Perpetua Resources (PPTA) 10-K 26 Mar 24 2023 FY Annual report Financial data

Document and Entity Information

Document and Entity Information - USD ($)	12 Months Ended
	Dec. 31, 2023	Mar. 08, 2024	Jun. 30, 2023
Document and Entity Information
Document Type	10-K
Document Annual Report	true
Document Period End Date	Dec. 31, 2023
Document Transition Report	false
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, Address Line One	405 S. 8th Street
Entity Address, Address Line Two	Ste 201
Entity Address State Or Province	ID
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
Document Financial Statement Error Correction [Flag]	false
Entity Shell Company	false
Entity Public Float			$ 140,905,338
Entity Common Stock, Shares Outstanding		64,123,456
Entity Central Index Key	0001526243
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Firm ID	238
Auditor Location	Denver, Colorado

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Dec. 31, 2023	Dec. 31, 2022
CURRENT ASSETS
Cash and cash equivalents	$ 3,229,462	$ 22,667,047
Receivables	3,181,152	280,150
Prepaid expenses	443,312	614,930
TOTAL CURRENT ASSETS	6,853,926	23,562,127
NON-CURRENT ASSETS
Buildings and equipment, net (Note 3)	385,049	294,980
Right-of-use assets (Note 4)	27,898	68,675
Environmental reclamation bond (Note 9)	3,000,000	3,000,000
Mineral properties and interest (Note 5)	72,820,365	72,519,373
TOTAL ASSETS	83,087,238	99,445,155
CURRENT LIABILITIES
Trade and other payables	4,997,226	2,741,516
Lease liabilities (Note 4)	27,897	70,449
CWA settlement payable (Note 10)	2,000,000
Environmental reclamation liabilities (Note 9)	764,607	9,590,766
TOTAL CURRENT LIABILITIES	7,789,730	12,402,731
NON-CURRENT LIABILITIES
Warrant derivative (Note 6)		1,732
CWA settlement payable (Note 10)	3,000,000
Environmental reclamation liabilities (Note 9)		1,210,170
TOTAL LIABILITIES	10,789,730	13,614,633
COMMITMENT AND CONTINGENCIES (Note 10)
SHAREHOLDERS' EQUITY (Note 7)
Common shares, without par value, unlimited shares authorized, 64,123,456 and 63,011,777 shares outstanding, respectively	618,581,910	615,553,448
Additional paid-in capital	34,413,562	32,203,858
Accumulated deficit	(580,697,964)	(561,926,784)
TOTAL SHAREHOLDERS' EQUITY	72,297,508	85,830,522
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 83,087,238	$ 99,445,155

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
CONSOLIDATED BALANCE SHEETS
Common stock, no par value	$ 0
Common stock, shares outstanding	64,123,456	63,011,777

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
EXPENSES
Corporate salaries and benefits	$ 1,770,351	$ 1,893,965
Depreciation	83,741	61,294
Directors' fees	369,142	528,607
Exploration	29,907,708	19,088,897
Environmental liability expense (Note 9)	898,173	4,564,611
CWA settlement expense (Note 10)	5,000,000
General and administration	614,348	762,897
Gain on disposal of buildings and equipment	(25,000)	(40,215)
Professional fees	1,161,797	1,825,484
Shareholder and regulatory	493,948	646,319
OPERATING LOSS	40,274,208	29,331,859
OTHER EXPENSES (INCOME)
Change in fair value of warrant derivative (Note 6)	(1,732)	(99,038)
Foreign exchange loss (income)	19,529	41,179
Grant income (Note 11)	(21,077,882)	(75,000)
Interest income	(442,943)	(485,469)
Total other expenses (income)	(21,503,028)	(618,328)
NET LOSS	$ 18,771,180	$ 28,713,531
NET LOSS PER SHARE, BASIC	$ 0.30	$ 0.46
NET LOSS PER SHARE, DILUTED	$ 0.30	$ 0.46
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, BASIC	63,190,941	62,986,816
WEIGHTED AVERAGE COMMON SHARES OUTSTANDING, DILUTED	63,190,941	62,986,816

CONSOLIDATED STATEMENTS OF CHAN

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($)	Common Shares	Additional Paid in Capital	Accumulated Deficit	Total
Beginning balance at Dec. 31, 2021	$ 615,359,152	$ 29,454,696	$ (533,213,253)	$ 111,600,595
Beginning balance (in shares) at Dec. 31, 2021	62,971,859
Share based compensation		2,943,458		2,943,458
Share units distributed	$ 194,296	(194,296)
Share units distributed (in shares)	39,918
Net loss for the year			(28,713,531)	(28,713,531)
Ending balance at Dec. 31, 2022	$ 615,553,448	32,203,858	(561,926,784)	85,830,522
Ending balance (in shares) at Dec. 31, 2022	63,011,777
Shares sold through offering	$ 2,771,679			2,771,679
Shares sold through offering (in shares)	894,882
Shares issuance costs	$ (654,108)			(654,108)
Share based compensation		3,038,404		3,038,404
Share units distributed	$ 780,170	(780,170)
Share units distributed (in shares)	191,797
Exercise of options	$ 130,721	(48,530)		82,191
Exercise of options (in shares)	25,000
Net loss for the year			(18,771,180)	(18,771,180)
Ending balance at Dec. 31, 2023	$ 618,581,910	$ 34,413,562	$ (580,697,964)	$ 72,297,508
Ending balance (in shares) at Dec. 31, 2023	64,123,456

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
OPERATING ACTIVITIES:
Net loss	$ (18,771,180)	$ (28,713,531)
Noncash items included in net loss:
Share based compensation (Note 7)	3,038,404	2,943,458
Depreciation (Note 3)	83,741	61,294
Gain on disposal of buildings and equipment	(25,000)	(40,215)
Change in fair value of warrant derivative (Note 6)	(1,732)	(99,038)
Environmental liability expense (Note 9)	898,173	4,564,611
Unrealized foreign exchange loss	(1,107)	5,772
Changes in:
Receivables	(2,901,002)	(204)
Prepaid expenses	171,618	331,351
Trade and other payables	2,253,935	(115,808)
CWA settlement payable (Note 10)	5,000,000
Environmental reclamation liabilities (Note 9)	(10,934,502)	(3,651,875)
Net cash used in operating activities	(21,188,652)	(24,714,185)
INVESTING ACTIVITIES:
Investment in mineral properties and interest (Note 5)	(300,992)	(315,039)
Purchase of buildings and equipment	(148,810)	(199,976)
Proceeds from sale of equipment		49,173
Net cash used in investing activities	(449,802)	(465,842)
FINANCING ACTIVITIES:
Proceeds from sale of common shares	2,771,679
Share issuance costs	(654,108)
Proceeds from exercise of share purchase options (Note 7)	82,191
Net cash provided by financing activities	2,199,762
Effect of foreign exchange on cash and cash equivalents	1,107	(5,772)
Net increase (decrease) in cash and cash equivalents	(19,437,585)	(25,185,799)
Cash and cash equivalents, beginning of year	22,667,047	47,852,846
Cash and cash equivalents, end of year	3,229,462	22,667,047
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest		8,228
NONCASH INVESTING AND FINANCING ACTIVITIES
Recognition of operating lease liability and right-of-use asset	65,061	142,487
Trade-in value on equipment	25,000
CASH AND CASH EQUIVALENTS
Cash	2,093,817	4,255,355
Investment savings accounts	1,135,645	13,304,761
GIC and term deposits		5,106,931
Total cash and cash equivalents	$ 3,229,462	$ 22,667,047

Nature of Operations and Going

Nature of Operations and Going Concern Assessment	12 Months Ended
	Dec. 31, 2023
Nature of Operations and Going Concern Assessment
Nature of Operations and Going Concern Assessment	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 $580.7 million as of December 31, 2023. As of December 31, 2023, the Company had cash and cash equivalents totaling approximately $3.2 million and net negative working capital of approximately $0.9 million. The Company’s latest liquidity forecast indicates that available cash resources and other sources of liquidity are expected to be exhausted in the fourth quarter of 2024, after giving effect to the silver royalty entered into in March 2024. Although the Company’s current capital resources and liquidity include up to $24.8 million in funding awarded under the Technology Investment Agreement (“TIA”) pursuant to Title III of the Defense Production Act (“DPA”) ($59.4 million upon modification of the TIA to effect an additional conditional award of $34.6 million), such funding is available only for the specified costs related to permitting, environmental baseline data monitoring, environmental and technical studies, and advancing construction readiness and is not available to fund the Company’s costs pursuant to its Administrative Settlement and Order on Consent (“ASAOC”) obligations, payments and certain corporate expenses, including payments under the Settlement Agreement (as defined below). Absent additional financing, the Company would no longer be able to meet its ongoing obligations or progress critical permitting efforts. The Company continues to explore various funding opportunities, which may include the issuance of additional equity, new debt, or project specific debt; government funding; and/or other financing opportunities. However, there can be no assurance that the Company will be successful in obtaining such funding. ​ On May 12, 2023, the Company entered into a Controlled Equity Offering SM ​ We believe our plans outlined above to obtain sufficient funding will be successful although there is no certainty that these plans will result in needed liquidity for a reasonable period of time. However, our expectation of incurring ASAOC costs, contributions due under the Settlement Agreement and other costs in the foreseeable future that are not eligible for DPA funding reimbursement and the need for additional funding to further support the development of our planned operations, raise substantial doubt regarding our ability to continue as a going concern for a period of one year after the date that these consolidated financial statements are issued. ​ These Consolidated Financial Statements have been prepared on a going concern basis, which contemplates the realization of assets and satisfaction of liabilities in the ordinary course of business and do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might result from the outcome of the uncertainties described above.

Summary of Significant Accounti

Summary of Significant Accounting Policies	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Summary of Significant Accounting Policies	2. a. 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”). b. Basis of Consolidation These consolidated financial statements include the results of Perpetua Resources and its wholly owned subsidiary companies Perpetua Resources Idaho, Inc. and Idaho Gold Resource Company, LLC. All intercompany transactions, balances, income and expenses have been eliminated. c. 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 Consolidated 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. d. 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. e. 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. f. 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 Building Leasehold Improvements 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. g. Mineral Properties and Interest Perpetua Resources is in the development stage based on the Company’s Probable Mineral Reserves as set forth in the Technical Report Summary, dated as of December 31, 2021, and amended as of June 6, 2022 (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. h. 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 financing 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. i. 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. The 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 share-based awards that do not contain market conditions 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. The fair value of share-based awards with market conditions is estimated using a Monte Carlo simulation model. Assumptions and estimates utilized in the model include expected share price volatilities and related indices, the interest rate, and the probability of awards expected to vest. j. 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 reclamation liabilities are accrued in the period in which the liability is incurred if it is reasonably estimable or known. 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. 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, 2023 and 2022. k. 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. At December 31, 2023, the Company has no assets and no liabilities that are remeasured at fair value on a recurring basis. At December 31, 2022, the Company had no assets and a warrant liability that was remeasured at fair value on a recurring basis. The warrant liability fair value was determined using Level 3 inputs. See Note 6. l. 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. 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. m. 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, 2023 and December 31, 2022. 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. n. 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. o. 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 Company’s potential dilutive shares of common stock include outstanding share purchase options, restricted share units (RSUs), performance share units (PSUs), deferred share units (DSUs) and warrants. Potentially dilutive shares as of December 31, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 Share purchase options 1,665,750 ​ 1,945,650 Shares units ​ 1,374,797 ​ 780,897 Warrants — ​ 200,000 Total 3,040,547 ​ 2,926,547 ​ All potentially dilutive shares were excluded from the calculation of diluted loss per share as their impact would be anti-dilutive. p. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and the environmental reclamation bond. The fair values of these instruments approximate their carrying value given their short-term nature unless otherwise noted. q. Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents. The Corporation holds most of 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. r. Grant Income From time to time, the Company may be awarded government grants. U.S. GAAP does not have specific accounting standards covering government grants to business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance by analogy when accounting for government grants. Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met and the grant will be received. After initial recognition, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. A grant receivable is recognized if it compensates for expenses or losses already incurred. The Company has adopted the disclosure requirements of Accounting Standards Codification (“ASC”) 832 Government Assistance. s. Research and Development Costs Research and development costs are recognized as operating expenses when incurred and are classified as exploration costs. t. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. 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, 2023
Buildings and Equipment
Buildings and Equipment	3. At December 31, 2023 and 2022, the Company’s buildings and equipment were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Buildings ​ $ 2,249,908 ​ $ 2,249,908 Equipment and Vehicles ​ 4,380,047 ​ 4,253,346 ​ ​ 6,629,955 ​ 6,503,254 Accumulated Depreciation ​ (6,244,906) ​ (6,208,274) Balance ​ $ 385,049 ​ $ 294,980 ​ Depreciation expense on buildings and equipment for the years ended December 31, 2023 and 2022 was $83,741 and $61,294, respectively.

Leases

Leases	12 Months Ended
	Dec. 31, 2023
Leases
Leases	4. During 2023, the Company had two lease agreements for building space in Donnelly and Boise, Idaho both of which have been determined to be operating leases. Both leases provide the option for the Company to extend leases for additional time periods of one ​ For the years ended December 31, 2023 and 2022, rent expense of $195,214 and $205,081, respectively, is included in exploration expense on the Consolidated Statements of Operations. For the years ended December 31, 2023 and 2022, rent expense of $nil and $2,882, respectively, is included in general and administration expense on the Consolidated Statements of Operations. ​

Mineral Properties and Interest

Mineral Properties and Interest	12 Months Ended
	Dec. 31, 2023
Mineral Properties and Interest
Mineral Properties and Interest	5. At December 31, 2023 and 2022, the Company’s mineral properties and interest at the Stibnite Gold Project totaled $72,820,365 and $72,519,373, 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 option to purchase, and all of the Stibnite Gold Project is subject to a 1.7% net smelter returns royalty upon the sale of project-related gold 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 2024 are approximately $180,000. As of December 31, 2023, 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 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 development 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, 2023
Warrant Derivative
Warrant Derivative	6. In May 2013, the Company issued to Franco-Nevada Corporation (“Franco”) 200,000 share purchase warrants (“Franco Warrants”) for gross proceeds of $350,000. The Franco Warrants were exercisable into 200,000 common shares of the Company at C$12.30 per warrant. The Franco Warrants contained a mandatory conversion feature which required 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 expired on May 9, 2023, unexercised. The exercise price of the Franco Warrants was 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 would be received by the Company were not fixed and varied based on foreign exchange rates and the warrants were a derivative and required to be recognized and measured at fair value at each reporting period. Any changes in fair value from period to period were recorded as a gain or loss in the Consolidated Statements of Operations. No circumstances existed 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, 2021 ​ $ 100,770 Change in fair value of warrant derivative ​ ​ (99,038) Balance, December 31, 2022 ​ ​ 1,732 Change in fair value of warrant derivative ​ (1,732) Balance, December 31, 2023 ​ ​ — ​ The fair value of the warrants was calculated using the Black-Scholes valuation model. As of December 31, 2022, the inputs used in the Black-Scholes valuation model were: ​ ​ ​ ​ ​ ​ December 31, ​ 2022 Share price ​ C$3.95 Exercise price C$12.30 Expected term (in years) 0.4 Expected share price volatility 82% Annual rate of quarterly dividends 0% Risk-free interest rate 4.0% ​

Equity

Equity	12 Months Ended
	Dec. 31, 2023
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. b. ATM Offering On May 12, 2023, the Company entered into the Sales Agreement providing for the sale by the Company, from time to time, of the Company’s common shares having an aggregate gross offering price of up to $20.0 million (the “ATM Offering”). The Company expects to raise relatively small amounts of capital from time to time through the ATM Offering for general corporate purposes, which may include, among other things, general corporate, legal and ASAOC expenses. As of December 31, 2023, the Company sold 894,882 common shares in exchange for proceeds of approximately $2.1 million, which is net of offering costs of approximately $0.7 million. As of December 31, 2023, $17.2 million remained available under the program. c. 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. Share based compensation for the years ended December 31, 2023 and 2022 was recognized in the Consolidated Statements of Operations as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Exploration ​ $ 1,594,534 ​ $ 1,346,515 Corporate salaries and benefits ​ 1,074,728 ​ 1,066,398 Directors’ fees ​ 369,142 ​ 530,545 Total ​ $ 3,038,404 ​ $ 2,943,458 ​ Share Purchase Options A summary of share purchase option activity within the Company’s share-based compensation plan for the years ended December 31, 2023 and 2022 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Number of Options Exercise Price (C$) Balance December 31, 2021 2,497,150 ​ $ 9.15 Options granted — ​ — Options expired (305,000) ​ 8.71 Options cancelled or forfeited (246,500) ​ 9.11 Options exercised — ​ — Balance, December 31, 2022 1,945,650 ​ $ 9.23 Options granted — ​ — Options expired (219,400) ​ 7.07 Options cancelled or forfeited (35,500) ​ 11.48 Options exercised (25,000) ​ 4.40 Balance, December 31, 2023 1,665,750 ​ $ 9.54 ​ During the years ended December 31, 2023 and 2022, the Company’s total share based compensation from options was $289,356 and $1,084,969, respectively. ​ The fair value of options granted is estimated at the time of the grant using the Black-Scholes option pricing model. The risk-free interest rate is based on the government security rate with an equivalent term in effect as of the date of grant. The expected option lives and volatility assumptions are based on historical data of the Company. No options were granted during the years ended December 31, 2023 and 2022. ​ An analysis of outstanding share purchase options as of December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding Options Exercisable Range of Exercise ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ Remaining Prices (C$) Number Price (C$) 1 Life 2 Number Price (C$) 1 Life 2 $3.50 - $5.90 45,000 ​ ​ 3.50 1.22 ​ 45,000 ​ ​ 3.50 1.22 $5.91 - $7.20 426,875 ​ ​ 6.26 0.96 ​ 426,875 ​ ​ 6.26 0.96 $7.21 - $9.70 455,875 ​ ​ 9.54 0.64 ​ 355,875 ​ ​ 9.65 0.20 $9.71 - $11.80 738,000 ​ ​ 11.80 2.06 ​ 553,500 ​ ​ 11.80 2.06 $3.50 - $11.80 1,665,750 ​ ​ 9.54 1.36 ​ 1,381,250 ​ ​ 9.26 1.21 1 2 As of December 31, 2023, unvested compensation associated with unvested options is $nil. As of December 31, 2023, the intrinsic value of outstanding and exercisable share purchase options is $23,738 and $23,738, respectively. During the year ended December 31, 2023, the intrinsic value of share purchase options exercised was $30,594. No share purchase options were exercised during the year ended December 31, 2022. 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 ​ ​ ​ ​ ​ Grant Date ​ ​ Share Units Fair Value Unvested, December 31, 2021 ​ 42,334 $ 5.66 Granted ​ 370,098 ​ 4.04 Distributed (vested) ​ (36,168) ​ 5.00 Cancelled ​ (4,308) ​ ​ 4.03 Unvested, December 31, 2022 ​ 371,956 ​ $ 4.13 Granted ​ ​ 385,039 ​ ​ 3.40 Distributed (vested) ​ ​ (147,506) ​ ​ 4.23 Cancelled ​ ​ (7,849) ​ ​ 3.72 Unvested, December 31, 2023 ​ ​ 601,640 ​ $ 3.64 ​ During the years ended December 31, 2023 and 2022, the Company awarded 385,039 RSUs (2022: 370,098 RSUs) with a weighted average grant date fair value of $3.40 per RSU (2022: $4.04). During the years ended December 31, 2023 and 2022, the fair value of RSUs distributed was $500,500 and $112,539, respectively. ​ During the years ended December 31, 2023 and 2022, the Company has recognized $1,262,926 and $949,619, respectively in compensation expense for Restricted Share Units. The Company expects to record an additional $809,359 in compensation expense over the remaining vesting period related to these awards. Unvested units at December 31, 2023 are scheduled to vest as follows: ​ ​ ​ ​ 2024 247,308 2025 232,310 2026 ​ 122,022 Total 601,640 ​ Unvested units will be forfeited by participants upon termination of employment in advance of vesting, with the exception of termination by the Company not for cause or due to the employee’s death, disability, or 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, December 31, 2021 10,750 $ 5.66 Granted 267,451 6.73 Distributed ​ (3,750) ​ ​ 3.42 Cancelled ​ (11,185) ​ ​ 5.83 Unvested, December 31, 2022 263,266 $ 6.77 Granted ​ 301,035 ​ ​ 5.80 Distributed ​ (12,725) ​ ​ 2.74 Cancelled (4,993) 5.03 Unvested, December 31, 2023 546,583 $ 6.35 ​ During the years ended December 31, 2023 and 2022, the Company recognized $1,089,214 and $510,321 respectively, in compensation expense related to PSUs and MPSUs. The Company expects to record an additional $1,908,770 million in compensation expense over the next 1.82 years. During the years ended December 31, 2023 and 2022, the fair value of PSUs distributed was $41,790 and $8,072, respectively. The PSUs and MPSUs are scheduled to vest as follows: ​ ​ ​ ​ 2024 3,500 2025 ​ 256,871 2026 276,212 2027 10,000 Total 546,583 ​ PSUs he Company determines the factor to be applied to that target number of PSUs, with such percentage based on level of achievement of the performance conditions MPSUs During the year ended December 31, 2023, the Company awarded 277,535 MPSUs (2022: 249,951 MPSUs) that had a weighted grant date fair value of $5.98 (2022: $6.99) per MPSU or approximately $1.66 million (2022: $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 share price 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 common shares expected to be awarded are reflected in the grant date fair values of the various MPSU awards. The per MPSU grant date fair value for the market condition was based on the following variables: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Grant date fair value ​ $ 5.98 ​ $ 6.99 ​ Risk-free interest rate ​ ​ 4.15 % ​ 1.61 % Expected term (in years) ​ ​ 3.0 ​ ​ 3.0 ​ Expected share price volatility ​ ​ 65.74 % ​ 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 Units Grant Date Fair Value Outstanding, December 31, 2021 29,213 ​ $ 5.39 Granted 116,462 ​ 3.42 Outstanding, December 31, 2022 145,675 ​ 3.82 Granted ​ 112,465 ​ ​ 3.53 Distributed (31,566) ​ 3.77 Outstanding, December 31, 2023 226,574 ​ ​ 3.68 ​ Under the Plan, the Company may issue DSUs to non-employee directors. During the years ended December 31, 2023 and 2022, 112,465 and 116,462 shares, respectively, with a grant date fair value of $396,908 and $398,549, respectively, were granted to the non-employee directors and the related compensation expense was charged to directors’ fees in the Consolidated Statements of Operations. The DSUs are fully vested as of the date of grant. During the years ended December 31, 2023 and 2022, the fair value of DSUs distributed was $109,534 and $nil, respectively. d. Warrants There was a total of 200,000 warrants outstanding as of December 31, 2022. These warrants expired on May 9, 2023.

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2023
Income taxes
Income taxes	8. No benefit (provision) has been recognized for the years ended December 31, 2023 and 2022. The United States and Canada components of net loss for the years ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 United States ​ $ 13,184,435 ​ $ 22,300,354 Canada ​ 5,586,745 ​ 6,413,177 Total ​ $ 18,771,180 ​ $ 28,713,531 ​ 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, ​ 2023 2022 Income tax benefit computed at statutory rate of ​ $ (3,941,948) ​ $ (6,029,842) State tax, net of federal tax benefit ​ (860,095) ​ (875,304) Difference in foreign tax rates ​ (682,386) ​ (1,027,801) Change in state tax rate ​ 451,821 ​ 1,016,106 Deferred tax adjustments ​ ​ (1,414,333) ​ ​ (94,128) Change in valuation allowance ​ 6,279,227 ​ 6,542,458 Non-deductible (taxable) items: ​ ​ ​ ​ (Gain) loss on derivative liability ​ (468) ​ (26,742) Share based compensation ​ 275,189 ​ 726,601 Equity finance costs ​ ​ (239,618) ​ ​ (251,259) Other ​ 132,611 ​ 19,911 Income tax provision (benefit) ​ $ — ​ $ — ​ The significant components of the Company’s deferred tax assets are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Net operating loss carryforward – U.S. ​ $ 42,897,060 ​ $ 41,589,845 Net operating loss carryforward – CAD ​ 10,870,180 ​ 9,948,259 Buildings and equipment ​ 423,286 ​ 453,716 Mineral interest and properties ​ 19,810,660 ​ 37,045,201 Financing costs ​ ​ 510,424 ​ ​ 573,432 Environmental obligation ​ ​ 67,717 ​ ​ 2,651,486 CWA settlement payable ​ ​ 1,279,100 ​ ​ — Stock based compensation ​ ​ 2,575,273 ​ ​ — Other ​ 441,559 ​ 440,276 Deferred tax assets ​ 78,875,259 ​ 92,702,215 Less valuation allowance ​ (78,875,259) ​ (92,702,215) 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, 2023 and 2022, 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 $78.9 million and $92.7 million as of December 31, 2023 and 2022, respectively. At December 31, 2023, approximately $510,000 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, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Valuation allowance on deferred tax assets, beginning of year ​ $ (92,702,215) ​ $ (86,411,016) Change related to: ​ ​ ​ ​ ​ ​ Valuation allowance movement recognized in continuing operations ​ (6,279,227) ​ (6,542,458) Valuation allowance movement associated with mineral property acquisition ​ ​ 20,043,175 ​ ​ — Valuation allowance movement recognized in equity ​ 63,008 ​ 251,259 Valuation allowance on deferred tax assets, end of year ​ $ (78,875,259) ​ $ (92,702,215) ​ As of December 31, 2023, the Company has U.S. loss carryforwards of approximately $82.5 million that expire in 2029 through 2037 and approximately $93.7 million with no expiration but which are subject to an 80% limitation upon utilization. The Company has state net operating loss carryforwards of approximately $128.8 million that expire in 2033 through 2043 and Canadian loss carryforwards of approximately $40.3 million that expire in 2033 through 2043 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 25.58% 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 2023 and 2022, 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, 2023 and 2022. The Company recognizes interest accrued related to unrecognized tax benefits and penalties in its income tax provision. U.S. tax returns for the years 2020 to 2022 and Canadian tax returns for the years 2019 to 2022 remain subject to examination but there are currently no ongoing exams in any taxing jurisdictions. Tax returns for years prior to 2020 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 Liabilities	12 Months Ended
	Dec. 31, 2023
Environmental Reclamation Liabilities
Environmental Reclamation Liabilities	9. Environmental Reclamation Liabilities On January 15, 2021, the Company agreed to an ASAOC. The Company has accounted for its obligation under the ASAOC as an 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. During the year ended December 31, 2023, the Company spent $10.9 million on activities designed to improve water quality which included moving more than 325,000 tons of legacy mine waste and tailings away from sensitive waterways on site and relocating it to areas where it can be more safely stored. The Company completed most of the early action restoration work in 2023 and estimates $0.8 million in remaining work to be completed in 2024. Movements in the environmental reclamation liability during the years ended December 31, 2023 and 2022 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2023 2022 Balance at beginning of year ​ $ 10,800,936 ​ $ 9,888,200 Additions ​ 898,173 ​ 4,564,611 Work performed on early action items ​ (10,934,502) ​ (3,651,875) Balance at end of year ​ $ 764,607 ​ $ 10,800,936 ​ ​ ​ ​ ​ ​ ​ Current portion ​ $ 764,607 ​ $ 9,590,766 Non-current portion ​ ​ — ​ ​ 1,210,170 Balance ​ $ 764,607 ​ $ 10,800,936 ​ 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	12 Months Ended
	Dec. 31, 2023
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 of $275,992 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 the fourth quarter of 2024 based on the current permitting schedule and range from $0.1 million to $1.0 million (upon commencement of final reclamation phase) in cash and 150,000 common shares of the Company. 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 December 31, 2023, the option payments due on these properties in 2024 are approximately $180,000, which will be paid 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, 2023 and the date of this Annual Report. e. Legal Update The Corporation and its subsidiaries have been parties to an ongoing legal proceeding with the Nez Perce Tribe for alleged violations of the Clean Water Act (“CWA”) 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 Corporation promptly filed a motion to dismiss and, in the alternative, a motion to stay the litigation. Both motions were denied. Subsequently, the Corporation filed an answer denying liability and later, the court allowed the Corporation to amend and file a third-party complaint against the Forest Service. The Corporation also filed a separate CWA citizen suit against the United States Forest Service (“USFS” or “Forest Service”) alleging that several of the point source discharges, as alleged by the Nez Perce Tribe in its complaint, were occurring on lands owned and controlled by the United States. Pursuant to the terms of the voluntary ASAOC executed in January 2021 with the U.S. Environmental Protection Agency (“U.S. EPA”) and the United States Department of Agriculture, the Corporation agreed to dismiss its pending actions against the Forest Service without prejudice. The remaining parties to the ongoing legal proceeding agreed to stay the litigation and explore Alternative Dispute Resolution options through court-ordered mediation. On August 8, 2023, the Company and the Nez Perce Tribe filed a final Settlement Agreement (the “Settlement Agreement”) to resolve the CWA litigation. The parties jointly asked the court to approve the Settlement Agreement and dismiss the case without prejudice. The Settlement Agreement provides for total payments of $5.0 million by Perpetua over a four-year period. This includes $4.0 million of contributions by Perpetua to a South Fork Salmon Water Quality Enhancement Fund (the “Fund”) to be used by the Nez Perce Tribe to support water quality improvement projects in the South Fork Salmon River watershed and $1.0 million of reimbursements to the Nez Perce Tribe for legal expenses. Following a 45-day review period by the United States Justice Department and the U.S. EPA, on October 2, 2023 the U.S. District Court for the District of Idaho approved the Stipulation for Dismissal and entered a Judgment which resulted in the CWA lawsuit being dismissed without prejudice. Under the Settlement Agreement, a dismissal with prejudice will follow after completion of Perpetua’s required payments. Once Perpetua has satisfied its payment obligations under the Settlement Agreement, the parties will submit a Stipulation of Dismissal with Prejudice to the court. The Company recognized an expense of $5.0 million during the year ended December 31, 2023. At December 31, 2023, CWA settlement payable current portion is $2,000,000 with the remaining $3,000,000 classified as long-term. The voluntary CERCLA ASAOC entered into by the Company, the U.S. EPA, and the United States Department of Agriculture requires numerous early cleanup actions to occur over the next several years at the Stibnite Gold Project site (the “Stibnite Site”). Perpetua Resources Idaho, Inc. is executing the Phase 1 early cleanup actions (known under CERCLA as “time critical removal actions”) that, upon final work plan approval by the federal agencies, are designed to efficiently improve water quality in a number of areas on the Stibnite Site. Construction of time critical removal actions began in the summer of 2022, and significant progress was achieved to complete the voluntary Phase 1 Stibnite Site cleanup during the limited 2023 work season. During the year ended December 31, 2023, the Company spent $10.9 million dedicated to improve water quality which included moving more than 325,000 tons of legacy mine waste and tailings away from sensitive waterways on the Stibnite Site and relocating it to areas where it can be more safely stored. The Company completed most of the early action restoration work in 2023 and estimates $0.8 million in remaining work to be completed in 2024. Other longer-term proposed actions relating to Project operations are being evaluated through the NEPA process.

Government Grants

Government Grants	12 Months Ended
	Dec. 31, 2023
Government Grants
Government Grants	11. Government Grants: The Company has been awarded government grants by the U.S. Department of Defense (“DOD”) as described below. Accounting for these DOD grants does not fall under Accounting Standard Codification 606, Revenue from Contracts with Customers During the years ended December 31, 2023 and 2022, grant income, which is included within other income (expense) on the Consolidated Statements of Operations, included the following: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, Government Grant ​ 2023 2022 SBIR ​ $ 124,997 ​ $ 75,000 DPA ​ 15,601,205 ​ — DOTC ​ 5,351,680 ​ — Total ​ $ 21,077,882 ​ $ 75,000 ​ At December 31, 2023 and 2022, grant receivable, which is included in receivables on the Consolidated Balance Sheets, include the following: ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, Government Grant ​ 2023 2022 SBIR ​ $ — ​ $ 50,000 DPA ​ 1,232,025 ​ — DOTC ​ 1,895,745 ​ — Total ​ $ 3,127,770 ​ $ 50,000 ​ Information regarding each individual grant is as follows: Small Business Innovation Research (“SBIR”) Grant Defense Production Act (“DPA”) Grant DOD Ordnance Technology Consortium (“DOTC”) Grant

Subsequent Events

Subsequent Events	12 Months Ended
	Dec. 31, 2023
Subsequent Events
Subsequent Events	12. Subsequent Events: On February 12, 2024, the Company announced it was conditionally awarded up to $34.6 million in additional funding under the existing TIA. Full funding of the additional award is conditioned on modifying the existing TIA to expand the in-scope work for advancing permits and construction readiness. The amendment will not change any other material terms of the definitized TIA. The modification is anticipated to be completed in the first quarter of 2024. Under the modified TIA, Perpetua may request reimbursement for certain costs incurred through June 30, 2025 related to environmental baseline data monitoring, environmental and technical studies and other activities related to advancing Perpetua’s construction readiness and permitting process for the Stibnite Gold Project. The DPA funding does not interrupt the ongoing NEPA review. On March 13, 2024, Laurel Sayer tendered her notice of resignation to the Board, notifying the Company of her resignation as President and Chief Executive Officer and as a Director of the Company, effective March 14, 2024, and retirement from the Company on April 1, 2025 (the “Retirement Date”). Ms. Sayer will serve as Senior Advisor to the Chief Executive Officer effective March 14, 2024 until the Retirement Date. On March 14, 2024, the Company announced that the Board appointed (i) Jonathan Cherry to serve as President and Chief Executive Officer of the Company and as a Director of the Company to fill the vacancy created by Ms. Sayer’s resignation and (ii) Jessica Largent, Chief Financial Officer of the Company, as an additional Director of the Company, in each case, effective March 14, 2024. On March 21, 2024, the Company entered into a royalty agreement with a wholly-owned subsidiary of Franco-Nevada Corporation (“Franco-Nevada”) pursuant to which Perpetua, through its subsidiaries, sold Franco-Nevada a royalty on the future payable silver production from the Project in exchange for a cash payment of $8.5 million. Under the agreement, Franco-Nevada will receive all of the payable silver by-product revenue over the life-of-mine, subject to the terms of the agreement. Perpetua intends to use the proceeds for general corporate purposes.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of Significant Accounting Policies
Basis of Presentation	a. 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	b. Basis of Consolidation These consolidated financial statements include the results of Perpetua Resources and its wholly owned subsidiary companies Perpetua Resources Idaho, Inc. and Idaho Gold Resource Company, LLC. All intercompany transactions, balances, income and expenses have been eliminated.
Use of Estimates	c. 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 Consolidated 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	d. 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	e. 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	f. 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 Building Leasehold Improvements 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	g. Mineral Properties and Interest Perpetua Resources is in the development stage based on the Company’s Probable Mineral Reserves as set forth in the Technical Report Summary, dated as of December 31, 2021, and amended as of June 6, 2022 (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	h. 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 financing 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	i. 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. The 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 share-based awards that do not contain market conditions 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. The fair value of share-based awards with market conditions is estimated using a Monte Carlo simulation model. Assumptions and estimates utilized in the model include expected share price volatilities and related indices, the interest rate, and the probability of awards expected to vest.
Reclamation and Remediation Costs and Asset Retirement Obligations	j. 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 reclamation liabilities are accrued in the period in which the liability is incurred if it is reasonably estimable or known. 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. 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, 2023 and 2022.
Fair Value Measurements	k. 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. At December 31, 2023, the Company has no assets and no liabilities that are remeasured at fair value on a recurring basis. At December 31, 2022, the Company had no assets and a warrant liability that was remeasured at fair value on a recurring basis. The warrant liability fair value was determined using Level 3 inputs. See Note 6.
Convertible Debt	l. 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. 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	m. 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, 2023 and December 31, 2022. 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	n. 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	o. 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 Company’s potential dilutive shares of common stock include outstanding share purchase options, restricted share units (RSUs), performance share units (PSUs), deferred share units (DSUs) and warrants. Potentially dilutive shares as of December 31, 2023 and December 31, 2022 were as follows: ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 Share purchase options 1,665,750 ​ 1,945,650 Shares units ​ 1,374,797 ​ 780,897 Warrants — ​ 200,000 Total 3,040,547 ​ 2,926,547 ​ All potentially dilutive shares were excluded from the calculation of diluted loss per share as their impact would be anti-dilutive.
Financial Instruments	p. Financial Instruments The Company’s financial instruments consist of cash and cash equivalents and the environmental reclamation bond. The fair values of these instruments approximate their carrying value given their short-term nature unless otherwise noted.
Concentration of Credit Risk	q. Concentration of Credit Risk The financial instrument which potentially subjects the Company to credit risk is cash and cash equivalents. The Corporation holds most of 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.
Grant income	r. Grant Income From time to time, the Company may be awarded government grants. U.S. GAAP does not have specific accounting standards covering government grants to business entities. The Company applies International Accounting Standards 20 (“IAS 20”), Accounting for Government Grants and Disclosure of Government Assistance by analogy when accounting for government grants. Under IAS 20, government grants are initially recognized when there is reasonable assurance the conditions of the grant will be met and the grant will be received. After initial recognition, government grants are recognized in earnings on a systematic basis in a manner that mirrors the manner in which the Company recognizes the underlying costs for which the grant is intended to compensate. A grant receivable is recognized if it compensates for expenses or losses already incurred. The Company has adopted the disclosure requirements of Accounting Standards Codification (“ASC”) 832 Government Assistance.
Research and Development Costs	s. Research and Development Costs Research and development costs are recognized as operating expenses when incurred and are classified as exploration costs.
Recently Issued Accounting Pronouncements	t. Recently Issued Accounting Pronouncements In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, amending reportable segment disclosure requirements to include disclosure of incremental segment information on an annual and interim basis. Among the disclosure enhancements are new disclosures regarding significant segment expenses that are regularly provided to the chief operating decision-maker and included within each reported measure of segment profit or loss, as well as other segment items bridging segment revenue to each reported measure of segment profit or loss. The amendments in ASU 2023-07 are effective for fiscal years beginning after December 15, 2023, and for interim periods within fiscal years beginning after December 15, 2024, and are applied retrospectively. Early adoption is permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvement to Income Tax Disclosures, amending income tax disclosure requirements for the effective tax rate reconciliation and income taxes paid. The amendments in ASU 2023-09 are effective for fiscal years beginning after December 15, 2024 and are applied prospectively. Early adoption and retrospective application of the amendments are permitted. We are currently evaluating the impact of this update on our consolidated financial statements and disclosures. 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, 2023
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 Building Leasehold Improvements Straight-line 5 to 8 years
Schedule of potentially dilutive shares	​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ December 31, ​ 2023 2022 Share purchase options 1,665,750 ​ 1,945,650 Shares units ​ 1,374,797 ​ 780,897 Warrants — ​ 200,000 Total 3,040,547 ​ 2,926,547

Buildings and Equipment (Tables

Buildings and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Buildings and Equipment
Schedule of buildings and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, 2023 December 31, 2022 Buildings ​ $ 2,249,908 ​ $ 2,249,908 Equipment and Vehicles ​ 4,380,047 ​ 4,253,346 ​ ​ 6,629,955 ​ 6,503,254 Accumulated Depreciation ​ (6,244,906) ​ (6,208,274) Balance ​ $ 385,049 ​ $ 294,980

Warrant Derivative (Tables)

Warrant Derivative (Tables)	12 Months Ended
	Dec. 31, 2023
Warrant Derivative
Schedule of reconciliation of the change in fair values of the derivative	​ ​ ​ ​ ​ ​ Fair Value of ​ ​ Warrant Derivative Balance, December 31, 2021 ​ $ 100,770 Change in fair value of warrant derivative ​ ​ (99,038) Balance, December 31, 2022 ​ ​ 1,732 Change in fair value of warrant derivative ​ (1,732) Balance, December 31, 2023 ​ ​ —
Warrants
Warrant Derivative
Schedule of inputs used in the Black-Scholes valuation model	​ ​ ​ ​ ​ ​ December 31, ​ 2022 Share price ​ C$3.95 Exercise price C$12.30 Expected term (in years) 0.4 Expected share price volatility 82% Annual rate of quarterly dividends 0% Risk-free interest rate 4.0% ​

Equity (Tables)

Equity (Tables)	12 Months Ended
	Dec. 31, 2023
Schedule of share based compensation recognized in the consolidated statement of operations	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Exploration ​ $ 1,594,534 ​ $ 1,346,515 Corporate salaries and benefits ​ 1,074,728 ​ 1,066,398 Directors’ fees ​ 369,142 ​ 530,545 Total ​ $ 3,038,404 ​ $ 2,943,458
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, 2021 2,497,150 ​ $ 9.15 Options granted — ​ — Options expired (305,000) ​ 8.71 Options cancelled or forfeited (246,500) ​ 9.11 Options exercised — ​ — Balance, December 31, 2022 1,945,650 ​ $ 9.23 Options granted — ​ — Options expired (219,400) ​ 7.07 Options cancelled or forfeited (35,500) ​ 11.48 Options exercised (25,000) ​ 4.40 Balance, December 31, 2023 1,665,750 ​ $ 9.54
Schedule of option exercise price ranges	An analysis of outstanding share purchase options as of December 31, 2023 is as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding Options Exercisable Range of Exercise ​ ​ ​ ​ ​ ​ Remaining ​ ​ ​ ​ ​ ​ Remaining Prices (C$) Number Price (C$) 1 Life 2 Number Price (C$) 1 Life 2 $3.50 - $5.90 45,000 ​ ​ 3.50 1.22 ​ 45,000 ​ ​ 3.50 1.22 $5.91 - $7.20 426,875 ​ ​ 6.26 0.96 ​ 426,875 ​ ​ 6.26 0.96 $7.21 - $9.70 455,875 ​ ​ 9.54 0.64 ​ 355,875 ​ ​ 9.65 0.20 $9.71 - $11.80 738,000 ​ ​ 11.80 2.06 ​ 553,500 ​ ​ 11.80 2.06 $3.50 - $11.80 1,665,750 ​ ​ 9.54 1.36 ​ 1,381,250 ​ ​ 9.26 1.21 1 2
Schedule of activity for restricted share units awarded	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Grant Date ​ ​ Share Units Fair Value Unvested, December 31, 2021 ​ 42,334 $ 5.66 Granted ​ 370,098 ​ 4.04 Distributed (vested) ​ (36,168) ​ 5.00 Cancelled ​ (4,308) ​ ​ 4.03 Unvested, December 31, 2022 ​ 371,956 ​ $ 4.13 Granted ​ ​ 385,039 ​ ​ 3.40 Distributed (vested) ​ ​ (147,506) ​ ​ 4.23 Cancelled ​ ​ (7,849) ​ ​ 3.72 Unvested, December 31, 2023 ​ ​ 601,640 ​ $ 3.64
Schedule of restricted share units scheduled to vest	​ ​ ​ ​ 2024 247,308 2025 232,310 2026 ​ 122,022 Total 601,640
Schedule of activity for performance share units	​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ Share ​ Grant Date ​ ​ Units ​ Fair Value Unvested, December 31, 2021 10,750 $ 5.66 Granted 267,451 6.73 Distributed ​ (3,750) ​ ​ 3.42 Cancelled ​ (11,185) ​ ​ 5.83 Unvested, December 31, 2022 263,266 $ 6.77 Granted ​ 301,035 ​ ​ 5.80 Distributed ​ (12,725) ​ ​ 2.74 Cancelled (4,993) 5.03 Unvested, December 31, 2023 546,583 $ 6.35
Schedule of performance share units scheduled to vest	​ ​ ​ ​ 2024 3,500 2025 ​ 256,871 2026 276,212 2027 10,000 Total 546,583
Schedule of activity in deferred share units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Share Units Grant Date Fair Value Outstanding, December 31, 2021 29,213 ​ $ 5.39 Granted 116,462 ​ 3.42 Outstanding, December 31, 2022 145,675 ​ 3.82 Granted ​ 112,465 ​ ​ 3.53 Distributed (31,566) ​ 3.77 Outstanding, December 31, 2023 226,574 ​ ​ 3.68
MPSU's
Schedule of assumptions to value options and performance shares	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 ​ 2022 ​ Grant date fair value ​ $ 5.98 ​ $ 6.99 ​ Risk-free interest rate ​ ​ 4.15 % ​ 1.61 % Expected term (in years) ​ ​ 3.0 ​ ​ 3.0 ​ Expected share price volatility ​ ​ 65.74 % ​ 63.35 % Expected dividend yield ​ ​ — ​ ​ — ​

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income taxes
Schedule of components of net loss	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 United States ​ $ 13,184,435 ​ $ 22,300,354 Canada ​ 5,586,745 ​ 6,413,177 Total ​ $ 18,771,180 ​ $ 28,713,531
Schedule of provision for income tax	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Income tax benefit computed at statutory rate of ​ $ (3,941,948) ​ $ (6,029,842) State tax, net of federal tax benefit ​ (860,095) ​ (875,304) Difference in foreign tax rates ​ (682,386) ​ (1,027,801) Change in state tax rate ​ 451,821 ​ 1,016,106 Deferred tax adjustments ​ ​ (1,414,333) ​ ​ (94,128) Change in valuation allowance ​ 6,279,227 ​ 6,542,458 Non-deductible (taxable) items: ​ ​ ​ ​ (Gain) loss on derivative liability ​ (468) ​ (26,742) Share based compensation ​ 275,189 ​ 726,601 Equity finance costs ​ ​ (239,618) ​ ​ (251,259) Other ​ 132,611 ​ 19,911 Income tax provision (benefit) ​ $ — ​ $ —
Schedule of components of deferred tax assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, ​ 2023 2022 Net operating loss carryforward – U.S. ​ $ 42,897,060 ​ $ 41,589,845 Net operating loss carryforward – CAD ​ 10,870,180 ​ 9,948,259 Buildings and equipment ​ 423,286 ​ 453,716 Mineral interest and properties ​ 19,810,660 ​ 37,045,201 Financing costs ​ ​ 510,424 ​ ​ 573,432 Environmental obligation ​ ​ 67,717 ​ ​ 2,651,486 CWA settlement payable ​ ​ 1,279,100 ​ ​ — Stock based compensation ​ ​ 2,575,273 ​ ​ — Other ​ 441,559 ​ 440,276 Deferred tax assets ​ 78,875,259 ​ 92,702,215 Less valuation allowance ​ (78,875,259) ​ (92,702,215) Net deferred tax assets ​ $ — ​ $ —
Summary of changes in the valuation allowance	​ ​ ​ ​ ​ ​ ​ ​ ​ 2023 2022 Valuation allowance on deferred tax assets, beginning of year ​ $ (92,702,215) ​ $ (86,411,016) Change related to: ​ ​ ​ ​ ​ ​ Valuation allowance movement recognized in continuing operations ​ (6,279,227) ​ (6,542,458) Valuation allowance movement associated with mineral property acquisition ​ ​ 20,043,175 ​ ​ — Valuation allowance movement recognized in equity ​ 63,008 ​ 251,259 Valuation allowance on deferred tax assets, end of year ​ $ (78,875,259) ​ $ (92,702,215)

Environmental Reclamation Lia_2

Environmental Reclamation Liabilities (Tables)	12 Months Ended
	Dec. 31, 2023
Environmental Reclamation Liabilities
Schedule of movements in the environmental reclamation liability	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, ​ 2023 2022 Balance at beginning of year ​ $ 10,800,936 ​ $ 9,888,200 Additions ​ 898,173 ​ 4,564,611 Work performed on early action items ​ (10,934,502) ​ (3,651,875) Balance at end of year ​ $ 764,607 ​ $ 10,800,936 ​ ​ ​ ​ ​ ​ ​ Current portion ​ $ 764,607 ​ $ 9,590,766 Non-current portion ​ ​ — ​ ​ 1,210,170 Balance ​ $ 764,607 ​ $ 10,800,936

Government Grants (Tables)

Government Grants (Tables)	12 Months Ended
	Dec. 31, 2023
Government Grants
Schedule of grant income recognized in the Consolidated Statement of Operations	During the years ended December 31, 2023 and 2022, grant income, which is included within other income (expense) on the Consolidated Statements of Operations, included the following: ​ ​ ​ ​ ​ ​ ​ ​ Years ended December 31, Government Grant ​ 2023 2022 SBIR ​ $ 124,997 ​ $ 75,000 DPA ​ 15,601,205 ​ — DOTC ​ 5,351,680 ​ — Total ​ $ 21,077,882 ​ $ 75,000
Schedule of grant receivable recognized in Consolidated Balance Sheets	At December 31, 2023 and 2022, grant receivable, which is included in receivables on the Consolidated Balance Sheets, include the following: ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, Government Grant ​ 2023 2022 SBIR ​ $ — ​ $ 50,000 DPA ​ 1,232,025 ​ — DOTC ​ 1,895,745 ​ — Total ​ $ 3,127,770 ​ $ 50,000

Nature of Operations and Goin_2

Nature of Operations and Going Concern Assessment (Details)		12 Months Ended
	May 12, 2023 USD ($)	Dec. 31, 2023 USD ($) segment	Feb. 12, 2024 USD ($)
Nature of Operations and Going Concern Assessment
Number of operating segments | segment		1
Net working capital		$ (900,000)
TIA | Subsequent events
Nature of Operations and Going Concern Assessment
Amount of grants awarded			$ 34,600,000
DPA | TIA
Nature of Operations and Going Concern Assessment
Funding awarded under the Technology Investment Agreement		24,800,000
DPA | TIA Additional conditional award
Nature of Operations and Going Concern Assessment
Amount of grants awarded		34,600,000
DPA | Modified TIA
Nature of Operations and Going Concern Assessment
Funding awarded under the Technology Investment Agreement		59,400,000
Maximum | Controlled Equity Offering
Nature of Operations and Going Concern Assessment
Common shares aggregate gross offering price	$ 20,000,000	$ 17,200,000
Subsidiaries that control the Stibnite Gold Project.
Nature of Operations and Going Concern Assessment
Principal asset percentage of ownership		100%

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Useful life of property and equipment (Details)	Dec. 31, 2023
Equipment and Vehicles | Minimum
Property and equipment
Useful life	3 years
Equipment and Vehicles | Maximum
Property and equipment
Useful life	7 years
Building Leasehold Improvements | Minimum
Property and equipment
Useful life	5 years
Building Leasehold Improvements | Maximum
Property and equipment
Useful life	8 years

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Additional information (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Fair value, assets and liabilities measured on recurring and nonrecurring basis
Finance lease liability	$ 0
Asset retirement obligations	0	$ 0
Derivative instruments designated as hedges	0	0
Fair Value, Recurring
Fair value, assets and liabilities measured on recurring and nonrecurring basis
Assets fair value disclosure	0	$ 0
Liabilities fair value disclosure	$ 0

Summary of Significant Accoun_6

Summary of Significant Accounting Policies - Potentially diluted shares (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Potentially diluted shares
Balance	3,040,547	2,926,547
Employee Stock Option
Potentially diluted shares
Balance	1,665,750	1,945,650
Share units
Potentially diluted shares
Balance	1,374,797	780,897
Warrants
Potentially diluted shares
Balance		200,000

Buildings and Equipment (Detail

Buildings and Equipment (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Buildings and Equipment
Buildings	$ 2,249,908	$ 2,249,908
Equipment and Vehicles	4,380,047	4,253,346
Property, plant and equipment gross	6,629,955	6,503,254
Accumulated Depreciation	(6,244,906)	(6,208,274)
Balance	$ 385,049	$ 294,980

Buildings and Equipment - Addit

Buildings and Equipment - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Buildings and Equipment
Depreciation	$ 83,741	$ 61,294

Leases (Details)

Leases (Details)	12 Months Ended
	Dec. 31, 2023 USD ($) agreement	Dec. 31, 2022 USD ($)
Exploration Expenses
Leases
Rent expense	$ 195,214	$ 205,081
General and Administrative Expense
Leases
Rent expense	$ 0	$ 2,882
Donnelly, Idaho and Boise, Idaho leases
Leases
Number of lease agreements | agreement	2
Discount rate assumed	10%
Weighted average remaining lease term for operating leases	4 months 24 days
Remaining undiscounted lease payments	$ 28,600
Donnelly, Idaho lease
Leases
Lease renewal term	1 year
Boise, Idaho lease
Leases
Lease renewal term	2 years

Mineral Properties and Intere_2

Mineral Properties and Interest (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Mineral Properties and Interest
Mineral properties and interest	$ 72,820,365	$ 72,519,373
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 ($) $ / shares shares	$ / 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%
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) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Reconciliation of the change in fair values of the derivative
Balance at the beginning of the period	$ 1,732
Balance at the end of the period		$ 1,732
Warrants
Reconciliation of the change in fair values of the derivative
Balance at the beginning of the period	1,732	100,770
Change in fair value of warrant derivative	$ 1,732	99,038
Balance at the end of the period		$ 1,732

Warrant Derivative - Inputs to

Warrant Derivative - Inputs to the Black-Scholes valuation model - (Details)	Dec. 31, 2022 $ / shares Y
Share price
Warrant Derivative
Warrant valuation model input	3.95
Exercise price
Warrant Derivative
Warrant valuation model input	12.30
Expected term (in years)
Warrant Derivative
Warrant valuation model input | Y	0.4
Expected share price volatility
Warrant Derivative
Warrant valuation model input	0.82
Annual rate of quarterly dividends
Warrant Derivative
Warrant valuation model input	0
Risk-free interest rate
Warrant Derivative
Warrant valuation model input	0.040

Equity - Authorized (Details)

Equity - Authorized (Details) - USD ($)		12 Months Ended
	May 12, 2023	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Common stock, shares authorized (unlimited)		Unlimited
Common stock, no par value		$ 0
Common stock, shares outstanding		64,123,456	63,011,777
Gross proceeds from stock issuance		$ 2,771,679
Share issue cost		654,108
Share issuance costs		$ 654,108
Maximum | ATM offering
Shareholders' Equity
Common shares aggregate gross offering price	$ 20,000,000
Common Shares
Shareholders' Equity
Shares sold through offering (in shares)		894,882
Share issue cost		$ 654,108
Common Shares | ATM offering
Shareholders' Equity
Shares sold through offering (in shares)		894,882
Net proceeds from stock issuance		$ 2,100,000
Share issuance costs		$ 700,000
Share prices		17,200,000
First preferred shares
Shareholders' Equity
Preferred stock, shares authorized (unlimited)		Unlimited
Preferred stock, no par value		$ 0
Second preferred shares
Shareholders' Equity
Preferred stock, shares authorized (unlimited)		Unlimited
Preferred stock, no par value		$ 0

Equity - Share based compensati

Equity - Share based compensation recognized in Consolidated Statement of Operations (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Share based compensation	$ 3,038,404	$ 2,943,458
Exploration
Shareholders' Equity
Share based compensation	1,594,534	1,346,515
Corporate salaries and benefits
Shareholders' Equity
Share based compensation	1,074,728	1,066,398
Directors' fees
Shareholders' Equity
Share based compensation	$ 369,142	$ 530,545

Equity - Share purchase option

Equity - Share purchase option activity within the Company's share-based compensation plan (Details) - Stock Option Plan - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Number of Options
Balance, beginning of the year	1,945,650	2,497,150
Options expired	(219,400)	(305,000)
Options exercised	(25,000)
Options cancelled or forfeited	(35,500)	(246,500)
Balance, end of the year	1,665,750	1,945,650
Weighted Average Exercise Price (C$)
Balance, beginning of the year, Weighted Average Exercise Price	$ 9.23	$ 9.15
Options expired, Weighted Average Exercise Price	7.07	8.71
Options cancelled or forfeited, Weighted Average Exercise Price	11.48	9.11
Options exercised, Weighted Average Exercise Price	4.40
Balance, end of the year, Weighted Average Exercise Price	$ 9.54	$ 9.23

Equity - Analysis of outstandin

Equity - Analysis of outstanding share purchase options (Details) - Stock Option Plan - Employee Stock Option - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Shareholders' Equity
Options Outstanding, Number	1,665,750	1,945,650	2,497,150
Options Outstanding, Price	$ 9.54	$ 9.23	$ 9.15
$3.50 - $5.90
Shareholders' Equity
Range of Exercise Prices, minimum	3.50
Range of Exercise Prices, maximum	$ 5.90
Options Outstanding, Number	45,000
Options Outstanding, Price	$ 3.50
Options Outstanding, Remaining Life	1 year 2 months 19 days
Options Exercisable, Number	45,000
Options Exercisable, Price	$ 3.50
Options Exercisable, Remaining Life	1 year 2 months 19 days
$5.90 - $7.20
Shareholders' Equity
Range of Exercise Prices, minimum	$ 5.91
Range of Exercise Prices, maximum	$ 7.20
Options Outstanding, Number	426,875
Options Outstanding, Price	$ 6.26
Options Outstanding, Remaining Life	11 months 15 days
Options Exercisable, Number	426,875
Options Exercisable, Price	$ 6.26
Options Exercisable, Remaining Life	11 months 15 days
$7.21 - $9.70
Shareholders' Equity
Range of Exercise Prices, minimum	$ 7.21
Range of Exercise Prices, maximum	$ 9.70
Options Outstanding, Number	455,875
Options Outstanding, Price	$ 9.54
Options Outstanding, Remaining Life	7 months 20 days
Options Exercisable, Number	355,875
Options Exercisable, Price	$ 9.65
Options Exercisable, Remaining Life	2 months 12 days
$9.71 - $11.80
Shareholders' Equity
Range of Exercise Prices, minimum	$ 9.71
Range of Exercise Prices, maximum	$ 11.80
Options Outstanding, Number	738,000
Options Outstanding, Price	$ 11.80
Options Outstanding, Remaining Life	2 years 21 days
Options Exercisable, Number	553,500
Options Exercisable, Price	$ 11.80
Options Exercisable, Remaining Life	2 years 21 days
$3.50 - $11.80
Shareholders' Equity
Range of Exercise Prices, minimum	$ 3.50
Range of Exercise Prices, maximum	$ 11.80
Options Outstanding, Number	1,665,750
Options Outstanding, Price	$ 9.54
Options Outstanding, Remaining Life	1 year 4 months 9 days
Options Exercisable, Number	1,381,250
Options Exercisable, Price	$ 9.26
Options Exercisable, Remaining Life	1 year 2 months 15 days

Equity - Share purchase options

Equity - Share purchase options (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Share based compensation	$ 3,038,404	$ 2,943,458
Stock Option Plan
Shareholders' Equity
Unvested compensation not yet recognized	0
Stock Option Plan | Employee Stock Option
Shareholders' Equity
Share based compensation	$ 289,356	$ 1,084,969
Options granted	0	0
Intrinsic value of outstanding share purchase options	$ 23,738
Intrinsic value of exercisable share purchase options	23,738
Intrinsic value of share purchase options exercised	$ 30,594	$ 0

Equity - Activity for restricte

Equity - Activity for restricted share units awarded (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Fair value of distributed	$ 1,660,000
Share based compensation	3,038,404	$ 2,943,458
Stock Option Plan
Shareholders' Equity
Unvested compensation not yet recognized	$ 0
Restricted Share Units
Shareholders' Equity
Unvested shares balance at beginning of the year	371,956	42,334
Granted (in shares)	385,039	370,098
Distributed (vested), (in shares)	147,506	36,168
Cancelled (in shares)	(7,849)	(4,308)
Unvested shares balance at end of the year	601,640	371,956
Unvested, Weighted Average Grant Date Fair Value, balance at beginning of the year	$ 4.13	$ 5.66
Granted, Weighted Average Grant Date Fair Value	3.40	4.04
Distributed (vested), Weighted Average Grant Date Fair Value	4.23	5
Cancelled, Weighted Average Grant Date Fair Value	3.72	4.03
Unvested, Weighted Average Grant Date Fair Value, balance at end of the year	$ 3.64	$ 4.13
Fair value of distributed	$ 500,500	$ 112,539
Share based compensation	1,262,926	949,619
Unvested compensation not yet recognized	809,359
Employee Stock Option | Stock Option Plan
Shareholders' Equity
Share based compensation	289,356	1,084,969
Grant date fair value	$ 30,594	$ 0

Equity - Restricted share units

Equity - Restricted share units and Performance share units scheduled to vest (Details) - shares	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Restricted Share Units
Shareholders' Equity
2024	247,308
2025	232,310
2026	122,022
Total	601,640	371,956	42,334
PSUs and MPSUs
Shareholders' Equity
2024	3,500
2025	256,871
2026	276,212
2027	10,000
Total	546,583	263,266	10,750

Equity - Activity for Performan

Equity - Activity for Performance share units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Share based compensation	$ 3,038,404	$ 2,943,458
Fair value of distributed	$ 1,660,000
PSUs and MPSUs
Shareholders' Equity
Unvested shares balance at beginning of the year	263,266	10,750
Granted (in shares)	301,035	267,451
Distributed (vested), Shares	(12,725)	(3,750)
Cancelled (in shares)	(4,993)	(11,185)
Unvested shares balance at end of the year	546,583	263,266
Unvested, Weighted Average Grant Date Fair Value, balance at beginning of the year	$ 6.77	$ 5.66
Granted, Weighted Average Grant Date Fair Value	5.80	6.73
Distributed (vested), Weighted Average Grant Date Fair Value	2.74	3.42
Cancelled, Weighted Average Grant Date Fair Value	5.03	5.83
Unvested, Weighted Average Grant Date Fair Value, balance at end of the year	$ 6.35	$ 6.77
Share based compensation	$ 1,089,214	$ 510,321
Unvested compensation not yet recognized	$ 1,908,770
Unvested compensation period for recognition	1 year 9 months 25 days
Performance Share Units
Shareholders' Equity
Fair value of distributed	$ 41,790	$ 8,072

Equity - PSUs, MPSUs and Deferr

Equity - PSUs, MPSUs and Deferred share units (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 08, 2021
Shareholders' Equity
Total fair value of units awarded	$ 1,660,000
Minimum
Shareholders' Equity
Vesting right percentage	0%	0%
Maximum
Shareholders' Equity
Vesting right percentage		200%	200%
Omnibus Equity Incentive Plan | Maximum
Shareholders' Equity
Maximum number of shares available for grant				4,280,530
Performance Share Units
Shareholders' Equity
Total fair value of units awarded	$ 86,165	$ 52,048
Granted, Weighted Average Grant Date Fair Value	$ 3.67	$ 2.97
Deferred Share Units
Shareholders' Equity
Share units granted	112,465	116,462
Total fair value of units awarded	$ 109,534	$ 0
Grant date fair value of options granted	$ 396,908	$ 398,549
MPSU's
Shareholders' Equity
Weighted average grant date fair value option granted	$ 5.98	$ 6.99
Total fair value of units awarded		$ 1,750,000
Number of units awarded	$ 277,535	$ 249,951

Equity - Weighted average input

Equity - Weighted average inputs used in the Monte Carlo simulation model (Details) - MPSU's - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Shareholders' Equity
Grant date fair value	$ 5.98	$ 6.99
Risk-free interest rate	4.15%	1.61%
Expected term (in years)	3 years	3 years
Expected share price volatility	65.74%	63.35%

Equity - Activity for deferred

Equity - Activity for deferred share units (Details)	12 Months Ended
	Dec. 31, 2023 $ / shares shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 $ / shares shares
Deferred Share Units
Shareholders' Equity
Balance, beginning of the year	145,675	145,675	29,213	29,213
Granted	112,465	112,465	116,462	116,462
Distributed (vested), Shares	(31,566)	(31,566)
Balance, end of the year	226,574	226,574	145,675	145,675
Balance, beginning of the year, Weighted Average Exercise Price | $ / shares		$ 3.82		$ 5.39
Granted, Weighted Average Exercise Price | $ / shares		3.53		3.42
Distributed (vested), Weighted Average Grant Date Fair Value | $ / shares		3.77
Balance, end of the year, Weighted Average Exercise Price | $ / shares		$ 3.68		$ 3.82
Employee Stock Option | Stock Option Plan
Shareholders' Equity
Balance, beginning of the year	1,945,650	1,945,650	2,497,150	2,497,150
Granted	0	0	0	0
Balance, end of the year	1,665,750	1,665,750	1,945,650	1,945,650
Balance, beginning of the year, Weighted Average Exercise Price | $ / shares	$ 9.23		$ 9.15
Balance, end of the year, Weighted Average Exercise Price | $ / shares	$ 9.54		$ 9.23

Equity - Warrants (Details)

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

Equity- Weighted average inputs

Equity- Weighted average inputs used in the Black-Scholes option pricing model (Details) - MPSU's - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Weighted average inputs used in the Black-Scholes option pricing model
Grant date fair value	$ 5.98	$ 6.99
Risk-free interest rate	4.15%	1.61%
Expected term (in years)	3 years	3 years
Expected share price volatility	65.74%	63.35%

Income taxes - United States an

Income taxes - United States and Canada Components of Net Loss (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Operating loss carryforwards
Total	$ 18,771,180	$ 28,713,531
United States
Operating loss carryforwards
Total	13,184,435	22,300,354
Canada
Operating loss carryforwards
Total	$ 5,586,745	$ 6,413,177

Income taxes - Benefit (provisi

Income taxes - Benefit (provision) for income taxes reported differs from the amount (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Income tax benefit computed at statutory rate of 21%	$ (3,941,948)	$ (6,029,842)
State tax, net of federal tax benefit	(860,095)	(875,304)
Difference in foreign tax rates	(682,386)	(1,027,801)
Change in state tax rate	451,821	1,016,106
Deferred tax adjustments	(1,414,333)	(94,128)
Change in valuation allowance	6,279,227	6,542,458
Non-deductible tax items:
(Gain) loss on derivative liability	(468)	(26,742)
Share based compensation	275,189	726,601
Equity Finance Costs	(239,618)	(251,259)
Other	132,611	19,911
Income tax provision (benefit)	$ 0	$ 0
Effective tax rate	21%	21%

Income taxes - Components of de

Income taxes - Components of deferred tax assets (Details) - USD ($)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Net operating loss carry-forward - US	$ 42,897,060	$ 41,589,845
Net operating loss carry-forward - CAD	10,870,180	9,948,259
Buildings and equipment	423,286	453,716
Mineral interest and properties	19,810,660	37,045,201
Financing costs	510,424	573,432
Environmental obligation	67,717	2,651,486
CWA settlement payable	1,279,100
Stock based compensation	2,575,273
Other	441,559	440,276
Deferred tax assets	78,875,259	92,702,215
Less valuation allowance	$ (78,875,259)	$ (92,702,215)	$ (86,411,016)

Income taxes - Changes in Valua

Income taxes - Changes in Valuation Allowance (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Valuation allowance on deferred tax assets, beginning of year	$ (92,702,215)	$ (86,411,016)
Change related to:
Valuation allowance movement recognized in continuing operations	(6,279,227)	(6,542,458)
Valuation allowance movement associated with mineral property acquisition	20,043,175
Valuation allowance movement recognized in equity	63,008	251,259
Valuation allowance on deferred tax assets, end of year	$ (78,875,259)	$ (92,702,215)

Income taxes - Additional infor

Income taxes - Additional information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating loss carryforwards
Income tax provision (benefit)	$ 0	$ 0
Percentage of operating loss carryforwards - U.S	25.58%
Percentage of operating loss carryforwards - Canada	27%
Unrecognized tax benefits	$ 0	0
Valuation allowance	78,875,259	$ 92,702,215	$ 86,411,016
Allowance balance related to future tax benefits	510,000
Federal
Operating loss carryforwards
Net operating loss carry forwards	$ 82,500,000
Percentage of limitation of loss carry forward utilization	80%
Operating loss carry forwards not subject to expiration	$ 93,700,000
United States
Operating loss carryforwards
Net operating loss carry forwards	128,800,000
Canada
Operating loss carryforwards
Net operating loss carry forwards	$ 40,300,000

Environmental Reclamation Lia_3

Environmental Reclamation Liabilities (Details)		12 Months Ended
	Jan. 15, 2021 USD ($)	Dec. 31, 2023 USD ($) T	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Environmental Reclamation Liabilities
Amounts paid to improve water quality		$ 10,900,000
Mine waste and tailings relocated (in tons) | T		325,000
Environmental reclamation liability		$ 764,607	$ 10,800,936	$ 9,888,200
Cash collateral for a surety bond	$ 3,000,000
Payment for cash collateral		$ 7,500,000

Environmental Reclamation Lia_4

Environmental Reclamation Liabilities - Movements in the environmental reclamation liabilities (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Environmental Reclamation Liabilities
Balance at beginning of period	$ 10,800,936	$ 9,888,200
Environmental Loss Contingency Statement Of Financial Position Extensible Enumeration Not Disclosed Flag	true	true
Environmental liability expense (Note 9)	$ 898,173	$ 4,564,611
Work performed on early action items	(10,934,502)	(3,651,875)
Current portion	764,607	9,590,766
Non-current portion		1,210,170
Balance at end of period	$ 764,607	$ 10,800,936

Commitments and Contingencies (

Commitments and Contingencies (Details)			12 Months Ended
	Aug. 08, 2023 USD ($)	Feb. 26, 2019 USD ($) community shares	Dec. 31, 2023 USD ($) T
Commitment and Contingencies
Off-balance sheet arrangements			$ 0
CWA settlement expense (Note 10)			5,000,000
Settlement expense, current			2,000,000
Settlement expense, long-term			3,000,000
Amounts paid to improve water quality			$ 10,900,000
Mine waste and tailings relocated (in tons) | T			325,000
Estimated future payments to improve water quality			$ 800,000
CWA litigation settlement agreement
Commitment and Contingencies
Settlement amount awarded to other party	$ 5,000,000
Litigation settlement amount payable period	4 years
Review period to request court approval of Dismissal and Settlement Agreement	45 days
CWA settlement expense (Note 10)			5,000,000
Settlement expense, current			2,000,000
Settlement expense, long-term			3,000,000
Nez Perce Tribe | CWA litigation settlement agreement
Commitment and Contingencies
Settlement amount to be paid to the South Fork Salmon Water Quality Enhancement Fund	$ 4,000,000
Settlement amount to be paid to reimburse other party for legal expenses	$ 1,000,000
Related Party | Stibnite Foundation
Commitment and Contingencies
Capital commitments payable in common shares | shares		150,000
Percentage of total comprehensive income payable		1%
Minimum payments to be made during commercial production		$ 500,000
Number of communities with whom Community Agreement was established | community		8
Related Party | Stibnite Foundation | Minimum
Commitment and Contingencies
Commitments payable		$ 100,000
Related Party | Stibnite Foundation | Maximum
Commitment and Contingencies
Commitments payable		$ 1,000,000
Mining Claim Assessments
Commitment and Contingencies
Annual assessment obligation			275,992
Bond issued			335,000
Option Payments On Other Properties
Commitment and Contingencies
Commitments payable			$ 180,000

Government Grants - Grant incom

Government Grants - Grant income, which is included within Other income (expense) (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Government Assistance [Line Items]
Grant income	$ 21,077,882	$ 75,000
SBIR
Government Assistance [Line Items]
Grant income	124,997	$ 75,000
DPA
Government Assistance [Line Items]
Grant income	15,601,205
DOTC
Government Assistance [Line Items]
Grant income	$ 5,351,680

Government Grants - Grant recei

Government Grants - Grant receivable, which is included in Receivables (Detail) - USD ($)	Dec. 31, 2023	Dec. 31, 2022
Government Assistance, Amount, Cumulative [Abstract]
Government Assistance, Amount, Cumulative, Current	$ 3,127,770	$ 50,000
Government Assistance, Current, Statement of Financial Position [Extensible Enumeration]	Accounts Receivable, after Allowance for Credit Loss, Current	Accounts Receivable, after Allowance for Credit Loss, Current
SBIR
Government Assistance, Amount, Cumulative [Abstract]
Government Assistance, Amount, Cumulative, Current		$ 50,000
DPA
Government Assistance, Amount, Cumulative [Abstract]
Government Assistance, Amount, Cumulative, Current	$ 1,232,025
DOTC
Government Assistance, Amount, Cumulative [Abstract]
Government Assistance, Amount, Cumulative, Current	$ 1,895,745

Government Grants (Details)

Government Grants (Details)		1 Months Ended	12 Months Ended
	Dec. 16, 2022 USD ($)	Sep. 30, 2022 USD ($) item	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Aug. 18, 2023 USD ($)
Government Assistance
Government grants receivable			$ 3,127,770	$ 50,000
Government Assistance, Current, Statement of Financial Position [Extensible Enumeration]			Accounts Receivable, after Allowance for Credit Loss, Current	Accounts Receivable, after Allowance for Credit Loss, Current
SBIR
Government Assistance
Government grants receivable				$ 50,000
DPA
Government Assistance
Air force research laboratory award maximum	$ 24,800,000
Estimated additional grant income			$ 37,000,000
Reimbursed costs incurred			14,369,177	$ 0
Government grants receivable			1,232,025
DOTC
Government Assistance
Estimated additional grant income			6,800,000
Current estimated amount					$ 15,500,000
Reimbursement for negotiating fee (in percent)					12%
Government assistance proceeds			3,455,934
Government grants receivable			1,895,745
Government assistance, amount of costs incurred			3,085,656
Reimbursement of fee			370,278
Government assistance grant income			$ 573,394
DOTC | Maximum
Government Assistance
Amount of grants awarded					$ 15,500,000
U.S. Department of Defense ("DoD") Defense Logistics Agency
Government Assistance
Number of grants awarded | item		2
Amount of grants awarded		$ 200,000
U.S. Department of Defense ("DoD") Defense Logistics Agency | Maximum | Undefinitized Technology Investment Agreement [Member]
Government Assistance
Amount of grants awarded	$ 24,800,000

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent events - USD ($) $ in Millions	Mar. 21, 2024	Feb. 12, 2024
Subsequent Events
Gross proceeds from royalty	$ 8.5
TIA
Subsequent Events
Amount of grants awarded		$ 34.6

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Pay vs Performance Disclosure
Net Income (Loss)	$ (18,771,180)	$ (28,713,531)

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Dec. 31, 2023
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false