Silver Elephant Mining (SILEF) 20-F 29 Mar 19 2018 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2018shares
Document And Entity Information
Entity Registrant Name	PROPHECY DEVELOPMENT CORP.
Entity Central Index Key	0001545224
Document Type	20-F
Document Period End Date	Dec. 31, 2018
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Is Entity a Well-known Seasoned Issuer?	No
Is Entity a Voluntary Filer?	No
Is Entity's Reporting Status Current?	Yes
Is Entity Emerging Growth Company?	true
Elected Not To Use the Extended Transition Period	false
Entity Shell Company	false
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	95,316,127
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2018

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current assets
Cash and cash equivalents	$ 5,304,097	$ 4,100,608	$ 21,648
Receivables	36,399	34,653	91,565
Prepaid expenses	123,272	140,610	200,526
Marketable securities	0	205,600	176,000
Total current assets	5,463,768	4,481,471	489,739
Non-current assets
Restricted cash equivalents	34,500	34,500	0
Reclamation deposits	21,055	21,055	21,055
Equipment	101,162	531,911	917,607
Mineral properties	3,643,720	13,299,906	26,399,708
Total assets	9,264,205	18,368,843	27,828,109
Current liabilities
Accounts payable and accrued liabilities	1,636,786	1,895,983	2,658,018
Credit facility	0	0	1,071,560
Total current liabilities	1,636,786	1,895,983	3,729,578
Non-current liabilities
Provision for closure and reclamation	265,239	244,323	242,347
Tax provision	8,121,918	7,541,016	7,060,691
Total liabilities	10,023,943	9,681,322	11,032,616
Equity
Share capital	173,819,546	165,862,805	156,529,025
Reserves	23,413,830	22,621,202	21,482,133
Accumulated other comprehensive income/(loss)	0	12,160	0
Deficit	(197,993,114)	(179,808,646)	(161,215,665)
Total equity	(759,738)	8,687,521	16,795,493
Total liabilities and equity	$ 9,264,205	$ 18,368,843	$ 27,828,109

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
General and Administrative Expenses
Advertising and promotion	$ 471,230	$ 101,512	$ 50,125
Consulting and management fees	255,610	751,612	215,438
Depreciation and accretion	28,024	8,823	65,175
Director fees	70,378	60,600	63,240
Insurance	55,546	52,566	55,756
Office and administration	137,289	89,808	119,595
Professional fees	428,884	194,912	122,230
Salaries and benefits	827,168	260,710	256,020
Share-based payments	553,430	599,117	197,889
Stock exchange and shareholder services	239,319	163,229	107,045
Travel and accommodation	231,505	98,476	81,974
Total general and administrative expenses	(3,298,383)	(2,381,365)	(1,334,487)
Other Items
Costs in excess of recovered coal	(94,335)	(109,187)	(290,736)
Finance cost	0	(8,111)	(317,056)
Foreign exchange gain/(loss)	(412,663)	(188,464)	6,185
Interest expense	0	(21,066)	(258,640)
Impairment/(recovery) of mineral property	(13,994,970)	(14,829,267)	195,079
Impairment of prepaid expenses	(26,234)	(57,420)	0
Impairment of equipment	(425,925)	(159,666)	0
Impairment of receivables	(21,004)	(61,202)	0
(Loss)/gain on sale of marketable securities	(91,890)	(22,810)	59,698
Loss on sale of equipment	0	(1,681)	(67,348)
Loss/(gain) on debt settlement	50,000	(752,742)	0
Other income	130,936	0	0
Other income/(expense)	(14,886,085)	(16,211,616)	(672,818)
Net loss for year	(18,184,468)	(18,592,981)	(2,007,305)
Fair value gain/(loss) on marketable securities	(81,000)	12,160	0
Reclassification adjustment for realized loss on marketable securities	68,840	0	0
Comprehensive loss for year	$ (18,196,628)	$ (18,580,821)	$ (2,007,305)
Loss per common share, basic and diluted	$ (0.23)	$ (0.33)	$ (0.05)
Weighted Average number of common shares outstanding	78,445,396	55,760,700	42,120,040

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($)	Share Capital	Reserves	Accumulated Other Comprehensive Income	Deficit	Total
Beginning balance, shares at Dec. 31, 2015	34,274,743
Beginning balance, amount at Dec. 31, 2015	$ 153,281,631	$ 21,205,698	$ 0	$ (159,208,360)	$ 15,278,969
Private placements, net of share issue costs, shares	2,827,350
Private placements, net of share issue costs, amount	$ 942,746	10,183			952,929
Debt settlements, shares	10,974,437
Debt settlements, amount	$ 2,304,648				2,304,648
Exercise of warrants, amount					0
Share-based payments		266,252			266,252
Loss for the year				(2,007,305)	(2,007,305)
Unrealized gain on marketable securities					0
Ending balance, shares at Dec. 31, 2016	48,076,530
Ending balance, amount at Dec. 31, 2016	$ 156,529,025	21,482,133	0	(161,215,665)	16,795,493
Private placements, net of share issue costs, shares	20,775,060
Private placements, net of share issue costs, amount	$ 6,527,619	337,190			6,864,809
Shares issued on acquisition of property, shares	200,000
Shares issued on acquisition of property, amount	$ 96,200				96,200
Debt settlements, shares	4,019,130
Debt settlements, amount	$ 2,039,269				2,039,269
Share bonus to personnel, shares	390,000
Share bonus to personnel, amount	$ 190,320				190,320
Share compensation for services, shares	984,200
Share compensation for services, amount	$ 344,470				344,470
Exercise of stock options, shares	126,870
Exercise of stock options, amount	$ 65,252	(14,567)			50,685
Exercise of warrants, shares	150,000
Exercise of warrants, amount	$ 70,650	(10,650)			60,000
Share-based payments		827,096			827,096
Loss for the year				(18,592,981)	(18,592,981)
Unrealized gain on marketable securities			12,160		12,160
Ending balance, shares at Dec. 31, 2017	74,721,790
Ending balance, amount at Dec. 31, 2017	$ 165,862,805	22,621,202	12,160	(179,808,646)	8,687,521
Private placements, net of share issue costs, shares	16,061,417
Private placements, net of share issue costs, amount	$ 6,096,621				6,096,621
Warrants issued for mineral property		181,944			181,944
Exercise of stock options, shares	87,500
Exercise of stock options, amount	$ 39,500	(15,350)			24,150
Exercise of warrants, shares	3,445,420
Exercise of warrants, amount	$ 1,470,620	(132,453)			1,338,167
Bonus shares, shares	1,000,000
Bonus shares, amount	$ 350,000				350,000
Share-based payments		758,487			758,487
Loss for the year				(18,184,468)	(18,184,468)
Unrealized gain on marketable securities			(12,160)		(12,160)
Ending balance, shares at Dec. 31, 2018	95,316,127
Ending balance, amount at Dec. 31, 2018	$ 173,819,546	$ 23,413,830	$ 0	$ (197,993,114)	$ (759,738)

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Operating Activities
Net loss for year	$ (18,184,468)	$ (18,592,981)	$ (2,007,305)
Adjustments to reconcile net loss to net cash flows:
Depreciation and accretion	28,024	8,823	65,175
Share-based payments	553,430	599,117	197,889
Finance cost	0	8,111	317,056
Interest costs	0	21,066	258,640
Unrealized foreign exchange (gain)/loss	580,902	480,325	(227,164)
Share compensation for services	350,000	344,470	0
Impairment/(recovery) of mineral property	13,994,970	14,829,267	(195,079)
Impairment of prepaid expenses	26,234	57,420	0
Impairment of property and equipment	425,925	159,666	0
Impairment of receivables	21,004	61,202	0
(Loss)/gain on sale of marketable securities	91,890	22,810	(59,698)
Loss on sale of equipment	0	1,681	67,348
Loss on debt settlement	(50,000)	752,742	0
Total adjustments before working capital	(2,112,089)	(1,246,281)	(1,583,138)
Working capital adjustments
Receivables	(22,750)	(4,290)	308,724
Prepaid expenses and reclamation deposits	(8,896)	2,496	9,231
Accounts payable and accrued liabilities and tax provision	(482,952)	540,844	811,583
Total working capital adjustments	(514,598)	539,050	1,129,538
Cash used in operating activities	(2,626,687)	(707,231)	(453,600)
Investing Activities
Cash received from GIC redemption	0	0	34,500
Purchase of GIC	0	(34,500)	0
Net (purchases)/proceeds from marketable securities	101,550	(40,250)	59,698
Proceeds from sale of property and equipment	0	0	12,331
Purchase of property and equipment	(120,416)	(515,609)	0
Mineral property acquisition and expenditures	(3,609,896)	(1,398,207)	(712,901)
Cash used in investing activities	(3,628,762)	(1,988,566)	(606,372)
Financing Activities
Funds borrowed under credit facility	0	163,405	341,116
Credit facilities paid	0	(343,076)	(234,714)
Interest paid	0	(21,066)	(11,253)
Proceeds from share issuance, net of share issue costs	6,096,621	6,864,809	952,929
Proceeds from exercise of options	24,150	50,685	0
Proceeds from exercise of warrants	1,338,167	60,000	0
Cash provided by financing activities	7,458,938	6,774,757	1,048,078
Net increase (decrease) in cash	1,203,489	4,078,960	(11,894)
Cash - beginning of year	4,100,608	21,648	33,542
Cash - end of year	$ 5,304,097	$ 4,100,608	$ 21,648

DESCRIPTION OF BUSINESS AND NAT

DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2018
Description Of Business And Nature Of Operations
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS	Prophecy Development Corp. (“ Prophecy Company Shares TSX Prophecy Development Corp. is an exploration and development stage company focusing on the development of its Gibellini vanadium project, the Company’s only material property. In Nevada, the Company currently holds a 100% interest in the Gibellini Project, which it aims to make the first operating primary vanadium mine in North America. The Company also has a 100% interest in the Titan vanadium-titanium-iron property located in Ontario, Canada, a 100% interest in the Ulaan Ovoo coal property located in Selenge province, Mongolia and a 100% interest in the Chandgana Tal coal property and Khavtgai Uul coal property located in Khentii province, Mongolia. The Company also holds the land use right and construction license for the Chandgana 600MW Coal-Fired Mine Mouth Power Plant project located in Khentii province, Mongolia. The Company also holds a mining joint venture interest in the Pulacayo Paca silver-lead-zinc property located in Quijarro province, Bolivia. The Company maintains its registered and records office at Suite 1610 – 409 Granville Street, Vancouver, British Columbia, Canada, V6C 1T2. These consolidated audited annual financial statements have been prepared under the assumption that the Company is a going concern. The Company currently does not generate any revenue and is dependent on raising additional funds through of equity, debt, disposition of assets, or some combination thereof, to continue the advancement of the Company’s projects. Existing working capital is expected to be sufficient to cover non-discretionary operating expenditures for the next twelve months.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2018
Basis Of Presentation
BASIS OF PRESENTATION	These Annual Financial Statements have been prepared in accordance with International Financial Reporting Standards, (“ IFRS IASB The preparation of financial statements in compliance with IFRS requires the use of certain critical accounting estimates. It also requires the Company’s management to exercise judgment in applying the Company’s accounting policies. The areas where significant judgments and estimates have been made in preparing these Annual Financial Statements and their effect are disclosed in Note 5. These Annual Financial Statements have been prepared on a historical cost basis, except for financial instruments classified as marketable securities and fair value through profit or loss (“ FVTPL The accounting policies set out in Note 6 have been applied consistently by the Company and its subsidiaries to all periods presented. The Annual Consolidated Financial Statements were reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on March 29, 2019.

BASIS OF CONSOLIDATION

BASIS OF CONSOLIDATION	12 Months Ended
	Dec. 31, 2018
Basis Of Consolidation
BASIS OF CONSOLIDATION	The Annual Financial Statements comprise the financial statements of the Company and its wholly owned and partially-owned subsidiaries as at December 31, 2018. Subsidiaries are consolidated from the date of acquisition, being the date on which the Company obtains control, and continue to be consolidated until the date when such control ceases. Effects of transactions between related companies are eliminated on consolidation. The financial statements of the subsidiaries are prepared for the same reporting period as the parent company. Accounting policies of the subsidiaries have been changed where necessary to ensure consistency with the policies adopted by the Company. The Company’s most significant subsidiaries at December 31, 2018 are presented in the following table: Subsidiary Location Ownership interest Operations and Projects Owned Vanadium Gibellini Company LLC USA 100% Gibellini project VC Exploration (US) Inc, USA 100% Gibellini project 0912601 B.C. Ltd. Canada 100% Titan project Apogee Minerals Bolivia S. A. Bolivia 98% Pulacayo project ASC Holdings Limited Bolivia 100% Pulacayo project Red Hill Mongolia LLC Mongolia 100% Ulaan Ovoo mine Chandgana Coal LLC Mongolia 100% Chandgana project

CHANGES IN ACCOUNTING POLICIES

CHANGES IN ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
Disclosure of voluntary change in accounting policy [abstract]
CHANGES IN ACCOUNTING POLICIES	The following standards have been published and are mandatory for the Company’s annual accounting periods no earlier than January 1, 2018: On January 1, 2018, the Company adopted IFRS 9 – Financial Instruments (" IFRS 9 The following summarizes the significant changes in IFRS 9 compared to the current standard: ● IFRS 9 uses a single approach to determine whether a financial asset is classified and measured at amortized cost or fair value. The classification and measurement of financial assets is based on the Company's business models for managing its financial assets and whether the contractual cash flows represent solely payments for principal and interest. The change did not impact the carrying amounts of any of the Company’s financial assets on the transition date. Prior periods were not restated, and no material changes resulted from adopting this new standard. ● The adoption of the new "expected credit loss" impairment model under IFRS 9, as opposed to an incurred credit loss model under IAS 39, had no impact on the carrying amounts of our financial assets on the transition date given the Company transacts exclusively with large international financial institutions and other organizations with strong credit ratings. The Company’s financial instruments are accounted for as follows under IFRS 9 as compared to the Company’s previous policy in accordance with IAS 39. January 1, 2018 IAS 39 IFRS 9 Assets Cash Fair value through profit or loss Fair value through profit or loss Restricted cash equivalents Amortized cost Amortized cost Receivables Amortized cost Amortized cost Marketable securities Fair value through other comprehensive income Fair value through other comprehensive income Liabilities Accounts payable and accrued liabilities Amortized cost Amortized cost Under IFRS 9, the Company’s equity marketable securities are designated as financial assets at fair value through other comprehensive income or loss. Upon adoption of IFRS 9, The Company has made an irrevocable election to recognize changes in fair value of marketable securities through other comprehensive income or loss as they are not considered to be held for trading. IFRS 15 ‘Revenue from Contracts with Customers’ IFRS 15 . ’ IFRS 16 Leases IFRS 16 There are other new standards, amendments to standards and interpretations that have been published and are not yet effective. The Company believes they will have no material impact to its consolidated financial statements.

SIGNIFICANT JUDGMENTS, ESTIMATE

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS	12 Months Ended
	Dec. 31, 2018
Disclosure of changes in accounting estimates [abstract]
SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS	The preparation of a company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continually evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. 5.1 Significant Judgments The significant judgments that the Company’s management has made in the process of applying the Company’s accounting policies, apart from those involving estimation uncertainties (Annual financial statements 5.2), that have the most significant effect on the amounts recognized in the Annual Financial Statements include, but are not limited to: (a) Functional currency determination The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment and the Company reconsiders the functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. Management has determined the functional currency of all entities to be the Canadian dollar. (b) Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs Management has determined that exploratory drilling, evaluation, development and related costs incurred which have been capitalized are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geologic and metallurgic (b) Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs (cont’d...) information, history of conversion of mineral deposits to proven and probable reserves, scoping, prefeasibility and feasibility studies, assessable facilities, existing permits and life of mine plans. Management has determined that during the year ended December 31, 2017, none of the Company’s silver and vanadium projects have reached technical feasibility and commercial viability and therefore remain within Mineral Properties on the Statement of Financial Position. (c) Impairment assessment of deferred exploration interests The Company considers both external and internal sources of information in assessing whether there are any indications that mineral property interests are impaired. External sources of information the Company considers include changes in the market, economic and legal environment in which the Company operates that are not within its control and affect the recoverable amount of mineral property interest. Internal sources of information the Company considers include the manner in which mineral properties and plant and equipment are being used or are expected to be used and indications of economic performance of the assets. During the year ended December 31, 2018, the Company wrote-off $13,994,970 of capitalized mineral property costs (Note 13). (d) Deferred Tax Liability Judgement is required to determine which types of arrangements are considered to be a tax on income in contrast to an operating cost. Judgement is also required in determining whether deferred tax liabilities are recognised in the statement of financial position. Deferred tax liabilities, including those arising from un-utilised tax gains, require management to assess the likelihood that the Company will generate sufficient taxable losses in future periods, in order to offset recognised deferred tax liabilities. Assumptions about the generation of future taxable losses depend on management’s estimates of future cash flows. These estimates of future taxable losses are based on forecast cash flows from operations (which are impacted by production and sales volumes, commodity prices, reserves, operating costs, closure and rehabilitation costs, capital expenditure, and other capital management transactions) and judgement about the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable losses differ significantly from estimates, the ability of the Company to offset the net deferred tax liabilities recorded at the reporting date could be impacted. 5.2 Estimates and Assumptions The Company bases its estimates and assumptions on current and various other factors that it believes to be reasonable under the circumstances. Management believes the estimates are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows. The areas which require management to make significant estimates and assumptions in determining carrying values include, but are not limited to: (a) Mineral reserves The recoverability of the carrying value of the mineral properties is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. (b) Depreciation Significant judgment is involved in the determination of useful life and residual values for the computation of depreciation, depletion and amortization and no assurance can be given that actual useful lives and residual values will not differ significantly from current assumptions. (c) Impairment The carrying value of long-lived assets are reviewed each reporting period to determine whether there is any indication of impairment. If the carrying amount of an asset exceeds its recoverable amount, the asset is impaired, and an impairment loss is recognized in the consolidated statement of operations. The assessment of fair values, including those of the cash generating units (the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflow from other assets or groups of assets) (“ CGUs (d) Allowance for doubtful accounts, and the recoverability of receivables and prepaid expense amounts. Significant estimates are involved in the determination of recoverability of receivables and no assurance can be given that actual proceeds will not differ significantly from current estimations. Similarly, significant estimates are involved in the determination of the recoverability of services and/or goods related to the prepaid expense amounts, and actual results could differ significantly from current estimations. Management has made significant assumptions about the recoverability of receivables and prepaid expense amounts. During the year ended December 31,2018 the Company wrote-off $21,004 (2017-$61,202) of trade receivables which are no longer expected to be recovered and $26,234 (2017 - $57,420) of prepaid expenses for which not future benefit is expected to be received. (d) Provision for closure and reclamation The Company assesses its mineral properties’ rehabilitation provision at each reporting date or when new material information becomes available. Exploration, development and mining activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing, and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for reclamation obligations requires management to make estimates of the future costs that the Company will incur to complete the reclamation work required to comply with existing laws and regulations at each location. Actual costs incurred may differ from those amounts estimated. Also, future changes to environmental laws and regulations could increase the extent of reclamation and remediation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for reclamation and remediation. The provision represents management’s best estimate of the present value of the future reclamation and remediation obligation. The actual future expenditures may differ from the amounts currently provided. (f) Share-based payments Management uses valuation techniques in measuring the fair value of share purchase options granted. The fair value is determined using the Black Scholes option pricing model which requires management to make certain estimates, judgement, and assumptions in relation to the expected life of the share purchase options and share purchase warrants, expected volatility, expected risk-free rate, and expected forfeiture rate. Changes to these assumptions could have a material impact on the Annual Financial Statements. (g) Contingencies The assessment of contingencies involves the exercise of significant judgment and estimates of the outcome of future events. In assessing loss contingencies related to legal proceedings that are pending against the Company and that may result in regulatory or government actions that may negatively impact the Company’s business or operations, the Company and its legal counsel evaluate the perceived merits of the legal proceeding or unasserted claim or action as well as the perceived merits of the nature and amount of relief sought or expected to be sought, when determining the amount, if any, to recognize as a contingent liability or when assessing the impact on the carrying value of the Company’s assets. Contingent assets are not recognized in the Annual Financial Statements. (h) Fair value measurement The Company measures financial instruments at fair value at each reporting date. The fair values of financial instruments measured at amortized cost are disclosed in Note 20. Also, from time to time, the fair values of non-financial assets and liabilities are required to be determined, e.g., when the entity acquires a business, completes an asset acquisition or where an entity measures the recoverable amount of an asset or cash-generating unit at fair value less costs of disposal. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest. A fair value measurement of a non-financial asset takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use or by selling it to another market participant that would use the asset in its highest and best use. The Company uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximising the use of relevant observable inputs and minimising the use of unobservable inputs. Changes in estimates and assumptions about these inputs could affect the reported fair value.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2018
Summary Of Significant Accounting Policies
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	(a) Restricted cash equivalents Restricted cash equivalents consist of highly liquid investments pledged as collateral for the Company’s credit card and are readily convertible to known amounts of cash. (b) Mineral properties Mineral property assets consist of exploration and evaluation costs. Costs directly related to the exploration and evaluation of resource properties are capitalized to mineral properties once the legal rights to explore the resource properties are acquired or obtained. These costs include acquisition of rights to explore, license and application fees, topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching, sampling, and activities in relation to evaluating the technical feasibility and commercial viability of extracting a mineral resource. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Mineral properties are reviewed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. From time to time, the Company acquires or disposes of properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee and, accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. After costs are recovered, the balances of the payments received are recorded as a gain on option or disposition of mineral property. (i) Title to mineral properties Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title, nor has the Company insured title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements. (ii) Realization of mineral property assets The investment in and expenditures on mineral property interests comprise a significant portion of the Company’s assets. Realization of the Company’s investment in these assets is dependent upon the establishment of legal ownership, and the attainment of successful production from properties or from the proceeds of their disposal. Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into profitable producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore. The amounts shown for acquisition costs and deferred exploration expenditures represent costs incurred to date and do not necessarily reflect present or future values. (ii) Environmental The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. Other than as disclosed in Note 16, the Company is not aware of any existing environmental issues related to any of its current or former properties that may result in material liability to the Company. Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company’s operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated. (c) Equipment Equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Depreciation of equipment is recorded on a declining-balance basis at the following annual rates: Computer equipment 45% Computer software 100% Furniture and equipment 20% Leasehold improvement Straight line / 5 years Mining equipment 20% Vehicles 30% When parts of major components of equipment have different useful lives, they are accounted for as a separate item of equipment. The cost of major overhauls of part of equipment is recognized in the carrying amount of the item if is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred. (d) Impairment of non-current assets and Cash Generating Units (“ CGU At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU, where the recoverable amount of the CGU is the greater of the CGU’s fair value less costs to sell and its value in use to which the assets belong. In assessing value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of comprehensive loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Each project or group of claims or licenses is treated as a CGU. The Company uses its best efforts to fully understand all of the aforementioned to make an informed decision based upon historical and current facts surrounding the projects. Discounted cash flow techniques often require management to make estimates and assumptions concerning reserves and expected future production revenues and expenses, which can vary from actual. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. (e) Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Where funds are borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where surplus funds are available for a short-term from funds borrowed specifically to finance a project, the income generated from the temporary investment of such amounts is also capitalized and deducted from the total capitalized borrowing cost. Where the funds used to finance a project are from part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. All other borrowing costs are recognized in profit or loss in the period in which they are incurred. (f) Foreign currency translation Transactions in currencies other than the functional currency are recorded at the prevailing exchange rates on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates at the date of the consolidated statement of financial position. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising from this translation are included in the determination of net loss for the year. (g) Revenue recognition The Company recognizes interest income on its cash on an accrual basis at the stated rates over the term to maturity. Sales of coal are recognized when the risks and rewards of ownership pass to the customer and the price can be measured reliably. Sales contracts and revenue is recognized based on the terms of the contract. Revenue is measured at the fair value of the consideration received, excluding discounts and rebates. Royalties related to production are recorded in cost of sales. Sales of coal are generated from incidental coal sales and are recorded net of associated costs. (h) Unit offerings Proceeds received on the issuance of units, consisting of common shares and warrants, are allocated first to common shares based on the market trading price of the common shares at the time the units are priced, and any excess is allocated to warrants. (i) Share-based payments The Company has a share purchase option plan that is described in Note 18. The Company accounts for share-based payments using a fair value-based method with respect to all share-based payments to directors, officers, employees, and service providers. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of the goods or services received or if such fair value is not reliably measurable, at the fair value of the equity instruments issued. The fair value is recognized as an expense or capitalized to mineral properties or property and equipment with a corresponding increase in option reserve. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period. Upon the exercise of the share purchase option, the consideration received, and the related amount transferred from option reserve are recorded as share capital. (j) Loss per share Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options and warrants. Under this method the dilutive effect on earnings per share is calculated presuming the exercise of outstanding options and warrants. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. (k) Income taxes The Company uses the asset and liability method to account for income taxes. Deferred income taxes are recognized for the future income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax basis on the statement of financial position date. Deferred income tax assets and liabilities are measured using the tax rates expected to be in effect when the temporary differences are likely to reverse. The effect on deferred income tax assets and liabilities of a change in tax rates is included in operations in the period in which the change is enacted or substantively enacted. The amount of deferred income tax assets recognized is limited to the amount of the benefit that is probable upon recovery. (l) Provision for closure and reclamation The Company assesses its property, equipment and mineral property rehabilitation provision at each reporting date. Changes to estimated future costs are recognized in the statement of financial position by either increasing or decreasing the rehabilitation liability and asset to which it relates if the initial estimate was originally recognized as part of an asset measured in accordance with IAS 16 Property, Plant and Equipment The Company records the present value of estimated costs of legal and constructive obligations required to restore operations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures; rehabilitating mineral properties; dismantling operating facilities; closure of plant and waste sites; and restoration, reclamation and vegetation of affected areas. Present value is used where the effect of the time value of money is material. The related liability is adjusted each period for the unwinding of the discount rate and for changes in estimates, changes to the current market-based discount rate, and the amount or timing of the underlying cash flows needed to settle the obligation. (m) Financial instruments Classification Financial assets are classified at initial recognition as either: measured at amortized cost, FVTPL or fair value through other comprehensive income ("FVOCI"). The classification depends on the Company’s business model for managing the financial assets and the contractual cash flow characteristics. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL or the Company has opted to measure at FVTPL. Measurement Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statement of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statement of operations and comprehensive loss in the period in which they arise. Where the Company has opted to designate a financial liability at FVTPL, any changes associated with the Company's credit risk will be recognized in OCI. Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment. Impairment The Company assesses on a forward looking basis the expected credit losses ("ECL") associated with financial assets measured at amortized cost, contract assets and debt instruments carried at FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Please refer to Note 20 for relevant fair value measurement disclosures.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2018
Disclosure of operating segments [abstract]
SEGMENTED INFORMATION	The Company operates in one operating segment, being the acquisition, exploration and development of mineral properties. Geographic segmentation of Prophecy’s non-current assets is as follows: December 31, 2018 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 14,839 22,713 33,440 30,170 101,162 Mineral properties - 3,643,720 - - 3,643,720 $ 14,839 $ 3,666,433 $ 54,495 $ 30,170 $ 3,765,937 December 31, 2017 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 18,376 - 48,364 465,171 531,911 Mineral properties - 490,356 - 12,809,550 13,299,906 $ 18,376 $ 490,356 $ 69,419 $ 13,274,721 $ 13,852,872 December 31, 2016 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 22,816 - 329,912 564,879 917,607 Mineral properties - - 14,418,765 11,980,943 26,399,708 $ 22,816 $ - $ 14,769,732 $ 12,545,822 $ 27,338,370

CASH AND CASH EQUIVALENTS

CASH AND CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2018
Cash and cash equivalents [abstract]
CASH AND CASH EQUIVALENTS	Cash and restricted cash equivalents of Prophecy are comprised of bank balances and a guaranteed investment certificate which can be readily converted into cash without significant restrictions, changes in value or penalties. December 31, 2018 December 31, 2017 December 31, 2016 Cash $ 804,097 $ 4,100,608 $ 21,648 Cash equivalents 4,500,000 - - Restricted cash equivalents 34,500 34,500 - $ 5,338,597 $ 4,135,108 $ 21,648 Cash Equivalents Restricted Cash Equivalents As at December 31, 2018, a guaranteed investment certificate of $34,500 (2017 – 34,500), (2016 -$Nil) has been pledged as collateral for the Company’s credit card. (a)

RECEIVABLES

RECEIVABLES	12 Months Ended
	Dec. 31, 2018
Trade and other current receivables [abstract]
RECEIVABLES	Trade receivables are non-interest-bearing and are generally on terms of 30 to 90 days. December 31, 2018 December 31, 2017 December 31, 2016 Input tax recoverable $ 36,399 $ 10,562 $ 1,388 Trade receivable - 24,091 90,177 $ 36,399 $ 34,653 $ 91,565 During the year ended December 31, 2018, the Company wrote-off $21,004 (2017 - $61,202, 2016 - $Nil) of trade receivables which are no longer expected to be recovered.

PREPAID EXPENSES

PREPAID EXPENSES	12 Months Ended
	Dec. 31, 2018
Current prepayments [abstract]
PREPAID EXPENSES	December 31, 2018 December 31, 2017 December 31, 2016 General $ 47,216 $ - $ 57,681 Insurance 57,882 41,029 40,969 Environmental and taxes 8,789 47,508 40,695 Transportation and fuel - - 23,863 Rent 9,385 11,458 37,318 Market advisors - 40,615 - $ 123,272 $ 140,610 $ 200,526 During the year ended December 31, 2018, the Company wrote-off $26,234 (2017 - $57,420, 2016 - $Nil) of prepaid expenses for which no future benefit is expected to be received.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2018
Available-for-sale financial assets [abstract]
MARKETABLE SECURITIES	Marketable securities consist of investment in common shares of public companies and therefore have no fixed maturity date or coupon rate. The fair value of the listed marketable securities has been determined directly by reference to published price quotation in an active market. During the year ended December 31, 2018, the Company sold all its marketable securities for proceeds of $162,490 and a realized loss of $91,890. Following the disposal of the shares, the Company reclassified the cumulative loss previously recognized in other comprehensive income of $68,840 to profit and loss on the sale of marketable securities. The following table summarized information regarding the Company’s marketable securities as at December 31, 2016, 2017, and 2018: Marketable securities 2018 2017 2016 Balance, beginning of period $ 205,600 $ 176,000 $ - Additions 60,940 193,440 176,000 Disposals (162,490 ) (153,190 ) - Realized loss on disposal (91,890 ) (22,810 ) - Unrealized gain/(loss) on mark-to-market (12,160 ) 12,160 - Balance, end of period $ - $ 205,600 $ 176,000

EQUIPMENT

EQUIPMENT	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
EQUIPMENT	During the year ended December 31, 2018, the Company wrote-off $425,925 of mining equipment in Bolivia that was no longer in use. During the year ended December 31, 2017, the Company wrote-off $159,666 (2016 - $Nil) of equipment in Mongolia that was no longer in use. On October 10, 2018, the Company signed a lease agreement (the “ Lease Lessee Production Royalty The Lease is valid for 3 years with an annual advance royalty payment (“ ARP The 3-year Lease can be extended upon mutual agreement. The impaired value of $Nil for deferred development costs at Ulaan Ovoo property at December 31, 2018 remains unchanged. The following table summarized information regarding the Company’s equipment as at December 31, 2016, 2017, and 2018: Computer Furniture & Computer Leasehold Mining Equipment Equipment Software Vehicles Improvements Equipment Total Cost Balance, December 31, 2015 $ 161,959 $ 388,933 $ 197,813 $ 459,229 $ 172,818 $ 1,574,098 $ 2,954,850 Disposals (61,738 ) (109,720 ) - (5,375 ) (172,818 ) (39,353 ) (389,004 ) Balance, December 31, 2016 $ 100,221 $ 279,213 $ 197,813 $ 453,854 $ - $ 1,534,745 $ 2,565,846 Accumulated depreciation Balance, December 31, 2015 $ 135,912 $ 230,867 $ 197,813 $ 330,345 $ 135,086 $ 617,344 $ 1,647,367 Depreciation for year 12,053 29,443 - 26,129 - 242,572 310,197 Disposals (53,065 ) (78,671 ) - (16,558 ) (135,086 ) (25,945 ) (309,325 ) Balance, December 31, 2016 $ 94,900 $ 181,639 $ 197,813 $ 339,916 $ - $ 833,971 $ 1,648,239 Carrying amount At December 31, 2015 $ 26,047 $ 158,066 $ - $ 128,884 $ 37,732 $ 956,754 $ 1,307,483 At December 31, 2016 $ 5,321 $ 97,574 $ - $ 113,938 $ - $ 700,774 $ 917,607 Cost Balance, December 31, 2016 $ 100,221 $ 279,213 $ 197,813 $ 453,854 $ - $ 1,534,745 $ 2,565,846 Additions (147 ) (2,383 ) - - - - (2,530 ) Impairment charge - - - (281,162 ) - (219,916 ) (501,078 ) Balance, December 31, 2017 $ 100,074 $ 276,830 $ 197,813 $ 172,692 $ - $ 1,314,829 $ 2,062,238 Accumulated depreciation Balance, December 31, 2016 $ 94,900 $ 181,639 $ 197,813 $ 339,916 $ - $ 833,971 $ 1,648,239 Depreciation for year 1,795 35,434 - 18,434 - 167,837 223,500 Impairment charge - - - (228,508 ) - (112,904 ) (341,412 ) Balance, December 31, 2017 $ 96,695 $ 217,073 $ 197,813 $ 129,842 $ - $ 888,904 $ 1,530,327 Carrying amount At December 31, 2016 $ 5,321 $ 97,574 $ - $ 113,938 $ - $ 700,774 $ 917,607 At December 31, 2017 $ 3,379 $ 59,757 $ - $ 42,850 $ - $ 425,925 $ 531,911 Cost Balance, December 31, 2017 $ 100,074 $ 276,830 $ 197,813 $ 172,692 $ - $ 1,314,829 $ 2,062,238 Additions/Disposals 3,180 2,015 - - - 24,476 29,671 Impairment charge - - - - - (1,314,829 ) (1,314,829 ) Balance, December 31, 2018 $ 103,254 $ 278,845 $ 197,813 $ 172,692 $ - $ 24,476 $ 777,080 Accumulated depreciation Balance, December 31, 2017 $ 96,695 $ 217,073 $ 197,813 $ 129,842 $ - $ 888,904 $ 1,530,327 Depreciation for period 1,316 16,351 - 13,337 - 3,491 34,495 Impairment charge - - - - - (888,904 ) (888,904 ) Balance, December 31, 2018 $ 98,011 $ 233,424 $ 197,813 $ 143,179 $ - $ 3,491 $ 675,918 Carrying amount At December 31, 2017 $ 3,379 $ 59,757 $ - $ 42,850 $ - $ 425,925 $ 531,911 At December 31, 2018 $ 5,243 $ 45,421 $ - $ 29,513 $ - $ 20,985 $ 101,162

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2018
Investment property [abstract]
MINERAL PROPERTIES	Titan Chandgana Tal Khavtgai Uul Pulacayo Paca Gibellini Total Balance, December 31, 2015 $ - $ 11,040,916 $ 3,139,891 $ 11,115,403 $ - $ 25,296,210 Additions: - Deferred exploration costs: - Licenses, power plant application - 93,505 89,184 4,970 - 187,659 Geological and consulting - 48,533 - 146,051 - 194,584 Personnel, camp and general - 3,368 3,368 714,519 - 721,255 - 145,406 92,552 865,540 - 1,103,498 Balance, December 31, 2016 $ - $ 11,186,322 $ 3,232,443 $ 11,980,943 $ - $ 26,399,708 Additions: Acquisition cost $ 96,200 $ - $ - $ - $ 58,790 $ 154,990 Deferred exploration costs: Licenses, power plant application - 27,190 242,766 - 74,876 344,832 Geological and consulting - 39,362 - 102,592 272,620 414,574 Personnel, camp and general - 2,492 2,492 726,015 84,070 815,069 - 69,044 245,258 828,607 431,566 1,574,475 Impairment (96,200 ) (11,255,366 ) (3,477,701 ) - - (14,829,267 ) Balance, December 31, 2017 $ - $ - $ - $ 12,809,550 $ 490,356 $ 13,299,906 Additions: Acquisition cost $ - $ - $ - $ - $ 425,605 $ 425,605 Deferred exploration costs: Licenses, tax, and permits - 1,271 261,168 - 387,149 649,588 Geological and consulting - - - 51,112 1,509,587 1,560,699 Personnel, camp and general - 20,590 3,741 847,538 831,023 1,702,892 - 21,861 264,909 898,650 2,727,759 3,913,179 Impairment - (21,861 ) (264,909 ) (13,708,200 ) - (13,994,970 ) Balance, December 31, 2018 $ - $ - $ - $ - $ 3,643,720 $ 3,643,720 Gibellini Project, Nevada, United States Gibellini Project The Gibellini Project consists of a total of 354 unpatented lode mining claims that include: the Gibellini group of 40 claims, the VC Exploration group of 105 claims, and the Prophecy group of 209 claims. All the claims are Gibellini Group The Gibellini group of claims was acquired on June 22, 2017, through lease from the claimant (the “ Gibellini Lessor “ Gibellini MLA On April 23, 2018, the Company announced an amendment to the Gibellini MLA, whereby Prophecy has been granted the right to cause the Gibellini Lessor of the Gibellini mineral claims to transfer their title to the claims to Prophecy. With the amendment, Prophecy will have the option to, at any time during the term of the Gibellini MLA, require the Gibellini Lessor to transfer title over all of the leased, unpatented lode mining claims (excluding four claims which will be retained by the Gibellini Lessor (the “ Transferred Claims Transfer Payment On June 22, 2018, the Company paid US$101,943 of the annual royalty payment to the Gibellini Lessor. VC Exploration Group On July 13, 2017, the Company acquired (through lease under the mineral lease agreement “ Louie Hill MLA Former Louie Hill Lessors 10 unpatented lode claims totaling approximately 207 acres that comprised the Louie Hill group of claims Under the Louie Hill MLA, the Company is required to make payments as follows: cash payment of US$10,000 (paid), annual advance royalty payments which will be tied, based on an agreed formula (not to exceed US$28,000 per year), to the average vanadium pentoxide price for the prior year. Upon commencement of production, Prophecy will pay to the Former Louie Hill Lessors, a 2.5% NSR of which, 1.5% of the NSR may be purchased at any time by Prophecy for US$1,000,000, leaving the total NSR to be reduced to 1% over the remaining life of the mine (and referred to thereafter, as “production royalty payments”). All advance royalty payments made, will be deducted as credits against future production royalty payments. The lease will be for a term of 10 years, which can be extended for an additional 10 years at Prophecy’s option. On October 22, 2018, the Company and Former Louie Hill Lessors Royalty Agreement www.metalbulletin.com Metal Bulletin On February 15, 2018, the Company acquired 105 unpatented lode mining claims located adjacent to its Gibellini Project through the acquisition of 1104002 B.C. Ltd. and its Nevada subsidiary VC Exploration (US) Inc. VC Exploration ( $89,944) Prophecy Group During 2017 and 2018, the Company expanded the land position at the Gibellini Project, by staking a total of 209 new claims immediately adjacent to the Gibellini Project covering 4091 acres. Impairment of Pulacayo Paca Property, Bolivia The Pulacayo property, a silver-lead-zinc project located in southwestern Bolivia, was acquired on January 2, 2015 through the acquisition of 100% of Apogee’s interest in ASC Holdings Limited and ASC Bolivia LDC, which together, hold ASC Bolivia LDC Sucursal Bolivia (“ ASC ASC controls the mining rights to the Pulacayo Project through a joint venture agreement entered into between itself and the Pulacayo Ltda. Mining Cooperative on July 30, 2002 (the “ ASC Joint Venture During the year ended December 31, 2018, the Company determined there were several indicators of potential impairment of the carrying value of the Pulacayo Paca property. The indicators of potential impairment were as follows: (i) change in the Company’s primary focus to the Gibellini Project; (ii) management’s decision to suspend further exploration activities; and (iii) no positive decision from the Bolivian Government to grant mining production contract to develop the project. As result, in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources IAS 36, Impairment of Assets Previously Impaired Properties Chandgana Properties, Mongolia Chandgana Tal In March 2006, the Company acquired a 100% interest in the Chandgana Tal property, a coal exploration property consisting of two exploration licenses located in the northeast part of the Nyalga coal basin, approximately 290 kilometers east of Ulaanbaatar, Mongolia. In March 2011, the Company obtained a mine permit from Ministry of Mineral Resources and Energy for the Chandgana Tal coal project. Khavtgai Uul Property, Mongolia In 2007, the Company acquired a 100% interest in the Chandgana Khavtgai property, a coal exploration property consisting of one license located in the northeast part of the Nyalga coal basin. Impairment of Chandgana Properties During the year ended December 31, 2017, the Company determined there were several indicators of potential impairment of the carrying value of the Chandgana Tal and Khavtgai Uul properties. The indicators of potential impairment were as follows: (iv) decreased coal demand from local customers; (v) no positive decision from the Mongolian Government to construct the Chandgana Power Plant; (vi) management’s decision to suspend further exploration activities; and (vii) change in the Company primary focus to Gibellini Project. As result, in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources IAS 36, Impairment of Assets amount of $nil resulted in an impairment charge of $14,733,067 against the value of the deferred exploration costs, which was reflected on the consolidated statement of operations. As at and for the year ended December 31, 2018, there were no changes to the impairment assessment and accordingly all costs incurred during the year ended December 31, 2018, were written off. Titan Property, Ontario, Canada The Company has a 100% interest in the Titan property, a vanadium-titanium-iron project located in Ontario, Canada. In January 2010, the Company entered into an option agreement with Randsburg International Gold Corp. (“ Randsburg At December 31, 2014, due to market conditions, the Company impaired the value of the property to $nil. On February 10, 2017, the Company negotiated with Randsburg to acquire the remaining 20% title interest of Randsburg in the Titan project by issuing to Randsburg 20,000 Shares at a value of $4.81 per Share. As there were no benchmark or market changes from January 1, 2015 to December 31, 2018, the impaired value of $nil for Titan property remains unchanged. Therefore, the Company recorded an impairment loss of $96,200 on the acquisition of the remaining title interest in Titan which was reflected on the consolidated statement of operations and comprehensive loss during the year ended December 31, 2017. Okeover Property, British Columbia, Canada The Company had a 60% interest in the Okeover property, a copper-molybdenum project in the Vancouver Mining Division of southwestern British Columbia, Canada. At December 31, 2014, due to market conditions and the difficulty to raise additional financing, as well as Prophecy’s inactivity on the Okeover property in recent years, the Company impaired the value to $nil. On September 22, 2016, the Company sold its 60% interest in the Okeover property to Lorraine Copper Corp. (“ Lorraine

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2018
Trade and other current payables [abstract]
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	Accounts payable and accrued liabilities of the Company consist of amounts outstanding for trade and other purchases relating to development and exploration, along with administrative activities. The usual credit period taken for trade purchases is between 30 to 90 days. December 31, 2018 December 31, 2017 December 31, 2016 Trade accounts payable $ 1,536,786 $ 1,644,995 $ 2,224,134 Accrued liabilities 100,000 250,988 433,884 $ 1,636,786 $ 1,895,983 $ 2,658,018

CREDIT FACILITY

CREDIT FACILITY	12 Months Ended
	Dec. 31, 2018
Credit Facility
CREDIT FACILITY	In order to meet interim working capital requirements to fund the Company’s business operations and financial commitments, the Company arranged a revolving credit facility with Linx Partners Ltd. (“ Linx Credit Facility The Credit Facility had a maximum principal amount available for advance of $1.5 million, a two-year term (formerly one year, but amended on May 5, 2015 and approved by the TSX) with an option to extend it for any number of subsequent one-year terms and bears an interest at a rate of 1.5% per month with unpaid amounts accruing interest on the same terms. On February 24, 2016, the Company Second Amendment Bonus a portion of the amounts owing and remove the requirement for the Company to pay any 20% penalties as a result of any future failure to repay any amounts when due under the terms of the Credit Facility. Including the interest on the Bonus and “drawdown” fee, which also bears an interest at a rate of 1.5% per month with unpaid amounts accruing interest on the same terms, the Credit Facility, carries an effective annual interest rate of 36.3%. The “drawdown” fee, Bonus and all interest payable were accrued and added to the maximum principal amount as they are incurred. On March 30, 2016, the Company entered into a Debt Settlement Agreement with Linx and Mr. Lee pursuant to which, the Company agreed, subject to TSX and shareholder approval, which was obtained at the Annual General Meeting on June 2, 2016 to issue 7,500,000 units to Mr. Lee, in satisfaction of $1,500,000 of indebtedness owed by the Company to Linx under the Credit Facility. Each unit consists of one Common share and one share purchase warrant. Each warrant entitles the holder to acquire an additional Share at a price of $0.40 per Share for a period of five years from the date of issuance. On October 28, 2016, the Company paid $35,000 toward the Credit Facility. As at December 31, 2016, the outstanding balance of the Credit Facility was $1,071,560 including interest payable of $448,388. For the year ended December 31, 2016, the Company recorded an interest expense of $258,640 and finance cost of $317,056. During the year ended December 31, 2017, the Company fully repaid the remaining balance of the Credit Facility by issuing 3,000,000 Shares to John Lee in satisfaction of $900,000 of indebtedness owing by the Company under the Credit Facility and making cash payments totaling of $364,142. For the year ended December 31, 2017, prior to repaying the full balance, the Company made new drawings of $163,405. For the year ended December 31, 2017, the Company recorded an interest expense of $21,066 and finance cost of $8,111. As at December 31, 2017, the Company fully repaid and closed out the Credit Facility and has been provided with a discharge of pledges.

PROVISION FOR CLOSURE AND RECLA

PROVISION FOR CLOSURE AND RECLAMATION	12 Months Ended
	Dec. 31, 2018
Provisions [abstract]
PROVISION FOR CLOSURE AND RECLAMATION	The Company’s closure and reclamation costs consists of costs accrued based on the current best estimate of mine closure and reclamation activities that will be required at the Ulaan Ovoo site upon completion of mining activity. These activities include costs for earthworks, including land re-contouring and re-vegetation, water treatment and demolition. The Company’s provision for future site closure and reclamation costs is based on the level of known disturbance at the reporting date, known legal requirements and estimates prepared by a third-party specialist. It is not currently possible to estimate the impact on operating results, if any, of future legislative or regulatory developments. Management used a risk-free interest rate of 1.98% (2017 – 2.23%, 2016 – 1.06%) and a risk premium of 7% (2017 – 7%, 2016 – 7%) in preparing the Company’s provision for closure and reclamation. Although the ultimate amount of reclamation costs to be incurred cannot be predicted with certainty, the total undiscounted amount of estimated cash flows required to settle the Company’s estimated obligations is $444,000 over the next 6 years. The cash expenditures are expected to occur over a period of time extending several years after the projected mine closure of the mineral properties. December 31, 2018 December 31, 2017 December 31, 2016 Balance, beginning of year $ 244,323 $ 242,374 $ 208,993 Accretion 20,916 1,976 33,354 Balance, end of year $ 265,239 $ 244,323 $ 242,347

TAX PROVISION

TAX PROVISION	12 Months Ended
	Dec. 31, 2018
Other provisions [abstract]
TAX PROVISION	Prophecy’s operations are, in part, subject to foreign tax laws where interpretations, regulations and legislation are complex and continually changing. As a result, there are usually some tax matters in question that may, upon resolution in the future, result in adjustments to the amount of deferred income tax assets and liabilities, and those adjustments may be material to the Company’s financial position and results of operations. A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2018 2017 2016 Earnings (loss) for the year (18,184,468 ) $ (18,592,981 ) $ (2,007,305 ) Expected income tax (recovery) $ (4,910,000 ) $ (4,834,000 ) $ (522,000 ) Change in statutory, foreign tax, foreign exchange rates and other 389,000 1,885,000 (1,575,000 ) Permanent Difference 3,833,000 450,000 1,869,000 Share issue cost (151,000 ) (25,000 ) (87,000 ) Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses 12,000 (118,000 ) (34,000 ) Change in unrecognized deductible temporary differences 827,000 2,642,000 349,000 Total income tax expense (recovery) $ - $ - $ - In September 2017, the British Columbia (BC) Government proposed changes to the general corporate income tax rate to increase the rate from 11% to 12% effective January 1, 2018 and onwards. This change in tax rate was substantively enacted on October 26, 2017. The relevant deferred tax balances have been remeasured to reflect the increase in the Company's combined Federal and Provincial (BC) general corporate income tax rate from 26% to 27%. Significant components of deductible and taxable temporary differences, unused tax losses and unused tax credits that have not been included on the consolidated statements of financial position are as follows: 2018 Expiry dates 2017 Expiry dates 2016 Expiry dates Share issue costs $ 644,000 2039 to 2042 $ 285,000 2038 to 2042 $399,000 2037 to 2041 Allowable Capital losses $ 6,607,000 No expiry $ 6,549,000 No expiry $6,549,000 No expiry Non-Capital losses $ 24,109,000 2030 to 2038 $ 21,402,000 2030 to 2037 $16,658,000 2030 to 2036 Property and equipment $ 1,138,000 No expiry $ 1,146,000 No expiry $1,067,000 No expiry Exploration and evaluation assets $ 19,625,000 No expiry $ 19,715,000 No expiry $5,016,000 No expiry Investment tax credits $ 23,000 2029 $ 23,000 2029 $23,000 2029 Asset retirement obligation $ 265,000 No expiry $ 244,000 No expiry $209,000 No expiry

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
SHARE CAPITAL	(a) Authorized The authorized share capital consists of an unlimited number of common shares without par value (the “ Shares On June 7, 2016, the Company completed a consolidation of its issued and outstanding common shares on the basis of 100 old Shares, options and warrants to one (1) new Share, option and warrant (the “ Share Consolidation On August 8, 2018, the Company completed a common share split on the basis of ten (10) new Shares, options and warrants for every one (1) old Share, option and warrant outstanding (the “ Split (b) Equity issuances During the year ended December 31, 2018 Private Placements On August 14, 2018, the Company closed its non-brokered private placement for gross proceeds of $1,137,197 through the issuance of 4,061,417 units of Prophecy. Each unit is comprised of one Share and one Share purchase warrant. Each warrant entitles the holder to purchase one additional Share of the Company at an exercise price of $0.40 for a period of three years from the closing of the first tranche of the placement. Short Form Prospectus Offering On November 22, 2018, the Company closed its bought deal financing for gross proceeds of $5,520,000. The Company entered into an agreement with BMO Nesbitt Burns Inc. (“ BMO Exercise of Stock Options and Warrants During the year ended December 31, 2018, the Company issued 87,500 and 3,445,420 Shares on the exercise of stock options and warrants respectively for total proceeds of $1,362,317. Share Bonus to Personnel On October 10, 2018, the Company issued 1,000,000 Shares with a fair value of $0.35 per Share as a bonus to its new CEO included in Salaries and benefits. During the year ended December 31, 2017 Private Placements On April On September 20, 2017, the Company closed the first tranche of a non-brokered private placement involving the issuance of 6,679,680 units and 6,290,000 special warrants (the “ Special Warrants On October 16, 2017, the Company closed the second and final tranche of the placement involving the issuance of 1,165,780 units and 4,143,710 Special Warrants at a price of $0.35 per each unit and Special Warrant and raised gross proceeds of $1,858,325. Each unit consists of one Share and one half of one warrant. Each second tranche warrant entitles the holder to purchase one additional Share of the Company at an exercise price of $0.40 for a period of three years from the date of closing of the second tranche of the placement. In connection with the second tranche of the placement, the Company paid finder’s fees of $56,020 and issued 93,270 finder’s Special Warrants, which were exercisable on identical terms as those Special Warrants issued to subscribers through the second tranche of the placement. The total subscription proceeds of $3,651,800, which were raised from the sale of the Special Warrants under the placement, were held in an escrow account with the Company’s Transfer Agent pending shareholder approval for the issuance of the Units underlying the Special Warrants. TSX and shareholder approval for the issuance of the Units underlying the Special Warrants was obtained on December 15, 2017. On December 18, 2017, the Company issued 11,397,110 units underlying an equivalent number of Special Warrants previously issued under the placement. On December 18, 2017, the Special Warrants subscription proceeds, previously held in escrow, were released to the Company. The finder’s Special Warrants have been valued at $0.35 each based upon the concurrent financing price of the placement to which they relate. The Company has recorded the fair value of the finder’s warrants as share issuance costs. Debt Settlements On January 12, 2017, On June 13, 2017, the Company issued 596,590 units (“ Debt Settlement Units1 On December 18, 2017, the Company issued 422,540 units (“ Debt Settlement Units2 Shares Issued for Mineral Properties On February 10, 2017, the Company acquired the remaining 20% title interest of Randsburg (Note 13) in the patented claims that comprise the Titan project by issuing to Randsburg 200,000 Shares at a value of $0.48 per Share. Share Bonus to Personnel On January 12, 2017, the Company issued 390,000 Shares with a fair value of $0.49 per Share as a bonus to its directors, officers and consultants. Share Compensation for Services On December 18, 2017, the Company issued 984,200 units with a fair value of $0.35 per unit, to Skanderbeg Capital Advisors Inc. (“ Skanderbeg Skanderbeg Units entered into a consulting agreement with Skanderbeg to explore and evaluate strategic alternatives to maximize value for Prophecy’s non-core assets. Skanderbeg Exercise of Stock Options and Warrants During the year ended December 31, 2017, the Company issued 126,870 and 150,000 Shares on the exercise of stock options and warrants respectively for total proceeds of $110,685. During the year ended December 31, 2016 Private Placements On January 25, 2016, the Company closed a non-brokered private placement involving the issuance of 800,000 units at a price of $0.25 per unit. Each unit consists of one Share and one Share purchase warrant. Each Share purchase warrant entitles the holder to acquire an additional Share at a price of $0.40 per Share for a period of five years from the date of issuance. The Company paid in cash, finder’s fees totaling $14,000 and issued 56,000 finder’s Share purchase warrants which are exercisable at a price of $0.40 for a period of two years from the closing of the placement. The finder’s warrants have been valued at $10,183 based upon the Black-Scholes option pricing model with the following assumptions: (1) a risk-free interest rate of 0.46%; (2) warrant expected life of two years; (3) expected volatility of 134% and (4) dividend yield of nil. The Company has recorded the fair value of the finder’s warrants as share issuance costs. On August 29, 2016, the Company closed a non-brokered private placement involving the issuance of 2,027,350 units at a price of $0.38 per unit. Each unit consists of one Share and one-half Share purchase warrant. Each Share purchase warrant entitles the holder to acquire an additional Share at a price of $0.44 per Share for a period of five years from the date of issuance. The Company paid in cash, total finder’s fees of $3,464 in connection with the placement. The warrants will be subject to the following acceleration conditions: (i) in the event that the closing price of the Shares trading on the TSX exceeds $0.88 per Share; or (ii) the closing spot price of silver as quoted by KITCO Metals Inc. exceeds USD$28.00 per ounce, in either instance, for a period of over 28 consecutive calendar days, at Prophecy’s election, the exercise period may be reduced in which case, Warrant holders will only be entitled to exercise their Warrants for a period of 30 days from the date the Company either disseminates a press release or sends written notice to the Warrant holders advising them of the reduced and accelerated exercise period after which, the Warrants will expire. 18. SHARE CAPITAL Debt Settlements On June 6, 2016, the Company issued 7,500,000 units at a value of $0.20 to Mr. John Lee, in satisfaction of $1,500,000 of indebtedness owed by the Company to Linx under the Credit Facility (Note 15). Each unit consists of one Share and one Share purchase warrant. Each Share purchase warrant entitles the holder to acquire an additional Share at a price of $0.40 per Share for a period of five years from the date of issuance. During the year ended December 31, 2016, the Company entered into settlement and release agreements with certain of its directors, officers, employees and consultants to settle various debts owing to them. Pursuant to the terms of those settlement and release agreements, the Company issued in summary 3,474,430 Shares to those directors, officers, employees and consultants as follows: Settlement Date Number of Shares Value January 13, 2016 613,850 $ 0.30 January 25, 2016 132,064 $ 0.25 February 29, 2016 736,453 $ 0.20 March 4, 2016 30,000 $ 0.20 April 18, 2016 265,110 $ 0.15 June 2, 2016 1,228,210 $ 0.20 November 16, 2016 468,750 $ 0.32 3,474,437 (c) Share-based compensation plan The Company has a 20% fixed equity-based compensation plan in place (the “Amended 2016 Plan During the year ended December 31, 2018, the Company granted 4,040,000 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at an exercise prices ranging from $0.22 to $0.65 per Share and expiry dates ranging from February 20, 2023 to November 14, 2023 and vest at 12.5% per quarter for the first two years following the date of grant. During the year ended December 31, 2017, the Company granted 4,080,000 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at an exercise prices ranging from $0.33 to $0.49 per Share and expiry dates ranging from January 12, 2022 to November 6, 2022 and vest at 12.5% per quarter for the first two years following the date of grant. During the year ended December 31, 2016, the Company granted 1,600,000 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at a price of $0.20 per Share for a term of five years expiring on June 2, 2021 and vest at 12.5% per quarter for the first two years following the date of grant. The following is a summary of the changes in Prophecy’s stock options from December 31, 2015 to December 31, 2018: Number of Options Weighted Average Exercise Price Outstanding, December 31, 2015 3,437,420 $ 1.00 Granted 1,600,000 $ 0.20 Expired (10,000 ) $ 2.80 Cancelled (379,280 ) $ 2.19 Forfeited (40,000 ) $ 0.61 Outstanding, December 31, 2016 4,608,140 $ 0.64 Granted 4,080,000 $ 0.38 Expired (312,930 ) $ 2.08 Exercised (126,870 ) $ 0.40 Outstanding, December 31, 2017 8,248,340 $ 0.46 Granted 4,040,000 $ 0.31 Expired (349,720 ) $ 1.21 Cancelled (1,815,120 ) $ 0.45 Forfeited (445,000 ) $ 1.04 Exercised (87,500 ) $ 0.28 Outstanding, December 31, 2018 9,591,000 $ 0.34 As of December 31, 2018, the following Prophecy share purchase options were outstanding: Options Outstanding Exercisable Unvested Exercise Expiry December 31, December 31, December 31, Price Date 2018 2017 2018 2018 $ 0.65 14-Nov-23 200,000 — — 200,000 $ 0.33 17-Oct-23 940,000 — — 940,000 $ 0.26 10-Oct-23 550,000 — — 550,000 $ 0.22 23-Jul-23 400,000 — 50,000 350,000 $ 0.31 1-May-23 200,000 — 50,000 150,000 $ 0.28 6-Apr-23 1,225,000 — 306,250 918,750 $ 0.31 20-Feb-23 200,000 — 75,000 125,000 $ 0.48 6-Nov-22 — 50,000 — — $ 0.35 1-Sep-22 1,250,000 1,670,000 781,250 468,750 $ 0.33 12-Jun-22 1,225,000 1,450,000 918,750 306,250 $ 0.49 12-Jan-22 820,000 910,000 717,500 102,500 $ 0.2 2-Jun-21 1,420,000 1,557,500 1,420,000 — $ 0.5 22-Jun-20 311,000 328,000 311,000 — $ 0.5 7-Apr-20 535,000 820,620 535,000 — $ 0.65 1-May-19 315,000 547,500 315,000 — $ 1 3-Feb-19 — 50,000 — — $ 1.05 27-Jan-19 — 515,000 — — $ 1.2 16-Aug-18 — 324,720 — — $ 1.3 22-Jul-18 — 25,000 — — 9,591,000 8,248,340 5,479,750 4,111,250 Share-based payment expenses resulting from stock options are amortized over the corresponding vesting periods. During the year ended December 31, 2018, 2017 and 2016, the share-based payment expenses were calculated using the following weighted average assumptions: Year ended December 31, 2018 2017 2016 Risk-free interest rate 1.77 % 1.25 % 1.20 % Expected life of options in years 4.4 4.4 4.9 Expected volatility 135.71 % 133.55 % 131.45 % Expected dividend yield Nil Nil Nil Expected forfeiture rate 12 % 12 % 12 % Weighted average fair value of options granted during the year $ 0.32 $ 0.32 $ 0.23 The expected volatility used in the Black-Scholes option pricing model is based on the historical volatility of the Company’s shares. The expected forfeiture rate is based on the historical forfeitures of options issued. Share-based payments charged to operations and assets were allocated between deferred mineral properties, and general and administrative expenses. Share-based payments are allocated between being either capitalized to deferred exploration costs where related to mineral properties or expensed as general and administrative expenses where otherwise related to the general operations of the Company. For the year ended December 31, 2018, 2017, and 2016, share-based payments were recorded as follows: Year Ended December 31, 2018 2017 2016 Consolidated Statement of Operations Share based payments 553,430 599,117 197,889 $ 553,430 $ 599,117 $ 197,889 Consolidated Statement of Financial Position Chandgana Tal and power plant application - 69,515 21,429 Gibellini exploration 87,186 - - Pulacayo exploration 117,871 158,464 46,934 205,057 227,979 68,363 Total share-based payments $ 758,487 $ 827,096 $ 266,252 [remainder of this page has been intentionally left blank] (d) Share purchase warrants The following is a summary of the changes in Prophecy’s share purchase warrants from December 31, 2015 to December 31, 2018: Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2015 4,365,040 $ 0.60 Issued 9,369,670 $ 0.40 Expired (254,110 ) $ 1.00 Outstanding, December 31, 2016 13,480,600 $ 0.47 Issued 12,453,680 $ 0.41 Exercised (150,000 ) $ 0.40 Expired (26,250 ) $ 0.70 Outstanding, December 31, 2017 25,758,030 $ 0.44 Issued 5,061,417 $ 0.40 Exercised (3,445,420 ) $ 0.39 Expired (56,000 ) $ 0.40 Outstanding, December 31, 2018 27,318,027 $ 0.44 On February 15, 2018, the Company issued 500,000 Share purchase warrants as a part of consideration for mining claims acquisition (Note 13). The fair value of $89,944 of the issued warrants determined using the Black-Scholes option pricing model using the following assumptions: (1) a risk-free interest rate of 1.9%; (2) warrant expected life of three years; (3) expected volatility of 116%, and (4) dividend yield of nil. On April 23, 2018, the Company issued 500,000 Share purchase warrants as a part of consideration for services related to the Gibellini Project. The fair value of $92,000 of the issued warrants determined using the Black-Scholes option pricing model using the following assumptions: (1) a risk-free interest rate of 2%; (2) warrant expected life of three years; (3) expected volatility of 97.4%, and (4) dividend yield of nil. As of December 31, 2018, the following Prophecy share purchase warrants were outstanding: Exercise Price Expiry Date Number of Warrants At December 31, 2018 At December 31, 2017 $ 0.5 13-Jun-22 596,590 596,590 $ 0.5 12-Apr-22 1,032,500 1,032,500 $ 0.4 13-Jan-22 499,990 499,990 $ 0.44 29-Aug-21 1,013,670 1,013,670 $ 0.4 13-Aug-21 198,237 - $ 0.4 6-Jul-21 3,863,180 - $ 0.4 2-Jun-21 7,500,000 7,500,000 $ 0.3 23-Apr-21 100,000 - $ 0.5 15-Feb-21 500,000 - $ 0.4 25-Jan-21 650,000 650,000 $ 0.4 18-Dec-20 211,250 703,350 $ 0.7 13-Nov-20 625,000 625,000 $ 0.4 16-Oct-20 2,533,020 2,701,360 $ 0.7 30-Sep-20 1,112,000 1,112,000 $ 0.4 20-Sep-20 4,534,920 6,919,900 $ 0.6 24-Jun-20 1,147,670 1,147,680 $ 0.5 22-May-20 1,200,000 1,200,000 $ 0.4 January 25,2018 - 56,000 27,318,027 25,758,030

CAPITAL RISK MANAGEMENT

CAPITAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2018
Capital Risk Management
CAPITAL RISK MANAGEMENT	Management considers its capital structure to consist of share capital, share purchase options and warrants. Prophecy manages its capital structure and makes adjustments to it, based on the funds available to, and required by the Company in order to support the acquisition, exploration and development of mineral properties. The Board of Directors does not establish quantitative returns on capital criteria for management. In order to facilitate the management of its capital requirement, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors. The annual and updated budgets are approved by the Board of Directors. The properties, to which the Company currently has an interest in, are in the exploration stage; as such, Prophecy is dependent on external financing to fund its activities. In order to carry out the planned exploration and development and pay for administrative costs, Prophecy will spend its existing working capital and raise additional amounts as needed. There were no changes in managements approach to capital management during the year ended December 31, 2018. Neither Prophecy nor its subsidiaries are subject to externally imposed capital requirements.

FAIR VALUE MEASUREMENTS AND FIN

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about financial instruments [abstract]
FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS	Fair Value Measurements Fair value hierarchy Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value. Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. Level 3 inputs are unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. Prophecy utilizes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value as follows: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means; and Level 3 – inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. The following table sets forth Prophecy’s financial assets measured at fair value by level within the fair value hierarchy. Level 1 Level 2 Level 3 Total Financial assets Cash, December 31, 2018 $ 5,304,097 $ - $ - $ 5,304,097 Cash, December 31, 2017 $ 4,100,608 $ - $ - $ 4,100,608 Cash, December 31, 2016 $ 21,648 $ - $ - $ 21,648 Categories of financial instruments The Company considers that the carrying amount of all its financial assets and financial liabilities measured at amortized cost approximates their fair value due to their short term nature. Restricted cash equivalents approximate fair value due to the nature of the instrument. The Company does not offset financial assets with financial liabilities. There were no transfers between Level 1, 2 and 3 for the year ended December 31, 2018. The Company’s financial assets and financial liabilities are categorized as follows: December 31, December 31, December 31, 2018 2017 2016 Fair value through profit or loss Cash $ 5,304,097 $ 4,100,608 $ 21,648 Fair value though other comprehensive income Marketable securities $ - $ 205,600 $ 176,000 Amortized cost Receivables $ 36,399 $ 34,653 $ 91,565 Restricted cash equivalents $ 34,500 $ 34,500 $ - $ 5,374,996 $ 4,375,361 $ 289,213 Amortized cost Accounts payable and accrued liabilities $ 1,636,786 $ 1,895,983 $ 2,658,018 Credit facility $ - $ - $ 1,071,560 $ 1,636,786 $ 1,895,983 $ 3,729,578

FINANCIAL RISK MANAGEMENT DISCL

FINANCIAL RISK MANAGEMENT DISCLOSURES	12 Months Ended
	Dec. 31, 2018
Disclosure of nature and extent of risks arising from financial instruments [abstract]
FINANCIAL RISK MANAGEMENT DISCLOSURES	(a) Liquidity risk Liquidity risk is the risk that an entity will be unable to meet its financial obligations as they fall due. The Company manages liquidity risk by preparing cash flow forecasts of upcoming cash requirements. As at December 31, 2018, the Company had a cash balance of $5,304,097 (December 31, 2017 – $4,100,608, December 31, 2016 – $21,648). As at December 31, 2018 the Company had accounts payable and accrued liabilities of $1,636,786 (December 31, 2017 - $1,895,983, December 31, 2016 - $2,658,018), which have contractual maturities of 90 days or less. The Company has a planning and budgeting process in place by which it anticipates and determines the funds required to support normal operation requirements as well as the growth and development of its mineral property interests. The Company coordinates this planning and budgeting process with its financing activities through the capital management process in normal circumstances. The following table details the Company’s current and expected remaining contractual maturities for its financial liabilities with agreed repayment periods. The table is based on the undiscounted cash flows of financial liabilities. 0 to 6 months 6 to 12 months Total Accounts payable and accrued liabilities As at December 31, 2018 $ 1,636,786 $ - $ 1,636,786 As at December 31, 2017 $ 1,895,983 $ - $ 1,895,983 As at December 31, 2016 $ 2,658,018 $ - $ 2,658,018 (b) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk primarily associated to cash and restricted cash equivalents and receivables, net of allowances. The carrying amount of financial assets included on the statements of financial position represents the maximum credit exposure. (c) Market risk (i) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company’s cash and restricted cash equivalents primarily include highly liquid investments that earn interest at market rates that are fixed to maturity. Due to the short - (ii) Foreign currency risk The Company is exposed to foreign currency risk to the extent that monetary assets and liabilities held by the Company are not denominated in Canadian dollars. The Company has exploration and development projects in Mongolia and Bolivia and undertakes transactions in various foreign currencies. The Company is therefore exposed to foreign currency risk arising from transactions denominated in a foreign currency and the translation of financial instruments denominated in US dollars, Mongolian tugrik, and Bolivian boliviano into its functional and reporting currency, the Canadian dollar. Based on the above, net exposures as at December 31, 2018, with other variables unchanged, a 10% (December 31, 2017 – 10%, December 31, 2016 – 10%) strengthening (weakening) of the Canadian dollar against the Mongolian tugrik would impact net loss with other variables unchanged by $44,000. A 10% strengthening (weakening) of the Canadian dollar against the Bolivian boliviano would impact net loss with other variables unchanged by $811,000. A 10% strengthening (weakening) of the US dollar against the Canadian dollar would impact net loss with other variables unchanged by $60,000. The Company currently does not use any foreign exchange contracts to hedge this currency risk. (iii) Commodity and equity price risk Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. Commodity prices fluctuate on a daily basis and are affected by numerous factors beyond the Company’s control. The supply and demand for these commodities, the level of interest rates, the rate of inflation, investment decisions by large holders of commodities including governmental reserves and stability of exchange rates can all cause significant fluctuations in prices. Such external economic factors are in turn influenced by changes in international investment patterns and monetary systems and political developments. The Company is also exposed to price risk with regards to equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors commodity prices, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company. Fluctuations in value may be significant.

RELATED PARTY DISCLOSURES

RELATED PARTY DISCLOSURES	12 Months Ended
	Dec. 31, 2018
Related party transactions [abstract]
RELATED PARTY DISCLOSURES	Prophecy had related party transactions with the following companies, related by way of directors and key management personnel: ● Linx Partners Ltd., a private company controlled by John Lee, Director, CEO and Executive Chairman of Prophecy, provides management and consulting services to the Company. ● MaKevCo Consulting Inc., a private company 50% owned by Greg Hall, Director of Prophecy, provides consulting services to the Company. ● Sophir Asia Ltd., a private company controlled by Masa Igata, Director of Prophecy, provides consulting services to the Company. A summary of related party transactions by related party is as follows: Year Ended December 31, Related parties 2018 2017 2016 Directors and officers $ 1,265,152 $ 307,425 $ 280,160 Linx Partners Ltd. 401,044 363,781 210,000 MaKevCo Consulting Inc. 21,200 23,600 22,480 Sophir Asia Ltd. 19,100 19,700 20,380 $ 1,706,496 $ 714,506 $ 533,020 A summary of the transactions by nature among the related parties is as follows: Year Ended December 31, Related parties 2018 2017 2016 Consulting and management fees $ 268,456 $ 247,525 $ 153,000 Directors' fees 70,378 60,600 63,240 Mineral properties 631,610 201,875 117,000 Salaries 736,052 204,506 199,780 $ 1,706,496 $ 714,506 $ 533,020 As at December 31, 2018, amounts due to related parties were $4,634 (December 31, 2017 - $160,503), (December 31, 2016 – $366,269). Transactions between the Company and its subsidiaries are eliminated on consolidation; therefore, they are not disclosed as related party transactions. During the years ended December 31, 2012 and 2013, the Company shared administrative assistance, office space, and management with Nickel Creek Platinum Corp. (“ Nickel

KEY MANAGEMENT PERSONNEL COMPEN

KEY MANAGEMENT PERSONNEL COMPENSATION	12 Months Ended
	Dec. 31, 2018
Key Management Personnel Compensation
KEY MANAGEMENT PERSONNEL COMPENSATION	Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors of the Company. Year Ended December 31, Key Management Personnel 2018 2017 2016 Salaries and short term benefits $ 775,064 $ 204,506 $ 204,079 Share-based payments 621,339 596,232 181,990 $ 1,396,403 $ 800,738 $ 386,069

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2018
Statement of cash flows [abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	Year Ended December 31, 2018 2017 2016 Supplementary information Interest paid $ - $ 21,066 $ 11,253 Non-Cash Financing and Investing Activities Shares issued to pay Credit Facility $ - $ 900,000 $ 1,500,000 Shares issued on acquisition of mineral property $ - $ 96,200 $ - Bonus shares $ - $ 190,320 $ - Shares issued to settle debt $ - $ 386,527 $ 804,648 Capitalized interest $ - $ - $ 11,253 Warrants issued for mineral property $ 181,944 $ - $ - Depreciation included in mineral property $ 27,387 $ 216,653 $ 278,376 Property and equipment expenditures included in accounts payable $ 489,890 $ 580,634 $ 1,097,092 Fair value loss/gain on marketable securities $ 12,160 $ 12,160 $ - Mineral property expenditures included in accounts payable $ 1,067,747 $ 753,248 $ 962,822 Share-based payments capitalized in mineral properties $ 205,057 $ 227,979 $ 68,363 Sale of Okeover property for shares and debt settlement $ - $ - $ 195,079 Fair value of finders warrants $ - $ - $ 10,183 Reclassification of contributed surplus on exercise of options $ 15,350 $ 14,567 $ - Reclassification of contributed surplus on exercise of warrants $ 132,453 $ 10,650 $ -

COMMITMENTS

COMMITMENTS	12 Months Ended
	Dec. 31, 2018
Capital commitments [abstract]
COMMITMENTS	Except as disclosed elsewhere in these financial statements, the Company has the following financial obligations in the ordinary course of business: 2019 2020 2021 2022 Total Office Lease Obligations $ 44,953 $ 45,489 $ 24,574 $ 9,540 $ 124,556 $ 44,953 $ 45,489 $ 24,574 $ 9,540 $ 124,556

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2018
Contingencies
CONTINGENCIES	ASC tax claim On January 2, 2015, the Company acquired ASC Holdings Limited and ASC Bolivia LDC (which together, hold ASC Bolivia LDC Sucursal Bolivia, which in turn, held Apogee Silver Ltd.’s (“ Apogee Court to consider and issue a new Resolution. The Company plans to continue to vigorously defend its position and make submissions to the Supreme Court during the new hearing. Based on these developments, the tax claim amount of $8,121,918 (2017 - 7,541,016, 2016 - $7,060,690) was classified as non-current liabilities. Red Hill tax claim During the year ended December 31, 2014, the Company’s wholly-owned subsidiary, Red Hill Mongolia LLC (“ Red Hill The Sukhbaatar District Tax Division appealed the Capital City Tax Tribunal’s resolution to the General Tax Tribunal office but was denied on June 4, 2015 on procedural grounds. As a result, the Sukhbaatar District Tax Division implemented the Capital City Tax Tribunal’s resolution on June 25, 2015, finding: (1) with respect to confirmation of Red Hill’s VAT credit, that after inspection the amount was to be MNT235,718,533; and (2) with respect to the imposition of the penalty/deduction for the tax assessment, that no penalty was to be issued but that Red Hill’s loss to be depreciated and reported was to be MNT1,396,668,549 in 2010 and MNT4,462,083,700 in 2011. The Company continued to dispute the Sukhbaatar District Tax Division’s assessment and delivered a complaint to Capital City Tax Tribunal on July 24, 2015. Due to the uncertainty of realizing the VAT balance, the Company has recorded an impairment charge for the full VAT balance in the year ended December 31, 2015. At this time there is no change in the VAT claim. Red Hill has submitted a complaint concerning this long delay to the General Tax office and the Ministry of Finance. Following the submittal, the City tax tribunal officer responded and informed Red Hill that a hearing will be scheduled soon. Red Hill is working with its external lawyer to give additional documents to the City tax tribunal before the hearing to solidify the case. As there were no changes from January 1 to December 31, 2018, the impaired value of $Nil for the VAT receivable remains unchanged.

EVENTS AFTER THE REPORTING DATE

EVENTS AFTER THE REPORTING DATE	12 Months Ended
	Dec. 31, 2018
Disclosure of non-adjusting events after reporting period [abstract]
EVENTS AFTER THE REPORTING DATE	The following events occurred subsequent to December 31, 2018: · On February 19, 2019, the Company announced that Gerald Panneton resigned as the President & Chief Executive Officer, and a director of the Company. John Lee, Chairman and former Chief Executive Officer of the Company, was appointed to serve as Interim President & Chief Executive Officer. Also, in February 2019, the Company announced resignation of Louis Dionne as a director of the Company. · On March 7, 2019, the Company announced the appointment of Michael Doolin as the Company’s Chief Operating Officer and interim Chief Executive Officer, effective April 1, 2019. In this role, Mr. Doolin will manage Prophecy’s worldwide operations while collaborating with Prophecy’s executive chairman John Lee on investor marketing, fundraising and the Company’s overall strategic direction.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2018
Summary Of Significant Accounting Policies
Restricted cash equivalents	Restricted cash equivalents consist of highly liquid investments pledged as collateral for the Company’s credit card and are readily convertible to known amounts of cash.
Mineral properties	Mineral property assets consist of exploration and evaluation costs. Costs directly related to the exploration and evaluation of resource properties are capitalized to mineral properties once the legal rights to explore the resource properties are acquired or obtained. These costs include acquisition of rights to explore, license and application fees, topographical, geological, geochemical and geophysical studies, exploratory drilling, trenching, sampling, and activities in relation to evaluating the technical feasibility and commercial viability of extracting a mineral resource. If it is determined that capitalized acquisition, exploration and evaluation costs are not recoverable, or the property is abandoned or management has determined an impairment in value, the property is written down to its recoverable amount. Mineral properties are reviewed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. From time to time, the Company acquires or disposes of properties pursuant to the terms of option agreements. Options are exercisable entirely at the discretion of the optionee and, accordingly, are recorded as mineral property costs or recoveries when the payments are made or received. After costs are recovered, the balances of the payments received are recorded as a gain on option or disposition of mineral property. (i) Title to mineral properties Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title, nor has the Company insured title. Property title may be subject to unregistered prior agreements and non-compliance with regulatory requirements. (ii) Realization of mineral property assets The investment in and expenditures on mineral property interests comprise a significant portion of the Company’s assets. Realization of the Company’s investment in these assets is dependent upon the establishment of legal ownership, and the attainment of successful production from properties or from the proceeds of their disposal. Resource exploration and development is highly speculative and involves inherent risks. While the rewards if an ore body is discovered can be substantial, few properties that are explored are ultimately developed into profitable producing mines. There can be no assurance that current exploration programs will result in the discovery of economically viable quantities of ore. The amounts shown for acquisition costs and deferred exploration expenditures represent costs incurred to date and do not necessarily reflect present or future values. (ii) Environmental The Company is subject to the laws and regulations relating to environmental matters in all jurisdictions in which it operates, including provisions relating to property reclamation, discharge of hazardous material and other matters. The Company may also be held liable should environmental problems be discovered that were caused by former owners and operators of its properties and properties in which it has previously had an interest. The Company conducts its mineral exploration activities in compliance with applicable environmental protection legislation. Other than as disclosed in Note 16, the Company is not aware of any existing environmental issues related to any of its current or former properties that may result in material liability to the Company. Environmental legislation is becoming increasingly stringent and costs and expenses of regulatory compliance are increasing. The impact of new and future environmental legislation on the Company’s operations may cause additional expenses and restrictions. If the restrictions adversely affect the scope of exploration and development on the mineral properties, the potential for production on the property may be diminished or negated.
Equipment	Equipment is stated at cost less accumulated depreciation and accumulated impairment losses, if any. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Depreciation of equipment is recorded on a declining-balance basis at the following annual rates: Computer equipment 45% Computer software 100% Furniture and equipment 20% Leasehold improvement Straight line / 5 years Mining equipment 20% Vehicles 30% When parts of major components of equipment have different useful lives, they are accounted for as a separate item of equipment. The cost of major overhauls of part of equipment is recognized in the carrying amount of the item if is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in profit or loss as incurred.
Impairment of non-current assets and Cash Generating Units ("CGU")	At the end of each reporting period, the Company reviews the carrying amounts of its tangible and intangible assets to determine whether there is an indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the CGU, where the recoverable amount of the CGU is the greater of the CGU’s fair value less costs to sell and its value in use to which the assets belong. In assessing value in use, estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in the statement of comprehensive loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Each project or group of claims or licenses is treated as a CGU. The Company uses its best efforts to fully understand all of the aforementioned to make an informed decision based upon historical and current facts surrounding the projects. Discounted cash flow techniques often require management to make estimates and assumptions concerning reserves and expected future production revenues and expenses, which can vary from actual. Where an impairment loss subsequently reverses, the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, such that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years.
Borrowing costs	Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset. Borrowing costs consist of interest and other costs that an entity incurs in connection with the borrowing of funds. Where funds are borrowed specifically to finance a project, the amount capitalized represents the actual borrowing costs incurred. Where surplus funds are available for a short-term from funds borrowed specifically to finance a project, the income generated from the temporary investment of such amounts is also capitalized and deducted from the total capitalized borrowing cost. Where the funds used to finance a project are from part of general borrowings, the amount capitalized is calculated using a weighted average of rates applicable to relevant general borrowings of the Company during the period. All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
Foreign currency translation	Transactions in currencies other than the functional currency are recorded at the prevailing exchange rates on the dates of the transactions. At each financial position reporting date, monetary assets and liabilities denominated in foreign currencies are translated at the prevailing exchange rates at the date of the consolidated statement of financial position. Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated. Gains and losses arising from this translation are included in the determination of net loss for the year.
Revenue recognition	The Company recognizes interest income on its cash on an accrual basis at the stated rates over the term to maturity. Sales of coal are recognized when the risks and rewards of ownership pass to the customer and the price can be measured reliably. Sales contracts and revenue is recognized based on the terms of the contract. Revenue is measured at the fair value of the consideration received, excluding discounts and rebates. Royalties related to production are recorded in cost of sales. Sales of coal are generated from incidental coal sales and are recorded net of associated costs.
Unit offerings	Proceeds received on the issuance of units, consisting of common shares and warrants, are allocated first to common shares based on the market trading price of the common shares at the time the units are priced, and any excess is allocated to warrants.
Share-based payments	The Company has a share purchase option plan that is described in Note 18. The Company accounts for share-based payments using a fair value-based method with respect to all share-based payments to directors, officers, employees, and service providers. Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of the goods or services received or if such fair value is not reliably measurable, at the fair value of the equity instruments issued. The fair value is recognized as an expense or capitalized to mineral properties or property and equipment with a corresponding increase in option reserve. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to the consolidated statement of comprehensive income over the remaining vesting period. Upon the exercise of the share purchase option, the consideration received, and the related amount transferred from option reserve are recorded as share capital.
Loss per share	Basic loss per share is calculated using the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method to compute the dilutive effect of options and warrants. Under this method the dilutive effect on earnings per share is calculated presuming the exercise of outstanding options and warrants. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive.
Income taxes	The Company uses the asset and liability method to account for income taxes. Deferred income taxes are recognized for the future income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax basis on the statement of financial position date. Deferred income tax assets and liabilities are measured using the tax rates expected to be in effect when the temporary differences are likely to reverse. The effect on deferred income tax assets and liabilities of a change in tax rates is included in operations in the period in which the change is enacted or substantively enacted. The amount of deferred income tax assets recognized is limited to the amount of the benefit that is probable upon recovery.
Provision for closure and reclamation	The Company assesses its property, equipment and mineral property rehabilitation provision at each reporting date. Changes to estimated future costs are recognized in the statement of financial position by either increasing or decreasing the rehabilitation liability and asset to which it relates if the initial estimate was originally recognized as part of an asset measured in accordance with IAS 16 Property, Plant and Equipment The Company records the present value of estimated costs of legal and constructive obligations required to restore operations in the period in which the obligation is incurred. The nature of these restoration activities includes dismantling and removing structures; rehabilitating mineral properties; dismantling operating facilities; closure of plant and waste sites; and restoration, reclamation and vegetation of affected areas. Present value is used where the effect of the time value of money is material. The related liability is adjusted each period for the unwinding of the discount rate and for changes in estimates, changes to the current market-based discount rate, and the amount or timing of the underlying cash flows needed to settle the obligation.
Financial instruments	Classification Financial assets are classified at initial recognition as either: measured at amortized cost, FVTPL or fair value through other comprehensive income ("FVOCI"). The classification depends on the Company’s business model for managing the financial assets and the contractual cash flow characteristics. For assets measured at fair value, gains and losses will either be recorded in profit or loss or OCI. Derivatives embedded in contracts where the host is a financial asset in the scope of the standard are never separated. Instead, the hybrid financial instrument as a whole is assessed for classification. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL or the Company has opted to measure at FVTPL. Measurement Financial assets and liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the consolidated statement of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets or liabilities held at FVTPL are included in the consolidated statement of operations and comprehensive loss in the period in which they arise. Where the Company has opted to designate a financial liability at FVTPL, any changes associated with the Company's credit risk will be recognized in OCI. Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment. Impairment The Company assesses on a forward looking basis the expected credit losses ("ECL") associated with financial assets measured at amortized cost, contract assets and debt instruments carried at FVOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Please refer to Note 20 for relevant fair value measurement disclosures.

BASIS OF CONSOLIDATION (Tables)

BASIS OF CONSOLIDATION (Tables)	12 Months Ended
	Dec. 31, 2018
Basis Of Consolidation
Subsidiaries	Subsidiary Location Ownership interest Operations and Projects Owned Vanadium Gibellini Company LLC USA 100% Gibellini project VC Exploration (US) Inc, USA 100% Gibellini project 0912601 B.C. Ltd. Canada 100% Titan project Apogee Minerals Bolivia S. A. Bolivia 98% Pulacayo project ASC Holdings Limited Bolivia 100% Pulacayo project Red Hill Mongolia LLC Mongolia 100% Ulaan Ovoo mine Chandgana Coal LLC Mongolia 100% Chandgana project

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2018
Summary Of Significant Accounting Policies
Depreciation of equipment	Computer equipment 45% Computer software 100% Furniture and equipment 20% Leasehold improvement Straight line / 5 years Mining equipment 20% Vehicles 30%

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of operating segments [abstract]
Geographic segmentation of assets	The Company operates in one operating segment, being the acquisition, exploration and development of mineral properties. Geographic segmentation of Prophecy’s non-current assets is as follows: December 31, 2018 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 14,839 22,713 33,440 30,170 101,162 Mineral properties - 3,643,720 - - 3,643,720 $ 14,839 $ 3,666,433 $ 54,495 $ 30,170 $ 3,765,937 December 31, 2017 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 18,376 - 48,364 465,171 531,911 Mineral properties - 490,356 - 12,809,550 13,299,906 $ 18,376 $ 490,356 $ 69,419 $ 13,274,721 $ 13,852,872 December 31, 2016 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 22,816 - 329,912 564,879 917,607 Mineral properties - - 14,418,765 11,980,943 26,399,708 $ 22,816 $ - $ 14,769,732 $ 12,545,822 $ 27,338,370

CASH AND CASH EQUIVALENTS (Tabl

CASH AND CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Cash and cash equivalents [abstract]
Cash and restricted cash equivalents	December 31, 2018 December 31, 2017 December 31, 2016 Cash $ 804,097 $ 4,100,608 $ 21,648 Cash equivalents 4,500,000 - - Restricted cash equivalents 34,500 34,500 - $ 5,338,597 $ 4,135,108 $ 21,648

RECEIVABLES (Tables)

RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and other current receivables [abstract]
Trade and other receivables	December 31, 2018 December 31, 2017 December 31, 2016 Input tax recoverable $ 36,399 $ 10,562 $ 1,388 Trade receivable - 24,091 90,177 $ 36,399 $ 34,653 $ 91,565

PREPAID EXPENSES (Tables)

PREPAID EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2018
Current prepayments [abstract]
Prepaid expenses	December 31, 2018 December 31, 2017 December 31, 2016 General $ 47,216 $ - $ 57,681 Insurance 57,882 41,029 40,969 Environmental and taxes 8,789 47,508 40,695 Transportation and fuel - - 23,863 Rent 9,385 11,458 37,318 Market advisors - 40,615 - $ 123,272 $ 140,610 $ 200,526

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Available-for-sale financial assets [abstract]
Marketable securities	Marketable securities 2018 2017 2016 Balance, beginning of period $ 205,600 $ 176,000 $ - Additions 60,940 193,440 176,000 Disposals (162,490 ) (153,190 ) - Realized loss on disposal (91,890 ) (22,810 ) - Unrealized gain/(loss) on mark-to-market (12,160 ) 12,160 - Balance, end of period $ - $ 205,600 $ 176,000

PROPERTY AND EQUIPMENT (Tables)

PROPERTY AND EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2018
Property, plant and equipment [abstract]
Property and equipment	Computer Furniture & Computer Leasehold Mining Equipment Equipment Software Vehicles Improvements Equipment Total Cost Balance, December 31, 2015 $ 161,959 $ 388,933 $ 197,813 $ 459,229 $ 172,818 $ 1,574,098 $ 2,954,850 Disposals (61,738 ) (109,720 ) - (5,375 ) (172,818 ) (39,353 ) (389,004 ) Balance, December 31, 2016 $ 100,221 $ 279,213 $ 197,813 $ 453,854 $ - $ 1,534,745 $ 2,565,846 Accumulated depreciation Balance, December 31, 2015 $ 135,912 $ 230,867 $ 197,813 $ 330,345 $ 135,086 $ 617,344 $ 1,647,367 Depreciation for year 12,053 29,443 - 26,129 - 242,572 310,197 Disposals (53,065 ) (78,671 ) - (16,558 ) (135,086 ) (25,945 ) (309,325 ) Balance, December 31, 2016 $ 94,900 $ 181,639 $ 197,813 $ 339,916 $ - $ 833,971 $ 1,648,239 Carrying amount At December 31, 2015 $ 26,047 $ 158,066 $ - $ 128,884 $ 37,732 $ 956,754 $ 1,307,483 At December 31, 2016 $ 5,321 $ 97,574 $ - $ 113,938 $ - $ 700,774 $ 917,607 Cost Balance, December 31, 2016 $ 100,221 $ 279,213 $ 197,813 $ 453,854 $ - $ 1,534,745 $ 2,565,846 Additions (147 ) (2,383 ) - - - - (2,530 ) Impairment charge - - - (281,162 ) - (219,916 ) (501,078 ) Balance, December 31, 2017 $ 100,074 $ 276,830 $ 197,813 $ 172,692 $ - $ 1,314,829 $ 2,062,238 Accumulated depreciation Balance, December 31, 2016 $ 94,900 $ 181,639 $ 197,813 $ 339,916 $ - $ 833,971 $ 1,648,239 Depreciation for year 1,795 35,434 - 18,434 - 167,837 223,500 Impairment charge - - - (228,508 ) - (112,904 ) (341,412 ) Balance, December 31, 2017 $ 96,695 $ 217,073 $ 197,813 $ 129,842 $ - $ 888,904 $ 1,530,327 Carrying amount At December 31, 2016 $ 5,321 $ 97,574 $ - $ 113,938 $ - $ 700,774 $ 917,607 At December 31, 2017 $ 3,379 $ 59,757 $ - $ 42,850 $ - $ 425,925 $ 531,911 Cost Balance, December 31, 2017 $ 100,074 $ 276,830 $ 197,813 $ 172,692 $ - $ 1,314,829 $ 2,062,238 Additions/Disposals 3,180 2,015 - - - 24,476 29,671 Impairment charge - - - - - (1,314,829 ) (1,314,829 ) Balance, December 31, 2018 $ 103,254 $ 278,845 $ 197,813 $ 172,692 $ - $ 24,476 $ 777,080 Accumulated depreciation Balance, December 31, 2017 $ 96,695 $ 217,073 $ 197,813 $ 129,842 $ - $ 888,904 $ 1,530,327 Depreciation for period 1,316 16,351 - 13,337 - 3,491 34,495 Impairment charge - - - - - (888,904 ) (888,904 ) Balance, December 31, 2018 $ 98,011 $ 233,424 $ 197,813 $ 143,179 $ - $ 3,491 $ 675,918 Carrying amount At December 31, 2017 $ 3,379 $ 59,757 $ - $ 42,850 $ - $ 425,925 $ 531,911 At December 31, 2018 $ 5,243 $ 45,421 $ - $ 29,513 $ - $ 20,985 $ 101,162

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2018
Investment property [abstract]
Mineral properties	Titan Chandgana Tal Khavtgai Uul Pulacayo Paca Gibellini Total Balance, December 31, 2015 $ - $ 11,040,916 $ 3,139,891 $ 11,115,403 $ - $ 25,296,210 Additions: - Deferred exploration costs: - Licenses, power plant application - 93,505 89,184 4,970 - 187,659 Geological and consulting - 48,533 - 146,051 - 194,584 Personnel, camp and general - 3,368 3,368 714,519 - 721,255 - 145,406 92,552 865,540 - 1,103,498 Balance, December 31, 2016 $ - $ 11,186,322 $ 3,232,443 $ 11,980,943 $ - $ 26,399,708 Additions: Acquisition cost $ 96,200 $ - $ - $ - $ 58,790 $ 154,990 Deferred exploration costs: Licenses, power plant application - 27,190 242,766 - 74,876 344,832 Geological and consulting - 39,362 - 102,592 272,620 414,574 Personnel, camp and general - 2,492 2,492 726,015 84,070 815,069 - 69,044 245,258 828,607 431,566 1,574,475 Impairment (96,200 ) (11,255,366 ) (3,477,701 ) - - (14,829,267 ) Balance, December 31, 2017 $ - $ - $ - $ 12,809,550 $ 490,356 $ 13,299,906 Additions: Acquisition cost $ - $ - $ - $ - $ 425,605 $ 425,605 Deferred exploration costs: Licenses, tax, and permits - 1,271 261,168 - 387,149 649,588 Geological and consulting - - - 51,112 1,509,587 1,560,699 Personnel, camp and general - 20,590 3,741 847,538 831,023 1,702,892 - 21,861 264,909 898,650 2,727,759 3,913,179 Impairment - (21,861 ) (264,909 ) (13,708,200 ) - (13,994,970 ) Balance, December 31, 2018 $ - $ - $ - $ - $ 3,643,720 $ 3,643,720

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2018
Trade and other current payables [abstract]
Accounts payable and accrued liabilities	December 31, 2018 December 31, 2017 December 31, 2016 Trade accounts payable $ 1,536,786 $ 1,644,995 $ 2,224,134 Accrued liabilities 100,000 250,988 433,884 $ 1,636,786 $ 1,895,983 $ 2,658,018

PROVISION FOR CLOSURE AND REC_2

PROVISION FOR CLOSURE AND RECLAMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Provisions [abstract]
Provision for closure and reclamation	December 31, 2018 December 31, 2017 December 31, 2016 Balance, beginning of year $ 244,323 $ 242,374 $ 208,993 Accretion 20,916 1,976 33,354 Balance, end of year $ 265,239 $ 244,323 $ 242,347

TAX PROVISION (Tables)

TAX PROVISION (Tables)	12 Months Ended
	Dec. 31, 2018
Other provisions [abstract]
Reconciliation of income taxes	2018 2017 2016 Earnings (loss) for the year (18,184,468 ) $ (18,592,981 ) $ (2,007,305 ) Expected income tax (recovery) $ (4,910,000 ) $ (4,834,000 ) $ (522,000 ) Change in statutory, foreign tax, foreign exchange rates and other 389,000 1,885,000 (1,575,000 ) Permanent Difference 3,833,000 450,000 1,869,000 Share issue cost (151,000 ) (25,000 ) (87,000 ) Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses 12,000 (118,000 ) (34,000 ) Change in unrecognized deductible temporary differences 827,000 2,642,000 349,000 Total income tax expense (recovery) $ - $ - $ -
Deductible and taxable temporary differences, unused tax losses and unused tax credits	2018 Expiry dates 2017 Expiry dates 2016 Expiry dates Share issue costs $ 644,000 2039 to 2042 $ 285,000 2038 to 2042 $399,000 2037 to 2041 Allowable Capital losses $ 6,607,000 No expiry $ 6,549,000 No expiry $6,549,000 No expiry Non-Capital losses $ 24,109,000 2030 to 2038 $ 21,402,000 2030 to 2037 $16,658,000 2030 to 2036 Property and equipment $ 1,138,000 No expiry $ 1,146,000 No expiry $1,067,000 No expiry Exploration and evaluation assets $ 19,625,000 No expiry $ 19,715,000 No expiry $5,016,000 No expiry Investment tax credits $ 23,000 2029 $ 23,000 2029 $23,000 2029 Asset retirement obligation $ 265,000 No expiry $ 244,000 No expiry $209,000 No expiry

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of classes of share capital [abstract]
Debt settlements	Settlement Date Number of Shares Value January 13, 2016 613,850 $ 0.30 January 25, 2016 132,064 $ 0.25 February 29, 2016 736,453 $ 0.20 March 4, 2016 30,000 $ 0.20 April 18, 2016 265,110 $ 0.15 June 2, 2016 1,228,210 $ 0.20 November 16, 2016 468,750 $ 0.32 3,474,437
Stock option activity	Number of Options Weighted Average Exercise Price Outstanding, December 31, 2015 3,437,420 $ 1.00 Granted 1,600,000 $ 0.20 Expired (10,000 ) $ 2.80 Cancelled (379,280 ) $ 2.19 Forfeited (40,000 ) $ 0.61 Outstanding, December 31, 2016 4,608,140 $ 0.64 Granted 4,080,000 $ 0.38 Expired (312,930 ) $ 2.08 Exercised (126,870 ) $ 0.40 Outstanding, December 31, 2017 8,248,340 $ 0.46 Granted 4,040,000 $ 0.31 Expired (349,720 ) $ 1.21 Cancelled (1,815,120 ) $ 0.45 Forfeited (445,000 ) $ 1.04 Exercised (87,500 ) $ 0.28 Outstanding, December 31, 2018 9,591,000 $ 0.34
Stock options outstanding	Options Outstanding Exercisable Unvested Exercise Expiry December 31, December 31, December 31, Price Date 2018 2017 2018 2018 $ 0.65 14-Nov-23 200,000 — — 200,000 $ 0.33 17-Oct-23 940,000 — — 940,000 $ 0.26 10-Oct-23 550,000 — — 550,000 $ 0.22 23-Jul-23 400,000 — 50,000 350,000 $ 0.31 1-May-23 200,000 — 50,000 150,000 $ 0.28 6-Apr-23 1,225,000 — 306,250 918,750 $ 0.31 20-Feb-23 200,000 — 75,000 125,000 $ 0.48 6-Nov-22 — 50,000 — — $ 0.35 1-Sep-22 1,250,000 1,670,000 781,250 468,750 $ 0.33 12-Jun-22 1,225,000 1,450,000 918,750 306,250 $ 0.49 12-Jan-22 820,000 910,000 717,500 102,500 $ 0.2 2-Jun-21 1,420,000 1,557,500 1,420,000 — $ 0.5 22-Jun-20 311,000 328,000 311,000 — $ 0.5 7-Apr-20 535,000 820,620 535,000 — $ 0.65 1-May-19 315,000 547,500 315,000 — $ 1 3-Feb-19 — 50,000 — — $ 1.05 27-Jan-19 — 515,000 — — $ 1.2 16-Aug-18 — 324,720 — — $ 1.3 22-Jul-18 — 25,000 — — 9,591,000 8,248,340 5,479,750 4,111,250
Weighted average assumptions	Year ended December 31, 2018 2017 2016 Risk-free interest rate 1.77 % 1.25 % 1.20 % Expected life of options in years 4.4 4.4 4.9 Expected volatility 135.71 % 133.55 % 131.45 % Expected dividend yield Nil Nil Nil Expected forfeiture rate 12 % 12 % 12 % Weighted average fair value of options granted during the year $ 0.32 $ 0.32 $ 0.23
Share-based payments	Year Ended December 31, 2018 2017 2016 Consolidated Statement of Operations Share based payments 553,430 599,117 197,889 $ 553,430 $ 599,117 $ 197,889 Consolidated Statement of Financial Position Chandgana Tal and power plant application - 69,515 21,429 Gibellini exploration 87,186 - - Pulacayo exploration 117,871 158,464 46,934 205,057 227,979 68,363 Total share-based payments $ 758,487 $ 827,096 $ 266,252
Warrant activity	Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2015 4,365,040 $ 0.60 Issued 9,369,670 $ 0.40 Expired (254,110 ) $ 1.00 Outstanding, December 31, 2016 13,480,600 $ 0.47 Issued 12,453,680 $ 0.41 Exercised (150,000 ) $ 0.40 Expired (26,250 ) $ 0.70 Outstanding, December 31, 2017 25,758,030 $ 0.44 Issued 5,061,417 $ 0.40 Exercised (3,445,420 ) $ 0.39 Expired (56,000 ) $ 0.40 Outstanding, December 31, 2018 27,318,027 $ 0.44
Warrants outstanding	Exercise Price Expiry Date Number of Warrants At December 31, 2018 At December 31, 2017 $ 0.5 13-Jun-22 596,590 596,590 $ 0.5 12-Apr-22 1,032,500 1,032,500 $ 0.4 13-Jan-22 499,990 499,990 $ 0.44 29-Aug-21 1,013,670 1,013,670 $ 0.4 13-Aug-21 198,237 - $ 0.4 6-Jul-21 3,863,180 - $ 0.4 2-Jun-21 7,500,000 7,500,000 $ 0.3 23-Apr-21 100,000 - $ 0.5 15-Feb-21 500,000 - $ 0.4 25-Jan-21 650,000 650,000 $ 0.4 18-Dec-20 211,250 703,350 $ 0.7 13-Nov-20 625,000 625,000 $ 0.4 16-Oct-20 2,533,020 2,701,360 $ 0.7 30-Sep-20 1,112,000 1,112,000 $ 0.4 20-Sep-20 4,534,920 6,919,900 $ 0.6 24-Jun-20 1,147,670 1,147,680 $ 0.5 22-May-20 1,200,000 1,200,000 $ 0.4 January 25,2018 - 56,000 27,318,027 25,758,030

FAIR VALUE MEASUREMENTS AND F_2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of detailed information about financial instruments [abstract]
Financial assets measured at fair value	Level 1 Level 2 Level 3 Total Financial assets Cash, December 31, 2018 $ 5,304,097 $ - $ - $ 5,304,097 Cash, December 31, 2017 $ 4,100,608 $ - $ - $ 4,100,608 Cash, December 31, 2016 $ 21,648 $ - $ - $ 21,648
Financial assets and financial liabilities	December 31, December 31, December 31, 2018 2017 2016 Fair value through profit or loss Cash $ 5,304,097 $ 4,100,608 $ 21,648 Fair value though other comprehensive income Marketable securities $ - $ 205,600 $ 176,000 Amortized cost Receivables $ 36,399 $ 34,653 $ 91,565 Restricted cash equivalents $ 34,500 $ 34,500 $ - $ 5,374,996 $ 4,375,361 $ 289,213 Amortized cost Accounts payable and accrued liabilities $ 1,636,786 $ 1,895,983 $ 2,658,018 Credit facility $ - $ - $ 1,071,560 $ 1,636,786 $ 1,895,983 $ 3,729,578

FINANCIAL RISK MANAGEMENT DIS_2

FINANCIAL RISK MANAGEMENT DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2018
Disclosure of nature and extent of risks arising from financial instruments [abstract]
Current and expected remaining contractual maturities	0 to 6 months 6 to 12 months Total Accounts payable and accrued liabilities As at December 31, 2018 $ 1,636,786 $ - $ 1,636,786 As at December 31, 2017 $ 1,895,983 $ - $ 1,895,983 As at December 31, 2016 $ 2,658,018 $ - $ 2,658,018

RELATED PARTY DISCLOSURES (Tabl

RELATED PARTY DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2018
Related party transactions [abstract]
Related party transactions by related party	Year Ended December 31, Related parties 2018 2017 2016 Directors and officers $ 1,265,152 $ 307,425 $ 280,160 Linx Partners Ltd. 401,044 363,781 210,000 MaKevCo Consulting Inc. 21,200 23,600 22,480 Sophir Asia Ltd. 19,100 19,700 20,380 $ 1,706,496 $ 714,506 $ 533,020
Related party transactions by nature of transaction	Year Ended December 31, Related parties 2018 2017 2016 Consulting and management fees $ 268,456 $ 247,525 $ 153,000 Directors' fees 70,378 60,600 63,240 Mineral properties 631,610 201,875 117,000 Salaries 736,052 204,506 199,780 $ 1,706,496 $ 714,506 $ 533,020

KEY MANAGEMENT PERSONNEL COMP_2

KEY MANAGEMENT PERSONNEL COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2018
Key Management Personnel Compensation
Key management personnel compensation	Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Company, including directors of the Company. Year Ended December 31, Key Management Personnel 2018 2017 2016 Salaries and short term benefits $ 775,064 $ 204,506 $ 204,079 Share-based payments 621,339 596,232 181,990 $ 1,396,403 $ 800,738 $ 386,069

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2018
Statement of cash flows [abstract]
Supplemental cash flow information	Year Ended December 31, 2018 2017 2016 Supplementary information Interest paid $ - $ 21,066 $ 11,253 Non-Cash Financing and Investing Activities Shares issued to pay Credit Facility $ - $ 900,000 $ 1,500,000 Shares issued on acquisition of mineral property $ - $ 96,200 $ - Bonus shares $ - $ 190,320 $ - Shares issued to settle debt $ - $ 386,527 $ 804,648 Capitalized interest $ - $ - $ 11,253 Warrants issued for mineral property $ 181,944 $ - $ - Depreciation included in mineral property $ 27,387 $ 216,653 $ 278,376 Property and equipment expenditures included in accounts payable $ 489,890 $ 580,634 $ 1,097,092 Fair value loss/gain on marketable securities $ 12,160 $ 12,160 $ - Mineral property expenditures included in accounts payable $ 1,067,747 $ 753,248 $ 962,822 Share-based payments capitalized in mineral properties $ 205,057 $ 227,979 $ 68,363 Sale of Okeover property for shares and debt settlement $ - $ - $ 195,079 Fair value of finders warrants $ - $ - $ 10,183 Reclassification of contributed surplus on exercise of options $ 15,350 $ 14,567 $ - Reclassification of contributed surplus on exercise of warrants $ 132,453 $ 10,650 $ -

COMMITMENTS (Tables)

COMMITMENTS (Tables)	12 Months Ended
	Dec. 31, 2018
Capital commitments [abstract]
Commitments	Except as disclosed elsewhere in these financial statements, the Company has the following financial obligations in the ordinary course of business: 2019 2020 2021 2022 Total Office Lease Obligations $ 44,953 $ 45,489 $ 24,574 $ 9,540 $ 124,556 $ 44,953 $ 45,489 $ 24,574 $ 9,540 $ 124,556

BASIS OF CONSOLIDATION (Details

BASIS OF CONSOLIDATION (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Subsidiary 1
Disclosure of subsidiaries [line items]
Subsidiary	Vanadium Gibellini Company LLC	Vanadium Gibellini Company LLC
Location	USA	USA
Ownership interest	100.00%	100.00%
Operations and projects owned	Gibellini project	Gibellini project
Subsidiary 2
Disclosure of subsidiaries [line items]
Subsidiary	VC Exploration (US) Inc,	VC Exploration (US) Inc,
Location	USA	USA
Ownership interest	100.00%	100.00%
Operations and projects owned	Gibellini project	Gibellini project
Subsidiary 3
Disclosure of subsidiaries [line items]
Subsidiary	0912601 B.C. Ltd.	0912601 B.C. Ltd.
Location	Canada	Canada
Ownership interest	100.00%	100.00%
Operations and projects owned	Titan project	Titan project
Subsidiary 4
Disclosure of subsidiaries [line items]
Subsidiary	Apogee Minerals Bolivia S. A.	Apogee Minerals Bolivia S. A.
Location	Bolivia	Bolivia
Ownership interest	98.00%	98.00%
Operations and projects owned	Pulacayo project	Pulacayo project
Subsidiary 5
Disclosure of subsidiaries [line items]
Subsidiary	ASC Holdings Limited	ASC Holdings Limited
Location	Bolivia	Bolivia
Ownership interest	100.00%	100.00%
Operations and projects owned	Pulacayo project	Pulacayo project
Subsidiary 6
Disclosure of subsidiaries [line items]
Subsidiary	Red Hill Mongolia LLC	Red Hill Mongolia LLC
Location	Mongolia	Mongolia
Ownership interest	100.00%	100.00%
Operations and projects owned	Ulaan Ovoo mine	Ulaan Ovoo mine
Subsidiary 7
Disclosure of subsidiaries [line items]
Subsidiary	Chandgana Coal LLC	Chandgana Coal LLC
Location	Mongolia	Mongolia
Ownership interest	100.00%	100.00%
Operations and projects owned	Chandgana project	Chandgana project

SIGNIFICANT JUDGMENTS, ESTIMA_2

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of changes in accounting estimates [abstract]
(Impairment)/recovery of mineral property	$ 13,994,970	$ 14,829,267	$ (195,079)
Impairment of receivables	21,004	61,202	0
Impairment of prepaid expenses	$ 26,234	$ 57,420	$ 0

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017
Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	45%	45%
Computer software
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	100%	100%
Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	20%	20%
Leasehold improvement
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	Straight line / 5 years	Straight line / 5 years
Mining equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	20%	20%
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	30%	30%

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of operating segments [line items]
Reclamation deposits	$ 21,055	$ 21,055	$ 21,055
Equipment	101,162	531,911	917,607	$ 1,307,483
Mineral properties	3,643,720	13,299,906	26,399,708	$ 25,296,210
Total	3,765,937	13,852,872	27,338,370
Canada
Disclosure of operating segments [line items]
Reclamation deposits	0	0	0
Equipment	14,839	18,376	22,816
Mineral properties	0	0	0
Total	14,839	18,376	22,816
USA
Disclosure of operating segments [line items]
Reclamation deposits	0	0	0
Equipment	22,713	0	0
Mineral properties	3,643,720	490,356	0
Total	3,666,433	490,356	0
Mongolia
Disclosure of operating segments [line items]
Reclamation deposits	21,055	21,055	21,055
Equipment	33,440	48,364	329,912
Mineral properties	0	0	14,418,765
Total	54,495	69,419	14,769,732
Bolivia
Disclosure of operating segments [line items]
Reclamation deposits	0	0	0
Equipment	30,170	465,171	564,879
Mineral properties	0	12,809,550	11,980,943
Total	$ 30,170	$ 13,274,721	$ 12,545,822

CASH AND CASH EQUIVALENTS (Deta

CASH AND CASH EQUIVALENTS (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents [abstract]
Cash	$ 804,097	$ 4,100,608	$ 21,648
Cash equivalents	4,500,000	0	0
Restricted cash equivalents	34,500	34,500	0
Total	$ 5,338,597	$ 4,135,108	$ 21,648

CASH AND CASH EQUIVALENTS (De_2

CASH AND CASH EQUIVALENTS (Details Narrative) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Cash and cash equivalents [abstract]
Guaranteed investment certificate	$ 34,500	$ 34,500	$ 0

RECEIVABLES (Details)

RECEIVABLES (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trade and other current receivables [abstract]
Input tax recoverable	$ 36,399	$ 10,562	$ 1,388
Trade receivable	0	24,091	90,177
Total	$ 36,399	$ 34,653	$ 91,565

RECEIVABLES (Details Narrative)

RECEIVABLES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trade and other current receivables [abstract]
Impairment of receivables	$ 21,004	$ 61,202	$ 0

PREPAID EXPENSES (Details)

PREPAID EXPENSES (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	$ 123,272	$ 140,610	$ 200,526
General
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	47,216	0	57,681
Insurance
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	57,882	41,029	40,969
Environmental and taxes
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	8,789	47,508	40,695
Transportation and fuel
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	0	0	23,863
Rent
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	9,385	11,458	37,318
Market advisors
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	$ 0	$ 40,615	$ 0

PREPAID EXPENSES (Details Narra

PREPAID EXPENSES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Current prepayments [abstract]
Impairment of prepaid expenses	$ 26,234	$ 57,420	$ 0

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale financial assets [abstract]
Marketable securities, beginning	$ 205,600	$ 176,000	$ 0
Additions	60,940	193,440	176,000
Disposals	(162,490)	(153,190)	0
Realized loss on disposal	(91,890)	(22,810)	59,698
Unrealized gain/(loss) on mark-to-market	(12,160)	12,160	0
Marketable securities, ending	$ 0	$ 205,600	$ 176,000

MARKETABLE SECURITIES (Details

MARKETABLE SECURITIES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Available-for-sale financial assets [abstract]
Unrealized gain/(loss) on mark-to-market	$ (12,160)	$ 12,160	$ 0

PROPERTY AND EQUIPMENT (Details

PROPERTY AND EQUIPMENT (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	$ 531,911	$ 917,607	$ 1,307,483
Additions/disposals
Depreciation
Impairment charge
Property and equipment, beginning	101,162	531,911	917,607
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	2,062,238	2,565,846	2,954,850
Additions/disposals	29,671	(2,530)	(389,004)
Depreciation
Impairment charge	(1,314,829)	(501,078)
Property and equipment, beginning	777,080	2,062,238	2,565,846
Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	1,530,327	1,648,239	1,647,367
Additions/disposals			(309,325)
Depreciation	34,495	223,500	310,197
Impairment charge	(888,904)	(341,412)
Property and equipment, beginning	675,918	1,530,327	1,648,239
Computer equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	3,379	5,321	26,047
Additions/disposals
Depreciation
Impairment charge
Property and equipment, beginning	5,243	3,379	5,321
Computer equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	100,074	100,221	161,959
Additions/disposals	3,180	(147)	(61,738)
Depreciation
Impairment charge	0	0
Property and equipment, beginning	103,254	100,074	100,221
Computer equipment | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	96,695	94,900	135,912
Additions/disposals			(53,065)
Depreciation	1,316	1,795	12,053
Impairment charge	0	0
Property and equipment, beginning	98,011	96,695	94,900
Furniture and equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	59,757	97,574	158,066
Additions/disposals
Depreciation
Impairment charge
Property and equipment, beginning	45,421	59,757	97,574
Furniture and equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	276,830	279,213	388,933
Additions/disposals	2,015	(2,383)	(109,720)
Depreciation
Impairment charge	0	0
Property and equipment, beginning	278,845	276,830	279,213
Furniture and equipment | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	217,073	181,639	230,867
Additions/disposals			(78,671)
Depreciation	16,351	35,434	29,443
Impairment charge	0	0
Property and equipment, beginning	233,424	217,073	181,639
Computer software
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	0	0	0
Additions/disposals
Depreciation
Impairment charge
Property and equipment, beginning	0	0	0
Computer software | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	197,813	197,813	197,813
Additions/disposals	0	0	0
Depreciation
Impairment charge	0	0
Property and equipment, beginning	197,813	197,813	197,813
Computer software | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	197,813	197,813	197,813
Additions/disposals			0
Depreciation	0	0	0
Impairment charge	0	0
Property and equipment, beginning	197,813	197,813	197,813
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	42,850	113,938	128,884
Additions/disposals
Depreciation
Impairment charge
Property and equipment, beginning	29,513	42,850	113,938
Vehicles | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	172,692	453,854	459,229
Additions/disposals	0	0	(5,375)
Depreciation
Impairment charge	0	(281,162)
Property and equipment, beginning	172,692	172,692	453,854
Vehicles | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	129,842	339,916	330,345
Additions/disposals			(16,558)
Depreciation	13,337	18,434	26,129
Impairment charge	0	(228,508)
Property and equipment, beginning	143,179	129,842	339,916
Leasehold improvement
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	0	0	37,732
Additions/disposals
Depreciation
Impairment charge
Property and equipment, beginning	0	0	0
Leasehold improvement | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	0	0	172,818
Additions/disposals	0	0	(172,818)
Depreciation
Impairment charge	0	0
Property and equipment, beginning	0	0	0
Leasehold improvement | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	0	0	135,086
Additions/disposals			(135,086)
Depreciation	0	0	0
Impairment charge	0	0
Property and equipment, beginning	0	0	0
Mining equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	425,925	700,774	956,754
Additions/disposals
Depreciation
Impairment charge
Property and equipment, beginning	20,985	425,925	700,774
Mining equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	1,314,829	1,534,745	1,574,098
Additions/disposals	24,476	0	(39,353)
Depreciation
Impairment charge	(1,314,829)	(219,916)
Property and equipment, beginning	24,476	1,314,829	1,534,745
Mining equipment | Accumulated depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	888,904	833,971	617,344
Additions/disposals			(25,945)
Depreciation	3,491	167,837	242,572
Impairment charge	(888,904)	(112,904)
Property and equipment, beginning	$ 3,491	$ 888,904	$ 833,971

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	$ 13,299,906	$ 26,399,708	$ 25,296,210
Acquisition cost	3,609,896	1,398,207	712,901
Deferred exploration costs:
Licenses, powerplant application	649,588	344,832	187,659
Geological core and consulting	1,560,699	414,574	194,584
Personnel, camp and general	1,702,892	815,069	721,255
Deferred exploration costs	3,913,179	1,574,475	1,103,498
Impairment	(13,994,970)	(14,829,267)
Mineral properties, ending	3,643,720	13,299,906	26,399,708
Titan
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	0	0	0
Acquisition cost	0	96,200
Deferred exploration costs:
Licenses, powerplant application	0	0	0
Geological core and consulting	0	0	0
Personnel, camp and general	0	0	0
Deferred exploration costs	0	0	0
Impairment	0	(96,200)
Mineral properties, ending	0	0	0
Chandgana Tal
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	0	11,186,322	11,040,916
Acquisition cost	0	0
Deferred exploration costs:
Licenses, powerplant application	1,271	27,190	93,505
Geological core and consulting	0	39,362	48,533
Personnel, camp and general	20,590	2,492	3,368
Deferred exploration costs	21,861	69,044	145,406
Impairment	(21,861)	(11,255,366)
Mineral properties, ending	0	0	11,186,322
Khavtgai Uul
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	0	3,232,443	3,139,891
Acquisition cost	0	0
Deferred exploration costs:
Licenses, powerplant application	261,168	242,766	89,184
Geological core and consulting	0	0	0
Personnel, camp and general	3,741	2,492	3,368
Deferred exploration costs	264,909	245,258	92,552
Impairment	(264,909)	(3,477,701)
Mineral properties, ending	0	0	3,232,443
Pulacayo Paca
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	12,809,550	11,980,943	11,115,403
Acquisition cost	0	0
Deferred exploration costs:
Licenses, powerplant application	0	0	4,970
Geological core and consulting	51,112	102,592	146,051
Personnel, camp and general	847,538	726,015	714,519
Deferred exploration costs	898,650	828,607	865,540
Impairment	(13,708,200)	0
Mineral properties, ending	0	12,809,550	11,980,943
Gibellini
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	490,356	0	0
Acquisition cost	425,605	58,790
Deferred exploration costs:
Licenses, powerplant application	387,149	74,876	0
Geological core and consulting	1,509,587	272,620	0
Personnel, camp and general	831,023	84,070	0
Deferred exploration costs	2,727,759	431,566	0
Impairment	0	0
Mineral properties, ending	$ 3,643,720	$ 490,356	$ 0

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Trade and other current payables [abstract]
Trade accounts payable	$ 1,536,786	$ 1,644,995	$ 2,224,134
Accrued liabilities	100,000	250,988	433,884
Total	$ 1,636,786	$ 1,895,983	$ 2,658,018

PROVISION FOR CLOSURE AND REC_3

PROVISION FOR CLOSURE AND RECLAMATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Provisions [abstract]
Provision for closure and reclamation, beginning	$ 244,323	$ 242,347	$ 208,993
Accretion	20,916	1,976	33,354
Provision for closure and reclamation, ending	$ 265,239	$ 244,323	$ 242,347

PROVISION FOR CLOSURE AND REC_4

PROVISION FOR CLOSURE AND RECLAMATION (Details Narrative)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Provisions [abstract]
Risk-free interest rate	1.98%	2.23%	1.06%
Risk premium	7.00%	7.00%	7.00%

TAX PROVISION (Details)

TAX PROVISION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Other provisions [abstract]
Earnings (loss) for the year	$ (18,184,468)	$ (18,592,981)	$ (2,007,305)
Expected income tax (recovery)	(4,910,000)	(4,834,000)	(522,000)
Change in statutory, foreign tax, foreign exchange rates and other	389,000	1,885,000	(1,575,000)
Permanent difference	3,833,000	450,000	1,869,000
Share issue cost	(151,000)	(25,000)	(87,000)
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses	12,000	(118,000)	(34,000)
Change in unrecognized deductible temporary differences	827,000	2,642,000	349,000
Total income tax expense (recovery)	$ 0	$ 0	$ 0

TAX PROVISION (Details 1)

TAX PROVISION (Details 1) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Share issue costs
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 644,000	$ 285,000	$ 399,000
Expiry dates	2039 to 2042	2038 to 2042	2037 to 2041
Allowable capital losses
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 6,607,000	$ 6,549,000	$ 6,549,000
Expiry dates	No expiry	No expiry	No expiry
Non-capital losses
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 24,109,000	$ 21,402,000	$ 16,658,000
Expiry dates	2030 to 2038	2030 to 2037	2030 to 2036
Property and equipment
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 1,138,000	$ 1,146,000	$ 1,067,000
Expiry dates	No expiry	No expiry	No expiry
Exploration and evaluation assets
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 19,625,000	$ 19,715,000	$ 5,016,000
Expiry dates	No expiry	No expiry	No expiry
Investment tax credits
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 23,000	$ 23,000	$ 23,000
Expiry dates	2029	2029	2029
Asset retirement obligation
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 265,000	$ 244,000	$ 209,000
Expiry dates	No expiry	No expiry	No expiry

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)	12 Months Ended
	Dec. 31, 2018$ / sharesshares
DisclosureOfDebtSettlementsLineItems [Line Items]
Number of shares	3,474,437
Debt Settlment 1
DisclosureOfDebtSettlementsLineItems [Line Items]
Settlement date	13-Jan-16
Number of shares	613,850
Value | $ / shares	$ 0.3
Debt Settlment 2
DisclosureOfDebtSettlementsLineItems [Line Items]
Settlement date	25-Jan-16
Number of shares	132,064
Value | $ / shares	$ 0.25
Debt Settlment 3
DisclosureOfDebtSettlementsLineItems [Line Items]
Settlement date	29-Feb-16
Number of shares	736,453
Value | $ / shares	$ 0.2
Debt Settlment 4
DisclosureOfDebtSettlementsLineItems [Line Items]
Settlement date	4-Mar-16
Number of shares	30,000
Value | $ / shares	$ 0.2
Debt Settlment 5
DisclosureOfDebtSettlementsLineItems [Line Items]
Settlement date	18-Apr-16
Number of shares	265,110
Value | $ / shares	$ 0.15
Debt Settlment 6
DisclosureOfDebtSettlementsLineItems [Line Items]
Settlement date	2-Jun-16
Number of shares	1,228,210
Value | $ / shares	$ 0.2
Debt Settlment 7
DisclosureOfDebtSettlementsLineItems [Line Items]
Settlement date	16-Nov-16
Number of shares	468,750
Value | $ / shares	$ 0.32

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1)	12 Months Ended
	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares	Dec. 31, 2016CAD ($)shares
Disclosure of classes of share capital [abstract]
Options, outstanding, beginning | shares	8,248,340	4,608,140	3,437,420
Options, granted | shares	4,040,000	4,080,000	1,600,000
Options, expired | shares	(349,720)	(312,930)	(10,000)
Options, cancelled | shares	(1,815,120)		(379,280)
Options, forfeited | shares	(445,000)		(40,000)
Options, exercised | shares	(87,500)	(126,870)
Options, outstanding, ending | shares	9,591,000	8,248,340	4,608,140
Weighted average exercise price, beginning | $	$ 0.46	$ 0.64	$ 1
Weighted average exercise price, granted | $	0.31	0.38	0.2
Weighted average exercise price, expired | $	1.21	2.08	2.8
Weighted average exercise price, cancelled | $	0.45		2.19
Weighted average exercise price, forfeited | $	1.04		0.61
Weighted average exercise price, exercised | $	0.28	0.4
Weighted average exercise price, outstanding, ending | $	$ 0.34	$ 0.46	$ 0.64

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2)	12 Months Ended
	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017shares	Dec. 31, 2016shares	Dec. 31, 2015shares
Disclosure of range of exercise prices of outstanding share options [line items]
Options, outstanding	9,591,000	8,248,340	4,608,140	3,437,420
Options, exercisable	5,479,750	2,818,903
Options, unvested	4,111,250	5,429,437
Stock Option 1
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.65
Expiry date	14-Nov-23
Options, outstanding	200,000
Options, exercisable
Options, unvested	200,000
Stock Option 2
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.33
Expiry date	17-Oct-23
Options, outstanding	940,000
Options, exercisable
Options, unvested	940,000
Stock Option 3
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.26
Expiry date	10-Oct-23
Options, outstanding	550,000
Options, exercisable
Options, unvested	550,000
Stock Option 4
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.22
Expiry date	23-Jul-23
Options, outstanding	400,000
Options, exercisable	50,000
Options, unvested	350,000
Stock Option 5
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.31
Expiry date	1-May-23
Options, outstanding	200,000
Options, exercisable	50,000
Options, unvested	150,000
Stock Option 6
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.28
Expiry date	6-Apr-23
Options, outstanding	1,225,000
Options, exercisable	306,250
Options, unvested	918,750
Stock Option 7
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.31
Expiry date	20-Feb-23
Options, outstanding	200,000
Options, exercisable	75,000
Options, unvested	125,000
Stock Option 8
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.48
Expiry date	6-Nov-22	6-Nov-22
Options, outstanding		50,000
Options, exercisable
Options, unvested		50,000
Stock Option 9
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.35
Expiry date	1-Sep-22	12-Jun-22
Options, outstanding	1,250,000	1,670,000
Options, exercisable	781,250	36,250
Options, unvested	468,750	1,413,750
Stock Option 10
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.33
Expiry date	12-Jun-22	1-Sep-22
Options, outstanding	1,225,000	1,450,000
Options, exercisable	918,750	20,875
Options, unvested	306,250	1,649,125
Stock Option 11
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.49
Expiry date	12-Jan-22	12-Jan-22
Options, outstanding	820,000	910,000
Options, exercisable	717,500	34,125
Options, unvested	102,500	875,875
Stock Option 12
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.2
Expiry date	2-Jun-21	2-Jun-21
Options, outstanding	1,420,000	1,557,500	1,600,000
Options, exercisable	1,420,000	116,813
Options, unvested		1,440,687
Stock Option 13
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.5
Expiry date	22-Jun-20	22-Jun-20
Options, outstanding	311,000	328,000	328,000
Options, exercisable	311,000	328,000
Options, unvested
Stock Option 14
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.5
Expiry date	7-Apr-20	7-Apr-20
Options, outstanding	535,000	820,620	905,000
Options, exercisable	535,000	820,620
Options, unvested
Stock Option 15
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 0.65
Expiry date	1-May-19	1-May-19
Options, outstanding	315,000	547,500	547,500
Options, exercisable	315,000	547,500
Options, unvested
Stock Option 16
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 1
Expiry date	3-Feb-19	3-Feb-19
Options, outstanding		50,000	50,000
Options, exercisable		50,000
Options, unvested
Stock Option 17
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 1.05
Expiry date	27-Jan-19	27-Jan-19
Options, outstanding		515,000	515,000
Options, exercisable		515,000
Options, unvested
Stock Option 18
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 1.2
Expiry date	16-Aug-18	16-Aug-18
Options, outstanding		324,720	324,720
Options, exercisable		324,720
Options, unvested
Stock Option 19
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $	$ 1.3
Expiry date	22-Jul-18	22-Jul-18
Options, outstanding		25,000	25,000
Options, exercisable		25,000
Options, unvested
Stock Option 20
Disclosure of range of exercise prices of outstanding share options [line items]
Expiry date		16-Aug-17
Options, outstanding			15,000
Options, exercisable
Options, unvested
Stock Option 21
Disclosure of range of exercise prices of outstanding share options [line items]
Expiry date		24-Sep-17
Options, outstanding			37,500
Options, exercisable
Options, unvested
Stock Option 22
Disclosure of range of exercise prices of outstanding share options [line items]
Expiry date		22-Aug-17
Options, outstanding			172,420
Options, exercisable
Options, unvested
Stock Option 23
Disclosure of range of exercise prices of outstanding share options [line items]
Expiry date		1-Jun-17
Options, outstanding			1,000
Options, exercisable
Options, unvested
Stock Option 24
Disclosure of range of exercise prices of outstanding share options [line items]
Expiry date		18-Jun-17
Options, outstanding			87,000
Options, exercisable
Options, unvested

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3) - yr	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of classes of share capital [abstract]
Risk-free interest rate	1.77%	1.25%	1.20%
Expected life of options in years	4.4	4.4	4.9
Expected volatility	135.71%	133.55%	131.45%
Expected dividend yield	0.00%	0.00%	0.00%

SHARE CAPITAL (Details 4)

SHARE CAPITAL (Details 4) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Consolidated Statement of Operations
Share-based payments	$ (553,430)	$ (599,117)	$ (197,889)
Consolidated Statement of Financial Position
Share-based payments	205,057	227,979	68,363
Total share-based payments	758,487	827,096	266,252
Chandgana Tal and power plant application
Consolidated Statement of Financial Position
Share-based payments	0	69,515	21,429
Gibellini exploration
Consolidated Statement of Financial Position
Share-based payments	87,186	0	0
Pulacavo exploration
Consolidated Statement of Financial Position
Share-based payments	$ 117,871	$ 158,464	$ 46,934

SHARE CAPITAL (Details 5)

SHARE CAPITAL (Details 5)	12 Months Ended
	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares	Dec. 31, 2016CAD ($)shares
Disclosure of classes of share capital [abstract]
Warrants, outstanding, beginning | shares	25,758,030	13,480,600	4,365,040
Warrants, issued | shares	5,061,417	12,453,680	9,369,670
Warrants, exercised | shares	(3,445,420)	(150,000)
Warrants, expired | shares	(56,000)	(26,250)	(254,110)
Warrants, outstanding, ending | shares	27,318,027	25,758,030	13,480,600
Weighted average exercise price, beginning | $	$ 0.44	$ 0.47	$ 0.6
Weighted average exercise price, issued | $	0.4	0.41	0.4
Weighted average exercise price, exercised | $	0.39	0.4
Weighted average exercise price, expired | $	0.4	0.7	1
Weighted average exercise price, outstanding, ending | $	$ 0.44	$ 0.44	$ 0.47

SHARE CAPITAL (Details 6)

SHARE CAPITAL (Details 6)	12 Months Ended
	Dec. 31, 2018CAD ($)shares	Dec. 31, 2017CAD ($)shares	Dec. 31, 2016shares	Dec. 31, 2015shares
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Warrants, outstanding	27,318,027	25,758,030	13,480,600	4,365,040
Warrants 1
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.5	$ 0.5
Expiry date	13-Jun-22
Warrants, outstanding	596,590	596,590
Warrants 2
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.5	$ 0.4
Expiry date	12-Apr-22
Warrants, outstanding	1,032,500	1,032,500
Warrants 3
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4	$ 0.4
Expiry date	13-Jan-22
Warrants, outstanding	499,990	499,990
Warrants 4
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.44	$ 0.44
Expiry date	29-Aug-21
Warrants, outstanding	1,013,670	1,013,670	1,013,670
Warrants 5
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4
Expiry date	13-Aug-21
Warrants, outstanding	198,237	0
Warrants 6
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4
Expiry date	6-Jul-21
Warrants, outstanding	3,863,180	0
Warrants 7
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4	$ 0.4
Expiry date	2-Jun-21
Warrants, outstanding	7,500,000	7,500,000	7,500,000
Warrants 8
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.3
Expiry date	23-Apr-21
Warrants, outstanding	100,000	0
Warrants 9
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.5
Expiry date	15-Feb-21
Warrants, outstanding	500,000	0
Warrants 10
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4	$ 0.4
Expiry date	25-Jan-21
Warrants, outstanding	650,000	650,000	800,000
Warrants 11
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4	$ 0.4
Expiry date	18-Dec-20
Warrants, outstanding	211,250	703,350
Warrants 12
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.7	$ 0.7
Expiry date	13-Nov-20
Warrants, outstanding	625,000	625,000	625,000
Warrants 13
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4	$ 0.4
Expiry date	16-Oct-20
Warrants, outstanding	2,533,020	2,701,360
Warrants 14
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.7	$ 0.7
Expiry date	30-Sep-20
Warrants, outstanding	1,112,000	1,112,000	1,112,000
Warrants 15
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4	$ 0.4
Expiry date	20-Sep-20
Warrants, outstanding	4,534,920	6,919,900
Warrants 16
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.6	$ 0.6
Expiry date	24-Jun-20
Warrants, outstanding	1,147,670	1,147,680	1,147,670
Warrants 17
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.5	$ 0.5
Expiry date	22-May-20
Warrants, outstanding	1,200,000	1,200,000	1,200,000
Warrants 18
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $	$ 0.4	$ 0.4
Expiry date	January 25,2018
Warrants, outstanding	0	56,000	56,000

FAIR VALUE MEASUREMENTS AND F_3

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of financial assets [line items]
Cash	$ 5,304,097	$ 4,100,608	$ 21,648	$ 33,542
Level 1
Disclosure of financial assets [line items]
Cash	5,304,097	4,100,608	21,648
Level 2
Disclosure of financial assets [line items]
Cash	0	0	0
Level 3
Disclosure of financial assets [line items]
Cash	$ 0	$ 0	$ 0

FAIR VALUE MEASUREMENTS AND F_4

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details 1) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Fair value through profit or loss
Cash	$ 5,304,097	$ 4,100,608	$ 21,648	$ 33,542
Fair value through other comprehensive income
Marketable securities	0	205,600	176,000	$ 0
Amortized cost
Receivables	36,399	34,653	91,565
Restricted cash equivalents	34,500	34,500	0
Financial assets	5,374,996	4,375,361	289,213
Amortized cost
Accounts payable and accrued liabilities	1,636,786	1,895,983	2,658,018
Credit facility	0	0	1,071,560
Financial liabilities	$ 1,636,786	$ 1,895,983	$ 3,729,578

FINANCIAL RISK MANAGEMENT DIS_3

FINANCIAL RISK MANAGEMENT DISCLOSURES (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of nature and extent of risks arising from financial instruments [line items]
Accounts payable and accrued liabilities	$ 1,636,786	$ 1,895,983	$ 2,658,018
0 to 6 months
Disclosure of nature and extent of risks arising from financial instruments [line items]
Accounts payable and accrued liabilities	1,636,786	1,895,983	2,658,018
6 to 12 months
Disclosure of nature and extent of risks arising from financial instruments [line items]
Accounts payable and accrued liabilities	$ 0	$ 0	$ 0

FINANCIAL RISK MANAGEMENT DIS_4

FINANCIAL RISK MANAGEMENT DISCLOSURES (Details Narrative) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of nature and extent of risks arising from financial instruments [abstract]
Cash	$ 5,304,097	$ 4,100,608	$ 21,648	$ 33,542
Accounts payable and accrued liabilities	$ 1,636,786	$ 1,895,983	$ 2,658,018

RELATED PARTY DISCLOSURES (Deta

RELATED PARTY DISCLOSURES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Related party transactions	$ 1,706,496	$ 714,506	$ 533,020
Directors and officers
Disclosure of transactions between related parties [line items]
Related party transactions	1,265,152	307,425	280,160
LinxPartners Ltd.
Disclosure of transactions between related parties [line items]
Related party transactions	401,044	363,781	210,000
MakevCo Consulting Inc.
Disclosure of transactions between related parties [line items]
Related party transactions	21,200	23,600	22,480
Sophir Asia Ltd.
Disclosure of transactions between related parties [line items]
Related party transactions	$ 19,100	$ 19,700	$ 20,380

RELATED PARTY DISCLOSURES (De_2

RELATED PARTY DISCLOSURES (Details 1) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Disclosure of transactions between related parties [line items]
Related party transactions	$ 1,706,496	$ 714,506	$ 533,020
Consulting and management fees
Disclosure of transactions between related parties [line items]
Related party transactions	268,456	247,525	153,000
Directors' fees
Disclosure of transactions between related parties [line items]
Related party transactions	70,378	60,600	63,240
Mineral properties
Disclosure of transactions between related parties [line items]
Related party transactions	631,610	201,875	117,000
Salaries
Disclosure of transactions between related parties [line items]
Related party transactions	$ 736,052	$ 204,506	$ 199,780

RELATED PARTY DISCLOSURES (De_3

RELATED PARTY DISCLOSURES (Details Narrative) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Related party transactions [abstract]
Due to related parties	$ 4,634	$ 160,503	$ 366,269

KEY MANAGEMENT PERSONNEL COMP_3

KEY MANAGEMENT PERSONNEL COMPENSATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Key Management Personnel Compensation
Salaries and short term benefits	$ 775,064	$ 204,506	$ 204,079
Share-based payments	621,339	596,232	181,990
Total	$ 1,396,403	$ 800,738	$ 386,069

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2018	Dec. 31, 2017	Dec. 31, 2016
Supplementary information
Interest paid	$ 0	$ 21,066	$ 11,253
Non-Cash Financing and Investing Activities
Shares issued to pay credit facility	0	900,000	1,500,000
Shares issued on acquisition of mineral property	0	96,200	0
Bonus shares	0	190,320	0
Shares issued to settle debt	0	386,527	804,648
Capitalized interest	0	0	11,253
Warrants issued on acquisition of mineral property	181,944	0	0
Depreciation included in mineral properties	27,387	216,653	278,376
Property and equipment expenditures included in accounts payable	489,890	580,634	1,097,092
Fair value loss/gain on available-for-sale investments	81,000	(12,160)	0
Mineral property expenditures included in accounts payable	1,067,747	753,248	962,822
Share-based payments capitalized in mineral properties	205,057	227,979	68,363
Sale of Okeover property for shares and debt settlement	0	0	195,079
Fair value of finders warrants	0	0	10,183
Reclassification of contributed surplus on exercise of options	15,350	14,567	0
Reclassification of contributed surplus on exercise of warrants	$ 132,453	$ 10,650	$ 0

COMMITMENTS (Details)

COMMITMENTS (Details) - CAD ($)	Dec. 31, 2018	Dec. 31, 2017
DisclosureOfCapitalCommitmentsLineItems [Line Items]
Office lease obligations	$ 124,556	$ 121,307
Hillcrest Merchant Partners Inc.		78,000
Total		199,307
1 year
DisclosureOfCapitalCommitmentsLineItems [Line Items]
Office lease obligations	44,953	34,929
Hillcrest Merchant Partners Inc.		78,000
Total		112,929
1-2 years
DisclosureOfCapitalCommitmentsLineItems [Line Items]
Office lease obligations	45,489	35,449
Hillcrest Merchant Partners Inc.		0
Total		35,449
2-3 years
DisclosureOfCapitalCommitmentsLineItems [Line Items]
Office lease obligations	24,574	35,895
Hillcrest Merchant Partners Inc.		0
Total		35,895
3-4 years
DisclosureOfCapitalCommitmentsLineItems [Line Items]
Office lease obligations	$ 9,540	15,034
Hillcrest Merchant Partners Inc.		0
Total		$ 15,034