Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Mar. 31, 2019 | May 06, 2019 | |
Document And Entity Information [Abstract] | ||
Entity Registrant Name | Paramount Gold Nevada Corp. | |
Entity Central Index Key | 0001629210 | |
Current Fiscal Year End Date | --06-30 | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | true | |
Entity Ex Transition Period | false | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Trading Symbol | PZG | |
Entity Common Stock, Shares Outstanding | 26,519,954 |
Condensed Consolidated Interim
Condensed Consolidated Interim Balance Sheets (Unaudited) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 361,977 | $ 297,389 |
Prepaid and deposits | 412,330 | 244,125 |
Accounts receivable | 16,292 | |
Total Current Assets | 774,307 | 557,806 |
Non-Current Assets | ||
Mineral properties (Note 6) | 48,860,386 | 48,860,386 |
Property and equipment | 6,956 | 8,927 |
Reclamation bond (Note 7) | 1,407,781 | 1,769,501 |
Total Non-Current Assets | 50,275,123 | 50,638,814 |
Total Assets | 51,049,430 | 51,196,620 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 656,121 | 927,962 |
Reclamation and environmental obligation, current portion (Note 7) | 101,593 | 101,593 |
Total Current Liabilities | 757,714 | 1,029,555 |
Non-Current Liabilities | ||
Reclamation and environmental obligation, non-current portion (Note 7) | 704,070 | 970,958 |
Total Liabilities | 1,461,784 | 2,000,513 |
Stockholders' Equity | ||
Common stock, par value $0.01, 50,000,000 authorized shares, 26,519,954 issued and outstanding at March 31, 2019 and 23,074,954 issued and outstanding at June 30, 2018 | 265,200 | 230,750 |
Additional paid in capital | 94,715,215 | 90,695,497 |
Deficit | (45,392,769) | (41,730,140) |
Total Stockholders' Equity | 49,587,646 | 49,196,107 |
Total Liabilities and Stockholders' Equity | $ 51,049,430 | $ 51,196,620 |
Condensed Consolidated Interi_2
Condensed Consolidated Interim Balance Sheets (Unaudited) (Parenthetical) - $ / shares | Mar. 31, 2019 | Jun. 30, 2018 |
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 | 26,519,954 | 23,074,954 |
Common stock, shares outstanding | 26,519,954 | 23,074,954 |
Condensed Consolidated Interi_3
Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue | ||||
Other income (Note 8) | $ 212,746 | $ 22,260 | $ 396,536 | $ 107,807 |
Total Revenue | 212,746 | 22,260 | 396,536 | 107,807 |
Expenses | ||||
Exploration | 712,623 | 1,047,587 | 2,019,837 | 3,001,660 |
Land holding costs | 130,550 | 119,456 | 439,468 | 400,126 |
Professional fees | 24,654 | 21,787 | 97,428 | 57,110 |
Salaries and benefits | 216,458 | 230,884 | 702,013 | 516,800 |
Directors compensation | 55,967 | 43,924 | 107,245 | 82,405 |
General and administrative | 176,972 | 154,514 | 492,943 | 418,395 |
Insurance | 32,304 | 31,007 | 96,731 | 86,773 |
Depreciation | 651 | 928 | 1,971 | 2,804 |
Accretion (Note 7) | 41,376 | 37,684 | 124,128 | 113,052 |
Total Expenses | 1,391,555 | 1,687,771 | 4,081,764 | 4,679,125 |
Net Loss before Other Expense | 1,178,809 | 1,665,511 | 3,685,228 | 4,571,318 |
Other Expense (Income) | ||||
Interest income | (8,069) | (7,469) | (29,349) | (15,057) |
Interest and service charges | 2,673 | 706 | 6,750 | 4,096 |
Net Loss before Income Taxes | 1,173,413 | 1,658,748 | 3,662,629 | 4,560,357 |
Net Loss and Comprehensive Loss | $ 1,173,413 | $ 1,658,748 | $ 3,662,629 | $ 4,560,357 |
Loss per Common Share | ||||
Basic | $ 0.04 | $ 0.07 | $ 0.14 | $ 0.22 |
Diluted | $ 0.04 | $ 0.07 | $ 0.14 | $ 0.22 |
Weighted Average Number of Common Shares Used in Per Share Calculations | ||||
Basic | 26,255,167 | 23,074,954 | 25,634,878 | 21,065,173 |
Diluted | 26,255,167 | 23,074,954 | 25,634,878 | 21,065,173 |
Condensed Consolidated Interi_4
Condensed Consolidated Interim Statements of Stockholders' Equity - USD ($) | Total | Common Stock | Additional Paid-In Capital | Deficit |
Balance at Jun. 30, 2017 | $ 48,566,028 | $ 177,800 | $ 84,050,214 | $ (35,661,986) |
Balance (in shares) at Jun. 30, 2017 | 17,779,954 | |||
Stock based compensation | 71,335 | 71,335 | ||
Capital issued for financing | 6,626,898 | $ 52,950 | 6,573,948 | |
Capital issued for financing (in shares) | 5,295,000 | |||
Net loss | (6,068,154) | (6,068,154) | ||
Balance at Jun. 30, 2018 | $ 49,196,107 | $ 230,750 | 90,695,497 | (41,730,140) |
Balance (in shares) at Jun. 30, 2018 | 23,074,954 | 23,074,954 | ||
Stock based compensation | $ 61,793 | 61,793 | ||
Capital issued for financing | 2,911,286 | $ 24,000 | 2,887,286 | |
Capital issued for financing (in shares) | 2,400,000 | |||
Net loss | (1,058,893) | (1,058,893) | ||
Balance at Sep. 30, 2018 | 51,110,293 | $ 254,750 | 93,644,576 | (42,789,033) |
Balance (in shares) at Sep. 30, 2018 | 25,474,954 | |||
Balance at Jun. 30, 2018 | $ 49,196,107 | $ 230,750 | 90,695,497 | (41,730,140) |
Balance (in shares) at Jun. 30, 2018 | 23,074,954 | 23,074,954 | ||
Balance at Mar. 31, 2019 | $ 49,587,646 | $ 265,200 | 94,715,215 | (45,392,769) |
Balance (in shares) at Mar. 31, 2019 | 26,519,954 | 26,519,954 | ||
Balance at Sep. 30, 2018 | $ 51,110,293 | $ 254,750 | 93,644,576 | (42,789,033) |
Balance (in shares) at Sep. 30, 2018 | 25,474,954 | |||
Stock based compensation | 60,114 | 60,114 | ||
Net loss | (1,430,323) | (1,430,323) | ||
Balance at Dec. 31, 2018 | 49,740,084 | $ 254,750 | 93,704,690 | (44,219,356) |
Balance (in shares) at Dec. 31, 2018 | 25,474,954 | |||
Stock based compensation | 60,105 | 60,105 | ||
Capital issued for warrant exercise | 960,870 | $ 10,450 | 950,420 | |
Capital issued for warrant exercise (in shares) | 1,045,000 | |||
Net loss | (1,173,413) | (1,173,413) | ||
Balance at Mar. 31, 2019 | $ 49,587,646 | $ 265,200 | $ 94,715,215 | $ (45,392,769) |
Balance (in shares) at Mar. 31, 2019 | 26,519,954 | 26,519,954 |
Condensed Consolidated Interi_5
Condensed Consolidated Interim Statements of Cash Flows (Unaudited) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Statement Of Cash Flows [Abstract] | |||||
Net Loss | $ (3,662,629) | $ (4,560,357) | |||
Adjustment for: | |||||
Depreciation | $ 651 | $ 928 | 1,971 | 2,804 | |
Stock based compensation | 182,012 | 38,200 | |||
Accretion expense (Note 7) | 41,376 | 37,684 | 124,128 | 113,052 | $ 150,736 |
Interest earned on reclamation bond | (29,296) | (15,044) | |||
(Increase) decrease in accounts receivable | 16,292 | ||||
(Increase) decrease in other assets | (197,988) | ||||
(Increase) decrease in prepaid expenses | (168,205) | (89,528) | |||
Increase (decrease) in accounts payable | (271,841) | (212,910) | |||
Cash used in operating activities | (3,807,568) | (4,921,771) | |||
Purchase of mineral properties | (2,400,000) | ||||
Cash used in investing activities | (2,400,000) | ||||
Capital issued for financing (Note 5) | 2,911,286 | 6,824,886 | |||
Capital issued for warrant exercise (Note 5) | 960,870 | ||||
Cash provided by financing activities | 3,872,156 | 6,824,886 | |||
Change in cash during period | 64,588 | (496,885) | |||
Cash at beginning of period | 297,389 | 1,911,170 | 1,911,170 | ||
Cash at end of period | $ 361,977 | $ 1,414,285 | $ 361,977 | $ 1,414,285 | $ 297,389 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 9 Months Ended |
Mar. 31, 2019 | |
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 the risk of failing to secure additional funding to advance its projects and the risks of determining whether these properties contain reserves that are economically recoverable. The Company’s shares of common stock trade on the NYSE American 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 on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“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, 2018. The Company has conducted a subsequent events review through the date the financial statements were issued, and has concluded that there were no subsequent events requiring adjustments or additional disclosures to the Company’s financial statements at March 31, 2019 except as disclosed in Note 11. Use of Estimates The preparation of these interim condensed 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 assets and liabilities, and valuation of mineral properties. Cash and Cash Equivalents All highly liquid cash equivalent 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 and cash equivalents in accounts which may, at times, exceed federally insured limits. At March 31, 2019, the Company had $nil balances 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 ore 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 and legally 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 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 7. Loss/Income per Common Share Basic loss/income 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 or income 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 and nine month periods ended March 31, 2019, 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 those periods. 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 | 9 Months Ended |
Mar. 31, 2019 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
Recent Accounting Guidance | Note 2. Recent Accounting Guidance In May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation”. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in ASC Topic 718. An entity shall account for the effects of a modification described in ASC paragraphs 718-20-35-3 through 35-9, unless all the following are met: (1) The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The provisions of this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company’s adoption of this guidance on July 1, 2018 did not have a material impact on the Company’s consolidated results of operations, financial position and related disclosures. In June 2018, the FASB issued ASU No. 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity - Equity-Based Payments to Non-Employees. The guidance is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is assessing ASU 2018-07 and does not expect it to have a material impact on its accounting and disclosures. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Mar. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | Note 3. 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 March 31, 2019 June 30, 2018 Assets Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 361,977 361,977 — — $ 297,389 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 | 9 Months Ended |
Mar. 31, 2019 | |
Nonmonetary Transactions [Abstract] | |
Non-Cash Transactions | Note 4. Non-Cash Transactions During the three month and nine month periods ended March 31, 2019 and 2018, the Company did not enter into any material non-cash activities. |
Capital Stock
Capital Stock | 9 Months Ended |
Mar. 31, 2019 | |
Equity [Abstract] | |
Capital Stock | Note 5. 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, 2018 – 50,000,000 common shares with par value $0.01 per common share). During the nine-month period ended March 31, 2019, the Company issued 2,400,000 units at $1.25 per unit for aggregate proceeds of $3,000,000. Each unit consists 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 $1.30 per share and in the second year at $1.50 per share. During the three month period ended March 31, 2019, the Company issued 1,045,000 shares from the exercising of warrants for gross proceeds of $971,850. At March 31, 2019 there were 26,519,954 common shares issued and outstanding (June 30, 2018 - 23,074,954 common shares). Warrants A summary of warrants exercisable into common stock activity as of March 31, 2019, and changes during the nine month period ended is presented below: Warrants Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2018 1,045,000 $ 2.13 0.12 — Issued 1,200,000 1.40 1.28 — Exercised 1,045,000 0.93 — — Forfeited or expired — — — — Outstanding at March 31, 2019 1,200,000 $ 1.40 1.28 — During the three month period ended March 31, 2019, the Company repriced 1,045,000 warrants that were issued and outstanding with an exercise price of $2.25 to an exercise price of $0.93. As a result, 1,045,000 warrants were exercised during the three month period ended March 31, 2019. Stock Options and Stock Based Compensation Paramount’s 2015 and 2016 Stock Incentive and Compensation Plans, which are stockholder-approved, permits the grant of stock options and stock to its employees for up to 1.569 million shares of common stock. In December 2018, the Company’s stockholders approved an increase of 0.6 million stock options and stock available to be granted to its employees under the 2016 Stock Incentive and Compensation Plan. 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 stockholders, a significant portion of those stock option awards will vest contingent upon meeting certain stock price appreciation performance goals. Option and stock awards provide for accelerated vesting if there is a change in control (as defined in the employee stock option plan). During the three and nine month periods ending March 31, 2019, the Company did not grant any stock options. A summary of option activity under the Stock Incentive and Compensation Plan as of March 31, 2019, and changes during the nine month period ended is presented below. Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at July 1, 2018 1,568,995 $ 1.50 3.02 $ — Granted — — — — Exercised — — — — Forfeited or expired — — — — Outstanding at March 31, 2019 1,568,995 $ 1.50 1.46 $ — Exercisable at March 31, 2019 1,078,334 $ 1.54 1.43 $ — A summary of the status of Paramount’s non-vested options as of July 1, 2018 and changes during the nine month period ended March 31, 2019 is presented below. Non-vested Options Options Weighted- Average Date Fair Value Non-vested at July 1, 2018 557,329 $ 1.23 Granted — — Vested 66,668 0.74 Forfeited — — Non-vested at March 31, 2019 490,661 $ 1.23 As of March 31, 2019, there was $157,218 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 1.32 years. The total fair value of share based compensation arrangements vested during the nine month period ended March 31, 2019 and 2018, was $69,628 and $nil, respectively. |
Mineral Properties
Mineral Properties | 9 Months Ended |
Mar. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
Mineral Properties | Note 6. Mineral Properties The Company has capitalized acquisition costs on mineral properties as follows: March 31, 2019 June 30, 2018 Sleeper $ 25,674,658 $ 25,674,658 Grassy Mountain 23,185,728 23,185,728 $ 48,860,386 $ 48,860,386 Sleeper: Sleeper is located in Humboldt 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 |
Reclamation and Environmental
Reclamation and Environmental | 9 Months Ended |
Mar. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Reclamation and Environmental | Note 7. 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. As a part of its insurance policy, the Company has funds in a commutation account and reclamation bonds which are used to reimburse reclamation costs and indemnity claims. The balance of the commutation account and reclamation bonds at March 31, 2019 is $1,407,781 (June 30, 2018 - $1,769,501). 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 nine-month period ended March 31, 2019 and the year ended June 30, 2018 are as follows: Nine Month Period 2019 Year Ended June 30, 2018 Balance at beginning of period $ 1,072,551 $ 1,261,034 Accretion expense 124,128 150,736 Payments (391,016 ) (339,219 ) Change in estimate of existing obligation — — Balance at end of period $ 805,663 $ 1,072,551 The balance of the asset retirement obligation of $805,663 at March 31, 2019 (June 30, 2018 -$1,072,551 ) is comprised of a current portion of $101,593 (June 30, 2018 -$101,593 ) and a non-current portion of $704,070 (June 30, 2018 -$970,958). |
Other Income
Other Income | 9 Months Ended |
Mar. 31, 2019 | |
Other Income [Abstract] | |
Other Income | Note 8. Other Income The Company’s other income details for the nine-month periods ended March 31, 2019 and 2018 were as follows: Nine Month Period Nine Month Period 2019 2018 Re-imbursement of reclamation costs $ 391,016 $ 102,404 Leasing of water rights to third party 5,520 5,403 Total $ 396,536 $ 107,807 |
Segmented Information
Segmented Information | 9 Months Ended |
Mar. 31, 2019 | |
Segment Reporting [Abstract] | |
Segmented Information | Note 9. 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 nine-month period ended March 31, 2019: Exploration Expenses Land Holding Costs Mineral Properties As at March 31, 2019 Sleeper Gold Project $ 544,892 $ 309,183 $ 25,674,658 Grassy Mountain Project 1,474,945 130,285 23,185,728 $ 2,019,837 $ 439,468 $ 48,860,386 Expenses for the nine-month period ended March 31, 2018 and mineral property carrying values as at June 30, 2018 by material project: Exploration Expenses Land Holding Costs Mineral Properties As at June 30, 2018 Sleeper Gold Project $ 573,497 $ 309,098 $ 25,674,658 Grassy Mountain Project 2,428,163 91,028 23,185,728 $ 3,001,660 $ 400,126 $ 48,860,386 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Note 10. Commitments and Contingencies: Lease Commitments The Company has office premises leases that expire on June 30, 2021. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2019 $ 2,538 2020 $ 10,364 2021 $ 10,575 During the nine month period ended March 31, 2019, $36,496 was recognized as rent expense in the statement of operations and comprehensive loss/income. Other Commitments During the nine months ended March 31, 2019, Paramount entered into an agreement to acquire 44 mining claims (“Cryla Claims”) covering 589 acres located immediately to the west of the proposed Grassy Mountain site from Cryla LLC. Paramount will make annual lease payments of $40,000 per year the first two years of the lease term and $60,000 per year thereafter with an option to purchase the Cryla Claims for $560,000 at any time. The term of the agreement is 25 years. In the event Paramount exercises its option to acquire the Cryla Claims, all annual payments shall be credited against a production royalty that will be based a prevailing price of the metals produced from the Cryla Claims. The royalty rate ranges between 2% and 4% based on the daily price of gold. The agreement with Cryla can be terminated by Paramount at any time. The Cryla Claims are without known mineral reserves and there is no current exploratory work being performed. During the nine months ended March 31, 2019, Paramount entered into an agreement with Nevada Select Royalty (“Nevada Select”) to purchase 100% in the Frost Project, which consists of 40 mining claims located approximately 12 miles west of its Grassy Mountain Project. A total consideration of $250,000 payable to Nevada Select will be based on certain events over time. Nevada Select will retain a 2% NSR on the Frost Claims and Paramount has the right to reduce the NSR to 1% for a payment of $1 million. The Frost Claims are without known mineral reserves. |
Subsequent Events
Subsequent Events | 9 Months Ended |
Mar. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Note 11. Subsequent Events: Subsequent to the period end, the Company closed on a Royalty Agreement with Franco-Nevada U.S. Corporation (“Franco”), pursuant to which the Company sold to Franco a two percent (2%) net smelter return royalty on the minerals produced from its Sleeper Gold property for cash proceeds of $2,000,000. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Mar. 31, 2019 | |
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 on an accrual basis of accounting, in conformity with accounting principles generally accepted in the United States of America (“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, 2018. The Company has conducted a subsequent events review through the date the financial statements were issued, and has concluded that there were no subsequent events requiring adjustments or additional disclosures to the Company’s financial statements at March 31, 2019 except as disclosed in Note 11. |
Use of Estimates | Use of Estimates The preparation of these interim condensed 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 assets and liabilities, and valuation of mineral properties. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid cash equivalent 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 and cash equivalents in accounts which may, at times, exceed federally insured limits. At March 31, 2019, the Company had $nil balances 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 ore 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 and legally 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 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 7. |
Loss/Income per Common Share | Loss/Income per Common Share Basic loss/income 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 or income 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 and nine month periods ended March 31, 2019, 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 those periods. |
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 May 2017, the FASB issued ASU 2017-09, “Compensation - Stock Compensation”. The update provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting in ASC Topic 718. An entity shall account for the effects of a modification described in ASC paragraphs 718-20-35-3 through 35-9, unless all the following are met: (1) The fair value of the modified award is the same as the fair value of the original award immediately before the original award is modified; (2) The vesting conditions of the modified award are the same as the vesting conditions of the original award immediately before the original award is modified; and (3) The classification of the modified award as an equity instrument or a liability instrument is the same as the classification of the original award immediately before the original award is modified. The provisions of this update become effective for annual periods and interim periods within those annual periods beginning after December 15, 2017. The Company’s adoption of this guidance on July 1, 2018 did not have a material impact on the Company’s consolidated results of operations, financial position and related disclosures. In June 2018, the FASB issued ASU No. 2018-07 “Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting.” These amendments expand the scope of Topic 718, Compensation - Stock Compensation (which currently only includes share-based payments to employees) to include share-based payments issued to nonemployees for goods or services. Consequently, the accounting for share-based payments to nonemployees and employees will be substantially aligned. The ASU supersedes Subtopic 505-50, Equity - Equity-Based Payments to Non-Employees. The guidance is effective for public companies for fiscal years, and interim fiscal periods within those fiscal years, beginning after December 15, 2018. Early adoption is permitted, but no earlier than a company’s adoption date of Topic 606, Revenue from Contracts with Customers. The Company is assessing ASU 2018-07 and does not expect it to have a material impact on its accounting and disclosures. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
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 |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019 June 30, 2018 Assets Total Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 361,977 361,977 — — $ 297,389 |
Capital Stock (Tables)
Capital Stock (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
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 March 31, 2019, and changes during the nine month period ended is presented below. Options Options Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Outstanding at July 1, 2018 1,568,995 $ 1.50 3.02 $ — Granted — — — — Exercised — — — — Forfeited or expired — — — — Outstanding at March 31, 2019 1,568,995 $ 1.50 1.46 $ — Exercisable at March 31, 2019 1,078,334 $ 1.54 1.43 $ — |
Summary of Status of Non-Vested Options | A summary of the status of Paramount’s non-vested options as of July 1, 2018 and changes during the nine month period ended March 31, 2019 is presented below. Non-vested Options Options Weighted- Average Date Fair Value Non-vested at July 1, 2018 557,329 $ 1.23 Granted — — Vested 66,668 0.74 Forfeited — — Non-vested at March 31, 2019 490,661 $ 1.23 |
Warrants | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Warrants Exercisable into Common Stock Activity | A summary of warrants exercisable into common stock activity as of March 31, 2019, and changes during the nine month period ended is presented below: Warrants Weighted Average Exercise Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic ($) Outstanding at July 1, 2018 1,045,000 $ 2.13 0.12 — Issued 1,200,000 1.40 1.28 — Exercised 1,045,000 0.93 — — Forfeited or expired — — — — Outstanding at March 31, 2019 1,200,000 $ 1.40 1.28 — |
Mineral Properties (Tables)
Mineral Properties (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Mineral Industries Disclosures [Abstract] | |
Capitalized Acquisition Costs on Mineral Properties | The Company has capitalized acquisition costs on mineral properties as follows: March 31, 2019 June 30, 2018 Sleeper $ 25,674,658 $ 25,674,658 Grassy Mountain 23,185,728 23,185,728 $ 48,860,386 $ 48,860,386 |
Reclamation and Environmental (
Reclamation and Environmental (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Environmental Remediation Obligations [Abstract] | |
Changes to Asset Retirement Obligation | Changes to the Company’s asset retirement obligations for the nine-month period ended March 31, 2019 and the year ended June 30, 2018 are as follows: Nine Month Period 2019 Year Ended June 30, 2018 Balance at beginning of period $ 1,072,551 $ 1,261,034 Accretion expense 124,128 150,736 Payments (391,016 ) (339,219 ) Change in estimate of existing obligation — — Balance at end of period $ 805,663 $ 1,072,551 |
Other Income (Tables)
Other Income (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Other Income [Abstract] | |
Other Income Details | The Company’s other income details for the nine-month periods ended March 31, 2019 and 2018 were as follows: Nine Month Period Nine Month Period 2019 2018 Re-imbursement of reclamation costs $ 391,016 $ 102,404 Leasing of water rights to third party 5,520 5,403 Total $ 396,536 $ 107,807 |
Segmented Information (Tables)
Segmented Information (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
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 nine-month period ended March 31, 2019: Exploration Expenses Land Holding Costs Mineral Properties As at March 31, 2019 Sleeper Gold Project $ 544,892 $ 309,183 $ 25,674,658 Grassy Mountain Project 1,474,945 130,285 23,185,728 $ 2,019,837 $ 439,468 $ 48,860,386 Expenses for the nine-month period ended March 31, 2018 and mineral property carrying values as at June 30, 2018 by material project: Exploration Expenses Land Holding Costs Mineral Properties As at June 30, 2018 Sleeper Gold Project $ 573,497 $ 309,098 $ 25,674,658 Grassy Mountain Project 2,428,163 91,028 23,185,728 $ 3,001,660 $ 400,126 $ 48,860,386 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Mar. 31, 2019 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Aggregate Minimum Rentals Payable for Operating Leases | The Company has office premises leases that expire on June 30, 2021. The aggregate minimum rentals payable for these operating leases are as follows: Year Total Amount 2019 $ 2,538 2020 $ 10,364 2021 $ 10,575 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies - Additional Information (Details) | 9 Months Ended |
Mar. 31, 2019 | |
Accounting Policies [Abstract] | |
Cash, Uninsured Amount, Description | We deposit our cash with financial institutions which we believe have sufficient credit quality to minimize the risk of loss |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies - Fixed Assets (Details) | 9 Months Ended |
Mar. 31, 2019 | |
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% |
Fair Value Measurements - Fair
Fair Value Measurements - Fair Value of Assets and Liabilities (Details) - Fair Value, Measurements, Recurring - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 361,977 | $ 297,389 |
Level 1 | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 361,977 |
Non-Cash Transactions - Additio
Non-Cash Transactions - Additional Information (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Nonmonetary Transactions [Abstract] | ||||
Amount of non-cash activities | $ 0 | $ 0 | $ 0 | $ 0 |
Capital Stock - Additional Info
Capital Stock - Additional Information (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Dec. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Capital stock, shares authorized | 50,000,000 | 50,000,000 | 50,000,000 | ||
Capital stock, par value | $ 0.01 | $ 0.01 | $ 0.01 | ||
Aggregate number of units issued (in shares) | 2,400,000 | ||||
Aggregate number of units issued, per unit ($ per shares) | $ 1.25 | $ 1.25 | |||
Proceeds from issuance of common stock and warrants | $ 3,000,000 | ||||
Sale of equity units description | Each unit consists of one share of common stock and one warrant to purchase one-half of a share of common stock. | ||||
Class of warrant description | Each warrant will have a two-year term and will be exercisable at the following exercise prices: in the first year at $1.30 per share and in the second year at $1.50 per share. | ||||
Capital stock, shares issued | 26,519,954 | 26,519,954 | 23,074,954 | ||
Capital stock, shares outstanding | 26,519,954 | 26,519,954 | 23,074,954 | ||
Options, Granted | 0 | 0 | |||
Total unrecognized compensation cost related to non-vested share based compensation | $ 157,218 | $ 157,218 | |||
Expected weighted-average period of unrecognized compensation cost | 1 year 3 months 25 days | ||||
Total fair value of share based compensation arrangements vested | $ 0 | $ 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 stock available for grant to employees | 1,569,000 | 1,569,000 | |||
2016 Stock Incentive and Compensation Plans | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Increase of stock options and stock available for grant to employees | 600,000 | ||||
Warrants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Proceeds from issuance of common stock and warrants | $ 971,850 | ||||
Exercise price of warrants | $ 2.25 | $ 2.25 | |||
Shares issued upon the exercise of warrants | 1,045,000 | 1,045,000 | |||
Warrants, repriced | 1,045,000 | ||||
Weighted Average Exercise Price, Issued | $ 2.25 | $ 1.40 | |||
Weighted Average Exercise Price, Exercised | $ 0.93 | ||||
Measurement Input Expected Term | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Expected term of warrant | 2 years | 2 years | |||
Exercisable in First Year | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Exercise price of warrants | $ 1.30 | $ 1.30 | |||
Exercisable in Second Year | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Exercise price of warrants | $ 1.50 | $ 1.50 | |||
Warrants Reprising | Warrants | |||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||
Shares issued upon the exercise of warrants | 1,045,000 | ||||
Weighted Average Exercise Price, Exercised | $ 0.93 |
Capital Stock - Summary of Warr
Capital Stock - Summary of Warrants Exercisable into Common Stock Activity (Details) - Warrants - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | |
Class Of Warrant Or Right [Line Items] | |||
Warrants, Outstanding, Beginning Balance | 1,045,000 | ||
Warrants, Issued | 1,200,000 | ||
Warrants, Exercised | 1,045,000 | 1,045,000 | |
Warrants, Outstanding, Ending Balance | 1,200,000 | 1,200,000 | 1,045,000 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $ 2.13 | ||
Weighted Average Exercise Price, Issued | $ 2.25 | 1.40 | |
Weighted Average Exercise Price, Exercised | 0.93 | ||
Weighted Average Exercise Price, Outstanding, Ending Balance | $ 1.40 | $ 1.40 | $ 2.13 |
Weighted-Average Remaining Contractual Term (Years), Outstanding | 1 year 3 months 10 days | 1 month 13 days | |
Weighted-Average Remaining Contractual Term (Years), Issued | 1 year 3 months 10 days |
Capital Stock - Summary of Opti
Capital Stock - Summary of Option Activity Under Stock Incentive and Compensation Plan (Details) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | |
Shares [Abstract] | |||
Options, Granted | 0 | 0 | |
Stock Options | |||
Shares [Abstract] | |||
Options, Outstanding, Beginning balance | 1,568,995 | ||
Options, Outstanding, Ending balance | 1,568,995 | 1,568,995 | 1,568,995 |
Options, Exercisable at March 31, 2019 | 1,078,334 | 1,078,334 | |
Weighted-Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price, Options, Outstanding, Beginning balance | $ 1.50 | ||
Weighted Average Exercise Price, Options, Outstanding, Ending balance | $ 1.50 | 1.50 | $ 1.50 |
Weighted Average Exercise Price, Options, Exercisable at March 31, 2019 | $ 1.54 | $ 1.54 | |
Weighted Average Remaining Contractual Term (Years), Options, Outstanding | 1 year 5 months 15 days | 3 years 7 days | |
Weighted Average Remaining Contractual Term (Years), Options, Exercisable at March 31, 2019 | 1 year 5 months 4 days |
Capital Stock - Summary of Stat
Capital Stock - Summary of Status of Non-Vested Options (Details) - $ / shares | 3 Months Ended | 9 Months Ended |
Mar. 31, 2019 | Mar. 31, 2019 | |
Options [Abstract] | ||
Non-vested Options, Beginning balance | 557,329 | |
Non-vested Options, Granted | 0 | 0 |
Non-vested Options, Vested | 66,668 | |
Non-vested Options, Forfeited | 0 | |
Non-vested Options, Ending balance | 490,661 | 490,661 |
Weighted-Average Grant-Date Fair Value [Abstract] | ||
Non-vested Options, Beginning balance | $ 1.23 | |
Non-vested Options, Granted | 0 | |
Non-vested Options, Vested | 0.74 | |
Non-vested Options, Forfeited | 0 | |
Non-vested Options, Ending balance | $ 1.23 | $ 1.23 |
Mineral Properties - Capitalize
Mineral Properties - Capitalized Acquisition Costs on Mineral Properties (Details) - USD ($) | Mar. 31, 2019 | Jun. 30, 2018 |
Mineral Properties [Line Items] | ||
Mineral properties, net | $ 48,860,386 | $ 48,860,386 |
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 | $ 23,185,728 | $ 23,185,728 |
Mineral Properties - Additional
Mineral Properties - Additional Information (Details) | Mar. 31, 2019aMiningClaim |
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 |
Reclamation and Environmental -
Reclamation and Environmental - Additional Information (Details) | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019USD ($) | Jun. 30, 2018USD ($) | Dec. 31, 2018 | Jun. 30, 2017USD ($) | |
Site Contingency [Line Items] | ||||
Commutation account and reclamation bonds | $ 1,407,781 | $ 1,769,501 | ||
Asset retirement obligation | 805,663 | 1,072,551 | $ 1,261,034 | |
Asset retirement obligation, current | 101,593 | 101,593 | ||
Asset retirement obligation, noncurrent | 704,070 | 970,958 | ||
Sleeper Gold Project | ||||
Site Contingency [Line Items] | ||||
Maximum reclamation costs covered by insurance policy | 25,000,000 | |||
Commutation account and reclamation bonds | 1,407,781 | $ 1,769,501 | ||
Undiscounted estimate of reclamation costs | $ 3,835,050 | |||
Inflation rate | 2.00% | 2.00% | ||
Sleeper Gold Project | Measurement Input Risk Free Interest Rate | ||||
Site Contingency [Line Items] | ||||
Credit adjusted risk free rate | 9.76 | 9.76 |
Reclamation and Environmental_2
Reclamation and Environmental - Changes to Asset Retirement Obligation (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Asset Retirement Obligation Disclosure [Abstract] | |||||
Balance at beginning of period | $ 1,072,551 | $ 1,261,034 | $ 1,261,034 | ||
Accretion expense | $ 41,376 | $ 37,684 | 124,128 | $ 113,052 | 150,736 |
Payments | (391,016) | (339,219) | |||
Balance at end of period | $ 805,663 | $ 805,663 | $ 1,072,551 |
Other Income - Other Income Det
Other Income - Other Income Details (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | |
Other Income [Abstract] | ||||
Re-imbursement of reclamation costs | $ 391,016 | $ 102,404 | ||
Leasing of water rights to third party | 5,520 | 5,403 | ||
Total | $ 212,746 | $ 22,260 | $ 396,536 | $ 107,807 |
Segmented Information - Schedul
Segmented Information - Schedule of Expenses and Mineral Property Carrying Values by Material Project (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Jun. 30, 2018 | |
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | $ 712,623 | $ 1,047,587 | $ 2,019,837 | $ 3,001,660 | |
Land Holding Costs | 130,550 | $ 119,456 | 439,468 | 400,126 | |
Mineral properties, net | 48,860,386 | 48,860,386 | $ 48,860,386 | ||
Sleeper Gold Project | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 544,892 | 573,497 | |||
Land Holding Costs | 309,183 | 309,098 | |||
Mineral properties, net | 25,674,658 | 25,674,658 | 25,674,658 | ||
Grassy Mountain Project | |||||
Segment Reporting Information [Line Items] | |||||
Exploration Expenses | 1,474,945 | 2,428,163 | |||
Land Holding Costs | 130,285 | $ 91,028 | |||
Mineral properties, net | $ 23,185,728 | $ 23,185,728 | $ 23,185,728 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Aggregate Minimum Rentals Payable for Operating Lease (Details) | Mar. 31, 2019USD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2019 | $ 2,538 |
2020 | 10,364 |
2021 | $ 10,575 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) | 9 Months Ended | |
Mar. 31, 2019USD ($)aMiningClaim | Mar. 31, 2018USD ($) | |
Commitments And Contingencies [Line Items] | ||
Net rental expense | $ 36,496 | |
Annual lease payment, year two | $ 10,364 | |
Payment to reducce NSR by parent | $ 2,400,000 | |
Grassy Mountain Project | ||
Commitments And Contingencies [Line Items] | ||
Number of mining fields | MiningClaim | 44 | |
Area covered by mining claims | a | 589 | |
Annual lease payment, year one | $ 40,000 | |
Annual lease payment, year two | 40,000 | |
Annual lease payment, thereafter | 60,000 | |
Option to purchase mining claims, price | $ 560,000 | |
Term of the agreement | 25 years | |
Grassy Mountain Project | Minimum | ||
Commitments And Contingencies [Line Items] | ||
Royalty rate | 2.00% | |
Grassy Mountain Project | Maximum | ||
Commitments And Contingencies [Line Items] | ||
Royalty rate | 4.00% | |
Frost Project | Nevada | ||
Commitments And Contingencies [Line Items] | ||
Number of mining fields | MiningClaim | 40 | |
Percentage of mining claim rights acquired | 100.00% | |
Total consideration payable | $ 250,000 | |
Percentage of Net Smelter Royalty | 2.00% | |
Rate of right to reduce net smelter royalty by parent | 1.00% | |
Payment to reducce NSR by parent | $ 1,000,000 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Subsequent Event - Sleeper Gold Project - Franco-Nevada U.S. Corporation | Apr. 01, 2019USD ($) |
Subsequent Event [Line Items] | |
Percentage of Net Smelter Royalty | 2.00% |
Cash proceeds from sale of mineral properties | $ 2,000,000 |