Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
May 31, 2019 | Aug. 08, 2019 | Nov. 30, 2018 | |
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 | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | true | ||
Entity Ex Transition Period | true | ||
Entity Small Business | true | ||
Entity Common Stock, Shares Outstanding (in shares) | 111,962,845 | ||
Entity Public Float | $ 124,579,221 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | May 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(g) Security | Common Stock |
Consolidated Balance Sheets
Consolidated Balance Sheets | May 31, 2019CAD ($) | May 31, 2018CAD ($) |
Current assets | ||
Cash and cash equivalents | $ 4,145,085 | $ 2,610,541 |
Accounts receivable | 49,658 | 25,438 |
Prepaid expenses | 354,971 | 256,772 |
Total current assets | 4,549,714 | 2,892,751 |
Property and equipment (note 4) | 45,016 | 56,490 |
Capitalized acquisition costs (note 5) | 5,619,005 | 5,238,789 |
Total assets | 10,213,735 | 8,188,030 |
Current liabilities | ||
Accounts payable and accrued liabilities (note 7) | 345,632 | 330,704 |
Total current liabilities | 345,632 | 330,704 |
Asset retirement obligations (note 5) | 419,286 | 366,641 |
Total liabilities | 764,918 | 697,345 |
Shareholders’ equity | ||
Share capital (note 6) | 97,726,772 | 83,606,486 |
Contributed surplus (note 6) | 11,467,753 | 13,030,715 |
Accumulated other comprehensive income - cumulative translation differences | 1,382,223 | 1,123,410 |
Deficit accumulated during the exploration stage | (101,127,931) | (90,269,926) |
Total shareholders’ equity | 9,448,817 | 7,490,685 |
Total liabilities and shareholders’ equity | $ 10,213,735 | $ 8,188,030 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Operating expenses | ||
Administration | $ 430 | $ 422 |
Consulting fees (notes 6 and 7) | 1,054,967 | 625,677 |
Depreciation (note 4) | 15,069 | 18,020 |
Exploration expenditures (notes 5 and 6) | 5,636,641 | 5,333,180 |
Insurance | 213,548 | 201,415 |
Investor relations (notes 6 and 7) | 1,308,792 | 909,798 |
Office and miscellaneous | 119,687 | 132,168 |
Professional fees (note 6) | 376,322 | 261,428 |
Regulatory | 162,313 | 96,982 |
Rent | 74,529 | 99,440 |
Travel | 275,602 | 213,335 |
Wages and benefits (notes 6 and 7) | 1,782,198 | 1,302,813 |
Total operating expenses | (11,020,098) | (9,194,678) |
Other income (expense) | ||
Interest income | 76,835 | 20,273 |
Foreign exchange gain (loss) | 85,258 | (123,758) |
Total other income (expense) | 162,093 | (103,485) |
Net loss for the year | (10,858,005) | (9,298,163) |
Other comprehensive income (loss) | ||
Exchange difference on translating foreign operations | 258,813 | (224,660) |
Comprehensive loss for the year | $ (10,599,192) | $ (9,522,823) |
Basic and diluted net loss per share (in CAD per share) | $ (0.10) | $ (0.09) |
Weighted average number of shares outstanding (in shares) | 108,584,442 | 101,298,273 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Operating activities | ||
Net loss for the year | $ (10,858,005) | $ (9,298,163) |
Add items not affecting cash: | ||
Depreciation | 15,069 | 18,020 |
Stock-based compensation (note 6) | 1,633,957 | 673,233 |
Foreign exchange gain (loss) | (85,258) | 123,758 |
Changes in non-cash items: | ||
Accounts receivable | (24,220) | (11,914) |
Prepaid expenses | (98,199) | (7,596) |
Accounts payable and accrued liabilities | 14,928 | 37,619 |
Cash used in operating activities | (9,401,728) | (8,465,043) |
Financing activities | ||
Cash received from issuance of shares | 10,894,926 | 10,073,362 |
Share issuance costs | (31,059) | (107,348) |
Cash provided by financing activities | 10,863,867 | 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 | 121,492 | (144,889) |
Increase in cash and cash equivalents | 1,534,544 | 1,309,988 |
Cash and cash equivalents, beginning of the year | 2,610,541 | 1,300,553 |
Cash and cash equivalents, end of the year | $ 4,145,085 | $ 2,610,541 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) | Common Stock [Member] | Additional Paid-in Capital [Member] | AOCI Attributable to Parent [Member] | Retained Earnings [Member] | Total | |
Balance (in shares) at May. 31, 2017 | 92,369,582 | |||||
Balance at May. 31, 2017 | $ 72,670,170 | $ 12,480,784 | $ 1,348,070 | $ (80,971,763) | $ 5,527,261 | |
Net loss for the year | (9,298,163) | (9,298,163) | ||||
Private placement (in shares) | 10,603,933 | |||||
Private placement | $ 9,903,499 | $ 9,903,499 | ||||
Exercise of stock options (in shares) | 256,660 | 256,660 | ||||
Exercise of stock options | $ 169,863 | $ 169,863 | ||||
Share issued for capitalized acquisition costs (in shares) | 1,025,000 | |||||
Share issued for capitalized acquisition costs | $ 847,000 | 847,000 | [1] | |||
Exchange difference on translating foreign operations | (224,660) | (224,660) | ||||
Share issuance costs | (107,348) | (107,348) | ||||
Reclassification of contributed surplus on exercise of stock options | $ 123,302 | (123,302) | ||||
Stock-based compensation | 673,233 | 673,233 | ||||
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 year | (10,858,005) | (10,858,005) | ||||
Private placement (in shares) | 2,530,770 | |||||
Private placement | $ 6,580,002 | $ 6,580,002 | ||||
Exercise of stock options (in shares) | 4,651,900 | 4,651,900 | ||||
Exercise of stock options | $ 4,314,924 | $ 4,314,924 | ||||
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 | 258,813 | 258,813 | ||||
Share issuance costs | (31,059) | (31,059) | ||||
Reclassification of contributed surplus on exercise of stock options | 3,196,919 | (3,196,919) | ||||
Stock-based compensation | 1,633,957 | 1,633,957 | ||||
Balance (in shares) at May. 31, 2019 | 111,462,845 | |||||
Balance at May. 31, 2019 | $ 97,726,772 | $ 11,467,753 | $ 1,382,223 | $ (101,127,931) | $ 9,448,817 | |
[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. 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: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH (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, 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 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 | 12 Months Ended |
May 31, 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 May 31, 2019, The business of mining and exploration involves a high degree of risk and there can be no no not These 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 May 31, 2019, $4,204,082 $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. April 2019, 615,000 615,000 $1.40 $861,000. June 5, 2019, 500,000 $1.80 $900,000 12a not 12 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 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 | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES Basis of presentation These consolidated financial statements are presented in Canadian dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”). Basis of consolidation These 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 Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“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. Significant judgments, estimates and assumptions The preparation of these financial statements in accordance with US GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting year. Actual outcomes could differ from these estimates. These financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and may Significant estimates Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting year, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not Significant judgments Critical accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments. The Company made the following critical accounting judgments: · The determination of deferred tax assets and liabilities. · The analysis of resource calculations, drill results, laboratory work, etc., which can impact the Company’s assessment of impairments, and provisions, if any, for environmental rehabilitation and restorations. · The determination of functional currency. using the currency of the primary economic environment in which each of the parent company and its subsidiaries operates. · The assessment of the Company’s ability to continue as a going concern. Cash and cash equivalents Cash equivalents include highly liquid investments in term deposits that are readily convertible to known amounts of cash with original maturities of three three 30 no Foreign currency translation The presentation currency of the Company is the Canadian dollar. The functional currency of each of the parent company and its subsidiaries is measured using the currency of the primary economic environment in which that entity operates. The functional currency of Corvus USA, Corvus Nevada, Raven Gold, SoN, and Mother Lode Mining Company LLC is US dollars, and for the Company the functional currency is Canadian dollars. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the Statement of Operations and Comprehensive Loss in the year in which they arise. Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income (loss) in the Statement of Operations and Comprehensive Loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income (loss). Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss. Parent and Subsidiary Companies The financial results and position of foreign operations whose functional currency is different from the presentation currency are translated as follows: · Assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; and · Income and expenses are translated at monthly average exchange rates during the year. Exchange differences arising on translation of foreign operations are transferred directly to the Group’s exchange difference on translating foreign operations in the Statement of Operations and Comprehensive Loss and are reported as a separate component of shareholders’ equity titled “Cumulative Translation Differences”. These differences are recognized in profit or loss in the year in which the operation is disposed of. Property and equipment a) Recognition and measurement On initial recognition, property and equipment are valued at cost, being the purchase price and directly attributable costs of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items. Property and equipment is subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. b) Subsequent costs The cost of replacing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefit embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred. c) Major maintenance and repairs Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenditures are charged to profit or loss during the financial year in which they are incurred. d) Gains and losses Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount, and are recognized net within other items in profit or loss. e) Depreciation Depreciation is recognized in profit or loss on a declining-balance basis at the following annual rates: Computer equipment - 30% Vehicles - 30% Tent - 20% Additions during the year are depreciated at one Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. Mineral properties and exploration and evaluation expenditures The Company’s mineral projects are currently in the exploration and evaluation phase. All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration costs are expensed as incurred. At such time that the Company determines that a mineral property can be economically developed, subsequent mineral property expenses will be capitalized during the development of such property. Impairment of long-lived assets The Company assesses long-lived assets for impairment or when facts and circumstances suggest that the carrying amount of an asset may not, not 50%. Asset retirement obligations The Company records a liability based on the best estimate of costs for site closure and reclamation activities that the Company is legally or contractually required to remediate at the time environmental disturbance occurs. The provision for closure and reclamation liabilities is estimated using expected cash flows based on engineering and environmental reports and accreted to full value over time through periodic charges to profit or loss. As at May 31, 2019, $419,286 309,000 2018 $366,641 283,000 Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not not Share capital The proceeds from the exercise of stock options, warrants and escrow shares are recorded as share capital in the amount for which the option, warrant or escrow share enabled the holder to purchase a share in the Company. Commissions paid to agents, and other related share issuance costs, such as legal, auditing, and printing, on the issue of the Company’s shares are charged directly to share capital. Valuation of equity units issued in private placements The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first The fair value of the common shares issued in the private placements was determined to be the more easily measurable component and were valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as contributed surplus. Upon exercise of the warrants, the related fair value is reallocated to share capital. Earnings (loss) per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the year. 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 year. 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 year ended May 31, 2019, 10,000,000 2018 9,861,900 not Stock-based compensation The Company follows the provisions of Financial Accounting Standards Board Accounting Standards Codification Section 718 Non-monetary transactions All non-monetary transactions are measured at the fair value of the asset surrendered or the asset received, whichever is more reliable, unless the transaction lacks commercial substance or the fair value cannot be reliably established. The commercial substance requirement is met when the future cash flows are expected to change significantly as a result of the transaction. When the fair value of a non-monetary transaction cannot be reliably measured, it is recorded at the carrying amount (after reduction, when appropriate, for impairment) of the asset given up adjusted by the fair value of any monetary consideration received or given. When the asset received or the consideration given up is shares in an actively traded market, the value of those shares will be considered fair value. Joint venture accounting Where the Company’s exploration and development activities are conducted with others, the accounts reflect only the Company’s proportionate interest in such activities. The Company currently is not Recently Issued Accounting Standards Updates A ccounting Standards Update No. 2018 13 820 August 2018, 3 December 15, 2019. January 1, 2020. no A ccounting Standards Update No. 2018 07 718 June 2018, 718 718 December 15, 2018. January 1, 2019. no A ccounting Standards Update No. 2018 02 220 February 2018, December 15, 2018. January 1, 2019. no A ccounting Standards Update No. 2016 02 842 February 2016, December 15, 2018. January 1, 2019. |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | 3. FAIR VALUE OF FINANCIAL INSTRUMENTS Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 Level 2 1 Level 3 not The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. A financial instrument is classified to the lowest level of the hierarchy for which a significant input has been considered in measuring fair value. The following table presents the financial instruments recorded at fair value, classified using the fair value hierarchy described above: May 31, 2019 Level 1 Cash and cash equivalents $ 4,145,085 May 31, 2018 Level 1 Cash and cash equivalents $ 2,610,541 |
Note 4 - Property and Equipment
Note 4 - Property and Equipment | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Property, Plant and Equipment Disclosure [Text Block] | 4. PROPERTY AND EQUIPMENT Computer Vehicles Tent Total Cost Balance, May 31, 2017 $ 78,341 $ 92,094 $ 67,500 $ 237,935 Additions 7,710 – – 7,710 Currency translation adjustments (2,432 ) (3,766 ) (2,760 ) (8,958 ) Balance, May 31, 2018 83,619 88,328 64,740 236,687 Additions 1,769 – – 1,769 Currency translation adjustments 2,728 3,949 2,895 9,572 Balance, May 31, 2019 $ 88,116 $ 92,277 $ 67,635 $ 248,028 Depreciation Balance, May 31, 2017 $ 53,544 $ 78,466 $ 36,396 $ 168,406 Depreciation for the year 8,312 3,849 5,859 18,020 Currency translation adjustments (1,712 ) (3,137 ) (1,380 ) (6,229 ) Balance, May 31, 2018 60,144 79,178 40,875 180,197 Depreciation for the year 7,391 2,802 4,876 15,069 Currency translation adjustments 2,202 3,605 1,939 7,746 Balance, May 31, 2019 $ 69,737 $ 85,585 $ 47,690 $ 203,012 Carrying amounts Balance, May 31, 2018 $ 23,475 $ 9,150 $ 23,865 $ 56,490 Balance, May 31, 2019 $ 18,379 $ 6,692 $ 19,945 $ 45,016 |
Note 5 - Mineral Properties
Note 5 - Mineral Properties | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Mineral Industries Disclosures [Text Block] | 5. MINERAL PROPERTIES The Company had the following activity related to capitalized acquisition costs: North Mother Lode Total (note 5a)) (note 5b)) Balance, May 31, 2017 $ 4,527,740 $ – $ 4,527,740 Acquisition costs Cash payments (note 5a)(ii)(1)) 38,384 – 38,384 Shares issued (note 5a)(ii)(1), 5b) and 6) 37,000 810,000 847,000 Asset retirement obligations 9,899 30,475 40,374 Currency translation adjustments (184,271 ) (30,438 ) (214,709 ) Balance, May 31, 2018 4,428,752 810,037 5,238,789 Acquisition costs Cash payments (note 5a)(ii)(1)) 47,318 – 47,318 Shares issued (note 5a)(ii)(1) and 6) 59,500 – 59,500 Asset retirement obligations 24,765 11,485 36,250 Currency translation adjustments 200,922 36,226 237,148 Balance, May 31, 2019 $ 4,761,257 $ 857,748 $ 5,619,005 The following table presents costs incurred for exploration and evaluation activities for the year ended May 31, 2019: North Mother Lode Total (note 5a)) (note 5b)) Exploration costs: Assay $ 14,839 $ 567,274 $ 582,113 Drilling 208,421 1,788,433 1,996,854 Equipment rental 33,173 66,780 99,953 Field costs 13,620 248,059 261,679 Geological/ Geophysical 83,972 650,424 734,396 Land maintenance & tenure 414,636 271,749 686,385 Permits 7,546 155,661 163,207 Studies 98,904 891,297 990,201 Travel 14,035 107,818 121,853 Total expenditures for the year $ 889,146 $ 4,747,495 $ 5,636,641 The following table presents costs incurred for exploration and evaluation activities for the year ended May 31, 2018: North Mother Lode Total (note 5a)) (note 5b)) Exploration costs: Assay $ 44,703 $ 742,751 $ 787,454 Drilling (3,265 ) 1,885,504 1,882,239 Equipment rental 15,698 89,965 105,663 Field costs 33,310 315,406 348,716 Geological/ Geophysical 80,771 658,575 739,346 Land maintenance & tenure 337,695 144,985 482,680 Permits 9,036 113,246 122,282 Studies 478,904 270,754 749,658 Travel 10,245 104,897 115,142 Total expenditures for the year $ 1,007,097 $ 4,326,083 $ 5,333,180 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, six 33 ten The Company is required to pay annual advance minimum royalty payments (recoupable from production royalties) for as long as there are mining activities continuing on the claims or contiguous claims held by the Company. The required annual advance minimum royalty payments are: ¤ 39,800 ¤ 17,700 The lessor is entitled to receive a separate NSR royalty related to all production from the leased property of the various individual leases which may ¤ a 4% may 1,250,000 1% 5,000,000 ¤ a 2% may 1,000,000 1% 2,000,000 ¤ a 3% may 850,000 1% 2,550,000 ¤ a 3% may 770,000 1% 2,310,000 ¤ a 4% may 1,000,000 1% 4,000,000 ¤ a 2% may 1,000,000 1% 2,000,000 ¤ a 2% may 1,000,000 1% 2,000,000 The various NSR royalties above relate only to the property covered by each specific lease and are not The Company has an option to purchase a property related to twelve 1,000,000 4% may 1,250,000 1% 5,000,000 (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 January 15, 2016 November 22, 2017, ten ¤ Lease Payments 10,000 50,000 10,000 November 15, 2018 50,000 $34,116 November 6, 2018). ¤ Anti-Dilution: March 2015, 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 30,000 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 6 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 $419,286 309,000 May 31, 2018 - 366,641 283,000 not |
Note 6 - Share Capital
Note 6 - Share Capital | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | 6. SHARE CAPITAL Authorized Unlimited common shares without par value. Share issuances During the year ended May 31, 2019: a) On June 7, 2018, 1,730,770 $2.60 $4,500,002. $14,605 b) On November 26, 2018, 25,000 5a 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 e) In April 2019, 615,000 615,000 $1.40 $861,000. During the year ended May 31, 2018: a) On June 9, 2017, 1,000,000 5b $810,000. $7,703 b) On July 6, 2017, 6,200,000 $0.75 $4,650,000. $14,788 c) On November 30, 2017, 25,000 5a 1 $37,000. d) An aggregate of 256,660 256,660 $169,863. e) On December 7, 2017, 2,829,130 $1.15 $3,253,499, 1,574,803 $1.27 $2,000,000. $84,857 Stock options Stock options awarded to employees and non-employees by the Company are measured and recognized in the 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 5 5 may 2010 A summary of the status of the stock option plan as of May 31, 2019, 2018, 2019 2018 Number of Weighted Number of Weighted Balance, beginning of the year 9,861,900 $ 0.85 8,846,900 $ 0.87 Granted 4,920,000 2.06 1,840,000 0.77 Exercised (4,651,900 ) (0.93 ) (256,660 ) (0.66 ) Forfeited (130,000 ) (1.81 ) (568,340 ) (0.93 ) Balance, end of the year 10,000,000 $ 1.40 9,861,900 $ 0.85 The weighted average remaining contractual life of options outstanding at May 31, 2019 3.25 2018 1.74 Stock options outstanding are as follows: 2019 2018 Expiry Date Exercise Number of Exercisable End 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 $ 1.40 635,000 635,000 $ 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 4,420,000 – $ – – – April 9, 2024 $ 2.04 400,000 – $ – – – 10,000,000 3,952,720 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 years. The fair value of options granted was $7,442,708 2018 $951,067 For the year ended May 31, 2019 2018 Risk-free interest rate 2.22 % 1.65 % Expected life of options (in years) 5 5 Annualized volatility 73.88 % 79.14 % Dividend yield 0 % 0 % Exercise price $ 2.06 $ 0.77 Fair value per share $ 1.51 $ 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 year ended May 31, 2019 2018 Consulting fees $ 728,748 $ 306,510 Exploration expenditures – Geological/geophysical 140,318 55,464 Investor relations 218,853 92,351 Professional fees 12,051 7,332 Wages and benefits 533,987 211,576 $ 1,633,957 $ 673,233 |
Note 7 - Related Party Transact
Note 7 - Related Party Transactions | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | 7. RELATED PARTY TRANSACTIONS The Company entered into the following transactions with related parties: For the year ended May 31, 2019 2018 Consulting fees to CFO $ 130,000 $ 124,167 Wages and benefits to CEO and COO 995,974 880,520 Directors fees (included in consulting fees) 155,219 154,000 Stock-based compensation to related parties 1,147,341 494,777 $ 2,428,534 $ 1,653,464 As at May 31, 2019, $12,810 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 8 - Geographic Segmented I
Note 8 - Geographic Segmented Information | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 8. GEOGRAPHIC SEGMENTED INFORMATION The Company operates in one two Canada United States Total May 31, 2019 Capitalized acquisition costs $ – $ 5,619,005 $ 5,619,005 Property and equipment $ 7,840 $ 37,176 $ 45,016 May 31, 2018 Capitalized acquisition costs $ – $ 5,238,789 $ 5,238,789 Property and equipment $ 11,200 $ 45,290 $ 56,490 For the year ended May 31, 2019 2018 Net loss for the year – Canada $ (3,770,719 ) $ (2,552,140 ) Net loss for the year – United States (7,087,286 ) (6,746,023 ) Net loss for the year $ (10,858,005 ) $ (9,298,163 ) |
Note 9 - Subsidiaries
Note 9 - Subsidiaries | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Subsidiaries [Text Block] | 9. SUBSIDIARIES Significant subsidiaries for the years ended May 31, 2019 2018 Country of Incorporation Principal The Company’s The Company’s 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 10 - Supplemental Cash Flo
Note 10 - Supplemental Cash Flow Information | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Cash Flow, Supplemental Disclosures [Text Block] | 10. SUPPLEMENTAL CASH FLOW INFORMATION For the year ended May 31, 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 Change in asset retirement obligations included in capitalized acquisition costs $ 36,250 $ 40,374 Reclassification of contributed surplus on exercise of stock options $ 3,196,919 $ 123,302 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 11. INCOME TAXES A reconciliation of income taxes at statutory rates with the reported taxes is as follows for the years ended May 31: 2019 2018 Loss before income taxes $ (10,858,005 ) $ (9,298,163 ) Statutory Canadian corporate tax rate 26.42 % 26.42 % Income tax recovery at statutory rates $ (2,868,322 ) $ (2,456,264 ) Stock-based compensation 431,637 177,846 Effect of tax rate change (12,432 ) (109,857 ) Difference in tax rates in other jurisdictions (549,814 ) (522,120 ) Tax benefits not realized 2,998,931 2,910,395 Income tax recovery $ – $ – The significant components of the Company’s deferred income tax assets and liabilities are as follows: 2019 2018 Deferred income tax assets (liabilities) Mineral properties $ 21,333,000 $ 18,619,000 Property and equipment 12,000 42,000 Share issuance costs 27,000 40,000 Non-capital losses available for future periods 9,763,000 8,378,000 31,135,000 27,079,000 Valuation allowance (31,135,000 ) (27,079,000 ) Net deferred tax assets $ – $ – At May 31, 2019, $13,583,000 $17,930,000 not Canada United States 2029 $ – $ 1,293,000 2030 – 2,000 2031 379,000 192,000 2032 1,089,000 1,646,000 2033 1,443,000 2,173,000 2034 1,733,000 4,233,000 2035 1,806,000 1,967,000 2036 1,354,000 1,940,000 2037 1,624,000 1,342,000 2038 1,949,000 1,538,000 2039 2,206,000 1,604,000 $ 13,583,000 $ 17,930,000 In addition, the Company has available mineral resource expenses that are related to the Company’s exploration activities in the United States of approximately $67,679,000 $333,000, may may not |
Note 12 - Subsequent Event
Note 12 - Subsequent Event | 12 Months Ended |
May 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | 12. SUBSEQUENT EVENT a) On May 21, 2019, $900,000 $350,000. On June 5, 2019, 500,000 $1.80 $900,000. On June 7, 2019, four $350,000. · Chisna project 1% · LMS project 3% · Goodpaster District 1% · West Pogo project 2% 1% b) On June 13, 2019, 1,115,000 June 13, 2024 $2.18 33.3% June 13, 2020, 33.3% June 13, 2021, 33.4% June 13, 2022. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
May 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Accounting, Policy [Policy Text Block] | Basis of presentation These consolidated financial statements are presented in Canadian dollars and have been prepared in accordance with generally accepted accounting principles in the United States (“US GAAP”). |
Consolidation, Policy [Policy Text Block] | Basis of consolidation These 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 Gold Nevada Inc. (“Corvus Nevada”) (a Nevada corporation), Raven Gold Alaska Inc. (“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. |
Use of Estimates, Policy [Policy Text Block] | Significant judgments, estimates and assumptions The preparation of these financial statements in accordance with US GAAP requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting year. Actual outcomes could differ from these estimates. These financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and may Significant estimates Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting year, that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not Significant judgments Critical accounting judgments are accounting policies that have been identified as being complex or involving subjective judgments or assessments. The Company made the following critical accounting judgments: · The determination of deferred tax assets and liabilities. · The analysis of resource calculations, drill results, laboratory work, etc., which can impact the Company’s assessment of impairments, and provisions, if any, for environmental rehabilitation and restorations. · The determination of functional currency. using the currency of the primary economic environment in which each of the parent company and its subsidiaries operates. · The assessment of the Company’s ability to continue as a going concern. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and cash equivalents Cash equivalents include highly liquid investments in term deposits that are readily convertible to known amounts of cash with original maturities of three three 30 no |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation The presentation currency of the Company is the Canadian dollar. The functional currency of each of the parent company and its subsidiaries is measured using the currency of the primary economic environment in which that entity operates. The functional currency of Corvus USA, Corvus Nevada, Raven Gold, SoN, and Mother Lode Mining Company LLC is US dollars, and for the Company the functional currency is Canadian dollars. Transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the Statement of Operations and Comprehensive Loss in the year in which they arise. Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income (loss) in the Statement of Operations and Comprehensive Loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income (loss). Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss. Parent and Subsidiary Companies The financial results and position of foreign operations whose functional currency is different from the presentation currency are translated as follows: · Assets and liabilities are translated at year-end exchange rates prevailing at that reporting date; and · Income and expenses are translated at monthly average exchange rates during the year. Exchange differences arising on translation of foreign operations are transferred directly to the Group’s exchange difference on translating foreign operations in the Statement of Operations and Comprehensive Loss and are reported as a separate component of shareholders’ equity titled “Cumulative Translation Differences”. These differences are recognized in profit or loss in the year in which the operation is disposed of. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment a) Recognition and measurement On initial recognition, property and equipment are valued at cost, being the purchase price and directly attributable costs of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items. Property and equipment is subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not When parts of an item of property and equipment have different useful lives, they are accounted for as separate items (major components) of property and equipment. b) Subsequent costs The cost of replacing part of an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefit embodied within the part will flow to the Company and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred. c) Major maintenance and repairs Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance expenditures are charged to profit or loss during the financial year in which they are incurred. d) Gains and losses Gains and losses on disposal of an item of property and equipment are determined by comparing the proceeds from disposal with the carrying amount, and are recognized net within other items in profit or loss. e) Depreciation Depreciation is recognized in profit or loss on a declining-balance basis at the following annual rates: Computer equipment - 30% Vehicles - 30% Tent - 20% Additions during the year are depreciated at one Depreciation methods, useful lives and residual values are reviewed at each financial year-end and adjusted if appropriate. |
Capitalization of Internal Costs, Policy [Policy Text Block] | Mineral properties and exploration and evaluation expenditures The Company’s mineral projects are currently in the exploration and evaluation phase. All direct costs related to the acquisition of mineral property interests are capitalized. Mineral property exploration costs are expensed as incurred. At such time that the Company determines that a mineral property can be economically developed, subsequent mineral property expenses will be capitalized during the development of such property. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of long-lived assets The Company assesses long-lived assets for impairment or when facts and circumstances suggest that the carrying amount of an asset may not, not 50%. |
Asset Retirement Obligation [Policy Text Block] | Asset retirement obligations The Company records a liability based on the best estimate of costs for site closure and reclamation activities that the Company is legally or contractually required to remediate at the time environmental disturbance occurs. The provision for closure and reclamation liabilities is estimated using expected cash flows based on engineering and environmental reports and accreted to full value over time through periodic charges to profit or loss. As at May 31, 2019, $419,286 309,000 2018 $366,641 283,000 |
Income Tax, Policy [Policy Text Block] | Income taxes The Company accounts for income taxes under the asset and liability method. Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method, the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not not |
Share Capital [Policy Text Block] | Share capital The proceeds from the exercise of stock options, warrants and escrow shares are recorded as share capital in the amount for which the option, warrant or escrow share enabled the holder to purchase a share in the Company. Commissions paid to agents, and other related share issuance costs, such as legal, auditing, and printing, on the issue of the Company’s shares are charged directly to share capital. |
Equity Method Investments Issuances, Policy [Policy Text Block] | Valuation of equity units issued in private placements The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first The fair value of the common shares issued in the private placements was determined to be the more easily measurable component and were valued at their fair value, as determined by the closing quoted bid price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as contributed surplus. Upon exercise of the warrants, the related fair value is reallocated to share capital. |
Earnings Per Share, Policy [Policy Text Block] | Earnings (loss) per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the year. 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 year. 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 year ended May 31, 2019, 10,000,000 2018 9,861,900 not |
Share-based Payment Arrangement [Policy Text Block] | Stock-based compensation The Company follows the provisions of Financial Accounting Standards Board Accounting Standards Codification Section 718 |
Non-monetary Transactions [Policy Text Block] | Non-monetary transactions All non-monetary transactions are measured at the fair value of the asset surrendered or the asset received, whichever is more reliable, unless the transaction lacks commercial substance or the fair value cannot be reliably established. The commercial substance requirement is met when the future cash flows are expected to change significantly as a result of the transaction. When the fair value of a non-monetary transaction cannot be reliably measured, it is recorded at the carrying amount (after reduction, when appropriate, for impairment) of the asset given up adjusted by the fair value of any monetary consideration received or given. When the asset received or the consideration given up is shares in an actively traded market, the value of those shares will be considered fair value. |
Interest in Unincorporated Joint Ventures or Partnerships, Policy [Policy Text Block] | Joint venture accounting Where the Company’s exploration and development activities are conducted with others, the accounts reflect only the Company’s proportionate interest in such activities. The Company currently is not |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Issued Accounting Standards Updates A ccounting Standards Update No. 2018 13 820 August 2018, 3 December 15, 2019. January 1, 2020. no A ccounting Standards Update No. 2018 07 718 June 2018, 718 718 December 15, 2018. January 1, 2019. no A ccounting Standards Update No. 2018 02 220 February 2018, December 15, 2018. January 1, 2019. no A ccounting Standards Update No. 2016 02 842 February 2016, December 15, 2018. January 1, 2019. |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | May 31, 2019 Level 1 Cash and cash equivalents $ 4,145,085 May 31, 2018 Level 1 Cash and cash equivalents $ 2,610,541 |
Note 4 - Property and Equipme_2
Note 4 - Property and Equipment (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Property, Plant and Equipment [Table Text Block] | Computer Vehicles Tent Total Cost Balance, May 31, 2017 $ 78,341 $ 92,094 $ 67,500 $ 237,935 Additions 7,710 – – 7,710 Currency translation adjustments (2,432 ) (3,766 ) (2,760 ) (8,958 ) Balance, May 31, 2018 83,619 88,328 64,740 236,687 Additions 1,769 – – 1,769 Currency translation adjustments 2,728 3,949 2,895 9,572 Balance, May 31, 2019 $ 88,116 $ 92,277 $ 67,635 $ 248,028 Depreciation Balance, May 31, 2017 $ 53,544 $ 78,466 $ 36,396 $ 168,406 Depreciation for the year 8,312 3,849 5,859 18,020 Currency translation adjustments (1,712 ) (3,137 ) (1,380 ) (6,229 ) Balance, May 31, 2018 60,144 79,178 40,875 180,197 Depreciation for the year 7,391 2,802 4,876 15,069 Currency translation adjustments 2,202 3,605 1,939 7,746 Balance, May 31, 2019 $ 69,737 $ 85,585 $ 47,690 $ 203,012 Carrying amounts Balance, May 31, 2018 $ 23,475 $ 9,150 $ 23,865 $ 56,490 Balance, May 31, 2019 $ 18,379 $ 6,692 $ 19,945 $ 45,016 |
Note 5 - Mineral Properties (Ta
Note 5 - Mineral Properties (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Capitalized Costs Relating to Acquisition Activities Disclosure [Table Text Block] | North Mother Lode Total (note 5a)) (note 5b)) Balance, May 31, 2017 $ 4,527,740 $ – $ 4,527,740 Acquisition costs Cash payments (note 5a)(ii)(1)) 38,384 – 38,384 Shares issued (note 5a)(ii)(1), 5b) and 6) 37,000 810,000 847,000 Asset retirement obligations 9,899 30,475 40,374 Currency translation adjustments (184,271 ) (30,438 ) (214,709 ) Balance, May 31, 2018 4,428,752 810,037 5,238,789 Acquisition costs Cash payments (note 5a)(ii)(1)) 47,318 – 47,318 Shares issued (note 5a)(ii)(1) and 6) 59,500 – 59,500 Asset retirement obligations 24,765 11,485 36,250 Currency translation adjustments 200,922 36,226 237,148 Balance, May 31, 2019 $ 4,761,257 $ 857,748 $ 5,619,005 |
Cost Incurred in Acquisition Exploration and Evaluation Activities Disclosure [Table Text Block] | North Mother Lode Total (note 5a)) (note 5b)) Exploration costs: Assay $ 14,839 $ 567,274 $ 582,113 Drilling 208,421 1,788,433 1,996,854 Equipment rental 33,173 66,780 99,953 Field costs 13,620 248,059 261,679 Geological/ Geophysical 83,972 650,424 734,396 Land maintenance & tenure 414,636 271,749 686,385 Permits 7,546 155,661 163,207 Studies 98,904 891,297 990,201 Travel 14,035 107,818 121,853 Total expenditures for the year $ 889,146 $ 4,747,495 $ 5,636,641 North Mother Lode Total (note 5a)) (note 5b)) Exploration costs: Assay $ 44,703 $ 742,751 $ 787,454 Drilling (3,265 ) 1,885,504 1,882,239 Equipment rental 15,698 89,965 105,663 Field costs 33,310 315,406 348,716 Geological/ Geophysical 80,771 658,575 739,346 Land maintenance & tenure 337,695 144,985 482,680 Permits 9,036 113,246 122,282 Studies 478,904 270,754 749,658 Travel 10,245 104,897 115,142 Total expenditures for the year $ 1,007,097 $ 4,326,083 $ 5,333,180 |
Note 6 - Share Capital (Tables)
Note 6 - Share Capital (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | 2019 2018 Number of Weighted Number of Weighted Balance, beginning of the year 9,861,900 $ 0.85 8,846,900 $ 0.87 Granted 4,920,000 2.06 1,840,000 0.77 Exercised (4,651,900 ) (0.93 ) (256,660 ) (0.66 ) Forfeited (130,000 ) (1.81 ) (568,340 ) (0.93 ) Balance, end of the year 10,000,000 $ 1.40 9,861,900 $ 0.85 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | 2019 2018 Expiry Date Exercise Number of Exercisable End 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 $ 1.40 635,000 635,000 $ 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 4,420,000 – $ – – – April 9, 2024 $ 2.04 400,000 – $ – – – 10,000,000 3,952,720 9,861,900 7,659,510 |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | For the year ended May 31, 2019 2018 Risk-free interest rate 2.22 % 1.65 % Expected life of options (in years) 5 5 Annualized volatility 73.88 % 79.14 % Dividend yield 0 % 0 % Exercise price $ 2.06 $ 0.77 Fair value per share $ 1.51 $ 0.52 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | For the year ended May 31, 2019 2018 Consulting fees $ 728,748 $ 306,510 Exploration expenditures – Geological/geophysical 140,318 55,464 Investor relations 218,853 92,351 Professional fees 12,051 7,332 Wages and benefits 533,987 211,576 $ 1,633,957 $ 673,233 |
Note 7 - Related Party Transa_2
Note 7 - Related Party Transactions (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Related Party Transactions [Table Text Block] | For the year ended May 31, 2019 2018 Consulting fees to CFO $ 130,000 $ 124,167 Wages and benefits to CEO and COO 995,974 880,520 Directors fees (included in consulting fees) 155,219 154,000 Stock-based compensation to related parties 1,147,341 494,777 $ 2,428,534 $ 1,653,464 |
Note 8 - Geographic Segmented_2
Note 8 - Geographic Segmented Information (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Long-lived Assets by Geographic Areas [Table Text Block] | Canada United States Total May 31, 2019 Capitalized acquisition costs $ – $ 5,619,005 $ 5,619,005 Property and equipment $ 7,840 $ 37,176 $ 45,016 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 year ended May 31, 2019 2018 Net loss for the year – Canada $ (3,770,719 ) $ (2,552,140 ) Net loss for the year – United States (7,087,286 ) (6,746,023 ) Net loss for the year $ (10,858,005 ) $ (9,298,163 ) |
Note 9 - Subsidiaries (Tables)
Note 9 - Subsidiaries (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Significant Subsidiaries [Table Text Block] | Country of Incorporation Principal The Company’s The Company’s 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 10 - Supplemental Cash F_2
Note 10 - Supplemental Cash Flow Information (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | For the year ended May 31, 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 Change in asset retirement obligations included in capitalized acquisition costs $ 36,250 $ 40,374 Reclassification of contributed surplus on exercise of stock options $ 3,196,919 $ 123,302 |
Note 11 - Income Taxes (Tables)
Note 11 - Income Taxes (Tables) | 12 Months Ended |
May 31, 2019 | |
Notes Tables | |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2019 2018 Loss before income taxes $ (10,858,005 ) $ (9,298,163 ) Statutory Canadian corporate tax rate 26.42 % 26.42 % Income tax recovery at statutory rates $ (2,868,322 ) $ (2,456,264 ) Stock-based compensation 431,637 177,846 Effect of tax rate change (12,432 ) (109,857 ) Difference in tax rates in other jurisdictions (549,814 ) (522,120 ) Tax benefits not realized 2,998,931 2,910,395 Income tax recovery $ – $ – |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | 2019 2018 Deferred income tax assets (liabilities) Mineral properties $ 21,333,000 $ 18,619,000 Property and equipment 12,000 42,000 Share issuance costs 27,000 40,000 Non-capital losses available for future periods 9,763,000 8,378,000 31,135,000 27,079,000 Valuation allowance (31,135,000 ) (27,079,000 ) Net deferred tax assets $ – $ – |
Summary of Tax Credit Carryforwards [Table Text Block] | Canada United States 2029 $ – $ 1,293,000 2030 – 2,000 2031 379,000 192,000 2032 1,089,000 1,646,000 2033 1,443,000 2,173,000 2034 1,733,000 4,233,000 2035 1,806,000 1,967,000 2036 1,354,000 1,940,000 2037 1,624,000 1,342,000 2038 1,949,000 1,538,000 2039 2,206,000 1,604,000 $ 13,583,000 $ 17,930,000 |
Note 1 - Nature and Continuan_2
Note 1 - Nature and Continuance of Operations (Details Textual) - CAD ($) | Jun. 05, 2019 | Dec. 20, 2018 | Jun. 07, 2018 | Jul. 06, 2017 | Apr. 30, 2019 | Nov. 30, 2018 | May 31, 2019 | May 31, 2018 |
Working Capital | $ 4,204,082 | $ 2,562,047 | ||||||
Proceeds from Issuance of Private Placement | $ 2,080,000 | $ 4,500,002 | $ 4,650,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 615,000 | 4,036,900 | 4,651,900 | 256,660 | ||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Exercises in Period, Weighted Average Exercise Price | $ 1.40 | $ 0.86 | $ 0.93 | $ 0.66 | ||||
Proceeds from Stock Options Exercised | $ 861,000 | $ 3,453,924 | $ 169,863 | |||||
Private Placement [Member] | ||||||||
Stock Issued During Period, Shares, New Issues | 500,000 | 800,000 | 1,730,770 | 6,200,000 | ||||
Shares Issued, Price Per Share | $ 1.80 | $ 2.60 | $ 2.60 | |||||
Proceeds from Issuance of Private Placement | $ 900,000 | $ 2,080,000 | $ 4,500,002 |
Note 2 - Significant Accounti_2
Note 2 - Significant Accounting Policies (Details Textual) | 12 Months Ended | |||
May 31, 2019USD ($)shares | May 31, 2018USD ($)shares | May 31, 2019CAD ($) | May 31, 2018CAD ($) | |
Asset Retirement Obligations, Noncurrent, Total | $ 309,000 | $ 283,000 | $ 419,286 | $ 366,641 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 10,000,000 | 9,861,900 | ||
Computer Equipment [Member] | ||||
Property, Plant and Equipment, Depreciation Methods | 30% | |||
Vehicles [Member] | ||||
Property, Plant and Equipment, Depreciation Methods | 30% | |||
Tent [Member] | ||||
Property, Plant and Equipment, Depreciation Methods | 20% |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments - Financial Instruments Recorded at Fair Value (Details) - CAD ($) | May 31, 2019 | May 31, 2018 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash and cash equivalents | $ 4,145,085 | $ 2,610,541 |
Note 4 - Property and Equipme_3
Note 4 - Property and Equipment - Property and Equipment (Details) - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Cost, Balance | $ 236,687 | $ 237,935 |
Additions | 1,769 | 7,710 |
Currency translation adjustments | 9,572 | (8,958) |
Cost, Balance | 248,028 | 236,687 |
Accumulated depreciation, Balance | 180,197 | 168,406 |
Depreciation | 15,069 | 18,020 |
Currency translation adjustments | 7,746 | (6,229) |
Accumulated depreciation, Balance | 203,012 | 180,197 |
Carrying amounts | 45,016 | 56,490 |
Computer Equipment [Member] | ||
Cost, Balance | 83,619 | 78,341 |
Additions | 1,769 | 7,710 |
Currency translation adjustments | 2,728 | (2,432) |
Cost, Balance | 88,116 | 83,619 |
Accumulated depreciation, Balance | 60,144 | 53,544 |
Depreciation | 7,391 | 8,312 |
Currency translation adjustments | 2,202 | (1,712) |
Accumulated depreciation, Balance | 69,737 | 60,144 |
Carrying amounts | 18,379 | 23,475 |
Vehicles [Member] | ||
Cost, Balance | 88,328 | 92,094 |
Additions | ||
Currency translation adjustments | 3,949 | (3,766) |
Cost, Balance | 92,277 | 88,328 |
Accumulated depreciation, Balance | 79,178 | 78,466 |
Depreciation | 2,802 | 3,849 |
Currency translation adjustments | 3,605 | (3,137) |
Accumulated depreciation, Balance | 85,585 | 79,178 |
Carrying amounts | 6,692 | 9,150 |
Tent [Member] | ||
Cost, Balance | 64,740 | 67,500 |
Additions | ||
Currency translation adjustments | 2,895 | (2,760) |
Cost, Balance | 67,635 | 64,740 |
Accumulated depreciation, Balance | 40,875 | 36,396 |
Depreciation | 4,876 | 5,859 |
Currency translation adjustments | 1,939 | (1,380) |
Accumulated depreciation, Balance | 47,690 | 40,875 |
Carrying amounts | $ 19,945 | $ 23,865 |
Note 5 - Mineral Properties (De
Note 5 - Mineral Properties (Details Textual) $ / shares in Units, T in Millions | Nov. 26, 2018shares | Nov. 15, 2018USD ($) | Nov. 15, 2018CAD ($) | Nov. 06, 2018shares | Nov. 30, 2017shares | Jun. 09, 2017$ / sharesshares | Mar. 30, 2015USD ($) | Mar. 28, 2013USD ($)T | Mar. 01, 2011USD ($) | Oct. 09, 2009USD ($) | Dec. 01, 2007USD ($) | Dec. 31, 2013USD ($)a | Dec. 31, 2013CAD ($)a | May 31, 2019CAD ($) | May 31, 2018CAD ($) | Dec. 31, 2014shares | May 31, 2013USD ($) | May 31, 2013CAD ($) | May 31, 2019USD ($) | May 31, 2019CAD ($) | Mar. 31, 2019USD ($) | Mar. 01, 2019USD ($) | May 31, 2018USD ($) | May 31, 2018CAD ($) | May 29, 2014USD ($) | May 31, 2013CAD ($) | Oct. 27, 2008USD ($) | Jun. 16, 2006USD ($) | May 22, 2006USD ($) | May 16, 2006USD ($) | May 08, 2006USD ($) | |
Payments to Acquire Mineral Rights | [1] | $ 47,318 | $ 38,384 | |||||||||||||||||||||||||||||
Asset Retirement Obligations, Noncurrent, Total | $ 309,000 | $ 419,286 | $ 283,000 | $ 366,641 | ||||||||||||||||||||||||||||
North Bullfrog [Member] | ||||||||||||||||||||||||||||||||
Unpatented Mineral Claims | 100.00% | |||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments, Remainder of Fiscal Year | $ 39,800 | |||||||||||||||||||||||||||||||
Capital Leases, Future Minimum Payments Due Thereafter | $ 17,700 | |||||||||||||||||||||||||||||||
Number of Patented Mining Claims, Available to Purchase | 12 | |||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | [1],[2] | $ 47,318 | 38,384 | |||||||||||||||||||||||||||||
Land Subject to Ground Leases | a | 1,600 | 1,600 | ||||||||||||||||||||||||||||||
North Bullfrog [Member] | Nevada Corporation [Member] | ||||||||||||||||||||||||||||||||
Net Smelter Return, Royalty Percentage of Production | 3.00% | 3.00% | ||||||||||||||||||||||||||||||
Purchase Price of Each 1% NSR Royalty | $ 770,000 | $ 850,000 | ||||||||||||||||||||||||||||||
Purchase Price of NSR Royalty | $ 2,310,000 | $ 2,550,000 | ||||||||||||||||||||||||||||||
North Bullfrog [Member] | Redstar Gold Corp. [Member] | ||||||||||||||||||||||||||||||||
Number of Leases | 6 | |||||||||||||||||||||||||||||||
Number of Patented Mining Claims Leased | 33 | |||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract | 10 years | |||||||||||||||||||||||||||||||
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 | |||||||||||||||||||||||||||
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 | ||||||||||||||||||||||||||||||
Mining Lease Agreement Term of Contract, Extension Term | 10 years | 10 years | ||||||||||||||||||||||||||||||
Lease Payment for Patended Mining Claims Upon Extend Lease | $ 10,000 | |||||||||||||||||||||||||||||||
Lease Payment for Patented Mining Claims Lease | $ 10,000 | |||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 25,000 | |||||||||||||||||||||||||||||||
Cash Payment Along with Shares Issued as Lease Payment | $ 34,116 | |||||||||||||||||||||||||||||||
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% | |||||||||||||||||||||||||||||||
Advance Royalties Payment | $ 5,000 | $ 5,000 | $ 30,000 | |||||||||||||||||||||||||||||
Patented Mining Claims, Agreed to Purchase | 5 | |||||||||||||||||||||||||||||||
Purchase Agreement Payable | $ 160,000 | |||||||||||||||||||||||||||||||
Price Per Ton Of Overburden to be Stored On Property | 0.02 | |||||||||||||||||||||||||||||||
Minimum Storage Capacity of Property | T | 12 | |||||||||||||||||||||||||||||||
Notes Payable, Total | $ 240,000 | $ 240,000 | $ 248,832 | |||||||||||||||||||||||||||||
Acquisition Costs, Period Cost | $ 400,000 | $ 406,240 | ||||||||||||||||||||||||||||||
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 | 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 Upon Extend Lease | shares | 50,000 | |||||||||||||||||||||||||||||||
Lease Payments Common Shares Issued | shares | 50,000 | |||||||||||||||||||||||||||||||
Land and Water Rights [Member] | ||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | $ 1,034,626 | $ 1,100,118 | ||||||||||||||||||||||||||||||
Mother Lode Property [Member] | ||||||||||||||||||||||||||||||||
Payments to Acquire Mineral Rights | [3] | |||||||||||||||||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | shares | 1,000,000 | |||||||||||||||||||||||||||||||
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 | 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 | 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. 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: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH (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, 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 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] | 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] | 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 $0.81 per common share to Goldcorp USA (note 6). The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce. |
Note 5 - Mineral Properties - A
Note 5 - Mineral Properties - Activity Related to Capitalized Acquisition Costs (Details) - CAD ($) | Jun. 09, 2017 | May 31, 2019 | May 31, 2018 | |||
Balance | $ 5,238,789 | $ 4,527,740 | ||||
Cash payments (note 5a)(ii)(1)) | [1] | 47,318 | 38,384 | |||
Share issued for capitalized acquisition costs | [1] | 59,500 | 847,000 | |||
Asset retirement obligations | 36,250 | 40,374 | ||||
Currency translation adjustments | 237,148 | (214,709) | ||||
Balance | 5,619,005 | 5,238,789 | ||||
North Bullfrog [Member] | ||||||
Balance | [2] | 4,428,752 | 4,527,740 | |||
Cash payments (note 5a)(ii)(1)) | [1],[2] | 47,318 | 38,384 | |||
Share issued for capitalized acquisition costs | [1],[2] | 59,500 | 37,000 | |||
Asset retirement obligations | [2] | 24,765 | 9,899 | |||
Currency translation adjustments | [2] | 200,922 | (184,271) | |||
Balance | [2] | 4,761,257 | 4,428,752 | |||
Mother Lode Property [Member] | ||||||
Balance | [3] | 810,037 | ||||
Cash payments (note 5a)(ii)(1)) | [3] | |||||
Share issued for capitalized acquisition costs | $ 810,000 | [3] | 810,000 | [3] | ||
Asset retirement obligations | [3] | 11,485 | 30,475 | |||
Currency translation adjustments | [3] | 36,226 | (30,438) | |||
Balance | [3] | $ 857,748 | $ 810,037 | |||
[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. 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: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH (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, 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 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] | 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] | 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 $0.81 per common share to Goldcorp USA (note 6). The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce. |
Note 5 - Mineral Properties - C
Note 5 - Mineral Properties - Costs Incurred for Exploration and Evaluation Activities (Details) - CAD ($) | 12 Months Ended | |||
May 31, 2019 | May 31, 2018 | |||
Exploration expenditures (notes 5 and 6) | $ 5,636,641 | $ 5,333,180 | ||
North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 889,146 | 1,007,097 | |
Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 4,747,495 | 4,326,083 | |
Assay [Member] | ||||
Exploration expenditures (notes 5 and 6) | 582,113 | 787,454 | [1] | |
Assay [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 14,839 | 44,703 | |
Assay [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 567,274 | 742,751 | |
Drilling [Member] | ||||
Exploration expenditures (notes 5 and 6) | 1,996,854 | 1,882,239 | ||
Drilling [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 208,421 | ||
Costs Recovered for Exploration and Evaluation Activities, Gross | [1] | (3,265) | ||
Drilling [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 1,788,433 | 1,885,504 | |
Equipment rental [Member] | ||||
Exploration expenditures (notes 5 and 6) | 99,953 | 105,663 | ||
Equipment rental [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 33,173 | 15,698 | |
Equipment rental [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 66,780 | 89,965 | |
Field Costs [Member] | ||||
Exploration expenditures (notes 5 and 6) | 261,679 | 348,716 | ||
Field Costs [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 13,620 | 33,310 | |
Field Costs [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 248,059 | 315,406 | |
Geological Geophysical [Member] | ||||
Exploration expenditures (notes 5 and 6) | 734,396 | 739,346 | ||
Geological Geophysical [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 83,972 | 80,771 | |
Geological Geophysical [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 650,424 | 658,575 | |
Land Maintenance and Tenure [Member] | ||||
Exploration expenditures (notes 5 and 6) | 686,385 | 482,680 | ||
Land Maintenance and Tenure [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 414,636 | 337,695 | |
Land Maintenance and Tenure [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 271,749 | 144,985 | |
Permits [Member] | ||||
Exploration expenditures (notes 5 and 6) | 163,207 | 122,282 | ||
Permits [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 7,546 | 9,036 | |
Permits [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 155,661 | 113,246 | |
Studies [Member] | ||||
Exploration expenditures (notes 5 and 6) | 990,201 | 749,658 | ||
Studies [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 98,904 | 478,904 | |
Studies [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | 891,297 | 270,754 | |
Travel [Member] | ||||
Exploration expenditures (notes 5 and 6) | 121,853 | 115,142 | ||
Travel [Member] | North Bullfrog [Member] | ||||
Exploration expenditures (notes 5 and 6) | [1] | 14,035 | 10,245 | |
Travel [Member] | Mother Lode Property [Member] | ||||
Exploration expenditures (notes 5 and 6) | [2] | $ 107,818 | $ 104,897 | |
[1] | 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] | 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 $0.81 per common share to Goldcorp USA (note 6). The Mother Lode Property is subject to an NSR in favour of Goldcorp USA. The NSR pays 1% from production at the Mother Lode Property when the price of gold is less than USD 1,400 per ounce and an additional 1% NSR for a total of 2% NSR when gold price is greater than or equal to USD 1,400 per ounce. |
Note 6 - Share Capital (Details
Note 6 - Share Capital (Details Textual) - CAD ($) | Jun. 05, 2019 | Dec. 20, 2018 | Nov. 26, 2018 | Jun. 07, 2018 | Dec. 07, 2017 | Nov. 30, 2017 | Jul. 06, 2017 | Jun. 09, 2017 | Apr. 30, 2019 | Nov. 30, 2018 | Nov. 30, 2018 | Feb. 28, 2019 | May 31, 2019 | May 31, 2018 | |||
Sale of Stock, Price Per Share | $ 1.40 | $ 0.86 | $ 0.86 | ||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,080,000 | $ 4,500,002 | $ 4,650,000 | ||||||||||||||
Payments of Stock Issuance Costs | $ 7,703 | $ 31,059 | $ 107,348 | ||||||||||||||
Stock Issued During Period, Value, Acquisitions | [1] | $ 59,500 | $ 847,000 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 615,000 | 4,036,900 | 4,651,900 | 256,660 | |||||||||||||
Proceeds from Stock Options Exercised | $ 861,000 | $ 3,453,924 | $ 169,863 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Remaining Contractual Term | 3 years 91 days | 1 year 270 days | |||||||||||||||
Share-based Payment Arrangement, Option [Member] | |||||||||||||||||
Shares Granted, Value, Share-based Payment Arrangement, before Forfeiture | $ 7,442,708 | $ 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 | 615,000 | 4,036,900 | 256,660 | ||||||||||||||
The 2010 Plan [Member] | Share-based Payment Arrangement, Option [Member] | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | ||||||||||||||||
The 2010 Plan [Member] | Share-based Payment Arrangement, 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],[2] | $ 59,500 | $ 37,000 | ||||||||||||||
North Bullfrog [Member] | Corvus Gold Nevada Inc. [Member] | |||||||||||||||||
Payments of Stock Issuance Costs | $ 6,212 | ||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 25,000 | 25,000 | |||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 59,500 | $ 37,000 | |||||||||||||||
Mother Lode Property [Member] | |||||||||||||||||
Stock Issued During Period, Shares, Acquisitions | 1,000,000 | ||||||||||||||||
Stock Issued During Period, Value, Acquisitions | $ 810,000 | [3] | $ 810,000 | [3] | |||||||||||||
Private Placement [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 500,000 | 800,000 | 1,730,770 | 6,200,000 | |||||||||||||
Sale of Stock, Price Per Share | $ 2.60 | $ 0.75 | |||||||||||||||
Proceeds from Issuance of Private Placement | $ 900,000 | $ 2,080,000 | $ 4,500,002 | ||||||||||||||
Payments of Stock Issuance Costs | $ 10,242 | $ 14,605 | $ 84,857 | $ 14,788 | |||||||||||||
Shares Issued, Price Per Share | $ 1.80 | $ 2.60 | $ 2.60 | ||||||||||||||
Private Placement 1 [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 2,829,130 | ||||||||||||||||
Proceeds from Issuance of Private Placement | $ 3,253,499 | ||||||||||||||||
Shares Issued, Price Per Share | $ 1.15 | ||||||||||||||||
Private Placement 2 [Member] | |||||||||||||||||
Stock Issued During Period, Shares, New Issues | 1,574,803 | ||||||||||||||||
Proceeds from Issuance of Private Placement | $ 2,000,000 | ||||||||||||||||
Shares Issued, Price Per Share | $ 1.27 | ||||||||||||||||
[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. 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: Corvus Nevada will pay USD 10,000 and deliver 50,000 common shares of ITH (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, 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 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] | 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] | 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 (note 6). 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 6 - Share Capital - Summar
Note 6 - Share Capital - Summary of the Status of the Stock Option Plan (Details) - $ / shares | 1 Months Ended | 12 Months Ended | ||
Apr. 30, 2019 | Nov. 30, 2018 | May 31, 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) | 4,920,000 | 1,840,000 | ||
Weighted Average Exercise Price, Granted (in CAD per share) | $ 2.06 | $ 0.77 | ||
Number of Options, Exercised (in shares) | (615,000) | (4,036,900) | (4,651,900) | (256,660) |
Weighted Average Exercise Price, Exercised (in CAD per share) | $ (1.40) | $ (0.86) | $ (0.93) | $ (0.66) |
Number of Options, Forfeited (in shares) | (130,000) | (568,340) | ||
Weighted Average Exercise Price, Forfeited (in CAD per share) | $ (1.81) | $ (0.93) | ||
Number of Options, Balance (in shares) | 10,000,000 | 9,861,900 | ||
Weighted Average Exercise Price, Balance (in CAD per share) | $ 1.40 | $ 0.85 |
Note 6 - Share Capital - Stock
Note 6 - Share Capital - Stock Options Outstanding (Details) - $ / shares | May 31, 2019 | May 31, 2018 | May 31, 2017 | |
Exercise Price (in CAD per share) | $ 1.40 | $ 0.85 | $ 0.87 | |
Number of Options (in shares) | 10,000,000 | 9,861,900 | 8,846,900 | |
Exercisable at Year- End (in shares) | 3,952,720 | 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) | 635,000 | 1,250,000 | ||
Exercisable at Year- End (in shares) | 635,000 | 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 Options, Expiring on November 19, 2023 [Member] | ||||
Exercise Price (in CAD per share) | $ 2.06 | |||
Number of Options (in shares) | 4,420,000 | |||
Exercisable at Year- End (in shares) | ||||
Employee Stock Option, Expiring on April 9, 2024 [Member] | ||||
Exercise Price (in CAD per share) | $ 2.04 | |||
Number of Options (in shares) | 400,000 | |||
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 6 - Share Capital - Valuat
Note 6 - Share Capital - Valuation Assumptions for Stock Options (Details) - Share-based Payment Arrangement, Option [Member] - $ / shares | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Risk-free interest rate | 2.22% | 1.65% |
Expected life of options (Year) | 5 years | 5 years |
Annualized volatility | 73.88% | 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) | $ 1.51 | $ 0.52 |
Note 6 - Share Capital - Alloca
Note 6 - Share Capital - Allocation of Stock-based Compensation Expenses (Details) - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Share-based Compensation | $ 1,633,957 | $ 673,233 |
Consulting fees [Member] | ||
Share-based Compensation | 728,748 | 306,510 |
Exploration expenditures - Geological/geophysical [Member] | ||
Share-based Compensation | 140,318 | 55,464 |
Investor relations [Member] | ||
Share-based Compensation | 218,853 | 92,351 |
Professional Fees [Member] | ||
Share-based Compensation | 12,051 | 7,332 |
Wages and Benefits [Member] | ||
Share-based Compensation | $ 533,987 | $ 211,576 |
Note 7 - Related Party Transa_3
Note 7 - Related Party Transactions (Details Textual) - CAD ($) | May 31, 2019 | May 31, 2018 |
Accounts Payable and Accrued Liabilities, Total | $ 12,810 | $ 15,537 |
Note 7 - Related Party Transa_4
Note 7 - Related Party Transactions - Transactions With Related Parties (Details) - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Consulting fees to CFO | $ 1,054,967 | $ 625,677 |
Share-based Compensation | 1,633,957 | 673,233 |
Management compensation | 2,428,534 | 1,653,464 |
Related Party Transaction [Member] | ||
Share-based Compensation | 1,147,341 | 494,777 |
Related Party Transaction [Member] | Chief Financial Officer [Member] | ||
Consulting fees to CFO | 130,000 | 124,167 |
Related Party Transaction [Member] | Chief Executive Officer [Member] | ||
Wages and benefits | 995,974 | 880,520 |
Related Party Transaction [Member] | Director [Member] | ||
Directors fees (included in consulting fees) | $ 155,219 | $ 154,000 |
Note 8 - Geographic Segmented_3
Note 8 - Geographic Segmented Information (Details Textual) | 12 Months Ended |
May 31, 2019 | |
Number of Operating Segments | 1 |
Number of Reportable Segments | 2 |
Note 8 - Geographic Segmented_4
Note 8 - Geographic Segmented Information - Long-lived Assets, by Geographical Areas (Details) - CAD ($) | May 31, 2019 | May 31, 2018 | May 31, 2017 |
Capitalized acquisition costs | $ 5,619,005 | $ 5,238,789 | $ 4,527,740 |
Property and equipment | 45,016 | 56,490 | |
Operating Segments [Member] | |||
Capitalized acquisition costs | 5,619,005 | 5,238,789 | |
Property and equipment | 45,016 | 56,490 | |
CANADA | Operating Segments [Member] | |||
Capitalized acquisition costs | 0 | 0 | |
Property and equipment | 7,840 | 11,200 | |
UNITED STATES | Operating Segments [Member] | |||
Capitalized acquisition costs | 5,619,005 | 5,238,789 | |
Property and equipment | $ 37,176 | $ 45,290 |
Note 8 - Geographic Segmented_5
Note 8 - Geographic Segmented Information - Net Income (Loss) by Geographic Areas (Details) - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Net loss for the year | $ (10,858,005) | $ (9,298,163) |
CANADA | ||
Net loss for the year | (3,770,719) | (2,552,140) |
UNITED STATES | ||
Net loss for the year | $ (7,087,286) | $ (6,746,023) |
Note 9 - Subsidiaries - Signifi
Note 9 - Subsidiaries - Significant Subsidiaries (Details) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Corvus Gold (USA) Inc. [Member] | ||
Principal Activity | Holding company | |
Effective Interest | 100.00% | 100.00% |
Raven Gold Alaska Inc. [Member] | ||
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Corvus Gold Nevada Inc. [Member] | ||
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
SoN Land and Water LLC [Member] | ||
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Mother Lode Mining Company LLC [Member] | ||
Principal Activity | Exploration company | |
Effective Interest | 100.00% | 100.00% |
Note 10 - Supplemental Cash F_3
Note 10 - Supplemental Cash Flow Information - Supplemental Cash Flow Information (Details) - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Interest paid | ||
Income taxes paid (received) | ||
Shares issued to acquire mineral properties | 59,500 | 847,000 |
Change in asset retirement obligations included in capitalized acquisition costs | 36,250 | 40,374 |
Reclassification of contributed surplus on exercise of stock options | $ 3,196,919 | $ 123,302 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) | May 31, 2019CAD ($) |
CANADA | |
Operating Loss Carryforwards, Total | $ 13,583,000 |
CANADA | Mineral, Exploration [Member] | |
Unrecognized Tax Benefits, Ending Balance | 333,000 |
UNITED STATES | |
Operating Loss Carryforwards, Total | 17,930,000 |
UNITED STATES | Mineral, Exploration [Member] | |
Unrecognized Tax Benefits, Ending Balance | $ 67,679,000 |
Note 11 - Income Taxes - Reconc
Note 11 - Income Taxes - Reconciliation of Income Taxes (Details) - CAD ($) | 12 Months Ended | |
May 31, 2019 | May 31, 2018 | |
Net loss for the year | $ (10,858,005) | $ (9,298,163) |
Statutory Canadian corporate tax rate | 26.42% | 26.42% |
Income tax recovery at statutory rates | $ (2,868,322) | $ (2,456,264) |
Stock-based compensation | 431,637 | 177,846 |
Effect of tax rate change | (12,432) | (109,857) |
Difference in tax rates in other jurisdictions | (549,814) | (522,120) |
Tax benefits not realized | 2,998,931 | 2,910,395 |
Income tax recovery | $ 0 | $ 0 |
Note 11 - Income Taxes - Compon
Note 11 - Income Taxes - Components of Deferred Income Tax Assets and Liabilities (Details) - CAD ($) | May 31, 2019 | May 31, 2018 |
Mineral properties | $ 21,333,000 | $ 18,619,000 |
Property and equipment | 12,000 | 42,000 |
Share issuance costs | 27,000 | 40,000 |
Non-capital losses available for future periods | 9,763,000 | 8,378,000 |
Deferred Tax Assets, Gross | 31,135,000 | 27,079,000 |
Valuation allowance | (31,135,000) | (27,079,000) |
Net deferred tax assets |
Note 11 - Income Taxes - Tax Cr
Note 11 - Income Taxes - Tax Credit Carryforwards (Details) | May 31, 2019CAD ($) |
CANADA | |
Tax Credit Carry-forward, Amount | $ 13,583,000 |
UNITED STATES | |
Tax Credit Carry-forward, Amount | 17,930,000 |
Tax Year 2029 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | |
Tax Year 2029 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 1,293,000 |
Tax Year 2030 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | |
Tax Year 2030 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 2,000 |
Tax Year 2031 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 379,000 |
Tax Year 2031 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 192,000 |
Tax Year 2032 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 1,089,000 |
Tax Year 2032 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 1,646,000 |
Tax Year 2033 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 1,443,000 |
Tax Year 2033 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 2,173,000 |
Tax Year 2034 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 1,733,000 |
Tax Year 2034 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 4,233,000 |
Tax Year 2035 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 1,806,000 |
Tax Year 2035 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 1,967,000 |
Tax Year 2036 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 1,354,000 |
Tax Year 2036 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 1,940,000 |
Tax Year 2037 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 1,624,000 |
Tax Year 2037 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 1,342,000 |
Tax Year 2038 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 1,949,000 |
Tax Year 2038 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | 1,538,000 |
Tax Year 2039 [Member] | CANADA | |
Tax Credit Carry-forward, Amount | 2,206,000 |
Tax Year 2039 [Member] | UNITED STATES | |
Tax Credit Carry-forward, Amount | $ 1,604,000 |
Note 12 - Subsequent Event (Det
Note 12 - Subsequent Event (Details Textual) - CAD ($) | Jun. 13, 2022 | Jun. 13, 2021 | Jun. 13, 2020 | Jun. 13, 2019 | Jun. 05, 2019 | Dec. 20, 2018 | Jun. 07, 2018 | Jul. 06, 2017 | Jun. 07, 2019 | Apr. 30, 2019 | Nov. 30, 2018 |
Sale of Stock, Price Per Share | $ 1.40 | $ 0.86 | |||||||||
Proceeds from Issuance of Private Placement | $ 2,080,000 | $ 4,500,002 | $ 4,650,000 | ||||||||
Officers, Directors, Consultants, and Employees [Member] | Share-based Payment Arrangement, Tranche One [Member] | Forecast [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | ||||||||||
Officers, Directors, Consultants, and Employees [Member] | Share-based Payment Arrangement, Tranche Two [Member] | Forecast [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.30% | ||||||||||
Officers, Directors, Consultants, and Employees [Member] | Share-based Payment Arrangement, Tranche Three [Member] | Forecast [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.40% | ||||||||||
Subsequent Event [Member] | Officers, Directors, Consultants, and Employees [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Net of Forfeitures, Total | 1,115,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Weighted Average Exercise Price | $ 2.18 | ||||||||||
Subsequent Event [Member] | West Pogo Project [Member] | |||||||||||
Net Smelter Return, Royalty Percentage of Production | 1.00% | ||||||||||
EMX Royalty Corporation [Member] | Subsequent Event [Member] | Corvus Gold Nevada Inc. [Member] | |||||||||||
Proceeds From Sale of Royalties | $ 350,000 | ||||||||||
EMX Royalty Corporation [Member] | Subsequent Event [Member] | Corvus Gold Nevada Inc. [Member] | Chisna Project [Member] | |||||||||||
Net Smelter Return, Royalty Percentage of Production | 1.00% | ||||||||||
EMX Royalty Corporation [Member] | Subsequent Event [Member] | Corvus Gold Nevada Inc. [Member] | LMS Project [Member] | |||||||||||
Net Smelter Return, Royalty Percentage of Production | 3.00% | ||||||||||
EMX Royalty Corporation [Member] | Subsequent Event [Member] | Corvus Gold Nevada Inc. [Member] | Goodpaster District [Member] | |||||||||||
Net Smelter Return, Royalty Percentage of Production | 1.00% | ||||||||||
EMX Royalty Corporation [Member] | Subsequent Event [Member] | Corvus Gold Nevada Inc. [Member] | West Pogo Project [Member] | |||||||||||
Net Smelter Return, Royalty Percentage of Production | 2.00% | ||||||||||
Private Placement [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 500,000 | 800,000 | 1,730,770 | 6,200,000 | |||||||
Sale of Stock, Price Per Share | $ 2.60 | $ 0.75 | |||||||||
Proceeds from Issuance of Private Placement | $ 900,000 | $ 2,080,000 | $ 4,500,002 | ||||||||
Private Placement [Member] | EMX Royalty Corporation [Member] | Subsequent Event [Member] | |||||||||||
Stock Issued During Period, Shares, New Issues | 500,000 | ||||||||||
Sale of Stock, Price Per Share | $ 1.80 | ||||||||||
Proceeds from Issuance of Private Placement | $ 900,000 |