Perpetua Resources (PPTA) 10-Q 13 May 22 2022 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2022	May 06, 2022
Document and Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Mar. 31, 2022
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 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
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		62,987,859
Entity Central Index Key	0001526243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q1
Amendment Flag	false

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($)	Mar. 31, 2022	Dec. 31, 2021
CURRENT ASSETS
Cash and cash equivalents	$ 41,168,724	$ 47,852,846
Receivables	62,044	279,946
Prepaid expenses	958,148	946,281
TOTAL CURRENT ASSETS	42,188,916	49,079,073
NON-CURRENT ASSETS
Buildings and equipment, net	153,790	165,256
Right-of-use assets	103,760	49,103
Environmental reclamation bond (Note 9)	3,000,000	3,000,000
Mineral properties and interest (Note 3)	72,204,334	72,204,334
TOTAL ASSETS	117,650,800	124,497,766
CURRENT LIABILITIES
Trade and other payables	2,032,038	2,838,214
Lease liabilities	80,242	69,987
Environmental reclamation liabilities (Note 9)	3,963,847	2,835,000
TOTAL CURRENT LIABILITIES	6,076,127	5,743,201
NON-CURRENT LIABILITIES
Lease liabilities	32,751
Environmental reclamation liabilities (Note 9)	5,424,450	7,053,200
TOTAL LIABILITIES	11,618,850	12,897,171
COMMITMENT AND CONTINGENCIES (Note 10)
SHAREHOLDERS' EQUITY (Note 7)
Common stock, no par value, unlimited shares authorized, 62,973,526 and 62,971,859 shares outstanding, respectively	615,371,530	615,359,152
Additional paid-in capital	30,118,567	29,454,696
Accumulated deficit	(539,458,147)	(533,213,253)
TOTAL SHAREHOLDERS' EQUITY	106,031,950	111,600,595
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	117,650,800	124,497,766
Convertible Note Derivative.
NON-CURRENT LIABILITIES
Warrant derivative (Note 4)	0	0
Warrants
NON-CURRENT LIABILITIES
Warrant derivative (Note 4)	$ 85,522	$ 100,770

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS ( Parenthetical) - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
CONDENSED CONSOLIDATED BALANCE SHEETS
Common stock, par value	$ 0	$ 0
Common stock, shares authorized (unlimited)	Unlimited
Common stock, shares outstanding	62,973,526	62,971,859

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
EXPENSES
Consulting	$ 10,880	$ 104,917
Corporate salaries and benefits	303,411	889,889
Depreciation	11,466	19,122
Directors' fees	262,948	304,211
Exploration	4,560,053	6,580,863
Environmental liability expense		7,473,805
Office and administrative	213,483	472,268
Professional fees	734,529	167,336
Shareholder and regulatory	158,973	251,625
Travel and related costs	5,090	126
OPERATING LOSS	6,260,833	16,264,162
OTHER EXPENSES (INCOME)
Finance costs		256,998
Foreign exchange loss	30,751	302,477
Interest income	(31,442)	(23,871)
Total other loss (income)	(15,939)	(11,547,585)
NET LOSS	$ 6,244,894	$ 4,716,577
NET LOSS PER SHARE, BASIC	$ 0.10	$ 0.10
NET LOSS PER SHARE, DILUTED	$ 0.10	$ 0.10
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, BASIC	62,972,155	47,550,311
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, DILUTED	62,972,155	47,550,311
Warrants
OTHER EXPENSES (INCOME)
Change in fair value	$ (15,248)	$ (486,399)
Convertible Note Derivative.
OTHER EXPENSES (INCOME)
Change in fair value		$ (11,596,790)

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common Stock	Additional Paid in Capital.	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2020	$ 528,715,788	$ 26,176,265	$ (497,261,227)	$ 57,630,826
Beginning balance (in shares) at Dec. 31, 2020	47,481,134
Share based compensation		1,929,352		1,929,352
Shares issued through stock appreciation rights	$ 230,396	(226,229)		4,167
Shares issued through stock appreciation rights (in shares)	30,819
Exercise of share purchase options	$ 446,407	(149,533)		296,874
Exercise of share purchase options (in shares)	82,038
Net loss for the period			(4,716,577)	(4,716,577)
Ending balance at Mar. 31, 2021	$ 529,392,591	27,729,855	(501,977,804)	55,144,642
Ending balance (in shares) at Mar. 31, 2021	47,593,991
Beginning balance at Dec. 31, 2020	$ 528,715,788	26,176,265	(497,261,227)	57,630,826
Beginning balance (in shares) at Dec. 31, 2020	47,481,134
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
Share based compensation		676,249		676,249
Restricted shares units distributed	$ 12,378	(12,378)
Restricted shares units distributed (in shares)	1,667
Net loss for the period			(6,244,894)	(6,244,894)
Ending balance at Mar. 31, 2022	$ 615,371,530	$ 30,118,567	$ (539,458,147)	$ 106,031,950
Ending balance (in shares) at Mar. 31, 2022	62,973,526

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
OPERATING ACTIVITIES:
Net loss	$ (6,244,894)	$ (4,716,577)
Noncash items included in net loss:
Share based compensation (Note 7)	676,249	1,933,519
Depreciation	11,466	19,122
Accretion of convertible debt discount (Note 6)		256,997
Environmental liability expense		7,473,805
Unrealized foreign exchange loss	(555)	358,174
Changes in:
Receivables	206,251	77,563
Prepaid expenses	(11,867)	(333,703)
Trade and other payables	(806,176)	(427,386)
Environmental reclamation liabilities	(499,903)	(112,007)
Net cash used in operating activities	(6,684,677)	(7,553,682)
INVESTING ACTIVITIES:
Purchase of surety bond		(3,000,000)
Net cash used in investing activities		(3,000,000)
FINANCING ACTIVITIES:
Proceeds from exercise of share purchase options (Note 7)		296,874
Net cash provided by financing activities		296,874
Effect of foreign exchange on cash and cash equivalents	555	5,097
Net change in cash and cash equivalents	(6,684,122)	(10,251,711)
Cash and cash equivalents, beginning of quarter	47,852,846	25,037,766
Cash and cash equivalents, end of quarter	41,168,724	14,786,055
NONCASH INVESTING AND FINANCING ACTIVITIES
Recognition of operating lease liability and right-of-use asset	78,790
CASH AND CASH EQUIVALENTS
Cash	5,734,237	2,024,470
Investment savings accounts	20,248,248	5,595,106
GIC and term deposits	15,186,239	7,166,479
Total cash and cash equivalents	41,168,724	14,786,055
Warrants
Noncash items included in net loss:
Change in fair value	$ (15,248)	(486,399)
Convertible Note Derivative.
Noncash items included in net loss:
Change in fair value		$ (11,596,790)

Nature of Operations and Basis

Nature of Operations and Basis of Presentation	3 Months Ended
	Mar. 31, 2022
Nature of Operations and Basis of Presentation
Nature of Operations and Basis of Presentation	1. Perpetua Resources Corp. (the “Corporation”, the “Company”, “Perpetua Resources” or “Perpetua”) was incorporated on February 22, 2011 under the Business Corporation Act (British Columbia) (the “BCBCA”). 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 unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") and include the accounts of Perpetua Resources Corp. and its wholly owned subsidiaries, Perpetua Resources Idaho, Inc. and Idaho Gold Resource Company, LLC. Intercompany transactions and balances have been eliminated. The unaudited condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our annual financial statements for the year ended December 31, 2021. Operating results for the three months ended March 31, 2022 may not be indicative of results expected for the full year ending December 31, 2022. In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2022 and statements of operations, of cash flows and of changes in shareholders’ equity for the three months ended March 31, 2022 and 2021, respectively. Loss per share Basic loss per share is computed by dividing the net loss 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 Company’s potential dilutive shares of common stock include outstanding share purchase options, restricted share units, performance share units, deferred share units, warrants and, in 2021, convertible notes. Potentially diluted shares as of March 31, 2022 and March 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Share purchase options ​ 2,068,650 ​ 2,784,350 Share units ​ 725,675 ​ — Warrants 200,000 ​ 200,000 Convertible notes ​ — ​ 4,351,850 Balance 2,994,325 ​ 7,336,200 ​ All potentially dilutive shares were excluded from the calculation of diluted loss per share as their exercise and conversion would be anti-dilutive.

Recently Issued Accounting Pron

Recently Issued Accounting Pronouncements	3 Months Ended
	Mar. 31, 2022
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements	2. In August 2020, the Financial Accounting Standards Board (the “FASB”) issued Accounting Standard Update (“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, 2021. The adoption of this update on January 1, 2022 did not have a material impact on our unaudited condensed consolidated 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.

Mineral Properties and Interest

Mineral Properties and Interest	3 Months Ended
	Mar. 31, 2022
Mineral Properties and Interest
Mineral Properties and Interest	3. The Company’s mineral properties and interest at the Stibnite Gold Project totaled $72,204,334 as of both March 31, 2022 and December 31, 2021. 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 Option to Purchase (“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 payments due under option agreements during 2022 are $180,000. As of March 31, 2022, 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 Securities and Exchange Commission (“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	3 Months Ended
	Mar. 31, 2022
Warrant Derivative
Warrant Derivative	4. 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 the Corporation’s 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 unaudited condensed 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, 2020 ​ $ 874,864 Change in fair value of warrant derivative ​ ​ (486,399) Balance, March 31, 2021 ​ $ 388,465 ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 100,770 Change in fair value of warrant derivative ​ (15,248) Balance, March 31, 2022 ​ $ 85,522 ​ The fair value of the warrants was calculated using the Black-Scholes valuation model. As of March 31, 2022 and 2021, the inputs used in the Black-Scholes valuation model are: ​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ March 31, ​ 2022 2021 Share price ​ C$5.20 ​ C$7.64 Exercise price C$12.30 C$12.30 Expected term (in years) 1.1 2.1 Expected share price volatility 80% ​ 82% Annual rate of quarterly dividends 0% ​ 0% Risk-free interest rate 2.3% ​ 0.2% ​

Convertible Notes

Convertible Notes	3 Months Ended
	Mar. 31, 2022
Convertible Notes
Convertible Notes	5. 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. 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. 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. During the years ended December 31, 2021 and 2020, convertible notes in the aggregate principal amount of C$15,409,901 and C$82,102,500, respectively were converted for 4,351,850 and 19,969,280 common shares of the Company, respectively. As of March 31, 2022 and December 31, 2021, the Corporation has no outstanding convertible notes. ​

Convertible Note Derivative

Convertible Note Derivative	3 Months Ended
	Mar. 31, 2022
Convertible Note Derivative
Convertible Note Derivative	6. Convertible Note Derivatives related to each set of convertible notes (see Note 5) 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 unaudited condensed consolidated statements of operations. During the three month period ended March 31, 2021, a change in fair value of $11,596,790 was recognized for the convertible note derivative. In 2021, the Convertible Note Derivatives expired upon conversion of all convertible notes (see Note 5). The balance of the derivative at December 31, 2021 and March 31, 2022 is nil. ​

Equity

Equity	3 Months Ended
	Mar. 31, 2022
Equity
Equity	7. 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 Corporation completed a one issued outstanding b. Share based compensation Share based compensation was recognized in the unaudited condensed consolidated statements of operations for the three month periods ended March 31, 2022 and 2021 as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three month period ended March 31, ​ 2022 2021 Exploration ​ $ 235,683 ​ $ 1,198,692 Consulting ​ — ​ 4,040 Corporate salaries and benefits ​ 174,385 ​ 426,575 Directors’ fees ​ 266,181 ​ 304,212 Total ​ $ 676,249 ​ $ 1,933,519 ​ Share purchase options A summary of share purchase option activity within the Company’s share-based compensation plan (the “Plan”) for the year ended December 31, 2021 and three month period ended March 31, 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Number of Options Exercise Price (C$) 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 Options cancelled or forfeited (150,500) ​ 9.03 Options expired ​ (278,000) ​ ​ 8.86 Balance, March 31, 2022 2,068,650 ​ $ 9.20 ​ During the three month periods ended March 31, 2022 and 2021, the Company’s total share based compensation from options was $252,900 and $1,933,519, respectively. ​ No options were granted during the three month period ended March 31, 2022. The grant date fair value of options granted during the three month period ended March 31, 2021 was approximately $4.9 million. The fair value of options granted is estimated at the time of the grant using the Black-Scholes option pricing model. 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 three month period ended March 31, 2021 are: ​ ​ ​ ​ ​ ​ ​ Three month period ended ​ March 31, 2021 Fair value options granted ​ $ 6.52 Risk-free interest rate ​ 0.5% Expected term (in years) ​ 5.0 Expected share price volatility ​ 73% Expected dividend yield ​ — ​ An analysis of outstanding share purchase options as of March 31, 2022 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 - $5.90 213,150 ​ ​ 5.22 1.49 ​ 176,900 ​ ​ 5.44 1.18 $5.90 - $7.20 465,375 ​ ​ 6.31 2.57 ​ 353,375 ​ ​ 6.34 2.51 $7.21 - $9.70 599,625 ​ ​ 9.42 2.15 ​ 429,625 ​ ​ 9.55 1.79 $9.71 - $11.80 790,500 ​ ​ 11.80 3.81 ​ 396,750 ​ ​ 11.80 3.81 $3.50 - $11.80 2,068,650 ​ ​ 9.20 2.81 ​ 1,356,650 ​ ​ 8.84 2.49 ​ 1 2 As of March 31, 2022, all unvested options are expected to vest and unvested compensation of approximately $1.3 million will be recognized. The weighted average remaining period of vesting options is 1.2 years. As of March 31, 2022, the intrinsic value of outstanding and exercisable share purchase options is $71,259 and $42,927, respectively. During the three month periods ended March 31, 2022 and 2021, the intrinsic value of share purchase options exercised was nil and $432,153 respectively. Restricted Share Units The following table summarizes activity for restricted share units (“RSUs”) awarded under the Plan that vest over the required service period of the participant. ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Share ​ Grant Date ​ ​ Units Fair Value Unvested, January 1, 2021 ​ — $ — Granted ​ 63,500 ​ 5.66 Distributed (vested) ​ (21,166) ​ 5.66 Unvested, December 31, 2021 ​ 42,334 ​ 5.66 Granted ​ ​ 330,098 ​ ​ 4.03 Distributed (vested) ​ ​ (1,667) ​ ​ 4.03 Cancelled ​ ​ (1,255) ​ ​ 4.03 Unvested, March 31, 2022 ​ ​ 369,510 ​ ​ 4.22 ​ During the three month period ended March 31, 2022, the Company awarded 330,098 RSUs that had a weighted average grant date fair value of $4.03 per RSU or approximately $1.3 million in total. During the three months ended March 31, 2022, the Company has recognized $110,740 in compensation expense related to RSUs and expects to record an additional $1.4 million in compensation expense over the next 1.9 years. There was no compensation expense for RSUs recorded during the three month period ended March 31, 2021. The unvested units at March 31, 2022 are scheduled to vest as follows: ​ ​ ​ ​ Remainder of 2022 21,166 2023 ​ 130,781 2024 109,615 2025 ​ 107,948 Total 369,510 ​ 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 (“PSUs”) and market-based performance share units (“MPSUs”) awarded under the Plan: ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Share ​ Grant Date ​ ​ Units ​ Fair Value Unvested, January 1, 2021 — $ — Granted 10,750 5.66 Unvested, December 31, 2021 10,750 5.66 Granted ​ 257,451 ​ ​ 6.90 Cancelled ​ (3,918) ​ ​ 5.80 Unvested, March 31, 2022 ​ 264,283 ​ ​ 6.87 ​ During the three months ended March 31, 2022, the Company has recognized $55,666 in compensation expense related to PSUs and MPSUs and expects to record an additional $1.75 million in compensation expense over the next 2.8 years. The PSUs and MPSUs are scheduled to vest as follows: 7,250 awards in September 2022, 7,500 awards in September 2023, and 249,533 in March 2025. There was no compensation expense for PSUs and MPSUs recorded during the three-month period ended March 31, 2021. PSUs Market-based PSUs During the three month period ended March 31, 2022, the Company awarded 249,533 MPSUs that had a weighted grant date fair value of $6.99 per MPSU or approximately $1.75 million in total. The grant date fair value of MPSUs was estimated using a Monte Carlo simulation model. Assumptions and estimates utilized in the model include expected volatilities of the Corporation’s stock and the GDXJ Index, the Company’s risk-free interest rate and expected dividends. The probabilities of the actual number of MPSUs expected to vest and resultant actual number of shares of common stock expected to be awarded are reflected in the grant date fair values of the various MPSU awards. The per MPSU grant date fair value of $6.99 for the market condition was based on the following variables: ​ ​ ​ ​ ​ Three month period ended ​ March 31, 2022 Risk-free interest rate 1.61% Expected term (in years) 3.0 Expected share price volatility 63.35% Expected dividend yield — ​ The expected volatility utilized is based on the historical volatilities of the Corporation’s common stock and the GDXJ Index in order to model the stock price movements. The volatility used was calculated over the most recent three year period. The risk-free interest rates used are based on the implied yield available on a U.S. Treasury zero-coupon bill with a term equivalent to the Performance Period. The expected dividend yield of zero was used since it is the mathematical equivalent to reinvesting dividends in each issuing entity over the Performance Period. Deferred Share Units The following table summarizes activity for deferred share units (“DSUs”) awarded under the Plan: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Share ​ Grant Date ​ Units Fair Value Outstanding, January 1, 2021 ​ — ​ $ — Granted ​ 29,213 ​ ​ 5.39 Outstanding, December 31, 2021 29,213 ​ 5.39 Granted 62,669 ​ 4.10 Outstanding, March 31, 2022 91,882 ​ 4.51 ​ Under the Plan, the Company may issue DSUs to non-employee directors. During the three month period ended March 31 2022, 62,669 shares with a fair value of $256,943 were granted to the non-employee directors and the related compensation expense was charged to directors’ fees in the unaudited condensed consolidated statements of operations. There was no compensation expense for DSUs recorded during the three-month period ended March 31, 2021. c. Warrants There was a total of 200,000 warrants outstanding as of March 31, 2022. See Note 4.

Financial Instruments and Fair

Financial Instruments and Fair Value Measurements	3 Months Ended
	Mar. 31, 2022
Financial Instruments and Fair Value Measurements
Financial Instruments and Fair Value Measurements	8. At March 31, 2022, the Company’s financial instruments consist of cash and cash equivalents and environmental reclamation bond which approximate their fair value due to their short-term nature. The Company’s financial instruments also consist of the warrant derivative at March 31, 2022 and December 31, 2021. The derivative is valued at fair value at the end of each reporting period. At March 31, 2022 and December 31, 2021, 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 ​ ​ March 31, 2022 Warrant Derivative (Note 4) ​ $ — ​ $ — ​ $ 85,522 Total ​ $ — ​ $ — ​ $ 85,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Warrant Derivative (Note 4) ​ — — 100,770 Total ​ $ — ​ $ — ​ $ 100,770 ​ The Company uses the Black-Scholes option pricing model or other valuation models for valuation of its 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.

Environmental Reclamation Liabi

Environmental Reclamation Liability	3 Months Ended
	Mar. 31, 2022
Environmental Reclamation Liability
Environmental Reclamation Liability	9. Environmental Reclamation Liability On January 15, 2021, the Company agreed to an Administrative Settlement and Order on Consent (“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 latest 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. Movements in the environmental reclamation liability during the quarter ended March 31, 2022, are as follows: ​ ​ ​ ​ ​ ​ Three month period ended ​ ​ March 31, 2022 Balance at beginning of period $ 9,888,200 Additions — Work performed on early action items (499,903) Balance at end of period $ 9,388,297 Current portion 3,963,847 Long-term portion ​ $ 5,424,450 ​ The Company provided $7.5 million in financial assurance for Phase 1 projects under the ASAOC. The Company paid $3.0 million in cash collateral for a surety bond related to the ASAOC statement of work in early 2021.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2022
Commitments and Contingencies
Commitments and Contingencies	10. a. Mining Claim Assessments The Company currently holds mining claims on which it has an annual assessment obligation to the Bureau of Land Management 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 Company 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 USFS, receipt of all permits and approvals necessary for commencement of construction, commercial production, and of the final reclamation phase. These payments could begin as early as late 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 Company 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 Stibnite 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 March 31, 2022, 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 Company has no off-balance sheet arrangements as of March 31, 2022 and the date of this 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 terms of the Comprehensive Environmental Response, Compensation, and Liability Act (the “CERCLA”) ASAOC executed 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 Alternative Dispute Resolution (“ADR”) options. The stay has been extended on subsequent occasions, and a request to extend the stay through July 31, 2022 was filed jointly by the parties on April 28, 2022 and subsequently ordered by the court on April 29, 2022. The CERCLA ASAOC entered into by the Company, the U.S. EPA, and the United States Department of Agriculture requires numerous voluntary early cleanup 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. ​

Nature of Operations and Basi_2

Nature of Operations and Basis of Presentation (Tables)	3 Months Ended
	Mar. 31, 2022
Nature of Operations and Basis of Presentation
Schedule of potentially diluted shares	​ ​ ​ ​ ​ ​ ​ ​ March 31, ​ 2022 2021 Share purchase options ​ 2,068,650 ​ 2,784,350 Share units ​ 725,675 ​ — Warrants 200,000 ​ 200,000 Convertible notes ​ — ​ 4,351,850 Balance 2,994,325 ​ 7,336,200

Warrant Derivative (Tables)

Warrant Derivative (Tables)	3 Months Ended
	Mar. 31, 2022
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, 2020 ​ $ 874,864 Change in fair value of warrant derivative ​ ​ (486,399) Balance, March 31, 2021 ​ $ 388,465 ​ ​ ​ ​ Balance, December 31, 2021 ​ $ 100,770 Change in fair value of warrant derivative ​ (15,248) Balance, March 31, 2022 ​ $ 85,522
Warrants.
Inputs to the valuation model
Schedule of inputs used in the Black-Scholes valuation model	​ ​ ​ ​ ​ ​ ​ ​ Three months ended ​ ​ March 31, ​ March 31, ​ 2022 2021 Share price ​ C$5.20 ​ C$7.64 Exercise price C$12.30 C$12.30 Expected term (in years) 1.1 2.1 Expected share price volatility 80% ​ 82% Annual rate of quarterly dividends 0% ​ 0% Risk-free interest rate 2.3% ​ 0.2%

Equity (Tables)

Equity (Tables)	3 Months Ended
	Mar. 31, 2022
Summary of share based compensation recognized in the consolidated statement of net loss and comprehensive loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three month period ended March 31, ​ 2022 2021 Exploration ​ $ 235,683 ​ $ 1,198,692 Consulting ​ — ​ 4,040 Corporate salaries and benefits ​ 174,385 ​ 426,575 Directors’ fees ​ 266,181 ​ 304,212 Total ​ $ 676,249 ​ $ 1,933,519
Schedule of weighted average inputs used in the Black-Scholes option pricing model	​ ​ ​ ​ ​ ​ ​ Three month period ended ​ March 31, 2021 Fair value options granted ​ $ 6.52 Risk-free interest rate ​ 0.5% Expected term (in years) ​ 5.0 Expected share price volatility ​ 73% Expected dividend yield ​ —
Summary of share purchase option activity within the Company's share-based compensation plan	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Number of Options Exercise Price (C$) 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 Options cancelled or forfeited (150,500) ​ 9.03 Options expired ​ (278,000) ​ ​ 8.86 Balance, March 31, 2022 2,068,650 ​ $ 9.20
Schedule of analysis of outstanding share purchase options	An analysis of outstanding share purchase options as of March 31, 2022 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 - $5.90 213,150 ​ ​ 5.22 1.49 ​ 176,900 ​ ​ 5.44 1.18 $5.90 - $7.20 465,375 ​ ​ 6.31 2.57 ​ 353,375 ​ ​ 6.34 2.51 $7.21 - $9.70 599,625 ​ ​ 9.42 2.15 ​ 429,625 ​ ​ 9.55 1.79 $9.71 - $11.80 790,500 ​ ​ 11.80 3.81 ​ 396,750 ​ ​ 11.80 3.81 $3.50 - $11.80 2,068,650 ​ ​ 9.20 2.81 ​ 1,356,650 ​ ​ 8.84 2.49 ​ 1 2
Schedule of activity for restricted share units awarded	​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Share ​ Grant Date ​ ​ Units Fair Value Unvested, January 1, 2021 ​ — $ — Granted ​ 63,500 ​ 5.66 Distributed (vested) ​ (21,166) ​ 5.66 Unvested, December 31, 2021 ​ 42,334 ​ 5.66 Granted ​ ​ 330,098 ​ ​ 4.03 Distributed (vested) ​ ​ (1,667) ​ ​ 4.03 Cancelled ​ ​ (1,255) ​ ​ 4.03 Unvested, March 31, 2022 ​ ​ 369,510 ​ ​ 4.22
Schedule of restricted share units scheduled to vest	​ ​ ​ ​ Remainder of 2022 21,166 2023 ​ 130,781 2024 109,615 2025 ​ 107,948 Total 369,510
Summary of activity for performance share units	​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Share ​ Grant Date ​ ​ Units ​ Fair Value Unvested, January 1, 2021 — $ — Granted 10,750 5.66 Unvested, December 31, 2021 10,750 5.66 Granted ​ 257,451 ​ ​ 6.90 Cancelled ​ (3,918) ​ ​ 5.80 Unvested, March 31, 2022 ​ 264,283 ​ ​ 6.87
Summary of activity for deferred share units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Share ​ Grant Date ​ Units Fair Value Outstanding, January 1, 2021 ​ — ​ $ — Granted ​ 29,213 ​ ​ 5.39 Outstanding, December 31, 2021 29,213 ​ 5.39 Granted 62,669 ​ 4.10 Outstanding, March 31, 2022 91,882 ​ 4.51
MPSU's
Schedule of weighted average inputs used in the Monte Carlo simulation model	​ ​ ​ ​ ​ Three month period ended ​ March 31, 2022 Risk-free interest rate 1.61% Expected term (in years) 3.0 Expected share price volatility 63.35% Expected dividend yield —

Financial Instruments and Fai_2

Financial Instruments and Fair Value Measurements (Tables)	3 Months Ended
	Mar. 31, 2022
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 ​ ​ March 31, 2022 Warrant Derivative (Note 4) ​ $ — ​ $ — ​ $ 85,522 Total ​ $ — ​ $ — ​ $ 85,522 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2021 Warrant Derivative (Note 4) ​ — — 100,770 Total ​ $ — ​ $ — ​ $ 100,770 ​

Environmental Reclamation Lia_2

Environmental Reclamation Liability (Tables)	3 Months Ended
	Mar. 31, 2022
Environmental Reclamation Liability
Schedule of movements in the environmental reclamation liability	​ ​ ​ ​ ​ ​ Three month period ended ​ ​ March 31, 2022 Balance at beginning of period $ 9,888,200 Additions — Work performed on early action items (499,903) Balance at end of period $ 9,388,297 Current portion 3,963,847 Long-term portion ​ $ 5,424,450

Nature of Operations and Basi_3

Nature of Operations and Basis of Presentation (Details)	3 Months Ended
	Mar. 31, 2022segment
Nature of Operations and Basis of Presentation
Number of operating segments	1
Subsidiaries controlling the Stibnite Gold Project
Nature of Operations and Basis of Presentation
Principal asset, percentage of ownership	100.00%

Nature of Operations and Basi_4

Nature of Operations and Basis of Presentation - Potentially diluted shares (Details) - shares	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance	2,994,325	7,336,200
Share purchase options
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance	2,068,650	2,784,350
Share units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Balance	725,675
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

Mineral Properties and Intere_2

Mineral Properties and Interest (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Mineral Properties and Interest
Mineral properties and interest	$ 72,204,334	$ 72,204,334
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
Gross proceeds from warrants | $	$ 350,000
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

Warrant Derivative - Reconcilia

Warrant Derivative - Reconciliation of change in fair value of Derivatives (Details) - Warrants - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Reconciliation of the change in fair values of the derivative
Balance at the beginning of the period	$ 100,770	$ 874,864
Change in fair value of warrant derivative	15,248	486,399
Balance at the end of the period	$ 85,522	$ 388,465

Warrant Derivative - Inputs to

Warrant Derivative - Inputs to the Black-Scholes valuation model - (Details)	Mar. 31, 2022$ / sharesY	Mar. 31, 2021Y$ / shares
Share price
Inputs to the valuation model
Warrant valuation model input	5.20	7.64
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	1.1	2.1
Expected share price volatility
Inputs to the valuation model
Warrant valuation model input	0.80	0.82
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	0.023	0.002

Convertible Notes (Details)

Convertible Notes (Details)	Mar. 17, 2020USD ($)	Mar. 17, 2020CAD ($)	Mar. 17, 2016USD ($)	Mar. 17, 2016CAD ($)	Dec. 31, 2021USD ($)shares	Dec. 31, 2020CAD ($)shares	Mar. 31, 2022USD ($)	Mar. 31, 2022$ / shares	Dec. 31, 2021CAD ($)
Debt instruments
Outstanding convertible notes | $					$ 0		$ 0
Convertible Notes
Debt instruments
Aggregate principal amount | $						$ 82,102,500			$ 15,409,901
Shares issued upon conversion of convertible notes (in shares) | shares					4,351,850	19,969,280
2016 Notes
Debt instruments
Gross proceeds upon issuance			$ 38,500,000	$ 50,000,000
Conversion price per share | $ / shares								$ 3.541
2020 Notes
Debt instruments
Gross proceeds upon issuance	$ 35,000,000	$ 47,600,000
Conversion price per share | $ / shares								$ 4.655

Convertible Note Derivative (De

Convertible Note Derivative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2021	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Warrants
Derivatives
Balance	$ 388,465	$ 85,522	$ 100,770	$ 874,864
Convertible Note Derivative.
Derivatives
Change in fair value	$ 11,596,790
Balance		$ 0	$ 0

Equity - Authorized (Details)

Equity - Authorized (Details)	Jan. 27, 2021shares	Mar. 31, 2022$ / sharesshares	Dec. 31, 2021shares	Jan. 26, 2021shares
Equity
Common stock, shares authorized (unlimited)		Unlimited
Common stock, no par value | $ / shares		$ 0
Common stock, shares outstanding | shares		62,973,526	62,971,859
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
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 ($)	Mar. 05, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation		$ 676,249	$ 1,933,519
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value		$ 4.03		$ 5.66
Share based compensation		$ 110,740	0
Unvested compensation not yet recognized		$ 1,400,000
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Weighted average grant date fair value		$ 4.03
Total fair value of units awarded		$ 30,225
Share units granted		7,500
Deferred Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation			0
Share units granted		62,669
Grant date fair value of options granted		$ 256,943
MPSU's
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of units awarded		$ 249,533
Weighted average grant date fair value		$ 6.99
Total fair value of units awarded		$ 1,750,000
MPSU's | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right percentage	0.00%
MPSU's | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Vesting right percentage	200.00%
PSUs and MPSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition		2 years 9 months 18 days
Weighted average grant date fair value		$ 6.90		$ 5.66
Share based compensation		$ 55,666	$ 0
Unvested compensation not yet recognized		$ 1,750,000

Equity - Share based compensa_2

Equity - Share based compensation was recognized in consolidated statement of net loss and comprehensive loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share based compensation recognized in the statement of operations
Share based compensation	$ 676,249	$ 1,933,519
Exploration
Share based compensation recognized in the statement of operations
Share based compensation	235,683	1,198,692
Consulting
Share based compensation recognized in the statement of operations
Share based compensation		4,040
Corporate salaries and benefits
Share based compensation recognized in the statement of operations
Share based compensation	174,385	426,575
Director's fees
Share based compensation recognized in the statement of operations
Share based compensation	$ 266,181	$ 304,212

Equity - Share purchase options

Equity - Share purchase options (Details) - USD ($)	3 Months Ended
	Mar. 31, 2022	Mar. 31, 2021
Share purchase options
Share based compensation	$ 676,249	$ 1,933,519
Intrinsic value of share purchase options exercised	1,300,000
Stock Option Plan
Share purchase options
Unvested compensation not yet recognized	$ 1,300,000
Unvested compensation, period for recognition	1 year 2 months 12 days
Stock Option Plan | Share purchase options
Share purchase options
Share based compensation	$ 252,900	1,933,519
Grant date fair value of options granted		4,900,000
Intrinsic value of outstanding share purchase options	71,259
Intrinsic value of exercisable share purchase options	42,927
Intrinsic value of share purchase options exercised	$ 0	$ 432,153

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	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Number of Options
Balance, beginning of the year	2,497,150	1,959,588
Options granted, Number	0	1,013,500
Options expired, Number	(278,000)	(240,550)
Options terminated via SAR, Number		(109,850)
Options exercised		(125,538)
Options cancelled or forfeited	150,500
Balance, end of the year, Number	2,068,650	2,497,150
Weighted Average Exercise Price (C$)
Balance, beginning of the year, Weighted Average Exercise Price	$ 9.15	$ 7.40
Options granted, Weighted Average Exercise Price		11.40
Options expired, Weighted Average Exercise Price	8.86	9.17
Options terminated via SAR, Weighted Average Exercise Price		6
Options exercised, Weighted Average Exercise Price		4.99
Options cancelled or forfeited, Weighted Average Exercise price	9.03
Balance, end of the year, Weighted Average Exercise Price	$ 9.20	$ 9.15

Equity - Weighted average input

Equity - Weighted average inputs used in the Black-Scholes option pricing model (Details) - Stock Option Plan - Share purchase options	3 Months Ended
	Mar. 31, 2021$ / shares
Weighted average inputs used in the Black-Scholes option pricing model
Fair value options granted	$ 6.52
Risk-free interest rate	0.50%
Expected term (in years)	5 years
Expected share price volatility	73.00%

Equity - Analysis of outstandin

Equity - Analysis of outstanding share purchase options (Details) - Stock Option Plan - Share purchase options - $ / shares	3 Months Ended
	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share purchase options
Options Outstanding, Number	2,068,650	2,497,150	1,959,588
Options Outstanding, Price	$ 9.20	$ 9.15	$ 7.40
$3.50 - $5.90
Share purchase options
Range of Exercise Prices, minimum	3.50
Range of Exercise Prices, maximum	$ 5.90
Options Outstanding, Number	213,150
Options Outstanding, Price	$ 5.22
Options Outstanding, Remaining Life	1 year 5 months 26 days
Options Exercisable, Number	176,900
Options Exercisable, Price	$ 5.44
Options Exercisable, Remaining Life	1 year 2 months 4 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	465,375
Options Outstanding, Price	$ 6.31
Options Outstanding, Remaining Life	2 years 6 months 25 days
Options Exercisable, Number	353,375
Options Exercisable, Price	$ 6.34
Options Exercisable, Remaining Life	2 years 6 months 3 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	599,625
Options Outstanding, Price	$ 9.42
Options Outstanding, Remaining Life	2 years 1 month 24 days
Options Exercisable, Number	429,625
Options Exercisable, Price	$ 9.55
Options Exercisable, Remaining Life	1 year 9 months 14 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	790,500
Options Outstanding, Price	$ 11.80
Options Outstanding, Remaining Life	3 years 9 months 21 days
Options Exercisable, Number	396,750
Options Exercisable, Price	$ 11.80
Options Exercisable, Remaining Life	3 years 9 months 21 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	2,068,650
Options Outstanding, Price	$ 9.20
Options Outstanding, Remaining Life	2 years 9 months 21 days
Options Exercisable, Number	1,356,650
Options Exercisable, Price	$ 8.84
Options Exercisable, Remaining Life	2 years 5 months 26 days

Equity - Activity for restricte

Equity - Activity for restricted share units awarded (Details) - USD ($)	3 Months Ended		12 Months Ended
	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation	$ 676,249	$ 1,933,519
Restricted Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Shares ,balance, beginning of the year	42,334	0	0
Granted, Shares	330,098		63,500
Distributed (vested), Shares	(1,667)		(21,166)
Cancelled, Shares	(1,255)
Unvested, Shares, balance, end of the year	369,510		42,334
Unvested, Weighted Average Grant Date Fair Value, balance, beginning of the year	$ 5.66
Granted, Weighted Average Grant Date Fair Value	4.03		$ 5.66
Distributed (vested), Weighted Average Grant Date Fair Value	4.03		5.66
Cancelled, Weighted Average Grant Date Fair Value	4.03
Unvested, Weighted Average Grant Date Fair Value, balance, end of the year	$ 4.22		$ 5.66
Share based compensation	$ 110,740	$ 0
Unvested compensation not yet recognized	$ 1,400,000
Options Exercisable, Remaining Life	1 year 10 months 24 days

Equity - Restricted share units

Equity - Restricted share units scheduled to vest (Details) - Restricted Share Units - shares	Mar. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Remainder of 2022	21,166
2023	130,781
2024	109,615
2025	107,948
Total	369,510	42,334	0

Equity - Activity for Performan

Equity - Activity for Performance share units (Details) - USD ($)	1 Months Ended			3 Months Ended		12 Months Ended
	Mar. 31, 2025	Sep. 30, 2023	Sep. 30, 2022	Mar. 31, 2022	Mar. 31, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share based compensation				$ 676,249	$ 1,933,519
Stock Option Plan
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested compensation not yet recognized				$ 1,300,000
Unvested compensation, period for recognition				1 year 2 months 12 days
Performance Share Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Granted, Weighted Average Grant Date Fair Value				$ 4.03
Total fair value of units awarded				$ 30,225
PSUs and MPSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Shares ,balance, beginning of the year				10,750	0	0
Granted, Shares				257,451		10,750
Distributed (vested), Shares	249,533	7,500	7,250
Cancelled, Shares				(3,918)
Unvested, Shares, balance, end of the year				264,283		10,750
Unvested, Weighted Average Grant Date Fair Value, balance, beginning of the year				$ 5.66
Granted, Weighted Average Grant Date Fair Value				6.90		$ 5.66
Cancelled, Weighted Average Grant Date Fair Value				5.80
Unvested, Weighted Average Grant Date Fair Value, balance, end of the year				$ 6.87		$ 5.66
Share based compensation				$ 55,666	$ 0
Unvested compensation not yet recognized				$ 1,750,000
Unvested compensation, period for recognition				2 years 9 months 18 days

Equity - weighted average inp_2

Equity - weighted average inputs used in the Monte Carlo simulation model (Details) - MPSU's	3 Months Ended
	Mar. 31, 2022
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.61%
Expected term (in years)	3 years
Expected share price volatility	63.35%

Equity - Activity for deferred

Equity - Activity for deferred share units (Details) - Deferred Share Units - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2022	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Balance, beginning of the year	29,213	0
Granted	62,669	29,213
Balance, end of the year, Number	91,882	29,213
Balance, beginning of the year, Weighted Average Exercise Price	$ 5.39
Granted, Weighted Average Exercise Price	4.10	$ 5.39
Balance, end of the year, Weighted Average Exercise Price	$ 4.51	$ 5.39

Equity - Warrants (Details)

Equity - Warrants (Details)	Mar. 31, 2022shares
Equity
Number of warrants outstanding	200,000

Financial Instruments and Fai_3

Financial Instruments and Fair Value Measurements - Additional information (Details) - Level 3 - USD ($)	Mar. 31, 2022	Dec. 31, 2021
Financial Instruments and Fair Value Measurements
Fair value of financial liabilities	$ 85,522	$ 100,770
Warrants
Financial Instruments and Fair Value Measurements
Fair value of financial liabilities	$ 85,522	$ 100,770

Environmental Reclamation Lia_3

Environmental Reclamation Liability (Details) - USD ($)	Jan. 15, 2021	Mar. 31, 2021	Mar. 31, 2022
Environmental Reclamation Liability
Aggregate undiscounted cost of the obligation	$ 7,473,805
Environmental liability expense	7,473,805	$ 7,473,805
Cash collateral for a surety bond	$ 3,000,000
Payment for cash collateral			$ 7,500,000

Environmental Reclamation Lia_4

Environmental Reclamation Liability - Movements in the environmental reclamation liability (Details) - USD ($)	Jan. 15, 2021	Mar. 31, 2022	Mar. 31, 2021
Environmental Reclamation Liability
Balance, beginning of the year		$ 9,888,200
Additions	$ 7,473,805		$ 7,473,805
Work performed on early action items		(499,903)
Balance, end of the year		9,388,297
Current portion		3,963,847
Long-term portion		$ 5,424,450

Commitments and Contingencies (

Commitments and Contingencies (Details)	Feb. 26, 2019USD ($)communityshares	Mar. 31, 2022USD ($)
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