Cover
Cover | Aug. 05, 2022 |
Cover [Abstract] | |
Entity Registrant Name | Fury Gold Mines Limited |
Entity Central Index Key | 0001514597 |
Document Type | 6-K |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Period End Date | Aug. 05, 2022 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2022 |
Entity File Number | 001-38145 |
Entity Address Address Line 1 | 1630-1177 West Hastings Street |
Entity Address City Or Town | Vancouver |
Entity Address State Or Province | BC |
Entity Address Postal Zip Code | V6E 2K3 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands | Jun. 30, 2022 CAD ($) | Dec. 31, 2021 CAD ($) |
Current assets: | ||
Cash | $ 12,361,000 | $ 3,259,000 |
Marketable securities | 439,000 | 605,000 |
Accounts receivable | 358,000 | 322,000 |
Prepaid expenses and deposits | 322,000 | 502,000 |
Total current assets | 13,480,000 | 4,688,000 |
Non-current assets: | ||
Restricted cash | 159,000 | 130,000 |
Accounts receivable | 0 | 50,000 |
Prepaid expenses and deposits | 45,000 | 266,000 |
Property and equipment | 1,087,000 | 1,191,000 |
Mineral property interests | 143,510,000 | 160,693,000 |
Investments in associates | 58,700,000 | 0 |
Total noncurrent assets | 203,501,000 | 162,330,000 |
Total assets | 216,981,000 | 167,018,000 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 1,894,000 | 1,888,000 |
Lease liability | 180,000 | 104,000 |
Flow-through share premium liability | 1,710,000 | 3,124,000 |
Total current liabilities | 3,784,000 | 5,116,000 |
Non-current liabilities: | ||
Lease liability | 284,000 | 357,000 |
Provision for site reclamation and closure | 3,508,000 | 4,190,000 |
Total liabilities | 7,576,000 | 9,663,000 |
Equity: | ||
Share capital | 306,328,000 | 295,464,000 |
Share option and warrant reserve | 19,767,000 | 18,640,000 |
Deficit | (116,690,000) | (156,749,000) |
Total equity | 209,405,000 | 157,355,000 |
Total liabilities and equity | $ 216,981,000 | $ 167,018,000 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 CAD ($) $ / shares | Jun. 30, 2021 CAD ($) $ / shares | Jun. 30, 2022 CAD ($) $ / shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) $ / shares | |
Consolidated Statements of Loss and Comprehensive Loss | |||||
Exploration and evaluation costs | $ 2,814,000 | $ 3,542,000 | $ 4,086,000 | $ 4,086,000 | |
Operating expenses: | |||||
Fees, salaries and other employee benefits | 984,000 | 931,000 | 1,742,000 | $ 2,192,000 | |
Legal and professional fees | 378,000 | 453,000 | 614,000 | 1,370,000 | |
Marketing and investor relations | 338,000 | 193,000 | 556,000 | 785,000 | |
Insurance | 193,000 | 132,000 | 386,000 | 265,000 | |
Office and administration | 76,000 | 160,000 | 212,000 | 360,000 | |
Regulatory and compliance | 87,000 | 131,000 | 156,000 | 248,000 | |
Operating expenses | 4,870,000 | 5,542,000 | 7,752,000 | 12,450,000 | |
Other expenses (income): | |||||
Net gain on disposition of mineral interests | 0 | 0 | (48,390) | 0 | |
Unrealized net gain on marketable securities | 271,000 | 226,000 | 190,000 | (742,000) | |
Net loss from associates | 1,441 | 0 | 1,890 | 0 | |
Amortization of flow-through share premium | (1,011,000) | (1,332,000) | (1,414,000) | (2,555,000) | |
Accretion of provision for site reclamation and closure | 23,000 | 19,000 | 40,000 | 32,000 | |
Interest expense | 48,000 | 25,000 | 69,000 | 51,000 | |
Interest income | (45,000) | (49,000) | (9,000) | (29,000) | |
Foreign exchange loss | (2,000) | (5,000) | (4,000) | (11,000) | |
Loss from discontinued operations | 729,000 | (1,482,000) | (47,624,000) | (1,748,000) | |
Loss (earnings) before taxes | 5,599,000 | 4,060,000 | $ (39,872) | 10,702 | |
Income tax refunded | (22,000) | 0 | (187,000) | (1,717,000) | |
Net loss | 5,577,000 | 4,060,000 | (40,059,000) | 8,985,000 | |
Other comprehensive (income) loss, net of tax: | |||||
Total comprehensive loss for the period | $ 5,577,000 | $ 4,060,000 | $ (40,059,000) | $ 8,985,000 | |
Basic loss (earnings) per share | $ / shares | $ 0.04 | $ 0.03 | $ 0.31 | $ 0.08 | |
Diluted loss (earnings) per share | $ / shares | $ 0.04 | $ 0.03 | $ 0.29 | $ 0.08 |
Consolidated Statements of Equi
Consolidated Statements of Equity $ in Thousands | CAD ($) | USD ($) | Number of Common Shares shares | Share Capital CAD ($) | Share Capital USD ($) | Share Option and Warrant Reserve CAD ($) | Share Option and Warrant Reserve USD ($) | Deficit CAD ($) | Deficit USD ($) |
Balance, shares at Dec. 31, 2020 | 117,823,857,000 | ||||||||
Balance, amount at Dec. 31, 2020 | $ | $ 166,272 | $ 294,710 | $ 11,521 | $ (139,959) | |||||
Statement [Line Items] | |||||||||
Total comprehensive income | $ | (8,985) | 0 | 0 | (8,985) | |||||
Share options exercised, shares | 5,834,000 | ||||||||
Share options exercised, Amount | 5 | 6 | (1) | $ 0 | |||||
Warrants exercised, shares | 101,042,000 | ||||||||
Warrants exercised, amount | 147 | 159 | (12) | 0 | |||||
Share-based compensation | 1,533 | $ 0 | 1,533 | 0 | |||||
Balance, amount at Jun. 30, 2021 | $ | 158,972 | 294,875 | 13,041 | (148,944) | |||||
Balance, shares at Jun. 30, 2021 | 117,930,733 | ||||||||
Balance, shares at Dec. 31, 2021 | 125,720,950 | ||||||||
Balance, amount at Dec. 31, 2021 | $ | $ 157,355,000 | 295,464 | $ 18,640 | $ (156,749) | |||||
Statement [Line Items] | |||||||||
Total comprehensive income | 40,059 | $ 0 | $ 0 | 40,059 | |||||
Share-based compensation | $ | 1,127 | 0 | 1,127 | 0 | |||||
Shares issued pursuant to offering, net of share issue costs, shares | 13,750,000,000 | ||||||||
Shares issued pursuant to offering, net of share issue costs, amount | $ | 10,864 | 10,864 | 0 | 0 | |||||
Balance, amount at Jun. 30, 2022 | $ 209,405,000 | $ 209,405 | $ 306,328 | $ 19,767 | $ (116,690) | ||||
Balance, shares at Jun. 30, 2022 | 139,470,950,000 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | |
Operating activities: | ||||||||
Loss for the year from continuing operations | $ (5,577,000) | $ (4,060,000) | $ 40,059,000 | $ (8,985,000) | ||||
Adjusted for: | ||||||||
Interest income | $ (45,000) | $ (9,000) | (49,000) | (29,000) | ||||
Items not involving cash: | ||||||||
Net gain on disposition of mineral interests | 0 | 0 | (48,390,000) | 0 | ||||
Unrealized net loss (gain) on marketable securities | 271,000 | (190,000) | $ 226,000 | $ 742,000 | ||||
Depreciation | 100,000 | 97,000 | 186,000 | 187,000 | ||||
Net loss from associates | 1,441 | 0 | 1,890 | 0 | ||||
Amortization of flow-through share premium | (1,011,000) | (1,332,000) | (1,414,000) | (2,555,000) | ||||
Accretion of provision for site reclamation and closure | 23,000 | 19,000 | 40,000 | 32,000 | ||||
Share-based compensation | 628,000 | 620,000 | 1,127,000 | 1,533,000 | ||||
Interest expense on lease liability | 21,000 | 25,000 | 42,000 | 51,000 | ||||
Other | 6,000 | 19,000 | 6,000 | (19,000) | ||||
Changes in non-cash working capital | 750,000 | (1,000) | 186,000 | 333,000 | ||||
Cash used in operating activities, continuing operations | 3,393,000 | (4,850,000) | (6,091,000) | (8,710,000) | ||||
Investing activities: | ||||||||
Interest received | 45,000 | 9,000 | 49,000 | 29,000 | ||||
Acquisition of Eastmain, net of cash acquired | 0 | 0 | 0 | (1,209,000) | ||||
Proceeds from disposition of mineral interests, net of transaction costs | 0 | 0 | 4,479 | 0 | ||||
Marketable securities addition | (60,000) | 0 | (60,000) | 0 | ||||
Acquisition of Universal Mineral Services | (1) | 0 | $ (1) | 0 | ||||
Property and equipment additions, net of disposals | 0 | (13,000) | 0 | (82,000) | ||||
Decrease (increase) in restricted cash | (29,000) | 0 | (29,000) | 0 | ||||
Cash (used in) provided by investing activities, continuing operations | 45,000 | (4,000) | 4,438,000 | (1,262,000) | ||||
Financing activities: | ||||||||
Lease payments | 63,000 | 45,000 | 109,000 | 89,000 | ||||
Proceeds from issuance of common shares, net of cash share issuance costs | 10,864,000 | 0 | 10,864,000 | 0 | ||||
Proceeds from share option and warrant exercises | 0 | 0 | 136,000 | 152,000 | ||||
Cash provided by financing activities, continuing operations | 10,801,000 | 91,000 | 10,755,000 | 63,000 | ||||
(Decrease) increase in cash | 7,363,000 | (4,763,000) | 9,102,000 | (9,909,000) | ||||
Cash, beginning of the year | 4,998,000 | 10,215,000 | 3,259,000 | $ 15,361,000 | ||||
Cash, end of the period | $ 12,361,000 | $ 5,452,000 | $ 12,361,000 | $ 5,452,000 |
Nature of Operations
Nature of Operations | 6 Months Ended |
Jun. 30, 2022 | |
Nature of Operations | |
Nature of Operations | 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 June 30, 2022, the Company had two principal projects: Eau Claire in Quebec, and Committee Bay in Nunavut. Sale of Homestake Resources Corporation 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 Corporation (“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 (note 3). As a result, Fury acquired 76,504,590 common shares of Dolly Varden on February 25, 2022, representing approximately 35.3% of the Dolly Varden Shares outstanding as of the transaction 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 (“CGO”) of Fury Gold, to the board of directors of Dolly Varden. 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 (note 6). The remaining 75% of UMS is owned equally by three other junior resource issuers, namely Tier One Silver Corporation, Coppernico Metals Inc, and Torq Resources 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. Many of the Company’s key personnel are now, or will be, directly employed by UMS and seconded to the Company and other members of the group. Response to COVID-19 The situation in Canada regarding COVID-19 remains fluid and permitted activities continue to be subject to change. At the Company’s Eau Claire project in Quebec, on-site measures are in place for non-vaccinated employees to mitigate the potential spread of the COVID-19 virus. These measures include a pre-travel COVID-19 screening questionnaire; a pre-travel COVID-19 PCR testing; and on-site Rapid Testing for COVID-19. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2021 | |
Basis of Presentation | |
Basis of Presentation | Note 2: Basis of presentation Statement of compliance These unaudited condensed interim consolidated financial statements (the “interim financial statements”) have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting These interim financial statements were approved and authorized for issuance by the Board of Directors of the Company on August 11, 2022. Basis of preparation and consolidation These interim financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control exists when the Company has power over an investee, exposure or rights to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of the Company’s returns. The Company’s interim results are not necessarily indicative of its results for a full year. The subsidiaries (with a beneficial interest of 100%) of the Company at June 30, 2022 were as follows: Subsidiary Place of incorporation Functional currency North Country Gold Corp. (“North Country”) BC, Canada CAD Eastmain Resources Inc. (“Eastmain”) ON, Canada CAD Eastmain Mines Inc. (“Eastmain Mines”) (a) Canada CAD Fury Gold USA Limited (“Fury Gold USA”) (b) Delaware, U.S.A. USD (a) (b) These interim financial statements also include a 33.2% investment in Dolly Varden and a 25% investment in UMS (note 6) that are accounted for using the equity method. These interim financial statements have been prepared on a historical cost basis except for certain financial instruments that have been measured at fair value (note 14). All amounts are expressed in thousands of Canadian dollars unless otherwise noted. Reference to US$ are to United States dollars. All intercompany balances and transactions have been eliminated. Segmented information The Company’s operating segments are reviewed by the key decision maker to make decisions about resources to be allocated to the segments and to assess their performance. The Company operates in one reportable operating segment, being the acquisition, exploration, and development of mineral resource properties, and in one geographical location, Canada. Critical accounting estimates, judgements, and policies The preparation of financial statements in accordance with IFRS requires management to select accounting policies and make estimates and judgments that may have a significant impact on 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. In preparing the Company’s interim financial statements for the three and six months ended June 30, 2022, the Company applied the significant accounting policies and critical accounting estimates and judgements disclosed in notes 3 and 5, respectively, of its consolidated financial statements for the year ended December 31, 2021, except as noted below: 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. New and amended standards not yet effective Certain pronouncements have been issued by the IASB that are mandatory for accounting periods beginning after December 31, 2022. The Company has not early adopted any of these pronouncements, and they are not expected to have a significant impact in the foreseeable future on the Company’s consolidated financial statements once adopted. |
Sale of Homestake Resources
Sale of Homestake Resources | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation | |
Sale of Homestake Resources | Note 3: 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 6). 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. 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. The Company has sufficient non-capital losses as at June 30, 2022 to offset the capital gain arising on disposition of Homestake Resources. As such, there is nil tax payable on the sale of Homestake Resources. |
Marketable Securities
Marketable Securities | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities | |
Marketable Securities | Note 4: Marketable securities The marketable securities held by the Company were as follows: Total Balance at December 31, 2020 $ 2,675 Additions 110 Sale of marketable securities (1,000 ) Realized loss on disposition (311 ) Unrealized net loss (869 ) Balance at December 31, 2021 $ 605 Additions 60 Unrealized net loss (226 ) Balance at June 30, 2022 $ 439 During the year ended December 31, 2021, the Company sold 1,581,177 common shares of Benz Mining Corp (“Benz Mining”) for total proceeds of $1,000. Upon disposition, the Company realized a loss of $311, representing the decline in market value from the deemed date of acquisition of the shares on October 9, 2020, as part of the acquisition of Eastmain to date of disposition. During the three months ended June 30, 2022, the Company exercised 500,000 common share warrants at an exercise price of $0.12 in exchange for 500,000 common shares of Benz Mining. Purchases and sales of marketable securities are accounted for as of the trade date. |
Mineral Property Interests
Mineral Property Interests | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities | |
Mineral interests | Note 5: Mineral 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 the 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. Upon completion of the first option to earn 75%, 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. 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 return (“NSR”) royalties pursuant to the amended agreement are due annually in October. Éléonore South Joint Venture The Éléonore South Joint Venture project consists of two separate blocks of map-designated claims, comprising a total of 282 claims covering approximately 147 km 2 2 2 Subsequently to the end of the second quarter, on August 8, 2022, the Company announced that the Company and Newmont, through their respective subsidiaries, had concurrently agreed to purchase Azimut’s 23.77% interest in the project for approximately $1,200. Upon completion of the purchase, which is expected to occur in the third quarter of 2022 and is subject to certain conditions precedent, the Company and Newmont will hold interest of 50.022% and 49.978%, respectively. The Company will remain as operator. 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% NSR royalty on gold production, with certain portions subject to an additional 1.5% NSR royalty. The 1.5% NSR royalty 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 royalty. 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, 2020 $ 125,354 $ 19,358 $ 16,060 $ 160,772 Option payment received (260 ) - - (260 ) Purchase of Homestake Ridge royalty - - 400 400 Disposition of mineral interests (50 ) - - (50 ) Change in estimate of provision for site reclamation and closure 50 (219 ) - (169 ) Balance at December 31, 2021 $ 125,094 $ 19,139 $ 16,460 $ 160,693 Sale of Homestake Resources (note 3) - - (16,460 ) (16,460 ) Change in estimate of provision for site reclamation and closure (391 ) (332 ) - (723 ) Balance at June 30, 2022 $ 124,703 $ 18,807 $ - $ 143,510 |
Investment in associates
Investment in associates | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities | |
Investment in associates | Note 6: Investment in associates (a) Acquisition of Dolly Varden The Dolly Varden Transaction completed on February 25, 2022. As a result, Fury acquired 76,504,590 Dolly Varden Shares on February 25, 2022, representing approximately 35.3% of the Dolly Varden Shares outstanding. During the six months ended June 30, 2022, Dolly Varden completed a private placement which included the issuance of 11.3 million common shares, resulting in the Company’s equity interest being diluted to 33.2% as of June 30, 2022. Dolly Varden holds a 100% interest in the gold-silver Kitsault Valley project including the Dolly Varden Project and the Homestake Ridge gold-silver project, located in the southern tip of the Golden Triangle of British Columbia. (b) Acquisition of UMS On April 1, 2022, the Company purchased a 25% share interest in UMS for nominal consideration (note 1). The Company further recognized as part of its net investment in UMS, a cash deposit of $150 which is held by UMS for the purposes of general working capital, and which will only be returned to the Company upon termination of the UMS arrangement. 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 June 30, 2022, the Company expects to incur approximately $556 in respect of its share of future rental expense of UMS. (c) Summarized financial information of the Company’s investments in associates: The carrying amounts of the Company’s investments in associates as at June 30, 2022 were as follows: Dolly Varden UMS Total Carrying amount at December 31, 2021 $ - $ - $ - Acquisition of equity investment (note 3) 60,439 - 60,439 Company’s share of net loss of associates (449 ) - (449 ) Carrying amount at March 31, 2022 59,990 $ - $ 59,990 Acquisition of equity investment - 151 151 Company’s share of net loss of associates (1,406 ) (35 ) (1,441 ) Carrying amount at June 30, 2022 $ 58,584 $ 116 $ 58,700 The fair market value of the Company’s investment in Dolly Varden as at June 30, 2022 was $52,788 based upon a closing share price of $0.69. For the three months ended June 30, 2022, the Company’s equity share of net loss of the Company’s associates on a 100% basis were as follows: Three months ended June 30, 2022 Dolly Varden UMS Cost recoveries $ - $ (1,690 ) Exploration and evaluation 4,059 665 Marketing 272 181 Share-based compensation 258 - Administrative and other (354 ) 983 Net loss of associate, 100% 4,235 139 Company's share of net loss of associates $ 1,406 $ 35 For the six months ended June 30, 2022, the Company’s equity share of net loss of the Company’s associates on a 100% basis were as follows: Six months ended June 30, 2022 Dolly Varden UMS Cost recoveries $ - $ (1,690 ) Exploration and evaluation 4,183 665 Marketing 484 181 Share-based compensation 1,080 - Administrative and other (241 ) 983 Net loss of associate, 100% 5,506 139 Company's share of net loss of associates $ 1,855 $ 35 The Company’s equity share of net assets of associates at June 30, 2022 is as follows: Dolly Varden UMS Current assets $ 22,866 $ 1,209 Non-current assets 157,440 2,791 Current liabilities (3,689 ) (2,013 ) Non-current liabilities - (1,523 ) Net assets, 100% 176,617 464 Company’s equity share of net assets of associate $ 58,584 $ 116 (d) Services rendered and balances with UMS Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Exploration and evaluation costs $ 252 $ 82 $ 303 $ 132 Marketing and investor relations 5 (15 ) 5 8 General and administration 233 79 351 137 Total transactions for the period $ 490 $ 146 $ 659 $ 277 The outstanding balance owing at June 30, 2022, was $237 (December 31, 2021 – $142) which is included in accounts payable. In addition, the Company had $19 in current prepaids (December 31, 2021 – $56) representing certain geological software licenses purchased on behalf of the Company by UMS, and which are amortized over twelve months. |
Flow-through Share Premium Liab
Flow-through Share Premium Liability | 6 Months Ended |
Jun. 30, 2022 | |
Flow-through Share Premium Liability | |
Flow-through Share Liability | Note 7: 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 July 2020, in response to the economic impact of COVID-19, the Government of Canada extended the timelines for eligible expenditures from 24 to 36 months. In September 2020, the Company completed an equity financing by raising $23,000 through the issuance of 7,750,000 subscription receipts. Out of the subscription receipts sold, 5,000,000 were flow-through receipts for gross proceeds of $17,500 and were exchanged for Fury Gold common shares designated as flow-through shares, while 2,750,000 subscription receipts were sold as non-flow-through for gross proceeds of $5,500 and exchanged for Fury Gold common shares. The flow-through proceeds are being used for mineral exploration in Quebec. The Company is committed to incur the remaining exploration expenditures of $3,992 (December 31, 2021 – $7,290) before December 31, 2022, which was renounced to investors in December 2020. The flow-through share funding and expenditures, along with the corresponding impact on the flow-through share premium liability, were as follows: Quebec Flow-through funding and expenditures Flow-through Premium liability 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 (3,298 ) (1,414 ) Balance at June 30, 2022 $ 3,992 $ 1,710 |
Exploration and Evaluation Cost
Exploration and Evaluation Costs | 6 Months Ended |
Jun. 30, 2022 | |
Exploration and Evaluation Costs | |
Exploration and Evaluation Costs | Note 8: Exploration and evaluation costs For the three and six months ended June 30, 2022 and 2021, the Company’s exploration and evaluation costs were as follows: Quebec Nunavut British Columbia Total Assaying $ 267 $ 10 $ - $ 277 Exploration drilling 699 - - 699 Camp cost, equipment, and field supplies 319 39 - 358 Geological consulting services 30 2 - 32 Geophysical analysis 7 - - 7 Permitting, environmental and community costs 63 60 - 123 Expediting and mobilization 4 - - 4 Salaries and wages 768 20 - 788 Fuel and consumables 187 - - 187 Aircraft and travel 144 - - 144 Share-based compensation 190 5 - 195 Three months ended June 30, 2022 $ 2,678 $ 136 $ - $ 2,814 Quebec Nunavut British Columbia Total Assaying $ 719 $ 10 $ 2 $ 732 Exploration drilling 1091 30 - 1,121 Camp cost, equipment, and field supplies 382 63 5 450 Geological consulting services 83 - 1 84 Geophysical analysis - - - - Permitting, environmental and community costs 27 47 15 89 Expediting and mobilization 44 41 - 85 Salaries and wages 598 35 13 646 Fuel and consumables 136 - - 136 Aircraft and travel 55 2 - 57 Share-based compensation 114 22 6 142 Three months ended June 30, 2021 $ 3,250 $ 250 $ 42 $ 3,542 Quebec Nunavut British Columbia Total Assaying $ 429 $ 28 $ 2 $ 459 Exploration drilling 713 - - 713 Camp cost, equipment, and field supplies 450 97 10 557 Geological consulting services 6 4 - 10 Geophysical analysis 127 - - 127 Permitting, environmental and community costs 92 119 - 211 Expediting and mobilization 6 - - 6 Salaries and wages 1,211 34 1 1,246 Fuel and consumables 267 - - 267 Aircraft and travel 163 - - 163 Share-based compensation 320 6 1 327 Six months ended June 30, 2022 $ 3,784 $ 288 $ 14 $ 4,086 Quebec Nunavut British Columbia Total Assaying $ 1,098 $ 40 $ 16 $ 1,154 Exploration drilling 2,363 30 - 2,393 Camp cost, equipment, and field supplies 757 122 8 887 Geological consulting services 259 34 3 296 Geophysical analysis 149 - - 149 Permitting, environmental and community costs 122 81 28 231 Expediting and mobilization 51 41 - 92 Salaries and wages 1,102 80 33 1,215 Fuel and consumables 310 35 - 345 Aircraft and travel 116 2 1 119 Share-based compensation 274 56 19 349 Six months ended June 30, 2021 $ 6,601 $ 521 $ 108 $ 7,230 |
Share Capital
Share Capital | 6 Months Ended |
Jun. 30, 2022 | |
Share Capital | |
Share Capital | Note 9: Share capital Authorized Unlimited common shares without par value. Unlimited preferred shares – nil issued and outstanding. Share issuances Six months ended June 30, 2022: i. The Company closed the “April 2022 Offering”, a non-brokered private equity placement, for gross proceeds of $11,000 and consisted of 13,750,000 common shares priced at $0.80 per share. Proceeds from the Private Placement will be used to fund continued exploration at the Company’s Eau Claire project in Quebec and for general working capital. 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 Share issue costs - (136 ) Proceeds net of share issue costs 13,750,000 $ 10,864 Six months ended June 30, 2021: i. 5,834 shares were issued as a result of share options being exercised with a weighted average exercise price of $0.86 for gross proceeds of $5. An amount of $1 attributed to these share options was transferred from the equity reserves and recorded against share capital. ii. 101,042 shares were issued as a result of share warrants being exercised with a weighted average exercise price of $1.46 for gross proceeds of $147. An amount of $12 attributed to these share warrants was transferred from the equity reserves and recorded against share capital. |
Share Option and Warrant Reserv
Share Option and Warrant Reserves | 6 Months Ended |
Jun. 30, 2022 | |
Share Option and Warrant Reserves | |
Share Option and Warrant Reserves | Note 10: Share option and warrant reserves (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 three and six months ended June 30, 2022 and 2021, the share-based compensation expense was as follows: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Recognized in net loss (earnings) and included in: Exploration and evaluation costs $ 195 $ 142 $ 327 $ 349 Fees, salaries and other employee benefits 433 478 800 1,184 Total share-based compensation expense $ 628 $ 620 $ 1,127 $ 1,533 During the three and six months ended June 30, 2022, the Company granted 1,685,000 and 3,430,000 share options, respectively (three and six months ended June 30, 2021 – 130,000 and 130,000, respectively) 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 for the three and six months ended June 30, 2022 was calculated as $0.48 and $0.46, respectively, using the Black-Scholes option valuation model at the grant date. The fair value of the share-based options granted during the three and six months ended June 30, 2022 was based on the following weighted average assumptions: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Risk-free interest rate 2.79% 1.01% 2.20% 1.01% Expected dividend yield Nil Nil Nil Nil Share price volatility 67% 68% 67% 68% Expected forfeiture rate 15% 0% 5% 0% Expected life in years 5.0 4.9 5.0 4.9 The risk-free interest rate assumption is based on the Government of Canada benchmark bond yields and treasury bills with a remaining term that approximates the expected life of the share-based options. The expected volatility assumption is based on the historical and implied volatility of the Company’s common shares. The expected forfeiture rate and the expected life in years are based on historical trends. (b) Share option plan The Company maintains a rolling share option plan providing for the issuance of share options up to 10% of the Company’s issued and outstanding common shares at the time of the grant. The Company may grant share options from time to time to its directors, officers, employees, and other service providers. The share options typically vest as to 25% on the date of the grant and 12.5% every three months thereafter for a total vesting period of 18 months. The number of share options issued and outstanding and the weighted average exercise price were as follows: Number of share options Weighted average exercise price ($/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 (511,972 ) 4.93 Forfeited (633,436 ) 1.89 Outstanding, June 30, 2022 9,036,589 $ 1.46 As at June 30, 2022, 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 – $1.95 6,185,969 1.12 3.97 3,140,970 1.22 3.39 $2.05 – $3.26 2,847,703 2.19 3.06 2,847,703 2.19 3.06 $ 8.23 2,917 8.23 0.20 2,917 8.23 0.20 9,036,589 1.46 3.68 5,991,590 1.68 3.23 (c) Share purchase warrants The number of share purchase warrants outstanding at June 30, 2022 was as follows: Warrants outstanding Weighted average 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 (412,190 ) 1.11 Outstanding at June 30, 2022 7,799,263 $ 1.28 The following table reflects the warrants issued and outstanding as of June 30, 2022: Expiry date Warrants outstanding Exercise price ($/share) September 12, 2022 337,813 2.96 October 6, 2024 5,085,670 1.20 October 12, 2024 2,375,780 1.20 Total 7,799,263 1.28 |
Key management personnel
Key management personnel | 6 Months Ended |
Jun. 30, 2022 | |
Share Option and Warrant Reserves | |
Key management personnel | Note 11: Key management personnel Key management personnel include Fury Gold’s board of directors and certain executive officers of the Company, including the CEO and Chief Financial Officer (“CFO”). On April 1, 2022, the Company entered into a shared services agreement with UMS, in which the Company holds a 25% interest (note 6). Under the shared services agreement, the Company’s CFO, Senior Vice President, Exploration (“SVP, Exploration”), and CGO terminated their direct employment status with the Company, became employed by UMS and then entered into secondment employment arrangements between the Company and UMS. The remuneration of the Company’s key management personnel Three months ended June 30 Six months ended June 30 2022 2021 (b) 2022 2021 (b) Short-term benefits provided to executives (a) $ 545 $ 231 $ 777 $ 548 Directors’ fees paid to non-executive directors 53 55 100 107 Share-based payments 430 391 743 1,054 Total $ 1,028 $ 677 $ 1,620 $ 1,709 (a) (b) |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Supplemental Cash Flow Information | Note 12: Supplemental cash flow information The impact of changes in non-cash working capital was as follows: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Accounts receivable $ (93 ) $ 141 $ 14 $ 396 Prepaid expenses and deposits 231 191 183 (13 ) Accounts payable and accrued liabilities 612 (333 ) (11 ) (50 ) Change in non-cash working capital $ 750 $ (1 ) $ 186 $ 333 Operating activities include the following cash received: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Income taxes refunded $ 22 $ - $ 187 $ 1,717 |
Loss Per Share
Loss Per Share | 6 Months Ended |
Jun. 30, 2022 | |
Loss Per Share | |
Loss Per Share | Note 13: Loss (earnings) per share For the three and six months ended June 30, 2022, and 2021, the weighted average number of shares outstanding and loss (earnings) per share were as follows: Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Net loss (earnings) $ 5,577 $ 4,060 $ (40,059 ) $ 8,985 Weighted average basic number of shares outstanding 136,600,071 117,893,013 131,266,530 117,861,667 Basic loss (earnings) per share $ 0.04 $ 0.03 $ (0.31 ) $ 0.08 Weighted average diluted number of shares outstanding 136,600,071 117,893,013 139,492,021 117,861,667 Diluted (earnings) loss per share $ 0.04 $ 0.03 $ (0.29 ) $ 0.08 All of the outstanding share options and share purchase warrants at June 30, 2021 were anti-dilutive for the periods then ended as the Company was in a loss position. Additionally, all of the outstanding share options and share purchase warrants at June 30, 2022 were anti-dilutive for the three months ended June 30, 2022 as the Company was in a loss position. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2022 | |
Financial Instruments | |
Financial Instruments | Note 14: Financial instruments The Company’s financial instruments as at June 30, 2022 consisted of cash, 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 June 30, 2022 At December 31, 2021 Amortized Cost FVTPL Total Amortized FVTPL Total Cash $ 12,361 $ - $ 12,361 $ 3,259 $ - $ 3,259 Marketable securities - 439 439 - 605 605 Deposits 25 - 25 243 - 243 Accounts receivable 358 - 358 372 - 372 Total financial assets 12,744 439 13,183 3,874 605 4,479 Accounts payable and accrued liabilities 1,894 - 1,894 1,888 - 1,888 Total financial liabilities $ 1,894 $ - $ 1,894 $ 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 period. The Company’s financial instruments measured at fair value on a recurring basis were as follows: At June 30, 2022 At December 31, 2021 Level 1 Level 2 Level 1 Level 2 (1) Marketable securities 439 - 282 323 (1) During the three and six months ended June 30, 2022, there were no financial assets or financial liabilities transferred, measured, and recognized in the condensed interim consolidated statements of financial position at fair value that would be categorized as level 3 in the fair value hierarchy. (c) Financial instruments and related risks The Company’s financial instruments are exposed to liquidity risk, and market risks, which include currency risk and price risk. As at June 30, 2022, 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 June 30, 2022, the Company had unrestricted cash of $12,361 (December 31, 2021 – $3,259), working capital surplus of $9,696 (December 31, 2021 – working capital deficit of $428), which the Company defines as current assets less current liabilities, and an accumulated deficit of $116,690 (December 31, 2021 – $156,749). The Company notes that the flow-through share premium liability, which reduced the Company’s working capital by $1,710 (December 31, 2021 – $3,124), is not settled through cash payment. Instead, the flow-through share premium liability will be drawn down as the Company incurs exploration expenditures for the Eau Claire project. During the three and six months ended June 30, 2022, Fury Gold recognized net loss and net earnings of $5,577 and $40,059, respectively, (three and six months ended June 30, 2021 – net losses of $4,060 and $8,985) primarily arising from the sale of Homestake Resources (note 3). The Company expects to incur future operating losses in relation to exploration activities. With no source of operating cash flow, there is no assurance that sufficient funding will be available to conduct further exploration and development of its mineral properties. The Company’s contractual obligations are as follows: Within 1 year 2 to 3 years Over 3 years At June 30 2022 At December 31 2021 Accounts payable and accrued liabilities $ 1,894 $ - $ - $ 1,894 $ 1,888 Quebec flow-through expenditure requirements 3,992 - - 3,992 7,290 Undiscounted lease payments 249 346 - 595 622 Total $ 6,135 $ 346 $ - $ 6,481 $ 9,800 The Company entered into a drilling contract in November 2020, for which the Company has committed to drill a total of 50,000 metres. As at June 30, 2022, the company remains obligated to drill a further 9,000 metres in Quebec. The expenditures for the remaining drilling metres will be applied against the flow-through expenditure requirements included in the table above. 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 $49 and $71 were made during the three and six months ended June 30, 2022 (three and six months ended June 30, 2021 - $nil and $266), in respect of these mineral claims, with $100 recognized in prepaid expenses as at June 30, 2022 (June 30, 2021 – $214). Market risk This is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Significant market risks to which the Company is exposed are as follows: i. Currency risk The Company is exposed to currency risk by having balances and transactions in currencies that are different from its functional currency (the Canadian dollar). The Company’s foreign currency exposure related to its financial assets and liabilities held in US dollars was as follows: At June 30 2022 At December 31 2021 Financial assets US$ bank accounts $ 10 $ 569 Financial liabilities Accounts payable (34 ) (160 ) $ (24 ) $ 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. Price risk The Company holds certain investments in marketable securities (note 4) which are measured at fair value, being the closing share price of each equity security at the date of the condensed interim 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 earnings for the period. A 10% increase or decrease in the Company’s marketable securities’ share prices would not have a material impact on the Company’s net income. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation (Policies) | |
Statement of compliance | These unaudited condensed interim consolidated financial statements (the “interim financial statements”) have been prepared in accordance with International Accounting Standard 34 – Interim Financial Reporting These interim financial statements were approved and authorized for issuance by the Board of Directors of the Company on August 11, 2022. |
Basis of preparation and consolidation | These interim financial statements incorporate the financial statements of the Company and entities controlled by the Company (its subsidiaries). Control exists when the Company has power over an investee, exposure or rights to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of the Company’s returns. The Company’s interim results are not necessarily indicative of its results for a full year. The subsidiaries (with a beneficial interest of 100%) of the Company at June 30, 2022 were as follows: Subsidiary Place of incorporation Functional currency North Country Gold Corp. (“North Country”) BC, Canada CAD Eastmain Resources Inc. (“Eastmain”) ON, Canada CAD Eastmain Mines Inc. (“Eastmain Mines”) (a) Canada CAD Fury Gold USA Limited (“Fury Gold USA”) (b) Delaware, U.S.A. USD (a) (b) These interim financial statements also include a 33.2% investment in Dolly Varden and a 25% investment in UMS (note 6) that are accounted for using the equity method. These interim financial statements have been prepared on a historical cost basis except for certain financial instruments that have been measured at fair value (note 14). All amounts are expressed in thousands of Canadian dollars unless otherwise noted. Reference to US$ are to United States dollars. All intercompany balances and transactions have been eliminated. |
Segmented information | The Company’s operating segments are reviewed by the key decision maker to make decisions about resources to be allocated to the segments and to assess their performance. The Company operates in one reportable operating segment, being the acquisition, exploration, and development of mineral resource properties, and in one geographical location, Canada. |
Critical accounting estimates, judgements, and policies | The preparation of financial statements in accordance with IFRS requires management to select accounting policies and make estimates and judgments that may have a significant impact on 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. In preparing the Company’s interim financial statements for the three and six months ended June 30, 2022, the Company applied the significant accounting policies and critical accounting estimates and judgements disclosed in notes 3 and 5, respectively, of its consolidated financial statements for the year ended December 31, 2021, except as noted below: |
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. |
New and amended standards not yet effective | Certain pronouncements have been issued by the IASB that are mandatory for accounting periods beginning after December 31, 2022. The Company has not early adopted any of these pronouncements, and they are not expected to have a significant impact in the foreseeable future on the Company’s consolidated financial statements once adopted. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Disclosure of subsidiaries | Subsidiary Place of incorporation Functional currency North Country Gold Corp. (“North Country”) BC, Canada CAD Eastmain Resources Inc. (“Eastmain”) ON, Canada CAD Eastmain Mines Inc. (“Eastmain Mines”) (a) Canada CAD Fury Gold USA Limited (“Fury Gold USA”) (b) Delaware, U.S.A. USD |
Sale of Homestake Resources (Ta
Sale of Homestake Resources (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
schedule of disposition | 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 |
Investment in associates (Table
Investment in associates (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Schedule of investments in associates | Dolly Varden UMS Total Carrying amount at December 31, 2021 $ - $ - $ - Acquisition of equity investment (note 3) 60,439 - 60,439 Company’s share of net loss of associates (449 ) - (449 ) Carrying amount at March 31, 2022 59,990 $ - $ 59,990 Acquisition of equity investment - 151 151 Company’s share of net loss of associates (1,406 ) (35 ) (1,441 ) Carrying amount at June 30, 2022 $ 58,584 $ 116 $ 58,700 Three months ended June 30, 2022 Dolly Varden UMS Cost recoveries $ - $ (1,690 ) Exploration and evaluation 4,059 665 Marketing 272 181 Share-based compensation 258 - Administrative and other (354 ) 983 Net loss of associate, 100% 4,235 139 Company's share of net loss of associates $ 1,406 $ 35 Six months ended June 30, 2022 Dolly Varden UMS Cost recoveries $ - $ (1,690 ) Exploration and evaluation 4,183 665 Marketing 484 181 Share-based compensation 1,080 - Administrative and other (241 ) 983 Net loss of associate, 100% 5,506 139 Company's share of net loss of associates $ 1,855 $ 35 Dolly Varden UMS Current assets $ 22,866 $ 1,209 Non-current assets 157,440 2,791 Current liabilities (3,689 ) (2,013 ) Non-current liabilities - (1,523 ) Net assets, 100% 176,617 464 Company’s equity share of net assets of associate $ 58,584 $ 116 Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Exploration and evaluation costs $ 252 $ 82 $ 303 $ 132 Marketing and investor relations 5 (15 ) 5 8 General and administration 233 79 351 137 Total transactions for the period $ 490 $ 146 $ 659 $ 277 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Marketable Securities | |
Marketable Securities | Total Balance at December 31, 2020 $ 2,675 Additions 110 Sale of marketable securities (1,000 ) Realized loss on disposition (311 ) Unrealized net loss (869 ) Balance at December 31, 2021 $ 605 Additions 60 Unrealized net loss (226 ) Balance at June 30, 2022 $ 439 |
Mineral Property Interests (Tab
Mineral Property Interests (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Disclosure of work expenditures and cash payments for acquisition of mineral property rights | Quebec Nunavut British Columbia Total Balance at December 31, 2020 $ 125,354 $ 19,358 $ 16,060 $ 160,772 Option payment received (260 ) - - (260 ) Purchase of Homestake Ridge royalty - - 400 400 Disposition of mineral interests (50 ) - - (50 ) Change in estimate of provision for site reclamation and closure 50 (219 ) - (169 ) Balance at December 31, 2021 $ 125,094 $ 19,139 $ 16,460 $ 160,693 Sale of Homestake Resources (note 3) - - (16,460 ) (16,460 ) Change in estimate of provision for site reclamation and closure (391 ) (332 ) - (723 ) Balance at June 30, 2022 $ 124,703 $ 18,807 $ - $ 143,510 |
Flow-through Share Premium Li_2
Flow-through Share Premium Liability (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Schedule of flow-through share funding and expenditures | Quebec Flow-through funding and expenditures Flow-through Premium liability 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 (3,298 ) (1,414 ) Balance at June 30, 2022 $ 3,992 $ 1,710 |
Exploration and Evaluation Co_2
Exploration and Evaluation Costs (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Exploration and Evaluation Costs | |
Exploration and Evaluation Costs | Quebec Nunavut British Columbia Total Assaying $ 267 $ 10 $ - $ 277 Exploration drilling 699 - - 699 Camp cost, equipment, and field supplies 319 39 - 358 Geological consulting services 30 2 - 32 Geophysical analysis 7 - - 7 Permitting, environmental and community costs 63 60 - 123 Expediting and mobilization 4 - - 4 Salaries and wages 768 20 - 788 Fuel and consumables 187 - - 187 Aircraft and travel 144 - - 144 Share-based compensation 190 5 - 195 Three months ended June 30, 2022 $ 2,678 $ 136 $ - $ 2,814 Quebec Nunavut British Columbia Total Assaying $ 719 $ 10 $ 2 $ 732 Exploration drilling 1091 30 - 1,121 Camp cost, equipment, and field supplies 382 63 5 450 Geological consulting services 83 - 1 84 Geophysical analysis - - - - Permitting, environmental and community costs 27 47 15 89 Expediting and mobilization 44 41 - 85 Salaries and wages 598 35 13 646 Fuel and consumables 136 - - 136 Aircraft and travel 55 2 - 57 Share-based compensation 114 22 6 142 Three months ended June 30, 2021 $ 3,250 $ 250 $ 42 $ 3,542 Quebec Nunavut British Columbia Total Assaying $ 429 $ 28 $ 2 $ 459 Exploration drilling 713 - - 713 Camp cost, equipment, and field supplies 450 97 10 557 Geological consulting services 6 4 - 10 Geophysical analysis 127 - - 127 Permitting, environmental and community costs 92 119 - 211 Expediting and mobilization 6 - - 6 Salaries and wages 1,211 34 1 1,246 Fuel and consumables 267 - - 267 Aircraft and travel 163 - - 163 Share-based compensation 320 6 1 327 Six months ended June 30, 2022 $ 3,784 $ 288 $ 14 $ 4,086 Quebec Nunavut British Columbia Total Assaying $ 1,098 $ 40 $ 16 $ 1,154 Exploration drilling 2,363 30 - 2,393 Camp cost, equipment, and field supplies 757 122 8 887 Geological consulting services 259 34 3 296 Geophysical analysis 149 - - 149 Permitting, environmental and community costs 122 81 28 231 Expediting and mobilization 51 41 - 92 Salaries and wages 1,102 80 33 1,215 Fuel and consumables 310 35 - 345 Aircraft and travel 116 2 1 119 Share-based compensation 274 56 19 349 Six months ended June 30, 2021 $ 6,601 $ 521 $ 108 $ 7,230 |
Share Capital (Tables)
Share Capital (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Disclosure of classes of share capital | Number of common shares Impact on share capital Common shares issued at $0.80 per share 13,750,000 $ 11,000 Share issue costs - (136 ) Proceeds net of share issue costs 13,750,000 $ 10,864 |
Share Option and Warrant Rese_2
Share Option and Warrant Reserves (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Disclosure of share option activity | 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 (511,972 ) 4.93 Forfeited (633,436 ) 1.89 Outstanding, June 30, 2022 9,036,589 $ 1.46 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 – $1.95 6,185,969 1.12 3.97 3,140,970 1.22 3.39 $2.05 – $3.26 2,847,703 2.19 3.06 2,847,703 2.19 3.06 $ 8.23 2,917 8.23 0.20 2,917 8.23 0.20 9,036,589 1.46 3.68 5,991,590 1.68 3.23 |
Disclosure of share-based payments | Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Recognized in net loss (earnings) and included in: Exploration and evaluation costs $ 195 $ 142 $ 327 $ 349 Fees, salaries and other employee benefits 433 478 800 1,184 Total share-based compensation expense $ 628 $ 620 $ 1,127 $ 1,533 |
Disclosure of assumptions | Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Risk-free interest rate 2.79% 1.01% 2.20% 1.01% Expected dividend yield Nil Nil Nil Nil Share price volatility 67% 68% 67% 68% Expected forfeiture rate 15% 0% 5% 0% Expected life in years 5.0 4.9 5.0 4.9 |
Disclosure of warrant activity | Warrants outstanding Weighted average 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 (412,190 ) 1.11 Outstanding at June 30, 2022 7,799,263 $ 1.28 Expiry date Warrants outstanding Exercise price ($/share) September 12, 2022 337,813 2.96 October 6, 2024 5,085,670 1.20 October 12, 2024 2,375,780 1.20 Total 7,799,263 1.28 |
Key management personnel (Table
Key management personnel (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Company's key management | Three months ended June 30 Six months ended June 30 2022 2021 (b) 2022 2021 (b) Short-term benefits provided to executives (a) $ 545 $ 231 $ 777 $ 548 Directors’ fees paid to non-executive directors 53 55 100 107 Share-based payments 430 391 743 1,054 Total $ 1,028 $ 677 $ 1,620 $ 1,709 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Disclosure of supplemental cash flow information | Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Accounts receivable $ (93 ) $ 141 $ 14 $ 396 Prepaid expenses and deposits 231 191 183 (13 ) Accounts payable and accrued liabilities 612 (333 ) (11 ) (50 ) Change in non-cash working capital $ 750 $ (1 ) $ 186 $ 333 |
Disclosure of operating activities | Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Income taxes refunded $ 22 $ - $ 187 $ 1,717 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Disclosure of loss per share | Three months ended June 30 Six months ended June 30 2022 2021 2022 2021 Net loss (earnings) $ 5,577 $ 4,060 $ (40,059 ) $ 8,985 Weighted average basic number of shares outstanding 136,600,071 117,893,013 131,266,530 117,861,667 Basic loss (earnings) per share $ 0.04 $ 0.03 $ (0.31 ) $ 0.08 Weighted average diluted number of shares outstanding 136,600,071 117,893,013 139,492,021 117,861,667 Diluted (earnings) loss per share $ 0.04 $ 0.03 $ (0.29 ) $ 0.08 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Supplemental Cash Flow Information | |
Disclosure of currency exposure | At June 30 2022 At December 31 2021 Financial assets US$ bank accounts $ 10 $ 569 Financial liabilities Accounts payable (34 ) (160 ) $ (24 ) $ 409 |
Disclosure of company's contractual obligations | Within 1 year 2 to 3 years Over 3 years At June 30 2022 At December 31 2021 Accounts payable and accrued liabilities $ 1,894 $ - $ - $ 1,894 $ 1,888 Quebec flow-through expenditure requirements 3,992 - - 3,992 7,290 Undiscounted lease payments 249 346 - 595 622 Total $ 6,135 $ 346 $ - $ 6,481 $ 9,800 |
Disclosure of Financial assets and liabilities | At June 30, 2022 At December 31, 2021 Amortized Cost FVTPL Total Amortized FVTPL Total Cash $ 12,361 $ - $ 12,361 $ 3,259 $ - $ 3,259 Marketable securities - 439 439 - 605 605 Deposits 25 - 25 243 - 243 Accounts receivable 358 - 358 372 - 372 Total financial assets 12,744 439 13,183 3,874 605 4,479 Accounts payable and accrued liabilities 1,894 - 1,894 1,888 - 1,888 Total financial liabilities $ 1,894 $ - $ 1,894 $ 1,888 $ - $ 1,888 |
Disclosure of financial instruments fair value | At June 30, 2022 At December 31, 2021 Level 1 Level 2 Level 1 Level 2 (1) Marketable securities 439 - 282 323 |
Nature of operations (Details N
Nature of operations (Details Narrative) - USD ($) $ in Thousands | 6 Months Ended | ||
Dec. 06, 2021 | Jun. 30, 2022 | Jan. 01, 2022 | |
Statement [Line Items] | |||
Common stock issued in exchange of acquisition | 76,504,590 | ||
Cash of acquisition | $ 5,000 | ||
Homestake Ridge Gold Silver [Member] | |||
Statement [Line Items] | |||
Homestake resources owner ship percentage | 100% | ||
Dolly Varden [Member] | |||
Statement [Line Items] | |||
Share of interest of homestake resorces sold | 100% | ||
Shares acquired | 76,504,590 | ||
Share outstanding percentage | 35.30% | ||
UMS [Member] | |||
Statement [Line Items] | |||
Share of interest purchased | 25% | 75% | |
Notice period for terminating agreement | 18 years |
Basis of presentation (Details)
Basis of presentation (Details) | 6 Months Ended |
Jun. 30, 2022 | |
Statement [Line Items] | |
Beneficial interest | 100% |
North Country Gold Corp | |
Statement [Line Items] | |
Place of incorporation | BC, Canada |
Funtional currency | CAD |
Beneficial interest | 100% |
Eastmain Resources Inc. | |
Statement [Line Items] | |
Place of incorporation | ON, Canada |
Funtional currency | CAD |
Beneficial interest | 100% |
Eastmain Mines Inc. | |
Statement [Line Items] | |
Place of incorporation | Canada |
Funtional currency | CAD |
Beneficial interest | 100% |
Fury Gold USA Limited | |
Statement [Line Items] | |
Place of incorporation | Delaware, U.S.A. |
Funtional currency | USD |
Beneficial interest | 100% |
Basis of Presentation (Details
Basis of Presentation (Details Narrative) | 6 Months Ended |
Jun. 30, 2022 | |
Basis of Presentation | |
Beneficial interest | 100% |
Basis of presentation description | These interim financial statements also include a 33.2% investment in Dolly Varden and a 25% investment in UMS (note 6) that are accounted for using the equity method. |
Sale of Homestake Resources (De
Sale of Homestake Resources (Details ) $ in Thousands | 6 Months Ended |
Jun. 30, 2022 CAD ($) | |
Sale of Homestake Resources (Details ) | |
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 assets derecognized | |
Net gain on disposition | $ 48,390 |
Sale of Homestake Resources (_2
Sale of Homestake Resources (Details Narrative) - 1 months ended Feb. 25, 2022 - Dolly Varden [Member] | CAD ($) $ / shares shares | USD ($) |
Statement [Line Items] | ||
Ownership interest | 35.30% | |
Acquisition cost | $ 589 | |
Cash proceeds | $ 5,000 | |
Share issued during period for acquisition | shares | 76,504,590 | |
Recognized a gain | $ 48,390 | |
Market price of the shares | $ / shares | $ 0.79 |
Marketable Securities (Details)
Marketable Securities (Details) $ in Thousands | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Marketable Securities | ||||
Marketable securities, beginning | $ 605,000 | $ 2,675 | ||
Additions | 60,000 | $ 110,000 | ||
Sale of marketable securities | (1,000) | |||
Realized loss on disposition | $ (311) | |||
Unrealized net gain (loss) on marketable securities | (226,000) | (869,000) | ||
Marketable securities, ending | $ 439,000 | $ 439 | $ 605,000 |
Marketable Securities (Details
Marketable Securities (Details Narrative) - USD ($) | 12 Months Ended | |
Dec. 31, 2021 | Jun. 30, 2022 | |
Statement [Line Items] | ||
Realized loss on disposition | $ (311,000) | |
Benz Mining Corp [Member] | ||
Statement [Line Items] | ||
Common shares sold | 1,581,177 | |
Proceeds from shares | $ 1,000 | |
Realized loss on disposition | $ (311) | |
Warrants | 500,000 | |
Common shares in exchange | 500,000 | |
Exercise price | $ 0.12 |
Mineral interests (Details)
Mineral interests (Details) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Statement [Line Items] | |||
Balance, beginning of the year | $ 160,693,000 | $ 160,772,000 | |
Sale of Homestake Resources (note 3) | (16,460,000) | ||
Option payment received | (260,000) | ||
Purchase of Homestake Ridge royalty | 400,000 | ||
Disposition of mineral interests | 50,000 | ||
Change in estimate of provision for site reclamation and closure | (723,000) | (169,000) | |
Balance, end of the year | 143,510,000 | 160,693,000 | |
British Columbia | |||
Statement [Line Items] | |||
Balance, beginning of the year | 16,460,000 | 16,060,000 | |
Sale of Homestake Resources (note 3) | (16,460,000) | ||
Option payment received | 0 | ||
Purchase of Homestake Ridge royalty | 400,000 | ||
Disposition of mineral interests | 0 | ||
Change in estimate of provision for site reclamation and closure | 0 | 0 | |
Balance, end of the year | 0 | 16,460,000 | |
Nunavut | |||
Statement [Line Items] | |||
Balance, beginning of the year | 19,139,000 | 19,358,000 | |
Sale of Homestake Resources (note 3) | 0 | ||
Option payment received | 0 | ||
Purchase of Homestake Ridge royalty | 0 | ||
Disposition of mineral interests | 0 | ||
Change in estimate of provision for site reclamation and closure | (332,000) | (219,000) | |
Balance, end of the year | 18,807,000 | 19,139,000 | |
Quebec | |||
Statement [Line Items] | |||
Balance, beginning of the year | 125,094,000 | 125,354,000 | |
Sale of Homestake Resources (note 3) | 0 | ||
Option payment received | (260,000) | ||
Purchase of Homestake Ridge royalty | $ 0 | ||
Disposition of mineral interests | 50,000 | ||
Change in estimate of provision for site reclamation and closure | (391,000) | 50,000 | |
Balance, end of the year | $ 124,703,000 | $ 125,094,000 |
Mineral interests (Details Narr
Mineral interests (Details Narratives) $ in Thousands | 6 Months Ended | |
Aug. 08, 2022 | Jun. 30, 2022 CAD ($) a | |
Statement [Line Items] | ||
Total hectares | a | 51,622 | |
?l?onore South Joint Venture | ||
Statement [Line Items] | ||
Project Description | Fury Gold 38.12%, Goldcorp Canada 38.11%, and Azimut 23.77%. | |
Change in ownership percentage, description | the Company and Newmont, through their respective subsidiaries, had concurrently agreed to purchase Azimut’s 23.77% interest in the project for approximately $1,200. Upon completion of the purchase, which is expected to occur in the third quarter of 2022 and is subject to certain conditions precedent, the Company and Newmont will hold interest of 50.022% and 49.978%, respectively. | |
Nunavut | ||
Statement [Line Items] | ||
Interest owns | 100% | |
Project Description | 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% NSR royalty on gold production, with certain portions subject to an additional 1.5% NSR royalty. The 1.5% NSR royalty 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 royalty. | |
Eau Claire | ||
Statement [Line Items] | ||
Interest owns | 100% | |
Project Description | 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 | ||
Statement [Line Items] | ||
Project Description | Upon completion of the first option to earn 75%, 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. 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 return (“NSR”) royalties pursuant to the amended agreement are due annually in October. | |
Interest | 75% | |
Payments | $ 2,320 | |
Exploration | $ 3,500 |
Investment in associates (Detai
Investment in associates (Details) $ in Thousands | 3 Months Ended | |||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 CAD ($) | Mar. 31, 2022 USD ($) | |
Statement [Line Items] | ||||
Beginning Balance, Carrying amount | $ 59,990,000 | $ 0 | ||
Acquisition of equity investment | $ 151 | 60,439,000 | ||
Company's share of net loss of associates | 1,441 | $ 449 | ||
Ending Balance, Carrying amount | 58,700,000 | 58,700 | 59,990,000 | |
Dolly Varden [Member] | ||||
Statement [Line Items] | ||||
Beginning Balance, Carrying amount | 59,990,000 | 0 | ||
Acquisition of equity investment | 0 | 60,439,000 | ||
Company's share of net loss of associates | 1,406 | 449 | ||
Ending Balance, Carrying amount | 58,584,000 | 58,584 | 59,990,000 | |
UMS [Member] | ||||
Statement [Line Items] | ||||
Beginning Balance, Carrying amount | 0 | 0 | ||
Acquisition of equity investment | 151 | 0 | ||
Company's share of net loss of associates | (35) | $ 0 | ||
Ending Balance, Carrying amount | $ 116,000 | $ 116 | $ 0 |
Investment in associates (Det_2
Investment in associates (Details 1) $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2022 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) | |
Dolly Varden [Member] | |||
Statement [Line Items] | |||
Cost recoveries | $ 0 | $ 0 | |
Exploration and evaluation | 4,059 | $ 4,183 | |
Marketing | 272 | 484 | |
Share-based compensation | 258 | 1,080 | |
Administrative and other | (354) | (241) | |
Net loss of associate, 100% | 4,235 | 5,506 | |
Company's share of net loss of associates | 1,406 | 1,855 | |
UMS [Member] | |||
Statement [Line Items] | |||
Cost recoveries | (1,690) | (1,690) | |
Exploration and evaluation | 665 | 665 | |
Marketing | 181 | 181 | |
Share-based compensation | 0 | 0 | |
Administrative and other | 983 | 983 | |
Net loss of associate, 100% | 139 | 139 | |
Company's share of net loss of associates | $ 35 | $ 35 |
Investment in associates (Det_3
Investment in associates (Details 2) $ in Thousands | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Mar. 31, 2022 CAD ($) | Dec. 31, 2021 CAD ($) |
Statement [Line Items] | ||||
Current liabilities | $ (3,784,000) | $ (5,116,000) | ||
Net assets | 216,981,000 | 167,018,000 | ||
Company s equity share of net assets of associate | 58,700,000 | $ 58,700 | $ 59,990,000 | 0 |
Dolly Varden [Member] | ||||
Statement [Line Items] | ||||
Current assets | 22,866 | |||
Non-current assets | 157,440 | |||
Current liabilities | (3,689) | |||
Non-current liabilities | 0 | |||
Net assets | 176,617 | |||
Company s equity share of net assets of associate | 58,584,000 | 58,584 | 59,990,000 | 0 |
UMS [Member] | ||||
Statement [Line Items] | ||||
Current assets | 1,209 | |||
Non-current assets | 2,791 | |||
Current liabilities | (2,013) | |||
Non-current liabilities | 1,523 | |||
Net assets | 464 | |||
Company s equity share of net assets of associate | $ 116,000 | $ 116 | $ 0 | $ 0 |
Investment in associates (Det_4
Investment in associates (Details 3) $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | |
Statement [Line Items] | ||||||||
Marketing and investor relations | $ 338 | $ 193 | $ 556 | $ 785 | ||||
General and administration | 76 | 160 | $ 212 | 360 | ||||
UMS [Member] | ||||||||
Statement [Line Items] | ||||||||
Exploration and evaluation costs | $ 252 | $ 82 | $ 303 | $ 132 | ||||
Marketing and investor relations | 5 | (15) | 5 | 8 | ||||
General and administration | 233 | 79 | 351 | 137 | ||||
Total transactions for the period | $ 490 | $ 146 | $ 659 | $ 277 |
Investment in associates (Det_5
Investment in associates (Details Narrative) | 1 Months Ended | ||||
Apr. 02, 2022 shares | Feb. 25, 2022 shares | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | |
Statement [Line Items] | |||||
Outstanding balance | $ 237 | $ 142 | |||
Current prepaids | 19 | $ 56 | |||
Dolly Varden [Member] | |||||
Statement [Line Items] | |||||
Outstanding balance | $ 69 | ||||
Acquired | shares | 76,504,590 | ||||
Shares outstanding | 35.30% | ||||
Interest | 100% | ||||
Fair market value | $ 52,788 | ||||
private placement | $ 11,300,000 | ||||
Equity interest | 33.20% | 33.20% | |||
UMS [Member] | |||||
Statement [Line Items] | |||||
Share interest | 25% | ||||
Cash deposit | shares | 150 | ||||
Future rental expense | shares | 556 |
Flowthrough Share Premium Liabi
Flowthrough Share Premium Liability (Details) | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Statement [Line Items] | ||||
Balance, beginning of the year | $ 3,124,000 | $ 7,644,000 | ||
Flow-through eligible expenditure | (1,414,000) | (4,520,000) | ||
Balance, end of the years | 1,710,000 | 3,124,000 | ||
Quebec | ||||
Statement [Line Items] | ||||
Balance, end of the years | 3,992,000 | 7,290,000 | ||
Balance, beginning of the year | $ 7,290 | $ 18,079 | ||
Flow-through eligible expenditure | $ (3,298) | $ (10,789) |
Flowthrough Share Premium Lia_2
Flowthrough Share Premium Liability (Details Narrative) | 1 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 USD ($) shares | Jul. 31, 2020 | Dec. 31, 2022 CAD ($) | Dec. 31, 2021 USD ($) | |
Statement [Line Items] | ||||
Original timeline for eligible expenditure | 24 | |||
Extension of timeline for eligible expenditure | 36 | |||
Equity financing | $ | $ 23,000,000 | |||
Subscription receipts | shares | 7,750,000 | |||
Subscription receipts sold | shares | 5,000,000 | |||
Flow-through receipts for gross proceeds | $ | $ 17,500,000 | |||
Flow-through shares subscription receipts sold | shares | 2,750,000 | |||
Non flow through gross proceeds | $ | $ 5,500,000 | |||
Quebec | ||||
Statement [Line Items] | ||||
Exploration Expenditures | $ 3,992 | $ 7,290 |
Exploration and Evaluation Co_3
Exploration and Evaluation Costs (Details) $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | |||||
Jun. 30, 2022 CAD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 CAD ($) | Jun. 30, 2021 USD ($) | |
Statement [Line Items] | |||||||
Exploration and evaluation costs | $ 2,814 | $ 3,542 | $ 3,542 | $ 4,086 | $ 4,086 | $ 7,230 | |
British Columbia | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 42 | 14 | $ 108 | |||
British Columbia | Assaying | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 2 | 2 | 16 | |||
British Columbia | Exploration Drilling | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 0 | 0 | 0 | |||
British Columbia | Camp Cost, Equipment and Field Supplies | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 5 | 10 | 8 | |||
British Columbia | Geological Consulting Services | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 1 | 0 | 3 | |||
British Columbia | Geophysical Analysis | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 0 | 0 | 0 | |||
British Columbia | Permitting, Environmental and Community Costs | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 15 | 0 | 28 | |||
British Columbia | Expediting and Mobilization | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 0 | 0 | 0 | |||
British Columbia | Salaries and Wages | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 13 | 1 | 33 | |||
British Columbia | Fuel and Consumables | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 0 | 0 | 0 | |||
British Columbia | Aircraft and Travel | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 0 | 0 | 1 | |||
British Columbia | Share Based Compensation | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 6 | 1 | 19 | |||
Nunavut | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 136 | 250 | 288 | 521 | |||
Nunavut | Assaying | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 10 | 10 | 28 | 40 | |||
Nunavut | Exploration Drilling | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 30 | 0 | 30 | |||
Nunavut | Camp Cost, Equipment and Field Supplies | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 39 | 63 | 97 | 122 | |||
Nunavut | Geological Consulting Services | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 2 | 0 | 4 | 34 | |||
Nunavut | Geophysical Analysis | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 0 | 0 | 0 | |||
Nunavut | Permitting, Environmental and Community Costs | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 60 | 47 | 119 | 81 | |||
Nunavut | Expediting and Mobilization | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 41 | 0 | 41 | |||
Nunavut | Salaries and Wages | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 20 | 35 | 34 | 80 | |||
Nunavut | Fuel and Consumables | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 0 | 0 | 35 | |||
Nunavut | Aircraft and Travel | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 0 | 2 | 0 | 2 | |||
Nunavut | Share Based Compensation | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 5 | 22 | 6 | 56 | |||
Quebec | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 2,678 | 3,250 | 3,784 | 6,601 | |||
Quebec | Assaying | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 267 | 719 | 429 | 1,098 | |||
Quebec | Exploration Drilling | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 699 | 1,091 | 713 | 2,363 | |||
Quebec | Camp Cost, Equipment and Field Supplies | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 319 | 382 | 450 | 757 | |||
Quebec | Geological Consulting Services | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 30 | 83 | 6 | 259 | |||
Quebec | Geophysical Analysis | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 7 | 0 | 127 | 149 | |||
Quebec | Permitting, Environmental and Community Costs | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 63 | 27 | 92 | 122 | |||
Quebec | Expediting and Mobilization | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 4 | 44 | 6 | 51 | |||
Quebec | Salaries and Wages | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 768 | 598 | 1,211 | 1,102 | |||
Quebec | Fuel and Consumables | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 187 | 136 | 267 | 310 | |||
Quebec | Aircraft and Travel | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 144 | 55 | 163 | 116 | |||
Quebec | Share Based Compensation | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 190 | 114 | 320 | 274 | |||
Total | Assaying | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 277 | 732 | 459 | 1,154 | |||
Total | Exploration Drilling | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 699 | 1,121 | 713 | 2,393 | |||
Total | Camp Cost, Equipment and Field Supplies | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 358 | 450 | 557 | 887 | |||
Total | Geological Consulting Services | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 32 | 84 | 10 | 296 | |||
Total | Geophysical Analysis | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 7 | 0 | 127 | 149 | |||
Total | Permitting, Environmental and Community Costs | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 123 | 89 | 211 | 231 | |||
Total | Expediting and Mobilization | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 4 | 85 | 6 | 92 | |||
Total | Salaries and Wages | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 788 | 646 | 1,246 | 1,215 | |||
Total | Fuel and Consumables | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 187 | 136 | 267 | 345 | |||
Total | Aircraft and Travel | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | 144 | 57 | 163 | 119 | |||
Total | Share Based Compensation | |||||||
Statement [Line Items] | |||||||
Exploration and evaluation costs | $ 195 | $ 142 | $ 327 | $ 349 |
Share capital (Details)
Share capital (Details) - April 2022 Offering $ in Thousands | 6 Months Ended |
Jun. 30, 2022 CAD ($) shares | |
Statement [Line Items] | |
Number of common shares issued | shares | 13,750,000 |
Common shares issued, impact on share capital | $ 11,000 |
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 |
Share capital (Details Narrativ
Share capital (Details Narrative) $ / shares in Units, $ in Thousands, $ in Thousands | 6 Months Ended | ||
Jun. 30, 2022 CAD ($) $ / shares shares | Jun. 30, 2022 USD ($) shares | Dec. 31, 2021 CAD ($) | |
Statement [Line Items] | |||
Equity reserves share capital | $ 19,767 | $ 18,640 | |
Options | |||
Statement [Line Items] | |||
Shares issued | shares | 5,834 | 5,834 | |
Weighted average exercise price | $ / shares | $ 0.86 | ||
Gross proceeds | $ 5 | ||
Equity reserves share capital | $ 1 | ||
Warrants | |||
Statement [Line Items] | |||
Shares issued | shares | 101,042 | 101,042 | |
Weighted average exercise price | $ / shares | $ 1.46 | ||
Gross proceeds | $ 147 | ||
Equity reserves share capital | $ 12 | ||
February 2020 Offering | |||
Statement [Line Items] | |||
Shares issued | shares | 13,750,000 | 13,750,000 | |
Gross proceeds | $ 11,000 | ||
Share price per unit | $ / shares | $ 0.80 | ||
Share issue costs | $ 136 |
Share Option and Warrant Rese_3
Share Option and Warrant Reserves (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Option and Warrant Reserves | ||||
Exploration and evaluation costs | $ 195 | $ 142 | $ 327 | $ 349 |
Fees, salaries and other employee benefits | 433 | 478 | 800 | 1,184 |
Total share-based compensation expense | $ 628 | $ 620 | $ 1,127 | $ 1,533 |
Share Option and Warrant Rese_4
Share Option and Warrant Reserves (Details 1) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Option and Warrant Reserves | ||||
Risk-free interest rate | 2.79% | 1.01% | 2.20% | 1.01% |
Expected dividend yield | 0% | 0% | 0% | 0% |
Share price volatility | 67% | 68% | 67% | 68% |
Expected forfeiture rate | 15% | 0% | 5% | 0% |
Expected life (in years - weighted average) | 5 years | 4 years 10 months 24 days | 5 years | 4 years 10 months 24 days |
Share Option and Warrant Rese_5
Share Option and Warrant Reserves (Details 2) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2021 | Jun. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Jun. 30, 2021 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 $ / shares | |
Share Option and Warrant Reserves | ||||||||
Number of share options granted | 1,685,000 | 1,685,000 | 130,000 | 3,430,000 | 3,430,000 | 130,000 | 1,405,000 | 1,405,000 |
Number of share options exercised | 5,834 | 5,834 | ||||||
Number of share options expired | 511,972 | 511,972 | 1,685,048 | 1,685,048 | ||||
Number of share options forfeited | 633,436 | 633,436 | 1,103,125 | 1,103,125 | ||||
Number of share options outstanding end of the year | 9,036,589 | 9,036,589 | 9,036,589 | 9,036,589 | 6,751,997 | 6,751,997 | ||
Weighted average exercise price outstanding Beginning of the year | (per share) | $ 2 | $ 2 | $ 2.67 | $ 2.67 | ||||
Weighted average exercise price granted | (per share) | $ 1 | 1.03 | ||||||
Weighted average exercise price exercised | $ 0.86 | |||||||
Number of share options outstanding Beginning of the year | 6,751,997 | 6,751,997 | 8,141,004 | 8,141,004 | 8,141,004 | |||
Weighted average exercise price expired | (per share) | $ 4.93 | $ 3.62 | ||||||
Weighted average exercise price forfeited | (per share) | 1.89 | 2.04 | ||||||
Weighted average exercise price outstanding end of the year | (per share) | $ 1.46 | $ 1.46 | $ 1.46 | $ 1.46 | $ 2 | $ 2 |
Share Option and Warrant Rese_6
Share Option and Warrant Reserves (Details 3) | 6 Months Ended | ||||
Jun. 30, 2022 $ / shares | Jun. 30, 2022 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2021 $ / shares | Dec. 31, 2020 $ / shares | |
Statement [Line Items] | |||||
Number of share options outstanding beginning of the year | 9,036,589 | 9,036,589 | 6,751,997 | 6,751,997 | 8,141,004 |
Weighted average exercise price outstanding beginning of the year | (per share) | $ 1.46 | $ 1.46 | $ 2 | $ 2 | $ 2.67 |
Options outstanding, remaining contractual life | 3 years 8 months 4 days | ||||
Number of options exercisable | 5,991,590 | 5,991,590 | |||
Options exercisable, exercise price | $ 1.68 | ||||
Options exercisable, remaining contractual life | 3 years 2 months 23 days | ||||
Exercise Price Range 1 | |||||
Statement [Line Items] | |||||
Number of share options outstanding beginning of the year | 6,185,969 | 6,185,969 | |||
Weighted average exercise price outstanding beginning of the year | $ 1.12 | ||||
Options outstanding, remaining contractual life | 3 years 11 months 19 days | ||||
Number of options exercisable | 3,140,970 | 3,140,970 | |||
Options exercisable, exercise price | $ 1.22 | ||||
Options exercisable, remaining contractual life | 3 years 4 months 20 days | ||||
Exercise Price Range 2 | |||||
Statement [Line Items] | |||||
Number of share options outstanding beginning of the year | 2,847,703 | 2,847,703 | |||
Weighted average exercise price outstanding beginning of the year | $ 2.19 | ||||
Options outstanding, remaining contractual life | 3 years 21 days | ||||
Number of options exercisable | 2,847,703 | 2,847,703 | |||
Options exercisable, exercise price | $ 2.19 | ||||
Options exercisable, remaining contractual life | 3 years 21 days | ||||
Exercise Price Range 3 | |||||
Statement [Line Items] | |||||
Number of share options outstanding beginning of the year | 2,917 | 2,917 | |||
Weighted average exercise price outstanding beginning of the year | $ 8.23 | ||||
Options outstanding, remaining contractual life | 2 months 12 days | ||||
Number of options exercisable | 2,917 | 2,917 | |||
Options exercisable, exercise price | $ 8.23 | ||||
Options exercisable, remaining contractual life | 2 months 12 days |
Share Option and Warrant Rese_7
Share Option and Warrant Reserves (Details 4) | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Share Option and Warrant Reserves | |||
Outstanding warrants Beginning of the year | 8,211,453 | 8,211,453 | 1,626,740 |
Warrants issued | 7,461,450 | ||
Warrants exercised | 101,042 | ||
Warrants expired | (412,190) | (412,190) | (775,695) |
Outstanding warrants end of the year | 7,799,263 | 7,799,263 | 8,211,453 |
Outstanding warrants, exercise price Brginning of the year | $ / shares | $ 1.27 | $ 1.66 | |
Warrants issued, exercise price | $ / shares | 1.20 | ||
Warrants exercised, exercise price | $ / shares | 1.46 | ||
Warrants expired, exercise price | (per share) | $ 1.11 | 1.42 | |
Outstanding warrants, exercise price end of the year | (per share) | $ 1.28 | $ 1.28 | $ 1.27 |
Share Option and Warrant Rese_8
Share Option and Warrant Reserves (Details 5) | Jun. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | Dec. 31, 2020 $ / shares shares | Dec. 31, 2018 $ / shares shares |
Statement [Line Items] | |||||
Outstanding warrants beginning of the year | 7,799,263 | 7,799,263 | 8,211,453 | 1,626,740 | 0 |
Outstanding warrants, exercise price beginning of the year | (per share) | $ 1.28 | $ 1.28 | $ 1.27 | $ 1.66 | $ 0 |
Exercise Price Range 1 | |||||
Statement [Line Items] | |||||
Outstanding warrants beginning of the year | 337,813 | 337,813 | |||
Outstanding warrants, exercise price beginning of the year | $ / shares | $ 2.96 | ||||
Exercise Price Range 2 | |||||
Statement [Line Items] | |||||
Outstanding warrants beginning of the year | 5,085,670 | 5,085,670 | |||
Outstanding warrants, exercise price beginning of the year | $ / shares | $ 1.20 | ||||
Exercise Price Range 3 | |||||
Statement [Line Items] | |||||
Outstanding warrants beginning of the year | 2,375,780 | 2,375,780 | |||
Outstanding warrants, exercise price beginning of the year | $ / shares | $ 1.20 |
Share Option and Warrant Rese_9
Share Option and Warrant Reserves (Details Narratives) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 $ / shares | Jun. 30, 2021 $ / shares | Dec. 31, 2021 | |
Share Option and Warrant Reserves | |||||
Number of share options granted | 1,685,000 | 130,000 | 3,430,000 | 130,000 | 1,405,000 |
Weighted average exercise price granted | $ 0.48 | $ 0.46 | |||
Description option | The Company maintains a rolling share option plan providing for the issuance of share options up to 10% of the Company’s issued and outstanding common shares at the time of the grant. The Company may grant share options from time to time to its directors, officers, employees, and other service providers. The share options typically vest as to 25% on the date of the grant and 12.5% every three months thereafter for a total vesting period of 18 months. |
Key management personnel (Detai
Key management personnel (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Share Option and Warrant Reserves | ||||
Short-term benefits provided to executives | $ 545 | $ 231 | $ 777 | $ 548 |
Directors' fees paid to non-executive directors | 53 | 55 | 100 | 107 |
Share-based payments | 430 | 391 | 743 | 1,054 |
Total | $ 1,028 | $ 677 | $ 1,620 | $ 1,709 |
Key management personnel (Det_2
Key management personnel (Details Narratives) - CAD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Statement [Line Items] | ||||
Short-term benefits | $ 9,000 | $ 96,000 | ||
Share-based | $ 628,000 | 620,000 | $ 1,127,000 | 1,533,000 |
Key management personnel [Member] | ||||
Statement [Line Items] | ||||
Share-based | $ 54,000 | $ 54,000 | ||
Interest | 25% |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details) $ in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2021 CAD ($) | |
Supplemental Cash Flow Information (Details) | ||||||
Amounts receivable | $ (93) | $ 141 | $ 14 | $ 396 | ||
Prepaid expenses and deposits | $ 231 | 191 | 183 | $ (13) | ||
Accounts payable and accrued liabilities | 612 | (333) | (11) | (50) | ||
Changes in non-cash working capital | $ 750 | $ (1) | $ 186 | $ 333 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information (Details 1) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Supplemental Cash Flow Information (Details) | ||||
Income taxes refunded | $ 22 | $ 0 | $ 187 | $ 1,717 |
Loss (earnings) per share (Deta
Loss (earnings) per share (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Loss Per Share | ||||
Net loss (earnings) | $ 5,577 | $ 4,060 | $ (40,059) | $ 8,985 |
Weighted average basic number of shares outstanding | 136,600,071 | 117,893,013 | 131,266,530 | 117,861,667 |
Basic loss (earnings) per share | $ 0.04 | $ 0.03 | $ (0.31) | $ 0.08 |
Weighted average diluted number of shares outstanding | 136,600,071 | 117,893,013 | 139,492,021 | 117,861,667 |
Diluted (earnings) loss per share | $ 0.04 | $ 0.03 | $ (0.29) | $ 0.08 |
Financial Instruments (Details)
Financial Instruments (Details) $ in Thousands | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Statement [Line Items] | |||||
Financial assets, amortized cost | $ 12,744,000 | $ 3,874 | |||
Financial assets, FVTPL | 439,000 | $ 439 | $ 605,000 | $ 2,675 | |
Financial assets, total | 13,183,000 | 4,479 | |||
Financial liabilities, amortized cost | 1,894,000 | 1,888 | |||
Financial liabilities, FVTPL | 0 | 0 | |||
Financial liabilities, total | 1,894,000 | 1,888 | |||
Accounts Receivable | |||||
Statement [Line Items] | |||||
Financial assets, amortized cost | 358,000 | 372 | |||
Financial assets, FVTPL | 0 | 0 | |||
Financial assets, total | 358,000 | 372 | |||
Cash | |||||
Statement [Line Items] | |||||
Financial assets, amortized cost | 12,361,000 | 3,259 | |||
Financial assets, FVTPL | 0 | 0 | |||
Financial assets, total | 12,361,000 | 3,259 | |||
Deposits | |||||
Statement [Line Items] | |||||
Financial assets, amortized cost | 25,000 | 243 | |||
Financial assets, FVTPL | 0 | 0 | |||
Financial assets, total | 25,000 | 243 | |||
Marketable Securities | |||||
Statement [Line Items] | |||||
Financial assets, amortized cost | 0 | 0 | |||
Financial assets, FVTPL | 439,000 | 605 | |||
Financial assets, total | 439,000 | 605 | |||
Accounts Payable and Accrued Liabilities | |||||
Statement [Line Items] | |||||
Financial liabilities, amortized cost | 1,894,000 | 1,888 | |||
Financial liabilities, FVTPL | 0 | 0 | |||
Financial liabilities, total | $ 1,894,000 | $ 1,888 |
Financial Instruments (Details
Financial Instruments (Details 1) $ in Thousands | Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2020 USD ($) |
Statement [Line Items] | |||||
Marketable securities | $ 439,000 | $ 439 | $ 605,000 | $ 2,675 | |
Level 1 | |||||
Statement [Line Items] | |||||
Marketable securities | 439,000 | $ 282 | |||
Level 2 | |||||
Statement [Line Items] | |||||
Marketable securities | $ 0 | $ 323 |
Financial Instruments (Detail_2
Financial Instruments (Details 2) $ in Thousands | Jun. 30, 2022 CAD ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 USD ($) |
Statement [Line Items] | |||
Accounts payable and accrued liabilities | $ 1,894,000 | $ 1,888 | |
Qu?bec flow-through expenditure requirements | 3,992 | $ 7,290 | |
Undiscounted lease payments | 595,000 | 622,000 | |
Total | 6,481,000 | 9,800,000 | |
Accounts payable and accrued liabilities | 1,894,000 | $ 1,888,000 | |
Over 3 Years | |||
Statement [Line Items] | |||
Qu?bec flow-through expenditure requirements | 0 | ||
Undiscounted lease payments | 0 | ||
Total | 0 | ||
Accounts payable and accrued liabilities | 0 | ||
?l?onore South Joint Venture | |||
Statement [Line Items] | |||
Qu?bec flow-through expenditure requirements | 0 | ||
Undiscounted lease payments | 346,000 | ||
Total | 346,000 | ||
Accounts payable and accrued liabilities | 0 | ||
Within 1 Year | |||
Statement [Line Items] | |||
Accounts payable and accrued liabilities | 1,894,000 | ||
Qu?bec flow-through expenditure requirements | 3,992,000 | ||
Undiscounted lease payments | 249,000 | ||
Total | $ 6,135,000 |
Financial Instruments (Detail_3
Financial Instruments (Details 3) $ in Thousands | Jun. 30, 2022 CAD ($) | Dec. 31, 2021 USD ($) |
Currency risk | ||
Statement [Line Items] | ||
Net exposure | $ (24) | $ 409 |
Financial Liabilities Denominated in Foreign Currencies | ||
Statement [Line Items] | ||
Net exposure | (34,000) | (160) |
Financial Assets Denominated in Foreign Currencies | ||
Statement [Line Items] | ||
Net exposure | $ 10,000 | $ 569 |
Financial Instruments (Detail_4
Financial Instruments (Details Narrative) | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2022 CAD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2022 CAD ($) | Jun. 30, 2021 CAD ($) | Dec. 31, 2021 USD ($) | |
Financial Instruments | |||||
Net loss | $ 4,060 | $ 8,985 | |||
Net loss and net earnings | 5,577 | $ 40,059 | |||
Unrestricted cash | 12,361 | $ 3,259 | |||
Working capital deficit | 9,696,000 | 428 | |||
Accumulated deficit | (116,690) | (156,749,000) | |||
Working capital | (1,710) | $ (3,124) | |||
Cash payments | $ 49 | 71 | $ 266 | ||
Recognized in prepaid expenses | $ 100 | $ 214 | |||
Increase in exchange rate | 10% | 10% | |||
Increase decrease in marketable securities percentage | 10% | 10% |