Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Entity File Number | 001-38145 |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2023 |
Document Registration Statement | false |
Entity Registrant Name | Fury Gold Mines Limited |
Entity Central Index Key | 0001514597 |
Current Fiscal Year End Date | --12-31 |
Document Annual Report | true |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Document Period End Date | Dec. 31, 2023 |
Entity Emerging Growth Company | false |
Entity Incorporation, State or Country Code | Z4 |
Entity Filer Category | Non-accelerated Filer |
Trading Symbol | FURY |
Title of 12(b) Security | Common Shares, no par value |
Security Exchange Name | NYSE |
Entity Address, Address Line One | 1630 - 1177 West Hastings Street |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6E 2K3 |
Entity Interactive Data Current | Yes |
Entity Address, City or Town | Vancouver |
Document Shell Company Report | false |
Document Transition Report | false |
Entity Common Stock, Shares Outstanding | 145,744,795 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Document Accounting Standard | International Financial Reporting Standards |
ICFR Auditor Attestation Flag | false |
Entity Shell Company | false |
Auditor Firm ID | 1208 |
Auditor Name | Deloitte LLP |
Auditor Location | Vancouver, Canada |
Document Financial Statement Error Correction [Flag] | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Address Line One | 1630 - 1177 West Hastings Street |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6E 2K3 |
Contact Personnel Name | Phil van Staden |
City Area Code | +1 (647) |
Local Phone Number | 673-7664 |
Entity Address, City or Town | Vancouver |
Contact Personnel Email Address | phil.vanstaden@furygoldmines.com |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash | $ 7,313 | $ 10,309 |
Marketable securities | 1,166 | 582 |
Accounts receivable | 374 | 369 |
Prepaid expenses and deposits | 592 | 602 |
Total current assets | 9,445 | 11,862 |
Non-current assets: | ||
Restricted cash | 144 | 144 |
Prepaid expenses and deposits | 111 | 42 |
Property and equipment | 588 | 931 |
Mineral property interests | 142,639 | 145,190 |
Investments in associates | 36,248 | 42,430 |
Non current assets | 179,730 | 188,737 |
Total assets | 189,175 | 200,599 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,034 | 1,148 |
Lease liability | 154 | 160 |
Flow-through share premium liability | 544 | 0 |
Total current liabilities | 1,732 | 1,308 |
Non-current liabilities: | ||
Lease liability | 74 | 227 |
Provision for site reclamation and closure | 4,495 | 4,271 |
Total liabilities | 6,301 | 5,806 |
Equity: | ||
Share capital | 310,277 | 306,328 |
Share option and warrant reserve | 21,660 | 20,309 |
Accumulated other comprehensive loss | (9) | (3) |
Deficit | (149,054) | (131,841) |
Total equity | 182,874 | 194,793 |
Total liabilities and equity | $ 189,175 | $ 200,599 |
Consolidated Statements of (Ear
Consolidated Statements of (Earnings) Loss and Comprehensive (Income) Loss - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating expenses: | |||
Exploration and evaluation | $ 9,311 | $ 9,217 | $ 15,355 |
Fees, salaries and other employee benefits | 2,630 | 3,199 | 3,694 |
Insurance | 646 | 728 | 637 |
Legal and professional | 863 | 804 | 1,983 |
Marketing and investor relations | 737 | 809 | 1,093 |
Office and administration | 384 | 398 | 606 |
Regulatory and compliance | 275 | 218 | 371 |
Other expenses (income) | 14,846 | 15,373 | 23,739 |
Other (income) expense, net: | |||
Net gain on disposition of mineral interests | (468) | (48,390) | 0 |
Losses on marketable securities | 655 | 135 | 1,180 |
Net loss from associates | 6,182 | 5,880 | 0 |
Amortization of flow-through share premium | (3,345) | (3,124) | (4,520) |
Impairment expense | 0 | 5,506 | 42 |
Accretion on provision for site reclamation and closure | 148 | 94 | 69 |
Interest expense | 61 | 115 | 98 |
Interest income | (590) | (228) | (36) |
Foreign exchange loss | 13 | 9 | 14 |
Other | 0 | (91) | 39 |
Loss from continuing operations before taxes | 2,656 | (40,094) | (3,114) |
(Earnings) loss before taxes | 17,502 | (24,721) | 20,625 |
Income tax recovery | (289) | (187) | (3,835) |
Net (earnings) loss for the year | 17,213 | (24,908) | 16,790 |
Other comprehensive loss, net of tax | |||
Unrealized currency loss on translation of foreign operations | 6 | 3 | 0 |
Total comprehensive (income) loss for the year | $ 17,219 | $ (24,905) | $ 16,790 |
(Earnings) loss per share: | |||
Basic (earnings) loss per share | $ 0.12 | $ (0.18) | $ 0.14 |
Diluted (earnings) loss per share | $ 0.12 | $ (0.18) | $ 0.14 |
Consolidated Statements of Equi
Consolidated Statements of Equity - CAD ($) shares in Thousands, $ in Thousands | Total | Number of common shares [Member] | Share option and warrant reserve [Member] | Accumulated other comprehensive loss [Member] | Deficit [Member] |
Balance, shares at Dec. 31, 2020 | 117,823,857 | ||||
Balance, amount at Dec. 31, 2020 | $ 166,272 | $ 294,710 | $ 11,521 | $ 0 | $ (139,959) |
Statement [Line Items] | |||||
Comprehensive loss for the year | (16,790) | $ 0 | 0 | 0 | (16,790) |
Shares issued pursuant to the purchase of a royalty, net of share issue costs, shares | 328,767 | ||||
Shares issued pursuant to the purchase of a royalty, net of share issue costs, amount | 290 | $ 290 | 0 | 0 | 0 |
Shares issued pursuant to private placement, net of share issue costs, shares | 7,461,450 | ||||
Shares issued pursuant to private placement, net of share issue costs, amount | 5,385 | $ 5,385 | 0 | 0 | 0 |
Share options exercised, shares | 5,834 | ||||
Share options exercised, amount | 5 | $ 6 | (1) | 0 | 0 |
Warrants exercised, shares | 101,042 | ||||
Warrants exercised, amount | 147 | $ 159 | (12) | 0 | 0 |
Fair value of warrants issued | 0 | (5,086) | 5,086 | 0 | 0 |
Share-based compensation | $ 2,046 | 0 | 2,046 | 0 | 0 |
Share-based compensation (shares) | 0 | ||||
Balance, amount at Dec. 31, 2021 | $ 157,355 | $ 295,464 | 18,640 | 0 | (156,749) |
Balance, shares at Dec. 31, 2021 | 125,720,950 | ||||
Statement [Line Items] | |||||
Comprehensive loss for the year | 24,905 | $ 0 | 0 | (3) | 24,908 |
Shares issued pursuant to private placement, net of share issue costs, shares | 13,750,000 | ||||
Shares issued pursuant to private placement, net of share issue costs, amount | 10,864 | $ 10,864 | 0 | 0 | 0 |
Share-based compensation | $ 1,669 | 0 | 1,669 | 0 | 0 |
Share-based compensation (shares) | 0 | ||||
Balance, amount at Dec. 31, 2022 | $ 194,793 | $ 306,328 | 20,309 | (3) | (131,841) |
Balance, shares at Dec. 31, 2022 | 139,470,950 | ||||
Statement [Line Items] | |||||
Comprehensive loss for the year | (17,219) | $ 0 | 0 | (6) | (17,213) |
Share-based compensation | $ 1,351 | $ 0 | 1,351 | 0 | 0 |
Share-based compensation (shares) | 197,345 | ||||
Shares issued pursuant to offering, net of share issue costs shares | 6,076,500 | ||||
Shares issued pursuant to offering, net of share issue costs value | $ 3,949 | $ 3,949 | 0 | 0 | 0 |
Balance, amount at Dec. 31, 2023 | $ 182,874 | $ 310,277 | $ 21,660 | $ (9) | $ (149,054) |
Balance, shares at Dec. 31, 2023 | 145,744,795 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Operating activities: | |||
Earnings (loss) for the year | $ (17,213) | $ 24,908 | $ (16,790) |
Adjusted for: | |||
Interest income | (590) | (228) | (36) |
Items not involving cash: | |||
Net gain on disposition of mineral interests | (468) | (48,390) | 0 |
Losses on marketable securities | 655 | 135 | 1,180 |
Depreciation | 343 | 341 | 371 |
Impairment expense | 0 | 5,506 | 42 |
Net loss from associates | 6,182 | 5,880 | 0 |
Amortization of flow-through share premium | (3,345) | (3,124) | (4,520) |
Accretion of provision for site reclamation and closure | 148 | 94 | 69 |
Share-based compensation | 1,351 | 1,669 | 2,046 |
Interest expense | 61 | 100 | 98 |
Other | 0 | 0 | 1 |
Changes in non-cash working capital | (184) | (903) | 266 |
Cash used in operating activities | (13,060) | (14,012) | (17,273) |
Investing activities: | |||
Interest income | 590 | 228 | 36 |
Acquisition of mineral interests, net of cash acquired | 0 | (1,281) | 0 |
Acquisition of Eastmain Resources Inc, net of cash acquired | 0 | 0 | (1,210) |
Option payment received | 125 | 310 | 150 |
Acquisition of Universal Mineral Services Ltd | 0 | (1) | 0 |
Acquisition of Homestake Ridge royalty, inclusive of fees | 0 | 0 | (110) |
Proceeds from disposition of mineral interests, net of transaction costs | 1,350 | 4,479 | 0 |
Proceeds from disposition of investment in associate, net of transaction costs | 0 | 6,774 | 0 |
Proceeds from sale of marketable securities | 381 | 0 | 1,000 |
Property and equipment additions, net of disposals | 0 | 0 | (87) |
Marketable securities additions | 0 | (60) | 0 |
Decrease (increase) in restricted cash | 0 | (14) | 35 |
Cash provided by used in investing activities | 2,446 | 10,435 | 186 |
Financing activities: | |||
Proceeds from issuance of common shares, net of costs | 7,838 | 10,864 | 5,385 |
Lease payments | (214) | (235) | (180) |
Proceeds from share option and warrant exercises | 0 | 0 | 152 |
Cash provided by financing activities | 7,624 | 10,629 | 5,357 |
Effect of foreign exchange on cash | (6) | (2) | 0 |
Increase (decrease) in cash | (2,996) | 7,050 | (12,102) |
Cash, beginning of the year | 10,309 | 3,259 | 15,361 |
Cash, end of the year | $ 7,313 | $ 10,309 | $ 3,259 |
Nature of operations
Nature of operations | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Nature Of Operations [Abstract] | |
Nature of operations [Text Block] | Note 1: Nature of operations Fury Gold Mines Limited (the "Company" or "Fury Gold") was incorporated on June 9, 2008, under the Business Corporations Act The Company's principal business activity is the acquisition and exploration of resource projects in Canada. At December 31, 2023, the Company had two principal projects: Eau Claire in Quebec and Committee Bay in Nunavut. At December 31, 2023, the Company held a 50.022% interest in the Eleonore South Joint Venture ("ESJV"), which was then increased to 100% as part of a transaction that closed on February 29, 2024. Sale of Homestake Resources Corporation ("Homestake Resources") On December 6, 2021, the Company entered into a definitive agreement (the "Purchase Agreement") with Dolly Varden Silver Corporation ("Dolly Varden") pursuant to which the Company agreed to sell to Dolly Varden a 100% interest in Fury Gold's wholly owned subsidiary, Homestake Resources in exchange for $5,000 in cash and 76,504,590 common shares in Dolly Varden. Homestake Resources is the owner of a 100% interest in the Homestake Ridge gold-silver project which is located adjacent to the Dolly Varden Project owned by Dolly Varden in the Golden Triangle, British Columbia ("the Dolly Varden Transaction"). The Dolly Varden Transaction completed on February 25, 2022. As a result, Fury acquired the 76,504,590 Dolly Varden Shares on February 25, 2022, representing approximately 35.33% of the Dolly Varden Shares outstanding and 32.88% of Dolly Varden on a fully diluted basis as of that date. In connection with the Dolly Varden Transaction and as contemplated in the Purchase Agreement, Dolly Varden and Fury Gold have also entered into an investor rights agreement dated February 25, 2022 (the "Investor Rights Agreement"). Pursuant to its obligations under the Investor Rights Agreement, Dolly Varden has appointed Forrester "Tim" Clark, the Chief Executive Officer ("CEO") of Fury Gold, and Michael Henrichsen, the Chief Geological Officer of Fury Gold, to the board of directors of Dolly Varden. (a) (b) Acquisition of 25% equity interest in Universal Mineral Services Ltd. ("UMS") On April 1, 2022, the Company purchased a 25% share interest in UMS, a private shared-services provider for nominal consideration. The remaining 75% of UMS is owned equally by three other junior resource issuers, namely Tier One Silver Inc, Coppernico Metals Inc, and Torq Resources Inc. who share a head office location in Vancouver, BC. Previously, UMS had been privately owned by a director in common, Mr. Ivan Bebek, then subsequently from January 1, 2022, by Mr. Steve Cook, another director in common, until March 31, 2022. UMS is the private company through which its shareholders, including Fury Gold, share geological, financial, and transactional advisory services as well as administrative services on a full cost recovery basis. Having these services available through UMS, on an as needed basis, allows the Company to maintain a more efficient and cost-effective corporate overhead structure by hiring fewer full-time employees and engaging outside professional advisory firms less frequently. The agreement has an indefinite term and can be terminated by either party upon providing 180 days notice. Increase in ownership interest of Éléonore South Joint Venture ("ESJV") and amended joint venture arrangement On September 12, 2022, the Company and its joint operation partner Newmont Corporation ("Newmont"), through their respective subsidiaries, completed the acquisition of the remaining approximately 23.77% participating interest of Azimut Exploration Inc. in the ESJV, on a pro-rata basis. As a result of the transaction, the 100% ESJV participating interests at December 31, 2022 and 2023 were held 50.022% by the Company and 49.978% by Newmont, with Fury Gold remaining operator under an amended and restated joint operating agreement. Subsequent to December 31, 2023, the Company and its joint operation partner Newmont Corporation ("Newmont"), through their respective subsidiaries, entered into a new agreement whereby the Company acquired 100% control of the interests, consolidating these properties into the Company's portfolio. The transaction closed on February 29, 2024 (note 23d). |
Basis of presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Basis Of Presentation [Abstract] | |
Basis of presentation [Text Block] | Note 2: Basis of presentation These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), effective for the year ended December 31, 2023. IFRS comprises IFRSs, International Accounting Standards ("IASs"), and interpretations issued by the IFRS Interpretations Committee ("IFRICs"), and the former Standing Interpretations Committee ("SICs"). These consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on April 2, 2024. |
Material Accounting Policy Info
Material Accounting Policy Information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Material Accounting Policy Information [Abstract] | |
Material accounting policy information [Text Block] | Note 3: Material Accounting Policy Information a) Basis of measurement These consolidated financial statements have been prepared on a historical cost basis, except for those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period. b) Currency of presentation The Company's presentation currency is the Canadian ("CAD") dollar. All amounts, with the exception of per share amounts, are expressed in thousands of Canadian dollars, unless otherwise stated. References to US$ are to United States ("US") dollars. c) Basis of preparation and consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. All intercompany balances and transactions have been eliminated. The subsidiaries (with a beneficial interest of 100%) of the Company as at December 31, 2023 were as follows: Subsidiary Place of incorporation Functional currency Eastmain Mines Inc. ("Eastmain Mines") ( a ) Canada CAD Eastmain Resources Inc. ("Eastmain") ON, Canada CAD Fury Gold USA Limited ("Fury Gold USA") (b) Delaware, U.S.A. USD North Country Gold Corp. ("North Country") BC, Canada CAD ( a ) ( b ) Investments in associates and joint arrangements These consolidated financial statements also include the following joint arrangements and investments in associates: Associates and joint arrangement Ownership interest Location Classification and accounting method Dolly Varden 22.030% BC, Canada Associate; equity method UMS 25.000% BC, Canada Associate; equity method ESJV 50.022% Quebec, Canada Joint operation d) Foreign currency translation The financial statements of the Company and each of its subsidiaries are prepared in its functional currency determined on the basis of the currency of the primary economic environment in which such entities operate. The presentation and functional currency of the Company and each of its subsidiaries, with the exception of Fury Gold USA, is the Canadian dollar. Fury Gold USA's functional currency has been determined to be the US dollar. Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing at the transaction dates. At each reporting date, monetary items denominated in foreign currencies are translated into the entity's functional currency at the then prevailing rates and non-monetary items measured at historical cost are translated into the entity's functional currency at rates in effect at the date the transaction took place. Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are included in the consolidated statements of loss and comprehensive loss for the period in which they arise. e) Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments that are readily convertible to cash and have maturities with terms of less than ninety days and/or with original maturities over ninety days but redeemable on demand without penalty. As at December 31, 2023 and 2022, the Company did not have any cash equivalents. f) Property and equipment Property and equipment are stated at cost less accumulated amortization and impairment losses. Amortization is calculated using the straight-line method over the estimated useful lives as follows: • Computer equipment 3 years • Machinery and equipment 5-10 years • Right-of-use ("ROU") assets the lease term, unless the transfer of the asset ownership is reasonably certain at the end of the lease term, whereupon depreciation is over the useful life. g) Mineral property interests and exploration expenditures Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing historical characteristic of many properties. The Company has investigated title to all of its mineral properties and, to the best of its knowledge, title to all of its properties is in good standing. The Company accounts for mineral property interests in accordance with IFRS 6 - Exploration for and evaluation of mineral properties Costs directly related to acquiring the legal right to explore a mineral property including acquisition of licenses, mineral rights, and similar acquisition costs are recognized and capitalized as mineral property interests. Acquisition costs incurred in obtaining the legal right to explore a mineral property are deferred until the legal right is granted and thereon reclassified to mineral property interests. Transaction costs incurred in acquiring an asset are deferred until the transaction is completed and then included in the purchase price of the asset acquired. Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation activities including, but not limited to, researching and analyzing existing exploration data, conducting geological studies, exploration drilling and sampling, and payments made to contractors and consultants in connection with the exploration and evaluation of the property, are expensed in the period in which they are incurred as exploration and evaluation costs on the consolidated statements of loss and comprehensive loss. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed as administrative costs in the period in which they occur. As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to exploration and evaluation costs. When a project is deemed to no longer have commercially viable prospects to the Company, all capitalized acquisition costs in respect of that project are deemed to be impaired. As a result, those costs, in excess of the estimated recoverable amount, are expensed to the consolidated statements of loss and comprehensive loss. The Company assesses mineral property interests for impairment when facts and circumstances suggest that the carrying amount of the asset may exceed its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and its value in use. Once the technical feasibility and commercial viability of extracting the mineral resources has been determined, the property is considered to be a mine under development at which point the assets and further related costs no longer fall under the guidance of IFRS 6. (h) Joint arrangement The Company conducts a portion of its business through a joint arrangement where the parties are bound by contractual arrangements establishing joint control with decisions about the relevant activities that significantly affect the returns of the investee requiring unanimous consent. A joint arrangement is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's rights and obligations in the arrangement. In a joint operation, the investor has rights and obligations to the separate assets and liabilities of the investee, therefore the Company recognizes its share of the assets, liabilities, revenue, and expenses of the joint arrangement. (i) Investments in associates The Company conducts a portion of its business through equity interests in associates. An associate is an entity over which the Company has significant influence and is neither a subsidiary nor a joint venture. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policy decisions. The Company accounts for its investments in associates using the equity method. Under the equity method, the Company's investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of earnings and losses of the associate, after any adjustments necessary to give effect to uniform accounting policies, and for impairment losses after the initial recognition date. The Company's share of an associate's losses that are in excess of its investment in the associate are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The Company's share of earnings and losses of its associate are recognized in net (earnings)/loss during the period. j) Impairment of non-financial assets At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether there are any indicators of impairment. If any such indicator exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not generate cash inflows that are independent from other assets, the Company estimates the recoverable amount of the Cash Generating Unit ("CGU") to which the asset belongs. Any intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. An asset's recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount and an impairment loss is recognized immediately in the consolidated statements of loss and comprehensive loss. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount but only to the extent that this does not exceed the carrying value that would have been determined if no impairment had previously been recognized. A reversal of impairment is recognized in the consolidated statements of (earnings) loss and comprehensive (income) loss. k) Leases The Company assesses if a contract is or contains a lease at inception of the contract. Control is considered to exist if the contract conveys the right to control the use of an identified asset during the term of the lease. When a lease is identified, a right-of-use asset and a corresponding lease liability are recognized, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognizes the lease payments as an expense in profit or loss on a straight-line basis. Right-of-use assets, which are included in property and equipment, are recognized at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs and decommissioning and restoration costs, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, except where ownership is expected to be transferred at the end of the lease, whereby the asset is depreciated over its useful life. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by using the rate implicit in the lease or the Company's incremental borrowing rate, if the rate implicit in the lease cannot be determined. Lease payments included in the measurement of the lease liability are: fixed payments (including in-substance fixed payments), less any lease incentives receivable; variable payments that depend on an index or rate; amount expected to be payable by the lessee under residual value guarantees; exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and penalties for terminations, unless the Company is reasonably certain the options will not be exercised. l) Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. m) Provision for site reclamation and closure An obligation to incur rehabilitation and site restoration costs arises when an environmental disturbance is caused by the exploration, development, or on-going production of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project as soon as the obligation to incur such costs arises, as well when changes in estimates occur year over year. These costs are charged to the consolidated statements of loss and comprehensive loss over the life of the operation through amortization and the unwinding of the discount in the provision. n) Flow-through common shares Canadian income tax legislation permits companies to issue flow-through instruments whereby the income tax deductions generated by eligible expenditures of the Company, defined in the Income Tax Act o) (Earnings) Loss per share Basic (earnings) loss per share is calculated by dividing the net (earnings) loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. The diluted loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding on a diluted basis. The weighted average number of shares outstanding on a diluted basis takes into account the additional shares for the assumed exercise of share options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding share options were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting period. p) Share-based compensation Options From time to time, the Company grants share options to employees and non-employees. An individual is classified as an employee, versus a non-employee, when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value of share options, measured using the Black-Scholes option pricing model at the date of grant, is charged to the consolidated statements of loss and comprehensive loss over the vesting period. Performance vesting conditions and forfeitures are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Where the terms and conditions of options are modified before they vest, any change in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statements of loss and comprehensive loss over the remaining vesting period. Equity instruments granted to non-employees are recorded in the consolidated statements of loss and comprehensive loss at the fair value of the goods or services received, unless they are related to the issuance of shares. Costs related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for a share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. All equity-settled share-based payments are recorded in the share option and warrant reserve until exercised. Upon exercise, shares are issued from treasury and the amount previously recorded in share option and warrant reserve is reclassified to share capital along with any consideration paid. Deferred, Performance and Restricted Share Units ("DSU", "PSU" and "RSU") Under the Company's Long-term incentive ("LTI") plan, the board can issue DSU's, PSU's or RSU's to eligible members of management and or the board. The fair value of these shares will be determined at the time that they are granted and will be charged to the consolidated statements of (earnings) loss and comprehensive (income) loss at the time all vesting criteria have been met. DSU's, PSU's or RSU's issued under the Company's LTI plan vest on or before the third anniversary of the grant or as otherwise provided and may be settled in the form of the Company's common shares or, at the option of the Company, the cash equivalent based on the market price of the common shares as of the vesting date. The Company has historically settled RSUs in common shares. The Company has no present obligation to settle these in cash. q) Income taxes Income tax reported in the consolidated statements of loss and comprehensive loss for the period presented comprises current and deferred income tax. Income tax is recognized in the consolidated statements of (earnings) loss and comprehensive (income) loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax for each taxable entity in the Company is based on the local taxable income at the local statutory tax rate enacted or, substantively enacted, at the reporting date and includes any adjustments to tax payable or recoverable with regards to previous periods. Deferred income tax is determined using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred income tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using the expected future tax rates enacted or substantively enacted at the reporting date. A deferred income tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis. r) Financial instruments The Company recognizes financial assets and liabilities on its consolidated statements of financial position when it becomes a party to the contract creating the asset or liability. On initial recognition, all financial assets and liabilities are recorded by the Company at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as fair value through profit or loss for which transaction costs are expensed in the period in which they are incurred. i) Amortized cost Financial assets that meet the following conditions are measured subsequently at amortized cost: the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method. ii) Fair value through other comprehensive income ("FVTOCI") Financial assets that meet the following conditions are measured at FVTOCI: the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company does not have any financial assets classified as FVTOCI at December 31, 2023 and 2022. iii) Financial assets measured subsequently at fair value through profit or loss ("FVTPL") By default, all other financial assets are measured subsequently at FVTPL. The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship. Fair value is determined in the manner described in note 20. iv) Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements, and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company's own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue, or cancellation of the Company's own equity instruments. Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading, or designated as at FVTPL, are measured at amortized cost using the effective interest method. v) Impairment The Company recognizes a loss allowance for expected credit losses on its financial assets. The amount of expected credit losses is updated at each reporting period to reflect changes in credit risk since initial recognition of the respective financial instruments. (s) Other Comprehensive (Income) loss Other comprehensive (income) loss is the change in net assets arising from transactions and other events and circumstances from non-owner sources. Comprehensive (income) loss comprises net (earnings) loss and other comprehensive loss. Foreign currency translation differences arising on translation of subsidiaries with a different functional currency are also included in other comprehensive loss. |
Changes in accounting standards
Changes in accounting standards | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Changes in accounting standards [Text Block] | Note 4: Changes in accounting standards Application of new and revised accounting standards: The Company has adopted the following amended accounting standards and policies effective January 1, 2023. There was no impact to the Company's financial statements for the year ended December 31, 2023 upon adoption. Amendments to IAS 1 - Presentation of Financial Statements and IFRS Practice Statement 2 Making Materiality Judgements - Disclosure of Accounting Policies The Company has adopted the amendments to IAS 1 in the current year. The amendments change the requirements in IAS 1 with regard to disclosure of accounting policies. The amendments replace all instances of the term 'significant accounting policies' with 'material accounting policy information'. Accounting policy information is material if, when considered together with other information included in an entity's financial statements, it can reasonably be expected to influence decisions that the primary users of general-purpose financial statements make on the basis of those financial statements. The supporting paragraphs in IAS 1 are also amended to clarify that accounting policy information that relates to immaterial transactions, other events or conditions is immaterial and need not be disclosed. Accounting policy information may be material because of the nature of the related transactions, other events or conditions, even if the amounts are immaterial. However, not all accounting policy information relating to material transactions, other events or conditions is itself material. There was no impact to the Company's financial statements for the year ended December 31, 2023 upon adoption. Amendments to IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors - Definition of Accounting Estimates The amendments introduce a definition of 'accounting estimates' and clarify the difference between changes in accounting policies and changes in accounting estimates. There was no impact to the Company's financial statements for the year ended December 31, 2023 upon adoption. Amendments to IAS 12 - Income Taxes - Deferred Tax related to Assets and Liabilities arising from a Single Transaction The Company has adopted the amendments to IAS 12 in the current year. The amendments narrow the scope of the initial recognition exemption ("IRE") so that it does not apply to transactions that give rise to equal and offsetting temporary differences. As a result, companies will need to recognize a deferred tax asset and a deferred tax liability for temporary differences arising on initial recognition of a lease and a decommissioning provision. There was no impact to the Company's financial statements for the year ended December 31, 2023 upon adoption. Amendments to IAS 12 - Income Taxes International Tax Reform - Pillar Two The Company has adopted the amendments to IAS 12 in the current year. The IASB amends the scope of IAS 12 to clarify that the Standard applies to income taxes arising from tax law enacted or substantively enacted to implement the Pillar Two model rules published by the OECD, including tax law that implements qualified domestic minimum top-up taxes described in those rules. The amendments introduce a temporary exception to the accounting requirements for deferred taxes in IAS 12, so that an entity would neither recognise nor disclose information about deferred tax assets and liabilities related to Pillar Two income taxes. There was no impact to the Company's financial statements for the year ended December 31, 2023 upon adoption. New and amended standards not yet effective: The following new and amended standards, which are not yet effective, have not been applied by the Company in these financial statements. Amendments to IAS 1 Presentation of Financial Statements - Classification of Liabilities as Current or Non-current The amendments to IAS 1 published in January 2020 affect only the presentation of liabilities as current or non-current in the statement of financial position and not the amount or timing of recognition of any asset, liability, income or expenses, or the information disclosed about those items. The amendments clarify that the classification of liabilities as current or non-current is based on rights that are in existence at the end of the reporting period, specify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability, explain that rights are in existence if covenants are complied with at the end of the reporting period, and introduce a definition of 'settlement' to make clear that settlement refers to the transfer to the counterparty of cash, equity instruments, other assets or services. The amendments are applied retrospectively for annual periods beginning on or after 1 January 2024, with early application permitted. Management does not expect the adoption of these amendments would have a material impact to the Company's financial statements. Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures - Supplier Finance Arrangements The amendments add a disclosure objective to IAS 7 stating that an entity is required to disclose information about its supplier finance arrangements that enables users of financial statements to assess the effects of those arrangements on the entity's liabilities and cash flows. In addition, IFRS 7 was amended to add supplier finance arrangements as an example within the requirements to disclose information about an entity's exposure to concentration of liquidity risk. Management does not expect the adoption of these amendments would have a material impact to the Company's financial statements. Amendment to IFRS 16 Leases - Lease Liability in a Sale and Leaseback The amendments to IFRS 16 add subsequent measurement requirements for sale and leaseback transactions that satisfy the requirements in IFRS 15 to be accounted for as a sale. The amendments require the seller-lessee to determine 'lease payments' or 'revised lease payments' such that the seller-lessee does not recognise a gain or loss that relates to the right of use retained by the seller-lessee, after the commencement date. The amendments are effective for annual reporting periods beginning on or after 1 January 2024. Earlier application is permitted. Management does not expect the adoption of these amendments would have a material impact to the Company's financial statements. |
Critical accounting estimates a
Critical accounting estimates and judgments | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Critical Accounting Estimates And Judgment [Abstract] | |
Critical accounting estimates and judgments [text block] | Note 5: Critical accounting estimates and judgments The preparation of financial statements in conformity with IFRS requires management to select accounting policies and make estimates and judgments that may have a significant impact on the consolidated financial statements. Estimates are continuously evaluated and are based on management's experience and expectations of future events that are believed to be reasonable under the circumstances. Actual outcomes may differ from these estimates. Critical accounting judgments exercised in applying accounting policies, apart from those involving estimates, which have the most significant effect on the amounts recognized in these consolidated financial statements are as follows: (a) Functional currency The functional currency for each of the Company's subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions that determined the primary economic environment. (b) Economic recoverability and probability of future economic benefits of mineral property interests Management has determined that the acquisition of mineral properties and related costs incurred, which have been recognized on the consolidated statements of financial position, are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geological data, scoping studies, accessible facilities, and existing and future permits. (c) Indications of impairment of assets Assessments of impairment indicators are performed at the Cash Generating Unit ("CGU") level and judgment is involved in assessing whether there is any indication that an asset or a CGU may be impaired. The assessment of the impairment indicators involves the application of a number of significant judgments and estimates to certain variables, including metal price trends, exploration plans for properties, and the results of exploration and evaluation to date. (d) Income taxes The provision for income taxes and composition of income tax assets and liabilities requires management's judgment. The application of income tax legislation also requires judgment in order to interpret legislation and to apply those findings to the Company's transactions. Credit on duties refundable for loss and refundable tax credits for resource investment The Company is entitled to a refundable credit on duties of 12% for eligible losses under the Quebec Mining Duties Act and a refundable resource investment tax credit of 38.75% under the Quebec Income Tax Act. These credits are applicable to qualified exploration expenditures on properties located within the province of Quebec. Application for these credits is subject to verification and, as such, they are recognized only when they are received or when a notice of assessment confirming the amount to be paid is issued. During the year ended December 31, 2023, the Company received a refund of $307 consisting of $304 principal and $3 interest (December 31, 2022 - $187, December 31, 2021 - $3,835) which was classified as income tax recoveries on the consolidated statements of (earnings) loss and comprehensive (income) loss. (e) Determination of control of subsidiaries and joint arrangements Judgement is required to determine when the Company has control of subsidiaries or joint control of joint arrangements. This requires an assessment of the relevant activities of the investee, being those activities that significantly affect the investee's returns (including operating and capital expenditure decision-making, financing of the investee, and the appointment, remuneration, and termination of key management personnel) and when the decisions in relation to those activities are under the control of the Company or require unanimous consent from the investors. (f) Investments in associates The Company conducts a portion of its business through equity interests in associates. An associate is an entity over which the Company has significant influence and is neither a subsidiary nor a joint venture. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policy decisions. (g) Financial instruments Financial instruments are assessed upon initial recognition to determine whether they meet the definition of a financial asset, financial liability, or equity instrument depending on the substance of the contractual arrangement. Judgement is required in making this determination as the substance of a transaction may differ from its legal form. Once a determination is made, IFRS requires that financial instruments be measured at fair value on initial recognition. For financial instruments that do not have quoted market prices or observable inputs, judgements are made in determining what are appropriate inputs and assumptions to use in calculating the fair value. Key sources of estimation uncertainty that have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: (h) Reclamation obligations Management assesses its reclamation obligations annually and when circumstances suggest that a material change to the obligations have occurred. Significant estimates and assumptions are made in determining the provision for site reclamation and closure because there are numerous factors that will affect the ultimate liability that becomes payable. These factors include estimates of the extent, the timing, and the cost of reclamation activities, regulatory change, cost increases, and changes in discount rates. Those uncertainties may result in actual expenditures differing from the amounts currently provided. The provision at the reporting date represents management's best estimate of the present value of the future reclamation costs required. Changes to estimated future costs are recognized in the consolidated statements of financial position by adjusting the reclamation asset and liability. Key assumptions included in the estimate of the reclamation obligations for the Company's properties in Quebec and Nunavut were as follows: Years ended December 31 2023 2022 2021 Risk-free interest rate 3.02% 3.28% 1.68% Annual inflation 2.25% 2.50% 2.50% (i) Share-based compensation The Company determines the fair value of equity-settled share-based payments using the fair value of the equity instruments at the grant date. For options granted, the Company uses the Black‐Scholes option pricing model. This option pricing model requires the development of market-based subjective inputs, including the risk-free interest rate, expected price volatility, and expected life of the option. Changes in these inputs and the underlying assumption used to develop them can materially affect the fair value estimate. (j) Deferred tax assets and liabilities Management judgment and estimates are required in assessing whether deferred tax assets and deferred tax liabilities are recognized in the consolidated statements of financial position. Judgments are made as to whether future taxable profits will be available in order to recognize deferred tax assets. Assumptions about the generation of future taxable profits depend on management's estimates of future cash flows. These depend on estimates of future production and sales volumes, commodity prices, reserves, operating costs, and other capital management transactions. These judgments and assumptions are subject to risk and uncertainty, and changes in circumstances may alter expectations which may impact the amount of deferred tax assets and deferred tax liabilities recognized on the consolidated statements of financial position and the benefit of other tax losses and temporary differences not yet recognized. |
Sale of Homestake Resources
Sale of Homestake Resources | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Sale Of Homestake Resources [Abstract] | |
Sale of homestake resources [Text Block] | Note 6: Sale of Homestake Resources On February 25, 2022, the Company completed the sale of Homestake Resources to Dolly Varden for cash proceeds of $5,000 and 76,504,590 common shares of Dolly Varden (note 1). The Company's resulting interest in Dolly Varden represented approximately 35.3% of the issued and outstanding common shares of Dolly Varden on February 25, 2022, which has been accounted for using the equity method (note 3i). The Company recognized a gain of $48,390, net of transaction costs of $589, on the date of disposition, calculated as follows: Net assets derecognized: Total Mineral interests $ 16,460 Reclamation bond 68 $ 16,528 Net proceeds: Cash $ 5,000 Working capital adjustment 68 76,504,590 common shares of Dolly Varden 60,439 Transaction costs (589 ) $ 64,918 Net gain on disposition $ 48,390 The fair value of the common shares of Dolly Varden received on date of disposition is based on the market price of the shares at the date of disposition of $0.79 per share. The Company had sufficient non-capital losses at December 31, 2022 to offset the capital gain arising on disposition of Homestake Resources. As such, there was nil tax payable on the sale of Homestake Resources. |
Cash and Restricted Cash
Cash and Restricted Cash | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Cash And Restricted Cash [Abstract] | |
Cash and restricted cash [Text Block] | Note 7: Cash and restricted cash At December 31 2023 2022 Cash $ 7,313 $ 10,309 Restricted cash 144 144 $ 7,457 $ 10,453 Restricted cash includes an amount of $75 (December 31, 2022 - $75) in connection with an irrevocable standby letter of credit in favor of Kitikmeot Inuit Association in connection with the Company's Committee Bay project. Restricted cash is classified as a non-current asset and is not available for use within one year of the date of the consolidated statements of financial position. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Marketable Securities [Abstract] | |
Marketable securities [Text Block] | Note 8: Marketable securities Total Balance at December 31, 2021 $ 605 Additions 110 Unrealized net loss (135 ) Balance at December 31, 2022 $ 582 Additions 1,619 Sale of marketable securities (381 ) Realized gain on disposition 293 Unrealized net loss (947 ) Balance at December 31, 2023 $ 1,166 During the year ended December 31, 2023 the Company received 3,500,000 common shares of Ophir Gold Corp in respect of the sale of certain mineral claims in Quebec. Additionally, the Company received 650,000 Q2 Metals Corp common shares as settlement for a royalty extinguishment agreement which had nil rd Purchases and sales of marketable securities are accounted for as of the trade date. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment | |
Property and equipment [Text Block] | Note 9: Property and equipment Property and equipment are recorded at cost, and at December 31, 2023, 2022 and 2021, were comprised as follows: Machinery and equipment Office lease Other Total C ost At December 31, 2021 $ 2,191 $ 531 $ 11 $ 2,733 Additions during 2022 81 - - 81 At December 31, 2022 and 2023 $ 2,272 $ 531 $ 11 $ 2,814 Accumulated depreciation At December 31, 2021 $ (1,389 ) $ (150 ) $ (3 ) $ (1,542 ) Depreciation for the year (204 ) (133 ) (4 ) (341 ) At December 31, 2022 $ (1,593 ) $ (283 ) $ (7 ) $ (1,883 ) Depreciation for the year (205 ) (134 ) (4 ) (343 ) At December 31, 2023 $ (1,798 ) $ (417 ) $ (11 ) $ (2,226 ) Net book value At December 31, 2022 $ 679 $ 248 $ 4 $ 931 At December 31, 2023 $ 474 $ 114 $ - $ 588 |
Mineral Property Interests
Mineral Property Interests | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Mineral Property Interests [Abstract] | |
Mineral property interests [Text Block] | Note 10: Mineral property interests The Company's principal resource properties are located in Canada. Quebec The Company maintains interests in 12 properties within the James Bay region of Quebec. The principal projects are: Eau Claire The Company owns a 100% interest in the Eau Claire project located immediately north of the Eastmain reservoir, approximately 10 kilometres ("km") northeast of Hydro Quebec's EM-1 hydroelectric power facility, 80 km north of the town of Nemaska, 320 km northeast of the town of Matagami, and 800 km north of Montreal, Quebec. The property consists of map-designated claims totaling approximately 23,000 hectares. Eastmain Mine The Eastmain Mine project hosts the Eastmain Mine gold deposit. The past-producing Eastmain Mine project comprises 152 mineral claims and an industrial lease. Located on the eastern most part of the Upper Eastmain River Greenstone Belt of the James Bay District of northern Quebec, the property covers approximately 80 km 2 In 2019, Benz Mining entered into an option agreement with Eastmain to allow Benz Mining the option to earn a 75% interest in certain Eastmain Mine property in return for making option payments of $2,320 between October 2019 and October 2023, and incurring exploration expenditures of $3,500 on the property. The option payments may be settled in both cash and shares. This option agreement was subsequently amended in April 2020 to grant Benz Mining the option to earn up to 100% of the Ruby Hill properties located to the west of the Eastmain Mine project. The Company would retain 1-2% net smelter royalties in respect of the properties following completion of the option agreement requirements. During November 2023 the Company received $1,350 in cash and $396 worth of Benz Mining common shares to finalize the 75% interest acquisition. After completion of the 75% acquisition, Benz Mining may acquire the remaining 25% interest upon payment of $1,000 upon closing of project financing, and $1,500 upon commencement of commercial production. Éléonore South Joint Venture ("ESJV") The ESJV project consists of two separate blocks of map-designated claims, comprising a total of 282 claims covering approximately 147 km2 of the Opinaca area of James Bay, Quebec. The Éléonore West block consists of 34 mineral claims covering approximately 18 km2, while the Éléonore South block contains 248 claims extending over an area of approximately 130 km2. The project is a joint operation and project ownership is based on participation in the funding of annual exploration programs. At December 31, 2023 the project was held by the partners approximately as follows: Fury Gold 50.022% and Newmont 49.978%. The Company is the operator of the project. Subsequent to December 31, 2023, the Company and its joint operation partner Newmont Corporation ("Newmont"), through their respective subsidiaries, entered into a new agreement whereby the Company acquired 100% control of the interests, consolidating these properties into the Company's portfolio. The transaction closed on February 29, 2024 (note 23d). Nunavut Committee Bay The Company, through its wholly owned subsidiary North Country, owns a 100% interest in the Committee Bay project located in Nunavut, Canada. The Committee Bay project includes approximately 280,000 hectares situated along the Committee Bay Greenstone Belt located within the Western Churchill province of Nunavut. The Committee Bay project is subject to a 1% Net Smelter Royalty ("NSR") on gold production, with certain portions subject to an additional 1.5% NSR. The 1.5% NSR is payable on only 7,596 hectares and can be purchased by the Company within two years of commencement of commercial production for $2,000 for each one-third (0.5%) of the 1.5% NSR. Gibson MacQuoid In 2017, the Company acquired a number of prospecting permits and mineral claims along the Gibson MacQuoid Greenstone Belt in Nunavut, Canada. In 2019, the Company staked additional claims, which overlapped the Company's prospecting claims that expired in February 2020, to maintain a contiguous land package over the Company's current areas of interest. The Company's claims, which are located between the Meliadine deposit and Meadowbank mine, cover approximately 120 km of strike length of the prospective greenstone belt and total 51,622 hectares collectively. Quebec Nunavut British Columbia Total Balance at December 31, 2021 $ 125,094 $ 19,139 $ 16,460 $ 160,693 Sale of Homestake Resources (note 1) - - (16,460 ) (16,460 ) Acquisition of additional ownership interest in ESJV (note 1) 1,281 - - 1,281 Option payment received (310 ) - - (310 ) Change in estimate of provision for site reclamation and closure (note 13) (409 ) 395 - (14 ) Balance at December 31, 2022 $ 125,656 $ 19,534 $ - $ 145,190 Option payment received (880 ) - - (880 ) Disposition (1,746 ) - - (1,746 ) Change in estimate of provision for site reclamation and closure (note 13) (52 ) 127 - 75 Balance at December 31, 2023 $ 122,978 $ 19,661 $ - $ 142,639 During the years ended December 31, 2023 and 2022, the Company received settlement for the sale of certain common shares of publicly traded entities. These have been classified as marketable securities (note 8). On December 12, 2022, the Company entered into an Option Agreement ("the Ophir Agreement"), pursuant to which Ophir Gold Corp. (the "Optionee") would acquire a 100% interest in the Radis Property through payment of certain cash and common shares over a three-year period, payments of which may be accelerated by the Optionee. The Company shall retain a 2% NSR on the property, three-quarters of which may be purchased by the Optionee for $1,500. The Agreement was subject to certain closing conditions, which were met on January 25, 2023. The first option payment, comprising a cash payment of $50 and 2,500,000 common shares of Ophir Gold with a fair value of $625, was received upon closing, while the second option payment was received during December 2023 comprising of $75 cash and 1,000,000 common shares with a fair value of $130 upon date of receipt for a total of $880. The common shares of Ophir Gold have been classified as marketable securities (note 3). On August 16, 2023 the Company entered into a royalty extinguishment agreement whereby certain Eastmain net smelter royalties of the Mia project were extinguished in exchange for marketable securities to the value of $468 as at the date of the agreement. In November 2023, the Company received the final option payment of $1,725, comprising of $1,350 cash and 1,237,216 shares with a fair value upon date of receipt of $396 for a total of $1,746, from Benz Mining in respect of the option agreement to acquire 75% of certain Eastmain Mine properties and Ruby Hill properties (year ended December 31, 2022 - $310 cash). |
Investments in associates
Investments in associates | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Investments In Associates [Abstract] | |
Investments in associates [Text Block] | Note 11: Investments in associates (a) Summarized financial information of the Company's investments in associates: The carrying amounts of the Company's investments in associates as at December 31, 2023, were as follows: Dolly Varden UMS Total Carrying amount at December 31, 2021 $ - $ - $ - Acquisition of equity investment 60,439 151 60,590 Disposal (note 1) (12,280 ) - (12,280 ) Company's share of net loss of associates (5,856 ) (24 ) (5,880 ) Carrying amount at December 31, 2022 $ 42,303 $ 127 $ 42,430 Company's share of net loss of associates (6,177 ) (5 ) (6,182 ) Carrying amount at December 31, 2023 $ 36,126 $ 122 $ 36,248 The quoted fair market value of the Company's interest in Dolly Varden at December 31, 2023 was $51,769 (December 31, 2022 - $53,554) based on the closing share price on that date. On October 13, 2022, the Company completed the sale of 17,000,000 common shares of Dolly Varden, comprising 22.2% of the Company's equity interest in Dolly Varden acquired as part of the disposition of Homestake Resources (note 1), for total gross proceeds of $6,800. As at September 30, 2022, the sale was considered highly probable; therefore, the partial investment in associate represented by the 17,000,000 common shares was classified as an asset held for sale. The Company remeasured the carrying amount of the shares held for sale as the lower of cost and FVLCD and recognized an impairment expense of $5,506 in respect of the disposal. A reconciliation of the impairment expense is as follows: Carrying amount, investment in Dolly Varden $ 55,265 Equity interest transferred to held for sale 22.2% Carrying amount transferred to asset held for sale 12,280 Less: FVLCD (6,774 ) Impairment expense recognized $ 5,506 For the year ended December 31, 2022, the Company's equity share of net loss of the Company's associates on a 100% basis were as follows: Year ended December 31, 2022 Dolly Varden UMS Total Cost recoveries $ - $ (4,412 ) $ (4,412 ) Exploration and evaluation 16,936 1,642 18,578 Marketing 1,057 312 1,369 Share-based compensation 1,786 2,433 4,219 Administrative and other (508 ) 121 (387 ) Net loss of associate, 100% 19,271 96 19,367 Average equity interest for the year 30.4% 25% Company's share of net loss of associates $ 5,856 $ 24 $ 5,880 The net loss for the associates in 2022 includes the periods February 25, 2022 to December 31, 2022 for Dolly Varden and April 1, 2022 to December 31, 2022 for UMS as these are the periods they were considered to be equity investees. For the year ended December 31, 2023, the Company's equity share of net loss of the Company's associates on a 100% basis were as follows: Year ended December 31, 2023 Dolly Varden UMS Total Cost recoveries $ - $ (5,517 ) $ (5,517 ) Exploration and evaluation 24,806 1,907 26,713 Marketing 1,409 464 1,873 Share-based compensation 1,971 - 1,971 Administrative and other (1,536 ) 3,166 1,630 Net loss of associate, 100% 26,650 20 26,670 Average equity interest for the period 23.18% 25% Company's share of net loss of associates $ 6,177 $ 5 $ 6,182 The Company's equity share of net assets of associates at December 31, 2022, is as follows: Dolly Varden UMS Current assets $ 28,914 $ 879 Non-current assets 155,198 2,750 Current liabilities (4,100 ) (1,654 ) Non-current liabilities - (1,467 ) Net assets, 100% 180,012 508 Company's equity share of net assets of associate $ 42,303 $ 127 The Company's equity share of net assets of associates at December 31, 2023, is as follows: Dolly Varden UMS Current assets $ 11,468 $ 844 Non-current assets 153,296 2,468 Current liabilities (804 ) (1,484 ) Non-current liabilities - (1,340 ) Net assets, 100% 163,960 488 Company's equity share of net assets of associate $ 36,126 $ 122 (b) Services rendered and balances with UMS Years ended December 31 2023 2022 2021 Exploration and evaluation costs $ 872 $ 590 $ 215 General and administration 714 841 384 Total transactions for the year $ 1,586 $ 1,431 $ 599 The outstanding balance owing at December 31, 2023 was $103 (December 31, 2022 - $240) which is included in accounts payable. As part of the UMS arrangement, the Company is contractually obliged to pay certain rental expenses in respect of a ten-year office lease entered into by UMS on July 1, 2021. As at December 31, 2023, the Company expects to incur approximately $381 in respect of its share of future rental expense of UMS. The Company issues share options to certain UMS employees, including key management personnel of the Company (note 16). The Company recognized a share-based compensation expense of $317 for the year ended December 31, 2023 in respect of share options issued to UMS employees (December 31, 2022 - $483, December 31, 2021 - $453) which is included within employee benefits and exploration and evaluation costs. |
Flowthrough Share Premium Liabi
Flowthrough Share Premium Liability | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Flowthrough Share Premium Liability [Abstract] | |
Flow-through share premium liability [Text Block] | Note 12: Flow-through share premium liability Flow-through shares are issued at a premium, calculated as the difference between the price of a flow-through share and the price of a common share at that date. Tax deductions generated by eligible expenditures are passed through to the shareholders of the flow-through shares once the eligible expenditures are incurred and renounced. In March 2023, the Company completed an equity financing by raising $8,750 through the issuance of 6,076,500 flow-through subscription receipts. The flow-through share funding and expenditures along with the corresponding impact on the flow-through share premium liability were as follows: Expenditures Flow through Balance at December 31, 2020 $ 18,079 $ 7,644 Flow-through eligible expenditures (10,789 ) (4,520 ) Balance at December 31, 2021 $ 7,290 $ 3,124 Flow-through eligible expenditures (7,290 ) (3,124 ) Balance at December 31, 2022 $ - $ - Flow-through funds raised 8,750 3,889 Flow-through eligible expenditures (7,527 ) (3,345 ) Balance at December 31, 2023 $ 1,223 $ 544 |
Provision for Site Reclamation
Provision for Site Reclamation and Closure | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Provision For Site Reclamation And Closure [Abstract] | |
Provision for site reclamation and closure [Text Block] | Note 13: Provision for site reclamation and closure The Company recognizes a provision for site reclamation and closure, which reflects the present value of the estimated amount of cash flows required to satisfy the asset retirement obligation in respect of the Committee Bay and Quebec properties. The components of this obligation are the removal of equipment currently being used at the site as well as costs associated with the reclamation of the camp housing and work sites on the property. The estimate of future asset retirement obligations is subject to change based on amendments to applicable laws, management's intentions, and mining lease renewals. The key assumptions used to calculate the present value of the future estimated cash flows of the Company's projects are as follows: Undiscounted cash flow obligation for site reclamation of $6,246 (December 31, 2022 - $6,065, December 31, 2021 - $4,938); Expected timing of future cash flows which is between the years 2026 and 2041; Annual inflation rate of 2.25% (December 31, 2022 - 2.5%, December 31, 2021 - 2.5%); and Risk-free interest rate of 3.02% (December 31, 2022 - 3.28%, December 31, 2021 - 1.68%). The present value of the liability for the site reclamation and closure provision for the Company's projects was as follows: Quebec Nunavut Total Balance at December 31, 2021 $ 1,934 $ 2,256 $ 4,190 Accretion 42 52 94 Change in estimate (409 ) 396 (13 ) Balance at December 31, 2022 $ 1,567 $ 2,704 $ 4,271 Accretion 54 94 148 Change in estimate (52 ) 128 76 Balance at December 31, 2023 $ 1,569 $ 2,926 $ 4,495 |
Exploration and Evaluation Cost
Exploration and Evaluation Costs | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Exploration And Evaluation Costs [Abstract] | |
Exploration and evaluation costs [Text Block] | Note 14: Exploration and evaluation costs For the years ended December 31, 2023, 2022 and 2021, the Company's exploration and evaluation costs were as follows: Quebec Nunavut British Columbia Total Assaying $ 1,538 $ 44 $ - $ 1,582 Exploration drilling 2,250 - - 2,250 Camp cost, equipment and field supplies 936 194 - 1,130 Geological consulting services 7 16 - 23 Geophysical analysis 165 - - 165 Permitting, environmental and community costs 235 158 - 393 Expediting and mobilization 17 - - 17 Salaries and wages 1,987 23 - 2,010 Fuel and consumables 481 - - 481 Aircraft and travel 784 (1 ) - 783 Share-based compensation 465 12 - 477 Total for year ended December 31, 2023 $ 8,865 $ 446 $ - $ 9,311 Quebec Nunavut British Columbia Total Assaying $ 1,638 $ 50 $ 2 $ 1,690 Exploration drilling 1,768 - - 1,768 Camp cost, equipment and field supplies 844 193 10 1,047 Geological consulting services 50 13 - 63 Geophysical analysis 127 - - 127 Permitting, environmental and community costs 163 164 - 327 Expediting and mobilization 12 - - 12 Salaries and wages 2,330 45 1 2,376 Fuel and consumables 537 - - 537 Aircraft and travel 768 21 - 789 Share-based compensation 471 9 1 481 Total for year ended December 31, 2022 $ 8,708 $ 495 $ 14 $ 9,217 Quebec Nunavut British Columbia Total Assaying $ 2,502 $ 264 $ 21 $ 2,787 Exploration drilling 3,448 601 125 4,174 Camp cost, equipment and field supplies 1,280 377 124 1,781 Geological consulting services 481 312 3 796 Geophysical analysis 185 - - 185 Permitting, environmental and community costs 186 184 53 423 Expediting and mobilization 79 170 6 255 Salaries and wages 1,921 458 100 2,479 Fuel and consumables 462 30 - 492 Aircraft and travel 429 1,079 2 1,510 Share-based compensation 346 88 39 473 Total for year ended December 31, 2021 $ 11,319 $ 3,563 $ 473 $ 15,355 |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Capital [Abstract] | |
Share capital [Text Block] | Note 15: Share capital (a) Authorized Unlimited common shares without par value. Unlimited preferred shares - nil issued and outstanding. (b) Share issuances During the year ended December 31, 2023: i. Number of common shares Impact on share capital Flow-through shares issued at $1.44 per share 6,076,500 $ 8,750 Cash share issue costs - (912 ) Proceeds net of share issue costs 6,076,500 $ 7,838 Less: - (3,889 ) Total allocated to share capital 6,076,500 $ 3,949 ii. During the year ended December 31, 2022: i. Share issue costs related to the April 2022 Offering totaled $136. A reconciliation of the impact of the private placement on share capital is as follows: Number of common shares Impact on share capital Common shares issued at $0.80 per share 13,750,000 $ 11,000 Cash share issue costs - (136 ) Proceeds net of share issue costs 13,750,000 $ 10,864 During the year ended December 31, 2021: i. Share issue costs related to the October 2021 Offering totaled $211, which included $68 in commissions and $143 in other issuance costs. A reconciliation of the impact of the private placement on share capital is as follows: Number of common shares Impact on share capital Common shares issued at $0.75 per share 7,461,450 $ 5,596 Cash share issue costs - (211 ) Proceeds net of share issue costs 7,461,450 $ 5,385 ii. iii. iv. |
Share-based compensation and wa
Share-based compensation and warrant reserve | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |
Share-based compensation and warrant reserve [Text Block] | Note 16: Share-based compensation and warrant reserve (a) Share-based compensation expense The Company uses the fair value method of accounting for all share-based payments to directors, officers, employees, and other service providers. During the years ended December 31, 2023, 2022, and 2021, the Company recognized share-based compensation expense as follows: Years ended December 31 2023 2022 2021 Recognized in net loss (earnings) and included in: Exploration and evaluation costs $ 477 $ 481 $ 473 Fees, salaries and other employee benefits 874 1,188 1,573 Total share-based compensation expense $ 1,351 $ 1,669 $ 2,046 During the year ended December 31, 2023, the Company granted 3,134,800 (December 31, 2022 - 3,430,000, December 31, 2021 - 1,405,000) share options to directors, officers, employees, and certain consultants who provide certain on-going services to the Company, representative of employee services. The weighted average fair value per option of these share options was calculated as $0.47 (December 31, 2022 - $0.46, December 31, 2021 - $0.56) using the Black-Scholes option valuation model at the grant date. In addition to options, the Company also granted 197,345 RSU's during the year ended December 31, 2023, (December 31, 2022, and 2021 - nil) to officers and employees which have all vested and were settled through the issuance of common shares. The fair value of the share-based options granted during the years ended December 31, 2023, 2022 and 2021 was estimated using the Black-Scholes option valuation model with the following weighted average assumptions: Years ended December 31 2023 2022 2021 Risk-free interest rate 3.06% 2.20% 0.91% Expected dividend yield Nil Nil Nil Share price volatility 68% 67% 67% Expected forfeiture rate 4.7% 2.5% 0% Expected life in years 5.0 5.0 4.90 The risk-free interest rate assumption is based on the Government of Canada benchmark bond yields and treasury bills with a remaining term that approximates the expected life of the share-based options. The expected volatility assumption is based on the historical and implied volatility of the Company's common shares. The expected forfeiture rate and the expected life in years are based on historical trends. (b) Long-term incentive plan On June 29, 2023 the Company adopted a new Long-Term Incentive Plan ("LTI Plan") which strives to accelerate and encourage additional share ownership by its employees, officers and directors. The LTI plan provides for the awarding of share options, performance share units, restricted share units and deferred share units. The LTI Plan limits the number of shares reserved for issuance under the LTI Plan, together with all other security-based compensation arrangements of the Company to 10% of the issued and outstanding Shares. The number of share options issued and outstanding and the weighted average exercise price were as follows: Number of share options Weighted average exercise price ($/option) Outstanding, December 31, 2020 8,141,004 $ 2.67 Granted 1,405,000 1.03 Exercised (5,834 ) 0.86 Expired (1,685,048 ) 3.62 Forfeited (1,103,125 ) 2.04 Outstanding, December 31, 2021 6,751,997 $ 2.00 Granted 3,430,000 1.00 Expired (608,237 ) 4.65 Forfeited (693,436 ) 1.77 Outstanding, December 31, 2022 8,880,324 $ 1.44 Granted 3,134,800 0.80 Expired (1,672,087 ) 1.58 Forfeited (391,435 ) 0.95 Outstanding, December 31, 2023 9,951,602 $ 1.23 The number of Restricted Share Units Issued and outstanding and the weighted average exercise price were as follows: Number of RSU's Weighted average vesting price ($/ share) Outstanding, December 31, 2020, 2021 and 2022 - $ - Granted 197,345 0.60 Settled (197,345 ) (0.60 ) Outstanding, December 31, 2023 - $ - All Restricted Share Units granted during 2023, also vested and settled through issuance of common shares. As at December 31, 2023, the number of share options outstanding was as follows: Options outstanding Options exercisable Exercise price ($/option) Number of shares Weighted average exercise price ($/option) Weighted average remaining life (years) Number of shares Weighted average exercise price ($/option) Weighted average remaining life (years) $0.56 - $1.00 6,922,993 0.91 3.46 5,647,193 0.93 3.31 $1.00 - $1.95 893,609 1.79 1.19 893,609 1.79 1.19 $2.05 2,135,000 2.05 1.81 2,135,000 2.05 1.81 9,951,602 1.23 2.90 8,675,802 1.30 2.72 (c) Share purchase warrants The number of share purchase warrants outstanding at December 31, 2023 was as follows: Warrants outstanding Exercise price ($/share) Outstanding at December 31, 2020 1,626,740 $ 1.66 Issued 7,461,450 1.20 Exercised (101,042 ) 1.46 Expired (775,695 ) 1.42 Outstanding at December 31, 2021 8,211,453 $ 1.27 Expired during 2022 (750,003 ) 1.95 Outstanding at December 31, 2022 and 2023 7,461,450 $ 1.20 The following table reflects the warrants issued and outstanding as of December 31, 2023: Expiry date Warrants outstanding Exercise price ($/share) October 6, 2024 5,085,670 1.20 October 12, 2024 2,375,780 1.20 Total 7,461,450 1.20 |
Key management personnel
Key management personnel | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |
Key management personnel [Text Block] | Note 17: Key management personnel Key management personnel include Fury Gold's board of directors and certain executive officers of the Company, including the CEO, Chief Financial Officer ("CFO") and Senior VP, Exploration. The remuneration of the Company's key management personnel was as follows: Years ended December 31 2023 2022 2021 Short-term benefits provided to executives (a) $ 1,109 $ 1,719 $ 982 Directors' fees paid to non-executive directors 289 203 204 Share-based payments 1,013 1,059 1,206 Total $ 2,411 $ 2,981 $ 2,392 (a) |
Supplemental cash flow informat
Supplemental cash flow information | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |
Supplemental cash flow information [Text Block] | Note 18: Supplemental cash flow information The impact of changes in non-cash working capital was as follows: Years ended December 31 2023 2022 2021 Accounts receivable $ (5 ) $ (47 ) $ 505 Prepaid expenses and deposits (59 ) (94 ) 260 Accounts payable and accrued liabilities (120 ) (762 ) (499 ) Changes in non-cash working capital $ (184 ) $ (903 ) $ 266 Operating activities include the following cash received: Years ended December 31 2023 2022 2021 Income taxes refunded $ (307 ) $ (187 ) $ (3,835 ) Income taxes paid 18 - - Income tax expense (recovery) $ (289 ) $ (187 ) $ (3,835 ) |
(Earnings) loss per share
(Earnings) loss per share | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
(Earnings) loss per share [Text Block] | Note 19: (Earnings) loss per share For the years ended December 31, 2023, 2022, and 2021, the weighted average number of shares outstanding and (earnings) loss per share were as follows: Years ended December 31 2023 2022 2021 Net loss (earnings) $ 17,213 $ (24,908 ) $ 16,790 Weighted average basic number of shares outstanding 144,184,481 139,470,950 119,701,040 Basic loss (earnings) per share $ 0.12 $ (0.18 ) $ 0.14 Weighted average diluted number of shares outstanding 144,184,481 139,481,236 119,701,040 Diluted loss (earnings) per share $ 0.12 $ (0.18 ) $ 0.14 |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments | |
Financial instruments [Text Block] | Note 20: Financial instruments The Company's financial instruments as at December 31, 2023, consisted of cash, marketable securities, accounts receivable, deposits, and accounts payable and accrued liabilities. The fair values of these financial instruments approximate their carrying values, unless otherwise noted. (a) Financial assets and liabilities by categories At December 31, 2023 At December 31, 2022 At December 31, 2021 Amortized Cost FVTPL Total Amortized Cost Amortized Cost Cash $ 7,313 $ - $ 7,313 $ 10,309 $ - $ 10,309 $ 3,259 $ - $ 3,259 Marketable securities - 1,166 1,166 - 582 582 - 605 605 Deposits 100 - 100 25 - 25 243 - 243 Accounts receivable 374 - 374 369 - 369 372 - 372 Total financial assets $ 7,787 $ 1,166 $ 8,953 $ 10,703 582 $ 11,285 $ 3,874 605 $ 4,479 Accounts payable and accrued liabilities 1,034 - 1,034 1,148 - 1,148 1,888 - 1,888 Total financial liabilities $ 1,034 $ - $ 1,034 $ 1,148 $ - $ 1,148 $ 1,888 $ - $ 1,888 (b) Financial assets and liabilities measured at fair value The categories of the fair value hierarchy that reflect the significance of inputs used in making fair value measurements are as follows: Level 1 - fair values based on unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - fair values based on inputs that are observable for the asset or liability, either directly or indirectly; and Level 3 - fair values based on inputs for the asset or liability that are not based on observable market data. The Company's policy to determine when a transfer occurs between levels is to assess the impact at the date of the event or the change in circumstances that could result in a transfer. No transfers occurred between the levels during the year. The Company's financial instruments measured at fair value on a recurring basis were as follows: At December 31 2023 2022 2021 Level 1 Level 1 Level 1 Level 2 (a) Marketable securities $ 1,166 $ 582 $ 282 $ 323 (a) During the years ended December 31, 2023 and 2022, there were no financial assets or financial liabilities measured and recognized on the consolidated statements of financial position at fair value that would be categorized as level 2 or 3 in the fair value hierarchy. (c) Financial instruments and related risks The Company's financial instruments are exposed to liquidity risk, credit risk and market risks, which include currency risk, interest rate risk and price risk. As at December 31, 2023, the primary risks were as follows: Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company proactively manages its capital resources and has in place a budgeting and cash management process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its current exploration plans and achieve its growth objectives. The Company ensures that there is sufficient liquidity available to meet its short-term business requirements, taking into account its anticipated cash outflows from exploration activities, and its holdings of cash and marketable securities. The Company monitors and adjusts, when required, these exploration programs as well as corporate administrative costs to ensure that adequate levels of working capital are maintained. As at December 31, 2023, the Company had unrestricted cash of $7,313 (December 31, 2022 - $10,309, December 31, 2021 - $3,259), working capital surplus of $7,713 (December 31, 2022 - $10,554, December 31, 2021 - working capital deficit of $428), which the Company defines as current assets less current liabilities, and an accumulated deficit of $149,054 (December 31, 2022 - $131,841, December 31, 2021 - $156,749). During the year ended December 31, 2023, Fury Gold incurred a comprehensive loss of $17,219 (December 31, 2022 - income of $24,905, December 31, 2021 - loss of $16,790). With no source of operating cash flow, there is no assurance that sufficient funding will be available to conduct further exploration of its mineral properties. The Company's contractual obligations are as follows: Within 1 year 2 to 3 years Over 3 years At December 31 2023 Accounts payable and accrued liabilities $ 1,034 $ - $ - $ 1,034 Quebec flow-through expenditure requirements 1,223 - - 1,223 Undiscounted lease payments 189 64 - 253 Total $ 2,446 $ 64 $ - $ 2,510 The Company also makes certain payments arising on mineral claims and leases on an annual or bi-annual basis to ensure all the Company's properties remain in good standing. Cash payments of $298 were made during the year ended December 31, 2023, in respect of these mineral claims (December 31, 2022 - $215), with $78 recognized in prepaid expenses as at December 31, 2023 (December 31, 2022 - $78). Credit risk The Company's cash and accounts receivables are exposed to credit risk, which is the risk that the counterparties to the Company's financial instruments will cause a loss to the Company by failing to pay their obligations. The amount of credit risk to which the Company is exposed is considered insignificant as the Company's cash is held with highly rated financial institutions in interest-bearing accounts and the accounts receivable primarily consist of sales tax receivables and a receivable from a reputable supplier of services in Canada. Market risk This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Significant market risks to which the Company is exposed are as follows: i. The Company is exposed to currency risk by having balances and transactions in currencies that are different from the relevant functional currency (the Canadian dollar). The Company's foreign currency exposure related to its financial assets and liabilities held in US dollars was as follows: Years ended December 31 2023 2022 2021 Financial assets US$ bank accounts $ 1 $ 1 $ 569 Financial liabilities Accounts payable (7 ) (61 ) (160 ) $ (6 ) $ (60 ) $ 409 A 10% increase or decrease in the US dollar to Canadian dollar exchange rate would not have a material impact on the Company's net loss. ii. The Company holds certain investments in marketable securities (note 8) which are measured at fair value, being the closing share price of each equity security at the date of the consolidated statements of financial position. The Company is exposed to changes in share prices which would result in gains and losses being recognized in the loss for the year. A 10% increase or decrease in the Company's marketable securities' share prices would not have a material impact on the Company's net loss. |
Management of Capital
Management of Capital | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Management Of Capital [Abstract] | |
Management of capital [Text Block] | Note 21: Management of capital The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern in order to pursue exploration of resource properties and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may issue new shares or debt, acquire or dispose of assets, or adjust the amount of cash and investments. In order to maximize ongoing exploration efforts, the Company does not pay out dividends, does not have any long-term debt, and is not subject to any externally imposed capital requirements. The capital of the Company was determined as follows: Years ended December 31 2023 2022 2021 Equity $ 182,874 $ 194,793 $ 157,355 Less: cash (7,313 ) (10,309 ) (3,259 ) $ 175,561 $ 184,484 $ 154,096 The Company expects its capital resources to support its current forecasted project expenditures at the Eau Claire project and the Éléonore South project |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Income Taxes [Abstract] | |
Income taxes [Text Block] | Note 22: Income taxes Income tax recovery provision The reconciliation of the income tax recovery computed at statutory rates to the reported income tax recovery is: Years ended December 31 2023 2022 2021 (Earnings) Loss before income taxes $ 17,502 $ (24,721 ) $ 20,625 Canadian federal and provincial income tax rates 27% 27% 27% Expected income tax expense (recovery) (4,725 ) 6,675 (5,569 ) Increase (decrease) in income tax recovery resulting from: Share-based compensation 432 448 552 Share issuance costs (246 ) (37 ) (60 ) Adjustment to tax estimates 934 114 1,170 Amortization of flow-through share premium (903 ) (844 ) (1,220 ) Flow-through expenditures renunciation 1,995 1,934 2,856 Difference in future and foreign tax rates 42 81 (172 ) Sale of Homestake Resource Corporation - (3,021 ) - Other 503 497 (2,948 ) Increase (decrease) in unrecognized tax asset 1,679 (6,034 ) 1,556 Income tax expense (recovery) $ (289 ) $ (187 ) $ (3,835 ) Significant components of deferred tax asset and liabilities are: December 31 2022 Net loss December 31 2023 Deferred income tax assets Non-capital losses carried forward $ 13,635 $ 557 $ 14,192 Capital losses carried forward 73 (18 ) 55 Share issuance costs and CEC 317 39 356 Investments 22 76 98 Investments in associates 633 839 1,472 Site reclamation obligations 1,145 61 1,206 Property and equipment 427 52 479 Mineral property interests 4,973 30 5,003 Capital lease obligation 104 (43 ) 61 21,329 1,594 22,923 Deferred income tax liabilities Property and equipment (53 ) 29 (24 ) Mineral property interests (545 ) 28 (517 ) Investments (28 ) 28 - Net deferred tax assets 20,702 1,679 22,381 Unrecognized deferred tax assets (20,702 ) (1,679 ) (22,381 ) Net deferred tax balance $ - $ - $ - December 31 2021 Net loss December 31 2022 Deferred income tax assets Non-capital losses carried forward $ 21,032 $ (7,397 ) $ 13,635 Capital losses carried forward 183 (110 ) 73 Share issuance costs and CEC 552 (235 ) 317 Investments 18 4 22 Investments in associates - 633 633 Site reclamation obligations 1,121 24 1,145 Property and equipment 376 51 427 Mineral property interests 5,001 (28 ) 4,973 Capital lease obligation 124 (20 ) 104 Other 63 (63 ) - 28,470 (7,141 ) 21,329 Deferred income tax liabilities Property and equipment (86 ) 33 (53 ) Mineral property interests (1,606 ) 1,061 (545 ) Investments (42 ) 14 (28 ) Net deferred tax assets 26,736 (6,034 ) 20,702 Unrecognized deferred tax assets (26,736 ) 6,034 (20,702 ) Net deferred tax balance $ - $ - $ - December 31 2020 Net loss December 31 2021 Deferred income tax assets Non-capital losses carried forward $ 19,846 $ 1,186 21,032 Capital losses carried forward 82 101 183 Share issuance costs and CEC 833 (281 ) 552 Investments 44 (26 ) 18 Site reclamation obligations 1,137 (16 ) 1,121 Property and equipment 312 64 376 Mineral property interests 3,985 1,016 5,001 Capital lease obligation 66 58 124 Other - 63 63 26,305 2,165 28,470 Deferred income tax liabilities Property and equipment (52 ) (34 ) (86 ) Mineral property interests (877 ) (729 ) (1,606 ) Investments (196 ) 154 (42 ) Net deferred tax assets 25,180 1,556 26,736 Unrecognized deferred tax assets (25,180 ) (1,556 ) (26,736 ) Net deferred tax balance $ - $ - $ - The Company has accumulated non-capital tax losses of approximately $54,073 (December 31, 2022 - $51,335, December 31, 2021 - $79,718) in Canada, which may be carried forward to reduce taxable income of future years. The non-capital tax losses will, if unused, expire between 2025 and 2043. The Company has not recognized any deferred tax assets at December 31, 2023, in respect of these non-capital losses due to the uncertainty that future operations will generate sufficient taxable income to utilize these non-capital losses. The Company has $111 accumulated tax capital losses (December 31, 2022 - $247, December 31, 2021 - $1,312) in Canada which may be carried forward indefinitely and used to reduce capital gains in future years. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events [Text Block] | Note 23: Subsequent events (a) (b) (c) (d) (e) |
Material Accounting Policy In_2
Material Accounting Policy Information (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Material Accounting Policy Information [Abstract] | |
Basis of measurement [Policy Text Block] | a) Basis of measurement These consolidated financial statements have been prepared on a historical cost basis, except for those assets and liabilities that are measured at revalued amounts or fair values at the end of each reporting period. |
Currency of presentation [Policy Text Block] | b) Currency of presentation The Company's presentation currency is the Canadian ("CAD") dollar. All amounts, with the exception of per share amounts, are expressed in thousands of Canadian dollars, unless otherwise stated. References to US$ are to United States ("US") dollars. |
Basis of preparation and consolidation [Policy Text Block] | c) Basis of preparation and consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries. Subsidiaries are entities controlled by the Company. Control exists when the Company has power over an investee, when the Company is exposed, or has rights, to variable returns from the investee and when the Company has the ability to affect those returns through its power over the investee. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposition or loss of control. All intercompany balances and transactions have been eliminated. The subsidiaries (with a beneficial interest of 100%) of the Company as at December 31, 2023 were as follows: Subsidiary Place of incorporation Functional currency Eastmain Mines Inc. ("Eastmain Mines") ( a ) Canada CAD Eastmain Resources Inc. ("Eastmain") ON, Canada CAD Fury Gold USA Limited ("Fury Gold USA") (b) Delaware, U.S.A. USD North Country Gold Corp. ("North Country") BC, Canada CAD ( a ) ( b ) Investments in associates and joint arrangements These consolidated financial statements also include the following joint arrangements and investments in associates: Associates and joint arrangement Ownership interest Location Classification and accounting method Dolly Varden 22.030% BC, Canada Associate; equity method UMS 25.000% BC, Canada Associate; equity method ESJV 50.022% Quebec, Canada Joint operation |
Foreign currency translation [Policy Text Block] | d) Foreign currency translation The financial statements of the Company and each of its subsidiaries are prepared in its functional currency determined on the basis of the currency of the primary economic environment in which such entities operate. The presentation and functional currency of the Company and each of its subsidiaries, with the exception of Fury Gold USA, is the Canadian dollar. Fury Gold USA's functional currency has been determined to be the US dollar. Transactions in currencies other than the functional currency are recorded at the rates of exchange prevailing at the transaction dates. At each reporting date, monetary items denominated in foreign currencies are translated into the entity's functional currency at the then prevailing rates and non-monetary items measured at historical cost are translated into the entity's functional currency at rates in effect at the date the transaction took place. Exchange differences arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition during the period or in previous financial statements are included in the consolidated statements of loss and comprehensive loss for the period in which they arise. |
Cash and cash equivalents [Policy Text Block] | e) Cash and cash equivalents Cash and cash equivalents consist of cash and highly liquid short-term investments that are readily convertible to cash and have maturities with terms of less than ninety days and/or with original maturities over ninety days but redeemable on demand without penalty. As at December 31, 2023 and 2022, the Company did not have any cash equivalents. |
Property and equipment [Policy Text Block] | f) Property and equipment Property and equipment are stated at cost less accumulated amortization and impairment losses. Amortization is calculated using the straight-line method over the estimated useful lives as follows: • Computer equipment 3 years • Machinery and equipment 5-10 years • Right-of-use ("ROU") assets the lease term, unless the transfer of the asset ownership is reasonably certain at the end of the lease term, whereupon depreciation is over the useful life. |
Mineral property interests and exploration expenditures [Policy Text Block] | g) Mineral property interests and exploration expenditures Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing historical characteristic of many properties. The Company has investigated title to all of its mineral properties and, to the best of its knowledge, title to all of its properties is in good standing. The Company accounts for mineral property interests in accordance with IFRS 6 - Exploration for and evaluation of mineral properties Costs directly related to acquiring the legal right to explore a mineral property including acquisition of licenses, mineral rights, and similar acquisition costs are recognized and capitalized as mineral property interests. Acquisition costs incurred in obtaining the legal right to explore a mineral property are deferred until the legal right is granted and thereon reclassified to mineral property interests. Transaction costs incurred in acquiring an asset are deferred until the transaction is completed and then included in the purchase price of the asset acquired. Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation activities including, but not limited to, researching and analyzing existing exploration data, conducting geological studies, exploration drilling and sampling, and payments made to contractors and consultants in connection with the exploration and evaluation of the property, are expensed in the period in which they are incurred as exploration and evaluation costs on the consolidated statements of loss and comprehensive loss. Costs not directly attributable to exploration and evaluation activities, including general administrative overhead costs, are expensed as administrative costs in the period in which they occur. As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to exploration and evaluation costs. When a project is deemed to no longer have commercially viable prospects to the Company, all capitalized acquisition costs in respect of that project are deemed to be impaired. As a result, those costs, in excess of the estimated recoverable amount, are expensed to the consolidated statements of loss and comprehensive loss. The Company assesses mineral property interests for impairment when facts and circumstances suggest that the carrying amount of the asset may exceed its recoverable amount. The recoverable amount is the higher of the asset's fair value less costs to sell and its value in use. Once the technical feasibility and commercial viability of extracting the mineral resources has been determined, the property is considered to be a mine under development at which point the assets and further related costs no longer fall under the guidance of IFRS 6. |
Joint arrangement [Policy Text Block] | (h) Joint arrangement The Company conducts a portion of its business through a joint arrangement where the parties are bound by contractual arrangements establishing joint control with decisions about the relevant activities that significantly affect the returns of the investee requiring unanimous consent. A joint arrangement is classified as either a joint operation or a joint venture, subject to the terms that govern each investor's rights and obligations in the arrangement. In a joint operation, the investor has rights and obligations to the separate assets and liabilities of the investee, therefore the Company recognizes its share of the assets, liabilities, revenue, and expenses of the joint arrangement. |
Investments in associates [Policy Text Block] | (i) Investments in associates The Company conducts a portion of its business through equity interests in associates. An associate is an entity over which the Company has significant influence and is neither a subsidiary nor a joint venture. The Company has significant influence when it has the power to participate in the financial and operating policy decisions of the associate but does not have control or joint control over those policy decisions. The Company accounts for its investments in associates using the equity method. Under the equity method, the Company's investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of earnings and losses of the associate, after any adjustments necessary to give effect to uniform accounting policies, and for impairment losses after the initial recognition date. The Company's share of an associate's losses that are in excess of its investment in the associate are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate. The Company's share of earnings and losses of its associate are recognized in net (earnings)/loss during the period. |
Impairment of non-financial assets [Policy Text Block] | j) Impairment of non-financial assets At each reporting date, the Company reviews the carrying amounts of its non-financial assets to determine whether there are any indicators of impairment. If any such indicator exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. Where the asset does not generate cash inflows that are independent from other assets, the Company estimates the recoverable amount of the Cash Generating Unit ("CGU") to which the asset belongs. Any intangible asset with an indefinite useful life is tested for impairment annually and whenever there is an indication that the asset may be impaired. An asset's recoverable amount is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which estimates of future cash flows have not been adjusted. If the recoverable amount of an asset or CGU is estimated to be less than its carrying amount, the carrying amount is reduced to the recoverable amount and an impairment loss is recognized immediately in the consolidated statements of loss and comprehensive loss. Where an impairment subsequently reverses, the carrying amount is increased to the revised estimate of recoverable amount but only to the extent that this does not exceed the carrying value that would have been determined if no impairment had previously been recognized. A reversal of impairment is recognized in the consolidated statements of (earnings) loss and comprehensive (income) loss. |
Leases [Policy Text Block] | k) Leases The Company assesses if a contract is or contains a lease at inception of the contract. Control is considered to exist if the contract conveys the right to control the use of an identified asset during the term of the lease. When a lease is identified, a right-of-use asset and a corresponding lease liability are recognized, except for short-term leases (defined as leases with a lease term of 12 months or less) and leases of low value assets. For these leases, the Company recognizes the lease payments as an expense in profit or loss on a straight-line basis. Right-of-use assets, which are included in property and equipment, are recognized at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs and decommissioning and restoration costs, less any lease incentives received. Right-of-use assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis, except where ownership is expected to be transferred at the end of the lease, whereby the asset is depreciated over its useful life. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by using the rate implicit in the lease or the Company's incremental borrowing rate, if the rate implicit in the lease cannot be determined. Lease payments included in the measurement of the lease liability are: fixed payments (including in-substance fixed payments), less any lease incentives receivable; variable payments that depend on an index or rate; amount expected to be payable by the lessee under residual value guarantees; exercise price of purchase options, if the lessee is reasonably certain to exercise the options; and penalties for terminations, unless the Company is reasonably certain the options will not be exercised. |
Provisions [Policy Text Block] | l) Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefit will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. |
Provision for site reclamation and closure [Policy Text Block] | m) Provision for site reclamation and closure An obligation to incur rehabilitation and site restoration costs arises when an environmental disturbance is caused by the exploration, development, or on-going production of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project as soon as the obligation to incur such costs arises, as well when changes in estimates occur year over year. These costs are charged to the consolidated statements of loss and comprehensive loss over the life of the operation through amortization and the unwinding of the discount in the provision. |
Flow-through common shares [Policy Text Block] | n) Flow-through common shares Canadian income tax legislation permits companies to issue flow-through instruments whereby the income tax deductions generated by eligible expenditures of the Company, defined in the Income Tax Act |
(Earnings) Loss per share [Policy Text Block] | o) (Earnings) Loss per share Basic (earnings) loss per share is calculated by dividing the net (earnings) loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. The diluted loss per share is calculated by dividing the net loss available to common shareholders by the weighted average number of shares outstanding on a diluted basis. The weighted average number of shares outstanding on a diluted basis takes into account the additional shares for the assumed exercise of share options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding share options were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting period. |
Share-based compensation [Policy Text Block] | p) Share-based compensation Options From time to time, the Company grants share options to employees and non-employees. An individual is classified as an employee, versus a non-employee, when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee. The fair value of share options, measured using the Black-Scholes option pricing model at the date of grant, is charged to the consolidated statements of loss and comprehensive loss over the vesting period. Performance vesting conditions and forfeitures are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Where the terms and conditions of options are modified before they vest, any change in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statements of loss and comprehensive loss over the remaining vesting period. Equity instruments granted to non-employees are recorded in the consolidated statements of loss and comprehensive loss at the fair value of the goods or services received, unless they are related to the issuance of shares. Costs related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for a share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management's best estimate, for the effects of non-transferability, exercise restrictions, and behavioral considerations. All equity-settled share-based payments are recorded in the share option and warrant reserve until exercised. Upon exercise, shares are issued from treasury and the amount previously recorded in share option and warrant reserve is reclassified to share capital along with any consideration paid. Deferred, Performance and Restricted Share Units ("DSU", "PSU" and "RSU") Under the Company's Long-term incentive ("LTI") plan, the board can issue DSU's, PSU's or RSU's to eligible members of management and or the board. The fair value of these shares will be determined at the time that they are granted and will be charged to the consolidated statements of (earnings) loss and comprehensive (income) loss at the time all vesting criteria have been met. DSU's, PSU's or RSU's issued under the Company's LTI plan vest on or before the third anniversary of the grant or as otherwise provided and may be settled in the form of the Company's common shares or, at the option of the Company, the cash equivalent based on the market price of the common shares as of the vesting date. The Company has historically settled RSUs in common shares. The Company has no present obligation to settle these in cash. |
Income taxes [Policy Text Block] | q) Income taxes Income tax reported in the consolidated statements of loss and comprehensive loss for the period presented comprises current and deferred income tax. Income tax is recognized in the consolidated statements of (earnings) loss and comprehensive (income) loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax for each taxable entity in the Company is based on the local taxable income at the local statutory tax rate enacted or, substantively enacted, at the reporting date and includes any adjustments to tax payable or recoverable with regards to previous periods. Deferred income tax is determined using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred income tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using the expected future tax rates enacted or substantively enacted at the reporting date. A deferred income tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Deferred tax assets are reduced to the extent that it is no longer probable that the related tax benefit will be realized. Deferred income tax assets and liabilities are offset only when there is a legally enforceable right to set off current tax assets against current tax liabilities, when they relate to income taxes levied by the same taxation authority and the Company intends to settle its tax assets and liabilities on a net basis. |
Financial instruments [Policy Text Block] | r) Financial instruments The Company recognizes financial assets and liabilities on its consolidated statements of financial position when it becomes a party to the contract creating the asset or liability. On initial recognition, all financial assets and liabilities are recorded by the Company at fair value, net of attributable transaction costs, except for financial assets and liabilities classified as fair value through profit or loss for which transaction costs are expensed in the period in which they are incurred. i) Amortized cost Financial assets that meet the following conditions are measured subsequently at amortized cost: the financial asset is held within a business model whose objective is to hold financial assets in order to collect contractual cash flows; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The amortized cost of a financial asset is the amount at which the financial asset is measured at initial recognition minus the principal repayments, plus the cumulative amortization using the effective interest method of any difference between that initial amount and the maturity amount, adjusted for any loss allowance. Interest income is recognized using the effective interest method. ii) Fair value through other comprehensive income ("FVTOCI") Financial assets that meet the following conditions are measured at FVTOCI: the financial asset is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. The Company does not have any financial assets classified as FVTOCI at December 31, 2023 and 2022. iii) Financial assets measured subsequently at fair value through profit or loss ("FVTPL") By default, all other financial assets are measured subsequently at FVTPL. The Company, at initial recognition, may also irrevocably designate a financial asset as measured at FVTPL if doing so eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities or recognizing the gains and losses on them on different bases. Financial assets measured at FVTPL are measured at fair value at the end of each reporting period, with any fair value gains or losses recognized in profit or loss to the extent they are not part of a designated hedging relationship. Fair value is determined in the manner described in note 20. iv) Financial liabilities and equity Debt and equity instruments are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements, and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all its liabilities. Equity instruments issued by the Company are recognized at the proceeds received, net of direct issue costs. Repurchase of the Company's own equity instruments is recognized and deducted directly in equity. No gain or loss is recognized in profit or loss on the purchase, sale, issue, or cancellation of the Company's own equity instruments. Financial liabilities that are not contingent consideration of an acquirer in a business combination, held for trading, or designated as at FVTPL, are measured at amortized cost using the effective interest method. v) Impairment The Company recognizes a loss allowance for expected credit losses on its financial assets. The amount of expected credit losses is updated at each reporting period to reflect changes in credit risk since initial recognition of the respective financial instruments. |
Other Comprehensive (Income) loss [Policy Text Block] | (s) Other Comprehensive (Income) loss Other comprehensive (income) loss is the change in net assets arising from transactions and other events and circumstances from non-owner sources. Comprehensive (income) loss comprises net (earnings) loss and other comprehensive loss. Foreign currency translation differences arising on translation of subsidiaries with a different functional currency are also included in other comprehensive loss. |
Material Accounting Policy In_3
Material Accounting Policy Information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Material Accounting Policy Information [Abstract] | |
Disclosure of subsidaries [Table Text Block] | Subsidiary Place of incorporation Functional currency Eastmain Mines Inc. ("Eastmain Mines") ( a ) Canada CAD Eastmain Resources Inc. ("Eastmain") ON, Canada CAD Fury Gold USA Limited ("Fury Gold USA") (b) Delaware, U.S.A. USD North Country Gold Corp. ("North Country") BC, Canada CAD |
Disclosure of joint arrangements and investments in associates [Table Text Block] | Associates and joint arrangement Ownership interest Location Classification and accounting method Dolly Varden 22.030% BC, Canada Associate; equity method UMS 25.000% BC, Canada Associate; equity method ESJV 50.022% Quebec, Canada Joint operation |
Disclosure of estimated useful lives of property, plant and equipment [Table Text Block] | • Computer equipment 3 years • Machinery and equipment 5-10 years • Right-of-use ("ROU") assets the lease term, unless the transfer of the asset ownership is reasonably certain at the end of the lease term, whereupon depreciation is over the useful life. |
Critical accounting estimates_2
Critical accounting estimates and judgments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Critical Accounting Estimates And Judgment [Abstract] | |
Disclosure of estimate of reclamation obligations [Table Text Block] | Years ended December 31 2023 2022 2021 Risk-free interest rate 3.02% 3.28% 1.68% Annual inflation 2.25% 2.50% 2.50% |
Sale of Homestake Resources (Ta
Sale of Homestake Resources (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Sale Of Homestake Resources [Abstract] | |
Disclosure Of Sale of homestake resources [Table Text Block] | Net assets derecognized: Total Mineral interests $ 16,460 Reclamation bond 68 $ 16,528 Net proceeds: Cash $ 5,000 Working capital adjustment 68 76,504,590 common shares of Dolly Varden 60,439 Transaction costs (589 ) $ 64,918 Net gain on disposition $ 48,390 |
Cash and Restricted Cash (Table
Cash and Restricted Cash (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Cash And Restricted Cash [Abstract] | |
Disclosure Of Cash and restricted cash [Table Text Block] | At December 31 2023 2022 Cash $ 7,313 $ 10,309 Restricted cash 144 144 $ 7,457 $ 10,453 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Marketable Securities [Abstract] | |
Disclosure Of marketable securities [Table Text Block] | Total Balance at December 31, 2021 $ 605 Additions 110 Unrealized net loss (135 ) Balance at December 31, 2022 $ 582 Additions 1,619 Sale of marketable securities (381 ) Realized gain on disposition 293 Unrealized net loss (947 ) Balance at December 31, 2023 $ 1,166 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property and Equipment | |
Disclosure of property and equipment [Table Text Block] | Machinery and equipment Office lease Other Total C ost At December 31, 2021 $ 2,191 $ 531 $ 11 $ 2,733 Additions during 2022 81 - - 81 At December 31, 2022 and 2023 $ 2,272 $ 531 $ 11 $ 2,814 Accumulated depreciation At December 31, 2021 $ (1,389 ) $ (150 ) $ (3 ) $ (1,542 ) Depreciation for the year (204 ) (133 ) (4 ) (341 ) At December 31, 2022 $ (1,593 ) $ (283 ) $ (7 ) $ (1,883 ) Depreciation for the year (205 ) (134 ) (4 ) (343 ) At December 31, 2023 $ (1,798 ) $ (417 ) $ (11 ) $ (2,226 ) Net book value At December 31, 2022 $ 679 $ 248 $ 4 $ 931 At December 31, 2023 $ 474 $ 114 $ - $ 588 |
Mineral Property Interests (Tab
Mineral Property Interests (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Mineral Property Interests [Abstract] | |
Disclouser of Mineral property interests [Table text block] | Quebec Nunavut British Columbia Total Balance at December 31, 2021 $ 125,094 $ 19,139 $ 16,460 $ 160,693 Sale of Homestake Resources (note 1) - - (16,460 ) (16,460 ) Acquisition of additional ownership interest in ESJV (note 1) 1,281 - - 1,281 Option payment received (310 ) - - (310 ) Change in estimate of provision for site reclamation and closure (note 13) (409 ) 395 - (14 ) Balance at December 31, 2022 $ 125,656 $ 19,534 $ - $ 145,190 Option payment received (880 ) - - (880 ) Disposition (1,746 ) - - (1,746 ) Change in estimate of provision for site reclamation and closure (note 13) (52 ) 127 - 75 Balance at December 31, 2023 $ 122,978 $ 19,661 $ - $ 142,639 |
Investments in associates (Tabl
Investments in associates (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Investments In Associates [Abstract] | |
Disclosure of company's investments in associates [Table Text Block] | Dolly Varden UMS Total Carrying amount at December 31, 2021 $ - $ - $ - Acquisition of equity investment 60,439 151 60,590 Disposal (note 1) (12,280 ) - (12,280 ) Company's share of net loss of associates (5,856 ) (24 ) (5,880 ) Carrying amount at December 31, 2022 $ 42,303 $ 127 $ 42,430 Company's share of net loss of associates (6,177 ) (5 ) (6,182 ) Carrying amount at December 31, 2023 $ 36,126 $ 122 $ 36,248 |
Disclosure of reconciliation of impairment expense [Table Text Block] | Carrying amount, investment in Dolly Varden $ 55,265 Equity interest transferred to held for sale 22.2% Carrying amount transferred to asset held for sale 12,280 Less: FVLCD (6,774 ) Impairment expense recognized $ 5,506 |
Disclosure of company's share of net loss of associates [Table Text Block] | Year ended December 31, 2022 Dolly Varden UMS Total Cost recoveries $ - $ (4,412 ) $ (4,412 ) Exploration and evaluation 16,936 1,642 18,578 Marketing 1,057 312 1,369 Share-based compensation 1,786 2,433 4,219 Administrative and other (508 ) 121 (387 ) Net loss of associate, 100% 19,271 96 19,367 Average equity interest for the year 30.4% 25% Company's share of net loss of associates $ 5,856 $ 24 $ 5,880 Year ended December 31, 2023 Dolly Varden UMS Total Cost recoveries $ - $ (5,517 ) $ (5,517 ) Exploration and evaluation 24,806 1,907 26,713 Marketing 1,409 464 1,873 Share-based compensation 1,971 - 1,971 Administrative and other (1,536 ) 3,166 1,630 Net loss of associate, 100% 26,650 20 26,670 Average equity interest for the period 23.18% 25% Company's share of net loss of associates $ 6,177 $ 5 $ 6,182 |
Disclosure of company's equity share of net assets of associate [Table Text Block] | Dolly Varden UMS Current assets $ 28,914 $ 879 Non-current assets 155,198 2,750 Current liabilities (4,100 ) (1,654 ) Non-current liabilities - (1,467 ) Net assets, 100% 180,012 508 Company's equity share of net assets of associate $ 42,303 $ 127 |
Disclosure of total transactions for the period [Table Text Block] | Years ended December 31 2023 2022 2021 Exploration and evaluation costs $ 872 $ 590 $ 215 General and administration 714 841 384 Total transactions for the year $ 1,586 $ 1,431 $ 599 |
Flowthrough Share Premium Lia_2
Flowthrough Share Premium Liability (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Flowthrough Share Premium Liability [Abstract] | |
Disclosure of the flow-through financings and the related flow-through share premium liability [Table Text Block] | Expenditures Flow through Balance at December 31, 2020 $ 18,079 $ 7,644 Flow-through eligible expenditures (10,789 ) (4,520 ) Balance at December 31, 2021 $ 7,290 $ 3,124 Flow-through eligible expenditures (7,290 ) (3,124 ) Balance at December 31, 2022 $ - $ - Flow-through funds raised 8,750 3,889 Flow-through eligible expenditures (7,527 ) (3,345 ) Balance at December 31, 2023 $ 1,223 $ 544 |
Provision for Site Reclamatio_2
Provision for Site Reclamation and Closure (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Provision For Site Reclamation And Closure [Abstract] | |
Disclosure of other provisions [Table Text Block] | Quebec Nunavut Total Balance at December 31, 2021 $ 1,934 $ 2,256 $ 4,190 Accretion 42 52 94 Change in estimate (409 ) 396 (13 ) Balance at December 31, 2022 $ 1,567 $ 2,704 $ 4,271 Accretion 54 94 148 Change in estimate (52 ) 128 76 Balance at December 31, 2023 $ 1,569 $ 2,926 $ 4,495 |
Exploration and Evaluation Co_2
Exploration and Evaluation Costs (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Exploration And Evaluation Costs [Abstract] | |
Disclsoure of company's exploration and evaluation costs [Table Text Block] | Quebec Nunavut British Columbia Total Assaying $ 1,538 $ 44 $ - $ 1,582 Exploration drilling 2,250 - - 2,250 Camp cost, equipment and field supplies 936 194 - 1,130 Geological consulting services 7 16 - 23 Geophysical analysis 165 - - 165 Permitting, environmental and community costs 235 158 - 393 Expediting and mobilization 17 - - 17 Salaries and wages 1,987 23 - 2,010 Fuel and consumables 481 - - 481 Aircraft and travel 784 (1 ) - 783 Share-based compensation 465 12 - 477 Total for year ended December 31, 2023 $ 8,865 $ 446 $ - $ 9,311 Quebec Nunavut British Columbia Total Assaying $ 1,638 $ 50 $ 2 $ 1,690 Exploration drilling 1,768 - - 1,768 Camp cost, equipment and field supplies 844 193 10 1,047 Geological consulting services 50 13 - 63 Geophysical analysis 127 - - 127 Permitting, environmental and community costs 163 164 - 327 Expediting and mobilization 12 - - 12 Salaries and wages 2,330 45 1 2,376 Fuel and consumables 537 - - 537 Aircraft and travel 768 21 - 789 Share-based compensation 471 9 1 481 Total for year ended December 31, 2022 $ 8,708 $ 495 $ 14 $ 9,217 Quebec Nunavut British Columbia Total Assaying $ 2,502 $ 264 $ 21 $ 2,787 Exploration drilling 3,448 601 125 4,174 Camp cost, equipment and field supplies 1,280 377 124 1,781 Geological consulting services 481 312 3 796 Geophysical analysis 185 - - 185 Permitting, environmental and community costs 186 184 53 423 Expediting and mobilization 79 170 6 255 Salaries and wages 1,921 458 100 2,479 Fuel and consumables 462 30 - 492 Aircraft and travel 429 1,079 2 1,510 Share-based compensation 346 88 39 473 Total for year ended December 31, 2021 $ 11,319 $ 3,563 $ 473 $ 15,355 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Capital [Abstract] | |
Disclosure of information about reconciliation of share issuances [Table Text Block] | Number of common shares Impact on share capital Flow-through shares issued at $1.44 per share 6,076,500 $ 8,750 Cash share issue costs - (912 ) Proceeds net of share issue costs 6,076,500 $ 7,838 Less: - (3,889 ) Total allocated to share capital 6,076,500 $ 3,949 Number of common shares Impact on share capital Common shares issued at $0.80 per share 13,750,000 $ 11,000 Cash share issue costs - (136 ) Proceeds net of share issue costs 13,750,000 $ 10,864 Number of common shares Impact on share capital Common shares issued at $0.75 per share 7,461,450 $ 5,596 Cash share issue costs - (211 ) Proceeds net of share issue costs 7,461,450 $ 5,385 |
Share-based compensation and _2
Share-based compensation and warrant reserve (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |
Disclosure of share based compensation expense [Table Text Block] | Years ended December 31 2023 2022 2021 Recognized in net loss (earnings) and included in: Exploration and evaluation costs $ 477 $ 481 $ 473 Fees, salaries and other employee benefits 874 1,188 1,573 Total share-based compensation expense $ 1,351 $ 1,669 $ 2,046 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | Years ended December 31 2023 2022 2021 Risk-free interest rate 3.06% 2.20% 0.91% Expected dividend yield Nil Nil Nil Share price volatility 68% 67% 67% Expected forfeiture rate 4.7% 2.5% 0% Expected life in years 5.0 5.0 4.90 |
Disclosure of share options issued and outstanding and the weighted average exercise price [Table Text Block] | Number of share options Weighted average exercise price ($/option) Outstanding, December 31, 2020 8,141,004 $ 2.67 Granted 1,405,000 1.03 Exercised (5,834 ) 0.86 Expired (1,685,048 ) 3.62 Forfeited (1,103,125 ) 2.04 Outstanding, December 31, 2021 6,751,997 $ 2.00 Granted 3,430,000 1.00 Expired (608,237 ) 4.65 Forfeited (693,436 ) 1.77 Outstanding, December 31, 2022 8,880,324 $ 1.44 Granted 3,134,800 0.80 Expired (1,672,087 ) 1.58 Forfeited (391,435 ) 0.95 Outstanding, December 31, 2023 9,951,602 $ 1.23 |
Disclosure of number of RSUs issued and outstanding and weighted average exercise price [Table Text Block] | Number of RSU's Weighted average vesting price ($/ share) Outstanding, December 31, 2020, 2021 and 2022 - $ - Granted 197,345 0.60 Settled (197,345 ) (0.60 ) Outstanding, December 31, 2023 - $ - |
Disclosure of Share option outstanding [Table Text Block] | Options outstanding Options exercisable Exercise price ($/option) Number of shares Weighted average exercise price ($/option) Weighted average remaining life (years) Number of shares Weighted average exercise price ($/option) Weighted average remaining life (years) $0.56 - $1.00 6,922,993 0.91 3.46 5,647,193 0.93 3.31 $1.00 - $1.95 893,609 1.79 1.19 893,609 1.79 1.19 $2.05 2,135,000 2.05 1.81 2,135,000 2.05 1.81 9,951,602 1.23 2.90 8,675,802 1.30 2.72 |
Disclosure number of share purchase warrants outstanding [Table Text Block] | Warrants outstanding Exercise price ($/share) Outstanding at December 31, 2020 1,626,740 $ 1.66 Issued 7,461,450 1.20 Exercised (101,042 ) 1.46 Expired (775,695 ) 1.42 Outstanding at December 31, 2021 8,211,453 $ 1.27 Expired during 2022 (750,003 ) 1.95 Outstanding at December 31, 2022 and 2023 7,461,450 $ 1.20 |
Disclosure of warrants issued and outstanding [Table Text Block] | Expiry date Warrants outstanding Exercise price ($/share) October 6, 2024 5,085,670 1.20 October 12, 2024 2,375,780 1.20 Total 7,461,450 1.20 |
Key management personnel (Table
Key management personnel (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [Table Text Block] | Years ended December 31 2023 2022 2021 Short-term benefits provided to executives (a) $ 1,109 $ 1,719 $ 982 Directors' fees paid to non-executive directors 289 203 204 Share-based payments 1,013 1,059 1,206 Total $ 2,411 $ 2,981 $ 2,392 |
Supplemental cash flow inform_2
Supplemental cash flow information (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |
Disclosure of changes in non-cash working capital [Table Text Block] | Years ended December 31 2023 2022 2021 Accounts receivable $ (5 ) $ (47 ) $ 505 Prepaid expenses and deposits (59 ) (94 ) 260 Accounts payable and accrued liabilities (120 ) (762 ) (499 ) Changes in non-cash working capital $ (184 ) $ (903 ) $ 266 |
Disclosure of cash received in operating activities [Table Text Block] | Years ended December 31 2023 2022 2021 Income taxes refunded $ (307 ) $ (187 ) $ (3,835 ) Income taxes paid 18 - - Income tax expense (recovery) $ (289 ) $ (187 ) $ (3,835 ) |
(Earnings) loss per share (Tabl
(Earnings) loss per share (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Earnings per share [abstract] | |
(Earnings) loss per share [Table Text Block] | Years ended December 31 2023 2022 2021 Net loss (earnings) $ 17,213 $ (24,908 ) $ 16,790 Weighted average basic number of shares outstanding 144,184,481 139,470,950 119,701,040 Basic loss (earnings) per share $ 0.12 $ (0.18 ) $ 0.14 Weighted average diluted number of shares outstanding 144,184,481 139,481,236 119,701,040 Diluted loss (earnings) per share $ 0.12 $ (0.18 ) $ 0.14 |
Financial instruments (Tables)
Financial instruments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Financial Instruments | |
Disclosure Of Detailed Information About Financial Instruments By Category [Table Text Block] | At December 31, 2023 At December 31, 2022 At December 31, 2021 Amortized Cost FVTPL Total Amortized Cost Amortized Cost Cash $ 7,313 $ - $ 7,313 $ 10,309 $ - $ 10,309 $ 3,259 $ - $ 3,259 Marketable securities - 1,166 1,166 - 582 582 - 605 605 Deposits 100 - 100 25 - 25 243 - 243 Accounts receivable 374 - 374 369 - 369 372 - 372 Total financial assets $ 7,787 $ 1,166 $ 8,953 $ 10,703 582 $ 11,285 $ 3,874 605 $ 4,479 Accounts payable and accrued liabilities 1,034 - 1,034 1,148 - 1,148 1,888 - 1,888 Total financial liabilities $ 1,034 $ - $ 1,034 $ 1,148 $ - $ 1,148 $ 1,888 $ - $ 1,888 |
Disclosure of significant unobservable inputs used in fair value measurement of equity [Table Text Block] | At December 31 2023 2022 2021 Level 1 Level 1 Level 1 Level 2 (a) Marketable securities $ 1,166 $ 582 $ 282 $ 323 (a) |
Disclosure of maturity analysis for derivative financial liabilities [Table Text Block] | Within 1 year 2 to 3 years Over 3 years At December 31 2023 Accounts payable and accrued liabilities $ 1,034 $ - $ - $ 1,034 Quebec flow-through expenditure requirements 1,223 - - 1,223 Undiscounted lease payments 189 64 - 253 Total $ 2,446 $ 64 $ - $ 2,510 |
Disclosure of foreign currency exposure related to its financial assets and liabilities [Table Text Block] | Years ended December 31 2023 2022 2021 Financial assets US$ bank accounts $ 1 $ 1 $ 569 Financial liabilities Accounts payable (7 ) (61 ) (160 ) $ (6 ) $ (60 ) $ 409 |
Management of Capital (Tables)
Management of Capital (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Management Of Capital [Abstract] | |
Disclosure Of Detailed Information About Management Of Capital Explanatory [Table Text Block] | Years ended December 31 2023 2022 2021 Equity $ 182,874 $ 194,793 $ 157,355 Less: cash (7,313 ) (10,309 ) (3,259 ) $ 175,561 $ 184,484 $ 154,096 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reconciliation of income tax recovery computed statutory rates [Table Text Block] | Years ended December 31 2023 2022 2021 (Earnings) Loss before income taxes $ 17,502 $ (24,721 ) $ 20,625 Canadian federal and provincial income tax rates 27% 27% 27% Expected income tax expense (recovery) (4,725 ) 6,675 (5,569 ) Increase (decrease) in income tax recovery resulting from: Share-based compensation 432 448 552 Share issuance costs (246 ) (37 ) (60 ) Adjustment to tax estimates 934 114 1,170 Amortization of flow-through share premium (903 ) (844 ) (1,220 ) Flow-through expenditures renunciation 1,995 1,934 2,856 Difference in future and foreign tax rates 42 81 (172 ) Sale of Homestake Resource Corporation - (3,021 ) - Other 503 497 (2,948 ) Increase (decrease) in unrecognized tax asset 1,679 (6,034 ) 1,556 Income tax expense (recovery) $ (289 ) $ (187 ) $ (3,835 ) |
Disclosure of components of deferred income tax assets and liabilities [Table Text Block] | December 31 2022 Net loss December 31 2023 Deferred income tax assets Non-capital losses carried forward $ 13,635 $ 557 $ 14,192 Capital losses carried forward 73 (18 ) 55 Share issuance costs and CEC 317 39 356 Investments 22 76 98 Investments in associates 633 839 1,472 Site reclamation obligations 1,145 61 1,206 Property and equipment 427 52 479 Mineral property interests 4,973 30 5,003 Capital lease obligation 104 (43 ) 61 21,329 1,594 22,923 Deferred income tax liabilities Property and equipment (53 ) 29 (24 ) Mineral property interests (545 ) 28 (517 ) Investments (28 ) 28 - Net deferred tax assets 20,702 1,679 22,381 Unrecognized deferred tax assets (20,702 ) (1,679 ) (22,381 ) Net deferred tax balance $ - $ - $ - December 31 2021 Net loss December 31 2022 Deferred income tax assets Non-capital losses carried forward $ 21,032 $ (7,397 ) $ 13,635 Capital losses carried forward 183 (110 ) 73 Share issuance costs and CEC 552 (235 ) 317 Investments 18 4 22 Investments in associates - 633 633 Site reclamation obligations 1,121 24 1,145 Property and equipment 376 51 427 Mineral property interests 5,001 (28 ) 4,973 Capital lease obligation 124 (20 ) 104 Other 63 (63 ) - 28,470 (7,141 ) 21,329 Deferred income tax liabilities Property and equipment (86 ) 33 (53 ) Mineral property interests (1,606 ) 1,061 (545 ) Investments (42 ) 14 (28 ) Net deferred tax assets 26,736 (6,034 ) 20,702 Unrecognized deferred tax assets (26,736 ) 6,034 (20,702 ) Net deferred tax balance $ - $ - $ - December 31 2020 Net loss December 31 2021 Deferred income tax assets Non-capital losses carried forward $ 19,846 $ 1,186 21,032 Capital losses carried forward 82 101 183 Share issuance costs and CEC 833 (281 ) 552 Investments 44 (26 ) 18 Site reclamation obligations 1,137 (16 ) 1,121 Property and equipment 312 64 376 Mineral property interests 3,985 1,016 5,001 Capital lease obligation 66 58 124 Other - 63 63 26,305 2,165 28,470 Deferred income tax liabilities Property and equipment (52 ) (34 ) (86 ) Mineral property interests (877 ) (729 ) (1,606 ) Investments (196 ) 154 (42 ) Net deferred tax assets 25,180 1,556 26,736 Unrecognized deferred tax assets (25,180 ) (1,556 ) (26,736 ) Net deferred tax balance $ - $ - $ - |
Nature of operations (Narrative
Nature of operations (Narrative) (Details) - CAD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Mar. 12, 2024 | Oct. 13, 2022 | Sep. 12, 2022 | Dec. 06, 2021 | Feb. 29, 2024 | Feb. 25, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Apr. 01, 2022 | Dec. 31, 2021 | |
Disclosure Of Nature Of Operations [Line Items] | ||||||||||
Proportion of ownership interest | 100% | |||||||||
Cash of acquisition | $ 5,000 | |||||||||
Homestake Ridge project [Member] | ||||||||||
Disclosure Of Nature Of Operations [Line Items] | ||||||||||
Proportion of ownership interest | 100% | |||||||||
Shares issued | 328,767 | |||||||||
Dolly Varden [Member] | ||||||||||
Disclosure Of Nature Of Operations [Line Items] | ||||||||||
Proportion of ownership interest | 19.99% | 100% | 22.03% | |||||||
Number of shares sold | 5,450,000 | |||||||||
Non-brokered sale agreement | 17,000,000 | |||||||||
Par value per share | $ 0.735 | $ 0.4 | ||||||||
Share of interest purchased | 7.40% | |||||||||
Proceed from issuance of common stock | $ 4,006 | $ 6,774 | ||||||||
Shares acquired | 76,504,590 | 76,504,590 | ||||||||
Share outstanding percentage | 35.33% | |||||||||
Fully diluted basis | 32.88% | |||||||||
UMS [Member] | ||||||||||
Disclosure Of Nature Of Operations [Line Items] | ||||||||||
Share of interest purchased | 75% | 25% | ||||||||
Notice period for terminating agreement | 180 days | |||||||||
Newmont Corporation [Member] | ||||||||||
Disclosure Of Nature Of Operations [Line Items] | ||||||||||
Proportion of ownership interest | 100% | |||||||||
ESJV [Member] | ||||||||||
Disclosure Of Nature Of Operations [Line Items] | ||||||||||
Proportion of ownership interest | 100% | 50.022% | ||||||||
Description of amended joint venture arrangement | through their respective subsidiaries, completed the acquisition of the remaining approximately 23.77% participating interest of Azimut Exploration Inc. in the ESJV, on a pro-rata basis. As a result of the transaction, the 100% ESJV participating interests at December 31, 2022 and 2023 were held 50.022% by the Company and 49.978% by Newmont, with Fury Gold remaining operator under an amended and restated joint operating agreement. |
Material Accounting Policy In_4
Material Accounting Policy Information (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Proportion of ownership interest in subsidiary | 100% |
Eastmain Mine [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Place Of Incorporations, Subsidiary | Canada |
Functional currency | CAD |
Eastmain Resources Inc. [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Place Of Incorporations, Subsidiary | ON, Canada |
Functional currency | CAD |
Fury Gold USA Limited [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Place Of Incorporations, Subsidiary | Delaware, U.S.A. |
Functional currency | USD |
North Country Gold Corp [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Place Of Incorporations, Subsidiary | BC, Canada |
Functional currency | CAD |
Material Accounting Policy In_5
Material Accounting Policy Information (Details 1) | 12 Months Ended |
Dec. 31, 2023 | |
Dolly Varden [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Beneficial interest | 22.03% |
Place of incorporation, Associates | BC, Canada |
UMS [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Beneficial interest | 25% |
Place of incorporation, Associates | BC, Canada |
ESJV [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Beneficial interest | 50.022% |
Place of incorporation, Joint arrangement | Quebec, Canada |
Material Accounting Policy In_6
Material Accounting Policy Information (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Beneficial interest | 100% |
Computer equipment [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Estimated useful life | 3 |
Machinery and equipment [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Estimated useful life | 5-10 |
Right Of Use [Member] | |
Disclosure Of Material Accounting Policy Information [Line Items] | |
Estimated useful life | the lease term, unless the transfer of the asset ownership is reasonably certain at the end of the lease term, whereupon depreciation is over the useful life. |
Critical accounting estimates_3
Critical accounting estimates and judgments (Details) | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Critical Accounting Estimates And Judgment [Abstract] | |||
Risk-free interest rate | 3.02% | 3.28% | 1.68% |
Annual inflation | 2.25% | 2.50% | 2.50% |
Critical accounting estimates_4
Critical accounting estimates and judgments (Narrative) (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Critical Accounting Estimates And Judgment [Abstract] | |||
Net refund amounts | $ 307 | ||
Principal Amount | 304 | ||
Interest amount | 3 | ||
Income tax recovery | $ 289 | $ 187 | $ 3,835 |
Sale of Homestake Resources (De
Sale of Homestake Resources (Details ) $ in Thousands | 12 Months Ended |
Dec. 31, 2023 CAD ($) | |
Net assets derecognized | |
Mineral interests | $ 16,460 |
Reclamation bond | 68 |
Net assets | 16,528 |
Net proceeds: | |
Cash | 5,000 |
Working capital adjustment | 68 |
76,504,590 common shares of Dolly Varden | 60,439 |
Transaction costs | (589) |
Net proceeds | 64,918 |
Net gain on disposition | $ 48,390 |
Sale of Homestake Resources (Na
Sale of Homestake Resources (Narrative) (Details) - Dolly Varden [Member] $ / shares in Units, $ in Thousands | 1 Months Ended |
Feb. 25, 2022 CAD ($) $ / shares shares | |
Sale Of Homestake Resources [Line Items] | |
Cash proceeds | $ 5,000 |
Share issued during period for acquisition | shares | 76,504,590 |
Recognized a gain | $ 48,390 |
Acquisition cost | $ 589 |
Market price of the shares | $ / shares | $ 0.79 |
Cash and Restricted Cash (Detai
Cash and Restricted Cash (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure Of Cash And Restricted Cash [Abstract] | ||||
Cash | $ 7,313 | $ 10,309 | $ 3,259 | $ 15,361 |
Restricted cash | 144 | 144 | ||
Cash and restricted cash | $ 7,457 | $ 10,453 |
Cash and Restricted Cash (Narra
Cash and Restricted Cash (Narrative) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Cash And Restricted Cash [Abstract] | ||
Restricted cash | $ 75 | $ 75 |
Marketable Securities (Details)
Marketable Securities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Marketable Securities [Abstract] | ||
Marketable securities, beginning | $ 582 | $ 605 |
Additions | 1,619 | 110 |
Sale of marketable securities | (381) | |
Realized gain on disposition | 293 | |
Unrealized net loss | (947) | (135) |
Marketable securities, ending | $ 1,166 | $ 582 |
Marketable Securities (Narrativ
Marketable Securities (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2023 CAD ($) shares | |
Ophir Gold Corp [Member] | |
Disclosure Of Marketable Securities [Line Items] | |
Common shares sold | 3,500,000 |
Q2 Metals Corp [Member] | |
Disclosure Of Marketable Securities [Line Items] | |
Common shares sold | 650,000 |
Fair value of common share | $ | |
Benz Mining Corp [Member] | |
Disclosure Of Marketable Securities [Line Items] | |
Common shares sold | 1,237,216 |
Property and Equipment (Details
Property and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value | $ 931 | $ 588 |
Balance, beginning of the year | 931 | |
Balance, end of the year | 588 | 931 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | 2,814 | 2,733 |
Additions | 81 | |
Balance, end of the year | 2,814 | 2,814 |
Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | (1,883) | (1,542) |
Depreciation | (343) | (341) |
Balance, end of the year | (2,226) | (1,883) |
Machinery and Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value | 474 | 679 |
Machinery and Equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | 2,272 | 2,191 |
Additions | 81 | |
Balance, end of the year | 2,272 | 2,272 |
Machinery and Equipment [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | (1,593) | (1,389) |
Depreciation | (205) | (204) |
Balance, end of the year | (1,798) | (1,593) |
Office Lease [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value | 114 | 248 |
Office Lease [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | 531 | 531 |
Additions | 0 | |
Balance, end of the year | 531 | 531 |
Office Lease [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | (283) | (150) |
Depreciation | (134) | (133) |
Balance, end of the year | (417) | (283) |
Other [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net book value | 0 | 4 |
Other [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | 11 | 11 |
Additions | 0 | |
Balance, end of the year | 11 | 11 |
Other [Member] | Accumulated depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance, beginning of the year | (7) | (3) |
Depreciation | (4) | (4) |
Balance, end of the year | $ (11) | $ (7) |
Mineral Property Interests (Det
Mineral Property Interests (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Mineral Property Interests [Line Items] | ||
Balance, beginning of the year | $ 145,190 | $ 160,693 |
Sale of Homestake Resources | (16,460) | |
Acquisition of additional ownership interest in ESJV | 1,281 | |
Option payment received | (880) | (310) |
Dispositions | (1,746) | |
Change in estimate of provision for site reclamation and closure | 75 | (14) |
Balance, end of the year | 142,639 | 145,190 |
Quebec [Member] | ||
Disclosure Of Mineral Property Interests [Line Items] | ||
Balance, beginning of the year | 125,656 | 125,094 |
Sale of Homestake Resources | 0 | |
Acquisition of additional ownership interest in ESJV | 1,281 | |
Option payment received | (880) | (310) |
Dispositions | (1,746) | |
Change in estimate of provision for site reclamation and closure | (52) | (409) |
Balance, end of the year | 122,978 | 125,656 |
Nunavut [Member] | ||
Disclosure Of Mineral Property Interests [Line Items] | ||
Balance, beginning of the year | 19,534 | 19,139 |
Sale of Homestake Resources | 0 | |
Acquisition of additional ownership interest in ESJV | 0 | |
Option payment received | 0 | 0 |
Dispositions | 0 | |
Change in estimate of provision for site reclamation and closure | 127 | 395 |
Balance, end of the year | 19,661 | 19,534 |
British Columbia [Member] | ||
Disclosure Of Mineral Property Interests [Line Items] | ||
Balance, beginning of the year | 0 | 16,460 |
Sale of Homestake Resources | (16,460) | |
Acquisition of additional ownership interest in ESJV | 0 | |
Option payment received | 0 | 0 |
Dispositions | 0 | |
Change in estimate of provision for site reclamation and closure | 0 | 0 |
Balance, end of the year | $ 0 | $ 0 |
Mineral Property Interests (Nar
Mineral Property Interests (Narrative) (Details) $ in Thousands | 1 Months Ended | 12 Months Ended | 49 Months Ended | |||||||
Dec. 12, 2022 CAD ($) shares | Nov. 30, 2023 CAD ($) shares | Dec. 31, 2023 CAD ($) Claims Properties shares | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2019 CAD ($) | Oct. 31, 2023 CAD ($) | Jan. 01, 2024 | Aug. 16, 2023 CAD ($) | Dec. 31, 2020 CAD ($) | |
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Option payment received | $ 880 | $ 310 | ||||||||
Net Smelter Royalty Description | The Committee Bay project is subject to a 1% Net Smelter Royalty ("NSR") on gold production, with certain portions subject to an additional 1.5% NSR. The 1.5% NSR is payable on only 7,596 hectares and can be purchased by the Company within two years of commencement of commercial production for $2,000 for each one-third (0.5%) of the 1.5% NSR. | The Company would retain 1-2% net smelter royalties in respect of the properties | ||||||||
Cash | $ 7,313 | 10,309 | $ 3,259 | $ 15,361 | ||||||
Option payment received | $ 125 | 310 | $ 150 | |||||||
ESJV [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Number of mineral claims | Claims | 248 | |||||||||
Fury Gold [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 50.022% | |||||||||
Newmont Corporation [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 49.978% | 100% | ||||||||
James Bay Region Of Quebec Properties [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Number of properties | Properties | 12 | |||||||||
Eau claire project [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 100% | |||||||||
Eastmain Mine [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 75% | 75% | ||||||||
Number of mineral claims | Claims | 152 | |||||||||
Option payment received | $ 2,320 | |||||||||
Exploration expenditures | $ 3,500 | |||||||||
Net smelter return payable | $ 468 | |||||||||
Ruby Hill Properties [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 75% | 100% | ||||||||
Cash | $ 310 | |||||||||
Benz [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 75% | 25% | ||||||||
Option payment received | $ 1,725 | |||||||||
Interest paid | $ 1,000 | |||||||||
Commencement of commercial production | $ 1,500 | |||||||||
Cash | $ 1,350 | |||||||||
Common stock shares | shares | 1,237,216 | |||||||||
Common stock fair value | $ 396 | |||||||||
Option payment received | $ 1,746 | |||||||||
Opinaca area of James Bay, Quebec [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Number of mineral claims | Claims | 282 | |||||||||
Eleonore West block [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Number of mineral claims | Claims | 34 | |||||||||
Committee Bay project [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 100% | |||||||||
Radis Property [Member] | Ophir Gold Corp [Member] | ||||||||||
Disclosure Of Mineral Property Interests [Line Items] | ||||||||||
Percentage of voting equity interests acquired | 100% | |||||||||
Option payment received | $ 880 | |||||||||
Percentage of net smelter return payable | 2% | |||||||||
Purchase of royalties by optionee | $ 1,500 | |||||||||
Cash | $ 50 | $ 75 | ||||||||
Common stock shares | shares | 2,500,000 | 1,000,000 | ||||||||
Common stock fair value | $ 625 | $ 130 |
Investments in associates (Deta
Investments in associates (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of associates [line items] | ||
Beginning Balance, Carrying amount | $ 42,430 | $ 0 |
Acquisition of equity investment | 60,590 | |
Disposal | (12,280) | |
Company's share of net loss of associates | 6,182 | 5,880 |
Ending Balance, Carrying amount | 36,248 | 42,430 |
Dolly Varden [Member] | ||
Disclosure of associates [line items] | ||
Beginning Balance, Carrying amount | 42,303 | 0 |
Acquisition of equity investment | 60,439 | |
Disposal | (12,280) | |
Company's share of net loss of associates | 6,177 | 5,856 |
Ending Balance, Carrying amount | 36,126 | 42,303 |
UMS [Member] | ||
Disclosure of associates [line items] | ||
Beginning Balance, Carrying amount | 127 | 0 |
Acquisition of equity investment | 151 | |
Disposal | 0 | |
Company's share of net loss of associates | (5) | (24) |
Ending Balance, Carrying amount | $ 122 | $ 127 |
Investments in associates (De_2
Investments in associates (Details 1) - Dolly Varden [Member] - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Sep. 30, 2022 | Dec. 31, 2023 | |
Disclosure of associates [line items] | ||
Carrying amount, investment in Dolly Varden | $ 55,265 | |
Equity interest transferred to held for sale | 22.20% | |
Carrying amount transferred to asset held for sale | $ 12,280 | |
Less: FVLCD | (6,774) | |
Impairment expense recognized | $ 5,506 | $ 5,506 |
Investments in associates (De_3
Investments in associates (Details 2) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of associates [line items] | ||
Cost recoveries | $ 5,517 | $ 4,412 |
Exploration and evaluation | 26,713 | 18,578 |
Marketing | 1,873 | 1,369 |
Share-based compensation | 1,971 | 4,219 |
Administrative and other | (1,630) | (387) |
Net loss of associate, 100% | 26,670 | 19,367 |
Company's share of net loss of associates | 6,182 | 5,880 |
Dolly Varden [Member] | ||
Disclosure of associates [line items] | ||
Cost recoveries | 0 | 0 |
Exploration and evaluation | 24,806 | 16,936 |
Marketing | 1,409 | 1,057 |
Share-based compensation | 1,971 | 1,786 |
Administrative and other | (1,536) | (508) |
Net loss of associate, 100% | $ 26,650 | $ 19,271 |
Average equity interest for the period | 23.18% | 30.40% |
Company's share of net loss of associates | $ 6,177 | $ 5,856 |
UMS [Member] | ||
Disclosure of associates [line items] | ||
Cost recoveries | (5,517) | (4,412) |
Exploration and evaluation | 1,907 | 1,642 |
Marketing | 464 | 312 |
Share-based compensation | 0 | 2,433 |
Administrative and other | 3,166 | 121 |
Net loss of associate, 100% | $ 20 | $ 96 |
Average equity interest for the period | 25% | 25% |
Company's share of net loss of associates | $ 5 | $ 24 |
Investments in associates (De_4
Investments in associates (Details 3) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Statement [Line Items] | ||
Current assets | $ 9,445 | $ 11,862 |
Non-current assets | 179,730 | 188,737 |
Current liabilities | (1,732) | (1,308) |
Net assets, 100% | 189,175 | 200,599 |
Dolly Varden [Member] | ||
Statement [Line Items] | ||
Current assets | 11,468 | 28,914 |
Non-current assets | 153,296 | 155,198 |
Current liabilities | (804) | (4,100) |
Non-current liabilities | 0 | 0 |
Net assets, 100% | 163,960 | 180,012 |
Company's equity share of net assets of associate | 36,126 | 42,303 |
UMS [Member] | ||
Statement [Line Items] | ||
Current assets | 844 | 879 |
Non-current assets | 2,468 | 2,750 |
Current liabilities | (1,484) | (1,654) |
Non-current liabilities | (1,340) | (1,467) |
Net assets, 100% | 488 | 508 |
Company's equity share of net assets of associate | $ 122 | $ 127 |
Investments in associates (De_5
Investments in associates (Details 4) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Investments In Associates [Abstract] | |||
Exploration and evaluation costs | $ 872 | $ 590 | $ 215 |
General and administration | 714 | 841 | 384 |
Total transactions for the year | $ 1,586 | $ 1,431 | $ 599 |
Investments in associates (Narr
Investments in associates (Narrative) (Details) - CAD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Oct. 13, 2022 | Sep. 30, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement [Line Items] | |||||
Proceeds from euity interests | $ 0 | $ 0 | $ 152 | ||
Share-based compensation expense | 1,013 | 1,059 | 1,206 | ||
Dolly Varden [Member] | |||||
Statement [Line Items] | |||||
Common shares sold | 17,000,000 | ||||
Proceeds from euity interests | $ 6,800 | ||||
Investment in shares classified as an asset held for sale | 17,000,000 | ||||
Impairment expense | $ 5,506 | 5,506 | |||
Fair market value | 51,769 | 53,554 | |||
Percentage of voting equity interests acquired | 22.20% | ||||
UMS [Member] | |||||
Statement [Line Items] | |||||
Outstanding balance | 103 | 240 | |||
Future Rental Expense | 381 | ||||
Share-based compensation expense | $ 317 | $ 483 | $ 453 |
Flowthrough Share Premium Lia_3
Flowthrough Share Premium Liability (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of defined benefit plans [line items] | |||
Balance, end of the year | $ 1,223 | ||
Flow Through premium Liability [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Balance, beginning of the year | 0 | $ 3,124 | $ 7,644 |
Flow-through funds raised | 3,889 | ||
Flow-through eligible expenditures | (3,345) | (3,124) | (4,520) |
Balance, end of the year | 544 | 0 | 3,124 |
Expenditures [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Balance, beginning of the year | 0 | 7,290 | 18,079 |
Flow-through funds raised | 8,750 | ||
Flow-through eligible expenditures | (7,527) | (7,290) | (10,789) |
Balance, end of the year | $ 1,223 | $ 0 | $ 7,290 |
Flowthrough Share Premium Lia_4
Flowthrough Share Premium Liability (Narrative) (Details) $ in Thousands | 1 Months Ended |
Mar. 31, 2023 CAD ($) shares | |
Disclosure Of Flowthrough Share Premium Liability [Abstract] | |
Equity financing | $ | $ 8,750 |
Subscription receipts | shares | 6,076,500 |
Provision for Site Reclamatio_3
Provision for Site Reclamation and Closure (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure Of Provision For Site Reclamation And Closure [Line Items] | ||
Balance, beginning of the year | $ 4,271 | $ 4,190 |
Accretion | 148 | 94 |
Change in estimate | 76 | (13) |
Balance, end of the year | 4,495 | 4,271 |
Quebec [Member] | ||
Disclosure Of Provision For Site Reclamation And Closure [Line Items] | ||
Balance, beginning of the year | 1,567 | 1,934 |
Accretion | 54 | 42 |
Change in estimate | (52) | (409) |
Balance, end of the year | 1,569 | 1,567 |
Nunavut [Member] | ||
Disclosure Of Provision For Site Reclamation And Closure [Line Items] | ||
Balance, beginning of the year | 2,704 | 2,256 |
Accretion | 94 | 52 |
Change in estimate | 128 | 396 |
Balance, end of the year | $ 2,926 | $ 2,704 |
Provision for Site Reclamatio_4
Provision for Site Reclamation and Closure (Narrative) (Details) - Provision for Decommissioning, Restoration and Rehabilitation Costs [Member] $ in Thousands, $ in Thousands | Dec. 31, 2023 CAD ($) | Dec. 31, 2022 USD ($) | Dec. 31, 2021 CAD ($) |
Disclosure Of Provision For Site Reclamation And Closure [Line Items] | |||
Other provisions, undiscounted cash flows | $ 6,246 | $ 6,065 | $ 4,938 |
Major assumptions made concerning future events, other provisions, inflation rate | 2.25% | 2.50% | 2.50% |
Major assumptions made concerning future events, other provisions, discount rate | 3.02% | 3.28% | 1.68% |
Exploration and Evaluation Co_3
Exploration and Evaluation Costs (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | $ 9,311 | $ 9,217 | $ 15,355 |
Geophysical Analysis [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 165 | 127 | 185 |
Fuel and Consumables [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 481 | 537 | 492 |
Aircraft and Travel [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 783 | 789 | 1,510 |
Exploration Drilling [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 2,250 | 1,768 | 4,174 |
Expediting and Mobilization [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 17 | 12 | 255 |
Assaying [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 1,582 | 1,690 | 2,787 |
Camp Cost, Equipment and Field Supplies [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 1,130 | 1,047 | 1,781 |
Geological Consulting Services [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 23 | 63 | 796 |
Permitting, Environmental and Community Costs [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 393 | 327 | 423 |
Salaries and Wages [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 2,010 | 2,376 | 2,479 |
Share Based Compensation [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 477 | 481 | 473 |
Nunavut [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 446 | 495 | 3,563 |
Nunavut [Member] | Geophysical Analysis [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 0 |
Nunavut [Member] | Fuel and Consumables [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 30 |
Nunavut [Member] | Aircraft and Travel [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | (1) | 21 | 1,079 |
Nunavut [Member] | Exploration Drilling [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 601 |
Nunavut [Member] | Expediting and Mobilization [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 170 |
Nunavut [Member] | Assaying [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 44 | 50 | 264 |
Nunavut [Member] | Camp Cost, Equipment and Field Supplies [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 194 | 193 | 377 |
Nunavut [Member] | Geological Consulting Services [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 16 | 13 | 312 |
Nunavut [Member] | Permitting, Environmental and Community Costs [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 158 | 164 | 184 |
Nunavut [Member] | Salaries and Wages [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 23 | 45 | 458 |
Nunavut [Member] | Share Based Compensation [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 12 | 9 | 88 |
British Columbia [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 14 | 473 |
British Columbia [Member] | Geophysical Analysis [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 0 |
British Columbia [Member] | Fuel and Consumables [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 0 |
British Columbia [Member] | Aircraft and Travel [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 2 |
British Columbia [Member] | Exploration Drilling [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 125 |
British Columbia [Member] | Expediting and Mobilization [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 6 |
British Columbia [Member] | Assaying [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 2 | 21 |
British Columbia [Member] | Camp Cost, Equipment and Field Supplies [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 10 | 124 |
British Columbia [Member] | Geological Consulting Services [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 3 |
British Columbia [Member] | Permitting, Environmental and Community Costs [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 0 | 53 |
British Columbia [Member] | Salaries and Wages [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 1 | 100 |
British Columbia [Member] | Share Based Compensation [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 0 | 1 | 39 |
Quebec [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 8,865 | 8,708 | 11,319 |
Quebec [Member] | Geophysical Analysis [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 165 | 127 | 185 |
Quebec [Member] | Fuel and Consumables [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 481 | 537 | 462 |
Quebec [Member] | Aircraft and Travel [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 784 | 768 | 429 |
Quebec [Member] | Exploration Drilling [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 2,250 | 1,768 | 3,448 |
Quebec [Member] | Expediting and Mobilization [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 17 | 12 | 79 |
Quebec [Member] | Assaying [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 1,538 | 1,638 | 2,502 |
Quebec [Member] | Camp Cost, Equipment and Field Supplies [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 936 | 844 | 1,280 |
Quebec [Member] | Geological Consulting Services [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 7 | 50 | 481 |
Quebec [Member] | Permitting, Environmental and Community Costs [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 235 | 163 | 186 |
Quebec [Member] | Salaries and Wages [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | 1,987 | 2,330 | 1,921 |
Quebec [Member] | Share Based Compensation [Member] | |||
Disclosure Of Exploration And Evaluation Costs [Line Items] | |||
Exploration and evaluation | $ 465 | $ 471 | $ 346 |
Share Capital (Details)
Share Capital (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 CAD ($) $ / shares shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 $ / shares | |
Disclosure of classes of share capital [line items] | ||||
Total allocated to share capital, impact on share capital | $ 3,949 | |||
March 2023 Offering [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Common shares issued | shares | 6,076,500 | |||
Common shares issued, Impact on share capital | $ 8,750 | |||
Cash share issue costs | shares | 0 | |||
Cash share issue costs, impact on share capital | $ (912) | |||
Proceeds net of share issue costs | shares | 6,076,500 | |||
Proceeds net of share issue costs impact on share capital | $ 7,838 | |||
Less: flow-through share premium liability | shares | 0 | |||
Less: flow-through share premium liability, impact on share capital | $ (3,889) | |||
Total allocated to share capital | shares | 6,076,500 | |||
Total allocated to share capital, impact on share capital | $ 3,949 | |||
April 2022 Offering [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Common shares issued | shares | 13,750,000 | |||
Common shares issued, Impact on share capital | $ 11,000 | |||
Cash share issue costs | shares | 0 | |||
Cash share issue costs, impact on share capital | $ (136) | |||
Proceeds net of share issue costs | shares | 13,750,000 | |||
Proceeds net of share issue costs impact on share capital | $ 10,864 | |||
Number of shares issued per share | $ / shares | $ 0.8 | |||
October 2021 Offering [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Warrant share price per unit | $ / shares | $ 1.2 | |||
Common shares issued | shares | 7,461,450 | |||
Common shares issued, Impact on share capital | $ 5,596 | |||
Cash share issue costs | shares | 0 | |||
Cash share issue costs, impact on share capital | $ (211) | $ (211) | ||
Proceeds net of share issue costs | shares | 7,461,450 | |||
Proceeds net of share issue costs impact on share capital | $ 5,385 | |||
Number of shares issued per share | (per share) | $ 0.75 | $ 0.75 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 CAD ($) $ / shares shares | Dec. 31, 2021 CAD ($) shares $ / shares shares | Dec. 31, 2021 CAD ($) $ / shares $ / shares shares | Jan. 31, 2024 shares | Dec. 27, 2023 shares | Dec. 31, 2021 $ / shares | |
Disclosure of classes of share capital [line items] | |||||||
Common shares authorized unlimited | Unlimited | ||||||
Preferred shares authorized unlimited | Unlimited | ||||||
Number of share options exercised | shares | 5,834 | ||||||
Weighted average exercise price of share options exercised | (per share) | $ 0.86 | $ 0.86 | |||||
Proceeds from exercise of options | $ 6 | ||||||
Amount of share options transferred from equity reserves and recorded against share capital | $ 1 | ||||||
Number of warrants exercised | shares | 101,042 | ||||||
Warrants exercised, exercise price | (per share) | $ 1.46 | $ 1.46 | |||||
Proceeds from exercise of warrants | $ 147 | ||||||
Amount of warrants transferred from equity reserves and recorded against share capital | $ 12 | ||||||
Homestake Ridge project [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | shares | 328,767 | 328,767 | |||||
Share issue costs | $ 10 | ||||||
Fair market value of shares issued | $ 300 | $ 300 | |||||
Royalty interest | 2% | ||||||
March 2023 Offering [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | shares | 6,076,500 | ||||||
Gross proceeds | $ 8,750 | ||||||
Share issue costs | 912 | ||||||
Commissions | 525 | ||||||
Other issuance costs | 387 | ||||||
March 2023 Offering [Member] | Restricted Share Units [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | shares | 273,542 | 197,345 | |||||
April 2022 Offering [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | shares | 13,750,000 | ||||||
Gross proceeds | $ 11,000 | ||||||
Number of shares issued per share | $ / shares | $ 0.8 | ||||||
Share issue costs | $ 136 | ||||||
October 2021 Offering [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Number of shares issued | shares | 7,461,450 | 7,461,450 | |||||
Gross proceeds | $ 5,596 | ||||||
Number of shares issued per share | (per share) | $ 0.75 | $ 0.75 | |||||
Share issue costs | 211 | $ 211 | |||||
Commissions | 68 | ||||||
Other issuance costs | $ 143 | ||||||
Warrant share price per unit | $ / shares | $ 1.2 | $ 1.2 | |||||
Term of warrants | 3 years | ||||||
Expiry description of warrants | The expiry date of the warrants can be accelerated to 30 days with notice from the Company should the common shares trade after the expiry of the four-month hold period at a price equal to or greater than CAD$1.50 for 20 consecutive trading days. |
Share-based compensation and _3
Share-based compensation and warrant reserve (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |||
Exploration and evaluation costs | $ 477 | $ 481 | $ 473 |
Fees, salaries and other employee benefits | 874 | 1,188 | 1,573 |
Total share-based compensation expense | $ 1,351 | $ 1,669 | $ 2,046 |
Share-based compensation and _4
Share-based compensation and warrant reserve (Details 1) - Year | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |||
Risk-free interest rate | 3.06% | 2.20% | 0.91% |
Expected dividend yield | 0% | 0% | 0% |
Share price volatility | 68% | 67% | 67% |
Expected forfeiture rate | 4.70% | 2.50% | 0% |
Expected life in years | 5 | 5 | 4.9 |
Share-based compensation and _5
Share-based compensation and warrant reserve (Details 2) | 12 Months Ended | |||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | ||||
Number of share options outstanding Beginning of the year | 8,880,324 | 6,751,997 | 8,141,004 | 8,141,004 |
Number of share options granted in share-based payment arrangement | 3,134,800 | 3,430,000 | 1,405,000 | 1,405,000 |
Number of share options exercised | (5,834) | (5,834) | ||
Number of share options expired | (1,672,087) | (608,237) | (1,685,048) | (1,685,048) |
Number of share options forfeited | (391,435) | (693,436) | (1,103,125) | (1,103,125) |
Number of share options outstanding end of the year | 9,951,602 | 8,880,324 | 6,751,997 | 6,751,997 |
Weighted average exercise price outstanding Beginning of the year | $ / shares | $ 1.44 | $ 2 | $ 2.67 | |
Weighted average exercise price granted | $ / shares | 0.8 | 1 | 1.03 | |
Weighted average exercise price exercised | (per share) | 0.86 | $ 0.86 | ||
Weighted average exercise price expired | $ / shares | 1.58 | 4.65 | 3.62 | |
Weighted average exercise price forfeited | $ / shares | 0.95 | 1.77 | 2.04 | |
Weighted average exercise price outstanding end of the year | $ / shares | $ 1.23 | $ 1.44 | $ 2 |
Share-based compensation and _6
Share-based compensation and warrant reserve (Details 3) - RSU’s [Member] | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of RSU’s outstanding at beginning | shares | 0 | 0 | 0 |
Granted | shares | 197,345 | 0 | 0 |
Settled | shares | (197,345) | ||
Number of RSU’s outstanding at ending | shares | 0 | 0 | 0 |
Weighted average vesting price at beginning | $ / shares | $ 0 | $ 0 | $ 0 |
Granted | $ / shares | 0.6 | ||
Settled | $ / shares | (0.6) | ||
Weighted average vesting price at ending | $ / shares | $ 0 | $ 0 | $ 0 |
Share-based compensation and _7
Share-based compensation and warrant reserve (Details 4) | 12 Months Ended | |||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | Dec. 31, 2020 shares $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of shares | shares | 9,951,602 | 8,880,324 | 6,751,997 | 8,141,004 |
Weighted average exercise price | $ / shares | $ 1.23 | $ 1.44 | $ 2 | $ 2.67 |
Weighted average remaining life (years) | 2 years 10 months 24 days | |||
Number of options exercisable | shares | 8,675,802 | |||
Options exercisable, exercise price | $ / shares | $ 1.3 | |||
Options exercisable, remaining contractual life | 2 years 8 months 19 days | |||
$0.56 – $1.00 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of shares | shares | 6,922,993 | |||
Weighted average exercise price | $ / shares | $ 0.91 | |||
Weighted average remaining life (years) | 3 years 5 months 15 days | |||
Number of options exercisable | shares | 5,647,193 | |||
Options exercisable, exercise price | $ / shares | $ 0.93 | |||
Options exercisable, remaining contractual life | 3 years 3 months 21 days | |||
$1.00 – $1.95 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of shares | shares | 893,609 | |||
Weighted average exercise price | $ / shares | $ 1.79 | |||
Weighted average remaining life (years) | 1 year 2 months 8 days | |||
Number of options exercisable | shares | 893,609 | |||
Options exercisable, exercise price | $ / shares | $ 1.79 | |||
Options exercisable, remaining contractual life | 1 year 2 months 8 days | |||
$ 2.05 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of shares | shares | 2,135,000 | |||
Weighted average exercise price | $ / shares | $ 2.05 | |||
Weighted average remaining life (years) | 1 year 9 months 21 days | |||
Number of options exercisable | shares | 2,135,000 | |||
Options exercisable, exercise price | $ / shares | $ 2.05 | |||
Options exercisable, remaining contractual life | 1 year 9 months 21 days |
Share-based compensation and _8
Share-based compensation and warrant reserve (Details 5) | 12 Months Ended | ||
Dec. 31, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |||
Outstanding warrants Beginning of the year | 8,211,453 | 1,626,740 | 1,626,740 |
Warrants issued | 7,461,450 | 7,461,450 | |
Warrants exercised | (101,042) | (101,042) | |
Warrants expired | (750,003) | (775,695) | (775,695) |
Outstanding warrants end of the year | 7,461,450 | 8,211,453 | 8,211,453 |
Outstanding warrants, exercise price Brginning of the year | $ / shares | $ 1.27 | $ 1.66 | |
Warrants issued, exercise price | $ / shares | 1.2 | ||
Warrants exercised, exercise price | (per share) | 1.46 | $ 1.46 | |
Warrants expired, exercise price | $ / shares | 1.95 | 1.42 | |
Outstanding warrants, exercise price end of the year | $ / shares | $ 1.2 | $ 1.27 |
Share-based compensation and _9
Share-based compensation and warrant reserve (Details 6) | Dec. 31, 2023 $ / shares shares |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of warrants outstanding | shares | 7,461,450 |
Exercise price | $ / shares | $ 1.2 |
October 6, 2024 [Member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of warrants outstanding | shares | 5,085,670 |
Exercise price | $ / shares | $ 1.2 |
October 12, 2024 [Member] | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |
Number of warrants outstanding | shares | 2,375,780 |
Exercise price | $ / shares | $ 1.2 |
Share-based compensation and_10
Share-based compensation and warrant reserve (Narrative) (Details) | 12 Months Ended | ||
Dec. 31, 2023 shares $ / shares | Dec. 31, 2022 shares $ / shares | Dec. 31, 2021 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options granted | 3,134,800 | 3,430,000 | 1,405,000 |
Weighted average exercise price granted | $ / shares | $ 0.47 | $ 0.46 | $ 0.56 |
RSU’s [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of other equity instruments granted in share-based payment arrangement | 197,345 | 0 | 0 |
Key management personnel (Detai
Key management personnel (Details ) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Share Option And Warrant Reserves [Abstract] | |||
Short-term benefits provided to executives | $ 1,109 | $ 1,719 | $ 982 |
Directors’ fees paid to non-executive directors | 289 | 203 | 204 |
Share-based payments | 1,013 | 1,059 | 1,206 |
Key management personnel compensation | $ 2,411 | $ 2,981 | $ 2,392 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |||
Accounts receivable | $ (5) | $ (47) | $ 505 |
Prepaid expenses and deposits | (59) | (94) | 260 |
Accounts payable and accrued liabilities | (120) | (762) | (499) |
Changes in non-cash working capital | $ (184) | $ (903) | $ 266 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Details 1) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure Of Supplemental Cash Flow Information [Abstract] | |||
Income taxes refunded | $ (307) | $ (187) | $ (3,835) |
Income taxes paid | 18 | 0 | 0 |
Income tax expense (recovery) | $ (289) | $ (187) | $ (3,835) |
(Earnings) loss per share (Deta
(Earnings) loss per share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Earnings per share [abstract] | |||
Net loss (earnings) | $ 17,213 | $ (24,908) | $ 16,790 |
Weighted average basic number of shares outstanding | 144,184,481 | 139,470,950 | 119,701,040 |
Basic earnings (loss) per share | $ 0.12 | $ (0.18) | $ 0.14 |
Weighted average diluted number of shares outstanding | 144,184,481 | 139,481,236 | 119,701,040 |
Diluted earnings (loss) per share | $ 0.12 | $ (0.18) | $ 0.14 |
Financial Instruments (Details)
Financial Instruments (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, amortized cost | $ 7,787 | $ 10,703 | $ 3,874 |
Financial assets, FVTPL | 1,166 | 582 | 605 |
Financial assets, total | 8,953 | 11,285 | 4,479 |
Financial liabilities, amortized cost | 1,034 | 1,148 | 1,888 |
Financial liabilities, FVTPL | 0 | 0 | 0 |
Financial liabilities, total | 1,034 | 1,148 | 1,888 |
Accounts Receivable [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, amortized cost | 374 | 369 | 372 |
Financial assets, FVTPL | 0 | 0 | 0 |
Financial assets, total | 374 | 369 | 372 |
Cash [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, amortized cost | 7,313 | 10,309 | 3,259 |
Financial assets, FVTPL | 0 | 0 | 0 |
Financial assets, total | 7,313 | 10,309 | 3,259 |
Marketable Securities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, amortized cost | 0 | 0 | 0 |
Financial assets, FVTPL | 1,166 | 582 | 605 |
Financial assets, total | 1,166 | 582 | 605 |
Deposits [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial assets, amortized cost | 100 | 25 | 243 |
Financial assets, FVTPL | 0 | 0 | 0 |
Financial assets, total | 100 | 25 | 243 |
Accounts Payable and Accrued Liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial liabilities, amortized cost | 1,034 | 1,148 | 1,888 |
Financial liabilities, FVTPL | 0 | 0 | 0 |
Financial liabilities, total | $ 1,034 | $ 1,148 | $ 1,888 |
Financial Instruments (Details
Financial Instruments (Details 1) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Disclosure of fair value measurement of assets [line items] | ||||
Marketable securities | $ 1,166 | $ 582 | $ 605 | |
Level 1 [Member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Marketable securities | $ 1,166 | $ 582 | 282 | |
Level 2 [member] | ||||
Disclosure of fair value measurement of assets [line items] | ||||
Marketable securities | [1] | $ 323 | ||
[1]Marketable securities included in level 2 include warrants that were valued using an option pricing model which utilizes a combination of quoted prices and market-derived inputs, including volatility estimates. |
Financial Instruments (Detail_2
Financial Instruments (Details 2) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure Of Contractual Obligations [Line Items] | ||
Accounts payable and accrued liabilities | $ 1,034 | $ 1,148 |
Quebec flow-through expenditure requirements | 1,223 | |
Undiscounted lease payments | 253 | |
Total | 2,510 | |
Within 1 year [Member] | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Accounts payable and accrued liabilities | 1,034 | |
Quebec flow-through expenditure requirements | 1,223 | |
Undiscounted lease payments | 189 | |
Total | 2,446 | |
2 to 3 years [Member] | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Accounts payable and accrued liabilities | 0 | |
Quebec flow-through expenditure requirements | 0 | |
Undiscounted lease payments | 64 | |
Total | 64 | |
Over 3 years [Member] | ||
Disclosure Of Contractual Obligations [Line Items] | ||
Accounts payable and accrued liabilities | 0 | |
Quebec flow-through expenditure requirements | 0 | |
Undiscounted lease payments | 0 | |
Total | $ 0 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Financial Assets Denominated in Foreign Currencies [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Net exposure | $ 1 | $ 1 | $ 569 |
Financial Liabilities Denominated in Foreign Currencies [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Net exposure | (7) | (61) | (160) |
Currency risk [Member] | |||
Disclosure of risk management strategy related to hedge accounting [line items] | |||
Net exposure | $ (6) | $ (60) | $ 409 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Financial Instruments | |||
Unrestricted cash | $ 7,313 | $ 10,309 | $ 3,259 |
Working capital Surplus | 7,713 | 10,554 | 428 |
Accumulated deficit | (149,054) | (131,841) | (156,749) |
Gold incurred a loss | 17,219 | 24,905 | $ 16,790 |
Cash payments | 298 | 215 | |
Recognized in prepaid expenses | $ 78 | $ 78 |
Management of Capital (Details)
Management of Capital (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Disclosure Of Management Of Capital [Abstract] | |||
Equity | $ 182,874 | $ 194,793 | $ 157,355 |
Less cash | (7,313) | (10,309) | (3,259) |
Capital | $ 175,561 | $ 184,484 | $ 154,096 |
Income Taxes (Details)
Income Taxes (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Major components of tax expense (income) [abstract] | |||
(Earnings) Loss before income taxes | $ 17,502 | $ (24,721) | $ 20,625 |
Canadian federal and provincial income tax rates | 27% | 27% | 27% |
Expected income tax expense (recovery) | $ (4,725) | $ 6,675 | $ (5,569) |
Increase (decrease) in income tax recovery resulting from: | |||
Share-based compensation | 432 | 448 | 552 |
Share issuance costs | (246) | (37) | (60) |
Adjustment to tax estimates | 934 | 114 | 1,170 |
Amortization of flow-through share premium | (903) | (844) | (1,220) |
Flow-through expenditures renunciation | 1,995 | 1,934 | 2,856 |
Difference in future and foreign tax rates | 42 | 81 | (172) |
Sale of Homestake Resource Corporation | 0 | (3,021) | 0 |
Other | 503 | 497 | (2,948) |
Increase (decrease) in unrecognized tax asset | 1,679 | (6,034) | 1,556 |
Income tax expense (recovery) | $ (289) | $ (187) | $ (3,835) |
Income Taxes (Details 1)
Income Taxes (Details 1) - CAD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax liabilities | $ 0 | |||
Net loss | $ 0 | $ 0 | 0 | |
Net deferred tax balance | 0 | $ 0 | ||
Non-capital losses carried forward [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 14,192 | 13,635 | 21,032 | 19,846 |
Net loss | 557 | (7,397) | 1,186 | |
Capital losses carried forward [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 55 | 73 | 183 | 82 |
Net loss | (18) | (110) | 101 | |
Share issuance costs and CEC [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 356 | 317 | 552 | 833 |
Net loss | 39 | (235) | (281) | |
Investments [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 98 | 22 | 18 | 44 |
Net loss | 76 | 4 | (26) | |
Investments In Associates [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 1,472 | 633 | 0 | |
Net loss | 839 | 633 | ||
Site reclamation obligations [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 1,206 | 1,145 | 1,121 | 1,137 |
Net loss | 61 | 24 | (16) | |
Property and equipment [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 479 | 427 | 376 | 312 |
Net loss | 52 | 51 | 64 | |
Deferred tax assets, mineral property interests [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 5,003 | 4,973 | 5,001 | 3,985 |
Net loss | 30 | (28) | 1,016 | |
Capital Lease Obligation [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 61 | 104 | 124 | 66 |
Net loss | (43) | (20) | 58 | |
Other [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 0 | 63 | ||
Net loss | (63) | 63 | ||
Total deferred tax assets [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 22,923 | 21,329 | 28,470 | 26,305 |
Net loss | 1,594 | (7,141) | 2,165 | |
Net deferred tax balance | 0 | 0 | 0 | |
Deferred tax liabilities, property and equipment [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax liabilities | (24) | (53) | (86) | (52) |
Net loss | 29 | 33 | (34) | |
Deferred tax liabilities, mineral property interests [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax liabilities | (517) | (545) | (1,606) | (877) |
Net loss | 28 | 1,061 | (729) | |
Deferred tax liabilities, investement [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax liabilities | 0 | (28) | (42) | (196) |
Net loss | 28 | 14 | 154 | |
Total net deferred tax assets (liabilities) [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Deferred income tax assets | 63 | 0 | ||
Net deferred tax assets | 22,381 | 20,702 | 26,736 | 25,180 |
Net loss | 1,679 | (6,034) | 1,556 | |
Unrecogonized deferred tax assets [Member] | ||||
Disclosure Of Detailed Information About Deferred Tax Asset And Liabilities [Line Items] | ||||
Unrecognized deferred tax assets | (22,381) | (20,702) | (26,736) | $ (25,180) |
Net loss | $ 1,679 | $ (6,034) | $ (1,556) |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - CAD ($) $ in Thousands | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 |
Major components of tax expense (income) [abstract] | |||
Accumulated non-capital losses | $ 54,073 | $ 51,335 | $ 79,718 |
Unused tax losses for which no deferred tax asset recognised | $ 111 | $ 247 | $ 1,312 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||
Mar. 12, 2024 CAD ($) $ / shares shares | Feb. 02, 2024 $ / shares shares | Jan. 31, 2024 shares | Jan. 09, 2024 shares $ / shares shares | Feb. 29, 2024 shares | Dec. 31, 2023 CAD ($) shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2021 CAD ($) shares | |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of share approved | 3,134,800 | 3,430,000 | 1,405,000 | |||||
Proceeds from issuing shares | $ | $ 7,838 | $ 10,864 | $ 5,385 | |||||
Events After Reporting Period [Member] | Newmont Corporation [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Proportion of ownership interest in joint operation | 100% | |||||||
Events After Reporting Period [Member] | Newmont Corporation [Member] | Sirios Resources Inc. [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares acquired business combination | 30,392,372 | |||||||
Percentage of voting equity interests acquired | 10.98% | |||||||
Events After Reporting Period [Member] | Dolly Varden [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares issued | 5,450,000 | |||||||
Number of shares issued per share | $ / shares | $ 0.735 | |||||||
Proceeds from issuing shares | $ | $ 4,006 | |||||||
Events After Reporting Period [Member] | Restricted Share Units [Member] | Directors Officers And Employee [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares issued | 273,542 | 1,318,623 | ||||||
Fair value price per share | $ / shares | $ 0.8 | |||||||
Description of vesting requirements | vested on the same day and paid out as fully paid shares. | one third vesting annually on the anniversary and paid out as fully paid shares | ||||||
Events After Reporting Period [Member] | Restricted Share Units [Member] | Directors [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Description of vesting requirements | vesting quarterly in 2024 | |||||||
Number of share approved | 235,080 | |||||||
Events After Reporting Period [Member] | Restricted Share Units [Member] | Consultant [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Fair value price per share | $ / shares | $ 0.25 | |||||||
Description of vesting requirements | vesting over 18 months | |||||||
Number of share approved | 70,000 | |||||||
Events After Reporting Period [Member] | Restricted Share Units [Member] | Contractor [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Number of shares issued | 75,000 | |||||||
Fair value price per share | $ / shares | $ 0.19 | |||||||
Description of vesting requirements | vesting over 18 months |