Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Dec. 31, 2016 | Feb. 06, 2017 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Paramount Gold Nevada Corp. | |
Entity Central Index Key | 1,629,210 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Smaller Reporting Company | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Dec. 31, 2016 | |
Trading Symbol | PZG | |
Entity Common Stock, Shares Outstanding | 15,689,954 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Current Assets | ||
Cash and cash equivalents | $ 1,813,694 | $ 5,874,258 |
Prepaid and deposits | 418,835 | 175,383 |
Accounts receivable | 15,060 | |
Promissory note receivable (Note 3) | 808,187 | |
Other assets | 561,997 | |
Prepaid insurance (Note 9) | 24,517 | |
Total Current Assets | 2,247,589 | 7,444,342 |
Non-Current Assets | ||
Mineral properties (Note 7) | 46,460,386 | 25,674,658 |
Property and equipment (Note 8) | 14,839 | 14,896 |
Reclamation bond (Note 9) | 2,293,874 | 2,350,131 |
Total Non-Current Assets | 48,769,099 | 28,039,685 |
Total Assets | 51,016,688 | 35,484,027 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 248,617 | 175,801 |
Reclamation and environmental obligation, current portion (Note 9) | 384,099 | 384,099 |
Total Current Liabilities | 632,716 | 559,900 |
Non-Current Liabilities | ||
Reclamation and environmental obligation, non-current portion (Note 9) | 1,023,813 | 1,017,940 |
Total Liabilities | 1,656,529 | 1,577,840 |
Stockholders' Equity | ||
Common stock, par value $0.01, 50,000,000 authorized shares, 15,689,954 issued and outstanding at December 31, 2016 and 8,518,791 issued and outstanding at June 30, 2016 | 156,900 | 85,188 |
Additional paid in capital | 80,397,039 | 65,143,383 |
Deficit | (31,193,780) | (31,322,384) |
Total Stockholders' Equity | 49,360,159 | 33,906,187 |
Total Liabilities and Stockholders' Equity | $ 51,016,688 | $ 35,484,027 |
Condensed Consolidated Interim3
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Dec. 31, 2016 | Jun. 30, 2016 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 15,689,954 | 8,518,791 |
Common stock, shares outstanding | 15,689,954 | 8,518,791 |
Condensed Consolidated Interim4
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Income) (Unaudited) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Revenue | ||||
Other income (Note 10) | $ 40,599 | $ 125,722 | $ 45,905 | $ 130,924 |
Total Revenue | 40,599 | 125,722 | 45,905 | 130,924 |
Expenses | ||||
Exploration | 1,318,444 | 171,296 | 1,855,815 | 446,171 |
Land holding costs | 122,288 | 101,591 | 276,900 | 195,237 |
Professional fees | 51,869 | 108,581 | 99,860 | 150,286 |
Salaries and benefits | 173,331 | 226,675 | 438,174 | 434,966 |
Directors compensation | 38,754 | 58,183 | 83,783 | 109,448 |
General and administrative | 126,060 | 109,738 | 268,115 | 167,954 |
Insurance | 41,422 | 48,079 | 84,418 | 90,020 |
Depreciation | 1,481 | 858 | 2,584 | 2,404 |
Accretion (Note 9) | 34,322 | 36,998 | 68,644 | 73,996 |
Total Expenses | 1,907,971 | 861,999 | 3,178,293 | 1,670,482 |
Net Loss before other Expense (Income) | 1,867,372 | 736,277 | 3,132,388 | 1,539,558 |
Other Expense (Income) | ||||
Interest income | (3,227) | (1,350) | (6,513) | (2,711) |
Interest and service charges | 380 | 40 | 572 | 113 |
Non recurring rebates | (39,633) | (39,633) | ||
Net Loss before income taxes | 1,824,892 | 734,967 | 3,086,814 | 1,536,960 |
Income taxes | ||||
Deferred tax recovery (Note 3) | (3,215,418) | |||
Net Loss (Income) | 1,824,892 | 734,967 | (128,604) | 1,536,960 |
Other comprehensive loss | ||||
Unrealized loss on available-for-sale-securities | 698 | 14,577 | ||
Total Comprehensive Loss (Income) for the Period | $ 1,824,892 | $ 735,665 | $ (128,604) | $ 1,551,537 |
Loss (Income) per Common Share | ||||
Basic | $ 0.12 | $ 0.09 | $ (0.01) | $ 0.18 |
Diluted | $ 0.12 | $ 0.09 | $ (0.01) | $ 0.18 |
Weighted Average Number of Common Shares Used in Per Share Calculations | ||||
Basic | 15,689,954 | 8,518,791 | 15,417,138 | 8,518,791 |
Diluted | 15,689,954 | 8,518,791 | 15,622,782 | 8,518,791 |
Condensed Consolidated Interim5
Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Deficit | Accumulated Other Comprehensive Income (Loss) |
Balance at Jun. 30, 2014 | $ 15,558,333 | $ 29,701,475 | $ 6,545,714 | $ (20,749,005) | $ 60,149 |
Balance (in shares) at Jun. 30, 2014 | 1,000 | ||||
Returned to treasury by PGSC for Spin-off | (29,701,475) | $ (29,701,475) | |||
Returned to treasury by PGSC for Spin-off (in shares) | (1,000) | ||||
Capital issued for Spin-off transaction | 29,701,475 | $ 81,014 | 29,620,461 | ||
Capital issued for Spin-off transaction (in shares) | 8,101,371 | ||||
Contributed capital by PGSC - Cash | 8,445,860 | 8,445,860 | |||
Contributed capital by PGSC - Loan reclassified to equity | 15,866,870 | 15,866,870 | |||
Capital issued for financing | 1,470,000 | $ 4,174 | 1,465,826 | ||
Capital issued for financing (in shares) | 417,420 | ||||
Stock based compensation | 375,788 | 375,788 | |||
Imputed interest on loans due to PGSC | 2,252,027 | 2,252,027 | |||
Unrealized gain (loss) on marketable securities | (8,711) | (8,711) | |||
Transfer on realized gain on sale of marketable securities | (106,631) | (106,631) | |||
Net income (loss) | (5,231,207) | (5,231,207) | |||
Balance at Jun. 30, 2015 | 38,622,329 | $ 85,188 | 64,572,546 | (25,980,212) | (55,193) |
Balance (in shares) at Jun. 30, 2015 | 8,518,791 | ||||
Stock based compensation | 570,837 | 570,837 | |||
Unrealized gain (loss) on marketable securities | 55,193 | $ 55,193 | |||
Net income (loss) | (5,342,172) | (5,342,172) | |||
Balance at Jun. 30, 2016 | $ 33,906,187 | $ 85,188 | 65,143,383 | (31,322,384) | |
Balance (in shares) at Jun. 30, 2016 | 8,518,791 | 8,518,791 | |||
Stock based compensation | $ 122,502 | 122,502 | |||
Capital issued for acquisition | 15,202,866 | $ 71,712 | 15,131,154 | ||
Capital issued for acquisition (in shares) | 7,171,163 | ||||
Net income (loss) | 128,604 | 128,604 | |||
Balance at Dec. 31, 2016 | $ 49,360,159 | $ 156,900 | $ 80,397,039 | $ (31,193,780) | |
Balance (in shares) at Dec. 31, 2016 | 15,689,954 | 15,689,954 |
Condensed Consolidated Interim6
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Of Cash Flows [Abstract] | ||
Net Income (Loss) | $ 128,604 | $ (1,536,960) |
Adjustment for: | ||
Depreciation | 2,584 | 2,404 |
Stock based compensation | 122,502 | 279,094 |
Accretion expense (Note 9) | 68,644 | 73,996 |
Interest earned on reclamation bond | (6,514) | (8,865) |
Insurance expense | 24,517 | 24,518 |
Deferred tax recovery | (3,215,418) | |
(Increase) decrease in accounts receivable | (15,060) | 37,071 |
(Increase) decrease in prepaid expenses | (243,452) | (130,653) |
Increase (decrease) in accounts payable | 72,816 | (108,013) |
Cash used in operating activities | (3,060,777) | (1,367,408) |
Acquisition of Calico | (1,001,623) | |
Cash acquired in Calico transaction | 4,363 | |
Purchase of equipment | (2,527) | (8,365) |
Cash used in investing activities | (999,787) | (8,365) |
Change in cash during period | (4,060,564) | (1,375,773) |
Cash at beginning of period | 5,874,258 | 9,282,534 |
Cash at end of period | $ 1,813,694 | $ 7,906,761 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | Note 1. Description of Business and Summary of Significant Accounting Policies Paramount Gold Nevada Corp. (the “Company” or “Paramount”), incorporated under the General Corporation Law of the State of Nevada, and its wholly-owned subsidiaries are engaged in the acquisition, exploration and development of precious metal properties. The Company’s wholly owned subsidiaries include New Sleeper Gold LLC, Sleeper Mining Company, LLC, and Calico Resources USA Corp (“Calico”). The Company is in the process of exploring its mineral properties in Nevada and Oregon, United States. The Company’s activities are subject to significant risks and uncertainties, including failing to secure additional funding to advance its projects and to date has not determined whether these properties contain reserves that are economically recoverable. The Company’s shares of common stock trade on the NYSE MKT LLC under the symbol “PZG”. Basis of Presentation and Preparation The unaudited condensed consolidated interim financial statements are prepared by management in accordance with accounting principles for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included. The results of operations for interim periods are not necessarily indicative of the operating results of a full year or future years. The condensed consolidated interim financial statements have been prepared in accordance with U.S. GAAP and follow the same accounting policies and methods of their application as the most recent annual financial statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. The condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes for the year ended June 30, 2016. Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in the condensed consolidated interim financial statements include the adequacy of the Company’s asset retirement obligations, valuation of deferred tax asset, and valuation of mineral properties. Cash and Cash Equivalents All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash and cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and amounts receivable. The Company maintains cash in accounts which may, at times, exceed federally insured limits. At December 31, 2016, the balances of approximately $1.5 million were in excess of federally insured limits. We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize the risk of loss. Fair Value Measurements The Company has adopted FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. The Company applies fair value accounting for all financial assets and liabilities and non – financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has adopted FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. Stock Based Compensation The Company has adopted the provisions of FASB ASC 718, “ Stock Compensation Mineral Properties Mineral property acquisition costs are capitalized when incurred and will be amortized using the units-of-production method over the estimated life of the reserve following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. Exploration Costs Exploration costs, which include maintenance, development and exploration of mineral claims, are expensed as incurred. When it is determined that a mineral deposit can be economically developed as a result of establishing proven and probable reserves, the costs incurred after such determination will be capitalized and amortized over their useful lives. To date, the Company has not established the commercial feasibility of its exploration prospects; therefore, all exploration costs are being expensed. Property and Equipment Equipment is recorded at cost less accumulated depreciation. All equipment is depreciated over its estimated useful life at the following annual rates: Computer equipment 30% declining balance Equipment 20% declining balance Asset Retirement Obligations The Company follows the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. The Company’s asset retirement obligations are further described in Note 10. Loss/Income per Common Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during each period. Diluted loss per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three month period ended December 31, 2016 and 2015 and the six month period ended December 31, 2015, the shares of common stock equivalents related to outstanding stock options have not been included in the diluted per share calculation as they are anti-dilutive as the Company has recorded a net loss from continuing operations for the period. For the six month period ended December 31, 2016, the shares of common stock equivalents related to outstanding stock options have been included in the diluted per share calculation as the Company has recorded a net income from continuing operations for the period. Revenue Recognition Revenue is recognized when persuasive evidence that an agreement exists, the risks and rewards of ownership pass to the purchaser, the selling price is fixed and determinable; or collection is reasonably assured. The passing of title to the purchaser is based on the terms of the purchase and sale agreement. |
Recent Accounting Guidance
Recent Accounting Guidance | 6 Months Ended |
Dec. 31, 2016 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Guidance | Note 2. Recent Accounting Guidance In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230), ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning July 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated cash flows. |
Acquisitions
Acquisitions | 6 Months Ended |
Dec. 31, 2016 | |
Business Combinations [Abstract] | |
Acquisitions | Note 3. Acquisitions On July 7, 2016 0.07 The transaction was accounted for as an asset acquisition, as Calico is an exploration stage project, which requires that the total purchase price be allocated to the assets acquired and liabilities assumed based on their relative fair values. Transaction advisory fees and other acquisition costs incurred prior to the closing of the transaction were recorded as Other Assets on the Balance Sheet. The purchase price and acquired assets and liabilities were as follows: Common shares issued (7,171,163 at $2.12) $ 15,202,866 Transaction advisory fees and other acquisition costs 795,925 Total purchase price 15,998,791 Assets: Cash 4,363 Receivables and other current assets 28,093 Mineral properties 20,785,728 20,818,184 Liabilities: Accounts payable and accrued liabilities 1,603,975 Deferred income taxes 3,215,418 4,819,393 Net assets acquired $ 15,998,791 A loan was granted to Calico prior to the acquisition in exchange for a promissory note. As at June 30, 2016, the balance was $808,187 and has been eliminated on consolidation. Pursuant to the acquisition of Calico, the Company recorded a deferred tax liability of $3,215,418. Subsequent to the acquisition, the Company determined that it would be able to utilize the benefit of its tax operating loss carryforwards and adjusted its valuation allowance to recognize the benefit of these previously unrecognized deferred tax assets and offset the deferred tax liability. Accordingly, the Company recognized a deferred tax recovery of $3,215,418. |
Fair Value Measurements
Fair Value Measurements | 6 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 4. Fair Value Measurements Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is estimated by applying the following hierarchy, which prioritizes the inputs used to measure fair value into three levels and bases the categorization with the hierarchy upon the lowest level of input that is available and significant to the fair value measurement: The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy under ASC 820 are described below: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar assets or liabilities in markets that are not active; inputs other than quoted prices that are observable for the asset or liability (e.g., interest rates); and inputs that are derived principally from or corroborated by observable market data by correlation or other means. Level 3 Inputs that are both significant to the fair value measurement and unobservable. The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at December 31, 2016 June 30, 2016 Assets Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1,813,694 1,813,694 — — $ 5,874,258 The Company’s cash and cash equivalents are classified within Level 1 of the fair value hierarchy because they are valued using quoted market prices. The cash and cash equivalents that are valued based on quoted market prices in active markets are primarily comprised of commercial paper, short-term certificates of deposit and U.S. Treasury securities. . |
Non-Cash Transactions
Non-Cash Transactions | 6 Months Ended |
Dec. 31, 2016 | |
Nonmonetary Transactions [Abstract] | |
Non-Cash Transactions | Note 5. Non-Cash Transactions During the six month period ended December 31, 2016, the Company issued 7,171,163 shares of its common stock with a value of $15,202,866 for the acquisition of Calico Resources Corp. |
Capital Stock
Capital Stock | 6 Months Ended |
Dec. 31, 2016 | |
Equity [Abstract] | |
Capital Stock | Note 6. Capital Stock Authorized Capital Authorized capital stock consists of 50,000,000 common shares with par value of $0.01 per common share (June 30, 2016 – 50,000,000 common shares with par value $0.01 per common share). At December 31, 2016 there were 15,689,954 common shares issued and outstanding (June 30, 2016- 8,518,791 common shares). Stock Options and Stock Based Compensation Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are shareholder-approved, permits the grant of share options and shares to its employees for up to 1.569 million shares of common stock. Option awards are generally granted with an exercise price equal to the market price of Paramount’s stock at the date of grant and have contractual lives of 5 years. To better align the interests of its key executives and employees with those of its shareholders, a significant portion of those share option awards will vest contingent upon meeting certain stock price appreciation performance goals. Option and share awards provide for accelerated vesting if there is a change in control (as defined in the employee share option plan). The fair value of option awards that have market conditions are estimated on the date of grant using a Monte-Carlo Simulation valuation model. The award’s grant date fair value is determined by taking the average of the grant date fair values under each of many Monte Carlo trials. The key assumptions used in the simulations were as follows: 2016 2015 Weighted average risk-free interest rate 1.26 % — Weighted average volatility 70.26 % — Weighted average fair value $ 1.22 — The fair value of option awards that do not have market conditions are estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. Because Black-Scholes option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Given Paramount’s short history as a public company, expected volatilities are based on, historical volatilities from five proxy companies’ stock. Paramount uses historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 2016 2015 Weighted average risk-free interest rate 1.26 % — Weighted-average volatility 70.26 % — Expected dividends $ 0.00 — Weighted average expected term (years) 5.00 — Weighted average fair value $ 1.23 — A summary of option activity under the Stock Incentive and Compensation Plan as of December 31, 2016, and changes during the six month period ended is presented below. Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2016 995,000 $ 1.53 — — Granted 50,000 2.12 — — Exercised — — — — Forfeited or expired — — — — Outstanding at December 31, 2016 1,045,000 $ 1.56 3.70 $ 477,600 Exercisable at December 31, 2016 680,005 $ 1.53 4.25 $ 318,404 A summary of the status of Paramount’s non-vested shares as of July 1, 2016 and changes during the six month period ended December 31, 2016 is presented below. Non-vested Options Shares Weighted- Average Date Fair Value Non-vested at July 1, 2016 663,330 $ 1.13 Granted 50,000 1.23 Vested 348,335 1.14 Forfeited — — Non-vested at December 31, 2016 364,995 $ 1.14 As of December 31, 2016, there was $120,928 of total unrecognized compensation cost related to non-vested share-based compensation arrangements granted under the employee share option plan. That cost is expected to be recognized over a weighted-average period of 0.67 years. The total fair value of share based compensation arrangements vested during the six month period ended December 31, 2016 and 2015, was $351,236 and $nil, respectively. |
Mineral Properties
Mineral Properties | 6 Months Ended |
Dec. 31, 2016 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Properties | Note 7. Mineral Properties The Company has capitalized acquisition costs on mineral properties as follows: December 31, 2016 June 30, 2016 Sleeper $ 25,674,658 $ 25,674,658 Grassy Mountain 20,785,728 — $ 46,460,386 $ 25,674,658 Sleeper: Sleeper is located in Humbolt County, Nevada approximately 26 miles northwest of the town of Winnemucca. The Sleeper Gold Mine consists of 2,322 unpatented mining claims totaling approximately 38,300 acres. Grassy Mountain: The Grassy Mountain Project is located in Malheur County, Oregon, approximately 22 miles south of Vale, Oregon, and roughly 70 miles west of Boise, Idaho. It consists of 418 unpatented lode claims, 3 patented lode claims, 9 mill site claims, 6 association placer claims, and various leased fee land surface and surface/mineral rights, all totaling approximately 9,300 acres |
Property and Equipment
Property and Equipment | 6 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | Note 8. Property and Equipment: At December 31, 2016, and June 30, 2016, property and equipment consisted of the following: December 31, 2016 June 30, 2016 Computer equipment $ 21,333 $ 18,806 Equipment 1,329 1,329 Subtotal 22,662 20,135 Accumulated depreciation (7,823 ) (5,239 ) Total $ 14,839 $ 14,896 During the six month period ended December 31, 2016, net additions to property, and equipment were $2,527 (2015- $8,365). During the six month period ended December 31, 2016 the Company recorded depreciation of $2,584 (2015-$2,404). |
Reclamation and Environmental
Reclamation and Environmental | 6 Months Ended |
Dec. 31, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Environmental | Note 9. Reclamation and Environmental: The Company holds an insurance policy which is in effect until 2033 related to its Sleeper Gold Project. The policy covers reclamation costs up to an aggregate of $25 million in the event the Company’s bond is insufficient to cover any mandated reclamation obligations. The unamortized insurance premium was amortized to December 31, 2016 . As a part of its insurance policy, the Company has funds in a commutation account which is used to reimburse reclamation costs and indemnity claims. The balance of the commutation account at December 31, 2016 is $2,293,874 (June 30, 2016 - $2,350,131). Reclamation and environmental costs are based principally on legal requirements. Management estimates costs associated with reclamation of mineral properties and properties under mine closure. On an ongoing basis the Company evaluates its estimates and assumptions; however, actual amounts could differ from those based on estimates and assumptions. The asset retirement obligation at the Sleeper Gold Project has been measured using the following variables: 1) Expected costs for earthwork, re-vegetation, in-pit water treatment, on-going monitoring, labor and management, 2) Inflation adjustment, and 3) Market risk premium. The sum of the expected costs by year is discounted using the Company’s credit adjusted risk free interest rate from the time it expects to pay the retirement obligation to the time it incurs the obligation. The reclamation and environmental obligation recorded on the balance sheet is equal to the present value of the estimated costs. The current undiscounted estimate of the reclamation costs for existing disturbances at the Sleeper Gold Project is $ 3,835,050 Changes to the Company’s asset retirement obligations for the six month period ended December 31, 2016 and the year ended June 30, 2016 are as follows: Six June 30, 2016 Balance at beginning of period $ 1,402,039 $ 1,294,497 Accretion expense 68,644 147,992 Payments (62,771 ) (161,018 ) Change in estimate of existing obligation — 120,568 Balance at end of period $ 1,407,912 $ 1,402,039 The balance of the asset retirement obligation of $1,407,912 (June 30, 2016 -$1,402,039 ) is comprised of a current portion of $384,099 (June 30, 2016 -$384,099 ) and a non-current portion of $1,023,813 (June 30, 2016 -$1,017,940 ). |
Other Income
Other Income | 6 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Other Income | Note 10. Other Income The Company’s other income details were as follows: Six Month Period Six Month Period 2016 2015 Re-imbursement of reclamation costs $ 40,599 $ 125,222 Gain on disposal of fixed assets — 500 Leasing of water rights to third party 5,306 5,202 Total $ 45,905 $ 130,924 |
Segmented Information
Segmented Information | 6 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Segmented Information | Note 11. Segmented Information: Segmented information has been compiled based on the material mineral properties in which the Company performs exploration activities. Expenses and mineral property carrying values by material project for the six month period ended December 31, 2016: Exploration Expenses Land Holding Costs Mineral Properties As at December 31, 2016 Sleeper Gold Project $ 342,951 $ 219,280 $ 25,674,658 Grassy Mountain Project 1,512,864 57,620 20,785,728 $ 1,855,815 $ 276,900 $ 46,460,386 Expenses for the six month period ended December 31, 2015 and mineral property carrying values as at June 30, 2016 by material project: Exploration Expenses Land Holding Costs Mineral Properties As at June 30, 2016 Sleeper Gold Project $ 446,171 $ 195,237 $ 25,674,658 Grassy Mountain Project — — — $ 446,171 $ 195,237 $ 25,674,658 |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 12. Commitments and Contingencies: Lease Commitments During the six month period ended December 31, 2016, the Company has office premises leases that expire at various dates until June 30, 2018. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2017 $ 8,722 2018 $ 18,400 During the six month period ended December 31, 2016, $7,951 was recognized as rent expense in the statement of operations and comprehensive loss/income. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Dec. 31, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 13. Subsequent Events: On February 6, 2017, the Company entered into definitive agreements with accredited investors to issue common stock and warrants in a private transaction (the “Transaction”). Under the terms of the Transaction, Paramount has agreed to sell an aggregate of 2,090,000 units at $1.75 per unit for aggregate proceeds of $3,657,500. Each unit will consist of one share of common stock and one warrant to purchase one-half of a share of common stock. Each warrant will have a two-year term and will be exercisable at the following exercise prices: in the first year at $2.00 per share or in the second year at $2.25 per share. |
Description of Business and S20
Description of Business and Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Preparation | Basis of Presentation and Preparation The unaudited condensed consolidated interim financial statements are prepared by management in accordance with accounting principles for interim financial information and Article 10 of Regulation S-X. Accordingly, they do not include all of the disclosures required by U.S. generally accepted accounting principles (“U.S. GAAP”) for complete financial statements. In the opinion of management, all the normal and recurring adjustments necessary to fairly present the interim financial information set forth herein have been included. The results of operations for interim periods are not necessarily indicative of the operating results of a full year or future years. The condensed consolidated interim financial statements have been prepared in accordance with U.S. GAAP and follow the same accounting policies and methods of their application as the most recent annual financial statements. The consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All significant intercompany accounts and transactions are eliminated in consolidation. The condensed consolidated interim financial statements should be read in conjunction with the consolidated financial statements and related footnotes for the year ended June 30, 2016. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the condensed consolidated interim financial statements, and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant estimates made by management in the condensed consolidated interim financial statements include the adequacy of the Company’s asset retirement obligations, valuation of deferred tax asset, and valuation of mineral properties. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash and cash equivalents. The carrying amount of these securities approximates fair value because of the short-term maturity of these instruments. |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist principally of cash and cash equivalents and amounts receivable. The Company maintains cash in accounts which may, at times, exceed federally insured limits. At December 31, 2016, the balances of approximately $1.5 million were in excess of federally insured limits. We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize the risk of loss. |
Fair Value Measurements | Fair Value Measurements The Company has adopted FASB ASC 820, Fair Value Measurements and Disclosures, which defines fair value, establishes guidelines for measuring fair value and expands disclosures regarding fair value measurements. The Company applies fair value accounting for all financial assets and liabilities and non – financial assets and liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis. The Company defines fair value as the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company has adopted FASB ASC 825, Financial Instruments, which allows companies to choose to measure eligible financial instruments and certain other items at fair value that are not required to be measured at fair value. The Company has not elected the fair value option for any eligible financial instruments. |
Stock Based Compensation | Stock Based Compensation The Company has adopted the provisions of FASB ASC 718, “ Stock Compensation |
Mineral Properties | Mineral Properties Mineral property acquisition costs are capitalized when incurred and will be amortized using the units-of-production method over the estimated life of the reserve following the commencement of production. If a mineral property is subsequently abandoned or impaired, any capitalized costs will be expensed in the period of abandonment or impairment. Acquisition costs include cash consideration and the fair market value of shares issued on the acquisition of mineral properties. |
Exploration Costs | Exploration Costs Exploration costs, which include maintenance, development and exploration of mineral claims, are expensed as incurred. When it is determined that a mineral deposit can be economically developed as a result of establishing proven and probable reserves, the costs incurred after such determination will be capitalized and amortized over their useful lives. To date, the Company has not established the commercial feasibility of its exploration prospects; therefore, all exploration costs are being expensed. |
Property and Equipment | Property and Equipment Equipment is recorded at cost less accumulated depreciation. All equipment is depreciated over its estimated useful life at the following annual rates: Computer equipment 30% declining balance Equipment 20% declining balance |
Asset Retirement Obligations | Asset Retirement Obligations The Company follows the provisions of ASC 440, “Asset Retirement and Environmental Obligations”, which establishes the standards for the initial measurement and subsequent accounting for obligations associated with the sale, abandonment, or other disposal of long-lived tangible assets arising from the acquisition, construction or development and for normal operations of such assets. The Company’s asset retirement obligations are further described in Note 10. |
Loss/Income per Common Share | Loss/Income per Common Share Basic loss per share is computed by dividing net loss available to common shareholders by the weighted average number of shares outstanding during each period. Diluted loss per share reflect the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock. For the three month period ended December 31, 2016 and 2015 and the six month period ended December 31, 2015, the shares of common stock equivalents related to outstanding stock options have not been included in the diluted per share calculation as they are anti-dilutive as the Company has recorded a net loss from continuing operations for the period. For the six month period ended December 31, 2016, the shares of common stock equivalents related to outstanding stock options have been included in the diluted per share calculation as the Company has recorded a net income from continuing operations for the period. |
Revenue Recognition | Revenue Recognition Revenue is recognized when persuasive evidence that an agreement exists, the risks and rewards of ownership pass to the purchaser, the selling price is fixed and determinable; or collection is reasonably assured. The passing of title to the purchaser is based on the terms of the purchase and sale agreement. |
Recent Accounting Guidance | In August 2016, the FASB issued ASU 2016-15, “ Statement of Cash Flows (Topic 230), ” which provides guidance on presentation and classification of certain cash receipts and payments in the statement of cash flows. These changes become effective for the Company's fiscal year beginning July 1, 2018. The Company is currently evaluating the potential impact of implementing these changes on the Company's consolidated cash flows. |
Description of Business and S21
Description of Business and Summary of Significant Accounting Policies (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Fixed Assets | Equipment is recorded at cost less accumulated depreciation. All equipment is depreciated over its estimated useful life at the following annual rates: Computer equipment 30% declining balance Equipment 20% declining balance |
Acquisitions (Tables)
Acquisitions (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Calico Resources Corp. | |
Schedule of Purchase Price and Acquired Assets and Liabilities | The purchase price and acquired assets and liabilities were as follows: Common shares issued (7,171,163 at $2.12) $ 15,202,866 Transaction advisory fees and other acquisition costs 795,925 Total purchase price 15,998,791 Assets: Cash 4,363 Receivables and other current assets 28,093 Mineral properties 20,785,728 20,818,184 Liabilities: Accounts payable and accrued liabilities 1,603,975 Deferred income taxes 3,215,418 4,819,393 Net assets acquired $ 15,998,791 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | The following table sets forth the Company’s financial assets and liabilities measured at fair value by level within the fair value hierarchy. As required by ASC 820, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. Fair Value at December 31, 2016 June 30, 2016 Assets Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 1,813,694 1,813,694 — — $ 5,874,258 |
Capital Stock (Tables)
Capital Stock (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Option Activity Under Stock Incentive and Compensation Plan | A summary of option activity under the Stock Incentive and Compensation Plan as of December 31, 2016, and changes during the six month period ended is presented below. Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2016 995,000 $ 1.53 — — Granted 50,000 2.12 — — Exercised — — — — Forfeited or expired — — — — Outstanding at December 31, 2016 1,045,000 $ 1.56 3.70 $ 477,600 Exercisable at December 31, 2016 680,005 $ 1.53 4.25 $ 318,404 |
Summary of Status of Non-Vested Shares | A summary of the status of Paramount’s non-vested shares as of July 1, 2016 and changes during the six month period ended December 31, 2016 is presented below. Non-vested Options Shares Weighted- Average Date Fair Value Non-vested at July 1, 2016 663,330 $ 1.13 Granted 50,000 1.23 Vested 348,335 1.14 Forfeited — — Non-vested at December 31, 2016 364,995 $ 1.14 |
Option awards with performance conditions | Monte-Carlo Simulation valuation model | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Changes in Fair Value Assumptions | The key assumptions used in the simulations were as follows: 2016 2015 Weighted average risk-free interest rate 1.26 % — Weighted average volatility 70.26 % — Weighted average fair value $ 1.22 — |
Option awards without performance conditions | Black-Scholes option valuation model | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Schedule of Changes in Fair Value Assumptions | The fair value of option awards that do not have market conditions are estimated on the date of grant using a Black-Scholes option valuation model that uses the assumptions noted in the following table. Because Black-Scholes option valuation models incorporate ranges of assumptions for inputs, those ranges are disclosed. Given Paramount’s short history as a public company, expected volatilities are based on, historical volatilities from five proxy companies’ stock. Paramount uses historical data to estimate option exercise and employee termination within the valuation model; separate groups of employees that have similar historical exercise behavior are considered separately for valuation purposes. The expected term of options granted is derived from the output of the option valuation model and represents the period of time that options granted are expected to be outstanding; the range given below results from certain groups of employees exhibiting different behavior. The risk-free rate for periods within the contractual life of the option is based on the U.S. Treasury yield curve in effect at the time of grant. 2016 2015 Weighted average risk-free interest rate 1.26 % — Weighted-average volatility 70.26 % — Expected dividends $ 0.00 — Weighted average expected term (years) 5.00 — Weighted average fair value $ 1.23 — |
Mineral Properties (Tables)
Mineral Properties (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Mineral Industries Disclosures [Abstract] | |
Capitalized Acquisition Costs on Mineral Properties | The Company has capitalized acquisition costs on mineral properties as follows: December 31, 2016 June 30, 2016 Sleeper $ 25,674,658 $ 25,674,658 Grassy Mountain 20,785,728 — $ 46,460,386 $ 25,674,658 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | At December 31, 2016, and June 30, 2016, property and equipment consisted of the following: December 31, 2016 June 30, 2016 Computer equipment $ 21,333 $ 18,806 Equipment 1,329 1,329 Subtotal 22,662 20,135 Accumulated depreciation (7,823 ) (5,239 ) Total $ 14,839 $ 14,896 |
Reclamation and Environmental (
Reclamation and Environmental (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Environmental Remediation Obligations [Abstract] | |
Changes to Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for the six month period ended December 31, 2016 and the year ended June 30, 2016 are as follows: Six June 30, 2016 Balance at beginning of period $ 1,402,039 $ 1,294,497 Accretion expense 68,644 147,992 Payments (62,771 ) (161,018 ) Change in estimate of existing obligation — 120,568 Balance at end of period $ 1,407,912 $ 1,402,039 |
Other Income (Tables)
Other Income (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Other Income [Abstract] | |
Other Income Details | The Company’s other income details were as follows: Six Month Period Six Month Period 2016 2015 Re-imbursement of reclamation costs $ 40,599 $ 125,222 Gain on disposal of fixed assets — 500 Leasing of water rights to third party 5,306 5,202 Total $ 45,905 $ 130,924 |
Segmented Information (Tables)
Segmented Information (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Segment Reporting [Abstract] | |
Schedule of Expenses and Mineral Property Carrying Values by Material Project | Expenses and mineral property carrying values by material project for the six month period ended December 31, 2016: Exploration Expenses Land Holding Costs Mineral Properties As at December 31, 2016 Sleeper Gold Project $ 342,951 $ 219,280 $ 25,674,658 Grassy Mountain Project 1,512,864 57,620 20,785,728 $ 1,855,815 $ 276,900 $ 46,460,386 Expenses for the six month period ended December 31, 2015 and mineral property carrying values as at June 30, 2016 by material project: Exploration Expenses Land Holding Costs Mineral Properties As at June 30, 2016 Sleeper Gold Project $ 446,171 $ 195,237 $ 25,674,658 Grassy Mountain Project — — — $ 446,171 $ 195,237 $ 25,674,658 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Dec. 31, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Aggregate Minimum Rentals Payable for Operating Leases | During the six month period ended December 31, 2016, the Company has office premises leases that expire at various dates until June 30, 2018. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2017 $ 8,722 2018 $ 18,400 |
Description of Business and S31
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) $ in Millions | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Accounting Policies [Abstract] | |
Concentration of credit risk uninsured cash amount | $ 1.5 |
Cash, Uninsured Amount, Description | We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize the risk of loss |
Fixed Assets (Details)
Fixed Assets (Details) | 6 Months Ended |
Dec. 31, 2016 | |
Computer equipment | |
Property Plant And Equipment [Line Items] | |
Percentage of annual amortization rate on declining balance (in hundredths) | 30.00% |
Equipment | |
Property Plant And Equipment [Line Items] | |
Percentage of annual amortization rate on declining balance (in hundredths) | 20.00% |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - USD ($) | Jul. 07, 2016 | Dec. 31, 2016 | Jun. 30, 2016 |
Business Acquisition [Line Items] | |||
Eliminated promissory note | $ 808,187 | ||
Deferred tax recovery | $ 3,215,418 | ||
Calico Resources Corp. | |||
Business Acquisition [Line Items] | |||
Business acquisition date | Jul. 7, 2016 | ||
Percentage of stock converted into shares of common stock | 7.00% | ||
Eliminated promissory note | $ 808,187 | ||
Deferred tax liability | $ 3,215,418 | ||
Deferred tax recovery | $ 3,215,418 |
Acquisitions - Schedule of Purc
Acquisitions - Schedule of Purchase Price and Acquired Assets and Liabilities (Details) - Calico Resources Corp. - USD ($) | Jul. 07, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Transaction advisory fees and other acquisition costs | $ 795,925 | |
Total purchase price | 15,998,791 | |
Assets: | ||
Cash | 4,363 | |
Receivables and other current assets | 28,093 | |
Mineral properties | 20,785,728 | |
Total acquired assets | 20,818,184 | |
Liabilities: | ||
Accounts payable and accrued liabilities | 1,603,975 | |
Deferred income taxes | 3,215,418 | |
Total acquired liabilities | 4,819,393 | |
Net assets acquired | 15,998,791 | |
Common Stock | ||
Business Acquisition [Line Items] | ||
Common shares issued (7,171,163 at $2.12) | $ 15,202,866 | $ 15,202,866 |
Acquisitions - Schedule of Pu35
Acquisitions - Schedule of Purchase Price and Acquired Assets and Liabilities (Parenthetical) (Details) - Calico Resources Corp. - Common Stock - $ / shares | Jul. 07, 2016 | Dec. 31, 2016 |
Business Acquisition [Line Items] | ||
Common shares issued, shares | 7,171,163 | 7,171,163 |
Common shares issued ,share price | $ 2.12 |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 1,813,694 | $ 5,874,258 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 1,813,694 |
Non-Cash Transactions - Additio
Non-Cash Transactions - Additional Information (Details) - Calico Resources Corp. - Common Stock - USD ($) | Jul. 07, 2016 | Dec. 31, 2016 |
Nonmonetary Transaction [Line Items] | ||
Common shares issued for acquisition | 7,171,163 | 7,171,163 |
Value of common shares issued for acquisition | $ 15,202,866 | $ 15,202,866 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Capital stock, shares authorized | 50,000,000 | 50,000,000 | |
Capital stock, par value | $ 0.01 | $ 0.01 | |
Capital stock, shares issued | 15,689,954 | 8,518,791 | |
Capital stock, shares outstanding | 15,689,954 | 8,518,791 | |
Total unrecognized compensation cost related to non-vested share based compensation | $ 120,928 | ||
Expected weighted-average period of unrecognized compensation cost | 8 months 1 day | ||
Total fair value of share based compensation arrangements vested | $ 351,236 | $ 0 | |
2015 and 2016 Stock Incentive and Compensation Plans | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Weighted average remaining contractual term (in years), grants | 5 years | ||
2015 and 2016 Stock Incentive and Compensation Plans | Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Number of options and shares available for grant to employees | 1,569,000 |
Schedule of Changes in Fair Val
Schedule of Changes in Fair Value Assumptions (Details) - $ / shares | 6 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Monte-Carlo Simulation valuation model | Option awards with performance conditions | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average risk-free interest rate | 1.26% | |
Weighted-average volatility | 70.26% | |
Weighted average fair value | $ 1.22 | |
Black-Scholes option valuation model | Option awards without performance conditions | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Weighted average risk-free interest rate | 1.26% | |
Weighted-average volatility | 70.26% | |
Expected dividends | $ 0 | |
Weighted average expected term (years) | 5 years | 0 years |
Weighted average fair value | $ 1.23 |
Summary of Option Activity Unde
Summary of Option Activity Under Stock Incentive and Compensation Plan (Details) | 6 Months Ended |
Dec. 31, 2016USD ($)$ / sharesshares | |
Shares [Abstract] | |
Options, Granted | 50,000 |
Stock Options | |
Shares [Abstract] | |
Options, Outstanding, Beginning balance | 995,000 |
Options, Granted | 50,000 |
Options, Outstanding, Ending balance | 1,045,000 |
Options, Exercisable at December 31, 2016 | 680,005 |
Weighted-Average Exercise Price [Abstract] | |
Options, Outstanding, Beginning balance | $ / shares | $ 1.53 |
Options, Granted | $ / shares | 2.12 |
Options, Outstanding, Ending balance | $ / shares | 1.56 |
Options, Exercisable at December 31, 2016 | $ / shares | $ 1.53 |
Options, Exercisable at December 31, 2016 | 3 years 8 months 12 days |
Options, Exercisable at December 31, 2016 | 4 years 3 months |
Aggregate Intrinsic Value, Outstanding, Ending Balance | $ | $ 477,600 |
Aggregate Intrinsic Value, Exercisable, Ending Balance | $ | $ 318,404 |
Summary of Status of Non-Vested
Summary of Status of Non-Vested Shares (Details) | 6 Months Ended |
Dec. 31, 2016$ / sharesshares | |
Shares [Abstract] | |
Non-vested Options, Beginning balance | shares | 663,330 |
Non-vested Options, Granted | shares | 50,000 |
Non-vested Options, Vested | shares | 348,335 |
Non-vested Options, Ending balance | shares | 364,995 |
Weighted-Average Grant-Date Fair Value [Abstract] | |
Non-vested Options, Beginning balance | $ / shares | $ 1.13 |
Non-vested Options, Granted | $ / shares | 1.23 |
Non-vested Options, Vested | $ / shares | 1.14 |
Non-vested Options, Ending balance | $ / shares | $ 1.14 |
Capitalized Acquisition Costs o
Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 46,460,386 | $ 25,674,658 |
Sleeper Gold Project | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | 25,674,658 | $ 25,674,658 |
Grassy Mountain Project | ||
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 20,785,728 |
Mineral Properties - Additional
Mineral Properties - Additional Information (Details) | Dec. 31, 2016aMiningClaim |
Sleeper Gold Project | Nevada | |
Mineral Properties [Line Items] | |
Unpatented mining claims | 2,322 |
Area covered by lode mining claims | a | 38,300 |
Grassy Mountain Project | Oregon | |
Mineral Properties [Line Items] | |
Unpatented lode mining claims | 418 |
Patented lode mining claims | 3 |
Mill site mining claims | 9 |
Association placer claims | 6 |
Area covered by mining claims | a | 9,300 |
Schedule of Property and Equipm
Schedule of Property and Equipment (Details) - USD ($) | Dec. 31, 2016 | Jun. 30, 2016 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 22,662 | $ 20,135 |
Accumulated depreciation | (7,823) | (5,239) |
Total | 14,839 | 14,896 |
Computer equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 21,333 | 18,806 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,329 | $ 1,329 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Property Plant And Equipment [Abstract] | ||||
Net additions to property and equipment | $ 2,527 | $ 8,365 | ||
Depreciation | $ 1,481 | $ 858 | $ 2,584 | $ 2,404 |
Reclamation and Environmental -
Reclamation and Environmental - Additional Information (Details) - USD ($) | 6 Months Ended | 12 Months Ended | |
Dec. 31, 2016 | Jun. 30, 2016 | Jun. 30, 2015 | |
Site Contingency [Line Items] | |||
Commutation account | $ 2,293,874 | $ 2,350,131 | |
Asset retirement obligation | 1,407,912 | 1,402,039 | $ 1,294,497 |
Asset retirement obligation, current | 384,099 | 384,099 | |
Asset retirement obligation, noncurrent | 1,023,813 | 1,017,940 | |
Sleeper Gold Project | |||
Site Contingency [Line Items] | |||
Maximum reclamation costs covered by insurance policy | 25,000,000 | ||
Commutation account | 2,293,874 | $ 2,350,131 | |
Undiscounted estimate of reclamation costs | $ 3,835,050 | ||
Credit adjusted risk free rate | 9.76% | 9.76% | |
Inflation rate | 2.00% | 2.00% |
Changes to Asset Retirement Obl
Changes to Asset Retirement Obligation (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Balance at beginning of period | $ 1,402,039 | $ 1,294,497 | $ 1,294,497 | ||
Accretion expense (Note 9) | $ 34,322 | $ 36,998 | 68,644 | $ 73,996 | 147,992 |
Payments | (62,771) | (161,018) | |||
Change in estimate of existing obligation | 120,568 | ||||
Balance at end of period | $ 1,407,912 | $ 1,407,912 | $ 1,402,039 |
Other Income Details (Details)
Other Income Details (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Other Income [Abstract] | ||||
Re-imbursement of reclamation costs | $ 40,599 | $ 125,222 | ||
Gain on disposal of fixed assets | 500 | |||
Leasing of water rights to third party | 5,306 | 5,202 | ||
Total | $ 40,599 | $ 125,722 | $ 45,905 | $ 130,924 |
Segmented Information - Schedul
Segmented Information - Schedule of Expenses and Mineral Property Carrying Values by Material Project (Details) - USD ($) | 3 Months Ended | 6 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Jun. 30, 2016 | |
Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities [Line Items] | |||||
Exploration | $ 1,318,444 | $ 171,296 | $ 1,855,815 | $ 446,171 | |
Land holding costs | 122,288 | $ 101,591 | 276,900 | 195,237 | |
Mineral properties, net | 46,460,386 | 46,460,386 | $ 25,674,658 | ||
Sleeper Gold Project | |||||
Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities [Line Items] | |||||
Exploration | 342,951 | 446,171 | |||
Land holding costs | 219,280 | $ 195,237 | |||
Mineral properties, net | 25,674,658 | 25,674,658 | $ 25,674,658 | ||
Grassy Mountain Project | |||||
Costs Incurred Oil And Gas Property Acquisition Exploration And Development Activities [Line Items] | |||||
Exploration | 1,512,864 | ||||
Land holding costs | 57,620 | ||||
Mineral properties, net | $ 20,785,728 | $ 20,785,728 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Aggregate Minimum Rentals Payable for Operating Lease (Details) | Dec. 31, 2016USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2,017 | $ 8,722 |
2,018 | $ 18,400 |
Commitments and Contingencies51
Commitments and Contingencies - Additional Information (Details) | 6 Months Ended |
Dec. 31, 2016USD ($) | |
Commitments And Contingencies Disclosure [Abstract] | |
Net rental expense | $ 7,951 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event [Member] | Feb. 06, 2017USD ($)$ / sharesshares |
Subsequent Event [Line Items] | |
Aggregate number of units (in shares) | shares | 2,090,000 |
Aggregate number of units, per unit (in shares) | $ 1.75 |
Proceeds from issuance of common stock and warrants | $ | $ 3,657,500 |
Expected term of warrant | 2 years |
Class Of Warrant Or Right Description | Each unit will consist of one share of common stock and one warrant to purchase one-half of a share of common stock |
Exercisable in First Year | |
Subsequent Event [Line Items] | |
Exercise price of warrants | $ 2 |
Exercisable in Second Year | |
Subsequent Event [Line Items] | |
Exercise price of warrants | $ 2.25 |