Perpetua Resources (PPTA) 10-K 18 Mar 22 2021 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 11, 2022	Jun. 30, 2021
Document and Entity Information [Abstract]
Document Type	10-K
Document Annual Report	true
Document Transition Report	false
Document Period End Date	Dec. 31, 2021
Entity File Number	001-39918
Entity Registrant Name	PERPETUA RESOURCES CORP.
Entity Incorporation, State or Country Code	CA
Entity Tax Identification Number	00-0000000
Entity Address State Or Province	ID
Entity Address, Address Line One	405 S. 8th Street
Entity Address, Address Line Two	Ste 201
Entity Address, City or Town	Boise
Entity Address, Postal Zip Code	83702
City Area Code	208
Local Phone Number	901-3060
Title of 12(b) Security	Common Shares, without par value
Trading Symbol	PPTA
Security Exchange Name	NASDAQ
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Shell Company	false
Entity Public Float				$ 379,454,445
Entity Common Stock, Shares Outstanding			62,971,859
Entity Central Index Key	0001526243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2021
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP	Deloitte LLP
Auditor Firm ID	238	1208
Auditor Location	Denver, Colorado	Vancouver, Canada

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2021	Dec. 31, 2020
CURRENT ASSETS
Cash and cash equivalents	$ 47,852,846	$ 25,037,766
Receivables	279,946	107,727
Prepaid expenses	946,281	646,996
TOTAL CURRENT ASSETS	49,079,073	25,792,489
NON-CURRENT ASSETS
Buildings and equipment, net (Note 3)	165,256	189,294
Right-of-use assets (Note 4)	49,103	235,965
Environmental reclamation bond (Note 13)	3,000,000
Mineral properties and interest (Note 5)	72,204,334	71,913,864
TOTAL ASSETS	124,497,766	98,131,612
CURRENT LIABILITIES
Trade and other payables	2,838,214	3,736,222
Lease liabilities (Note 4)	69,987	201,825
Environmental reclamation liabilities (Note 13)	2,835,000
TOTAL CURRENT LIABILITIES	5,743,201	3,938,047
NON-CURRENT LIABILITIES
Convertible notes (Note 7)		9,562,293
Lease liabilities (Note 4)		65,136
Environmental reclamation liabilities (Note 13)	7,053,200
TOTAL LIABILITIES	12,897,171	40,500,786
COMMITMENT AND CONTINGENCIES (Note 14)
SHAREHOLDERS' EQUITY (Note 9)
Common stock, no par value, unlimited shares authorized, 62,971,859 and 47,481,134 shares outstanding, respectively	615,359,152	528,715,788
Additional paid-in capital	29,454,696	26,176,265
Accumulated deficit	(533,213,253)	(497,261,227)
TOTAL SHAREHOLDERS' EQUITY	111,600,595	57,630,826
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	124,497,766	98,131,612
Convertible Note Derivative.
NON-CURRENT LIABILITIES
Liability derivatives		26,060,446
Warrants
NON-CURRENT LIABILITIES
Liability derivatives	$ 100,770	$ 874,864

CONSOLIDATED BALANCE SHEETS ( P

CONSOLIDATED BALANCE SHEETS ( Parenthetical) - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
CONSOLIDATED BALANCE SHEET
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (unlimited)	Unlimited
Common stock, shares outstanding	62,971,859	47,481,134

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
EXPENSES
Consulting	$ 185,031	$ 104,428
Corporate salaries and benefits	2,038,883	1,404,980
Depreciation	58,922	96,605
Directors' fees	767,013	333,489
Exploration	22,716,806	26,416,999
Environmental liability expense	12,198,651
Gain on sale of equipment		(8,500)
Office and administrative	1,493,211	402,169
Professional fees	1,261,038	813,463
Shareholder and regulatory	555,517	387,632
Travel and related costs	14,789	32,801
OPERATING LOSS	41,289,861	29,984,066
OTHER EXPENSES (INCOME)
Finance costs	362,551	3,353,367
Foreign exchange loss	842,573	7,838,609
Interest income	(58,308)	(277,818)
Total other loss (income)	(5,337,835)	190,648,041
NET LOSS	$ 35,952,026	$ 220,632,107
NET LOSS PER SHARE, BASIC	$ 0.66	$ 6.45
NET LOSS PER SHARE, DILUTED	$ 0.66	$ 6.45
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, BASIC	54,530,322	34,227,710
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, DILUTED	54,530,322	34,227,710
Warrants
OTHER EXPENSES (INCOME)
Change in fair value	$ (774,094)	$ 600,141
Convertible Note Derivative.
OTHER EXPENSES (INCOME)
Change in fair value	$ (5,710,557)	$ 179,133,742

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid in Capital.	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2019	$ 283,489,579	$ 25,882,517	$ (276,629,120)	$ 32,742,976
Beginning balance (in shares) at Dec. 31, 2019	27,112,550
Share based compensation		1,546,771		1,546,771
Shares issued upon conversion of convertible notes (Note 8)	$ 242,142,800			242,142,800
Shares issued upon conversion of convertible notes (in shares)	19,969,280
Share issue cost	$ (22,148)			(22,148)
Shares issued through stock appreciation rights	$ 233,103	(186,334)		46,769
Shares issued through stock appreciation rights (in shares)	24,142
Exercise of share purchase options	$ 2,872,454	(1,066,689)		1,805,765
Exercise of share purchase options (in shares)	375,162
Net loss for the year			(220,632,107)	(220,632,107)
Ending balance at Dec. 31, 2020	$ 528,715,788	26,176,265	(497,261,227)	57,630,826
Ending balance (in shares) at Dec. 31, 2020	47,481,134
Share based compensation		3,949,204		3,949,204
Shares sold through stock offering (Note 9)	$ 57,500,005			57,500,005
Shares sold through stock offering (in shares)	10,952,382
Shares issued upon conversion of convertible notes (Note 8)	$ 31,183,654			31,183,654
Shares issued upon conversion of convertible notes (in shares)	4,351,850
Share issue cost	$ (3,243,184)			(3,243,184)
Shares issued through stock appreciation rights	$ 301,794	(279,868)		21,926
Shares issued through stock appreciation rights (in shares)	39,789
Restricted shares units distributed	$ 119,981	(119,981)
Restricted shares units distributed (in shares)	21,166
Exercise of share purchase options	$ 781,114	(270,924)		510,190
Exercise of share purchase options (in shares)	125,538
Net loss for the year			(35,952,026)	(35,952,026)
Ending balance at Dec. 31, 2021	$ 615,359,152	$ 29,454,696	$ (533,213,253)	$ 111,600,595
Ending balance (in shares) at Dec. 31, 2021	62,971,859

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
OPERATING ACTIVITIES:
Net loss	$ (35,952,026)	$ (220,632,107)
Noncash items included in net loss:
Share based compensation (Note 9)	3,949,204	1,546,771
Depreciation (Note 3)	58,922	96,605
Accretion of convertible debt discount (Note 7)	362,545	3,096,636
Gain on disposal of buildings and equipment		(8,500)
Environmental liability expense	12,198,651
Unrealized foreign exchange loss	917,662	7,922,572
Changes in:
Receivables	(182,331)	15,849
Prepaid expenses	(299,285)	135,420
Trade and other payables	(905,198)	(682,198)
Environmental reclamation liabilities	(2,310,451)
Net cash used in operating activities	(28,646,958)	(28,775,069)
INVESTING ACTIVITIES:
Investment in mineral properties and interest (Note 5)	(290,470)	(490,495)
Purchase of buildings and equipment	(34,884)	(38,796)
Sale of buildings and equipment		8,500
Purchase of surety bond	(3,000,000)
Net cash used in investing activities	(3,325,354)	(520,791)
FINANCING ACTIVITIES:
Proceeds from issuance of Convertible Notes, net (Note 7)		35,000,000
Proceeds from sale of common stock	57,500,005
Payment of shares issue costs (Note 9)	(3,243,184)	(259,319)
Finance cost deducted as share issue costs		224,210
Proceeds from exercise of share purchase options (Note 9)	532,116	1,852,534
Net cash provided by financing activities	54,788,937	36,817,425
Effect of foreign exchange on cash and cash equivalents	(1,545)	11,579
Net increase in cash and cash equivalents	22,815,080	7,533,144
Cash and cash equivalents, beginning of year	25,037,766	17,504,622
Cash and cash equivalents, end of year	47,852,846	25,037,766
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	7,190	32,521
CASH AND CASH EQUIVALENTS
Cash	2,423,974	2,244,839
Investment savings accounts	24,246,918	6,588,184
GIC and term deposits	21,181,954	16,204,743
Total cash and cash equivalents	47,852,846	25,037,766
Warrants
Noncash items included in net loss:
Change in fair value	(774,094)	600,141
Convertible Note Derivative.
Noncash items included in net loss:
Change in fair value	$ (5,710,557)	$ 179,133,742

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2021
Nature of Operations
Nature of Operations	1. Perpetua Resources Corp. (the “Corporation”, the “Company”, “Perpetua Resources” or “Perpetua”) was incorporated on February 22, 2011 under the Business Corporation Act of British Columbia. The Company was organized to hold shares in wholly owned subsidiaries that locate, acquire, develop and restore mineral properties located principally in the Stibnite – Yellow Pine mining district in Valley County, Idaho, USA. The Company’s principal asset is 100% ownership in subsidiaries that control the Stibnite Gold Project (“Stibnite Gold Project” or the “Project”). The Company currently operates in one segment, mineral exploration in the United States. The Corporation has had continuing net losses and has an accumulated deficit of approximately $533.2 million of December 31, 2021. As of December 31, 2021, the Company had cash and cash equivalents totaling approximately $47.9 million and net working capital of approximately $43.3 million. It is management’s opinion, based on the Corporation’s current capital resources and liquidity, that the Corporation will have sufficient assets to discharge its liabilities as they become due, to continue advancing the regulatory process related to permitting for mine development for a reasonable period of time from the date these consolidated financial statements are issued.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. Basis of Presentation These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”). a. Basis of Consolidation These consolidated financial statements include the financial statements of Perpetua Resources and its wholly owned subsidiary companies: Perpetua Resources Idaho, Inc.; Idaho Gold Resource Company, LLC; and Stibnite Gold Company (merged with Idaho Gold Resource Company, LLC in 2021 and liquidated). All intercompany transactions, balances, income and expenses have been eliminated. b. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected. c. Functional and Reporting Currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional and reporting currency of the Company and its subsidiaries is the U.S. Dollar (“USD” or “$”). All amounts in these consolidated financial statements are in USD, unless otherwise stated. Transactions in currencies other than the entity’s functional currency are recorded at the exchange rate prevailing at the dates of the transactions. Monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate. All gains and losses on translation of these foreign currency transactions are included in the Consolidated Statements of Operations. d. Cash and Cash Equivalents For the purpose of the consolidated balance sheets and consolidated statements of cash flows, the Company considers all highly liquid investments readily convertible to a known amount of cash with an original maturity of three months or less and subject to an insignificant risk of changes in value to be cash equivalents. e. Buildings and Equipment Buildings and equipment are recorded at cost less depreciation and depletion and accumulated impairment losses, if any. We capitalize expenditures for improvements that significantly extend the useful life of an asset. We charge expenditures for maintenance and repairs to operations when incurred. When an asset is sold, we recognize a gain (loss) in the Consolidated Statements of Operations based upon the proceeds received on the sale less the net carrying value of the asset. The cost of self-constructed assets includes the cost of materials, direct labor and an appropriate portion of normal overhead. Portions of interest costs incurred on debt is capitalized as a part of the cost of constructing or acquiring certain qualifying assets. The Company depreciates its assets, less their estimated residual values, as follows: ​ ​ ​ ​ ​ ​ Category Method Useful life Equipment and Vehicles Straight-line 3 to 7 years Buildings Straight-line 5 to 8 years ​ Buildings and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of buildings and equipment, the recoverability test is performed using undiscounted net cash flows related to the assets or asset group. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets or asset group. f. Mineral Properties and Interest Perpetua Resources is in the development stage based on the Company’s Probable Mineral Reserves as set forth in the TRS. Mineral properties and interest acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral properties and interest acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established Proven and Probable Mineral Reserves under the United States Securities and Exchange Commission (“SEC”) S-K 1300, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of Proven and Probable Mineral Reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off. We review and evaluate the net carrying value of mineral properties and interest for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, an impairment loss will be recorded. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. The recoverability of the carrying values of mineral properties and interest is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of a project will depend on, among other things, management’s ability to raise sufficient capital for these purposes. g. Leases Upon inception, we determine if a contractual arrangement is, or contains, a lease. Right-of-use (“ROU”) assets and liabilities related to operating leases are separately reported in the consolidated balance sheets. The Company currently has no finance leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. Operating lease ROU assets and liabilities also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the ROU asset result in straight-line rent expense over the lease term. Variable lease expenses are recorded when incurred. h. Share Based Compensation The Company uses its common stock for various forms of share based compensation arrangements entered into with directors, officers, employees and consultants. Share based compensation arrangements are accounted for at fair value on the date of grant. For awards with graded vesting, the fair value of each tranche is measured separately and recognized over its respective vesting period. Total amount recognized as expense is adjusted to reflect the number of share options which ultimately vest. The Company recognizes forfeitures as they occur. The fair value of stock options is determined using a Black-Scholes valuation model. Option pricing models require the input of subjective assumptions including the length of time employees will retain their vested stock options before exercising them, expected share price volatility, and interest rate. Changes in the input assumptions can materially affect the fair value estimate and the Company's net loss. The fair value of other share-based awards is based on the valuation of the common stock on the date of grant. The fair value of time-based awards that are ultimately expected to vest is recognized as an expense on a straight-line basis over the requisite service period. The fair value of performance-based awards is adjusted for the probability of achieving the performance conditions and is recognized on a straight line basis over the term of the award agreement. i. Reclamation and Remediation Costs and Asset Retirement Obligations The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration, development and production activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. The Company has $9,888,200 and $0 accrued at December 31, 2021 and 2020, respectively, for such obligations. The Company recognizes asset retirement obligations for statutory, contractual, or legal obligations associated with buildings and equipment and mineral interests and properties when those obligations result from the acquisition, construction, development or normal operation of the assets. The Company records a liability for the present value of estimated reclamation costs, and the related asset created with it, in the period in which the liability is incurred. The liability is accreted, and the asset is depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation are made in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value of such costs. The Company’s estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. The Company has no asset retirement obligations as of December 31, 2021 and 2020. Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early-stage nature of Company’s operations, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the Consolidated Statements of Operations in the period an estimate is revised. j. Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the party’s own credit risk. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data. k. Convertible Debt Upon the issuance of convertible debt, the Company evaluates embedded conversion features within convertible debt to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment, the instrument is evaluated for consideration of any beneficial conversion features. The Company generally accounts for warrants issued in connection with debt and equity financings as a component of equity if they are freestanding and meet the conditions for equity classification. The equity component is treated as a discount on the liability component of the convertible debt, which is amortized over the term of the convertible debt using the effective interest rate method. Debt issuance costs related to the convertible debt are allocated to the liability and equity components of the convertible debt based on their relative values. Debt issuance costs allocated to the liability component are amortized over the life of the convertible debt as additional non-cash interest expense. Transaction costs allocated to equity are netted with the equity component of the convertible debt instrument in shareholders’ equity. l. Derivative Instruments Derivative instruments are recognized as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. Changes in the fair value of derivative instruments not designated as hedges are recorded in the consolidated Statements of Operations as a component of other income (expense). The Company has no derivative instruments designated as hedges at December 31, 2021. The Company evaluates and accounts for embedded derivatives in its financial instruments based on three criteria that, if met, require bifurcation of embedded derivatives from their host instruments and accounting for them as free-standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not required to be re-measured at fair value and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative financial instrument and is shown at its fair value at each balance sheet date and recorded as an asset or liability with the change in fair value recorded in the Consolidated Statements of Operations as other income (expense). The Company uses the Black-Scholes Option Pricing Model or other valuation models for valuation of the conversion option derivative associated with its convertible notes and warrant derivative. Valuation models require the input of subjective assumptions including expected share price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s net loss. m. Income Taxes Income taxes are accounted for under the liability method. Under this method deferred income tax liabilities or assets are recorded for expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of those assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. We provide for federal, state and foreign income taxes currently payable, if any. Federal, state and foreign tax benefits are recorded as a reduction of income taxes, when applicable. A valuation allowance is recorded against deferred tax assets if management does not believe the Company is more likely than not that the asset will be recognized. We evaluate available positive and negative evidence available to determine the amount of valuation allowance required on our deferred tax assets. We evaluate uncertain tax positions in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized. n. Loss Per Share Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed similar to basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of share purchase options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding share purchase options were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting periods. The dilutive effect of convertible debt securities is reflected in the diluted earnings (loss) per share calculation using the if-converted method. Conversion of the debt securities is not assumed for purposes of calculating diluted earnings (loss) per share if the effect is anti-dilutive. The Company’s potential dilutive shares of common stock include outstanding share purchase options, restricted share units (RSUs), performance share units (PSUs), deferred share units (DSU), warrants and convertible notes. Potentially diluted shares as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Share purchase options 2,497,150 ​ 1,959,588 Share units ​ 82,297 ​ — Warrants 200,000 ​ 200,000 Convertible notes ​ — ​ 4,351,850 Balance 2,779,447 ​ 6,511,438 ​ All potentially dilutive shares were excluded from the calculation of diluted loss per share as their exercise and conversion would be anti-dilutive. o. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and convertible notes. The fair values of these instruments approximate their carrying value unless otherwise noted. p. Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents. The Corporation holds its cash with Canadian chartered banks and the risk of default is considered to be remote. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions. q. COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. Government measures to limit the spread of COVID-19, including the closure of non-essential businesses, did not materially disrupt the Company’s operations during the year. Due to the rapid developments and uncertainty surrounding COVID-19, it is not possible to predict the impact that COVID-19 will have on our business, financial position and operating results in the future. The Company is closely monitoring the impact of the pandemic on all aspects of its business. r. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40),” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative or for convertible debt issued at a substantial premium. The ASU removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception, permitting more contracts to qualify for the exception. In addition, the guidance eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The ASU is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. The Company will adopt this ASU on January 1, 2022 and is currently evaluating the potential impact of the new guidance on our financial statements. From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption.

Buildings and Equipment

Buildings and Equipment	12 Months Ended
	Dec. 31, 2021
Buildings and Equipment
Buildings and Equipment	3. At December 31, 2021 and 2020, the Company’s buildings and equipment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31, 2021 ​ December 31, 2020 Buildings ​ $ 2,320,291 ​ $ 2,320,291 Equipment and Vehicles ​ 4,284,020 ​ 4,249,136 ​ ​ 6,604,311 ​ 6,569,427 Accumulated Depreciation ​ (6,439,055) ​ (6,380,133) Balance ​ $ 165,256 ​ $ 189,294 ​ Depreciation expense on buildings and equipment for the years ended December 31, 2021 and 2020 was $58,922 and $96,605, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2021
Leases
Leases	4. The Company has various lease agreements for building space for the corporate office in Vancouver, BC, and for the U.S. subsidiaries in Donnelly and Boise, Idaho which have been determined to be operating leases. For measurement of the original lease liability and right of use asset, the Company assumed a discount rate of 10.0% based on the Company's incremental borrowing rate. The weighted average remaining lease term for operating leases as of December 31, 2021 was 0.5 years. During the years ended December 31, 2021 and 2020, the Company recognized $206,200 and $275,532, respectively, in rent expense which is included in office and administrative expense on the Consolidated Statements of Operations. At December 31, 2021, all remaining undiscounted lease payments of $66,890 under these lease agreements will be paid in 2022. Subsequent to December 31, 2021, the Company entered into new agreements to lease building space for the Donnelly and Boise offices. ​

Mineral Properties and Interest

Mineral Properties and Interest	12 Months Ended
	Dec. 31, 2021
Mineral Properties and Interest
Mineral Properties and Interest	5. At December 31, 2021 and 2020, the Company’s mineral properties and interest at the Stibnite Gold Project totaled $72,204,334 and $71,913,864, respectively. The Company’s subsidiaries acquired mineral rights to the Stibnite Gold Project through several transactions. All mineral rights held by the Company’s subsidiaries are held through patented and unpatented mineral and mill site claims, except the Cinnabar option claims which are held under an OTP, and all of the Stibnite Gold Project is subject to a 1.7% net smelter returns royalty upon the sale of project-related production. Included in mineral properties and interest are annual payments made under option agreements, where the Company is entitled to continue to make annual option payments or, ultimately, purchase certain properties. Annual payment due under option agreements during 2022 are $180,000. As of December 31, 2021, it has not yet been determined that the Project's mining deposits can be economically and legally extracted or produced because the Project's estimated reserves do not yet meet the definition of proven reserves under the United States SEC Regulation S-K 1300. Accordingly, development costs related to such reserves will not be considered capitalized unless they are incurred after such determination. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Although the Company has taken steps to review and verify mineral rights to the properties in which it has an interest, in accordance with industry standards for properties in the exploration stage, these procedures do not guarantee the Company’s title and interests. Mineral title may be subject to unregistered prior agreements and noncompliance with regulatory requirements.

Warrant Derivative

Warrant Derivative	12 Months Ended
	Dec. 31, 2021
Warrant Derivative
Warrant Derivative	6. In May 2013, the Company issued to Franco Nevada Company (“Franco”) 200,000 share purchase warrants (“Franco Warrants”) for gross proceeds of $350,000. The Franco Warrants are exercisable into 200,000 common shares of the Company at C$12.30 per warrant. The Franco Warrants contain a mandatory conversion feature which requires Franco to exercise 100% of the outstanding warrants if, at any time, the volume weighted average trading price of Perpetua Resources’ common shares is equal to or greater than C$32.30 for a period of 30 consecutive trading days. The Franco Warrants expire on May 9, 2023. The exercise price of the Franco Warrants is denominated in Canadian Dollars; however, the functional currency of the Company is the U.S. Dollar. As a result of this difference in currencies, the proceeds that will be received by the Company are not fixed and will vary based on foreign exchange rates and the warrants are a derivative and are required to be recognized and measured at fair value at each reporting period. Any changes in fair value from period to period are recorded as a gain or loss in the Consolidated Statements of Operations. There are no circumstances in which the Company would be required to pay any cash upon exercise or expiry of the warrants. A reconciliation of the change in fair values of the derivative is below: ​ ​ ​ ​ ​ ​ Fair Value of ​ ​ Warrant Derivative Balance, December 31, 2019 ​ $ 274,723 Change in fair value of warrant derivative ​ ​ 600,141 Balance, December 31, 2020 ​ ​ 874,864 Change in fair value of warrant derivative ​ (774,094) Balance, December 31, 2021 ​ $ 100,770 ​ The fair value of the warrants was calculated using the Black-Scholes valuation model. As of December 31, 2021 and 2020, the inputs used in the Black-Scholes valuation model are: ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31, ​ December 31, ​ 2021 2020 Share price ​ C$5.65 ​ C$12.20 Exercise price C$12.30 C$12.30 Expected term (in years) 1.4 2.4 Expected share price volatility 72% ​ 79% Annual rate of quarterly dividends 0% ​ 0% Risk-free interest rate 1.0% ​ 0.2% ​

Convertible Notes

Convertible Notes	12 Months Ended
	Dec. 31, 2021
Convertible Notes
Convertible Notes	7. On March 17, 2016, the Company issued unsecured convertible notes (the “2016 Notes”) for gross proceeds of $38.5 (C$50.0) million and a maturity date of March 17, 2023. On March 17, 2020, the Company issued a second round of unsecured convertible notes (the “2020 Notes”) for gross proceeds of $35.0 (C$47.6) million and a maturity date of March 17, 2027. Both sets of notes, collectively the “Convertible Notes”, have identical features and bear interest at a rate of 0.05% per annum, payable annually in cash or common shares (at the Company’s election) or added to the principal and payable on maturity. Upon maturity, and for each set of notes, the outstanding principal amount is due and payable in cash unless converted in advance of that date. The holders of the Convertible Notes may convert any portion of their Convertible Notes at any time prior to the maturity date into common shares of the Company, at a price of C$3.541 per share for the 2016 Notes and a price of C$4.655 for the 2020 Notes. If there is an equity financing completed at 95% of the conversion price, or below, the conversion price is adjusted downward. The Convertible Notes can be redeemed by the Company after four years with not more than 60-days written notice and not less than 30-days written notice when the Company’s common shares reach a volume weighted average trading price for 20 consecutive trading days of C$7.082 or higher for the 2016 Notes and C$9.31 or higher for the 2020 Notes. Following the notice of redemption, but prior to the redemption date, the holders may convert their Convertible Notes to be redeemed into common shares at the then-current conversion price. The terms for the 2020 Notes were announced on March 10, 2020, for gross proceeds of $35.0 million at a USD:CAD exchange rate of 1:1.36 (C$47.6 million due and payable upon maturity). The 2020 Notes were issued on March 17, 2020, with a USD:CAD exchange rate of 1:1.42; this movement resulted in a foreign exchange gain on the date of issuance. Each set of Convertible Notes are deemed to contain an embedded derivative (collectively, the “Convertible Note Derivatives”) relating to the conversion option. The Convertible Note Derivatives were valued upon initial recognition at fair value using partial differential equation methods. At inception, for each set of notes, the face value of the notes was reduced by the estimated fair value of the related convertible note derivative and the transaction costs. On August 26, 2020, convertible notes in the aggregate principal amount of C$82,102,500 (C$34,502,500 of the 2016 Notes and C$47,600,000 for all 2020 Notes), were converted for 19,969,280 common shares of the Company. During the year ended December 31, 2021, the remaining 2016 Notes in the aggregate principal amount of C$15,409,901 were converted for 4,351,850 common shares of Perpetua Resources. As of December 31, 2021, the Corporation has no outstanding convertible notes. During 2021 and 2020, interest payments were made to note holders in cash, in the amount of $7,190 and $32,521, respectively. The components of the Convertible Notes activity during the years ended December 31, 2021 and 2020, including conversion related activity are as follows: ​ ​ ​ ​ ​ ​ Convertible Notes Balance, December 31, 2019 ​ $ 27,336,373 Additions ​ ​ 16,168,678 Conversions ​ ​ (38,674,790) Accretion and interest expense ​ ​ 3,129,157 Interest payments ​ ​ (32,521) Foreign exchange adjustments ​ ​ 1,635,396 Balance, December 31, 2020 ​ ​ 9,562,293 Conversions ​ (10,263,119) Accretion and interest expense ​ 362,545 Interest payments ​ (7,190) Foreign exchange adjustments ​ 345,471 Balance, December 31, 2021 ​ $ — ​

Convertible Note Derivative

Convertible Note Derivative	12 Months Ended
	Dec. 31, 2021
Convertible Note Derivative
Convertible Note Derivative	8. Convertible Note Derivatives related to each set of Convertible Notes (Note 7) were valued upon initial recognition at fair value using partial differential equation methods and are subsequently re-measured at fair value at each period end through the Consolidated Statements of Operations. The convertible note derivative related to the 2016 Notes (the “2016 Derivative”) had an initial fair value of $19.8 million. The convertible note derivative related to the 2020 Notes (the “2020 Derivative”) had an initial fair value of $17.2 million. The components of the derivatives, collectively the “Convertible Note Derivatives”, are summarized as follows and include activity related to the note conversions as discussed in Note 7: ​ ​ ​ ​ ​ ​ Convertible Note ​ ​ Derivative Balance, December 31, 2019 ​ $ 25,478,212 Additions ​ ​ 17,197,994 Conversions ​ ​ (203,468,010) Fair value adjustment ​ ​ 179,133,742 Foreign exchange adjustments ​ ​ 7,718,508 Balance, December 31, 2020 ​ $ 26,060,446 Conversions ​ (20,920,535) Fair value adjustment ​ (5,710,557) Foreign exchange adjustments ​ 570,646 Balance, December 31, 2021 ​ $ — ​ Upon conversion of the remaining Convertible Notes the fair value of the Convertible Note Derivatives and the carrying value of the Convertible Notes, on that date, were reclassified to share capital. The fair value of the Convertible Note Derivatives at the conversion date is considered to be the intrinsic value, which is the share price on the date of conversion minus the conversion price. The fair value of the remaining Convertible Note Derivative was calculated using partial differential equation methods. The assumptions used in the valuation model include the following, with a change in share price having the most significant impact on the valuation: ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Risk-free interest rate — 0.2% Expected term (in years) — 2.2 Share Price — C$12.20 Credit Spread — 10% Implied discount on share price — 21% - 9% Expected share price volatility — 77% ​

Equity

Equity	12 Months Ended
	Dec. 31, 2021
Equity
Equity	9. a. Authorized ● Unlimited number of common shares without par value. ● Unlimited number of first preferred shares without par value. ● Unlimited number of second preferred shares without par value. On January 27, 2021, the Company completed a one issued outstanding In August 2021, the Company issued 10,952,382 common shares at a price of $5.25 per common share for gross proceeds of approximately $57.5 million with transaction costs of $3.2 million. The net proceeds of the issuance were $54.3 million. b. Share based compensation On March 8, 2021, the Company adopted the Omnibus Equity Incentive Plan (the “Plan”) to provide the Corporation with share-related mechanisms to attract, retain and motivate qualified directors, employees and consultants of the Company and its subsidiaries, to reward such of those directors, employees and consultants as may be granted awards under this Plan by the Board from time to time for their contributions toward the long-term goals and success of the Corporation and to enable and encourage such directors, employees and consultants to acquire shares as long-term investments and proprietary interests in the Corporation. The Plan was approved by the Corporation’s shareholders on April 16, 2021. The Plan allows for awards in the following forms: stock purchase option, restricted share unit, performance share unit or deferred share unit. Under the terms of the Plan, the aggregate maximum number of shares that may be issued pursuant to awards granted under the Plan cannot exceed 4,280,530 shares. Shares delivered under the Plan can be: 1) authorized but unissued shares, 2) treasury shares, or 3) shares purchased on the open market or by private purchase. Prior to adoption of the Plan, the Company had the Evergreen Incentive Stock Option Plan (the “Former Plan”) in place. Under the terms of the Former Plan, options may be exercisable over periods not to exceed ten years as determined by the Board of Directors of the Corporation and the exercise price could not be less than the five-day weighted-average share price on the day preceding the award date, subject to regulatory approval. The Former Plan included a Stock Appreciation Rights (“SAR”) clause which allows individuals the option to terminate vested options and receive shares in lieu of the benefits which would have been received had the options been exercised. Stock options granted were subject to vesting, typically with one quarter vesting upon issuance and one quarter vesting on each anniversary from the date of grant. Share based compensation was recognized in the Consolidated Statements of Operations for the years ended December 31, 2021 and 2020 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Exploration ​ $ 2,167,722 ​ $ 1,158,967 Consulting ​ 8,080 ​ 28,279 Corporate salaries and benefits ​ 1,006,389 ​ 227,492 Directors’ fees ​ 767,013 ​ 178,801 Total ​ $ 3,949,204 ​ $ 1,593,539 ​ Share purchase options A summary of share purchase option activity within the Company’s share-based compensation plan for the years ended December 31, 2021 and December 31, 2020 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Options Exercise Price (C$) Balance December 31, 2019 1,972,625 ​ $ 7.72 Options granted 442,500 ​ 5.72 Options expired (20,125) ​ 5.44 Options terminated via SAR (60,250) ​ 6.91 Options exercised (375,162) ​ 6.54 Balance, December 31, 2020 1,959,588 ​ $ 7.40 Options granted 1,013,500 ​ 11.40 Options expired (240,550) ​ 9.17 Options terminated via SAR (109,850) ​ 6.00 Options exercised (125,538) ​ 4.99 Balance, December 31, 2021 2,497,150 ​ $ 9.15 ​ During the years ended December 31, 2021 and 2020, the Company’s total share based compensation from options was $3,636,761 and $1,593,539, respectively. ​ The fair value of options granted is estimated at the time of the grant using the Black-Scholes option pricing model. The grant date fair value of options granted during the years ended December 31, 2021 and 2020 was approximately $5.2 million and $1.1 million, respectively. The Company uses the Black-Scholes option valuation model. The risk-free interest rate is based on the government security rate with an equivalent term in effect as of the date of grant. The expected option lives and volatility assumptions are based on historical data of the Company. The weighted average inputs used in the Black-Scholes option pricing model for options granted during the years ended December 31, 2021 and 2020 are: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Fair value options granted ​ $ 5.14 ​ $ 3.23 ​ Risk-free interest rate ​ 0.5% ​ ​ 1.4% ​ Expected term (in years) ​ 5.0 ​ ​ 5.0 ​ Expected share price volatility ​ 72% ​ ​ 65% ​ Expected dividend yield ​ — ​ ​ — ​ ​ An analysis of outstanding share purchase options as of December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding Options Exercisable Range of Exercise ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices (C$) Number Price (C$) 1 Remaining Life 2 Number Price (C$) 1 Remaining Life 2 $3.50 - $5.90 239,150 ​ ​ 5.29 1.65 ​ 191,650 ​ ​ 5.62 1.26 $5.90 - $7.20 494,375 ​ ​ 6.31 2.85 ​ 286,000 ​ ​ 6.36 2.72 $7.21 - $9.70 888,125 ​ ​ 9.27 1.66 ​ 611,625 ​ ​ 9.25 1.11 $9.71 - $11.80 875,500 ​ ​ 11.69 3.90 ​ 256,375 ​ ​ 11.41 3.52 $3.50 - $11.80 2,497,150 ​ ​ 9.15 2.68 ​ 1,345,650 ​ ​ 8.53 1.93 1 2 As of December 31, 2021, all unvested options are expected to vest and unvested compensation of approximately $1,660,690 will be recognized over the next 2.7 years. As of December 31, 2021, the intrinsic value of outstanding and exercisable share purchase options is $139,771 and $62,461, respectively. During the years ended December 31, 2021 and 2020, the intrinsic value of share purchase options exercised was approximately $0.5 million and $2.6 million, respectively. Restricted Share Units The following table summarizes activity for restricted share units awarded under the Plan that vest over the required service period of the participant. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Grant Date ​ ​ Share Units Fair Value Unvested, December 31, 2019 and 2020 ​ — $ — Granted ​ 63,500 ​ 5.66 Distributed (vested) ​ (21,166) ​ 5.66 Cancelled ​ — ​ — Unvested, December 31, 2021 ​ 42,334 ​ 5.66 ​ For awards granted to date in 2021, the Company has recognized approximately $142,940 in compensation expense and expect to record an additional $216,469 in compensation expense over the remaining vesting period related to these awards. The 42,334 unvested units at December 31, 2021 are scheduled to vest as follows: ​ ​ ​ ​ 2022 21,167 2023 21,167 Total 42,334 ​ Unvested units will be forfeited by participants upon termination of employment in advance of vesting, with the exception of termination due to retirement if certain criteria are met. ​ Performance Share Units The following table summarizes activity for performance share units awarded under the Plan: ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Share Units ​ Fair Value Unvested, December 31, 2019 and 2020 — $ — Granted 10,750 5.66 Distributed (vested) — — Cancelled — — Unvested, December 31, 2021 10,750 5.66 ​ These performance share units vest upon completion of the performance period (through 2022) and specific performance conditions set forth for each individual grant for individually defined reporting and operating measurement objectives. The Corporation determines the factor to be applied to that target number of PSUs, with such percentage based on level of achievement of the performance conditions. The share based compensation cost is measured using the grant date fair value. The expense related to the performance share units (if any) is recognized on a straight-line basis over the vesting period following that date of the award based on the probability of the criteria being achieved. Upon the achievement of the conditions, any unvested performance share units become fully vested. Unvested units will be forfeited by participants upon termination of employment in advance of vesting. For awards granted to date in 2021, the Company has recognized approximately $12,008 in compensation expense and expect to record an additional $48,836 in compensation expense over the remaining vesting period related to these awards. The latest vesting date for unvested units as of December 31, 2021 is September 2022 Deferred Share Units Under the Plan, the Company may issue deferred share units to non-employee directors. Directors may be given the right to elect between 0% and 100% of any director fees to be paid in form of such units. Settlement of the shares occurs upon the cessation of the director’s service. During 2021, 29,213 shares with a fair value of $157,495 were credited to the non-employee directors and the related compensation expense was charged to Directors’ fees in the Consolidated Statements of Operations. c. Warrants There was a total of 200,000 warrants outstanding as of December 31, 2021. See Note 6.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	12 Months Ended
	Dec. 31, 2021
Financial Instruments and Fair Value Measurements
Financial Instruments and Fair Value Measurements	10. At December 31, 2021, the Company’s financial instruments consist of cash and cash equivalents, receivables, environmental reclamation bond and trade and other payables, and all approximate their fair value due to their short-term nature. The Company’s financial instruments also consist of the warrant derivative at December 31, 2021 and 2020 and the convertible note derivatives at December 31, 2020. The derivatives are valued at fair value at the end of each reporting period. At December 31, 2021 and 2020, the levels in the Fair Value hierarchy into which the Company’s financial assets and liabilities are measured and recognized on the balance sheet at fair value are categorized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 ​ December 31, 2021 Warrant Derivative (Note 6) ​ $ — ​ $ — ​ $ 100,770 Total ​ $ — ​ $ — ​ $ 100,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Convertible Note Derivative (Note 8) $ — $ — $ 26,060,446 Warrant Derivative (Note 6) ​ — ​ — ​ 874,864 Total ​ $ — ​ $ — ​ $ 26,935,310 ​ The Company uses the Black-Scholes Option Pricing Model or other valuation models for valuation of its Convertible Note Derivative and warrant derivative. Valuation models require the input of subjective assumptions including expected share price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s net loss.

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2021
Related Party Transactions
Related Party Transactions	11. At December 31, 2020, the Company owed $140,000 to Paulson & Co., Inc., a major shareholder of the Company, related to the reimbursement of expenses they incurred on the requisition of a shareholder meeting in November 2020. This amount is included in Trade and other payables on the consolidated balance sheet as of December 31, 2020 and was paid in September 2021.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2021
Income taxes
Income taxes	12. No benefit (provision) has been recognized for the years ended December 31, 2021 and 2020. The United States and Canada components of net loss for the years ended December 31, 2021, and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 United States ​ $ 28,838,629 ​ $ 215,916,677 Canada ​ 7,113,397 ​ 4,715,430 Total ​ $ 35,952,026 ​ $ 220,632,107 ​ The benefit (provision) for income taxes reported differs from the amount computed by applying the applicable income tax rates to the loss before the tax provision due to the following: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Income tax benefit computed at statutory rate of 21% ​ $ (7,549,925) ​ $ (46,332,742) State tax, net of federal tax benefit ​ (1,846,137) ​ (12,070,231) Difference in foreign tax rates ​ (1,920,617) ​ (1,273,166) Change in state tax rate ​ 979,799 ​ (692,519) Deferred tax adjustments ​ ​ 2,320,679 ​ ​ ​ Change in valuation allowance ​ 6,190,063 ​ 12,330,810 Non-deductible tax items: ​ ​ ​ ​ (Gain) loss on derivative liability ​ (209,005) ​ 47,418,045 Share based compensation ​ 2,010,440 ​ 430,256 Other ​ 24,703 ​ 189,547 Income tax provision (benefit) ​ $ — ​ $ — ​ The significant components of the Company’s deferred tax assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 Net operating loss carryforward – U.S. ​ $ 37,457,055 ​ $ 35,390,672 Net operating loss carryforward – CAD ​ 8,641,690 ​ 7,271,143 Buildings and equipment ​ 480,916 ​ 496,121 Mineral interest and properties ​ 35,889,391 ​ 33,857,575 Convertible notes ​ — ​ 6,811,890 Financing costs ​ ​ 824,691 ​ ​ — Environmental obligation ​ ​ 2,584,281 ​ ​ — Other ​ 532,992 ​ 985,435 Deferred tax assets ​ 86,411,016 ​ 84,812,836 Less valuation allowance ​ (86,411,016) ​ (84,812,836) Net deferred tax assets ​ $ — ​ $ — ​ The Company records a valuation allowance if, based on the weight of all available evidence, it is more likely than not that some or all of the deferred tax assets will not be realized. As of December 31, 2021 and 2020, the Company has determined that a full valuation allowance is necessary against its net deferred tax assets based on the weight of all available evidence. The resulting valuation allowance recorded against the net deferred tax assets of the Company is approximately $86.4 million and $84.8 million as of December 31, 2021 and 2020, respectively. At December 31, 2021, approximately $825,000 of the allowance balance relates to future tax benefits that will be credited directly to equity once it is recognized. The changes in the valuation allowance for the years ended December 31, 2021 and 2020 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Valuation allowance on deferred tax assets, beginning of year ​ $ (84,812,836) ​ $ (72,482,026) Change related to: ​ ​ ​ ​ ​ ​ Valuation allowance movement recognized in continuing operations ​ (6,190,063) ​ (12,330,810) Valuation allowance movement recognized in equity ​ 4,591,883 ​ — Valuation allowance on deferred tax assets, end of year ​ $ (86,411,016) ​ $ (84,812,836) ​ As of December 31, 2021, the Company has U.S. loss carryforwards of approximately $82.3 million that expire in 2029 through 2037 and approximately $69.9 million with no expiration but which are subject to an 80% limitation upon utilization. The Company has state net operating loss carryforwards of approximately $107.0 million that expire in 2031 through 2041 and Canadian loss carryforwards of approximately $32.0 million that expire in 2031 through 2041 available to reduce future years’ income for tax purposes. The deferred tax asset table above reflects the tax-effected balances of the Company’s net operating loss carryforwards using a 26.14% rate for U.S.-based carryforwards and 27.00% rate for Canada-based carryforwards. Our utilization of U.S. net operating loss carryforwards may be subject to annual limitations under Section 382 of the Code due to changes in control that may have occurred as a result of recent capital transactions. In 2021, the Company evaluated its tax positions for years which remain subject to examination by major tax jurisdictions and as a result concluded no adjustment was necessary. The Company files income tax returns in the U.S. and Canada federal jurisdictions, the state of Idaho jurisdiction, and the province of British Columbia jurisdiction. The Company had no unrecognized tax benefits as of December 31, 2021 and 2020. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in its income tax provision. U.S. tax returns for the years 2018 to 2020 and Canadian tax returns for the years 2017 to 2020 remain subject to examination but there are currently no ongoing exams in any taxing jurisdictions. Tax returns for years prior to 2018 may remain open with respect to net operating loss carryforwards that are utilized in a later year, as tax attributes from prior years can be adjusted during an audit of a later year.

Environmental Reclamation Liabi

Environmental Reclamation Liability	12 Months Ended
	Dec. 31, 2021
Environmental Reclamation Liability
Environmental Reclamation Liability	13. Environmental Reclamation Liability On January 15, 2021, the Company agreed to the ASAOC. The Company has accounted for its obligation under the ASAOC as an environmental reclamation liability. The aggregate cost of the obligation was estimated to be approximately $7,473,805. Upon the signing of the ASAOC, the Company recorded an immediate expense of $7,473,805 and a corresponding environmental reclamation liability. The provision for the liability associated with the terms of the ASAOC is based on cost estimates developed with the use of engineering consultants, independent contractor quotes and the Company’s internal development team. The timing of cash flows is based on the current schedule for early action items. The estimated environmental reclamation liability may be subject to change based on changes to cost estimates and is adjusted for actual work performed. In 2021, the total cost estimate to voluntarily address environmental conditions increased to $12,198,651. As of December 31, 2021, the corresponding environmental liability was estimated to be $9,888,200. Movements in the environmental reclamation liability during the year ended December 31, 2021, are as follows: ​ ​ ​ ​ ​ Balance, December 31, 2020 $ — Additions 12,198,651 Work performed on early action items (2,310,451) Balance, December 31, 2021 $ 9,888,200 Current portion 2,835,000 Non-current portion ​ ​ 7,053,200 ​ The Company provided $7.5 million in financial assurance for Phase 1 projects under the ASAOC. The Company paid $3 million in cash collateral for a surety bond related to the ASAOC statement of work in early 2021.

Disclosure - Commitments and Co

Disclosure - Commitments and Contingencies	12 Months Ended
	Dec. 31, 2021
Commitments and Contingencies
Commitments and Contingencies	14. a. Mining Claim Assessments The Company currently holds mining claims on which it has an annual assessment obligation of $250,470 to maintain the claims in good standing. The Company is committed to these payments indefinitely. Related to the Mining Claims Assessments is a $335,000 bond related to the Company’s exploration activities. b. Stibnite Foundation Upon formation of the Stibnite Foundation on February 26, 2019, the Corporation became contractually liable for certain future payments to the Stibnite Foundation based on several triggering events, including receipt of a final Record of Decision issued by the U.S. Forest Service, receipt of all permits and approvals necessary for commencement of construction, commencement of construction, commencement of commercial production, and commencement of the final reclamation phase. These payments could begin as early as Q2 2023 based on the current permitting schedule and range from $0.1 million to $1 million (upon commencement of final reclamation phase) in cash and 150,000 shares of the Corporation’s common stock. During commercial production, the Corporation will make payments to the Stibnite Foundation equal to 1% of Total Comprehensive Income less debt repayments or a minimum of $0.5 million each year. The Foundation will support projects that benefit the communities surrounding the Stibnite Gold Project and was created through the establishment of the Community Agreement between Perpetua Resources Idaho, Inc. and eight communities and counties throughout the West Central Mountains region of Idaho. c. Option Payments on Other Properties The Company is obligated to make option payments on mineral properties in order to maintain an option to purchase these properties. As of December 31, 2021, the option payments due on these properties in 2022 are $180,000, which will be paid in the next year. The agreements include options to extend. d. Off balance sheet arrangements The Corporation has no off-balance sheet arrangements as of December 31, 2021 and the date of this Annual Report. e. Legal Update The Company is a party to ongoing legal proceedings with the Nez Perce Tribe for alleged violations of the Clean Water Act related to historical mining activities. In August 2019, the Nez Perce Tribe filed suit in the United States District Court for the District of Idaho. The Company promptly filed a motion to dismiss and, in the alternative, a motion to stay the litigation. Both motions were denied. Later, the court allowed the Company to amend its answer and file a third-party complaint and the Company also filed a separate citizen suit against the USFS alleging the point source discharges, referred to by the Nez Perce Tribe in its complaint, were alleged to be occurring on lands owned and controlled by the United States. Pursuant to the consummation of an Administrative Settlement Agreement and Order on Consent (“ASAOC”) with the U.S. EPA and the United States Department of Agriculture, the Company dismissed its pending actions against USFS. The remaining parties to the ongoing legal proceeding agreed to stay the litigation and explore ADR options. A stay was entered by the court in February 2021 and has been subsequently extended a number of times while the ADR process continues. The ASAOC entered into by the Company, the U.S. EPA, and the United States Department of Agriculture requires numerous voluntary early actions to occur over the next several years. Perpetua Resources Idaho, Inc. is presently executing the development of the Phase 1 early cleanup actions (known as “time critical removal actions”) that, upon final work plan approval by the federal agencies, will be designed and constructed to efficiently improve water quality in a number of areas on the Site while other, longer-term proposed actions relating to Project operations are being evaluated through the NEPA process.

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2021
Subsequent Events
Subsequent Events	15. Subsequent Events On February 22, 2022, the Company announced that it expects the USFS to publish a supplemental draft environmental impact statement (“SDEIS” or “supplemental DEIS”) for public review and comment in the third quarter of 2022. During the last 18 months, the USFS and cooperating agencies have performed an extensive review of Perpetua's refined proposed action. Perpetua anticipates the preliminary SDEIS will be circulated for cooperating agency review in the second quarter of 2022 with a public release of the SDEIS to follow shortly thereafter. The USFS is expected to provide a formal schedule update later this year and Perpetua remains committed to supporting a thorough and efficient NEPA process by the USFS.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Basis of Presentation	Basis of Presentation These consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (“U.S. GAAP”).
Basis of Consolidation	a. Basis of Consolidation These consolidated financial statements include the financial statements of Perpetua Resources and its wholly owned subsidiary companies: Perpetua Resources Idaho, Inc.; Idaho Gold Resource Company, LLC; and Stibnite Gold Company (merged with Idaho Gold Resource Company, LLC in 2021 and liquidated). All intercompany transactions, balances, income and expenses have been eliminated.
Use of Estimates	b. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of expenses during the reporting period. The Company regularly evaluates estimates and assumptions related to the deferred income tax asset valuations and share-based compensation. The Company bases its estimates and assumptions on current facts, historical experience and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the other sources. The actual results experienced by the Company may differ materially and adversely from the Company’s estimates. To the extent there are material differences between estimates and the actual results, future results of operations will be affected.
Functional and Reporting Currency	c. Functional and Reporting Currency Items included in the financial statements of each of the Company’s entities are measured using the currency of the primary economic environment in which the entity operates (“the functional currency”). The functional and reporting currency of the Company and its subsidiaries is the U.S. Dollar (“USD” or “$”). All amounts in these consolidated financial statements are in USD, unless otherwise stated. Transactions in currencies other than the entity’s functional currency are recorded at the exchange rate prevailing at the dates of the transactions. Monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate. All gains and losses on translation of these foreign currency transactions are included in the Consolidated Statements of Operations.
Cash and Cash Equivalents	d. Cash and Cash Equivalents For the purpose of the consolidated balance sheets and consolidated statements of cash flows, the Company considers all highly liquid investments readily convertible to a known amount of cash with an original maturity of three months or less and subject to an insignificant risk of changes in value to be cash equivalents.
Buildings and Equipment	e. Buildings and Equipment Buildings and equipment are recorded at cost less depreciation and depletion and accumulated impairment losses, if any. We capitalize expenditures for improvements that significantly extend the useful life of an asset. We charge expenditures for maintenance and repairs to operations when incurred. When an asset is sold, we recognize a gain (loss) in the Consolidated Statements of Operations based upon the proceeds received on the sale less the net carrying value of the asset. The cost of self-constructed assets includes the cost of materials, direct labor and an appropriate portion of normal overhead. Portions of interest costs incurred on debt is capitalized as a part of the cost of constructing or acquiring certain qualifying assets. The Company depreciates its assets, less their estimated residual values, as follows: ​ ​ ​ ​ ​ ​ Category Method Useful life Equipment and Vehicles Straight-line 3 to 7 years Buildings Straight-line 5 to 8 years ​ Buildings and equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of buildings and equipment, the recoverability test is performed using undiscounted net cash flows related to the assets or asset group. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets or asset group.
Mineral Properties and Interest	f. Mineral Properties and Interest Perpetua Resources is in the development stage based on the Company’s Probable Mineral Reserves as set forth in the TRS. Mineral properties and interest acquisition costs, including indirectly related acquisition costs, are capitalized when incurred. Properties acquired under option agreements, whereby payments are made at the sole discretion of the Company, are capitalized as mineral properties and interest acquisition costs at such time as the payments are made. Exploration costs are expensed as incurred. When it is determined that a mining deposit can be economically and legally extracted or produced based on established Proven and Probable Mineral Reserves under the United States Securities and Exchange Commission (“SEC”) S-K 1300, development costs related to such reserves and incurred after such determination will be considered for capitalization. The establishment of Proven and Probable Mineral Reserves is based on results of feasibility studies, which indicate whether a property is economically feasible. Upon commencement of commercial production, capitalized costs will be amortized over their estimated useful lives or units of production, whichever is a more reliable measure. Capitalized amounts relating to a property that is abandoned or otherwise considered uneconomic for the foreseeable future are written off. We review and evaluate the net carrying value of mineral properties and interest for impairment upon the occurrence of events or changes in circumstances that indicate that the related carrying amounts may not be recoverable. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, an impairment loss will be recorded. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. The recoverability of the carrying values of mineral properties and interest is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of a project will depend on, among other things, management’s ability to raise sufficient capital for these purposes.
Leases	g. Leases Upon inception, we determine if a contractual arrangement is, or contains, a lease. Right-of-use (“ROU”) assets and liabilities related to operating leases are separately reported in the consolidated balance sheets. The Company currently has no finance leases. ROU assets and lease liabilities are recognized at the lease commencement date based on the present value of the future lease payments over the lease term. When the rate implicit to the lease cannot be readily determined, we utilize our incremental borrowing rate in determining the present value of the future lease payments. The incremental borrowing rate is derived from information available at the lease commencement date and represents the rate of interest that a lessee would have to pay to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. Operating lease ROU assets and liabilities also include any cumulative prepaid or accrued rent when the lease payments are uneven throughout the lease term. The ROU assets and lease liabilities may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. Lease liabilities are increased by interest and reduced by payments each period, and the ROU asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the ROU asset result in straight-line rent expense over the lease term. Variable lease expenses are recorded when incurred.
Share Based Compensation	h. Share Based Compensation The Company uses its common stock for various forms of share based compensation arrangements entered into with directors, officers, employees and consultants. Share based compensation arrangements are accounted for at fair value on the date of grant. For awards with graded vesting, the fair value of each tranche is measured separately and recognized over its respective vesting period. Total amount recognized as expense is adjusted to reflect the number of share options which ultimately vest. The Company recognizes forfeitures as they occur. The fair value of stock options is determined using a Black-Scholes valuation model. Option pricing models require the input of subjective assumptions including the length of time employees will retain their vested stock options before exercising them, expected share price volatility, and interest rate. Changes in the input assumptions can materially affect the fair value estimate and the Company's net loss. The fair value of other share-based awards is based on the valuation of the common stock on the date of grant. The fair value of time-based awards that are ultimately expected to vest is recognized as an expense on a straight-line basis over the requisite service period. The fair value of performance-based awards is adjusted for the probability of achieving the performance conditions and is recognized on a straight line basis over the term of the award agreement.
Reclamation and Remediation Costs and Asset Retirement Obligations	i. Reclamation and Remediation Costs and Asset Retirement Obligations The Company is subject to various government laws and regulations relating to environmental disturbances caused by exploration, development and production activities. The estimated costs associated with environmental remediation obligations are accrued in the period in which the liability is incurred if it is reasonably estimable or known. The Company has $9,888,200 and $0 accrued at December 31, 2021 and 2020, respectively, for such obligations. The Company recognizes asset retirement obligations for statutory, contractual, or legal obligations associated with buildings and equipment and mineral interests and properties when those obligations result from the acquisition, construction, development or normal operation of the assets. The Company records a liability for the present value of estimated reclamation costs, and the related asset created with it, in the period in which the liability is incurred. The liability is accreted, and the asset is depreciated over the life of the related assets. Adjustments for changes resulting from the passage of time and changes to either the timing or amount of the original present value estimate underlying the obligation are made in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value of such costs. The Company’s estimates of reclamation costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. The Company has no asset retirement obligations as of December 31, 2021 and 2020. Future reclamation and environmental-related expenditures are difficult to estimate in many circumstances due to the early-stage nature of Company’s operations, the uncertainties associated with defining the nature and extent of environmental disturbance, the application of laws and regulations by regulatory authorities and changes in reclamation or remediation technology. The Company periodically reviews accrued liabilities for such reclamation and remediation costs as evidence indicating that the liabilities have potentially changed becomes available. Changes in estimates are reflected in the Consolidated Statements of Operations in the period an estimate is revised.
Fair Value Measurements	j. Fair Value Measurements The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value should be calculated based on assumptions that market participants would use in pricing the asset or liability, not on assumptions specific to the entity. In addition, the fair value of liabilities should include consideration of non-performance risk, including the party’s own credit risk. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: ● Level 1: Quoted market prices in active markets for identical assets or liabilities. ● Level 2: Observable market-based inputs or unobservable inputs that are corroborated by market data. ● Level 3: Unobservable inputs that are not corroborated by market data.
Convertible Debt	k. Convertible Debt Upon the issuance of convertible debt, the Company evaluates embedded conversion features within convertible debt to determine whether the embedded conversion feature(s) should be bifurcated from the host instrument and accounted for as a derivative at fair value with changes in fair value recorded in earnings. If the conversion feature does not require derivative treatment, the instrument is evaluated for consideration of any beneficial conversion features. The Company generally accounts for warrants issued in connection with debt and equity financings as a component of equity if they are freestanding and meet the conditions for equity classification. The equity component is treated as a discount on the liability component of the convertible debt, which is amortized over the term of the convertible debt using the effective interest rate method. Debt issuance costs related to the convertible debt are allocated to the liability and equity components of the convertible debt based on their relative values. Debt issuance costs allocated to the liability component are amortized over the life of the convertible debt as additional non-cash interest expense. Transaction costs allocated to equity are netted with the equity component of the convertible debt instrument in shareholders’ equity.
Derivative Instruments	l. Derivative Instruments Derivative instruments are recognized as either assets or liabilities on the consolidated balance sheets at fair value. The accounting for changes in the fair value of derivative instruments depends on their intended use and resulting hedge designations. Changes in the fair value of derivative instruments not designated as hedges are recorded in the consolidated Statements of Operations as a component of other income (expense). The Company has no derivative instruments designated as hedges at December 31, 2021. The Company evaluates and accounts for embedded derivatives in its financial instruments based on three criteria that, if met, require bifurcation of embedded derivatives from their host instruments and accounting for them as free-standing derivative financial instruments. These three criteria include circumstances in which (a) the economic characteristics and risks of the embedded derivative instrument are not clearly and closely related to the economic characteristics and risks of the host contract, (b) the hybrid instrument that embodies both the embedded derivative instrument and the host contract is not required to be re-measured at fair value and (c) a separate instrument with the same terms as the embedded derivative instrument would be considered a derivative instrument. The result of this accounting treatment could be that the fair value of a financial instrument is classified as a derivative financial instrument and is shown at its fair value at each balance sheet date and recorded as an asset or liability with the change in fair value recorded in the Consolidated Statements of Operations as other income (expense). The Company uses the Black-Scholes Option Pricing Model or other valuation models for valuation of the conversion option derivative associated with its convertible notes and warrant derivative. Valuation models require the input of subjective assumptions including expected share price volatility, interest rate and forfeiture rate. Changes in the input assumptions can materially affect the fair value estimate and the Company’s net loss.
Income Taxes	m. Income Taxes Income taxes are accounted for under the liability method. Under this method deferred income tax liabilities or assets are recorded for expected future tax consequences of temporary differences between the financial statement carrying amounts and the tax bases of those assets and liabilities, as well as operating loss and tax credit carryforwards, using enacted tax rates in effect in the years in which the differences are expected to reverse. We provide for federal, state and foreign income taxes currently payable, if any. Federal, state and foreign tax benefits are recorded as a reduction of income taxes, when applicable. A valuation allowance is recorded against deferred tax assets if management does not believe the Company is more likely than not that the asset will be recognized. We evaluate available positive and negative evidence available to determine the amount of valuation allowance required on our deferred tax assets. We evaluate uncertain tax positions in a two-step process, whereby (i) it is determined whether it is more likely than not that the tax positions will be sustained based on the technical merits of the position and (ii) for those tax positions that meet the more-likely-than-not recognition threshold, the largest amount of tax benefit that is greater than 50% likely of being realized upon ultimate settlement with the related tax authority would be recognized.
Loss Per Share	n. Loss Per Share Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed similar to basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of share purchase options and warrants, if dilutive. The number of additional shares is calculated by assuming that outstanding share purchase options were exercised and that the proceeds from such exercises were used to acquire common shares at the average market price during the reporting periods. The dilutive effect of convertible debt securities is reflected in the diluted earnings (loss) per share calculation using the if-converted method. Conversion of the debt securities is not assumed for purposes of calculating diluted earnings (loss) per share if the effect is anti-dilutive. The Company’s potential dilutive shares of common stock include outstanding share purchase options, restricted share units (RSUs), performance share units (PSUs), deferred share units (DSU), warrants and convertible notes. Potentially diluted shares as of December 31, 2021 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Share purchase options 2,497,150 ​ 1,959,588 Share units ​ 82,297 ​ — Warrants 200,000 ​ 200,000 Convertible notes ​ — ​ 4,351,850 Balance 2,779,447 ​ 6,511,438 ​ All potentially dilutive shares were excluded from the calculation of diluted loss per share as their exercise and conversion would be anti-dilutive.
Financial Instruments	o. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and convertible notes. The fair values of these instruments approximate their carrying value unless otherwise noted.
Concentration of Credit Risk	p. Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents. The Corporation holds its cash with Canadian chartered banks and the risk of default is considered to be remote. As part of its cash management process, the Company regularly monitors the relative credit standing of these institutions.
COVID-19	q. COVID-19 In March 2020, the World Health Organization declared the outbreak of COVID-19 a global pandemic. Government measures to limit the spread of COVID-19, including the closure of non-essential businesses, did not materially disrupt the Company’s operations during the year. Due to the rapid developments and uncertainty surrounding COVID-19, it is not possible to predict the impact that COVID-19 will have on our business, financial position and operating results in the future. The Company is closely monitoring the impact of the pandemic on all aspects of its business.
Recently Issued Accounting Pronouncements	r. Recently Issued Accounting Pronouncements In August 2020, the Financial Accounting Standards Board (the “FASB”) issued ASU No. 2020-06, “Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging - Contracts in Entity’s Own Equity (Subtopic 815-40),” which simplifies the accounting for convertible instruments. The guidance removes certain accounting models which separate the embedded conversion features from the host contract for convertible instruments, requiring bifurcation only if the convertible debt feature qualifies as a derivative or for convertible debt issued at a substantial premium. The ASU removes certain settlement conditions required for equity contracts to qualify for the derivative scope exception, permitting more contracts to qualify for the exception. In addition, the guidance eliminates the treasury stock method to calculate diluted earnings per share for convertible instruments and requires the use of the if-converted method. The ASU is effective for annual reporting periods beginning after December 15, 2021, including interim reporting periods within those annual periods, with early adoption permitted no earlier than the fiscal year beginning after December 15, 2020. The Company will adopt this ASU on January 1, 2022 and is currently evaluating the potential impact of the new guidance on our financial statements. From time to time, new accounting pronouncements are issued by the FASB that are adopted by the Company as of the specified effective date. Unless otherwise discussed, management believes that the impact of recently issued standards did not or will not have a material impact on the Company’s consolidated financial statements upon adoption.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	12 Months Ended
	Dec. 31, 2021
Summary of Significant Accounting Policies
Schedule of useful life of property and equipment	​ ​ ​ ​ ​ ​ Category Method Useful life Equipment and Vehicles Straight-line 3 to 7 years Buildings Straight-line 5 to 8 years
Schedule of potentially diluted shares	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Share purchase options 2,497,150 ​ 1,959,588 Share units ​ 82,297 ​ — Warrants 200,000 ​ 200,000 Convertible notes ​ — ​ 4,351,850 Balance 2,779,447 ​ 6,511,438

Buildings and Equipment (Tables

Buildings and Equipment (Tables)	12 Months Ended
	Dec. 31, 2021
Buildings and Equipment
Schedule of buildings and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31, 2021 ​ December 31, 2020 Buildings ​ $ 2,320,291 ​ $ 2,320,291 Equipment and Vehicles ​ 4,284,020 ​ 4,249,136 ​ ​ 6,604,311 ​ 6,569,427 Accumulated Depreciation ​ (6,439,055) ​ (6,380,133) Balance ​ $ 165,256 ​ $ 189,294

Warrant Derivative (Tables)

Warrant Derivative (Tables)	12 Months Ended
	Dec. 31, 2021
Inputs to the valuation model
Schedule of reconciliation of the change in fair values of the derivative	​ ​ ​ ​ ​ ​ Fair Value of ​ ​ Warrant Derivative Balance, December 31, 2019 ​ $ 274,723 Change in fair value of warrant derivative ​ ​ 600,141 Balance, December 31, 2020 ​ ​ 874,864 Change in fair value of warrant derivative ​ (774,094) Balance, December 31, 2021 ​ $ 100,770
Warrants.
Inputs to the valuation model
Schedule of inputs used in the Black-Scholes valuation model	​ ​ ​ ​ ​ ​ ​ ​ Years ended ​ ​ December 31, ​ December 31, ​ 2021 2020 Share price ​ C$5.65 ​ C$12.20 Exercise price C$12.30 C$12.30 Expected term (in years) 1.4 2.4 Expected share price volatility 72% ​ 79% Annual rate of quarterly dividends 0% ​ 0% Risk-free interest rate 1.0% ​ 0.2%

Convertible Notes (Tables)

Convertible Notes (Tables)	12 Months Ended
	Dec. 31, 2021
Convertible Notes
Schedule of components of the Convertible Notes	​ ​ ​ ​ ​ ​ Convertible Notes Balance, December 31, 2019 ​ $ 27,336,373 Additions ​ ​ 16,168,678 Conversions ​ ​ (38,674,790) Accretion and interest expense ​ ​ 3,129,157 Interest payments ​ ​ (32,521) Foreign exchange adjustments ​ ​ 1,635,396 Balance, December 31, 2020 ​ ​ 9,562,293 Conversions ​ (10,263,119) Accretion and interest expense ​ 362,545 Interest payments ​ (7,190) Foreign exchange adjustments ​ 345,471 Balance, December 31, 2021 ​ $ —

Convertible Note Derivative (Ta

Convertible Note Derivative (Tables)	12 Months Ended
	Dec. 31, 2021
Derivatives
Summary of components of the derivatives	​ ​ ​ ​ ​ ​ Convertible Note ​ ​ Derivative Balance, December 31, 2019 ​ $ 25,478,212 Additions ​ ​ 17,197,994 Conversions ​ ​ (203,468,010) Fair value adjustment ​ ​ 179,133,742 Foreign exchange adjustments ​ ​ 7,718,508 Balance, December 31, 2020 ​ $ 26,060,446 Conversions ​ (20,920,535) Fair value adjustment ​ (5,710,557) Foreign exchange adjustments ​ 570,646 Balance, December 31, 2021 ​ $ —
Derivative
Derivatives
Summary of assumptions used in the valuation model, with a change in share price having the most significant impact on the valuation	​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Risk-free interest rate — 0.2% Expected term (in years) — 2.2 Share Price — C$12.20 Credit Spread — 10% Implied discount on share price — 21% - 9% Expected share price volatility — 77%

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2021
Equity
Summary of share based compensation recognized in the consolidated statement of net loss and comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Exploration ​ $ 2,167,722 ​ $ 1,158,967 Consulting ​ 8,080 ​ 28,279 Corporate salaries and benefits ​ 1,006,389 ​ 227,492 Directors’ fees ​ 767,013 ​ 178,801 Total ​ $ 3,949,204 ​ $ 1,593,539
Summary of share purchase option activity within the Company's share-based compensation plan	​ ​ ​ ​ ​ ​ ​ ​ ​ Number of ​ Weighted Average ​ Options Exercise Price (C$) Balance December 31, 2019 1,972,625 ​ $ 7.72 Options granted 442,500 ​ 5.72 Options expired (20,125) ​ 5.44 Options terminated via SAR (60,250) ​ 6.91 Options exercised (375,162) ​ 6.54 Balance, December 31, 2020 1,959,588 ​ $ 7.40 Options granted 1,013,500 ​ 11.40 Options expired (240,550) ​ 9.17 Options terminated via SAR (109,850) ​ 6.00 Options exercised (125,538) ​ 4.99 Balance, December 31, 2021 2,497,150 ​ $ 9.15
Schedule of weighted average inputs used in the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 December 31, 2020 Fair value options granted ​ $ 5.14 ​ $ 3.23 ​ Risk-free interest rate ​ 0.5% ​ ​ 1.4% ​ Expected term (in years) ​ 5.0 ​ ​ 5.0 ​ Expected share price volatility ​ 72% ​ ​ 65% ​ Expected dividend yield ​ — ​ ​ — ​
Schedule of analysis of outstanding share purchase options	An analysis of outstanding share purchase options as of December 31, 2021 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding Options Exercisable Range of Exercise ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Prices (C$) Number Price (C$) 1 Remaining Life 2 Number Price (C$) 1 Remaining Life 2 $3.50 - $5.90 239,150 ​ ​ 5.29 1.65 ​ 191,650 ​ ​ 5.62 1.26 $5.90 - $7.20 494,375 ​ ​ 6.31 2.85 ​ 286,000 ​ ​ 6.36 2.72 $7.21 - $9.70 888,125 ​ ​ 9.27 1.66 ​ 611,625 ​ ​ 9.25 1.11 $9.71 - $11.80 875,500 ​ ​ 11.69 3.90 ​ 256,375 ​ ​ 11.41 3.52 $3.50 - $11.80 2,497,150 ​ ​ 9.15 2.68 ​ 1,345,650 ​ ​ 8.53 1.93 1 2
Schedule of activity for restricted share units awarded	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Grant Date ​ ​ Share Units Fair Value Unvested, December 31, 2019 and 2020 ​ — $ — Granted ​ 63,500 ​ 5.66 Distributed (vested) ​ (21,166) ​ 5.66 Cancelled ​ — ​ — Unvested, December 31, 2021 ​ 42,334 ​ 5.66
Schedule of restricted share units scheduled to vest	​ ​ ​ ​ 2022 21,167 2023 21,167 Total 42,334
Summary of activity for performance share units	​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ Grant Date ​ ​ Share Units ​ Fair Value Unvested, December 31, 2019 and 2020 — $ — Granted 10,750 5.66 Distributed (vested) — — Cancelled — — Unvested, December 31, 2021 10,750 5.66

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2021
Financial Instruments and Fair Value Measurements
Summary of assets and liabilities measured at fair value on a recurring basis	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Level 1 Level 2 Level 3 ​ December 31, 2021 Warrant Derivative (Note 6) ​ $ — ​ $ — ​ $ 100,770 Total ​ $ — ​ $ — ​ $ 100,770 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2020 Convertible Note Derivative (Note 8) $ — $ — $ 26,060,446 Warrant Derivative (Note 6) ​ — ​ — ​ 874,864 Total ​ $ — ​ $ — ​ $ 26,935,310

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2021
Income taxes
Schedule of components of net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 United States ​ $ 28,838,629 ​ $ 215,916,677 Canada ​ 7,113,397 ​ 4,715,430 Total ​ $ 35,952,026 ​ $ 220,632,107
Schedule of provision for income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ ​ 2021 ​ 2020 Income tax benefit computed at statutory rate of 21% ​ $ (7,549,925) ​ $ (46,332,742) State tax, net of federal tax benefit ​ (1,846,137) ​ (12,070,231) Difference in foreign tax rates ​ (1,920,617) ​ (1,273,166) Change in state tax rate ​ 979,799 ​ (692,519) Deferred tax adjustments ​ ​ 2,320,679 ​ ​ ​ Change in valuation allowance ​ 6,190,063 ​ 12,330,810 Non-deductible tax items: ​ ​ ​ ​ (Gain) loss on derivative liability ​ (209,005) ​ 47,418,045 Share based compensation ​ 2,010,440 ​ 430,256 Other ​ 24,703 ​ 189,547 Income tax provision (benefit) ​ $ — ​ $ —
Schedule of components of deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 ​ 2020 Net operating loss carryforward – U.S. ​ $ 37,457,055 ​ $ 35,390,672 Net operating loss carryforward – CAD ​ 8,641,690 ​ 7,271,143 Buildings and equipment ​ 480,916 ​ 496,121 Mineral interest and properties ​ 35,889,391 ​ 33,857,575 Convertible notes ​ — ​ 6,811,890 Financing costs ​ ​ 824,691 ​ ​ — Environmental obligation ​ ​ 2,584,281 ​ ​ — Other ​ 532,992 ​ 985,435 Deferred tax assets ​ 86,411,016 ​ 84,812,836 Less valuation allowance ​ (86,411,016) ​ (84,812,836) Net deferred tax assets ​ $ — ​ $ —
Summary of changes in the valuation allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2021 2020 Valuation allowance on deferred tax assets, beginning of year ​ $ (84,812,836) ​ $ (72,482,026) Change related to: ​ ​ ​ ​ ​ ​ Valuation allowance movement recognized in continuing operations ​ (6,190,063) ​ (12,330,810) Valuation allowance movement recognized in equity ​ 4,591,883 ​ — Valuation allowance on deferred tax assets, end of year ​ $ (86,411,016) ​ $ (84,812,836)

Environmental Reclamation Lia_2

Environmental Reclamation Liability (Tables)	12 Months Ended
	Dec. 31, 2021
Environmental Reclamation Liability
Schedule of movements in the environmental reclamation liability	​ ​ ​ ​ ​ Balance, December 31, 2020 $ — Additions 12,198,651 Work performed on early action items (2,310,451) Balance, December 31, 2021 $ 9,888,200 Current portion 2,835,000 Non-current portion ​ ​ 7,053,200

Nature of Operations (Details)

Nature of Operations (Details)	12 Months Ended
	Dec. 31, 2021USD ($)segment	Dec. 31, 2020USD ($)
Nature of Operations
Number of operating segments | segment	1
Accumulated deficit	$ 533,213,253	$ 497,261,227
Total cash and cash equivalents	47,852,846	$ 25,037,766
Net working capital	$ 43,300,000
Subsidiaries controlling the Stibnite Gold Project
Nature of Operations
Principal asset, percentage of ownership	100.00%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Useful life of property and equipment (Details)	12 Months Ended
	Dec. 31, 2021
Equipment and Vehicles | Minimum
Property and equipment
Useful life	3 years
Equipment and Vehicles | Maximum
Property and equipment
Useful life	7 years
Buildings | Minimum
Property and equipment
Useful life	5 years
Buildings | Maximum
Property and equipment
Useful life	8 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional information (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Summary of Significant Accounting Policies
Finance lease liability	$ 0
Accrued remediation obligations	9,888,200	$ 0
Asset retirement obligations	0	$ 0
Derivative instruments designated as hedges	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Potentially diluted shares (Details) - shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance	2,779,447	6,511,438
Share purchase options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance	2,497,150	1,959,588
Share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance	82,297
Warrants
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance	200,000	200,000
Convertible notes.
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance		4,351,850

Buildings and Equipment - Build

Buildings and Equipment - Buildings and equipment (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Buildings and Equipment
Buildings	$ 2,320,291	$ 2,320,291
Equipment and Vehicles	4,284,020	4,249,136
Property, Plant and Equipment, Gross	6,604,311	6,569,427
Accumulated Depreciation	(6,439,055)	(6,380,133)
Balance	$ 165,256	$ 189,294

Buildings and Equipment (Detail

Buildings and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Buildings and Equipment
Depreciation	$ 58,922	$ 96,605

Leases (Details)

Leases (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Leases
Discount rate assumed	10.00%
Operating Lease, Weighted Average Remaining Lease Term	6 months
Rent expense	$ 206,200	$ 275,532
Remaining undiscounted lease payments	$ 66,890

Mineral Properties and Intere_2

Mineral Properties and Interest (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Mineral Properties and Interest
Mineral properties and interest	$ 72,204,334	$ 71,913,864
Percentage of net smelter returns royalty	1.70%
Annual payments due under option agreements	$ 180,000

Warrant Derivative (Details)

Warrant Derivative (Details) - 1 months ended May 31, 2013	USD ($)$ / sharesshares	$ / shares
Warrant Derivative
Number of share purchase warrants issued | shares	200,000
Number of share purchase warrants exercisable | shares	200,000
Exercise price per warrant | $ / shares		$ 12.30
Percentage of warrants exercised	100.00%
Fair value of convertible note derivative, share price | $ / shares	$ 32.30
Consecutive trading days	30 days
Gross proceeds from warrants | $	$ 350,000

Warrant Derivative - Reconcilia

Warrant Derivative - Reconciliation of change in fair value of Derivatives (Details) - Warrants - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Reconciliation of the change in fair values of the derivative
Balance at the beginning of the period	$ 874,864	$ 274,723
Change in fair value of warrant derivative	(774,094)	600,141
Balance at the end of the period	$ 100,770	$ 874,864

Warrant Derivative - Inputs to

Warrant Derivative - Inputs to the Black-Scholes valuation model - (Details)	Dec. 31, 2021$ / sharesY	Dec. 31, 2020$ / sharesY
Share price
Inputs to the valuation model
Warrant valuation model input	5.65	12.20
Exercise price
Inputs to the valuation model
Warrant valuation model input	12.30	12.30
Expected term (in years)
Inputs to the valuation model
Warrant valuation model input | Y	1.4	2.4
Expected share price volatility
Inputs to the valuation model
Warrant valuation model input	0.72	0.79
Annual rate of quarterly dividends
Inputs to the valuation model
Warrant valuation model input	0	0
Risk-free interest rate
Inputs to the valuation model
Warrant valuation model input	0.010	0.002

Convertible Notes (Details)

Convertible Notes (Details)	Aug. 26, 2020CAD ($)shares	Mar. 17, 2020USD ($)$ / $	Mar. 17, 2020CAD ($)$ / $	Mar. 10, 2020USD ($)	Mar. 17, 2016USD ($)	Mar. 17, 2016CAD ($)	Dec. 31, 2021USD ($)Dshares	Dec. 31, 2021USD ($)$ / shares	Dec. 31, 2020USD ($)	Dec. 31, 2021CAD ($)$ / shares	Mar. 10, 2020CAD ($)$ / $
Debt instruments
Gross proceeds upon issuance									$ 35,000,000
Interest payments							$ 7,190		32,521
Convertible Notes
Debt instruments
Interest rate							0.05%	0.05%		0.05%
Threshold percentage of conversion price							95.00%
Redemption term							4 years
Consecutive trading days | D							20
Aggregate principal amount	$ 82,102,500
Shares issued upon conversion of convertible notes (in shares) | shares	19,969,280
Interest payments							$ 7,190		$ 32,521
Convertible Notes | Minimum
Debt instruments
Period required for written notice for redemption of notes							30 days
Convertible Notes | Maximum
Debt instruments
Period required for written notice for redemption of notes							60 days
2016 Notes
Debt instruments
Gross proceeds upon issuance					$ 38,500,000	$ 50,000,000
Conversion price per share | $ / shares										$ 3.541
Volume weighted average trading price | $ / shares								$ 7.082
Aggregate principal amount	$ 34,502,500									$ 15,409,901
Shares issued upon conversion of convertible notes (in shares) | shares							4,351,850
Outstanding convertible notes							$ 0	$ 0
2020 Notes
Debt instruments
Gross proceeds upon issuance		$ 35,000,000	$ 47,600,000	$ 35,000,000
Conversion price per share | $ / shares										$ 4.655
Volume weighted average trading price | $ / shares								$ 9.31
Exchange rate | $ / $		1.42	1.42								1.36
Aggregate principal amount	$ 47,600,000
Expected value of remaining notes											$ 47,600,000

Convertible Notes - Components

Convertible Notes - Components of the convertible notes (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Debt instruments
Interest payments	$ (7,190)	$ (32,521)
Convertible Notes
Debt instruments
Beginning balance	9,562,293	27,336,373
Additions		16,168,678
Conversions	(10,263,119)	(38,674,790)
Accretion and interest expense	362,545	3,129,157
Interest payments	(7,190)	(32,521)
Foreign exchange adjustments	345,471	1,635,396
Ending balance	$ 0	$ 9,562,293

Convertible Note Derivative (De

Convertible Note Derivative (Details) - USD ($) $ in Millions	Mar. 17, 2020	Mar. 17, 2016
2016 Derivative
Derivatives
Initial fair value		$ 19.8
2020 Derivative
Derivatives
Initial fair value	$ 17.2

Convertible Note Derivative - C

Convertible Note Derivative - Components of derivatives (Details) - Convertible Note Derivative. - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Derivative [Line Items]
Balance at the beginning of the period	$ 26,060,446	$ 25,478,212
Additions		17,197,994
Conversions	(20,920,535)	(203,468,010)
Fair value adjustment	(5,710,557)	179,133,742
Foreign exchange adjustments	$ 570,646	7,718,508
Balance at the end of the period		$ 26,060,446

Convertible Note Derivative - A

Convertible Note Derivative - Assumptions used in the valuation model (Details)	Dec. 31, 2020Y$ / shares
Risk-free interest rate
Inputs to the valuation model
Convertible note derivative, measurement input	0.002
Expected term (in years)
Inputs to the valuation model
Convertible note derivative, measurement input | Y	2.2
Share Price
Inputs to the valuation model
Convertible note derivative, measurement input | $ / shares	12.20
Credit Spread
Inputs to the valuation model
Convertible note derivative, measurement input	0.10
Implied discount on share price | Minimum
Inputs to the valuation model
Convertible note derivative, measurement input	0.09
Implied discount on share price | Maximum
Inputs to the valuation model
Convertible note derivative, measurement input	0.21
Expected share price volatility
Inputs to the valuation model
Convertible note derivative, measurement input	0.77

Equity - Authorized (Details)

Equity - Authorized (Details)	Jan. 27, 2021shares	Aug. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2021USD ($)$ / sharesshares	Dec. 31, 2020USD ($)shares	Jan. 26, 2021shares
Equity
Common stock, shares authorized (unlimited)			Unlimited
Common stock, no par value | $ / shares			$ 0
Common stock, shares outstanding | shares			62,971,859	47,481,134
Gross proceeds from stock issuance			$ 57,500,005
Share issue cost			$ 3,243,184	$ 22,148
Common Stock
Equity
Reverse share split	0.1
Common stock, shares issued | shares	47,522,706				475,227,060
Common stock, shares outstanding | shares	47,522,706				475,227,060
Number of shares issued | shares		10,952,382	10,952,382
Price per share | $ / shares		$ 5.25
Gross proceeds from stock issuance		$ 57,500,000
Share issue cost		3,200,000	$ 3,243,184	$ 22,148
Net proceeds from stock issuance		$ 54,300,000
First preferred shares
Equity
Preferred stock, shares authorized (unlimited)			Unlimited
Preferred stock, no par value | $ / shares			$ 0
Second preferred shares
Equity
Preferred stock, shares authorized (unlimited)			Unlimited
Preferred stock, no par value | $ / shares			$ 0

Equity - Share based compensati

Equity - Share based compensation (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Mar. 08, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Maximum number of shares available for grant			4,280,530
Share based compensation	$ 3,949,204	$ 1,593,539
Share based compensation | Evergreen Incentive Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options exercisable period	10 years
Number of days used to determine exercise price	5 days
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation	$ 142,940
Share based compensation expected additional expense	$ 216,469
Unvested units	42,334	0
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation	$ 12,008
Share based compensation expected additional expense	$ 48,836
Unvested units	10,750	0
Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share units granted	29,213
Grant date fair value of options granted	$ 157,495
Deferred Share Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right percentage	0.00%
Deferred Share Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right percentage	100.00%

Equity - Share based compensa_2

Equity - Share based compensation was recognized in consolidated statement of net loss and comprehensive loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share based compensation recognized in the statement of operations
Share based compensation	$ 3,949,204	$ 1,593,539
Exploration
Share based compensation recognized in the statement of operations
Share based compensation	2,167,722	1,158,967
Consulting
Share based compensation recognized in the statement of operations
Share based compensation	8,080	28,279
Corporate salaries and benefits
Share based compensation recognized in the statement of operations
Share based compensation	1,006,389	227,492
Director's fees
Share based compensation recognized in the statement of operations
Share based compensation	$ 767,013	$ 178,801

Equity - Share purchase options

Equity - Share purchase options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Share purchase options
Share based compensation	$ 3,949,204	$ 1,593,539
Stock Option Plan
Share purchase options
Unvested compensation not yet recognized	$ 1,660,690
Unvested compensation, period for recognition	2 years 8 months 12 days
Stock Option Plan | Share purchase options
Share purchase options
Share based compensation	$ 3,636,761	1,593,539
Grant date fair value of options granted	5,200,000	1,100,000
Intrinsic value of outstanding share purchase options	139,771
Intrinsic value of exercisable share purchase options	62,461
Intrinsic value of share purchase options exercised	$ 500,000	$ 2,600,000

Equity - Share purchase option

Equity - Share purchase option activity within the Company's share-based compensation plan (Details) - Stock Option Plan - Share purchase options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Balance, beginning of the year	1,959,588	1,972,625
Options granted, Number	1,013,500	442,500
Options expired, Number	(240,550)	(20,125)
Options terminated via SAR, Number	(109,850)	(60,250)
Options exercised	(125,538)	(375,162)
Balance, end of the year, Number	2,497,150	1,959,588
Weighted Average Exercise Price (C$)
Balance, beginning of the year, Weighted Average Exercise Price	$ 7.40	$ 7.72
Options granted, Weighted Average Exercise Price	11.40	5.72
Options expired, Weighted Average Exercise Price	9.17	5.44
Options terminated via SAR, Weighted Average Exercise Price	6	6.91
Options exercised, Weighted Average Exercise Price	4.99	6.54
Balance, end of the year, Weighted Average Exercise Price	$ 9.15	$ 7.40

Equity - Weighted average input

Equity - Weighted average inputs used in the Black-Scholes option pricing model (Details) - Stock Option Plan - Share purchase options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Weighted average inputs used in the Black-Scholes option pricing model
Fair value options granted	$ 5.14	$ 3.23
Risk-free interest rate	0.50%	1.40%
Expected term (in years)	5 years	5 years
Expected share price volatility	72.00%	65.00%

Equity - Analysis of outstandin

Equity - Analysis of outstanding share purchase options (Details) - Stock Option Plan - Share purchase options - $ / shares	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Share purchase options
Options Outstanding, Number	2,497,150	1,959,588	1,972,625
Options Outstanding, Price	$ 9.15	$ 7.40	$ 7.72
$3.50 - $5.90
Share purchase options
Range of Exercise Prices, minimum	3.50
Range of Exercise Prices, maximum	$ 5.90
Options Outstanding, Number	239,150
Options Outstanding, Price	$ 5.29
Options Outstanding, Remaining Life	1 year 7 months 24 days
Options Exercisable, Number	191,650
Options Exercisable, Price	$ 5.62
Options Exercisable, Remaining Life	1 year 3 months 3 days
$5.90 - $7.20
Share purchase options
Range of Exercise Prices, minimum	$ 5.90
Range of Exercise Prices, maximum	$ 7.20
Options Outstanding, Number	494,375
Options Outstanding, Price	$ 6.31
Options Outstanding, Remaining Life	2 years 10 months 6 days
Options Exercisable, Number	286,000
Options Exercisable, Price	$ 6.36
Options Exercisable, Remaining Life	2 years 8 months 19 days
$7.21 - $9.70
Share purchase options
Range of Exercise Prices, minimum	$ 7.21
Range of Exercise Prices, maximum	$ 9.70
Options Outstanding, Number	888,125
Options Outstanding, Price	$ 9.27
Options Outstanding, Remaining Life	1 year 7 months 28 days
Options Exercisable, Number	611,625
Options Exercisable, Price	$ 9.25
Options Exercisable, Remaining Life	1 year 1 month 9 days
$9.71 - $11.80
Share purchase options
Range of Exercise Prices, minimum	$ 9.71
Range of Exercise Prices, maximum	$ 11.80
Options Outstanding, Number	875,500
Options Outstanding, Price	$ 11.69
Options Outstanding, Remaining Life	3 years 10 months 24 days
Options Exercisable, Number	256,375
Options Exercisable, Price	$ 11.41
Options Exercisable, Remaining Life	3 years 6 months 7 days
$3.50 - $11.80
Share purchase options
Range of Exercise Prices, minimum	$ 3.50
Range of Exercise Prices, maximum	$ 11.80
Options Outstanding, Number	2,497,150
Options Outstanding, Price	$ 9.15
Options Outstanding, Remaining Life	2 years 8 months 4 days
Options Exercisable, Number	1,345,650
Options Exercisable, Price	$ 8.53
Options Exercisable, Remaining Life	1 year 11 months 4 days

Equity - Activity for restricte

Equity - Activity for restricted share units awarded (Details) - Restricted Share Units	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Shares ,balance, beginning of the year	0
Granted, Shares	63,500
Distributed (vested), Shares	(21,166)
Unvested, Shares, balance, end of the year	42,334
Granted, Weighted Average Grant Date Fair Value | $ / shares	$ 5.66
Distributed (vested), Weighted Average Grant Date Fair Value | $ / shares	5.66
Unvested, Weighted Average Grant Date Fair Value, balance, end of the year | $ / shares	$ 5.66

Equity - Restricted share units

Equity - Restricted share units scheduled to vest (Details) - Restricted Share Units - shares	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
2022	21,167
2023	21,167
Total	42,334	0

Equity - Activity for Performan

Equity - Activity for Performance share units (Details) - Performance Share Units	12 Months Ended
	Dec. 31, 2021$ / sharesshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Shares ,balance, beginning of the year	0
Granted, Shares	10,750
Unvested, Shares, balance, end of the year	10,750
Granted, Weighted Average Grant Date Fair Value | $ / shares	$ 5.66
Unvested, Weighted Average Grant Date Fair Value, balance, end of the year | $ / shares	$ 5.66

Equity - Warrants (Details)

Equity - Warrants (Details)	Dec. 31, 2021shares
Equity
Number of warrants outstanding	200,000

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Additional information (Details) - Level 3 - USD ($)	Dec. 31, 2021	Dec. 31, 2020
Financial Instruments and Fair Value Measurements
Fair value of financial liabilities	$ 100,770	$ 26,935,310
Convertible Note Derivative.
Financial Instruments and Fair Value Measurements
Fair value of financial liabilities		26,060,446
Warrants
Financial Instruments and Fair Value Measurements
Fair value of financial liabilities	$ 100,770	$ 874,864

Related Party Transactions (Det

Related Party Transactions (Details)	Dec. 31, 2020USD ($)
Reimbursement for shareholder meeting expenses | Paulson & Co., Inc.,
Related Party Transactions
Amount due to related parties	$ 140,000

Income taxes - United States an

Income taxes - United States and Canada Components of Net Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Operating Loss Carryforwards [Line Items]
Total	$ 35,952,026	$ 220,632,107
State
Operating Loss Carryforwards [Line Items]
Total	28,838,629	215,916,677
Canada
Operating Loss Carryforwards [Line Items]
Total	$ 7,113,397	$ 4,715,430

Income taxes - Benefit (provisi

Income taxes - Benefit (provision) for income taxes reported differs from the amount (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Income tax benefit computed at statutory rate of 21%	$ (7,549,925)	$ (46,332,742)
State tax, net of federal tax benefit	(1,846,137)	(12,070,231)
Difference in foreign tax rates	(1,920,617)	(1,273,166)
Change in state tax rate	979,799	(692,519)
Deferred tax adjustments	2,320,679
Change in valuation allowance	6,190,063	12,330,810
Non-deductible tax items:
(Gain) loss on derivative liability	(209,005)	47,418,045
Share based compensation	2,010,440	430,256
Other	$ 24,703	$ 189,547
Income tax benefit statutory rate	21.00%	21.00%

Income taxes - Components of de

Income taxes - Components of deferred tax assets (Details) - USD ($)	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Income taxes
Net operating loss carry-forward - US	$ 37,457,055	$ 35,390,672
Net operating loss carry-forward - CAD	8,641,690	7,271,143
Buildings and equipment	480,916	496,121
Mineral interest and properties	35,889,391	33,857,575
Convertible notes		6,811,890
Financing costs	824,691
Environmental obligation	2,584,281
Other	532,992	985,435
Deferred tax assets	86,411,016	84,812,836
Less valuation allowance	$ (86,411,016)	$ (84,812,836)	$ (72,482,026)

Income taxes - Changes in Valua

Income taxes - Changes in Valuation Allowance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020
Income taxes
Valuation allowance on deferred tax assets, beginning of year	$ (84,812,836)	$ (72,482,026)
Change related to:
Valuation allowance movement recognized in continuing operations	(6,190,063)	(12,330,810)
Valuation allowance movement recognized in equity	4,591,883
Valuation allowance on deferred tax assets, end of year	$ (86,411,016)	$ (84,812,836)

Income taxes - Additional infor

Income taxes - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2021	Dec. 31, 2020	Dec. 31, 2019
Operating loss carryforwards
Unrecognized tax benefits	$ 0	$ 0
Percentage of operating loss carryforwards - U.S	26.14%
Percentage of operating loss carryforwards - Canada	27.00%
Less valuation allowance	$ 86,411,016	$ 84,812,836	$ 72,482,026
Allowance balance related to future tax benefits	825,000
Federal
Operating loss carryforwards
Net operating loss carry forwards	82,300,000
Operating loss carry forwards not subject to expiration	$ 69,900,000
Percentage of limitation of loss carry forward utilization	80.00%
State
Operating loss carryforwards
Net operating loss carry forwards	$ 107,000,000
Canada
Operating loss carryforwards
Net operating loss carry forwards	$ 32,000,000

Environmental Reclamation Lia_3

Environmental Reclamation Liability (Details) - USD ($)	Jan. 15, 2021	Dec. 31, 2021	Dec. 31, 2020
Environmental Reclamation Liability
Aggregate undiscounted cost of the obligation		$ 7,473,805
Environmental liability expense	$ 7,473,805	12,198,651
Payment for cash collateral		7,500,000
Cash collateral for a surety bond	$ 3,000,000
Additions		12,198,651
Environmental reclamation liability		$ 9,888,200	$ 0

Environmental Reclamation Lia_4

Environmental Reclamation Liability - Movements in the environmental reclamation liability (Details)	12 Months Ended
	Dec. 31, 2021USD ($)
Environmental Reclamation Liability
Balance, beginning of the year	$ 0
Additions	12,198,651
Work performed on early action items	(2,310,451)
Balance, end of the year	9,888,200
Current portion	2,835,000
Non-current portion	$ 7,053,200

Commitments and Contingencies (

Commitments and Contingencies (Details)	Feb. 26, 2019USD ($)communityshares	Dec. 31, 2021USD ($)
Commitment and Contingencies [Line Items]
Off-balance sheet arrangements		$ 0
Stibnite Foundation
Commitment and Contingencies [Line Items]
Capital commitments payable in share | shares	150,000
Percentage of Total Comprehensive Income payable	1.00%
Minimum payments to be made during commercial production	$ 500,000
Number of communities with whom Community Agreement was established | community	8
Stibnite Foundation | Minimum
Commitment and Contingencies [Line Items]
Commitments payable	$ 100,000
Stibnite Foundation | Maximum
Commitment and Contingencies [Line Items]
Commitments payable	$ 1,000,000
Mining Claim Assessments
Commitment and Contingencies [Line Items]
Annual assessment obligation		250,470
Bond issued		335,000
Option Payments on Other Properties
Commitment and Contingencies [Line Items]
Commitments payable		$ 180,000