Silver Elephant Mining (SILEF) 20-F 15 Mar 21 2020 FY Annual report (foreign) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2020shares
Cover [Abstract]
Entity Registrant Name	SILVER ELEPHANT MINING CORP.
Entity Central Index Key	0001545224
Document Type	20-F
Document Period End Date	Dec. 31, 2020
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 Interactive Data Current	Yes
Entity Incorporation State Country Code	A1
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	180,518,828
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2020

Consolidated Statements of Fina

Consolidated Statements of Financial Position - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current assets
Cash and cash equivalents	$ 7,608,149	$ 3,017,704	$ 5,304,097
Receivables	75,765	246,671	36,399
Prepaid expenses	114,717	135,767	123,272
Total current assets	7,798,631	3,400,142	5,463,768
Non-current assets
Restricted cash equivalents	34,500	34,500	34,500
Reclamation deposits	21,055	21,055	21,055
Right-of-use asset	18,430	50,023	0
Equipment	153,800	159,484	101,162
Mineral properties	31,806,594	23,782,885	3,643,720
Total assets	39,833,010	27,448,088	9,264,205
Current liabilities
Accounts payable and accrued liabilities	1,759,163	2,420,392	1,636,786
Lease liability	20,533	32,285	0
Total current liabilities	1,779,696	2,452,677	1,636,786
Non-current liabilities
Lease liability	0	20,533	0
Provision for closure and reclamation	695,257	266,790	265,239
Tax provision	0	0	8,121,918
Total liabilities	2,474,953	2,740,000	10,023,943
Equity (Deficiency)
Share capital	197,612,182	181,129,012	173,819,546
Reserves	24,852,022	24,058,336	23,413,830
Deficit	(185,106,147)	(180,479,260)	(197,993,114)
Total equity (deficiency)	37,358,057	24,708,088	(759,738)
Total liabilities and equity (deficiency)	$ 39,833,010	$ 27,448,088	$ 9,264,205

Consolidated Statements of Oper

Consolidated Statements of Operations and Comprehensive Loss - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
General and Administrative Expenses
Advertising and promotion	$ 541,029	$ 794,182	$ 471,230
Consulting and management fees	570,356	251,552	255,610
Depreciation and accretion	41,116	65,157	28,024
Director fees	108,600	103,805	70,378
Insurance	100,948	93,661	55,546
Office and administration	136,274	123,904	137,289
Professional fees	321,355	228,594	428,884
Salaries and benefits	530,065	760,182	827,168
Share-based payments	770,617	707,802	553,430
Stock exchange and shareholder services	180,433	139,908	239,319
Travel and accommodation	93,323	236,815	231,505
Total general and administrative expenses	(3,394,116)	(3,505,562)	(3,298,383)
Other Items
Costs in excess of recovered coal	(590,204)	(120,354)	(94,335)
Foreign exchange loss	(64,841)	(443,203)	(412,663)
Impairment/(recovery) of mineral property	0	13,708,200	(13,994,970)
Impairment of prepaid expenses	(121,125)	(51,828)	(26,234)
Impairment of equipment	0	0	(425,925)
Impairment of receivables	(470,278)	(16,304)	(21,004)
Loss on sale of marketable securities	0	0	(91,890)
(Loss)/gain on sale of equipment	13,677	(9,795)	0
Gain on debt settlement	0	7,952,700	50,000
Other income	0	0	130,936
Other income/(expense)	(1,232,771)	21,019,416	(14,886,085)
Gain/(loss) for year	(4,626,887)	17,513,854	(18,184,468)
Fair value loss on marketable securities	0	0	(81,000)
Reclassification adjustment for realized loss on marketable securities	0	0	68,840
Comprehensive gain/(loss) for year	$ (4,626,887)	$ 17,513,854	$ (18,196,628)
Gain/(loss) per common share, basic	$ (0.03)	$ 0.17	$ (0.23)
Gain/(loss) per common share, diluted	$ (0.03)	$ 0.17	$ (0.23)
Weighted average number of common shares outstanding, basic	137,901,802	102,208,111	78,445,396
Weighted Average number of common shares outstanding	137,901,802	102,398,145	78,443,396

Consolidated Statements of Chan

Consolidated Statements of Changes in Equity - CAD ($)	Share Capital	Reserves	Accumulated Other Comprehensive Income (Loss)	Deficit	Total
Beginning balance, shares at Dec. 31, 2017	74,721,790
Beginning 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 (gain) 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)
Private placements, net of share issue costs, shares	22,750,000
Private placements, net of share issue costs, amount	$ 6,117,991				6,117,991
Finders shares, shares	1,179,500
Finders shares, amount	$ 366,800				366,800
Debt settlements, shares	104,951
Debt settlements, amount	$ 43,030				43,030
Share compensation for services, shares	175,000
Share compensation for services, amount	$ 59,500				59,500
Exercise of stock options, shares	622,500
Exercise of stock options, amount	$ 328,095	(153,845)			174,250
Exercise of warrants, shares	651,430
Exercise of warrants, amount	$ 279,050	(28,478)			250,572
Bonus shares, shares	500,000
Bonus shares, amount	$ 115,000				115,000
Share-based payments		826,829			826,829
Loss (gain) for the year				17,513,854	17,513,854
Ending balance, shares at Dec. 31, 2019	121,299,508
Ending balance, amount at Dec. 31, 2019	$ 181,129,012	24,058,336	0	(180,479,260)	24,708,088
Private placements, net of share issue costs, shares	38,200,000
Private placements, net of share issue costs, amount	$ 10,247,206				10,247,206
Finders shares, shares	156,900
Finders shares, amount	$ (24,000)	24,000			0
Broker warrants	$ (226,917)	226,917			0
Shares issued for property acquisition, shares	4,000,000
Shares issued for property acquisition, amount	$ 2,000,000				2,000,000
Exercise of stock options, shares	1,233,750
Exercise of stock options, amount	$ 572,659	(272,847)			299,812
Exercise of warrants, shares	14,027,670
Exercise of warrants, amount	$ 3,273,822	(166,628)			3,107,194
Bonus shares, shares	1,601,000
Bonus shares, amount	$ 640,400				640,400
Share-based payments		982,244			982,244
Loss (gain) for the year				(4,626,887)	(4,626,887)
Ending balance, shares at Dec. 31, 2020	180,518,828
Ending balance, amount at Dec. 31, 2020	$ 197,612,182	$ 24,852,022	$ 0	$ (185,106,147)	$ 37,358,057

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Operating Activities
Net gain/(loss) for year	$ (4,626,887)	$ 17,513,854	$ (18,184,468)
Adjustments to reconcile net loss to net cash flows:
Depreciation and accretion	64,387	65,157	28,024
Share-based payments	770,617	707,802	553,430
Unrealized foreign exchange (gain)/loss	0	(169,218)	580,902
Share compensation for services	720,900	356,003	350,000
Impairment/(recovery) of mineral property	0	(13,708,200)	13,994,970
Impairment of prepaid expenses	121,125	51,828	26,234
Impairment of equipment	0	0	425,925
Impairment of receivables	470,278	16,304	21,004
Loss on sale of marketable securities	0	0	91,890
(Loss)/gain on sale of equipment	13,677	9,795	0
Change in estimate reclamation provision	405,196	0	0
Gain on debt settlement	0	(7,952,700)	0
Total adjustments before working capital	(2,060,707)	(3,109,375)	(2,112,089)
Working capital adjustments
Receivables	(299,372)	(196,079)	(22,750)
Prepaid expenses and reclamation deposits	(100,075)	(29,323)	(8,896)
Accounts payable and accrued liabilities and tax provision	(88,888)	659,264	(482,952)
Total working capital adjustments	(488,335)	433,862	(514,598)
Cash used in operating activities	(2,549,042)	(2,675,513)	(2,626,687)
Investing Activities
Net (purchases)/proceeds from marketable securities	0	0	101,550
Proceeds on sale of equipment	50,695	0	0
Purchase of equipment	(111,592)	(113,564)	(120,416)
Mineral property expenditures	(6,336,166)	(6,123,401)	(3,609,896)
Cash used in investing activities	(6,397,063)	(6,236,965)	(3,628,762)
Financing Activities
Proceeds from share issuance, net of share issue costs	10,201,706	6,237,791	6,096,621
Proceeds from exercise of options	299,812	174,250	24,150
Proceeds from exercise of warrants	3,107,194	250,572	1,338,167
Lease payments	(37,162)	(36,528)	0
Cash provided by financing activities	13,536,550	6,626,085	7,458,938
Net increase (decrease) in cash	4,590,445	(2,286,393)	1,203,489
Cash - beginning of year	3,017,704	5,304,097	4,100,608
Cash - end of year	$ 7,608,149	$ 3,017,704	$ 5,304,097

DESCRIPTION OF BUSINESS AND NAT

DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS	12 Months Ended
	Dec. 31, 2020
Description Of Business And Nature Of Operations
DESCRIPTION OF BUSINESS AND NATURE OF OPERATIONS	Silver Elephant Mining Corp. (the “ Company Common Shares TSX The Company is an exploration stage company. The Company holds an interest in the Pulacayo Paca silver-zinc-lead property located in Bolivia and an 100% interest in two vanadium projects in North America, being the Gibellini vanadium project, which is comprised of the Gibellini, Louie Hill and Bisoni vanadium deposits and associated claims located in the State of Nevada, USA, and the Titan vanadium-titanium-iron property located in the Province of Ontario, Canada. In 2020, the Company acquired the Sunawayo silver-zinc-lead and El Triunfo gold-silver-zinc properties in Bolivia. The Company also has 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 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, which contemplates the realization of assets and the payment of liabilities in the ordinary course of business. As at December 31, 2020, Company has a deficit of $185.1 million. The business of mineral exploration involves a high degree of risk and there can be no assurance that the Company’s current operations, including exploration programs, will result in profitable mining operations. The recoverability of the carrying value of mineral properties, and property and equipment interests and the Company’s continued existence is dependent upon the preservation of its interest in the underlying properties, the discovery of economically recoverable reserves, the achievement of profitable operations, the ability of the Company to raise additional sources of funding, and/or, alternatively, upon the Company’s ability to dispose of some or all of its interests on an advantageous basis. These conditions may cast significant doubt upon the Company’s ability to continue as a going concern. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. Management is aware, in making its assessment, of uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern that these uncertainties are material and, therefore, that it may be unable to realize its assets and discharge its liabilities in the normal course of business. Accordingly, they do not give effect to adjustments that would be necessary should the Company be unable to continue as a going concern and therefore to realize its assets and discharge its liabilities and commitments in other than the normal course of business and at amounts different from those in the accompanying financial statements. These adjustments could be material.

BASIS OF PRESENTATION

BASIS OF PRESENTATION	12 Months Ended
	Dec. 31, 2020
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 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 8, 2021.

BASIS OF CONSOLIDATION

BASIS OF CONSOLIDATION	12 Months Ended
	Dec. 31, 2020
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, 2020. 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 subsidiaries 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 significant subsidiaries at December 31, 2020 are presented in the following table:

CHANGES IN ACCOUNTING POLICIES

CHANGES IN ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
Disclosure of voluntary change in accounting policy [abstract]
CHANGES IN ACCOUNTING POLICIES	Amendment to IFRS 16, COVID-19-Related Rent Concessions In May 2020, the International Accounting Standards Board (“IASB”) issued an amendment to permit lessees, as a practical expedient, not to assess whether particular rent concessions that reduce lease payments occurring as a direct consequence of the COVID-19 pandemic are lease modifications and instead to account for those rent concessions as if they are not lease modifications. The amendment is effective for annual reporting periods beginning on or after June 1, 2020, with earlier application permitted. The adoption of this amendment is not expected to have an impact on the financial statements. Amendments to IAS 1 and IAS 8: Definition of Material In October 2018, the IASB issued amendments to IAS 1, Presentation of Financial Statements, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, to align the definition of “material” across the standards and to clarify certain aspects of the definition. The new definition states that, “Information is material if omitting, misstating or obscuring it could reasonably be expected to influence decisions that the primary users of general purpose financial statements make on the basis of those financial statements, which provide financial information about a specific reporting entity.” These amendments are effective for annual periods beginning on or after January 1, 2020. The amendments to the definition of material did not have a significant impact on the Annual Financial Statements. Future Accounting Pronouncements The Company has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IAS 16: Property, Plant and Equipment: Proceeds before Intended Use. In May 2020, the IASB issued amendments to IAS 16, Property, Plant and Equipment Amendments to IAS 1: Classification of Liabilities as Current or Non-Current and Deferral of Effective Date. In January 2020, the IASB issued amendments to IAS 1, Presentation of Financial Statements, to provide a more general approach to the presentation of liabilities as current or non-current based on contractual arrangements in place at the reporting date. These amendments: − specify that the rights and conditions existing at the end of the reporting period are relevant in determining whether the Company has a right to defer settlement of a liability by at least twelve months; − provide that management’s expectations are not a relevant consideration as to whether the Company will exercise its rights to defer settlement of a liability; and − clarify when a liability is considered settled. On July 15, 2020, the IASB issued a deferral of the effective date for the new guidance by one year to annual reporting periods beginning on or after January 1, 2023 and is to be applied retrospectively. The Company has not yet determined the impact of these amendments on its financial statements.

SIGNIFICANT JUDGMENTS, ESTIMATE

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS	12 Months Ended
	Dec. 31, 2020
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 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, 2020, 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 (recovery) 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. During the year ended December 31, 2019, the Company reversed $13,708,200 of impairment (Note 14). (d) Deferred Tax Assets and Liabilities The measurement of the deferred tax provision is subject to uncertainty associated with the timing of future events and changes in legislation, tax rates and interpretations by tax authorities. The estimation of deferred taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company’s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. For deferred tax calculation purposes, Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income, which in turn is dependent upon the successful discovery, extraction, development and commercialization of mineral reserves. To the extent that management’s assessment of the Company’s ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and future tax provisions or recoveries could be affected. 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, 2020 the Company wrote-off $470,278 (2019 - $16,304;2018 - $21,004) of trade receivables which are no longer expected to be recovered and $121,125 (2019 - $51,828;2018 - $26,234) of prepaid expenses for which not future benefit is expected to be received. (e) 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 21. 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. COVID-19 An emerging risk is a risk not well understood at the current time and for which the impacts on strategy and financial results are difficult to assess or are in the process of being assessed. Since December 31, 2019, the outbreak of COVID-19 has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally, resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments and the impact on the financial results and condition of the Company and its operating subsidiaries in future periods. COVID-19 may impact Company operations, and consequently, the nature and amounts and disclosures in the financial statements. Some of the specific areas impacted by COVID-19 include, but are not limited to: ● Going concern assessments; ● Evaluation of subsequent events; ● Impairment and recovery of mineral properties; ● Fair value measurements; ● Lease modifications; ● Employee termination benefits; and ● Financial statement and Management Discussion & Analysis disclosures. As at December 31, 2020, the COVID-19 pandemic has not affected the Company’s critical accounting policies.

SUMMARY OF SIGNIFICANT ACCOUNTI

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	12 Months Ended
	Dec. 31, 2020
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 at least annually for indicators of impairment and are tested 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. (iii) 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 17, 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% Furniture and equipment 20% Leasehold improvement Straight line / 5 years Mining equipment 20% Vehicles 30% Right-of-use asset Straight line / term of lease 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 parts 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. 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) 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 gain or loss for the year. (f) Costs in excess of recovered coal Exploration expenditures are re-classified from Exploration and evaluation assets to deferred development costs within the property and equipment category once the work completed to date supports the future development of the property and such development receives appropriate approvals. After reclassification, all subsequent expenditure on the construction, installation or completion of infrastructure facilities is capitalized within deferred development cost. Development expenditure is net of proceeds from the sale of coal extracted during the development phase to the extent that it is considered integral to the development of the mine. Any costs incurred in testing the assets to determine if they are functioning as intended, are capitalized, net of any proceeds received from selling any product produced while testing. Where these proceeds exceed the cost of testing, any excess is recognized in the statement of profit or loss and other comprehensive income. As the Company’s Ulaan Ovoo mine has been impaired to a value of $nil (2019 - $nil, 2018 - $nil), all property costs incurred are presented net of incidental income earned from the property in all years presented. (g) 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. (h) Share-based payments The Company has a share purchase option plan that is described in Note 19. 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 operations 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. (i) 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. (j) Income taxes Income tax expense comprises current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (k) Provision for closure and reclamation The Company assesses its 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. (l) 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 loss (“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 21 for relevant fair value measurement disclosures. (m) Leases At inception of a contract, we assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. We assess whether the contract involves the use of an identified asset, whether we have the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if we have the right to direct the use of the asset. At inception or on assessment of a contract that contains a lease component, we allocate the consideration in the contract to each lease component on the basis of their relative stand-alone prices. As a lessee, we recognize a right-of-use asset, which is included in property, plant and equipment, and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, our incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: ● fixed payments, including in-substance fixed payments, less any lease incentives receivable; ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable under a residual value guarantee; ● exercise prices of purchase options if we are reasonably certain to exercise that option; and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in our estimate or assessment of the expected amount payable under a residual value guarantee, purchase, and extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit (loss). We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit (loss) on a straight-line basis over the lease term.

SEGMENTED INFORMATION

SEGMENTED INFORMATION	12 Months Ended
	Dec. 31, 2020
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 the Company’s non-current assets is as follows: December 31, 2020 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 9,729 80,401 2,790 60,880 153,800 Mineral properties - 13,290,081 - 18,516,513 31,806,594 $ 9,729 $ 13,370,482 $ 23,845 $ 18,577,393 $ 31,981,449 December 31, 2019 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 12,005 89,826 35,721 21,932 159,484 Mineral properties - 8,600,658 - 15,182,226 23,782,884 $ 12,005 $ 8,690,484 $ 56,776 $ 15,204,158 $ 23,963,423 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

CASH AND RESTRICTED CASH EQUIVA

CASH AND RESTRICTED CASH EQUIVALENTS	12 Months Ended
	Dec. 31, 2020
Cash and cash equivalents [abstract]
CASH AND RESTRICTED CASH EQUIVALENTS	Cash and restricted cash equivalents of the Company 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, 2020 December 31, 2019 December 31, 2018 Cash $ 7,608,149 $ 3,017,704 $ 5,304,097 Restricted cash equivalents 34,500 34,500 34,500 $ 7,642,649 $ 3,052,204 $ 5,338,597 Restricted Cash Equivalents As at December 31, 2020, a guaranteed investment certificate of $34,500 (2019 - $34,500, 2018 – $34,500) has been pledged as collateral for the Company’s credit card.

RECEIVABLES

RECEIVABLES	12 Months Ended
	Dec. 31, 2020
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, 2020 December 31, 2019 December 31, 2018 Input tax recoverable $ 73,804 $ 20,741 $ 36,399 Trade receivable 1,961 195,433 - Subscriptions receivable - 30,497 - $ 75,765 $ 246,671 $ 36,399 During the year ended December 31, 2020, the Company wrote-off $470,278 (2019 - $16,304, 2018 - $21,004) of receivables which are no longer expected to be recovered.

PREPAID EXPENSES

PREPAID EXPENSES	12 Months Ended
	Dec. 31, 2020
Current prepayments [abstract]
PREPAID EXPENSES	December 31, 2020 December 31, 2019 December 31, 2018 General $ 26,759 $ 44,613 $ 47,215 Insurance 69,096 59,815 57,883 Environmental and taxes 6,850 6,850 8,789 Rent 12,012 24,489 9,385 $ 114,717 $ 135,767 $ 123,272 During the year ended December 31, 2020, the Company wrote-off $121,125 (2019 - $51,828, 2018 - $26,234) of prepaid expenses for which no future benefit is expected to be received.

MARKETABLE SECURITIES

MARKETABLE SECURITIES	12 Months Ended
	Dec. 31, 2020
Available-for-sale financial assets [abstract]
MARKETABLE SECURITIES	As at and during the year ended December 31, 2020 and year ended December 31, 2019, the Company did not have marketable securities. 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, 2020, 2019, and 2018: Marketable securities 2020 2019 2018 Balance, beginning of year $ - $ - 205600 Additions - - 60940 Disposals - - (162,490 ) Realized loss on disposal - - (91,890 ) Unrealized gain/(loss) on market-to-market - - (12,160 ) Balance, end of year $ - $ - $ -

RIGHT-OF-USE ASSET

RIGHT-OF-USE ASSET	12 Months Ended
	Dec. 31, 2020
Lease liabilities [abstract]
RIGHT-OF-USE ASSET	During the first-time application of IFRS 16 to the Company’s office lease, the recognition of a right of use asset was required and the leased asset was measured at the amount of the lease liability using the Company’s current incremental borrowing rate of 10%. The lease contains no extension or termination options. The following table presents the right-of-use-asset as at January 1, 2019, December 31, 2019 and December 31, 2020: Initial recognition, January 1, 2019 $ 81,617 Additions - Depreciation (31,594 ) Balance at December 31, 2019 $ 50,023 Depreciation (31,593 ) Balance at December 31, 2020 $ 18,430

EQUIPMENT

EQUIPMENT	12 Months Ended
	Dec. 31, 2020
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. 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 first and second anniversary payments due have not been collected and the Company has recorded a full provision in the amount of $470,278 (US$350,000) due to uncertainty of their collection. The impaired value of $Nil for deferred development costs at Ulaan Ovoo property at December 31, 2020 (2019, 2018 - $Nil) remains unchanged. The following table summarized information regarding the Company’s equipment as at December 31, 2020, 2019, and 2018: Computer Furniture & Mining Equipment Equipment Vehicles Equipment Total Cost Balance, December 31, 2017 $ 100,074 $ 276,830 $ 172,692 $ 1,314,829 $ 1,864,425 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 $ 172,692 $ 24,476 $ 579,267 Accumulated depreciation Balance, December 31, 2017 $ 96,695 $ 217,073 $ 129,842 $ 888,904 $ 1,332,514 Depreciation for year 1,316 16,351 13,337 3,491 34,495 Impairment charge - - - (888,904 ) (888,904 ) Balance, December 31, 2018 $ 98,011 $ 233,424 $ 143,179 $ 3,491 $ 478,105 Carrying amount at December 31, 2018 $ 5,243 $ 45,421 $ 29,513 $ 20,985 $ 101,162 Cost Balance, December 31, 2018 $ 103,254 $ 278,845 $ 172,692 $ 24,476 $ 579,267 Additions/(Disposals) - - 46,914 - 46,914 Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Accumulated depreciation Balance, December 31, 2018 $ 98,011 $ 233,424 $ 143,179 $ 3,491 $ 478,105 Disposals - - (39,178 ) - (39,178 ) Depreciation for year 792 12,445 10,641 3,892 27,770 Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Carrying amount at December 31, 2019 $ 4,451 $ 32,976 $ 104,964 $ 17,093 $ 159,484 Cost Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Additions - - 111,592 - 111,592 Disposals (1,326 ) - (76,803 ) - (78,129 ) Balance, December 31, 2020 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Accumulated depreciation Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Disposals - - (12,431 ) - (12,431 ) Depreciation for year 2,003 6,243 40,161 3,171 51,578 Balance, December 31, 2020 $ 100,806 $ 252,112 $ 142,372 $ 10,554 $ 505,844 Carrying amount at December 31, 2020 $ 1,122 $ 26,733 $ 112,023 $ 13,922 $ 153,800

MINERAL PROPERTIES

MINERAL PROPERTIES	12 Months Ended
	Dec. 31, 2020
Investment property [abstract]
MINERAL PROPERTIES	Pulacayo Gibellini Sunawayo Triunfo Chandgana Tal Khavtgai Uul Total 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 - 387,149 - - 1,271 261,168 649,588 Geological and consulting 51,112 1,509,587 - - - - 1,560,699 Personnel, camp and general 847,538 831,023 - - 20,590 3,741 1,702,892 898,650 2,727,759 - - 21,861 264,909 3,913,179 Impairment (13,708,200 ) - - - (21,861 ) (264,909 ) (13,994,970 ) Balance, December 31, 2018 $ - $ 3,643,720 $ - $ - $ - $ - $ 3,643,720 Additions: Acquisition cost $ - $ - $ - $ - $ - $ - $ - Deferred exploration costs: Licenses, tax, and permits 6,239 286,158 - - - - 292,397 Geological and consulting 964,716 3,200,773 - - - - 4,165,489 Personnel, camp and general 503,071 1,470,007 - - - - 1,973,078 1,474,026 4,956,939 - - - - 6,430,965 Impairment Recovery 13,708,200 - - - - - 13,708,200 Balance, December 31, 2019 $ 15,182,226 $ 8,600,658 $ - $ - $ - $ - $ 23,782,885 Additions: Acquisition cost $ - $ 2,253,566 $ 396,936 $ 135,676 $ - $ - $ 2,786,178 Deferred exploration costs: Licenses, tax, and permits 5,733 348,165 - - - - 353,898 Geological and consulting 1,767,089 897,085 116,152 327,989 - - 3,108,315 Personnel, camp and general 584,712 1,190,607 - - - - 1,775,319 2,357,534 2,435,857 116,152 327,989 - - 5,237,531 Balance, December 31, 2020 $ 17,539,760 $ 13,290,081 $ 513,088 $ 463,665 $ - $ - $ 31,806,594 Gibellini Project, Nevada, United States Gibellini Project The Gibellini Project consists of a total of 555 unpatented lode mining claims that includes: the Gibellini group of 40 claims, the VC Exploration group of 105 claims, the Bisoni group of 201 claims and the Company group of 209 claims. All the claims are Gibellini Group The Gibellini group of claims were acquired on June 22, 2017, through leasehold assignments from the claimant and then-holder of the Gibellini mineral claims (the “ Gibellini Lessor Gibellini MLA Advance Royalty Payment Gibellini NSR Payments Production Royalty Payments On April 19, 2018, the Gibellini MLA was amended to grant the Company the option, at any time during the term of the Gibellini MLA, which ends on June 22, 2027, to require the Gibellini Lessor to transfer their title over all of the leased mining claims (excluding four claims which will be retained by the Gibellini Lessor) (the " Transferred Claims (the “ Transfer Payment On June 22, 2020, the Company paid US$50,000 (2019 – US$120,000, 2018 – US$101,943) of the Advance Royalty Payment to the Gibellini Lessor. During year 2020, the Company expanded the land position at the Gibellini Project, by staking a total of 32 new claims immediately adjacent to the Gibellini Project. The Bisoni Group On September 18, 2020, the Company completed the acquisition of the Bisoni vanadium property situated immediately southwest of the Gibellini Project pursuant to an asset purchase agreement (the “ Bisoni APA Cellcube Bisoni APA Shares VC Exploration Group The Company entered into a lease agreement to acquire 10 unpatented lode claims totaling approximately 207 gross acres (the “ Former Louie Hill Claims Former Louie Hill Lessors Louie Hill MLA The Former Louie Hill Claims were Current Louie Hill Claims On October 22, 2018, the Company entered into a royalty agreement (the “ Royalty Agreement Metal Bulletin Further, the Company will pay to the Former Louie Hill Lessors Louie Hill NSR On July 7, 2020, the Company paid US$12,500 (2019 – US$28,000, 2018 - US$21,491), comprising the Louie Hill Advance Royalty Payment to the Former Louie Hill Lessors. On February 15, 2018, the Company acquired in Nevada, USA through the acquisition of VC Exploration (US) Inc, (" VC Exploration in cash and issuing 500,000 Common Share purchase warrants ( The Company 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. Pulacayo Project, Bolivia The Company holds an interest in the Pulacayo Paca silver-lead-zinc project in Bolivia (the " Pulacayo Project The Pulacayo Project mining rights are recognized by two legally independent contractual arrangements, one covering all, except the Apuradita deposit, from a mining production contract (the " Pulacayo MPC COMIBOL Pursuant to the Pulacayo MPC, ASC Bolivia LDC Sucursal Bolivia (“ ASC 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: ● change in the Company’s primary focus to the Gibellini Project; ● management’s decision to suspend further exploration activities; and ● 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 During the year ended December 31, 2019, the Company assessed whether there was any indication that the previously recognized impairment loss in connection with the Pulacayo Paca property may no longer exist or may have decreased. The Company noted the following indications that the impairment may no longer exist: ● the Company signed a mining production contract granting the Company the 100% exclusive right to develop and mine at the Pulacayo Paca property; ● the Company renewed its exploration focus to develop the Pulacayo Paca property in the current year; ● the Company re-initiated active exploration and drilling program on the property; ● the Company completed a positive final settlement of Bolivian tax dispute (Note 26). As the Company identified indications that the impairment may no longer exist, the Company completed an assessment to determine the recoverable amount of the Pulacayo Paca property. In order to estimate the fair-value of the property the Company engaged a third-party valuation consultant and also utilized level 3 inputs on the fair value hierarchy to estimate the recoverable amount based on the property’s fair value less costs of disposal determined with reference to dollars per unit of metal in-situ. With reference to metal in-situ, the Company applied US$0.79 per ounce of silver resource to its 36.8 million ounces of silver resources and US$0.0136 per pound of zinc or lead in resource to its 303 million pounds of zinc and lead. The Company also considered data derived from properties similar to the Pulacayo Paca Property. The data consisted of property transactions and market valuations of companies holding comparable properties, adjusted to reflect the possible impact of factors such as location, political jurisdiction, commodity, geology, mineralization, stage of exploration, resources, infrastructure and property size. As the recoverable amount estimated with respect to the above was $31.4 million an impairment recovery of $13,708,200 was recorded during the year ended December 31, 2019. Triunfo Project, Bolivia On July 13, 2020, the Company announced that it had entered into an agreement (the “ Triunfo Agreement “Triunfo Vendor” Exploration Right Triunfo Project Purchase Right Triunfo Rights Residual Interest ● the Residual Interest may be extinguished for US$300,000; ● the Residual Interest may be reduced to 4% for US$250,000; ● the Residual Interest may be reduced to 3% for US$200,000; ● the Residual Interest may be reduced to 2% for US$150,000; or ● the Residual Interest may be reduced to 1% for US$100,000. Sunawayo Project, Bolivia On September 7, 2020, the Company announced that it had entered into a binding sales and purchase agreement (the “ Sunawayo SPA Sunawayo Vendor Sunawayo Project Previously Impaired Properties Chandgana Properties, Mongolia 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. 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. 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. As result, in accordance with IFRS 6, Exploration for and Evaluation of Mineral Resources IAS 36, Impairment of Assets 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 (the " Titan Agreement 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 Common Shares at a value of $4.81 per Common Share. Therefore, the Company recorded an impairment loss of $96,200 on the acquisition of the remaining title interest in the Titan property which was reflected on the consolidated statement of operations and comprehensive loss during the year ended December 31, 2017. As there were no benchmark or market changes from January 1, 2015, to December 31, 2020, the impaired value of $nil for Titan property remains unchanged.

ACCOUNTS PAYABLE AND ACCRUED LI

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES	12 Months Ended
	Dec. 31, 2020
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. Year Ended December 31, 2020 2019 2018 Trade accounts payable $ 1,717,977 $ 2,420,392 $ 1,636,786 Accrued liabilities 41,186 - - $ 1,759,163 $ 2,420,392 $ 1,636,786

LEASE LIABILITY

LEASE LIABILITY	12 Months Ended
	Dec. 31, 2020
Lease liabilities [abstract]
LEASE LIABILITY	As at December 31, 2020, the Company recorded $20,533 of lease liability. The incremental borrowing rate for lease liability initially recognized as of January 1, 2019 was 10%. Lease liability Initial recognition, January 1, 2019 $ 81,617 Cash flows: Lease payments for year (36,528 ) Non-cash changes: Accretion expenses for year 7,729 Balance at December 31, 2019 $ 52,818 Cash flows: Lease payments for year (37,162 ) Non-cash changes: Accretion expenses for year 4,877 Balance at December 31, 2020 20,533 The Company does not face a significant liquidity risk with regard to its lease liability. Lease liability is monitored within the Company treasury function. The lease liability matures in 2021. There were no significant payments made for short-term or low value leases in the year ended December 31, 2020 (2019 - $nil).

PROVISION FOR CLOSURE AND RECLA

PROVISION FOR CLOSURE AND RECLAMATION	12 Months Ended
	Dec. 31, 2020
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 1.14% (2019 – 1.72%, 2018 – 1.98%) and a risk premium of 8.66% (2019 – 7%, 2018– 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 $4,951,000 over the next 21 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, 2020 December 31, 2019 December 31, 2018 Balance, beginning of year $ 266,790 $ 265,239 $ 244,323 Change in estimate 405,196 - - Accretion 23,271 1,551 20,916 Balance, end of year $ 695,257 $ 266,790 $ 265,239

TAX PROVISION

TAX PROVISION	12 Months Ended
	Dec. 31, 2020
Other provisions [abstract]
TAX PROVISION	The Company’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: 2020 2019 2018 Income (loss) for the year $ (4,626,887 ) $ 17,513,854 $ (18,184,469 ) Expected income tax (recovery) $ (1,249,000 ) $ 4,729,000 $ (4,910,000 ) Change in statutory, foreign tax, foreign exchange rates and other 117,000 (529,000 ) 389,000 Permanent differences 269,000 (4,861,000 ) 3,833,000 Share issue cost (250,000 ) (103,000 ) (151,000 ) Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses 404,000 1,205,000 12,000 Change in unrecognized deductible temporary differences 709,000 (441,000 ) 827,000 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%. The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 2020 Expiry Date Range 2019 Expiry Date Range 2018 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 6,284,000 No expiry date $ 6,135,000 No expiry date $ 19,625,000 No expiry date Investment tax credit 23,000 2029 23,000 2029 23,000 2029 Property and equipment 1,547,000 No expiry date 1,242,000 No expiry date 1,138,000 No expiry date Share issue costs 1,212,000 2041 to 2044 747,000 2040 to 2043 644,000 2039 to 2042 Asset retirement obligation 695,000 No expiry date 267,000 No expiry date 265,000 No expiry date Allowable capital losses 4,150,000 No expiry date 5,864,000 No expiry date 6,607,000 No expiry date Non-capital losses available for future periods 30,569,000 2023 to 2040 27,024,000 2023 to 2039 24,109,000 2030 to 2038 Canada 30,015,000 2029 to 2040 26,980,000 2029 to 2039 21,402,000 2029 to 2038 Mongolia 554,000 2023 to 2028 44,000 2023 to 2027 - 2023 to 2026

SHARE CAPITAL

SHARE CAPITAL	12 Months Ended
	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
SHARE CAPITAL	(a) Authorized The authorized share capital of the Company consists of an unlimited number of Common Shares. At December 31, 2020, the Company had 180,518,828 (December 31, 2019 – 121,299,508; December 31, 2018 – 95,316,127) Common Shares issued and outstanding. On August 8, 2018, the Company completed a common share split on the basis of ten (10) new Common 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, 2020 On May 1, 2020 and on May 20, 2020, the Company closed two tranches of a non-brokered private placement (the " May 2020 Private Placement Unit Warrant based on the offering price of the Units under the May 2020 Private Placement. The Company has recorded the fair value of the finder’s units as share issuance costs. The Company issued 1,601,000 Common Shares with a value of $640,400 as a bonus payment to certain directors, officers, employees, and consultants of the Company. On September 18, 2020, the Company issued 4,000,000 Common Shares at a value of $0.50 per Common Share in relation with purchase of Bisoni Project in Nevada, USA. On November 24, 2020, the Company closed its bought deal short form prospectus offering pursuant to which the Company has issued 23,000,000 Common Shares at a price of $0.40 per Common Share for aggregate gross proceeds of $9,200,000 (the “Offering” During the year ended December 31, 2020, the Company issued 1,233,750 Common Shares on the exercise of stock options for total proceeds of $299,812. During the year ended December 31, 2020, the Company issued 14,027,670 Common Shares on the exercise of warrants for aggregate gross proceeds of $3,072,194 and share compensation for services of $35,000. During the year ended December 31, 2019 On September 6, 2019, the Company closed its non-brokered private placement for $2,600,000 through the issuance of 13,000,000 Common Shares at a price of $0.20 per Common Share. The Company paid $15,209 and issued 525,000 Common Shares as a finder’s fee valued at $105,000. $175,000 of the private placement was for prepaid consulting fees for the Company’s executive chairman, of which $35,000 is included in prepaid expenses as at December 31, 2019 and $41,503 for services. Included in accounts receivable as at December 31, 2019 is $30,497 of subscriptions receivable. On October 18, 2019, the Company closed its non-brokered private placement for gross proceeds of $3,900,000 through the issuance of 9,750,000 Common Shares at a price of $0.40 per Share. Also, the Company issued 654,500 Common Shares as a finder’s fee valued at $261,800. On October 9, 2019, the Company issued 104,951 Common Shares with a value of $43,030, to its directors to settle director fees debts owing to them. The Company issued 622,500 and 651,430 Common Shares on the exercise of stock options and warrants respectively for total proceeds of $424,822. The Company issued 500,000 sign-on bonus Shares with a fair value of $0.23 per Share to an officer valued at $115,000. On September 26, 2019, the Company issued 175,000 Common Shares valued at $59,500 for consulting services. During the year ended December 31, 2018 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 the Company. Each unit is comprised of one Common Share and one Common Share purchase warrant. Each warrant entitles the holder to purchase one additional Common 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. 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 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. 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. (c) Share-based compensation plan The Company has a 20% fixed equity-based compensation plan in place, as approved by the Company’s shareholders on June 2, 2016 (the “ 2016 Plan Amended 2016 Plan During the year ended December 31, 2020, the Company granted 3,820,000 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at an exercise prices ranging from $0.22 to $0.50 per Common Share and expiry dates ranging from January 6, 2025 to August 17, 2025 and vest at 12.5% per quarter for the first two years following the date of grant. During the year ended December 31, 2019, the Company granted 3,965,000 incentive stock options to its directors, officers, employees and consultants. The options are exercisable at an exercise prices ranging from $0.20 to $0.44 per Common Share and expiry dates ranging from April 1, 2024 to November 15, 2024 and vest at 12.5% per quarter for the first two years following the date of grant. 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 Common 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. The following is a summary of the changes in the Company’s stock options from December 31, 2017 to December 31, 2020: Number of Options Weighted Average Exercise Price Outstanding, December 31, 2018 9,591,000 $ 0.34 Granted 3,965,000 $ 0.31 Expired (315,000 ) $ 0.65 Cancelled (2,247,000 ) $ 0.32 Forfeited (794,000 ) $ 0.54 Exercised (622,500 ) $ 0.28 Outstanding, December 31, 2019 9,577,500 $ 0.31 Granted 3,820,000 $ 0.28 Expired (90,000 ) $ 0.50 Cancelled (1,801,250 ) $ 0.30 Exercised (1,233,750 ) $ 0.24 Outstanding, December 31, 2020 10,272,500 $ 0.31 As of December 31, 2020, the following the Company stock options were outstanding: Exercise Expiry Options Outstanding Exercisable Unvested Price Date December 31, 2020 $ 0.50 August 17, 2025 720,000 90,000 630,000 $ 0.22 May 4, 2025 2,200,000 825,000 1,375,000 $ 0.33 November 15, 2024 100,000 62,500 37,500 $ 0.50 November 1, 2024 1,100,000 687,500 412,500 $ 0.20 July 29, 2024 1,475,000 1,106,250 368,750 $ 0.33 October 17, 2023 620,000 620,000 - $ 0.28 April 6, 2023 612,500 612,500 - $ 0.31 February 20, 2023 200,000 200,000 - $ 0.35 September 1, 2022 880,000 880,000 - $ 0.33 June 12, 2022 805,000 805,000 - $ 0.49 January 12, 2022 620,000 620,000 - $ 0.20 June 2, 2021 940,000 940,000 - 10,272,500 7,448,750 2,823,750 Share-based payment expenses resulting from stock options are amortized over the corresponding vesting periods. During the years ended December 31, 2020, 2019 and 2018, the share-based payment expenses were calculated using the following weighted average assumptions: Year ended December 31, 2020 2019 2018 Risk-free interest rate 1.46 % 1.54 % 1.77 % Expected life of options in years 4.06 4.45 4.4 Expected volatility 132.47 % 132.75 % 135.71 % Expected dividend yield Nil Nil Nil Expected forfeiture rate 12 % 12 % Weighted average fair value of options granted during the year $ 0.30 $ 0.31 $ 0.32 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, 2020, 2019, and 2018, share-based payments were recorded as follows: Year Ended December 31, 2020 2019 2018 Consolidated Statement of Operations Share based payments 770,617 707,802 553,430 $ 770,617 $ 707,802 $ 553,430 Consolidated Statement of Financial Position Gibellini exploration 124,855 79,888 87,186 Pulacayo exploration 86,772 39,139 117,871 211,627 119,027 205,057 Total share-based payments $ 982,244 $ 826,829 $ 758,487 On July 29, 2019, further to the voluntary forfeiture of share options held by certain directors, officers, and employees with expiry dates on April 7, 2020, June 22, 2020, and November 14, 2023, at exercise prices ranging from $0.50 to $0.65, the Company granted 1,275,000 new stock options to such individuals with an expiry date of July 29, 2024 at an exercise price of $0.20 per Common Share subject to a two-year vesting schedule whereby 12.5% vest per quarter following the date of grant. During the year ended December 31, 2020, the re-issuing of these options was approved by the TSX and by the shareholders. There was no increase to the incremental fair value of the share options as a result of these modifications. The impact of these modifications was calculated using the following weighted average assumptions: (1) a risk-free interest rate of 1.46%; (2) expected life of five years; (3) expected volatility of 133.89%, (4) forfeiture rate of 12%, and (5) dividend yield of nil. (d) Share purchase warrants The following is a summary of the changes in The Company’s share purchase warrants from December 31, 2017 to December 31, 2020: Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2018 27,318,027 $ 0.15 Exercised (651,430 ) $ 0.38 Outstanding, December 31, 2019 26,666,597 $ 0.15 Issued 16,691,900 $ 0.18 Expired (2,759,760 ) $ 0.48 Exercised (14,027,670 ) $ 0.21 Outstanding, December 31, 2020 26,571,067 $ 0.21 On February 15, 2018, the Company issued 500,000 Share purchase warrants as a part of consideration for mining claims acquisition (Note 14). 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, 2020, the following share purchase warrants were outstanding: Exercise Price Expiry Date Number of Warrants at December 31, 2020 $0.40 November 24, 2021 1,335,000 $0.16 May 20, 2023 4,962,000 $0.16 May 1, 2023 4,994,900 $0.26 June 13, 2022 521,590 $0.26 April 12, 2022 1,032,500 $0.26 January 13, 2022 499,990 $0.26 August 29, 2021 1,013,670 $0.26 August 13, 2021 198,237 $0.26 July 6, 2021 3,863,180 $0.26 June 2, 2021 7,500,000 $0.26 January 25, 2021 650,000 26,571,067

CAPITAL RISK MANAGEMENT

CAPITAL RISK MANAGEMENT	12 Months Ended
	Dec. 31, 2020
Capital Risk Management
CAPITAL RISK MANAGEMENT	Management considers its capital structure to consist of share capital, share purchase options and warrants. The Company 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, the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and development and pay for administrative costs, the Company 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, 2020. Neither the Company 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, 2020
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. The Company 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 the Company’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, 2020 $ 7,608,149 $ - $ - $ 7,608,149 Cash, December 31, 2019 $ 3,017,704 $ - $ - $ 3,017,704 Cash, December 31, 2018 $ 5,304,097 $ - $ - $ 5,304,097 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, 2020. The Company’s financial assets and financial liabilities are categorized as follows: December 31, 2020 December 31, 2019 December 31, 2018 Fair value through profit or loss Cash $ 7,608,149 $ 3,017,704 $ 5,304,097 Amortized cost Receivables $ 75,765 $ 246,671 $ 36,399 Restricted cash equivalents $ 34,500 $ 34,500 $ 34,500 $ 7,718,414 $ 3,298,875 $ 5,374,996 Amortized cost Accounts payable $ 1,717,977 $ 2,420,392 $ 1,636,786

FINANCIAL RISK MANAGEMENT DISCL

FINANCIAL RISK MANAGEMENT DISCLOSURES	12 Months Ended
	Dec. 31, 2020
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, 2020, the Company had a cash balance of $7,608,149 (December 31, 2019 – $3,017,704, December 31, 2018 – $5,304,097). As at December 31, 2020 the Company had accounts payable and accrued liabilities of $1,759,163 (December 31, 2019 - $2,420,392 December 31, 2018 - $1,636,786), 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, 2020 $ 1,759,163 $ - $ 1,759,163 As at December 31, 2019 $ 2,420,392 $ - $ 2,420,392 As at December 31, 2018 $ 1,636,786 $ - $ 1,636,786 (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 cash equivalents, 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- term nature of these financial instruments, fluctuations in market rates do not have significant impact on the fair values of the financial instruments as of December 31, 2020. The Company manages interest rate risk by maintaining an investment policy that focuses primarily on preservation of capital and liquidity. (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, 2020, with other variables unchanged, a 10% (December 31, 2019 – 10%, December 31, 2018 – 10%) strengthening (weakening) of the Canadian dollar against the Mongolian tugrik would impact net loss with other variables unchanged by $100,000. A 10% strengthening (weakening) of the Canadian dollar against the Bolivian boliviano would impact net loss with other variables unchanged by $73,000. A 10% strengthening (weakening) of the US dollar against the Canadian dollar would impact net loss with other variables unchanged by $28,000. 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, 2020
Related party transactions [abstract]
RELATED PARTY DISCLOSURES	During the year ended December 31, 2020, the Company 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 The Company, provides consulting services to the Company. ● Sophir Asia Ltd., a private company controlled by Masa Igata, Director of The Company, provides consulting services to the Company. A summary of related party transactions by related party is as follows: Year Ended December 31, Related parties 2020 2019 2018 Directors and officers $ 1,536,167 $ 1,685,242 $ 1,265,152 Linx Partners Ltd. 740,000 371,000 401,044 MaKevCo Consulting Inc. 32,800 21,400 21,200 Sophir Asia Ltd. 26,100 19,600 19,100 $ 2,335,067 $ 2,097,242 $ 1,706,496 A summary of the transactions by nature among the related parties is as follows: Year Ended December 31, Related parties 2020 2019 2018 Consulting and management fees $ 370,000 $ 218,500 $ 268,456 Directors' fees 108,600 103,805 70,378 Mineral properties 1,387,067 1,171,585 631,610 Salaries 469,400 603,352 736,052 $ 2,335,067 $ 2,097,242 $ 1,706,496 As at December 31, 2020, amounts due to related parties were $1,800 (December 31, 2019 - $30,533;December 31, 2018 - $4,634) and included in accounts payable and accrued liabilities.

KEY MANAGEMENT PERSONNEL COMPEN

KEY MANAGEMENT PERSONNEL COMPENSATION	12 Months Ended
	Dec. 31, 2020
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 2020 2019 2018 Salaries and short term benefits $ 522,359 $ 696,751 $ 775,064 Directors' fees 108,600 103,805 70,378 Share-based payments 1,054,812 431,037 621,339 $ 1,685,771 $ 1,231,593 $ 1,466,781

SUPPLEMENTAL CASH FLOW INFORMAT

SUPPLEMENTAL CASH FLOW INFORMATION	12 Months Ended
	Dec. 31, 2020
Statement of cash flows [abstract]
SUPPLEMENTAL CASH FLOW INFORMATION	Year Ended December 31, 2020 2019 2018 Supplementary information Non-Cash Financing and Investing Activities Shares issued on acquisition of mineral property $ 2,000,000 $ - $ - Bonus shares $ 640,400 $ 115,000 $ - Shares for services $ 80,500 $ 241,003 $ - Shares issued to settle debt $ - $ 43,030 $ - Share issued recorded as prepaid expenses $ - $ 35,000 $ - Subscription receivable $ - $ 30,497 $ - Warrants issued for mineral property $ - $ - $ 181,944 Finders units $ 24,000 $ - $ - Broker warrants $ 226,917 $ - $ - Depreciation included in mineral property $ 46,932 $ 3,487 $ 27,387 Equipment expenditures included in accounts payable $ - $ 472,213 $ 489,890 Fair value loss/gain on marketable securities $ - $ - $ 12,160 Mineral property expenditures included in accounts payable $ 681,781 $ 1,252,796 $ 1,067,747 Share-based payments capitalized in mineral properties $ 211,627 $ 119,028 $ 205,057 Reclassification of contributed surplus on exercise of options $ 272,848 $ 153,845 $ 15,350 Reclassification of contributed surplus on exercise of warrants $ 166,628 $ 28,478 $ 10,650

CONTINGENCIES

CONTINGENCIES	12 Months Ended
	Dec. 31, 2020
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 Apogee disputed the assessment and disclosed to the Company that it believed the notice was improperly issued. The Company continued to dispute the assessment and hired local legal counsel to pursue an appeal of the tax authority’s assessment on both substantive and procedural grounds. The Company received a positive Resolution issued by the Bolivian Constitutional Court that among other things, declared null and void the previous Resolution of the Bolivian Supreme Court issued in 2011 (that imposed the tax liability on ASC Bolivia LDC Sucursal Bolivia) and sent the matter back to the Supreme court to consider and issue a new resolution. On November 18, 2019 the Company received Resolution No. 195/2018 issued by the Supreme Court of Bolivia which declared the tax claim brought by Bolivia’s General Revenue Authority against the Company’s Bolivian subsidiary as not proven. The Resolution is final and binding. Hence neither the Company nor the Company’s Bolivian subsidiaries owe any outstanding back taxes to the Bolivian General Revenue Authority. During the year ended December 31, 2019, the Company and legal counsel reassessed the status of tax rulings and determined that the probability of a re-issuance of a tax claim against the Company in connection with the above was remote. As a result, the Company has written off the tax liability and recorded a debt settlement gain in the amount of $7,952,700 on its consolidated statements of operations and comprehensive loss. Red Hill tax claim During the year ended December 31, 2014, the Company’s wholly-owned subsidiary, Red Hill Mongolia LLC (“ Red Hill In June 2019, the Company received a positive resolution issued from the City tax tribunal regarding the Company’s VAT dispute with the Mongolia tax office. The resolution, which is binding and final, affirmed Red Hill’s outstanding VAT credit of 1.169 billion MNT resulted from past mining equipment purchases. The VAT credit can be used to offset Red Hill’s taxes and royalty payments; or be refunded in cash by Mongolia’s Ministry of Finance within 12 to 24 months processing time. Due to the credit risk associated with the VAT credit, the Company has provided a full valuation provision against the balance.

EVENTS AFTER THE REPORTING DATE

EVENTS AFTER THE REPORTING DATE	12 Months Ended
	Dec. 31, 2020
Disclosure of non-adjusting events after reporting period [abstract]
EVENTS AFTER THE REPORTING DATE	The following events occurred subsequent to December 31, 2020: ● On February 5, 2021, the Company closed its non-brokered private placement (the “ February 2021 Placement ● On February 10, 2021, the Company acquired Asset Purchase Agreement (the “APA” terms of the APA, the Company acquired the Minago Project for aggregate consideration of US$11,675,000, which consisted of a US$6,675,000 (“ Property Payment Consideration Shares”) In satisfaction of the Consideration Share to be issued, an initial tranche of 5,363,630 Consideration Shares was issued on February . All Consideration Shares are subject to 4-month plus 1-day statutory hold period. The Property Payment was a credit in favour of Victory Nickel against an aggregate of approximately US$ owed by Victory Nickel pursuant a Secured Debt Facility (the “ SDF Immediately prior to acquiring the Minago Project, the Company acquired the SDF for US$6,675,000 in cash and 3 million of the Company’s common share purchase warrants (the “ Warrants from an arms-length party pursuant to a Debt Purchase and Assignment Agreement (the “ DPAA during the term of the SDF The Company subscribed to 40,000,000 common shares of Victory Nickel (“VN share”) at a price per VN share of $0.025 for cash consideration of $1,000,000, which resulted in the Company owning approximately 29% of Victory Nickel post-investment on a non-diluted basis. Each VN share is subject to 4-month plus 1-day statutory hold period. Additionally, the Company agreed to issue to Victory Nickel $2,000,000 in Common Shares, upon the price of nickel exceeding US$10 per pound for 30 consecutive business days, at any time before December 31, 2023. The Company ● 4,554,990 Common Share purchase warrants were exercised for total proceeds of $1,164,297 and 105,000 stock options were exercised for total proceeds of $28,825.

SUMMARY OF SIGNIFICANT ACCOUN_2

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	12 Months Ended
	Dec. 31, 2020
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 at least annually for indicators of impairment and are tested 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. (iii) 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 17, 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% Furniture and equipment 20% Leasehold improvement Straight line / 5 years Mining equipment 20% Vehicles 30% Right-of-use asset Straight line / term of lease 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 parts 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. 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.
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 gain or loss for the year.
Costs in excess of recovered coal	Exploration expenditures are re-classified from Exploration and evaluation assets to deferred development costs within the property and equipment category once the work completed to date supports the future development of the property and such development receives appropriate approvals. After reclassification, all subsequent expenditure on the construction, installation or completion of infrastructure facilities is capitalized within deferred development cost. Development expenditure is net of proceeds from the sale of coal extracted during the development phase to the extent that it is considered integral to the development of the mine. Any costs incurred in testing the assets to determine if they are functioning as intended, are capitalized, net of any proceeds received from selling any product produced while testing. Where these proceeds exceed the cost of testing, any excess is recognized in the statement of profit or loss and other comprehensive income. As the Company’s Ulaan Ovoo mine has been impaired to a value of $nil (2019 - $nil, 2018 - $nil), all property costs incurred are presented net of incidental income earned from the property in all years presented.
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 19. 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 operations 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	Income tax expense comprises current and deferred tax. Current tax is the expected tax payable or receivable on the taxable income or loss for the year using tax rates enacted or substantively enacted at the reporting date. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the tax laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.
Provision for closure and reclamation	The Company assesses its 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 loss (“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 21 for relevant fair value measurement disclosures.
Leases	At inception of a contract, we assess whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. We assess whether the contract involves the use of an identified asset, whether we have the right to obtain substantially all of the economic benefits from use of the asset during the term of the arrangement and if we have the right to direct the use of the asset. At inception or on assessment of a contract that contains a lease component, we allocate the consideration in the contract to each lease component on the basis of their relative stand-alone prices. As a lessee, we recognize a right-of-use asset, which is included in property, plant and equipment, and a lease liability at the commencement date of a lease. The right-of-use asset is initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any decommissioning and restoration costs, less any lease incentives received. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted by the interest rate implicit in the lease, or if that rate cannot be readily determined, our incremental borrowing rate. Lease payments included in the measurement of the lease liability are comprised of: ● fixed payments, including in-substance fixed payments, less any lease incentives receivable; ● variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; ● amounts expected to be payable under a residual value guarantee; ● exercise prices of purchase options if we are reasonably certain to exercise that option; and ● payments of penalties for terminating the lease, if the lease term reflects the lessee exercising an option to terminate the lease. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in an index or rate, or if there is a change in our estimate or assessment of the expected amount payable under a residual value guarantee, purchase, and extension or termination option. Variable lease payments not included in the initial measurement of the lease liability are charged directly to profit (loss). We have elected not to recognize right-of-use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases are charged directly to profit (loss) on a straight-line basis over the lease term.

SUMMARY OF SIGNIFICANT ACCOUN_3

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	12 Months Ended
	Dec. 31, 2020
Summary Of Significant Accounting Policies
Depreciation of equipment	Computer equipment 45% Furniture and equipment 20% Leasehold improvement Straight line / 5 years Mining equipment 20% Vehicles 30% Right-of-use asset Straight line / term of lease

SEGMENTED INFORMATION (Tables)

SEGMENTED INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
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 the Company’s non-current assets is as follows: December 31, 2020 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 9,729 80,401 2,790 60,880 153,800 Mineral properties - 13,290,081 - 18,516,513 31,806,594 $ 9,729 $ 13,370,482 $ 23,845 $ 18,577,393 $ 31,981,449 December 31, 2019 Canada USA Mongolia Bolivia Total Reclamation deposits $ - $ - $ 21,055 $ - $ 21,055 Equipment 12,005 89,826 35,721 21,932 159,484 Mineral properties - 8,600,658 - 15,182,226 23,782,884 $ 12,005 $ 8,690,484 $ 56,776 $ 15,204,158 $ 23,963,423 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

CASH AND RESTRICTED CASH EQUI_2

CASH AND RESTRICTED CASH EQUIVALENTS (Tables)	12 Months Ended
	Dec. 31, 2020
Cash and cash equivalents [abstract]
Cash and restricted cash equivalents	December 31, 2020 December 31, 2019 December 31, 2018 Cash $ 7,608,149 $ 3,017,704 $ 5,304,097 Restricted cash equivalents 34,500 34,500 34,500 $ 7,642,649 $ 3,052,204 $ 5,338,597

RECEIVABLES (Tables)

RECEIVABLES (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other current receivables [abstract]
Trade and other receivables	December 31, 2020 December 31, 2019 December 31, 2018 Input tax recoverable $ 73,804 $ 20,741 $ 36,399 Trade receivable 1,961 195,433 - Subscriptions receivable - 30,497 - $ 75,765 $ 246,671 $ 36,399

PREPAID EXPENSES (Tables)

PREPAID EXPENSES (Tables)	12 Months Ended
	Dec. 31, 2020
Current prepayments [abstract]
Prepaid expenses	December 31, 2020 December 31, 2019 December 31, 2018 General $ 26,759 $ 44,613 $ 47,215 Insurance 69,096 59,815 57,883 Environmental and taxes 6,850 6,850 8,789 Rent 12,012 24,489 9,385 $ 114,717 $ 135,767 $ 123,272

MARKETABLE SECURITIES (Tables)

MARKETABLE SECURITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Available-for-sale financial assets [abstract]
Marketable securities	Marketable securities 2020 2019 2018 Balance, beginning of year $ - $ - 205600 Additions - - 60940 Disposals - - (162,490 ) Realized loss on disposal - - (91,890 ) Unrealized gain/(loss) on market-to-market - - (12,160 ) Balance, end of year $ - $ - $ -

RIGHT-OF-USE ASSET (Tables)

RIGHT-OF-USE ASSET (Tables)	12 Months Ended
	Dec. 31, 2020
Lease liabilities [abstract]
Right-of-use-asset	During the first-time application of IFRS 16 to the Company’s office lease, the recognition of a right of use asset was required and the leased asset was measured at the amount of the lease liability using the Company’s current incremental borrowing rate of 10%. The lease contains no extension or termination options. The following table presents the right-of-use-asset as at January 1, 2019, December 31, 2019 and December 31, 2020: Initial recognition, January 1, 2019 $ 81,617 Additions - Depreciation (31,594 ) Balance at December 31, 2019 $ 50,023 Depreciation (31,593 ) Balance at December 31, 2020 $ 18,430

EQUIPMENT (Tables)

EQUIPMENT (Tables)	12 Months Ended
	Dec. 31, 2020
Property, plant and equipment [abstract]
Equipment	Computer Furniture & Mining Equipment Equipment Vehicles Equipment Total Cost Balance, December 31, 2017 $ 100,074 $ 276,830 $ 172,692 $ 1,314,829 $ 1,864,425 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 $ 172,692 $ 24,476 $ 579,267 Accumulated depreciation Balance, December 31, 2017 $ 96,695 $ 217,073 $ 129,842 $ 888,904 $ 1,332,514 Depreciation for year 1,316 16,351 13,337 3,491 34,495 Impairment charge - - - (888,904 ) (888,904 ) Balance, December 31, 2018 $ 98,011 $ 233,424 $ 143,179 $ 3,491 $ 478,105 Carrying amount at December 31, 2018 $ 5,243 $ 45,421 $ 29,513 $ 20,985 $ 101,162 Cost Balance, December 31, 2018 $ 103,254 $ 278,845 $ 172,692 $ 24,476 $ 579,267 Additions/(Disposals) - - 46,914 - 46,914 Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Accumulated depreciation Balance, December 31, 2018 $ 98,011 $ 233,424 $ 143,179 $ 3,491 $ 478,105 Disposals - - (39,178 ) - (39,178 ) Depreciation for year 792 12,445 10,641 3,892 27,770 Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Carrying amount at December 31, 2019 $ 4,451 $ 32,976 $ 104,964 $ 17,093 $ 159,484 Cost Balance, December 31, 2019 $ 103,254 $ 278,845 $ 219,606 $ 24,476 $ 626,181 Additions - - 111,592 - 111,592 Disposals (1,326 ) - (76,803 ) - (78,129 ) Balance, December 31, 2020 $ 101,928 $ 278,845 $ 254,395 $ 24,476 $ 659,644 Accumulated depreciation Balance, December 31, 2019 $ 98,803 $ 245,869 $ 114,642 $ 7,383 $ 466,697 Disposals - - (12,431 ) - (12,431 ) Depreciation for year 2,003 6,243 40,161 3,171 51,578 Balance, December 31, 2020 $ 100,806 $ 252,112 $ 142,372 $ 10,554 $ 505,844 Carrying amount at December 31, 2020 $ 1,122 $ 26,733 $ 112,023 $ 13,922 $ 153,800

MINERAL PROPERTIES (Tables)

MINERAL PROPERTIES (Tables)	12 Months Ended
	Dec. 31, 2020
Investment property [abstract]
Mineral properties	Pulacayo Gibellini Sunawayo Triunfo Chandgana Tal Khavtgai Uul Total 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 - 387,149 - - 1,271 261,168 649,588 Geological and consulting 51,112 1,509,587 - - - - 1,560,699 Personnel, camp and general 847,538 831,023 - - 20,590 3,741 1,702,892 898,650 2,727,759 - - 21,861 264,909 3,913,179 Impairment (13,708,200 ) - - - (21,861 ) (264,909 ) (13,994,970 ) Balance, December 31, 2018 $ - $ 3,643,720 $ - $ - $ - $ - $ 3,643,720 Additions: Acquisition cost $ - $ - $ - $ - $ - $ - $ - Deferred exploration costs: Licenses, tax, and permits 6,239 286,158 - - - - 292,397 Geological and consulting 964,716 3,200,773 - - - - 4,165,489 Personnel, camp and general 503,071 1,470,007 - - - - 1,973,078 1,474,026 4,956,939 - - - - 6,430,965 Impairment Recovery 13,708,200 - - - - - 13,708,200 Balance, December 31, 2019 $ 15,182,226 $ 8,600,658 $ - $ - $ - $ - $ 23,782,885 Additions: Acquisition cost $ - $ 2,253,566 $ 396,936 $ 135,676 $ - $ - $ 2,786,178 Deferred exploration costs: Licenses, tax, and permits 5,733 348,165 - - - - 353,898 Geological and consulting 1,767,089 897,085 116,152 327,989 - - 3,108,315 Personnel, camp and general 584,712 1,190,607 - - - - 1,775,319 2,357,534 2,435,857 116,152 327,989 - - 5,237,531 Balance, December 31, 2020 $ 17,539,760 $ 13,290,081 $ 513,088 $ 463,665 $ - $ - $ 31,806,594

ACCOUNTS PAYABLE AND ACCRUED _2

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Tables)	12 Months Ended
	Dec. 31, 2020
Trade and other current payables [abstract]
Accounts payable and accrued liabilities	Year Ended December 31, 2020 2019 2018 Trade accounts payable $ 1,717,977 $ 2,420,392 $ 1,636,786 Accrued liabilities 41,186 - - $ 1,759,163 $ 2,420,392 $ 1,636,786

LEASE LIABILITY (Tables)

LEASE LIABILITY (Tables)	12 Months Ended
	Dec. 31, 2020
Lease liabilities [abstract]
LEASE LIABILITY	Lease liability Initial recognition, January 1, 2019 $ 81,617 Cash flows: Lease payments for year (36,528 ) Non-cash changes: Accretion expenses for year 7,729 Balance at December 31, 2019 $ 52,818 Cash flows: Lease payments for year (37,162 ) Non-cash changes: Accretion expenses for year 4,877 Balance at December 31, 2020 20,533

PROVISION FOR CLOSURE AND REC_2

PROVISION FOR CLOSURE AND RECLAMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Provisions [abstract]
Provision for closure and reclamation	December 31, 2020 December 31, 2019 December 31, 2018 Balance, beginning of year $ 266,790 $ 265,239 $ 244,323 Change in estimate 405,196 - - Accretion 23,271 1,551 20,916 Balance, end of year $ 695,257 $ 266,790 $ 265,239

TAX PROVISION (Tables)

TAX PROVISION (Tables)	12 Months Ended
	Dec. 31, 2020
Other provisions [abstract]
Reconciliation of income taxes	2020 2019 2018 Income (loss) for the year $ (4,626,887 ) $ 17,513,854 $ (18,184,469 ) Expected income tax (recovery) $ (1,249,000 ) $ 4,729,000 $ (4,910,000 ) Change in statutory, foreign tax, foreign exchange rates and other 117,000 (529,000 ) 389,000 Permanent differences 269,000 (4,861,000 ) 3,833,000 Share issue cost (250,000 ) (103,000 ) (151,000 ) Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses 404,000 1,205,000 12,000 Change in unrecognized deductible temporary differences 709,000 (441,000 ) 827,000 Total income tax expense (recovery) $ - $ - $ -
Deductible and taxable temporary differences, unused tax losses and unused tax credits	2020 Expiry Date Range 2019 Expiry Date Range 2018 Expiry Date Range Temporary Differences Exploration and evaluation assets $ 6,284,000 No expiry date $ 6,135,000 No expiry date $ 19,625,000 No expiry date Investment tax credit 23,000 2029 23,000 2029 23,000 2029 Property and equipment 1,547,000 No expiry date 1,242,000 No expiry date 1,138,000 No expiry date Share issue costs 1,212,000 2041 to 2044 747,000 2040 to 2043 644,000 2039 to 2042 Asset retirement obligation 695,000 No expiry date 267,000 No expiry date 265,000 No expiry date Allowable capital losses 4,150,000 No expiry date 5,864,000 No expiry date 6,607,000 No expiry date Non-capital losses available for future periods 30,569,000 2023 to 2040 27,024,000 2023 to 2039 24,109,000 2030 to 2038 Canada 30,015,000 2029 to 2040 26,980,000 2029 to 2039 21,402,000 2029 to 2038 Mongolia 554,000 2023 to 2028 44,000 2023 to 2027 - 2023 to 2026

SHARE CAPITAL (Tables)

SHARE CAPITAL (Tables)	12 Months Ended
	Dec. 31, 2020
Disclosure of classes of share capital [abstract]
Stock option activity	Number of Options Weighted Average Exercise Price Outstanding, December 31, 2018 9,591,000 $ 0.34 Granted 3,965,000 $ 0.31 Expired (315,000 ) $ 0.65 Cancelled (2,247,000 ) $ 0.32 Forfeited (794,000 ) $ 0.54 Exercised (622,500 ) $ 0.28 Outstanding, December 31, 2019 9,577,500 $ 0.31 Granted 3,820,000 $ 0.28 Expired (90,000 ) $ 0.50 Cancelled (1,801,250 ) $ 0.30 Exercised (1,233,750 ) $ 0.24 Outstanding, December 31, 2020 10,272,500 $ 0.31
Stock options outstanding	Exercise Expiry Options Outstanding Exercisable Unvested Price Date December 31, 2020 $ 0.50 August 17, 2025 720,000 90,000 630,000 $ 0.22 May 4, 2025 2,200,000 825,000 1,375,000 $ 0.33 November 15, 2024 100,000 62,500 37,500 $ 0.50 November 1, 2024 1,100,000 687,500 412,500 $ 0.20 July 29, 2024 1,475,000 1,106,250 368,750 $ 0.33 October 17, 2023 620,000 620,000 - $ 0.28 April 6, 2023 612,500 612,500 - $ 0.31 February 20, 2023 200,000 200,000 - $ 0.35 September 1, 2022 880,000 880,000 - $ 0.33 June 12, 2022 805,000 805,000 - $ 0.49 January 12, 2022 620,000 620,000 - $ 0.20 June 2, 2021 940,000 940,000 - 10,272,500 7,448,750 2,823,750
Weighted average assumptions	Year ended December 31, 2020 2019 2018 Risk-free interest rate 1.46 % 1.54 % 1.77 % Expected life of options in years 4.06 4.45 4.4 Expected volatility 132.47 % 132.75 % 135.71 % Expected dividend yield Nil Nil Nil Expected forfeiture rate 12 % 12 % Weighted average fair value of options granted during the year $ 0.30 $ 0.31 $ 0.32
Share-based payments	Year Ended December 31, 2020 2019 2018 Consolidated Statement of Operations Share based payments 770,617 707,802 553,430 $ 770,617 $ 707,802 $ 553,430 Consolidated Statement of Financial Position Gibellini exploration 124,855 79,888 87,186 Pulacayo exploration 86,772 39,139 117,871 211,627 119,027 205,057 Total share-based payments $ 982,244 $ 826,829 $ 758,487
Warrant activity	Number of Warrants Weighted Average Exercise Price Outstanding, December 31, 2018 27,318,027 $ 0.15 Exercised (651,430 ) $ 0.38 Outstanding, December 31, 2019 26,666,597 $ 0.15 Issued 16,691,900 $ 0.18 Expired (2,759,760 ) $ 0.48 Exercised (14,027,670 ) $ 0.21 Outstanding, December 31, 2020 26,571,067 $ 0.21
Warrants outstanding	Exercise Price Expiry Date Number of Warrants at December 31, 2020 $0.40 November 24, 2021 1,335,000 $0.16 May 20, 2023 4,962,000 $0.16 May 1, 2023 4,994,900 $0.26 June 13, 2022 521,590 $0.26 April 12, 2022 1,032,500 $0.26 January 13, 2022 499,990 $0.26 August 29, 2021 1,013,670 $0.26 August 13, 2021 198,237 $0.26 July 6, 2021 3,863,180 $0.26 June 2, 2021 7,500,000 $0.26 January 25, 2021 650,000 26,571,067

FAIR VALUE MEASUREMENTS AND F_2

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 $ 7,608,149 $ - $ - $ 7,608,149 Cash, December 31, 2019 $ 3,017,704 $ - $ - $ 3,017,704 Cash, December 31, 2018 $ 5,304,097 $ - $ - $ 5,304,097

FINANCIAL RISK MANAGEMENT DIS_2

FINANCIAL RISK MANAGEMENT DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2020
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, 2020 $ 1,759,163 $ - $ 1,759,163 As at December 31, 2019 $ 2,420,392 $ - $ 2,420,392 As at December 31, 2018 $ 1,636,786 $ - $ 1,636,786

RELATED PARTY DISCLOSURES (Tabl

RELATED PARTY DISCLOSURES (Tables)	12 Months Ended
	Dec. 31, 2020
Related party transactions [abstract]
Related party transactions by related party	Year Ended December 31, Related parties 2020 2019 2018 Directors and officers $ 1,536,167 $ 1,685,242 $ 1,265,152 Linx Partners Ltd. 740,000 371,000 401,044 MaKevCo Consulting Inc. 32,800 21,400 21,200 Sophir Asia Ltd. 26,100 19,600 19,100 $ 2,335,067 $ 2,097,242 $ 1,706,496
Related party transactions by nature of transaction	Year Ended December 31, Related parties 2020 2019 2018 Consulting and management fees $ 370,000 $ 218,500 $ 268,456 Directors' fees 108,600 103,805 70,378 Mineral properties 1,387,067 1,171,585 631,610 Salaries 469,400 603,352 736,052 $ 2,335,067 $ 2,097,242 $ 1,706,496

KEY MANAGEMENT PERSONNEL COMP_2

KEY MANAGEMENT PERSONNEL COMPENSATION (Tables)	12 Months Ended
	Dec. 31, 2020
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 2020 2019 2018 Salaries and short term benefits $ 522,359 $ 696,751 $ 775,064 Directors' fees 108,600 103,805 70,378 Share-based payments 1,054,812 431,037 621,339 $ 1,685,771 $ 1,231,593 $ 1,466,781

SUPPLEMENTAL CASH FLOW INFORM_2

SUPPLEMENTAL CASH FLOW INFORMATION (Tables)	12 Months Ended
	Dec. 31, 2020
Statement of cash flows [abstract]
Supplemental cash flow information	Year Ended December 31, 2020 2019 2018 Supplementary information Non-Cash Financing and Investing Activities Shares issued on acquisition of mineral property $ 2,000,000 $ - $ - Bonus shares $ 640,400 $ 115,000 $ - Shares for services $ 80,500 $ 241,003 $ - Shares issued to settle debt $ - $ 43,030 $ - Share issued recorded as prepaid expenses $ - $ 35,000 $ - Subscription receivable $ - $ 30,497 $ - Warrants issued for mineral property $ - $ - $ 181,944 Finders units $ 24,000 $ - $ - Broker warrants $ 226,917 $ - $ - Depreciation included in mineral property $ 46,932 $ 3,487 $ 27,387 Equipment expenditures included in accounts payable $ - $ 472,213 $ 489,890 Fair value loss/gain on marketable securities $ - $ - $ 12,160 Mineral property expenditures included in accounts payable $ 681,781 $ 1,252,796 $ 1,067,747 Share-based payments capitalized in mineral properties $ 211,627 $ 119,028 $ 205,057 Reclassification of contributed surplus on exercise of options $ 272,848 $ 153,845 $ 15,350 Reclassification of contributed surplus on exercise of warrants $ 166,628 $ 28,478 $ 10,650

BASIS OF CONSOLIDATION (Details

BASIS OF CONSOLIDATION (Details)	12 Months Ended
	Dec. 31, 2020
Subsidiary 1
Disclosure of subsidiaries [line items]
Subsidiary	Neveda Vanadium LLC
Location	USA
Ownership interest	100.00%
Operations and projects owned	Gibellini project
Subsidiary 2
Disclosure of subsidiaries [line items]
Subsidiary	VC Exploration (US) Inc,
Location	USA
Ownership interest	100.00%
Operations and projects owned	Gibellini project
Subsidiary 3
Disclosure of subsidiaries [line items]
Subsidiary	Apogee Minerals Bolivia S. A.
Location	Bolivia
Ownership interest	98.00%
Operations and projects owned	Pulacayo project
Subsidiary 4
Disclosure of subsidiaries [line items]
Subsidiary	ASC Holdings Limited
Location	Bolivia
Ownership interest	100.00%
Operations and projects owned	Pulacayo project
Subsidiary 5
Disclosure of subsidiaries [line items]
Subsidiary	Red Hill Mongolia LLC
Location	Mongolia
Ownership interest	100.00%
Operations and projects owned	Ulaan Ovoo mine
Subsidiary 6
Disclosure of subsidiaries [line items]
Subsidiary	Chandgana Coal LLC
Location	Mongolia
Ownership interest	100.00%
Operations and projects owned	Chandgana project

SIGNIFICANT JUDGMENTS, ESTIMA_2

SIGNIFICANT JUDGMENTS, ESTIMATES AND ASSUMPTIONS (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of changes in accounting estimates [abstract]
(Impairment)/recovery of mineral property	$ 0	$ (13,708,200)	$ 13,994,970
Impairment of receivables	470,278	16,304	21,004
Impairment of prepaid expenses	$ 121,125	$ 51,828	$ 26,234

SUMMARY OF SIGNIFICANT ACCOUN_4

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Details)	12 Months Ended
	Dec. 31, 2020
Computer Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	45%
Furniture and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	20%
Leasehold Improvement
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	Straight line / 5 years
Mining Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	20%
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	30%
Right-of-Use Asset
Disclosure of detailed information about property, plant and equipment [line items]
Depreciation of equipment	Straight line/ term of lease

SEGMENTED INFORMATION (Details)

SEGMENTED INFORMATION (Details) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of operating segments [line items]
Reclamation deposits	$ 21,055	$ 21,055	$ 21,055
Equipment	153,800	159,484	101,162	$ 531,911
Mineral properties	31,806,594	23,782,885	3,643,720	$ 13,299,906
Total	31,981,449	23,963,423	3,765,937
Canada
Disclosure of operating segments [line items]
Reclamation deposits	0	0	0
Equipment	9,729	12,005	14,839
Mineral properties	0	0	0
Total	9,729	12,005	14,839
USA
Disclosure of operating segments [line items]
Reclamation deposits	0	0	0
Equipment	80,401	89,826	22,713
Mineral properties	13,290,081	8,600,658	3,643,720
Total	13,370,482	8,690,484	3,666,433
Mongolia
Disclosure of operating segments [line items]
Reclamation deposits	21,055	21,055	21,055
Equipment	2,790	35,721	33,440
Mineral properties	0	0	0
Total	23,845	56,776	54,495
Bolivia
Disclosure of operating segments [line items]
Reclamation deposits	0	0	0
Equipment	60,880	21,932	30,170
Mineral properties	18,516,513	15,182,226	0
Total	$ 18,577,393	$ 15,204,158	$ 30,170

CASH AND RESTRICTED CASH EQUI_3

CASH AND RESTRICTED CASH EQUIVALENTS (Details) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents [abstract]
Cash	$ 7,608,149	$ 3,017,704	$ 5,304,097
Restricted cash equivalents	34,500	34,500	34,500
Total	$ 7,642,649	$ 3,052,204	$ 5,338,597

CASH AND RESTRICTED CASH EQUI_4

CASH AND RESTRICTED CASH EQUIVALENTS (Details Narrative) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Cash and cash equivalents [abstract]
Guaranteed investment certificate	$ 34,500	$ 34,500	$ 34,500

RECEIVABLES (Details)

RECEIVABLES (Details) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trade and other current receivables [abstract]
Input tax recoverable	$ 73,804	$ 20,741	$ 36,399
Trade receivable	1,961	195,433	0
Subscriptions receivable	0	30,497	0
Total	$ 75,765	$ 246,671	$ 36,399

RECEIVABLES (Details Narrative)

RECEIVABLES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trade and other current receivables [abstract]
Impairment of receivables	$ 470,278	$ 16,304	$ 21,004

PREPAID EXPENSES (Details)

PREPAID EXPENSES (Details) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	$ 114,717	$ 135,767	$ 123,272
General
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	26,759	44,613	47,216
Insurance
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	69,096	59,815	57,882
Environmental and Taxes
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	6,850	6,850	8,789
Rent
DisclosureOfCurrentPrepaymentsLineItems [Line Items]
Prepaid expenses	$ 12,012	$ 24,489	$ 9,385

PREPAID EXPENSES (Details Narra

PREPAID EXPENSES (Details Narrative) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Current prepayments [abstract]
Impairment of prepaid expenses	$ 121,125	$ 51,828	$ 26,234

MARKETABLE SECURITIES (Details)

MARKETABLE SECURITIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Available-for-sale financial assets [abstract]
Marketable securities, beginning	$ 0	$ 0	$ 205,600
Additions	0	0	60,940
Disposals	0	0	(162,490)
Realized loss on disposal	0	0	(91,890)
Unrealized gain/(loss) on mark-to-market	0	0	(12,160)
Marketable securities, ending	$ 0	$ 0	$ 0

RIGHT-OF-USE ASSET (Details)

RIGHT-OF-USE ASSET (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019
Lease liabilities [abstract]
Right-of-use-asset, beginning	$ 50,023	$ 0
Initial recognition		81,617
Additions		0
Depreciation	(31,593)	(31,594)
Right-of-use-asset, ending	$ 18,430	$ 50,023

EQUIPMENT (Details)

EQUIPMENT (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	$ 159,484	$ 101,162	$ 531,911
Additions
Disposals
Depreciation
Impairment charge
Property and equipment, beginning	153,800	159,484	101,162
Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	626,181	579,267	1,864,425
Additions	111,592	95,887	29,671
Disposals	(78,129)
Depreciation		(48,973)	0
Impairment charge			(1,314,829)
Property and equipment, beginning	659,644	626,181	579,267
Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	466,697	478,105	1,332,514
Additions			0
Disposals	(12,431)	(39,178)
Depreciation	51,578	27,770	34,495
Impairment charge			(888,904)
Property and equipment, beginning	505,844	466,697	478,105
Computer Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	4,451	5,243	3,379
Additions
Disposals
Depreciation
Impairment charge
Property and equipment, beginning	1,122	4,451	5,243
Computer Equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	103,254	103,254	100,074
Additions	0	0	3,180
Disposals	(1,326)
Depreciation		0	0
Impairment charge			0
Property and equipment, beginning	101,928	103,254	103,254
Computer Equipment | Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	98,803	98,011	96,695
Additions			0
Disposals	0	0
Depreciation	2,003	792	1,316
Impairment charge			0
Property and equipment, beginning	100,806	98,803	98,011
Furniture and Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	32,976	45,421	59,757
Additions
Disposals
Depreciation
Impairment charge
Property and equipment, beginning	2,673	32,976	45,421
Furniture and Equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	278,845	278,845	276,830
Additions	0	0	2,015
Disposals	0
Depreciation		0	0
Impairment charge			0
Property and equipment, beginning	278,845	278,845	278,845
Furniture and Equipment | Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	245,869	233,424	217,073
Additions			0
Disposals	0	0
Depreciation	6,243	12,445	16,351
Impairment charge			0
Property and equipment, beginning	252,112	245,869	233,424
Vehicles
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	104,964	29,513	42,850
Additions
Disposals
Depreciation
Impairment charge
Property and equipment, beginning	112,023	104,964	29,513
Vehicles | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	219,606	172,692	172,692
Additions	111,592	95,887	0
Disposals	(76,803)
Depreciation		(48,973)	0
Impairment charge			0
Property and equipment, beginning	254,395	219,606	172,692
Vehicles | Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	114,642	143,179	129,842
Additions			0
Disposals	(12,431)	(39,178)
Depreciation	40,161	10,641	13,337
Impairment charge			0
Property and equipment, beginning	142,372	114,642	143,179
Mining Equipment
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	17,093	20,985	425,925
Additions
Disposals
Depreciation
Impairment charge
Property and equipment, beginning	13,922	17,093	20,985
Mining Equipment | Cost
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	24,476	24,476	1,314,829
Additions	0	0	24,476
Disposals	0
Depreciation		0	0
Impairment charge			(1,314,829)
Property and equipment, beginning	24,476	24,476	24,476
Mining Equipment | Accumulated Depreciation
Disclosure of detailed information about property, plant and equipment [line items]
Property and equipment, beginning	7,383	3,491	888,904
Additions			0
Disposals	0	0
Depreciation	3,171	3,892	3,491
Impairment charge			(888,904)
Property and equipment, beginning	$ 10,554	$ 7,383	$ 3,491

MINERAL PROPERTIES (Details)

MINERAL PROPERTIES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	$ 23,782,885	$ 3,643,720	$ 13,299,906
Acquisition cost	2,786,178	0	425,605
Deferred exploration costs:
Licenses, tax, and permits	353,898	292,397	649,588
Geological and consulting	3,108,315	4,165,489	1,560,699
Personnel, camp and general	1,775,319	1,973,078	1,702,892
Deferred exploration costs	5,237,531	6,430,965	3,913,179
(Impairment)/recovery		13,708,200	(13,994,970)
Mineral properties, ending	31,806,594	23,782,885	3,643,720
Pulacayo
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	15,182,226	0	12,809,550
Acquisition cost	0	0	0
Deferred exploration costs:
Licenses, tax, and permits	5,733	6,239	0
Geological and consulting	1,767,089	964,716	51,112
Personnel, camp and general	584,712	503,071	847,538
Deferred exploration costs	2,357,534	1,474,026	898,650
(Impairment)/recovery		13,708,200	(13,708,200)
Mineral properties, ending	17,539,760	15,182,226	0
Gibellini
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	8,600,658	3,643,720	490,356
Acquisition cost	2,253,566	0	425,605
Deferred exploration costs:
Licenses, tax, and permits	348,165	286,158	387,149
Geological and consulting	897,085	3,200,773	1,509,587
Personnel, camp and general	1,190,607	1,470,007	831,023
Deferred exploration costs	2,435,857	4,956,939	2,727,759
(Impairment)/recovery		0	0
Mineral properties, ending	13,290,081	8,600,658	3,643,720
Sunawayo
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	0	0	0
Acquisition cost	396,936	0	0
Deferred exploration costs:
Licenses, tax, and permits	0	0	0
Geological and consulting	116,152	0	0
Personnel, camp and general	0	0	0
Deferred exploration costs	116,152	0	0
(Impairment)/recovery		0	0
Mineral properties, ending	513,088	0	0
Triunfo
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	0	0	0
Acquisition cost	135,676	0	0
Deferred exploration costs:
Licenses, tax, and permits	0	0	0
Geological and consulting	327,989	0	0
Personnel, camp and general	0	0	0
Deferred exploration costs	327,989	0	0
(Impairment)/recovery		0	0
Mineral properties, ending	463,665	0	0
Chandgana Tal
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	0	0	0
Acquisition cost	0	0	0
Deferred exploration costs:
Licenses, tax, and permits	0	0	1,271
Geological and consulting	0	0	0
Personnel, camp and general	0	0	20,590
Deferred exploration costs	0	0	21,861
(Impairment)/recovery		0	(21,861)
Mineral properties, ending	0	0	0
Khavtgai Uul
Disclosure of detailed information about investment property [line items]
Mineral properties, beginning	0	0	0
Acquisition cost	0	0	0
Deferred exploration costs:
Licenses, tax, and permits	0	0	261,168
Geological and consulting	0	0	0
Personnel, camp and general	0	0	3,741
Deferred exploration costs	0	0	264,909
(Impairment)/recovery		0	(264,909)
Mineral properties, ending	$ 0	$ 0	$ 0

ACCOUNTS PAYABLE AND ACCRUED _3

ACCOUNTS PAYABLE AND ACCRUED LIABILITIES (Details) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Trade and other current payables [abstract]
Trade accounts payable	$ 1,717,977	$ 2,420,392	$ 1,636,786
Accrued liabilities	41,186	0	0
Total	$ 1,759,163	$ 2,420,392	$ 1,636,786

LEASE LIABILITY (Details)

LEASE LIABILITY (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Lease liabilities [abstract]
Lease liability, beginning	$ 52,818	$ 0
Initial recognition		81,617
Lease payments	(37,162)	(36,528)	$ 0
Accretion expenses	4,877	7,729
Lease liability, ending	$ 20,533	$ 52,818	$ 0

PROVISION FOR CLOSURE AND REC_3

PROVISION FOR CLOSURE AND RECLAMATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Provisions [abstract]
Provision for closure and reclamation, beginning	$ 266,790	$ 265,239	$ 244,323
Change in estimate reclamation provision	405,196	0	0
Accretion	23,271	1,551	20,916
Provision for closure and reclamation, ending	$ 695,257	$ 266,790	$ 265,239

PROVISION FOR CLOSURE AND REC_4

PROVISION FOR CLOSURE AND RECLAMATION (Details Narrative)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Provisions [abstract]
Risk-free interest rate	1.14%	1.72%	1.98%
Risk premium	8.66%	7.00%	7.00%

TAX PROVISION (Details)

TAX PROVISION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Other provisions [abstract]
Income (loss) for the year	$ (4,626,887)	$ 17,513,854	$ (18,184,469)
Expected income tax (recovery)	(1,249,000)	4,729,000	(4,910,000)
Change in statutory, foreign tax, foreign exchange rates and other	117,000	(529,000)	389,000
Permanent differences	269,000	(4,861,000)	3,833,000
Share issue cost	(250,000)	(103,000)	(151,000)
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses	404,000	1,205,000	12,000
Change in unrecognized deductible temporary differences	709,000	(441,000)	827,000
Total income tax expense (recovery)	$ 0	$ 0	$ 0

TAX PROVISION (Details 1)

TAX PROVISION (Details 1) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Exploration and Evaluation Assets
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 6,284,000	$ 6,135,000	$ 19,625,000
Expiry dates	No expiry date	No expiry date	No expiry date
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
Property and Equipment
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 1,547,000	$ 1,242,000	$ 1,138,000
Expiry dates	No expiry date	No expiry date	No expiry date
Share Issue Costs
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 1,212,000	$ 747,000	$ 644,000
Expiry dates	2041 to 2044	2040 to 2043	2039 to 2042
Asset Retirement Obligation
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 695,000	$ 267,000	$ 265,000
Expiry dates	No expiry date	No expiry date	No expiry date
Allowable Capital Losses
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 4,150,000	$ 5,864,000	$ 6,607,000
Expiry dates	No expiry date	No expiry date	No expiry date
Non-capital Losses
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 30,569,000	$ 27,024,000	$ 24,109,000
Expiry dates	2023 to 2040	2023 to 2039	2030 to 2038
Canada
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 30,015,000	$ 26,980,000	$ 21,402,000
Expiry dates	2029 to 2040	2029 to 2039	2029 to 2038
Mongolia
Disclosure of other provisions [line items]
Deductible and taxable temporary differences, unused tax losses and unused tax credits	$ 554,000	$ 44,000	$ 0
Expiry dates	2023 to 2028	2023 to 2027	2023 to 2026

SHARE CAPITAL (Details)

SHARE CAPITAL (Details)	12 Months Ended
	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares$ / shares
Disclosure of classes of share capital [abstract]
Options, outstanding, beginning | shares		9,591,000
Options, granted | shares	3,820,000	3,965,000
Options, expired | shares	(90,000)	(315,000)
Options, cancelled | shares	(1,801,250)	(2,247,000)
Options, forfeited | shares		(794,000)
Options, exercised | shares	(1,233,750)	(622,500)
Options, outstanding, ending | shares	10,272,500
Weighted average exercise price, beginning | $ / shares	$ 0.31	$ 0.34
Weighted average exercise price, granted | $ / shares	.28	0.31
Weighted average exercise price, expired | $ / shares	.50	0.65
Weighted average exercise price, cancelled | $ / shares	.30	0.32
Weighted average exercise price, forfeited | $ / shares		0.54
Weighted average exercise price, exercised | $ / shares	0.24	0.28
Weighted average exercise price, outstanding, ending | $ / shares	$ 0.31	$ 0.31

SHARE CAPITAL (Details 1)

SHARE CAPITAL (Details 1)	12 Months Ended
	Dec. 31, 2020shares$ / shares	Dec. 31, 2019$ / shares	Dec. 31, 2018shares$ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.31	$ 0.31	$ 0.34
Options, outstanding	10,272,500		9,591,000
Options, exercisable	7,448,750
Options, unvested	2,823,750
Stock Option 1
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.5
Expiry date	August 17, 2025
Options, outstanding	720,000
Options, exercisable	90,000
Options, unvested	630,000
Stock Option 2
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.22
Expiry date	May 4, 2025
Options, outstanding	2,200,000
Options, exercisable	825,000
Options, unvested	1,375,000
Stock Option 3
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.33
Expiry date	November 15, 2024
Options, outstanding	100,000
Options, exercisable	62,500
Options, unvested	37,500
Stock Option 4
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ .50
Expiry date	November 1, 2024
Options, outstanding	1,100,000
Options, exercisable	687,500
Options, unvested	412,500
Stock Option 5
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ .20
Expiry date	July 29, 2024
Options, outstanding	1,475,000
Options, exercisable	1,106,250
Options, unvested	368,750
Stock Option 6
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.33
Expiry date	October 17, 2023
Options, outstanding	620,000
Options, exercisable	620,000
Options, unvested	0
Stock Option 7
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.28
Expiry date	April 6, 2023
Options, outstanding	612,500
Options, exercisable	612,500
Options, unvested	0
Stock Option 8
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.31
Expiry date	February 20, 2023
Options, outstanding	200,000
Options, exercisable	200,000
Options, unvested	0
Stock Option 9
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.35
Expiry date	September 1, 2022
Options, outstanding	880,000
Options, exercisable	880,000
Options, unvested	0
Stock Option 10
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.33
Expiry date	June 12, 2022
Options, outstanding	805,000
Options, exercisable	805,000
Options, unvested	0
Stock Option 11
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ 0.49
Expiry date	January 12, 2022
Options, outstanding	620,000
Options, exercisable	620,000
Options, unvested	0
Stock Option 12
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price | $ / shares	$ .20
Expiry date	June 2, 2021
Options, outstanding	940,000
Options, exercisable	940,000
Options, unvested	0

SHARE CAPITAL (Details 2)

SHARE CAPITAL (Details 2)	12 Months Ended
	Dec. 31, 2020yr$ / shares	Dec. 31, 2019yr$ / shares	Dec. 31, 2018yr$ / shares
Disclosure of classes of share capital [abstract]
Risk-free interest rate	1.46%	1.54%	1.77%
Expected life of options in years | yr	4.06	4.45	4.40
Expected volatility	132.47%	132.75%	135.71%
Expected dividend yield	0.00%	0.00%	0.00%
Expected forfeiture rate	12.00%	0.00%	12.00%
Weighted average fair value of options granted during the year | $ / shares	$ .30	$ .31	$ .32

SHARE CAPITAL (Details 3)

SHARE CAPITAL (Details 3) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Consolidated Statement of Operations
Share-based payments	$ 770,617	$ 707,802	$ 553,430
Consolidated Statement of Financial Position
Share-based payments	211,627	119,027	205,057
Total share-based payments	982,244	826,829	758,487
Gibellini Exploration
Consolidated Statement of Financial Position
Share-based payments	124,855	79,888	87,186
Pulacayo Exploration
Consolidated Statement of Financial Position
Share-based payments	$ 86,772	$ 39,139	$ 117,871

SHARE CAPITAL (Details 4)

SHARE CAPITAL (Details 4)	12 Months Ended
	Dec. 31, 2020shares$ / shares	Dec. 31, 2019shares$ / shares
Disclosure of classes of share capital [abstract]
Warrants, outstanding, beginning | shares		27,318,027
Warrants, issued | shares	16,691,900
Warrants, expired | shares	(2,759,760)
Warrants, exercised | shares	(14,027,670)	(651,430)
Warrants, outstanding, ending | shares	26,571,067
Weighted average exercise price, beginning | $ / shares	$ .15	$ .15
Weighted average exercise price, issued | $ / shares	.18
Weighted average exercise price, expired | $ / shares	.48
Weighted average exercise price, exercised | $ / shares	.21	0.38
Weighted average exercise price, outstanding, ending | $ / shares	$ .21	$ .15

SHARE CAPITAL (Details 5)

SHARE CAPITAL (Details 5)	12 Months Ended
	Dec. 31, 2020shares$ / shares	Dec. 31, 2019$ / shares	Dec. 31, 2018shares$ / shares
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .21	$ .15	$ .15
Warrants, outstanding | shares	26,571,067		27,318,027
Warrants 1
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .40
Expiry date	November 24, 2021
Warrants, outstanding | shares	1,335,000
Warrants 2
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .16
Expiry date	May 20, 2023
Warrants, outstanding | shares	4,962,000
Warrants 3
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .16
Expiry date	May 1, 2023
Warrants, outstanding | shares	4,994,900
Warrants 4
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	June 13, 2022
Warrants, outstanding | shares	521,590
Warrants 5
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	April 12, 2022
Warrants, outstanding | shares	1,032,500
Warrants 6
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	January 13, 2022
Warrants, outstanding | shares	499,990
Warrants 7
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	August 29, 2021
Warrants, outstanding | shares	1,013,670
Warrants 8
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	August 13, 2021
Warrants, outstanding | shares	198,237
Warrants 9
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	July 6, 2021
Warrants, outstanding | shares	3,863,180
Warrants 10
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	June 2, 2021
Warrants, outstanding | shares	7,500,000
Warrants 11
DisclosureOfRangeOfExercisePricesOfOutstandingWarrantsLineItems [Line Items]
Exercise price | $ / shares	$ .26
Expiry date	January 25, 2021
Warrants, outstanding | shares	650,000

FAIR VALUE MEASUREMENTS AND F_3

FAIR VALUE MEASUREMENTS AND FINANCIAL INSTRUMENTS (Details) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of financial assets [line items]
Cash	$ 7,608,149	$ 3,017,704	$ 5,304,097	$ 4,100,608
Level 1
Disclosure of financial assets [line items]
Cash	7,608,149	3,017,704	5,304,097
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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Fair value through profit or loss
Cash	$ 7,608,149	$ 3,017,704	$ 5,304,097	$ 4,100,608
Amortized cost
Receivables	75,765	246,671	36,399
Restricted cash equivalents	34,500	34,500	34,500
Financial assets	7,718,414	3,298,875	5,374,996
Amortized cost
Accounts payable and accrued liabilities	1,759,163	2,420,392	1,636,786
Financial liabilities	$ 1,759,163	$ 2,420,392	$ 1,636,786

FINANCIAL RISK MANAGEMENT DIS_3

FINANCIAL RISK MANAGEMENT DISCLOSURES (Details) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of nature and extent of risks arising from financial instruments [line items]
Accounts payable and accrued liabilities	$ 1,759,163	$ 2,420,392	$ 1,636,786
0 to 6 Months
Disclosure of nature and extent of risks arising from financial instruments [line items]
Accounts payable and accrued liabilities	1,759,163	2,420,392	1,636,786
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, 2020	Dec. 31, 2019	Dec. 31, 2018	Dec. 31, 2017
Disclosure of nature and extent of risks arising from financial instruments [abstract]
Cash	$ 7,608,149	$ 3,017,704	$ 5,304,097	$ 4,100,608
Accounts payable and accrued liabilities	$ 1,759,163	$ 2,420,392	$ 1,636,786

RELATED PARTY DISCLOSURES (Deta

RELATED PARTY DISCLOSURES (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Related party transactions	$ 2,335,067	$ 2,097,242	$ 1,706,496
Directors and Officers
Disclosure of transactions between related parties [line items]
Related party transactions	1,536,167	1,685,242	1,265,152
LinxPartners Ltd.
Disclosure of transactions between related parties [line items]
Related party transactions	740,000	371,000	401,044
MakevCo Consulting Inc.
Disclosure of transactions between related parties [line items]
Related party transactions	32,800	21,400	21,200
Sophir Asia Ltd.
Disclosure of transactions between related parties [line items]
Related party transactions	$ 26,100	$ 19,600	$ 19,100

RELATED PARTY DISCLOSURES (De_2

RELATED PARTY DISCLOSURES (Details 1) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Disclosure of transactions between related parties [line items]
Related party transactions	$ 2,335,067	$ 2,097,242	$ 1,706,496
Consulting and Management Fees
Disclosure of transactions between related parties [line items]
Related party transactions	370,000	218,500	268,456
Directors' Fees
Disclosure of transactions between related parties [line items]
Related party transactions	108,600	103,805	70,378
Mineral Properties
Disclosure of transactions between related parties [line items]
Related party transactions	1,387,067	1,171,585	631,610
Salaries
Disclosure of transactions between related parties [line items]
Related party transactions	$ 469,400	$ 603,352	$ 736,052

RELATED PARTY DISCLOSURES (De_3

RELATED PARTY DISCLOSURES (Details Narrative) - CAD ($)	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Related party transactions [abstract]
Due to related parties	$ 1,800	$ 30,533	$ 4,634

KEY MANAGEMENT PERSONNEL COMP_3

KEY MANAGEMENT PERSONNEL COMPENSATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Key Management Personnel Compensation
Salaries and short term benefits	$ 522,359	$ 696,751	$ 775,064
Directors' fees	108,600	103,805	70,378
Share-based payments	1,054,812	431,037	621,339
Total	$ 1,685,771	$ 1,231,593	$ 1,466,781

SUPPLEMENTAL CASH FLOW INFORM_3

SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($)	12 Months Ended
	Dec. 31, 2020	Dec. 31, 2019	Dec. 31, 2018
Non-Cash Financing and Investing Activities
Shares issued on acquisition of mineral property	$ 2,000,000	$ 0	$ 0
Bonus shares	640,400	115,000	0
Shares for services	80,500	241,003	0
Shares issued to settle debt	0	43,030	0
Shares issued recorded as prepaid expenses	0	35,000	0
Subscription receivable	0	30,497	0
Warrants issued for mineral property	0	0	181,944
Finders units	24,000	0	0
Broker warrants	226,917	0	0
Depreciation included in mineral properties	46,932	3,487	27,387
Equipment expenditures included in accounts payable	0	472,213	489,890
Fair value loss/gain on available-for-sale investments	0	0	12,160
Mineral property expenditures included in accounts payable	681,781	1,252,796	1,067,747
Share-based payments capitalized in mineral properties	211,627	119,028	205,057
Reclassification of contributed surplus on exercise of options	272,848	153,845	15,350
Reclassification of contributed surplus on exercise of warrants	$ 166,628	$ 28,478	$ 10,650