD per share) | $ 0.77 | $ 0.77 | ||
Number of Options (in shares) | 1,840,000 | 1,840,000 | ||
Exercisable at Year- End (in shares) | 612,720 | |||
Employee Stock Option, Expiring on November 19, 2018 [Member] | ||||
Exercise Price (in CAD per share) | $ 2.06 | |||
Number of Options (in shares) | 4,520,000 | |||
Exercisable at Year- End (in shares) | ||||
[1] | The Company's share trading policy (the "Policy") requires that all restricted persons and others who are subject to the Policy refrain from conducting any transactions involving the purchase or sale of the Company's securities, during the period in any quarter commencing 30 days prior to the scheduled issuance of the next quarter or year-end public disclosure of the financial results as well as when there is material data on hand. In accordance with the terms of the Amended 2010 Plan, if stock options are set to expire during a restricted period and are not exercised prior to any such restriction, they will not expire but instead will be available for exercise for ten days after such restrictions are lifted. |
Note 5 - Share Capital - Valuat
Note 5 - Share Capital - Valuation Assumptions for Stock Options (Details) - Employee Stock Option [Member] - $ / shares | 9 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Risk-free interest rate | 2.28% | 1.65% |
Expected life of options (Year) | 5 years | 5 years |
Annualized volatility | 73.69% | 79.14% |
Dividend yield | 0.00% | 0.00% |
Exercise price (in CAD per share) | $ 2.06 | $ 0.77 |
Fair value per share (in CAD per share) | $ 1.54 | $ 0.52 |
Note 5 - Share Capital - Alloca
Note 5 - Share Capital - Allocation of Stock-based Compensation Expenses (Details) - CAD ($) | 9 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Share-based Compensation | $ 962,148 | $ 508,865 |
Consulting fees [Member] | ||
Share-based Compensation | 423,134 | 231,065 |
Exploration expenditures - Geological/geophysical [Member] | ||
Share-based Compensation | 85,090 | 41,166 |
Investor relations [Member] | ||
Share-based Compensation | 130,676 | 69,817 |
Professional Fees [Member] | ||
Share-based Compensation | 7,533 | 5,511 |
Wages and Benefits [Member] | ||
Share-based Compensation | $ 315,715 | $ 161,306 |
Note 6 - Related Party Transa_3
Note 6 - Related Party Transactions (Details Textual) - CAD ($) | Feb. 28, 2019 | May 31, 2018 |
Accounts Payable and Accrued Liabilities, Total | $ 1,427 | $ 15,537 |
Note 6 - Related Party Transa_4
Note 6 - Related Party Transactions - Transactions With Related Parties (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Consulting fees to CFO | $ 393,195 | $ 183,224 | $ 663,884 | $ 468,982 |
Share-based Compensation | 962,148 | 508,865 | ||
Management compensation | 1,688,653 | 1,286,933 | ||
Related Party Transaction [Member] | ||||
Share-based Compensation | 668,202 | 377,128 | ||
Related Party Transaction [Member] | Chief Financial Officer [Member] | ||||
Consulting fees to CFO | 107,500 | 101,667 | ||
Related Party Transaction [Member] | Chief Executive Officer [Member] | ||||
Wages and benefits | 811,701 | 703,888 | ||
Related Party Transaction [Member] | Director [Member] | ||||
Directors fees (included in consulting fees) | $ 101,250 | $ 104,250 |
Note 7 - Geographic Segmented_3
Note 7 - Geographic Segmented Information (Details Textual) | 9 Months Ended |
Feb. 28, 2019 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 2 |
Note 7 - Geographic Segmented_4
Note 7 - Geographic Segmented Information - Long-lived Assets, by Geographical Areas (Details) - CAD ($) | Feb. 28, 2019 | May 31, 2018 |
Capitalized acquisition costs | $ 5,436,745 | $ 5,238,789 |
Property and equipment | 47,787 | 56,490 |
Operating Segments [Member] | ||
Capitalized acquisition costs | 5,436,745 | 5,238,789 |
Property and equipment | 47,787 | 56,490 |
CANADA | Operating Segments [Member] | ||
Capitalized acquisition costs | 0 | 0 |
Property and equipment | 8,680 | 11,200 |
UNITED STATES | Operating Segments [Member] | ||
Capitalized acquisition costs | 5,436,745 | 5,238,789 |
Property and equipment | $ 39,107 | $ 45,290 |
Note 7 - Geographic Segmented_5
Note 7 - Geographic Segmented Information - Net Income (Loss) by Geographic Areas (Details) - CAD ($) | 3 Months Ended | 9 Months Ended | ||
Feb. 28, 2019 | Feb. 28, 2018 | Feb. 28, 2019 | Feb. 28, 2018 | |
Net loss for the period | $ (2,886,696) | $ (2,931,596) | $ (7,995,922) | $ (7,113,643) |
CANADA | ||||
Net loss for the period | (2,594,785) | (1,938,545) | ||
UNITED STATES | ||||
Net loss for the period | $ (5,401,137) | $ (5,175,098) |
Note 8 - Subsidiaries - Signifi
Note 8 - Subsidiaries - Significant Subsidiaries (Details) | 9 Months Ended | 12 Months Ended |
Feb. 28, 2019 | May 31, 2018 | |
Corvus Gold (USA) Inc. [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Holding company | |
Effective Interest | 100.00% | 100.00% |
Raven Gold Alaska Inc. [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Corvus Gold Nevada Inc. [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
SoN Land and Water LLC [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Mother Lode Mining Company LLC [Member] | ||
Country of Incorporation | USA | |
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Note 9 - Supplemental Cash Fl_3
Note 9 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - CAD ($) | 9 Months Ended | |
Feb. 28, 2019 | Feb. 28, 2018 | |
Interest paid | ||
Income taxes paid (received) | ||
Shares issued to acquire mineral properties | 59,500 | 847,000 |
Reclassification of contributed surplus on exercise of stock options | $ 2,736,339 | $ 123,302 |