Cover
Cover | 12 Months Ended |
Dec. 31, 2019shares | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Entity Interactive Data Current | Yes |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | nxe |
Entity Registrant Name | NexGen Energy Ltd. |
Entity Central Index Key | 0001698535 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Address, Country | CA |
Entity Incorporation, State or Country Code | A1 |
Entity Common Stock, Shares Outstanding | 360,250,571 |
Title of 12(b) Security | Common Shares |
Security Exchange Name | NYSE |
CONDENSED STATEMENTS OF FINANCI
CONDENSED STATEMENTS OF FINANCIAL POSITION - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Current Assets | ||
Cash and cash equivalents | $ 52,117,581 | $ 125,059,189 |
Amounts receivable | 610,121 | 386,939 |
Prepaid expenses and other assets | 734,310 | 266,353 |
Total Current Assets | 53,462,012 | 125,712,481 |
Non-Current Assets | ||
Deposits | 95,835 | 514,711 |
Exploration and evaluation assets | 252,380,408 | 194,128,594 |
Equipment | 7,587,659 | 6,511,779 |
Total Non-current assets | 260,063,902 | 201,155,084 |
TOTAL ASSETS | 313,525,914 | 326,867,565 |
Current Liabilities | ||
Accounts payable and accrued liabilities | 3,998,313 | 5,966,921 |
Current portion of lease liabilities | 558,960 | |
Flow-through share premium liability | 227,522 | 550,392 |
Total Current Liabilities | 4,784,795 | 6,517,313 |
Non-current Liabilities | ||
Deferred income tax liability | 725,066 | 199,366 |
Deferred lease inducement | 33,412 | |
Long-term lease liabilities | 2,086,007 | |
Convertible debentures | 119,581,192 | 138,190,884 |
Total Non-current liabilities | 122,392,265 | 138,423,662 |
TOTAL LIABILITIES | 127,177,060 | 144,940,975 |
EQUITY | ||
Share capital | 218,787,664 | 208,711,135 |
Reserves | 51,559,201 | 41,629,049 |
Accumulated other comprehensive income (loss) | (2,247,226) | 97,675 |
Accumulated deficit | (103,400,960) | (85,143,089) |
Total Equity, before non-controlling interests | 164,698,679 | 165,294,770 |
Non-controlling interests | 21,650,175 | 16,631,820 |
TOTAL EQUITY | 186,348,854 | 181,926,590 |
TOTAL LIABILITIES AND EQUITY | $ 313,525,914 | $ 326,867,565 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS (PROFIT) AND OTHER COMPREHENSIVE LOSS (PROFIT) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Profit or loss [abstract] | ||
Salaries, benefits and directors' fees | $ 5,624,334 | $ 5,897,494 |
Office and administrative | 1,996,123 | 1,855,177 |
Professional fees | 3,572,164 | 2,003,931 |
Travel | 1,142,668 | 920,834 |
Depreciation | 2,383,177 | 1,533,634 |
Impairment of exploration and evaluation assets | 14,354 | |
Share-based payments | 10,867,167 | 13,736,299 |
Finance income | (1,815,590) | (2,486,565) |
Rental Income | (30,305) | |
Mark to market gain on convertible debentures | (21,821,831) | (32,578,261) |
Interest expense | 11,822,910 | 11,954,146 |
Interest on lease liabilities | 206,986 | |
Foreign exchange loss (gain) | 1,653,616 | (4,025,062) |
Loss on disposal of equipment | 6,065 | |
Loss (profit) from operations | 15,615,773 | (1,182,308) |
Deferred income tax expense (recovery) | 932,283 | (309,298) |
Loss (profit) for the year | 16,548,056 | (1,491,606) |
Items that will not reclassify subsequently to profit or loss | ||
Change in fair value of convertible debentures attributable to the change in credit risk | 3,212,139 | (600,821) |
Deferred income tax recovery | (867,238) | |
Other Comprehensive Income | 2,344,901 | (600,821) |
Total comprehensive loss (profit) for the year | 18,892,957 | (2,092,427) |
Loss (profit) attributable to: | ||
Shareholders of NexGen Energy Ltd. | 15,531,911 | (2,269,689) |
Non-controlling interests in IsoEnergy Ltd. | 1,016,145 | 778,083 |
Loss (profit) for the year | 16,548,056 | (1,491,606) |
Total comprehensive loss (profit) attributable to: | ||
Shareholders of NexGen Energy Ltd. | 17,876,812 | (2,870,510) |
Non-controlling interests in IsoEnergy Ltd. | 1,016,145 | 778,083 |
Total comprehensive loss (profit) for the year | $ 18,892,957 | $ (2,092,427) |
Loss (profit) per common share attributable to the Company's common shareholders | ||
Basic Loss (profit) per common share | $ 0.04 | $ (0.01) |
Diluted Loss (profit) per common share | $ 0.06 | $ 0.05 |
Weighted average number of common shares outstanding | ||
Basic | 354,593,084 | 345,868,725 |
Diluted | 402,676,421 | 393,952,062 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY - CAD ($) | Total | Share Capital [member] | Reserves [member] | Accumulated Other Comprehensive Income (loss) | Accumulated Other Comprehensive Income (loss)Impact of Adopting IFRS 9 [member] | Retained earnings [member] | Retained earnings [member]Impact of Adopting IFRS 9 [member] | Non-controlling Interests [member] |
Beginning balance at Dec. 31, 2017 | $ 148,340,705 | $ 196,311,184 | $ 28,050,059 | $ (88,038,390) | $ 12,017,852 | |||
Beginning balance, shares at Dec. 31, 2017 | 339,339,356 | |||||||
Statement [LineItems] | ||||||||
Exercise of options | 5,074,334 | $ 8,351,206 | (3,276,872) | |||||
Exercise of options, shares | 10,458,334 | |||||||
Issue of shares on convertible debenture interest payment | 4,048,745 | $ 4,048,745 | ||||||
Issue of shares on convertible debenture interest payment, shares | 1,439,372 | |||||||
Share-based payments | 16,855,862 | 16,855,862 | ||||||
Issue of shares of subsidiary to non-controlling interests | 5,514,517 | 122,466 | 5,392,051 | |||||
Loss for the period | 1,491,606 | 2,269,689 | (778,083) | |||||
Other comprehensive loss | 600,821 | $ 600,821 | ||||||
Ending balance at Dec. 31, 2018 | 181,926,590 | $ 208,711,135 | 41,629,049 | 97,675 | $ (503,146) | (85,143,089) | $ 503,146 | 16,631,820 |
Ending balance, shares at Dec. 31, 2018 | 351,237,062 | |||||||
Statement [LineItems] | ||||||||
Exercise of options | 3,938,666 | $ 6,201,760 | (2,263,094) | |||||
Exercise of options, shares | 6,783,333 | |||||||
Exercise of warrants of subsidiary to non-controlling interests | 26,134 | (14,153) | 40,287 | |||||
Issue of shares on convertible debenture interest payment | 3,874,769 | $ 3,874,769 | ||||||
Issue of shares on convertible debenture interest payment, shares | 2,230,176 | |||||||
Share-based payments | 12,193,246 | 12,193,246 | ||||||
Issue of shares of subsidiary to non-controlling interests | 3,282,406 | (2,711,807) | 5,994,213 | |||||
Loss for the period | (16,548,056) | (15,531,911) | (1,016,145) | |||||
Other comprehensive loss | (2,344,901) | (2,344,901) | ||||||
Ending balance at Dec. 31, 2019 | $ 186,348,854 | $ 218,787,664 | $ 51,559,201 | $ (2,247,226) | $ (103,400,960) | $ 21,650,175 | ||
Ending balance, shares at Dec. 31, 2019 | 360,250,571 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows (used in) from operating activities | ||
Profit (loss) for the period | $ (16,548,056) | $ 1,491,606 |
Items not involving cash: | ||
Depreciation | 2,383,177 | 1,533,634 |
Share-based payments | 10,867,167 | 13,736,299 |
Amortization of deferred lease inducement | (40,097) | |
Impairment of exploration and evaluation assets | 14,354 | |
Unrealized foreign exchange loss (gain) on cash and cash equivalents | 1,048,218 | (3,905,624) |
Deferred income tax expense (recovery) | 932,283 | (309,298) |
Mark to market gain on convertible debentures | (21,821,831) | (32,578,261) |
Interest expense | 11,822,910 | 11,954,146 |
Accretion expense | 206,986 | |
Gain on disposal of equipment | 6,065 | |
Changes in non-cash working capital items: | ||
Amounts receivable | 28,355 | 161,130 |
Prepaid expenses | (467,957) | (107,478) |
Deposits | 418,876 | (481,784) |
Accounts payable and accrued liabilities | (1,690,368) | 87,594 |
Net cash flows from (used in) operating activities | (12,805,886) | (8,452,068) |
Cash flows (used in) investing activities | ||
Exploration and evaluation asset expenditures | (57,050,294) | (34,813,614) |
Acquisition of equipment | (629,160) | (2,954,028) |
Net cash flows from (used in) investing activities | (57,679,454) | (37,767,642) |
Cash flows (used in) from financing activities | ||
Cash from exercise of options and warrants, net of share issuance costs | 3,964,800 | 5,074,334 |
Payment of lease liabilities | (784,399) | |
Shares of subsidiary issued to non-controlling interests for cash, net of share issuance costs | 3,420,191 | 5,273,624 |
Interest paid on convertible debentures | (8,008,642) | (7,918,533) |
Net cash flows from (used in) financing activities | (1,408,050) | 2,429,425 |
Change in cash and cash equivalents | (71,893,390) | (43,790,285) |
Cash and cash equivalents, beginning of period | 125,059,189 | 164,943,850 |
Effect of exchange rate fluctuations on cash held | (1,048,218) | 3,905,624 |
Cash and cash equivalents, end of period | 52,117,581 | 125,059,189 |
Cash and cash equivalents consist of: | ||
Cash | 52,117,581 | 125,059,189 |
Cash and cash equivalents | $ 52,117,581 | $ 164,943,850 |
REPORTING ENTITY
REPORTING ENTITY | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
REPORTING ENTITY | 1. REPORTING ENTITY NexGen Energy Ltd. (“NexGen” or the “Company”) is an exploration and development stage entity engaged in the acquisition, exploration and evaluation and development of uranium properties in Canada. The Company was incorporated pursuant to the provisions of the British Columbia Business Corporations Act th On April 19, 2013, the Company (as it was then called, Clermont Capital Inc. (“Clermont”)) completed its qualifying transaction, which was effected pursuant to an amalgamation agreement dated December 31, 2012 (the “Amalgamation Agreement”) amongst Clermont, 0957633 B.C. Ltd., a wholly owned subsidiary of Clermont, and NexGen Energy Ltd. (“Old NexGen”). Pursuant to the Amalgamation Agreement, the shareholders of Old NexGen were issued one common share of Clermont (on a post-share consolidation basis) for every one Old NexGen common share held immediately prior to the completion of the amalgamation. In connection with the Qualifying Transaction, Clermont also completed a consolidation of its common shares on a 2.35:1 basis and changed its name to “NexGen Energy Ltd.”. The Company’s acquisition of Old NexGen was accounted for as a reverse takeover. The Company commenced trading on the TSX Venture Exchange (“TSX-V”) In February 2016, the Company incorporated four wholly owned subsidiaries: NXE Energy Royalty Ltd., NXE Energy SW1 Ltd., NXE Energy SW3 Ltd., and IsoEnergy Ltd. (collectively, the “Subsidiaries”). The Subsidiaries were incorporated to hold certain exploration assets of the Company. In the three months ended June 30, 2016, certain exploration and evaluation assets were transferred to each of IsoEnergy Ltd. (“IsoEnergy”), NXE Energy SW1 Ltd. and NXE Energy SW3 Ltd. (Note 5). Subsequent to the transfer, IsoEnergy shares were issued to third parties pursuant to external financings and listed its common shares on the TSX-V, |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
NATURE OF OPERATIONS | 2. NATURE OF OPERATIONS As an exploration and development stage company, the Company does not have revenues and historically has recurring operating losses. As at December 31, 2019, the Company had an accumulated deficit of $103,400,960 and working capital of $48,677,217. The Company will be required to obtain additional funding in order to continue with the exploration and development of its mineral properties and to repay its convertible debentures (Note 9), if required. The business of exploring for minerals and development of projects involves a high degree of risk. NexGen is an exploration and development company and is subject to risks and challenges similar to companies in a comparable stage. These risks include, but are not limited to, the challenges of securing adequate capital; development and operational risks inherent in the mining industry; changes in government policies and regulations; the ability to obtain the necessary environmental permits or, alternatively NexGen’s ability to dispose of its exploration and evaluation assets on an advantageous basis; as well as global economic and uranium price volatility; all of which are uncertain. The underlying value of the exploration and evaluation assets is dependent upon the existence and economic recovery of mineral reserves and is subject to, but not limited to, the risks and challenges identified above. Changes in future conditions could require material write-downs of the carrying value of exploration and evaluation assets. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
BASIS OF PRESENTATION | 3. BASIS OF PRESENTATION Statement of Compliance These consolidated financial statements for the year ended December 31, 2019, including comparatives, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). The consolidated financial statements were authorized for issue by the Board of Directors on March 4, 2020. Basis of Presentation These consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which have been measured at fair value, including the convertible debentures issued by the Company (Note 9). In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. All monetary references expressed in these notes are references to Canadian dollar amounts (“$”), except as otherwise noted. These financial statements are presented in Canadian dollars, which is the functional currency of the Company and its subsidiaries. Critical accounting judgments, estimates and assumptions The preparation of the consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable in the circumstances. Uncertainty about these judgments, estimates and assumptions could result in a material adjustment to the carrying amount of the asset or liability affected in future periods. Where the fair value of financial assets and financial liabilities recorded in the financial statements cannot be derived from active markets, their fair value is determined using valuation models. The inputs to these models are taken from observable markets where possible, but where this is not feasible, a degree of judgment is required in establishing fair values. The judgments include considerations of inputs such as liquidity risk, credit risk and volatility. Changes in assumptions about these factors could affect the reported fair value of financial instruments. The information about significant areas of estimation uncertainty considered by management in preparing the financial statements is as follows: (i) Impairment At the end of each financial reporting period the carrying amounts of the Company’s non-financial (ii) Share-based payments The Company uses the Black-Scholes option pricing model to determine the fair value of options and warrants in order to calculate share-based payments expense and the fair value of broker warrants. The Black-Scholes model involves six key inputs to determine fair value of an option: risk-free interest rate, exercise price, market price at date of issue, expected dividend yield, expected life, and expected volatility. Certain of the inputs are estimates that involve considerable judgment and are or could be affected by significant factors that are out of the Company’s control. The Company is also required to estimate the future forfeiture rate of options based on historical information in its calculation of share-based payments expense. Refer to Note 10 for further details. (iii) Convertible debentures The Company uses a model based on a system of two coupled Black-Scholes equations to determine the fair value of the convertible debentures. This model involves five key inputs to determine the fair value of the convertible debentures: risk-free interest rate, credit spread, market price at valuation date, expected dividend yield and historical volatility. Certain of the inputs are estimates that involve considerable judgment and are or could be affected by significant factors that are out of the Company’s control. Refer to Note 9 for further details. The information about significant areas of judgment considered by management in preparing the financial statements is as follows: (i) Deferred tax assets Deferred tax assets are recognized in respect of tax losses and other temporary differences to the extent it is probable that taxable income will be available against which the losses can be utilized. Judgment is required to determine the amount of deferred tax assets that can be recognized based upon the likely timing and level of future taxable income together with future tax planning strategies. Refer to Note 15 for further details. (ii) Going concern The Company’s management has made an assessment of the Company’s ability to continue as a going concern and is satisfied that the Company has the resources to continue its business for the foreseeable future. Furthermore, management is not aware of any material uncertainties that may cast significant doubt upon the Company’s ability to continue as a going concern. Therefore, the financial statements continue to be prepared on a going concern basis. (iii) Exploration and evaluation assets The application of the Company’s accounting policy for exploration and evaluation expenditures requires judgment to determine whether future economic benefits are likely, from either future exploitation or sale, or whether activities have reached a stage which permits a reasonable assessment of the existence of reserves. The determination of reserves and resources is itself an estimation process that requires varying degrees of uncertainty depending on how the resources are classified. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
SIGNIFICANT ACCOUNTING POLICIES | 4. SIGNIFICANT ACCOUNTING POLICIES The significant accounting policies set out below have been applied consistently to all years presented in these financial statements: (a) Functional and Presentation Currency These financial statements are presented in Canadian dollars, which is the functional currency of the Company and its subsidiaries. Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Non-monetary (b) Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries: NXE Energy Royalty Ltd., NXE Energy SW1 Ltd., NXE Energy SW3 Ltd. and IsoEnergy. Shares of IsoEnergy were issued to third parties as part of financings since its inception, thereby resulting in the recognition of non-controlling Name of Subsidiary % Ownership as of December 31, 2019 NXE Energy Royalty Ltd. 100% NXE Energy SW1 Ltd. 100% NXE Energy SW3 Ltd. 100% IsoEnergy Ltd. 52.03% (c) Cash and cash equivalents Cash and cash equivalents include deposits held with banks that are available on demand and guaranteed investment certificates with original maturities of three months or less or that are readily convertible into cash. (d) Exploration and evaluation assets Once the legal rights to explore a property have been obtained, exploration and evaluation costs are capitalized as exploration and evaluation assets on an area of interest basis pending determination of the technical feasibility and the commercial viability of the project. Capitalized costs include costs directly related to exploration and evaluation activities in the area of interest. When a claim is relinquished or a project is abandoned, the related costs are recognized in profit or loss immediately. Proceeds received from the sale of any interest in a property will be credited against the carrying value of the property, with any excess included in operations for the period. If a property is abandoned, the acquisition and deferred exploration costs will be written off to operations. Although the Company has taken steps to verify title to exploration and evaluation assets in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. A property may be subject to unregistered prior agreements or inadvertent non-compliance Management regularly assesses exploration and evaluation assets for events or circumstances that may indicate possible impairment. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining assets and development assets within property, plant and equipment. (e) Equipment (i) Recognition and measurement Items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. (ii) Subsequent costs The cost of replacing a part of an item in the carrying amount of equipment is recognized when that cost is incurred, if it is probable that the future economic benefits embodied within the item will flow to the Company and the cost of the item can be measured reliably. (iii) Depreciation The carrying amounts of equipment (including initial and subsequent capital expenditures) are amortized to their estimated residual value over the estimated useful lives of the specific assets concerned. Depreciation is calculated over the estimated useful lives of each significant component as follows: - Computing equipment 55% declining balance basis - Software 55% declining balance basis - Field equipment 20% declining balance basis - Leasehold improvements Lease term - Road 5-year - Lease right-of-use assets Lease term straight-line basis Depreciation methods, useful lives, and residual values are reviewed at least annually and adjusted if appropriate. (iv) Disposal Gains and losses on disposal of an item of equipment are determined by comparing the proceeds from disposal with the carrying amount of the item of equipment and are recognized in profit or loss. (f) Impairment An impairment loss is recognized when the carrying amount of an asset, or its cash generating unit (“CGU”), exceeds its recoverable amount. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Impairment losses are recognized in profit and loss for the period. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to depreciation and are tested annually for impairment. (g) Decommissioning and Restoration Provisions Decommissioning and restoration provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation and discount rates. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows discounted at the market discount rate. Over time the carrying value of the liability is increased for the changes in the present value based on the current market discount rates and liability risks. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received, and the amount receivable can be measured reliably. Changes in reclamation estimates are accounted for prospectively as a change in the corresponding capitalized cost. The Company did not have any decommissioning and restoration provisions for the years presented. (h) Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity. Common shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued. The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of common shares issued in the private placements to be the more easily measurable component and the common shares are valued at their fair value, as determined by the closing market price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves. (i) Share-based payments The Company’s stock option plan allows Company employees, directors, officers and consultants to acquire shares of the Company. The fair value of options granted is recognized as share-based payments expense with a corresponding increase in equity reserves. The fair value of the options granted is measured using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. Fair value is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. At each financial reporting date, the amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. In situations where equity instruments are issued to non-employees non-employees (j) Flow-through shares Resource expenditure deductions for income tax purposes related to exploration activities funded by flow-through share arrangements are renounced to investors under Canadian income tax legislation. On issuance, the Company separates the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability and ii) share capital. Upon qualifying expenditures being incurred, the Company recognizes a deferred tax liability for the taxable temporary difference that arises from the difference between the carrying amount of eligible expenditures capitalized as exploration and evaluation assets and its tax base and the premium liability is reduced and recognized as a reduction of deferred tax expense. Proceeds received from the issuance of flow-through shares must be expended on Canadian resource property exploration within a period of two years. Failure to expend such funds as required under the Canadian income tax legislation will result in a Part XII.6 tax to the Company on flow-through proceeds renounced under the “Look-back” Rule. When applicable, this tax is classified as a financial expense. (k) Loss (profit) per Share Basic The Company uses the treasury stock method to compute the dilutive effect of options, warrants and other similar instruments. Under this method, the weighted average number of shares outstanding used in the calculation of diluted loss per share assumes that the deemed proceeds received from the exercise of stock options, share purchase warrants and their equivalents would be used to repurchase common shares of the Company at the average market price during the period. (l) Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plan for the Company. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. (m) Financial Instruments (i) Classification The Company classifies its financial assets in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading (including all equity derivative instruments) are classified as at FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument The Company has the following financial instruments, which are classified under IFRS 9 in the table below: Financial assets/liabilities Classification Cash and cash equivalents Amortized cost Amounts receivable Amortized cost Accounts payable and accrued liabilities Amortized cost Convertible debentures FVTPL As the Company has taken an exemption not to restate prior periods with respect to classification and measurement, it has recognized the cumulative effects of retrospective application to shareholders’ equity at the beginning of the 2018 annual reporting period that includes the date of initial application. Therefore, the adoption of IFRS 9 resulted in a decrease to opening accumulated deficit on January 1, 2018 of $503,146 with a corresponding adjustment to accumulated other comprehensive (loss) income, arising due to the changed classification on the accumulated fair value gain (loss) due to the change in the Company’s own credit risk as at January 1, 2018. (ii) Measurement Financial assets at FVTOCI Elected investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive (loss) income. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of net (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of net (loss) income in the period in which they arise. Where management has opted to recognize a financial liability at FVTPL, any changes associated with the Company’s own credit risk will be recognized in other comprehensive (loss) income. The Company’s Convertible Debentures have been recognized at FVTPL. (iii) Impairment of financial assets at amortized cost Under IFRS 9, the Company recognizes a loss allowance using the expected credit loss model on financial assets that are measured at amortized cost. The adoption of the expected credit loss impairment model under IFRS 9 had no impact on the carrying amounts of our financial assets on the transition date given the Company transacts exclusively with large international financial institutions and amounts receivable are comprised of value-added tax receivable from the government of Canada. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to twelve month expected credit losses. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. (iv) Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of net (loss) income. However, gains and losses on derecognition of financial assets classified as FVTOCI remain within the accumulated other comprehensive (loss) income. Financial liabilities The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash (n) New standards adopted: Change in accounting policy: The Company has adopted all of the requirements of IFRS 16 Leases (“IFRS 16”), as of January 1, 2019, using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 Leases (“IAS 17”). IFRS 16 specifies how to recognize, measure, present and disclose leases. IFRS 16 provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all major leases. The impact of the transition is shown in Note 4(n) below. The following is the Company’s new accounting policy for leases under IFRS 16: (i) Classification At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contracts conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: - The contract involves the use of an identified asset – this may be specific explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; - The Company has the right to obtain substantially all of the economic benefit from use of the asset throughout the period of use; and - The Company has the right to direct the use of the asset. The Company has this right when is has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. (ii) Measurement The Company recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrow rate. Generally, the Company uses its incremental borrowing rate as the discount rate. (iii) Remeasurement The lease liability is measured at amortized costs using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use (iv) Short-term leases and leases of low-value The Company has elected to apply the recognition exemption not to recognize right-of-use low-value (v) Impact of transition to IFRS 16 On initial application, the Company has elected to record right-of-use Right-of-use The transition to IFRS 16 from IAS 17 is shown in the reconciliation table below, starting with the lease commitments below as at December 31, 2018 and adjusting for the operating expenses included in the lease commitments and the discounted portion of the lease commitment to equal the Lease liability as at January 1, 2019. IFRS 16 – Leases Standard Reconciliation Lease Commitments as at December 31, 2018 under IAS 17 $ 4,501,376 Less: Operating expenses of Leases (1,611,366) Less: Impact of Discounting on Lease liability (701,187) Lease liability as at January 1, 2019 under IFRS 16 $ 3,222,380 |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
EXPLORATION AND EVALUATION ASSETS | 5. EXPLORATION AND EVALUATION ASSETS (a) Rook I Property The Rook I Project is located in Northern Saskatchewan, approximately 40 kilometres (km) east of the Saskatchewan – Alberta border, approximately 150 km north of the town of La Loche and 640 km northwest of the City of Saskatoon and consists of 32 contiguous mineral claims totalling 35,065 hectares. The Rook I Project hosts the Arrow deposit discovered in February 2014, the Bow discovery in March 2015, the Harpoon discovery in August 2016 and the Arrow South discovery in July 2017. The Company released an updated mineral resource estimate and the results of a pre-feasibility NexGen has a 100% interest in the claims subject only to: (i) a 2% net smelter return royalty (“NSR”); and (ii) a 10% production carried interest, in each case, only on claims S-113928 S-113933 (b) Other Athabasca Basin Properties The Other Athabasca Basin Properties are a portfolio of early stage mineral properties in the Athabasca Basin. The properties are grouped geographically as “SW1”, “SW2” and “SW3”. The SW2 properties are held directly by NexGen. The SW1 and SW3 properties are held by NXE Energy SW1 Ltd. and NXE Energy SW3 Ltd., respectively, each a wholly owned subsidiary. (c) IsoEnergy Properties The IsoEnergy Properties consist of (i) a 100% interest in the Radio Project, Saskatchewan (subject to a 2% net smelter return royalty and 2% gross overriding royalty); (ii) a 100% interest in the Thorburn Lake Project, Saskatchewan (subject to a 1% net smelter return royalty and a 10% carried interest which can be reduced to 1% at the holder’s option upon completion of a bankable feasibility study); (iii) a 100% interest, in each of the Madison, 2Z, Carlson Creek and North Thorburn properties, Saskatchewan; (iv) a 100% interest in the Mountain Lake property, Nunavut; (v) a 100% interest in the Geiger property, Saskatchewan; (vi) a 100% interest in the Larocque East property, Saskatchewan that consists of 6 mineral claims constituting 3,200 hectares; and (vi) a portfolio of newly staked claims in Saskatchewan, all of which are early stage exploration properties. In 2019, IsoEnergy decided not to incur expenditure limits required to maintain their Fox mineral claims in good standing and accordingly has impaired the amounts related to that property totalling $14,354. The following is a summary of the capitalized costs on the projects described above. Rook I $ Other Athabasca $ IsoEnergy $ Total $ Acquisition costs: Balance, December 31, 2018 235,077 1,457,607 26,622,545 28,315,229 Additions - - 14,077 14,077 Impairment - - (847) (847) Balance, December 31, 2019 235,077 1,457,607 26,635,775 28,328,459 Deferred exploration costs: Balance, December 31, 2018 148,658,925 6,530,533 10,623,907 165,813,365 Additions: Drilling 17,596,099 1,508,527 1,921,903 21,026,529 General exploration 5,453,717 4,126 665,140 6,122,983 Geological and geophysical 19,859,997 1,042,071 844,448 21,746,516 Labour and wages 6,099,402 78,110 825,860 7,003,372 Share-based payments (Note 10) 1,227,604 - 98,474 1,326,078 Travel 888,515 - 138,098 1,026,613 Impairment - - (13,507) (13,507) 51,125,334 2,632,834 4,480,416 58,238,584 Balance, December 31, 2019 199,784,259 9,163,367 15,104,323 224,051,949 Total costs, December 31, 2019 200,019,336 10,620,974 41,740,098 252,380,408 Acquisition costs: Balance, December 31, 2017 235,077 1,457,607 24,737,248 26,429,932 Additions - - 1,885,297 1,885,297 Balance, December 31, 2018 235,077 1,457,607 26,622,545 28,315,229 Deferred exploration costs: Balance, December 31, 2017 112,937,959 4,942,297 8,102,367 125,982,623 Additions: - - Drilling 16,761,145 - 1,103,960 17,865,105 General exploration 2,885,003 (23,200) 142,069 3,003,872 Geological and geophysical 7,650,358 1,611,436 256,224 9,518,018 Labour and wages 5,008,846 - 693,611 5,702,457 Share-based payments (Note 10) 2,883,711 - 235,852 3,119,563 Travel 531,903 - 89,824 621,727 35,720,966 1,588,236 2,521,540 39,830,742 Balance, December 31, 2018 148,658,925 6,530,533 10,623,907 165,813,365 Total costs, December 31, 2018 148,894,002 7,988,140 37,246,452 194,128,594 |
LEASES
LEASES | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
LEASES | 6. LEASES Right-of-use 2019 Office Lease Assets Vehicle Lease Total Right-of-use Right-of-use $ 2,472,349 $ 354,163 $ 2,826,512 Depreciation of right-of-use (485,602) (123,985) (609,587) Right-of-use $ 1,986,747 $ 230,178 $ 2,216,925 Office and vehicle lease right-of-use Lease obligation adoption summary of IFRS 16 on January 1, 2019 Year ended Lease obligation created on adoption of IFRS 16 on January 1, 2019 $ 3,222,380 Interest on lease liabilities 206,986 Lease payments (784,399) Balance, end of the period $ 2,644,967 Less: Current portion (558,960) Long-term lease liability $ 2,086,007 On January 1, 2019 the Company adopted IFRS 16 – Leases retrospectively with the cumulative effect on initially applying the standard recognized at the date of initial application (see Note 4). The leases are for office space and vehicle leases that extend to 2025 and 2022, respectively. The discount rates applied to the leases for office spaces and vehicles are 7.50% and 6.74%, respectively. In addition to the lease payments the Company pays $422,185 annually related to operating costs and realty taxes of the leased office spaces. The amount is reassessed annually based on actual costs incurred. In addition to the leased asset above the Company engages drilling companies to carry out its drilling programs on its exploration and evaluation properties. The drilling companies provide all required equipment for these drilling programs. These contracts are short-term in nature and the Company has elected not to apply the requirements of IFRS 16 to these payments. Payments to the drilling companies in the year ended December 31, 2019 were $16,239,540. The Company and its subsidiary, IsoEnergy, have total office lease commitments at their Vancouver and Saskatoon offices and vehicle leases as follows: 2020 $ 926,772 2021 $ 814,754 2022 $ 702,349 2023 $ 661,863 2024 $ 634,053 2025 $ 634,053 |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
COMMITMENTS | 7. COMMITMENTS Flow-through expenditures: IsoEnergy has raised funds through the issuance of flow-through shares. Based on Canadian tax law, IsoEnergy is required to spend this amount on eligible exploration expenditures by December 31 of the year after the year in which the shares were issued. The premium paid for a flow-through share, which is the price paid for the share over the market price of the share, is recorded as a flow-through share premium liability. This liability is subsequently reduced when the required exploration expenditures are made, and accordingly, a recovery of flow-through premium is then recorded as a reduction in the deferred tax expense. As of December 31, 2019, IsoEnergy is obligated to spend $3,412,807 on eligible exploration expenditures by the end of 2020. As the commitment is satisfied, the remaining balance of the flow-through premium liability will be recognized as income. A continuity of the flow-through share premium liability is as follows: Year ended Year ended Balance, beginning of the period $ 550,392 $ 109,251 Liability incurred on flow-through shares issued 233,340 784,892 Settlement of flow-through share liability on expenditure made (556,210 ) (343,751 ) Balance, end of the period $ 227,522 $ 550,392 |
EQUIPMENT
EQUIPMENT | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
EQUIPMENT | 8. EQUIPMENT Computing Software Field Office, Road Total Cost Balance at December 31, 2017 $ 235,586 $ 378,733 $ 4,218,220 $ 215,172 $ 1,773,585 $ 6,821,296 Additions 69,863 371,281 2,333,896 16,685 305,810 3,097,535 Disposals - - (54,075 ) - - (54,075 ) Balance at December 31, 2018 305,449 750,014 6,498,041 231,857 2,079,395 9,864,756 Assets recognized on adoption of IFRS 16 (Notes 4 and 6) - - 354,163 2,472,349 - 2,826,512 Additions 111,281 189,171 38,841 302,475 - 641,768 Balance at December 31, 2019 $ 416,730 $ 939,185 $ 6,891,045 $ 3,006,681 $ 2,079,395 $ 13,333,036 Accumulated Depreciation Balance at December 31, 2017 $ 127,923 $ 235,944 $ 1,121,800 $ 90,530 $ 262,025 $ 1,838,222 Depreciation 79,703 180,188 842,944 45,198 409,982 1,558,015 Disposals - - (43,260 ) - - (43,260 ) Balance at December 31, 2018 207,626 416,132 1,921,484 135,728 672,007 3,352,977 Depreciation 84,405 235,159 1,042,981 574,357 455,498 2,392,400 Balance at December 31, 2019 $ 292,031 $ 651,291 $ 2,964,465 $ 710,085 $ 1,127,505 $ 5,745,377 Net book value: At December 31, 2018 $ 97,823 $ 333,882 $ 4,576,557 $ 96,129 $ 1,407,388 $ 6,511,779 At December 31, 2019 $ 124,699 $ 287,894 $ 3,926,580 $ 2,296,596 $ 951,890 $ 7,587,659 |
CONVERTIBLE DEBENTURES
CONVERTIBLE DEBENTURES | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
CONVERTIBLE DEBENTURES | 9. CONVERTIBLE DEBENTURES December 31, 2019 December 31, 2018 2016 Debentures (a) $ 61,149,632 $ 72,481,375 2017 Debentures (b) 58,431,560 65,709,509 Convertible Debentures $ 119,581,192 $ 138,190,884 The fair value of the Debentures decreased from $138,190,884 on December 31, 2018 to $119,581,192 at December 31, 2019, resulting in a gain of $18,609,692 for the year ended December 31, 2019. This gain for the year ended December 31, 2019 was bifurcated with the amount of the change in fair value of the convertible debentures attributable to changes in the credit risk of the liability recognized in other comprehensive income (loss of $3,212,139) and the remaining amount recognized in loss for the period (gain of $21,821,831). (a) 2016 Debentures On June 10, 2016, the Company issued US$60 million principal amount of convertible debentures (the “2016 Debentures”) which were determined to be a hybrid financial instrument comprised of the host debt contract and multiple embedded derivatives. The Company received gross proceeds of $76,416,000 (US$60 million) and net proceeds of $72,363,602 (US$56,852,383) after deducting $4,052,398 (US$3,147,617) in transaction costs from the issue of the 2016 Debentures. A 3% establishment fee of $2,292,480 (US$1.8 million) was also paid to the debenture holders through the issuance of 1,005,586 common shares. The fair value of the 2016 Debentures on issuance date was determined to be $74,123,520 (US$58.2 million). Pursuant to an amended and restated trust indenture dated July 21, 2017, the maturity date of the 2016 Debentures was extended to July 22, 2022. The fair value of the 2016 Debentures decreased from $72,481,375 (US$53,131,047) on December 31, 2018 to $61,149,632 (US$47,081,639) at December 31, 2019, resulting in a gain of $11,331,743 (US$6,049,408) for the year ended December 31, 2019. This gain, combined with the gain on the 2017 Debentures (see Note 9(b)) for the year ended December 31, 2019 was bifurcated with the amount of the change in fair value of the convertible debentures attributable to changes in the credit risk of the liability recognized in other comprehensive income and the remaining amount recognized in loss for the period. Year ended Year ended Fair value of 2016 Debentures, beginning of year $ 72,481,375 $ 90,742,373 Fair value adjustment during the year (11,331,743) (18,260,998) Interest expense 5,911,455 5,977,073 Interest paid (5,566,552) (5,622,593) 2016 Debentures and interest payable $ 61,494,535 $ 72,835,855 Less: interest payable included in accounts payable and accrued liabilities (344,903) (354,480) 2016 Debentures, end of year $ 61,149,632 $ 72,481,375 The 2016 Debentures were valued using a convertible bond pricing model based on a system of two coupled Black-Scholes equations where the debt and equity components are separately valued based on different default risks and assumptions. The inputs used in the 2016 Debentures pricing model as at December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 December 31, 2018 Volatility 38.00% 38.00% Expected life in years 2.56 years 3.56 years Risk free interest rate 1.69% 2.58% Expected dividend yield 0% 0% Credit spread 23.96% 25.79% Underlying share price of the Company $1.67 $2.41 Conversion exercise price US$2.3261 US$2.3261 Exchange rate (C$:US$) $0.7699 $0.7330 (b) 2017 Debentures On July 21, 2017, the Company issued US$60 million principal amount of convertible debentures (the “2017 Debentures”) which were also determined to be a hybrid financial instrument comprised of the host debt contract and multiple embedded derivatives. The Company received gross proceeds of $75,294,000 (US$60 million) and net proceeds of $72,482,854 (US$57,759,864) after deducting $2,811,146 (US$2,240,136) in transaction costs from the issue of the 2017 Debentures. A 3% establishment fee of $2,258,820 (US$1.8 million) was also paid to the debenture holders through the issuance of 869,271 common shares. The fair value of the 2017 Debentures on issuance date was determined to be $73,035,180 (US$58,200,000). The fair value of the 2017 Debentures decreased from $65,709,509 (US$48,167,064) on December 31, 2018 to $58,431,560 (US$44,988,882) at December 31, 2019, resulting in a gain of $7,277,949 (US$3,178,182) for the year ended December 31, 2019. This gain, combined with the gain on the 2016 Debentures (see Note 9(a)) for the year ended December 31, 2019 was bifurcated with the amount of the change in fair value of the convertible debentures attributable to changes in the credit risk of the liability recognized in other comprehensive income and the remaining amount recognized in loss for the period. Year ended Year ended Fair value of 2017 Debentures, beginning of year $ 65,709,509 $ 80,627,593 Fair value adjustment during the year (7,277,949) (14,918,084) Interest expense 5,911,455 5,977,073 Interest paid (5,566,552) (5,622,593) 2017 Debentures and interest payable $ 58,776,463 $ 66,063,989 Less: interest payable included in accounts payable and accrued liabilities (344,903) (354,480) 2017 Debentures, end of year $ 58,431,560 $ 65,709,509 The 2017 Debentures were valued using a convertible bond pricing model based on a system of two coupled Black-Scholes equations where the debt and equity components are separately valued based on different default risks and assumptions. The inputs used in the 2017 Debentures pricing model as at December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 December 31, 2018 Volatility 38.00% 38.00% Expected life in years 2.56 years 3.56 years Risk free interest rate 1.69% 2.58% Expected dividend yield 0% 0% Credit spread 23.96% 25.79% Underlying share price of the Company $1.67 $2.41 Conversion exercise price US$2.6919 US$2.6919 Exchange rate (C$:US$) $0.7699 $0.7330 General Terms At inception, for each of the 2016 Debentures and 2017 Debentures (collectively, the “Convertible Debentures”), the Company made an irrevocable election under IAS 39 to designate the Convertible Debentures as a financial liability at fair value through profit or loss. At their respective initial recognition date, the entire convertible instrument was measured at fair value with associated transaction costs expensed as incurred. Subsequent to initial recognition, the convertible financial instrument is marked to market at each financial reporting date and any change in fair value is recognized in profit or loss with the exception that the change in fair value that is attributable to change in credit risk is presented in other comprehensive income. The Convertible Debentures bear interest at a rate of 7.5% per annum, payable semi-annually in US dollars on June 10 and December 10 in each year. Two thirds of the interest (equal to 5% per annum) is payable in cash and one third of the interest (equal to 2.5% per annum) is payable, subject to any required regulatory approval, in common shares of the Company, using the volume-weighted average trading price (“VWAP”) of the common shares on the exchange or market that has the greatest trading volume in the Company’s common shares for the 20 consecutive trading days ending three trading days preceding the date on which such interest payment is due. For this purpose, the VWAP shall be converted into US dollars on each of the 20 days in the period, using the indicative rate of exchange for such currency as reported by the Bank of Canada. The 2016 Debentures and 2017 Debentures are convertible, from time to time, into common shares of the Company at the option of the debenture holders at any time prior to maturity at a price per common share of US$2.3261 and US$2.6919, respectively (the “Conversion Price”). The 2016 Debentures and 2017 Debentures are not redeemable by the Company prior to June 10, 2019 and July 21, 2020, respectively. On or after June 10, 2019 and July 21, 2020 and prior to July 22, 2022, the 2016 Debentures and 2017 Debentures, respectively, may be redeemed by the Company, in whole or in part, at any time that the 20-day Upon completion of a change of control (which includes in the case of the holders’ right to redeem the Convertible Debentures, a change in the Chief Executive Officer of the Company), the holders of the Convertible Debentures or the Company may require the Company to purchase or the holders to redeem, as the case may be, any outstanding Convertible Debentures in cash at: (i) on or prior to June 10, 2019 and July 21, 2020 for the 2016 Debentures and 2017 Debentures, respectively, 130% of the principal amount; and (ii) at any time thereafter, 115% of the principal amount, in each case plus accrued but unpaid interest, if any. In addition, upon the public announcement of a change of control that is supported by the Board, the Company may require the holders of the Convertible Debentures to convert the Convertible Debentures into common shares at the Conversion Price provided the consideration payable upon the change of control exceeds the Conversion Price and is payable in cash. A “change of control ” |
SHARE CAPITAL AND RESERVES
SHARE CAPITAL AND RESERVES | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
SHARE CAPITAL AND RESERVES | 10. SHARE CAPITAL AND RESERVES Authorized Capital - Issued For the period ended December 31, 2019: (a) During the year ended December 31, 2019, the Company issued a total of 6,783,333 common shares on the exercise of 2,450,000 options at a price of $0.40, 3,300,000 options at a price of $0.46, 200,000 options at a price of $0.50, 325,000 options at a price of $0.64 and 508,333 options at a price of $ 2.24 for total proceeds of $3,938,666. As a result of the exercises, $2,263,094 was reclassified from reserves to share capital. (b) On June 7, 2019, the Company issued 1,041,304 common shares at the then fair value of $2,020,130 to the convertible debenture holders for the share portion of the debenture interest payment. (c) On December 9, 2019, the Company issued 1,188,872 common shares at the then fair value of $1,854,639 to the convertible debenture holders for the share portion of the debenture interest payment. For the period ended December 31, 2018: (a) During the year ended December 31, 2018, the Company issued a total of 10,458,334 common shares on the exercise of 250,000 options at a price of $0.30, 5,975,000 options at a price of $0.40, 1,100,000 options at a price of $0.46, 1,300,000 options at a price of $0.50, 500,000 options at a price of $0.62, 1,000,000 options at a price of $0.64 and 333,334 options at a price of $1.51 for total proceeds of $5,074,334. As a result of the exercises, $3,276,872 was reclassified from reserves to share capital. (b) On June 11, 2018, the Company issued 745,378 common shares at the then fair value of $2,154,142 to the convertible debenture holders for the share portion of the debenture interest payment. (c) On December 6, 2018, the Company issued 693,994 common shares at the then fair value of $1,894,603 to the convertible debenture holders for the share portion of the debenture interest payment. Stock Options Pursuant to the Company’s stock option plan, directors may, from time to time, authorize the issuance of options to directors, officers, employees and consultants of the Company, enabling them to acquire up to 20% of the issued and outstanding common shares of the Company. The options can be granted for a maximum term of 10 years and are subject to vesting provisions as determined by the Board of Directors of the Company. Stock option transactions and the number of stock options are summarized as follows: Number of Stock Weighted Average Outstanding at December 31, 2017 37,858,334 $ 1.42 Granted 9,045,482 2.64 Exercised (10,458,334 ) 0.49 Forfeited (208,334 ) 3.23 Outstanding at December 31, 2018 36,237,148 $ 1.98 Granted 9,438,679 1.79 Exercised (6,783,333 ) 0.58 Expired/Forfeited (2,274,999 ) 2.77 Outstanding at December 31, 2019 36,617,495 $ 2.14 Number of options exercisable 27,706,487 $ 2.17 As at December 31, 2019, the Company has stock options outstanding and exercisable as follows: Number of Options Number Exercise Price Remaining Contractual Life (Years) Expiry Date 2,850,000 2,850,000 $ 0.500 0.41 May 27, 2020 1,000,000 1,000,000 $ 2.930 0.92 November 29, 2020 500,000 333,334 $ 2.850 0.92 November 29, 2020 166,667 166,667 $ 2.410 0.92 November 29, 2020 166,667 83,333 $ 1.920 0.92 November 29, 2020 3,250,000 3,250,000 $ 0.640 0.96 December 16, 2020 250,000 250,000 $ 2.690 1.44 June 8, 2021 4,425,000 4,425,000 $ 2.650 1.48 June 23, 2021 2,750,000 2,750,000 $ 2.240 1.96 December 15, 2021 250,000 250,000 $ 3.110 2.31 April 22, 2022 125,000 125,000 $ 2.930 2.87 November 13, 2022 3,725,000 3,725,000 $ 3.390 2.96 December 14, 2022 475,000 316,666 $ 2.390 3.28 April 13, 2023 4,025,000 2,683,333 $ 2.850 3.44 June 8, 2023 100,000 66,667 $ 2.660 3.47 June 20, 2023 720,482 520,482 $ 2.490 3.64 August 21, 2023 2,800,000 1,866,664 $ 2.410 4.00 December 31, 2023 500,000 166,667 $ 2.270 4.22 March 21, 2024 250,000 83,334 $ 2.220 4.24 March 27, 2024 3,800,000 1,266,667 $ 1.920 4.45 June 12, 2024 188,679 94,340 $ 1.590 4.63 August 16, 2024 4,300,000 1,433,333 $ 1.590 4.99 December 24, 2024 36,617,495 27,706,487 The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options granted. The model requires management to make estimates, which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values. The following weighted average assumptions were used to estimate the weighted average grant date fair values for the years ended December 31, 2019 and December 31, 2018: December 31, 2019 December 31, 2018 Expected stock price volatility 61.75% 83.41% Expected life of options 5.00 years 5.00 years Risk free interest rate 1.54% 2.08% Expected forfeitures 0% 0% Expected dividend yield 0% 0% Weighted average fair value per option granted in period $0.96 $1.76 Share-based payments for options vested for the year ended December 31, 2019 amounted to $12,193,245 (2018 – $16,855,862) of which $10,867,167 (2018 – $13,736,299) was expensed to the statement of loss and comprehensive loss and $1,326,078 (2018 - $3,119,563) was capitalized to exploration and evaluation assets (Note 5). |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
RELATED PARTY TRANSACTIONS | 11. RELATED PARTY TRANSACTIONS Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of executive and non-executive Remuneration attributed to key management personnel can be summarized as follows: For the years ended December 31, 2019 December 31, 2018 Short-term compensation (1) $ 4,041,619 $ 3,961,649 Share-based payments (stock options) (2) 9,101,888 12,377,331 Consulting fees (3) 45,499 - $ 13,189,006 $ 16,338,980 (1) Short-term compensation to key management personnel for the year ended December 31, 2019 amounted to $4,041,619 (2018 - $3,961,649) of which $2,985,193 (2018 - $3,320,106) was expensed and included in salaries, benefits and directors’ fees on the statement of loss and comprehensive loss. The remaining $1,056,426 (2018 - $641,543) was capitalized to exploration and evaluation assets. (2) Share-based payments to key management personnel for the year ended December 31, 2019 amounted to $9,101,888 (2018 - $12,377,331) of which $8,834,428 (2018 - $11,534,811) was expensed and $267,460 (2018 - $842,520) was capitalized to exploration and evaluation assets. (3) The Company used consulting services from a company associated with one of its directors in relation to advice on corporate matters for the year ended December 31, 2019 amounting to $45,499 (2018 - $nil). As at December 31, 2019, there was $99,999 (December 31, 2018 - $1,415,900) included in accounts payable and accrued liabilities owing to its directors and officers for compensation. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
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CAPITAL MANAGEMENT | 12. CAPITAL MANAGEMENT The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition, exploration and evaluation of assets. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain the future development of the business. In the management of capital, the Company considers all components of equity and debt and is dependent on third party financing, whether through debt, equity, or other means. Although the Company has been successful in raising funds to date, there is no assurance that the Company will be successful in obtaining required financing in the future or that such financing will be available on terms acceptable to the Company. The properties in which the Company currently has an interest are in the exploration and development stage. As such the Company has historically relied on the equity markets and convertible debt to fund its activities. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it determines that there is sufficient geologic or economic potential and if it has adequate financial resources to do so. Management reviews its capital management approach on an on-going The Company is not subject to externally imposed capital requirements. There were no changes in the Company’s approach to capital management during the period. |
FINANCIAL INSTRUMENTS
FINANCIAL INSTRUMENTS | 12 Months Ended |
Dec. 31, 2019 | |
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FINANCIAL INSTRUMENTS | 13. FINANCIAL INSTRUMENTS The Company’s financial instruments consist of cash and cash equivalents, amounts receivable, accounts payable and accrued liabilities and the Convertible Debentures. The fair values of the Company’s cash and cash equivalents, amounts receivable and accounts payable and accrued liabilities approximate their carrying value, due to their short-term maturities or liquidity. Fair Value Measurement The Company classifies the fair value of financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instrument: ● Level 1 – quoted prices in active markets for identical assets or liabilities. ● Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices). ● Level 3 – inputs for the asset or liability that are not based on observable market data. The Convertible Debentures are re-measured As at December 31, 2019, the Company’s risk exposures and the impact on the Company’s financial instruments are summarized below: (a) Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments potentially subject to credit risk are cash and cash equivalents and amounts receivable. (b) Liquidity Risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage liquidity risk by maintaining sufficient cash and cash equivalent balances. Liquidity requirements are managed based on expected cash flows to ensure that there is sufficient capital to meet short-term obligations. The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at December 31, 2019, NexGen had cash and cash equivalents of $52,117,581 to settle accounts payable and accrued liabilities of $3,998,313. (c) Market Risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates and commodity and equity prices. (i) Interest Rate Risk Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company holds its cash and cash equivalents in bank accounts that earn variable interest rates. Due to the short-term short-term (ii) Foreign Currency Risk The functional currency of the Company and its subsidiaries is the Canadian dollar. The Company is affected by currency transaction risk and currency translation risk. Consequently, fluctuations of the Canadian dollar in relation to other currencies impact the fair value of financial assets, liabilities and operating results. Financial assets and liabilities subject to currency translation risk primarily include US dollar denominated cash and US dollar accounts payable and accrued liabilities. The Company maintains Canadian and US dollar bank accounts in Canada. The Company is exposed to foreign exchange risk on its US dollar denominated Convertible Debentures. At maturity the US$120 million principal amount of the Convertible Debentures is due in full, and prior to then at a premium upon the occurrence of certain events, including a change of control. The Company holds sufficient US dollars to make all cash interest payments due under the Convertible Debentures until maturity but not to pay the principal amount. Accordingly, the Company is subject to risks associated with fluctuations in the Canadian/US dollar exchange rate that may make the Convertible Debentures more costly to repay. (iii) Price risk The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. Accordingly, significant movements in the Company’s share price may affect the valuation of the Convertible Debentures which may adversely impact its earnings. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatility. Future declines in commodity prices may impact the valuation of long-lived assets. The Company closely monitors commodity prices of uranium, individual equity movements, and the stock market to determine the appropriate course of action, if any, to be taken by the Company. Sensitivity Analysis As at December 31, 2019, the Company’s US dollar net financial liabilities were $76,019,307. Thus a 10% change in the Canadian dollar versus the US dollar exchange rates would give rise to a $9,871,617 change in loss and comprehensive loss. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks at this time. |
SEGMENT INFORMATION
SEGMENT INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
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SEGMENT INFORMATION | 14. SEGMENT INFORMATION The Company operates in one reportable segment, being the acquisition, exploration and development of uranium properties. All of the Company’s non-current |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
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INCOME TAXES | 15. INCOME TAXES A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2019 2018 Net profit (loss) for the year $ (15,615,773) $ 1,182,308 Statutory rate 27.00% 27.00% Expected income tax (recovery) $ (4,216,259) $ 319,224 Permanent differences 1,350,167 5,165,153 Impact of flow-through shares 1,114,153 496,463 Share issuance costs - - Adjustment to prior years provision versus statutory tax returns 165,160 (7,689) Change in unrecognized deductible temporary differences and other 2,519,062 (6,282,449) Total $ 932,283 $ (309,298) The Company’s income tax (recovery) expense is comprised of the following: 2019 2018 Deferred income tax expense (recovery) $ 932,283 $ (309,298) Total $ 932,283 $ (309,298) The Company’s deferred tax items recognized in OCI during the year: 2019 2018 Change in fair value of convertible debentures attributable to the change in credit risk $ (867,238) $ - Total $ (867,238) $ - The tax effects of temporary differences between amounts recorded in the Company’s accounts and the corresponding amounts as calculated for income tax purposes give rise to the following deferred tax (assets) and liabilities: 2019 2018 Exploration and evaluation assets $ 8,464,017 $ 5,997,824 Convertible debentures 8,565,347 4,040,500 Non-capital (16,067,850) (9,638,615) Share issuance costs (194,576) (177,234) Equipment (41,872) (24,109) Net deferred tax liabilities $ 725,066 $ 199,366 Movement in the Company’s deferred tax liability balance in the year is as follows: 2019 2018 Opening balance $ 199,366 $ 280,740 Recognized in income tax expense 1,488,534 34,454 Recognized in OCI/equity (962,834) (115,828) Net deferred tax liability $ 725,066 $ 199,366 The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 2019 Expiry Date Range 2018 Expiry Date Range Temporary Differences Non-capital $ 42,080,000 2031 to 2039 $ 31,030,000 2031 to 2038 Net capital losses 355,000 No expiry 355,000 No expiry Share issuance costs 4,288,000 - 8,179,000 - Convertible debt 4,146,000 - - - Equipment 894,000 - 424,000 - Tax attributes are subject to review, and potential adjustment, by tax authorities. |
NON-CONTROLLING INTERESTS
NON-CONTROLLING INTERESTS | 12 Months Ended |
Dec. 31, 2019 | |
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NON-CONTROLLING INTERESTS | 16. NON-CONTROLLING During the year ended December 31, 2016, the Company incorporated four new wholly owned subsidiaries in Canada and transferred certain exploration and evaluation assets to three of its wholly owned subsidiaries (Note 5). As at December 31, 2019, NexGen held 100% ownership of the subsidiaries with the exception of IsoEnergy, where it retained 52.03% of IsoEnergy’s outstanding common shares (December 31, 2018 – 53.35%) (Note 4(b)). During the year ended December 31, 2017, IsoEnergy issued 999,999 of its flow-through common shares to unrelated third parties in exchange for gross proceeds of $1,100,000. A further 3,000,000 and 1,000,000 of its common shares were issued for the acquisition of the Radio and Geiger properties, respectively. During the year ended December 31, 2018, IsoEnergy issued 10,848,200 of its flow-through common shares to unrelated third parties, 102,600 common shares to related parties and 7,022,520 to the Company in exchange for gross proceeds of $7,710,764. IsoEnergy issued a further 3,330,000 common shares for the acquisition of Dawn Lake North Block which is contiguous with IsoEnergy’s Geiger property and 1,000,000 of its common shares for the acquisition of the Laroque East uranium exploration property (see Note 5(c)). During the year ended December 31, 2019, IsoEnergy issued 8,403,000 of its common shares to unrelated third parties, 60,000 common shares to related parties and 7,371,858 to the Company in exchange for gross proceeds of $6,748,977. IsoEnergy issued a further 68,774 common shares to outsiders related to exercised warrants. For financial reporting purposes, the assets, liabilities, results of operations, and cash flows of the Company’s wholly owned subsidiaries and non-wholly non-controlling Summarized financial information for IsoEnergy Ltd. is as follows: 2019 2018 Cash and cash equivalents $ 6,587,000 $ 6,405,000 Other current assets 209,000 155,000 Non-current 48,208,000 43,511,000 Total assets $ 55,004,000 $ 50,071,000 Current liabilities 650,000 817,000 Non-current 867,000 199,000 Total liabilities $ 1,517,000 $ 1,016,000 Loss from operations $ 2,097,000 $ 2,142,000 Loss and comprehensive loss 2,162,000 1,832,000 Net cash flow from operating activities (1,915,000) (1,679,000) Net cash flow from investing activities (4,236,000) (2,522,000) Net cash flow from financing activities 6,333,000 7,282,000 Net increase (decrease) in cash and cash equivalents $ 182,000 $ 3,081,000 |
SUPPLEMENTAL DISCLOSURE WITH RE
SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 12 Months Ended |
Dec. 31, 2019 | |
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SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS | 17. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS The significant non-cash a) At December 31, 2019, $2,653,508 of exploration and evaluation asset expenditures and $3,385 of equipment expenditures were included in accounts payable and accrued liabilities. b) At December 31, 2019, $681,870 of interest expense related to the convertible debentures was included in the accounts payable and accrued liabilities. On June 7, 2019, the Company issued 1,041,304 shares valued at $2,020,130 for the non-cash non-cash c) The right-of-use non-cash d) Share-based payments of $1,326,078 was included in exploration and evaluation assets (Note 5). e) The re-allocation The significant non-cash a) At December 31, 2018, $2,763,713 of exploration and evaluation asset expenditures and $114,376 of equipment expenditures were included in accounts payable and accrued liabilities. b) At December 31, 2018, $708,960 of interest expense related to the convertible debentures was included in the accounts payable and accrued liabilities. On June 10, 2018, the Company issued 745,378 shares valued at $2,154,142 for the non-cash non-cash c) Share-based payments of $3,119,563 was included in exploration and evaluation assets (Note 5). d) The re-allocation e) In the year ended December 31, 2018 IsoEnergy issued 3,330,000 shares valued at $1,282,050 and a partial payment to expand its interest in the Geiger property (see Note 5(c)). f) In the year ended December 31, 2018 IsoEnergy issued 1,000,000 shares valued at $350,000 as a partial payment to acquire Laroque East uranium exploration property (see Note 5(c)). |
LOSS PER SHARE
LOSS PER SHARE | 12 Months Ended |
Dec. 31, 2019 | |
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LOSS PER SHARE | 18. LOSS PER SHARE Basic net income per share provides a measure of the interests of each ordinary common share in the Company’s performance over the year. Diluted net income per share adjusts basic net income per share for the effect of all dilutive potential common shares. 2019 2018 Basic loss (profit) per share Loss (profit) attributable to common shareholders $ 15,531,911 $ (2,269,689) Weighted average number of common shares 354,593,084 345,868,725 Basic loss (profit) per share $ 0.04 $ (0.01) Diluted loss (profit) per share Loss (profit) attributable to common shareholders $ 15,531,911 $ (2,269,689) Interest expense on convertible debentures (11,822,910) (11,954,146) Mark to market gain on convertible debentures 21,821,831 32,578,261 Diluted Loss attributable to common shareholders $ 25,530,832 $ 18,354,426 Weighted average number of common shares 354,593,084 345,868,725 Effect on conversion of convertible debentures 48,083,337 48,083,337 Weighted average number of common shares (diluted) at December 31 402,676,421 393,952,062 Diluted loss (profit) per common share $ 0.06 $ 0.05 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
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SUBSEQUENT EVENTS | 19. SUBSEQUENT EVENTS In February 2020, the Company signed a lease agreement extension for the Vancouver office at 6 years for a total lease agreement costs of approximately $3,650,000. |
COMPARATIVE FIGURES
COMPARATIVE FIGURES | 12 Months Ended |
Dec. 31, 2019 | |
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COMPARATIVE FIGURES | 20. COMPARATIVE FIGURES Certain amounts have been reclassified to conform with current period presentation. |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
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Functional and Presentation Currency | (a) Functional and Presentation Currency These financial statements are presented in Canadian dollars, which is the functional currency of the Company and its subsidiaries. Translation of transactions and balances Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transactions or valuation where items are re-measured. Non-monetary |
Consolidation | (b) Consolidation These consolidated financial statements include the accounts of the Company and its subsidiaries: NXE Energy Royalty Ltd., NXE Energy SW1 Ltd., NXE Energy SW3 Ltd. and IsoEnergy. Shares of IsoEnergy were issued to third parties as part of financings since its inception, thereby resulting in the recognition of non-controlling Name of Subsidiary % Ownership as of December 31, 2019 NXE Energy Royalty Ltd. 100% NXE Energy SW1 Ltd. 100% NXE Energy SW3 Ltd. 100% IsoEnergy Ltd. 52.03% |
Cash and cash equivalents | (c) Cash and cash equivalents Cash and cash equivalents include deposits held with banks that are available on demand and guaranteed investment certificates with original maturities of three months or less or that are readily convertible into cash. |
Exploration and evaluation assets | (d) Exploration and evaluation assets Once the legal rights to explore a property have been obtained, exploration and evaluation costs are capitalized as exploration and evaluation assets on an area of interest basis pending determination of the technical feasibility and the commercial viability of the project. Capitalized costs include costs directly related to exploration and evaluation activities in the area of interest. When a claim is relinquished or a project is abandoned, the related costs are recognized in profit or loss immediately. Proceeds received from the sale of any interest in a property will be credited against the carrying value of the property, with any excess included in operations for the period. If a property is abandoned, the acquisition and deferred exploration costs will be written off to operations. Although the Company has taken steps to verify title to exploration and evaluation assets in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Company’s title. A property may be subject to unregistered prior agreements or inadvertent non-compliance Management regularly assesses exploration and evaluation assets for events or circumstances that may indicate possible impairment. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining assets and development assets within property, plant and equipment. |
Equipment | (e) Equipment (i) Recognition and measurement Items of equipment are stated at cost less accumulated depreciation and impairment losses. Cost includes expenditures that are directly attributable to the acquisition of the asset. (ii) Subsequent costs The cost of replacing a part of an item in the carrying amount of equipment is recognized when that cost is incurred, if it is probable that the future economic benefits embodied within the item will flow to the Company and the cost of the item can be measured reliably. (iii) Depreciation The carrying amounts of equipment (including initial and subsequent capital expenditures) are amortized to their estimated residual value over the estimated useful lives of the specific assets concerned. Depreciation is calculated over the estimated useful lives of each significant component as follows: - Computing equipment 55% declining balance basis - Software 55% declining balance basis - Field equipment 20% declining balance basis - Leasehold improvements Lease term - Road 5-year - Lease right-of-use assets Lease term straight-line basis Depreciation methods, useful lives, and residual values are reviewed at least annually and adjusted if appropriate. (iv) Disposal Gains and losses on disposal of an item of equipment are determined by comparing the proceeds from disposal with the carrying amount of the item of equipment and are recognized in profit or loss. |
Impairment | (f) Impairment An impairment loss is recognized when the carrying amount of an asset, or its cash generating unit (“CGU”), exceeds its recoverable amount. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. Impairment losses are recognized in profit and loss for the period. Impairment losses recognized in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and then to reduce the carrying amount of the other assets in the unit on a pro-rata The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Assets that have an indefinite useful life are not subject to depreciation and are tested annually for impairment. |
Decommissioning and Restoration Provisions | (g) Decommissioning and Restoration Provisions Decommissioning and restoration provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation and discount rates. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows discounted at the market discount rate. Over time the carrying value of the liability is increased for the changes in the present value based on the current market discount rates and liability risks. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, the receivable is recognized as an asset if it is virtually certain that reimbursement will be received, and the amount receivable can be measured reliably. Changes in reclamation estimates are accounted for prospectively as a change in the corresponding capitalized cost. The Company did not have any decommissioning and restoration provisions for the years presented. |
Share Capital | (h) Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares are recognized as a deduction from equity. Common shares issued for consideration other than cash, are valued based on their market value at the date the shares are issued. The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The Company considers the fair value of common shares issued in the private placements to be the more easily measurable component and the common shares are valued at their fair value, as determined by the closing market price on the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as reserves. |
Share-based payments | (i) Share-based payments The Company’s stock option plan allows Company employees, directors, officers and consultants to acquire shares of the Company. The fair value of options granted is recognized as share-based payments expense with a corresponding increase in equity reserves. The fair value of the options granted is measured using the Black-Scholes option pricing model, taking into account the terms and conditions upon which the options were granted. Fair value is measured at grant date, and each tranche is recognized using the graded vesting method over the period during which the options vest. At each financial reporting date, the amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. In situations where equity instruments are issued to non-employees non-employees |
Flow-through shares | (j) Flow-through shares Resource expenditure deductions for income tax purposes related to exploration activities funded by flow-through share arrangements are renounced to investors under Canadian income tax legislation. On issuance, the Company separates the flow-through share into i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability and ii) share capital. Upon qualifying expenditures being incurred, the Company recognizes a deferred tax liability for the taxable temporary difference that arises from the difference between the carrying amount of eligible expenditures capitalized as exploration and evaluation assets and its tax base and the premium liability is reduced and recognized as a reduction of deferred tax expense. Proceeds received from the issuance of flow-through shares must be expended on Canadian resource property exploration within a period of two years. Failure to expend such funds as required under the Canadian income tax legislation will result in a Part XII.6 tax to the Company on flow-through proceeds renounced under the “Look-back” Rule. When applicable, this tax is classified as a financial expense. |
Loss (profit) per Share | (k) Loss (profit) per Share Basic The Company uses the treasury stock method to compute the dilutive effect of options, warrants and other similar instruments. Under this method, the weighted average number of shares outstanding used in the calculation of diluted loss per share assumes that the deemed proceeds received from the exercise of stock options, share purchase warrants and their equivalents would be used to repurchase common shares of the Company at the average market price during the period. |
Income taxes | (l) Income taxes Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to items recognized directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Future taxable profits are determined based on the reversal of relevant taxable temporary differences. If the amount of taxable temporary differences is insufficient to recognize a deferred tax asset in full, then future taxable profits, adjusted for reversals of existing temporary differences, are considered, based on the business plan for the Company. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized. |
Financial Instruments | (m) Financial Instruments (i) Classification The Company classifies its financial assets in the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”) or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading (including all equity derivative instruments) are classified as at FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument The Company has the following financial instruments, which are classified under IFRS 9 in the table below: Financial assets/liabilities Classification Cash and cash equivalents Amortized cost Amounts receivable Amortized cost Accounts payable and accrued liabilities Amortized cost Convertible debentures FVTPL As the Company has taken an exemption not to restate prior periods with respect to classification and measurement, it has recognized the cumulative effects of retrospective application to shareholders’ equity at the beginning of the 2018 annual reporting period that includes the date of initial application. Therefore, the adoption of IFRS 9 resulted in a decrease to opening accumulated deficit on January 1, 2018 of $503,146 with a corresponding adjustment to accumulated other comprehensive (loss) income, arising due to the changed classification on the accumulated fair value gain (loss) due to the change in the Company’s own credit risk as at January 1, 2018. (ii) Measurement Financial assets at FVTOCI Elected investments in equity instruments at FVTOCI are initially recognized at fair value plus transaction costs. Subsequently they are measured at fair value, with gains and losses arising from changes in fair value recognized in other comprehensive (loss) income. Financial assets and liabilities at amortized cost Financial assets and liabilities at amortized cost are initially recognized at fair value, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities at FVTPL Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of net (loss) income. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of net (loss) income in the period in which they arise. Where management has opted to recognize a financial liability at FVTPL, any changes associated with the Company’s own credit risk will be recognized in other comprehensive (loss) income. The Company’s Convertible Debentures have been recognized at FVTPL. (iii) Impairment of financial assets at amortized cost Under IFRS 9, the Company recognizes a loss allowance using the expected credit loss model on financial assets that are measured at amortized cost. The adoption of the expected credit loss impairment model under IFRS 9 had no impact on the carrying amounts of our financial assets on the transition date given the Company transacts exclusively with large international financial institutions and amounts receivable are comprised of value-added tax receivable from the government of Canada. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to twelve month expected credit losses. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be objectively related to an event occurring after the impairment was recognized. (iv) Derecognition Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of net (loss) income. However, gains and losses on derecognition of financial assets classified as FVTOCI remain within the accumulated other comprehensive (loss) income. Financial liabilities The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. The difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash |
New standards adopted | (n) New standards adopted: Change in accounting policy: The Company has adopted all of the requirements of IFRS 16 Leases (“IFRS 16”), as of January 1, 2019, using the modified retrospective approach and therefore the comparative information has not been restated and continues to be reported under IAS 17 Leases (“IAS 17”). IFRS 16 specifies how to recognize, measure, present and disclose leases. IFRS 16 provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all major leases. The impact of the transition is shown in Note 4(n) below. The following is the Company’s new accounting policy for leases under IFRS 16: (i) Classification At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contracts conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess whether a contract conveys the right to control the use of an identified asset, the Company assesses whether: - The contract involves the use of an identified asset – this may be specific explicitly or implicitly, and should be physically distinct or represent substantially all of the capacity of a physically distinct asset. If the supplier has a substantive substitution right, then the asset is not identified; - The Company has the right to obtain substantially all of the economic benefit from use of the asset throughout the period of use; and - The Company has the right to direct the use of the asset. The Company has this right when is has the decision-making rights that are most relevant to changing how and for what purpose the asset is used. (ii) Measurement The Company recognizes a right-of-use right-of-use The right-of-use right-of-use right-of-use right-of-use The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company’s incremental borrow rate. Generally, the Company uses its incremental borrowing rate as the discount rate. (iii) Remeasurement The lease liability is measured at amortized costs using the effective interest method. It is remeasured when there is a change in future lease payments arising from a change in index or rate, if there is a change in the Company’s estimate of the amount expected to be payable under a residual value guarantee, or if the Company changes its assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use right-of-use (iv) Short-term leases and leases of low-value The Company has elected to apply the recognition exemption not to recognize right-of-use low-value (v) Impact of transition to IFRS 16 On initial application, the Company has elected to record right-of-use Right-of-use The transition to IFRS 16 from IAS 17 is shown in the reconciliation table below, starting with the lease commitments below as at December 31, 2018 and adjusting for the operating expenses included in the lease commitments and the discounted portion of the lease commitment to equal the Lease liability as at January 1, 2019. IFRS 16 – Leases Standard Reconciliation Lease Commitments as at December 31, 2018 under IAS 17 $ 4,501,376 Less: Operating expenses of Leases (1,611,366) Less: Impact of Discounting on Lease liability (701,187) Lease liability as at January 1, 2019 under IFRS 16 $ 3,222,380 |
SIGNIFICANT ACCOUNTING POLICI_3
SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Company's Ownership Percentage in Each of Its Subsidiaries | The following table sets forth the Company’s ownership percentage in each of its subsidiaries as of December 31, 2019: Name of Subsidiary % Ownership as of December 31, 2019 NXE Energy Royalty Ltd. 100% NXE Energy SW1 Ltd. 100% NXE Energy SW3 Ltd. 100% IsoEnergy Ltd. 52.03% |
Summary of Depreciation Over the Estimated Useful Lives of Each Significant Component | Depreciation is calculated over the estimated useful lives of each significant component as follows: - Computing equipment 55% declining balance basis - Software 55% declining balance basis - Field equipment 20% declining balance basis - Leasehold improvements Lease term - Road 5-year - Lease right-of-use assets Lease term straight-line basis |
Schedule of accounting policy for financial instruments | The Company has the following financial instruments, which are classified under IFRS 9 in the table below: Financial assets/liabilities Classification Cash and cash equivalents Amortized cost Amounts receivable Amortized cost Accounts payable and accrued liabilities Amortized cost Convertible debentures FVTPL |
Summary of lease commitments and the discounted portion of the lease commitment | The transition to IFRS 16 from IAS 17 is shown in the reconciliation table below, starting with the lease commitments below as at December 31, 2018 and adjusting for the operating expenses included in the lease commitments and the discounted portion of the lease commitment to equal the Lease liability as at January 1, 2019. IFRS 16 – Leases Standard Reconciliation Lease Commitments as at December 31, 2018 under IAS 17 $ 4,501,376 Less: Operating expenses of Leases (1,611,366) Less: Impact of Discounting on Lease liability (701,187) Lease liability as at January 1, 2019 under IFRS 16 $ 3,222,380 |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Capitalized Costs on Projects | The following is a summary of the capitalized costs on the projects described above. Rook I $ Other Athabasca $ IsoEnergy $ Total $ Acquisition costs: Balance, December 31, 2018 235,077 1,457,607 26,622,545 28,315,229 Additions - - 14,077 14,077 Impairment - - (847) (847) Balance, December 31, 2019 235,077 1,457,607 26,635,775 28,328,459 Deferred exploration costs: Balance, December 31, 2018 148,658,925 6,530,533 10,623,907 165,813,365 Additions: Drilling 17,596,099 1,508,527 1,921,903 21,026,529 General exploration 5,453,717 4,126 665,140 6,122,983 Geological and geophysical 19,859,997 1,042,071 844,448 21,746,516 Labour and wages 6,099,402 78,110 825,860 7,003,372 Share-based payments (Note 10) 1,227,604 - 98,474 1,326,078 Travel 888,515 - 138,098 1,026,613 Impairment - - (13,507) (13,507) 51,125,334 2,632,834 4,480,416 58,238,584 Balance, December 31, 2019 199,784,259 9,163,367 15,104,323 224,051,949 Total costs, December 31, 2019 200,019,336 10,620,974 41,740,098 252,380,408 Acquisition costs: Balance, December 31, 2017 235,077 1,457,607 24,737,248 26,429,932 Additions - - 1,885,297 1,885,297 Balance, December 31, 2018 235,077 1,457,607 26,622,545 28,315,229 Deferred exploration costs: Balance, December 31, 2017 112,937,959 4,942,297 8,102,367 125,982,623 Additions: - - Drilling 16,761,145 - 1,103,960 17,865,105 General exploration 2,885,003 (23,200) 142,069 3,003,872 Geological and geophysical 7,650,358 1,611,436 256,224 9,518,018 Labour and wages 5,008,846 - 693,611 5,702,457 Share-based payments (Note 10) 2,883,711 - 235,852 3,119,563 Travel 531,903 - 89,824 621,727 35,720,966 1,588,236 2,521,540 39,830,742 Balance, December 31, 2018 148,658,925 6,530,533 10,623,907 165,813,365 Total costs, December 31, 2018 148,894,002 7,988,140 37,246,452 194,128,594 |
LEASES (Tables)
LEASES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Presentation of leases for lessee [abstract] | |
Schedule of Right-of-use asset | Right-of-use 2019 Office Lease Assets Vehicle Lease Total Right-of-use Right-of-use $ 2,472,349 $ 354,163 $ 2,826,512 Depreciation of right-of-use (485,602) (123,985) (609,587) Right-of-use $ 1,986,747 $ 230,178 $ 2,216,925 |
Schedule of Lease obligation adoption | Lease obligation adoption summary of IFRS 16 on January 1, 2019 Year ended Lease obligation created on adoption of IFRS 16 on January 1, 2019 $ 3,222,380 Interest on lease liabilities 206,986 Lease payments (784,399) Balance, end of the period $ 2,644,967 Less: Current portion (558,960) Long-term lease liability $ 2,086,007 |
Schedule of IsoEnergy have total office lease commitments | The Company and its subsidiary, IsoEnergy, have total office lease commitments at their Vancouver and Saskatoon offices and vehicle leases as follows: 2020 $ 926,772 2021 $ 814,754 2022 $ 702,349 2023 $ 661,863 2024 $ 634,053 2025 $ 634,053 |
COMMITMENTS (Tables)
COMMITMENTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Continuity of the Flow-through Share Premium Liability | A continuity of the flow-through share premium liability is as follows: Year ended Year ended Balance, beginning of the period $ 550,392 $ 109,251 Liability incurred on flow-through shares issued 233,340 784,892 Settlement of flow-through share liability on expenditure made (556,210 ) (343,751 ) Balance, end of the period $ 227,522 $ 550,392 |
EQUIPMENT (Tables)
EQUIPMENT (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Detailed Information about Property, Plant and Equipment | Computing Software Field Office, Road Total Cost Balance at December 31, 2017 $ 235,586 $ 378,733 $ 4,218,220 $ 215,172 $ 1,773,585 $ 6,821,296 Additions 69,863 371,281 2,333,896 16,685 305,810 3,097,535 Disposals - - (54,075 ) - - (54,075 ) Balance at December 31, 2018 305,449 750,014 6,498,041 231,857 2,079,395 9,864,756 Assets recognized on adoption of IFRS 16 (Notes 4 and 6) - - 354,163 2,472,349 - 2,826,512 Additions 111,281 189,171 38,841 302,475 - 641,768 Balance at December 31, 2019 $ 416,730 $ 939,185 $ 6,891,045 $ 3,006,681 $ 2,079,395 $ 13,333,036 Accumulated Depreciation Balance at December 31, 2017 $ 127,923 $ 235,944 $ 1,121,800 $ 90,530 $ 262,025 $ 1,838,222 Depreciation 79,703 180,188 842,944 45,198 409,982 1,558,015 Disposals - - (43,260 ) - - (43,260 ) Balance at December 31, 2018 207,626 416,132 1,921,484 135,728 672,007 3,352,977 Depreciation 84,405 235,159 1,042,981 574,357 455,498 2,392,400 Balance at December 31, 2019 $ 292,031 $ 651,291 $ 2,964,465 $ 710,085 $ 1,127,505 $ 5,745,377 Net book value: At December 31, 2018 $ 97,823 $ 333,882 $ 4,576,557 $ 96,129 $ 1,407,388 $ 6,511,779 At December 31, 2019 $ 124,699 $ 287,894 $ 3,926,580 $ 2,296,596 $ 951,890 $ 7,587,659 |
CONVERTIBLE DEBENTURES (Tables)
CONVERTIBLE DEBENTURES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Detailed Information about Convertible Debentures | December 31, 2019 December 31, 2018 2016 Debentures (a) $ 61,149,632 $ 72,481,375 2017 Debentures (b) 58,431,560 65,709,509 Convertible Debentures $ 119,581,192 $ 138,190,884 |
2016 Debentures [member] | |
Statement [LineItems] | |
Summary of Detailed Information about Convertible Debentures Fair Value and Interest Components | Year ended Year ended Fair value of 2016 Debentures, beginning of year $ 72,481,375 $ 90,742,373 Fair value adjustment during the year (11,331,743) (18,260,998) Interest expense 5,911,455 5,977,073 Interest paid (5,566,552) (5,622,593) 2016 Debentures and interest payable $ 61,494,535 $ 72,835,855 Less: interest payable included in accounts payable and accrued liabilities (344,903) (354,480) 2016 Debentures, end of year $ 61,149,632 $ 72,481,375 |
Summary of Detailed Information about Convertible Debentures, Valuation Assumptions | The inputs used in the 2016 Debentures pricing model as at December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 December 31, 2018 Volatility 38.00% 38.00% Expected life in years 2.56 years 3.56 years Risk free interest rate 1.69% 2.58% Expected dividend yield 0% 0% Credit spread 23.96% 25.79% Underlying share price of the Company $1.67 $2.41 Conversion exercise price US$2.3261 US$2.3261 Exchange rate (C$:US$) $0.7699 $0.7330 |
2017 Debentures [member] | |
Statement [LineItems] | |
Summary of Detailed Information about Convertible Debentures Fair Value and Interest Components | Year ended Year ended Fair value of 2017 Debentures, beginning of year $ 65,709,509 $ 80,627,593 Fair value adjustment during the year (7,277,949) (14,918,084) Interest expense 5,911,455 5,977,073 Interest paid (5,566,552) (5,622,593) 2017 Debentures and interest payable $ 58,776,463 $ 66,063,989 Less: interest payable included in accounts payable and accrued liabilities (344,903) (354,480) 2017 Debentures, end of year $ 58,431,560 $ 65,709,509 |
Summary of Detailed Information about Convertible Debentures, Valuation Assumptions | The inputs used in the 2017 Debentures pricing model as at December 31, 2019 and December 31, 2018 are as follows: December 31, 2019 December 31, 2018 Volatility 38.00% 38.00% Expected life in years 2.56 years 3.56 years Risk free interest rate 1.69% 2.58% Expected dividend yield 0% 0% Credit spread 23.96% 25.79% Underlying share price of the Company $1.67 $2.41 Conversion exercise price US$2.6919 US$2.6919 Exchange rate (C$:US$) $0.7699 $0.7330 |
SHARE CAPITAL AND RESERVES (Tab
SHARE CAPITAL AND RESERVES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Stock Option Transactions and the Number of Stock Options | Stock option transactions and the number of stock options are summarized as follows: Number of Stock Weighted Average Outstanding at December 31, 2017 37,858,334 $ 1.42 Granted 9,045,482 2.64 Exercised (10,458,334 ) 0.49 Forfeited (208,334 ) 3.23 Outstanding at December 31, 2018 36,237,148 $ 1.98 Granted 9,438,679 1.79 Exercised (6,783,333 ) 0.58 Expired/Forfeited (2,274,999 ) 2.77 Outstanding at December 31, 2019 36,617,495 $ 2.14 Number of options exercisable 27,706,487 $ 2.17 |
Summary of Company's Stock Options Outstanding and Exercisable | As at December 31, 2019, the Company has stock options outstanding and exercisable as follows: Number of Options Number Exercise Price Remaining Contractual Life (Years) Expiry Date 2,850,000 2,850,000 $ 0.500 0.41 May 27, 2020 1,000,000 1,000,000 $ 2.930 0.92 November 29, 2020 500,000 333,334 $ 2.850 0.92 November 29, 2020 166,667 166,667 $ 2.410 0.92 November 29, 2020 166,667 83,333 $ 1.920 0.92 November 29, 2020 3,250,000 3,250,000 $ 0.640 0.96 December 16, 2020 250,000 250,000 $ 2.690 1.44 June 8, 2021 4,425,000 4,425,000 $ 2.650 1.48 June 23, 2021 2,750,000 2,750,000 $ 2.240 1.96 December 15, 2021 250,000 250,000 $ 3.110 2.31 April 22, 2022 125,000 125,000 $ 2.930 2.87 November 13, 2022 3,725,000 3,725,000 $ 3.390 2.96 December 14, 2022 475,000 316,666 $ 2.390 3.28 April 13, 2023 4,025,000 2,683,333 $ 2.850 3.44 June 8, 2023 100,000 66,667 $ 2.660 3.47 June 20, 2023 720,482 520,482 $ 2.490 3.64 August 21, 2023 2,800,000 1,866,664 $ 2.410 4.00 December 31, 2023 500,000 166,667 $ 2.270 4.22 March 21, 2024 250,000 83,334 $ 2.220 4.24 March 27, 2024 3,800,000 1,266,667 $ 1.920 4.45 June 12, 2024 188,679 94,340 $ 1.590 4.63 August 16, 2024 4,300,000 1,433,333 $ 1.590 4.99 December 24, 2024 36,617,495 27,706,487 |
Summary of Weighted Average Grant Date Fair Values | The following weighted average assumptions were used to estimate the weighted average grant date fair values for the years ended December 31, 2019 and December 31, 2018: December 31, 2019 December 31, 2018 Expected stock price volatility 61.75% 83.41% Expected life of options 5.00 years 5.00 years Risk free interest rate 1.54% 2.08% Expected forfeitures 0% 0% Expected dividend yield 0% 0% Weighted average fair value per option granted in period $0.96 $1.76 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Disclosure of Information About Key Management Personnel | Remuneration attributed to key management personnel can be summarized as follows: For the years ended December 31, 2019 December 31, 2018 Short-term compensation (1) $ 4,041,619 $ 3,961,649 Share-based payments (stock options) (2) 9,101,888 12,377,331 Consulting fees (3) 45,499 - $ 13,189,006 $ 16,338,980 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Reconciliation of Income Taxes at Statutory Rates | A reconciliation of income taxes at statutory rates with the reported taxes is as follows: 2019 2018 Net profit (loss) for the year $ (15,615,773) $ 1,182,308 Statutory rate 27.00% 27.00% Expected income tax (recovery) $ (4,216,259) $ 319,224 Permanent differences 1,350,167 5,165,153 Impact of flow-through shares 1,114,153 496,463 Share issuance costs - - Adjustment to prior years provision versus statutory tax returns 165,160 (7,689) Change in unrecognized deductible temporary differences and other 2,519,062 (6,282,449) Total $ 932,283 $ (309,298) |
Summary of Income Tax (Recovery) Expense | The Company’s income tax (recovery) expense is comprised of the following: 2019 2018 Deferred income tax expense (recovery) $ 932,283 $ (309,298) Total $ 932,283 $ (309,298) |
Disclosure Of Change In Fair Value of Convertible Debentures Attributable To Credit Risk Fluctuation | The Company’s deferred tax items recognized in OCI during the year: 2019 2018 Change in fair value of convertible debentures attributable to the change in credit risk $ (867,238) $ - Total $ (867,238) $ - |
Summary of Deferred Tax (Assets) and Liabilities | The tax effects of temporary differences between amounts recorded in the Company’s accounts and the corresponding amounts as calculated for income tax purposes give rise to the following deferred tax (assets) and liabilities: 2019 2018 Exploration and evaluation assets $ 8,464,017 $ 5,997,824 Convertible debentures 8,565,347 4,040,500 Non-capital (16,067,850) (9,638,615) Share issuance costs (194,576) (177,234) Equipment (41,872) (24,109) Net deferred tax liabilities $ 725,066 $ 199,366 |
Summary of Movement in Deferred Tax Liability | Movement in the Company’s deferred tax liability balance in the year is as follows: 2019 2018 Opening balance $ 199,366 $ 280,740 Recognized in income tax expense 1,488,534 34,454 Recognized in OCI/equity (962,834) (115,828) Net deferred tax liability $ 725,066 $ 199,366 |
Significant Components of Temporary Differences, Unused Tax Credits and Unused Tax Losses | The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows: 2019 Expiry Date Range 2018 Expiry Date Range Temporary Differences Non-capital $ 42,080,000 2031 to 2039 $ 31,030,000 2031 to 2038 Net capital losses 355,000 No expiry 355,000 No expiry Share issuance costs 4,288,000 - 8,179,000 - Convertible debt 4,146,000 - - - Equipment 894,000 - 424,000 - Tax attributes are subject to review, and potential adjustment, by tax authorities. |
NON-CONTROLLING INTERESTS (Tabl
NON-CONTROLLING INTERESTS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Financial Information for IsoEnergy Ltd | Summarized financial information for IsoEnergy Ltd. is as follows: 2019 2018 Cash and cash equivalents $ 6,587,000 $ 6,405,000 Other current assets 209,000 155,000 Non-current 48,208,000 43,511,000 Total assets $ 55,004,000 $ 50,071,000 Current liabilities 650,000 817,000 Non-current 867,000 199,000 Total liabilities $ 1,517,000 $ 1,016,000 Loss from operations $ 2,097,000 $ 2,142,000 Loss and comprehensive loss 2,162,000 1,832,000 Net cash flow from operating activities (1,915,000) (1,679,000) Net cash flow from investing activities (4,236,000) (2,522,000) Net cash flow from financing activities 6,333,000 7,282,000 Net increase (decrease) in cash and cash equivalents $ 182,000 $ 3,081,000 |
LOSS PER SHARE (Tables)
LOSS PER SHARE (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Loss (Profit) Per Share | 2019 2018 Basic loss (profit) per share Loss (profit) attributable to common shareholders $ 15,531,911 $ (2,269,689) Weighted average number of common shares 354,593,084 345,868,725 Basic loss (profit) per share $ 0.04 $ (0.01) Diluted loss (profit) per share Loss (profit) attributable to common shareholders $ 15,531,911 $ (2,269,689) Interest expense on convertible debentures (11,822,910) (11,954,146) Mark to market gain on convertible debentures 21,821,831 32,578,261 Diluted Loss attributable to common shareholders $ 25,530,832 $ 18,354,426 Weighted average number of common shares 354,593,084 345,868,725 Effect on conversion of convertible debentures 48,083,337 48,083,337 Weighted average number of common shares (diluted) at December 31 402,676,421 393,952,062 Diluted loss (profit) per common share $ 0.06 $ 0.05 |
Reporting Entity - Additional I
Reporting Entity - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
IsoEnergy Ltd. [member] | ||
Disclosure of reporting entity [line items] | ||
Proportion of ownership interest in subsidiary | 52.03% | 53.35% |
Nature of Operations - Addition
Nature of Operations - Additional Information (Detail) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Nature of operations [abstract] | ||
Accumulated deficit | $ (103,400,960) | $ (85,143,089) |
Working capital | $ 48,677,217 |
Significant Accounting Polici_4
Significant Accounting Policies - Summary of Company's Ownership Percentage in Each of Its Subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
NXE Energy Royalty Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | |
NXE Energy SW1 Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | |
NXE Energy SW3 Ltd [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 100.00% | |
IsoEnergy Ltd. [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest in subsidiary | 52.03% | 53.35% |
Significant Accounting Polici_5
Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||||
Dec. 31, 2019CAD ($) | Jan. 01, 2019CAD ($) | Jan. 01, 2019USD ($) | Dec. 31, 2018CAD ($) | Jan. 01, 2018CAD ($) | |
Disclosure of significant accounting policies [line items] | |||||
Flow through shares expended on property exploration period | Two years | ||||
Right of use asset | $ 2,216,925 | $ 2,826,512 | |||
Lease obligations | $ 2,644,967 | $ 3,222,380 | |||
IFRS 16 [Member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Right of use asset | $ 2,826,512 | ||||
Lease obligations | $ 3,222,380 | ||||
Weighted-average rate | 7.40% | 7.40% | |||
Impact of Adopting IFRS 9 [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Decrease to opening accumulated deficit | $ 503,146 | ||||
Bottom of Range [member] | |||||
Disclosure of significant accounting policies [line items] | |||||
Lease term period | 12 months |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Depreciation Over the Estimated Useful Lives of Each Significant Component (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Lease right-of-use assets | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives or depreciation rates | Lease term straight-line basis |
Computing Equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives or amortisation rates | 55.00% |
Useful lives or amortisation rates, intangible assets other than goodwill | 55% declining balance basis |
Software [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives or amortisation rates | 55.00% |
Useful lives or amortisation rates, intangible assets other than goodwill | 55% declining balance basis |
Field Equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives or depreciation rates | 20.00% |
Estimated useful lives or depreciation rates | 20% declining balance basis |
Leasehold Improvements [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives or depreciation rates | Lease term |
Road [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Estimated useful lives or depreciation, straight-line basis | 5 years |
Estimated useful lives or depreciation rates | 5-year straight-line basis |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule Of Accounting Policy For Financial Instruments (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Financial assets at amortised cost, category [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial instruments, classified under IFRS 9 | Amortized cost |
Amounts receivables [Member] | Financial assets at amortised cost, category [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial instruments, classified under IFRS 9 | Amortized cost |
Accounts Payable And Accrued Liabilitites [Member] | Financial assets at amortised cost, category [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial instruments, classified under IFRS 9 | Amortized cost |
Convertible debentures [member] | Financial liabilities at fair value through profit or loss, category [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Financial instruments, classified under IFRS 9 | FVTPL |
Significant Accounting Polici_8
Significant Accounting Policies - Summary of lease commitments and the discounted portion of the lease commitment (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2019 | |
Lease liabilities [abstract] | ||
Lease Commitments as at December 31, 2018 under IAS 17 | $ 4,501,376 | |
Less: Operating expenses of Leases | (1,611,366) | |
Less: Impact of Discounting on Lease liability | (701,187) | |
Lease liability as at January 1, 2019 under IFRS 16 | $ 3,222,380 | $ 2,644,967 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019CAD ($)haClaims | |
Disclosure of exploration and expenditure assets [line items] | |
Impairment of exploration and evaluation assets | $ | $ 14,354 |
Rook I Property [member] | |
Disclosure of exploration and expenditure assets [line items] | |
Number of mineral claims | Claims | 32 |
Size of mineral property | ha | 35,065 |
Ownership percentage of mineral property | 100.00% |
Net smelter return royalty | 2.00% |
Production carried interest | 10.00% |
Description about net smelter return royalty | The NSR may be reduced to 1% upon payment of $1 million. |
Percentage decrease in return royalty | 1.00% |
Amount paid upon reduction of return royalty | $ | $ 1,000,000 |
IsoEnergy Ltd. [member] | Radio Project [member] | |
Disclosure of exploration and expenditure assets [line items] | |
Ownership percentage of mineral property | 100.00% |
Net smelter return royalty | 2.00% |
Description about net smelter return royalty | Subject to a 2% net smelter return royalty and 2% gross overriding royalty |
Gross overriding royalty | 2.00% |
IsoEnergy Ltd. [member] | Thorburn Lake Project [member] | |
Disclosure of exploration and expenditure assets [line items] | |
Ownership percentage of mineral property | 100.00% |
Net smelter return royalty | 1.00% |
Production carried interest | 10.00% |
Description about net smelter return royalty | Subject to a 1% net smelter return royalty and a 10% carried interest which can be reduced to 1% at the holder's option upon completion of a bankable feasibility study |
Reduction percentage in holders option completion | 1.00% |
IsoEnergy Ltd. [member] | Madison, 2Z, Carlson Creek and North Thorburn Properties [member] | |
Disclosure of exploration and expenditure assets [line items] | |
Ownership percentage of mineral property | 100.00% |
IsoEnergy Ltd. [member] | Mountain Lake Property [member] | |
Disclosure of exploration and expenditure assets [line items] | |
Ownership percentage of mineral property | 100.00% |
IsoEnergy Ltd. [member] | Geiger Property [member] | |
Disclosure of exploration and expenditure assets [line items] | |
Ownership percentage of mineral property | 100.00% |
IsoEnergy Ltd. [member] | Larocque East Property [member] | |
Disclosure of exploration and expenditure assets [line items] | |
Number of mineral claims | Claims | 6 |
Size of mineral property | ha | 3,200 |
Ownership percentage of mineral property | 100.00% |
Exploration and Evaluation As_4
Exploration and Evaluation Assets - Summary of Capitalized Costs on Projects (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | $ 194,128,594 | |
Impairment | 14,354 | |
Exploration and evaluation assets, ending balance | 252,380,408 | $ 194,128,594 |
Acquisition Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 28,315,229 | 26,429,932 |
Additions | 14,077 | 1,885,297 |
Impairment | (847) | |
Exploration and evaluation assets, ending balance | 28,328,459 | 28,315,229 |
Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 165,813,365 | 125,982,623 |
Expense arising from exploration for and evaluation of mineral resources | 58,238,584 | 39,830,742 |
Impairment | (13,507) | |
Exploration and evaluation assets, ending balance | 224,051,949 | 165,813,365 |
Rook I Property [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 148,894,002 | |
Exploration and evaluation assets, ending balance | 200,019,336 | 148,894,002 |
Rook I Property [member] | Acquisition Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 235,077 | 235,077 |
Additions | 0 | |
Impairment | 0 | |
Exploration and evaluation assets, ending balance | 235,077 | 235,077 |
Rook I Property [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 148,658,925 | 112,937,959 |
Expense arising from exploration for and evaluation of mineral resources | 51,125,334 | 35,720,966 |
Impairment | 0 | |
Exploration and evaluation assets, ending balance | 199,784,259 | 148,658,925 |
Other Athabasca Basin Properties [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 7,988,140 | |
Exploration and evaluation assets, ending balance | 10,620,974 | 7,988,140 |
Other Athabasca Basin Properties [member] | Acquisition Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 1,457,607 | 1,457,607 |
Additions | 0 | |
Impairment | 0 | |
Exploration and evaluation assets, ending balance | 1,457,607 | 1,457,607 |
Other Athabasca Basin Properties [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 6,530,533 | 4,942,297 |
Expense arising from exploration for and evaluation of mineral resources | 2,632,834 | 1,588,236 |
Impairment | 0 | |
Exploration and evaluation assets, ending balance | 9,163,367 | 6,530,533 |
Drilling [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 21,026,529 | 17,865,105 |
Drilling [member] | Rook I Property [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 17,596,099 | 16,761,145 |
Drilling [member] | Other Athabasca Basin Properties [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 1,508,527 | |
General Exploration [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 6,122,983 | 3,003,872 |
General Exploration [member] | Rook I Property [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 5,453,717 | 2,885,003 |
General Exploration [member] | Other Athabasca Basin Properties [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 4,126 | (23,200) |
Geological and Geophysical [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 21,746,516 | 9,518,018 |
Geological and Geophysical [member] | Rook I Property [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 19,859,997 | 7,650,358 |
Geological and Geophysical [member] | Other Athabasca Basin Properties [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 1,042,071 | 1,611,436 |
Labour and Wages [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 7,003,372 | 5,702,457 |
Labour and Wages [member] | Rook I Property [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 6,099,402 | 5,008,846 |
Labour and Wages [member] | Other Athabasca Basin Properties [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 78,110 | |
Share-based Payments [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 1,326,078 | 3,119,563 |
Share-based Payments [member] | Rook I Property [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 1,227,604 | 2,883,711 |
Share-based Payments [member] | Other Athabasca Basin Properties [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 0 | |
Travel [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 1,026,613 | 621,727 |
Travel [member] | Rook I Property [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 888,515 | 531,903 |
Travel [member] | Other Athabasca Basin Properties [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 0 | |
IsoEnergy Ltd. [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 37,246,452 | |
Exploration and evaluation assets, ending balance | 41,740,098 | 37,246,452 |
IsoEnergy Ltd. [member] | Acquisition Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 26,622,545 | 24,737,248 |
Additions | 14,077 | 1,885,297 |
Impairment | (847) | |
Exploration and evaluation assets, ending balance | 26,635,775 | 26,622,545 |
IsoEnergy Ltd. [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Exploration and evaluation assets, beginning balance | 10,623,907 | 8,102,367 |
Expense arising from exploration for and evaluation of mineral resources | 4,480,416 | 2,521,540 |
Impairment | (13,507) | |
Exploration and evaluation assets, ending balance | 15,104,323 | 10,623,907 |
IsoEnergy Ltd. [member] | Drilling [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 1,921,903 | 1,103,960 |
IsoEnergy Ltd. [member] | General Exploration [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 665,140 | 142,069 |
IsoEnergy Ltd. [member] | Geological and Geophysical [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 844,448 | 256,224 |
IsoEnergy Ltd. [member] | Labour and Wages [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 825,860 | 693,611 |
IsoEnergy Ltd. [member] | Share-based Payments [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | 98,474 | 235,852 |
IsoEnergy Ltd. [member] | Travel [member] | Deferred Exploration Costs [member] | ||
Disclosure of exploration and expenditure assets [line items] | ||
Expense arising from exploration for and evaluation of mineral resources | $ 138,098 | $ 89,824 |
Leases - Schedule of Right-of-u
Leases - Schedule of Right-of-use asset (Detail) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | $ 2,826,512 |
Depreciation of right-of-use asset | (609,587) |
Ending Balance | 2,216,925 |
Office equipment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 2,472,349 |
Depreciation of right-of-use asset | (485,602) |
Ending Balance | 1,986,747 |
Vehicles [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Beginning Balance | 354,163 |
Depreciation of right-of-use asset | (123,985) |
Ending Balance | $ 230,178 |
Leases - Schedule of Lease obli
Leases - Schedule of Lease obligation adoption (Detail) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Disclosure Of Detailed Information About Lease Liabilities [Line Items] | |
Beginning Balance | $ 3,222,380 |
Interest on lease liabilities | 206,986 |
Lease payments | 784,399 |
Ending Balance | 2,644,967 |
Less Current portion | (558,960) |
Long-term lease liability | $ 2,086,007 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019CAD ($) | |
Statement [LineItems] | |
Payment of operating costs and realty taxes | $ 422,185 |
Payment of short term lease expenses | $ 16,239,540 |
Office equipment [member] | |
Statement [LineItems] | |
Discount rate to leases | 7.50% |
Vehicles [member] | |
Statement [LineItems] | |
Discount rate to leases | 6.74% |
Leases - Schedule of IsoEnergy
Leases - Schedule of IsoEnergy have total office lease commitments (Detail) | Dec. 31, 2019CAD ($) |
2020 [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
The Company and its subsidiary | $ 926,772 |
2021 [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
The Company and its subsidiary | 814,754 |
2022 [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
The Company and its subsidiary | 702,349 |
2023 [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
The Company and its subsidiary | 661,863 |
2024 [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
The Company and its subsidiary | 634,053 |
2025 [member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
The Company and its subsidiary | $ 634,053 |
Commitments - Additional Inform
Commitments - Additional Information (Detail) | Dec. 31, 2019CAD ($) |
IsoEnergy Ltd. [member] | |
Commitments [line items] | |
Required exploration expenditures | $ 3,412,807 |
Commitments - Summary of Contin
Commitments - Summary of Continuity of the Flow-through Share Premium Liability (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Commitments [abstract] | ||
Balance, beginning of the period | $ 550,392 | $ 109,251 |
Liability incurred on flow-through shares issued | 233,340 | 784,892 |
Settlement of flow-through share premium liability on expenditures made | (556,210) | (343,751) |
Balance, end of the period | $ 227,522 | $ 550,392 |
Equipment - Summary of Detailed
Equipment - Summary of Detailed Information about Property, Plant and Equipment (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | $ 6,511,779 | |
Balance at end of year | 7,587,659 | $ 6,511,779 |
At Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 9,864,756 | 6,821,296 |
Assets recognized on adoption of IFRS 16 (Notes 4 and 6) | 2,826,512 | |
Additions | 641,768 | 3,097,535 |
Disposals | (54,075) | |
Balance at end of year | 13,333,036 | 9,864,756 |
Accumulated Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 3,352,977 | 1,838,222 |
Depreciation | 2,392,400 | 1,558,015 |
Disposals | (43,260) | |
Balance at end of year | 5,745,377 | 3,352,977 |
Computing Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 97,823 | |
Balance at end of year | 124,699 | 97,823 |
Computing Equipment [member] | At Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 305,449 | 235,586 |
Additions | 111,281 | 69,863 |
Balance at end of year | 416,730 | 305,449 |
Computing Equipment [member] | Accumulated Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 207,626 | 127,923 |
Depreciation | 84,405 | 79,703 |
Balance at end of year | 292,031 | 207,626 |
Software [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 333,882 | |
Balance at end of year | 287,894 | 333,882 |
Software [member] | At Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 750,014 | 378,733 |
Additions | 189,171 | 371,281 |
Balance at end of year | 939,185 | 750,014 |
Software [member] | Accumulated Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 416,132 | 235,944 |
Depreciation | 235,159 | 180,188 |
Balance at end of year | 651,291 | 416,132 |
Field Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 4,576,557 | |
Balance at end of year | 3,926,580 | 4,576,557 |
Field Equipment [member] | At Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 6,498,041 | 4,218,220 |
Assets recognized on adoption of IFRS 16 (Notes 4 and 6) | 354,163 | |
Additions | 38,841 | 2,333,896 |
Disposals | (54,075) | |
Balance at end of year | 6,891,045 | 6,498,041 |
Field Equipment [member] | Accumulated Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,921,484 | 1,121,800 |
Depreciation | 1,042,981 | 842,944 |
Disposals | (43,260) | |
Balance at end of year | 2,964,465 | 1,921,484 |
Road [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 1,407,388 | |
Balance at end of year | 951,890 | 1,407,388 |
Road [member] | At Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 2,079,395 | 1,773,585 |
Additions | 305,810 | |
Balance at end of year | 2,079,395 | 2,079,395 |
Road [member] | Accumulated Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 672,007 | 262,025 |
Depreciation | 455,498 | 409,982 |
Balance at end of year | 1,127,505 | 672,007 |
Office Furniture and Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 96,129 | |
Balance at end of year | 2,296,596 | 96,129 |
Office Furniture and Leasehold Improvements [Member] | At Cost [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 231,857 | 215,172 |
Assets recognized on adoption of IFRS 16 (Notes 4 and 6) | 2,472,349 | |
Additions | 302,475 | 16,685 |
Balance at end of year | 3,006,681 | 231,857 |
Office Furniture and Leasehold Improvements [Member] | Accumulated Depreciation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Balance at beginning of year | 135,728 | 90,530 |
Depreciation | 574,357 | 45,198 |
Balance at end of year | $ 710,085 | $ 135,728 |
Convertible Debentures - Summar
Convertible Debentures - Summary of Detailed Information about Convertible Debentures (Detail) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 |
Convertible debentures [line items] | ||
Convertible debentures | $ 119,581,192 | $ 138,190,884 |
2016 Debentures [member] | ||
Convertible debentures [line items] | ||
Convertible debentures | 61,149,632 | 72,481,375 |
2017 Debentures [member] | ||
Convertible debentures [line items] | ||
Convertible debentures | $ 58,431,560 | $ 65,709,509 |
Convertible Debentures - Additi
Convertible Debentures - Additional Information (Detail) | Jul. 21, 2017CAD ($)shares | Jul. 21, 2017USD ($)shares | Jun. 10, 2016CAD ($)shares | Jun. 10, 2016USD ($)shares | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017CAD ($) | Jul. 21, 2017USD ($) | Jun. 10, 2016USD ($) |
Convertible debentures [line items] | ||||||||||||
Debentures decreased | $ 119,581,192 | $ 138,190,884 | ||||||||||
Gains (losses) recognised in profit or loss, fair value measurement, liabilities | 18,609,692 | |||||||||||
Comprehensive income (loss) | 3,212,139 | |||||||||||
Comprehensive income | 21,821,831 | |||||||||||
Gains (losses) recognised in profit or loss, fair value measurement, liabilities | $ 18,609,692 | |||||||||||
Interest rate | 7.50% | 7.50% | 7.50% | |||||||||
Borrowings, interest rate, payable in cash | 5.00% | |||||||||||
Borrowings, interest rate, payable in common shares | 2.50% | |||||||||||
2016 Debentures [member] | ||||||||||||
Convertible debentures [line items] | ||||||||||||
Gains (losses) recognised in profit or loss, fair value measurement, liabilities | $ 11,331,743 | $ 6,049,408 | ||||||||||
Gross proceeds from issuance of convertible debentures | $ 76,416,000 | $ 60,000,000 | ||||||||||
Net proceeds from issuances of convertible debentures | 72,363,602 | 56,852,383 | ||||||||||
Convertible debenture issuance costs | $ 4,052,398 | $ 3,147,617 | ||||||||||
Establishment fee, percent | 3.00% | 3.00% | ||||||||||
Establishment fee | $ 2,292,480 | $ 1,800,000 | ||||||||||
Establishment fee (shares) | shares | 1,005,586 | 1,005,586 | ||||||||||
Convertible debentures at fair value | $ 74,123,520 | 61,149,632 | $ 47,081,639 | 72,481,375 | $ 53,131,047 | $ 90,742,373 | $ 58,200,000 | |||||
Gains (losses) recognised in profit or loss, fair value measurement, liabilities | 11,331,743 | 6,049,408 | ||||||||||
Convertible debt, conversion price | 2.3261 | 2.3261 | ||||||||||
2017 Debentures [member] | ||||||||||||
Convertible debentures [line items] | ||||||||||||
Gains (losses) recognised in profit or loss, fair value measurement, liabilities | 7,277,949 | 3,178,182 | ||||||||||
Gross proceeds from issuance of convertible debentures | $ 75,294,000 | $ 60,000,000 | ||||||||||
Net proceeds from issuances of convertible debentures | 72,482,854 | 57,759,864 | ||||||||||
Convertible debenture issuance costs | $ 2,811,146 | $ 2,240,136 | ||||||||||
Establishment fee, percent | 3.00% | 3.00% | ||||||||||
Establishment fee | $ 2,258,820 | $ 1,800,000 | ||||||||||
Establishment fee (shares) | shares | 869,271 | 869,271 | ||||||||||
Convertible debentures at fair value | $ 73,035,180 | 58,431,560 | 44,988,882 | $ 65,709,509 | 48,167,064 | $ 80,627,593 | $ 58,200,000 | |||||
Gains (losses) recognised in profit or loss, fair value measurement, liabilities | $ 7,277,949 | $ 3,178,182 | ||||||||||
Convertible debt, conversion price | $ 2.6919 | $ 2.6919 |
Convertible Debentures - Summ_2
Convertible Debentures - Summary of Detailed Information about Convertible Debentures Fair Value and Interest Components (Detail) | 12 Months Ended | ||||||||
Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017CAD ($) | Jul. 21, 2017CAD ($) | Jul. 21, 2017USD ($) | Jun. 10, 2016CAD ($) | Jun. 10, 2016USD ($) | |
2016 Debentures [member] | |||||||||
Convertible debentures [line items] | |||||||||
Fair value adjustment during the year | $ (11,331,743) | $ (18,260,998) | |||||||
Interest expense | 5,911,455 | 5,977,073 | |||||||
Interest paid | (5,566,552) | (5,622,593) | |||||||
Convertible debentures and interest payable | 61,494,535 | 72,835,855 | |||||||
Less: interest payable included in accounts payable and accrued liabilities | (344,903) | (354,480) | |||||||
Convertible debentures at fair value | 61,149,632 | 72,481,375 | $ 47,081,639 | $ 53,131,047 | $ 90,742,373 | $ 74,123,520 | $ 58,200,000 | ||
2017 Debentures [member] | |||||||||
Convertible debentures [line items] | |||||||||
Fair value adjustment during the year | (7,277,949) | (14,918,084) | |||||||
Interest expense | 5,911,455 | 5,977,073 | |||||||
Interest paid | (5,566,552) | (5,622,593) | |||||||
Convertible debentures and interest payable | 58,776,463 | 66,063,989 | |||||||
Less: interest payable included in accounts payable and accrued liabilities | (344,903) | (354,480) | |||||||
Convertible debentures at fair value | $ 58,431,560 | $ 65,709,509 | $ 44,988,882 | $ 48,167,064 | $ 80,627,593 | $ 73,035,180 | $ 58,200,000 |
Convertible Debentures - Summ_3
Convertible Debentures - Summary of Detailed Information about Convertible Debentures, Valuation Assumptions (Detail) | 12 Months Ended | |||
Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
2016 Debentures [member] | ||||
Convertible debentures [line items] | ||||
Volatility | 3,800 | 3,800 | 3,800 | 3,800 |
Expected life in years | 2.56 years | 3.56 years | ||
Risk free interest rate | 1.69% | 2.58% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Credit spread | 23.96% | 25.79% | ||
Underlying share price of the Company | $ 1.67 | $ 2.41 | ||
Conversion exercise price | $ 2.3261 | $ 2.3261 | ||
Exchange rate (C$:US$) | 0.7699 | 0.7330 | 0.7699 | 0.7330 |
2017 Debentures [member] | ||||
Convertible debentures [line items] | ||||
Volatility | 3,800 | 3,800 | 3,800 | 3,800 |
Expected life in years | 2.56 years | 3.56 years | ||
Risk free interest rate | 1.69% | 2.58% | ||
Expected dividend yield | 0.00% | 0.00% | ||
Credit spread | 23.96% | 25.79% | ||
Underlying share price of the Company | $ 1.67 | $ 2.41 | ||
Conversion exercise price | $ 2.6919 | $ 2.6919 | ||
Exchange rate (C$:US$) | 0.7699 | 0.7330 | 0.7699 | 0.7330 |
Share Capital and Reserves - Ad
Share Capital and Reserves - Additional Information (Detail) - CAD ($) | Dec. 09, 2019 | Jun. 07, 2019 | Dec. 11, 2018 | Dec. 06, 2018 | Jun. 12, 2018 | Jun. 11, 2018 | Jun. 10, 2016 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of classes of share capital [line items] | |||||||||
Common shares issued | 693,994 | 6,783,333 | 10,458,334 | ||||||
Exercise of options | $ 5,074,334 | ||||||||
Exercise of options | $ 3,938,666 | 5,074,334 | |||||||
Common shares issued | 1,188,872 | 1,041,304 | 693,994 | 745,378 | 745,378 | ||||
Issue of shares on convertible debenture interest payment | $ 1,854,639 | $ 2,020,130 | $ 1,894,603 | $ 1,894,603 | $ 2,154,142 | $ 2,154,142 | $ 3,874,769 | $ 4,048,745 | |
Exercise price | $ 0.58 | $ 0.49 | |||||||
Description of maximum term of options granted for share-based payment arrangement | Pursuant to the Company’s stock option plan, directors may, from time to time, authorize the issuance of options to directors, officers, employees and consultants of the Company, enabling them to acquire up to 20% of the issued and outstanding common shares of the Company. The options can be granted for a maximum term of 10 years and are subject to vesting provisions as determined by the Board of Directors of the Company. | ||||||||
Percentage of issued and outstanding shares acquired | 20.00% | ||||||||
Options granted, maximum term | 10 years | ||||||||
Share-based payments | $ 10,867,167 | $ 13,736,299 | |||||||
Included in exploration and evaluation assets [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Share-based payments | 1,326,078 | 3,119,563 | |||||||
Expensed to the statement of loss profit and comprehensive loss profit [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Share-based payments | 10,867,167 | 13,736,299 | |||||||
Reserves [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Exercise of options | (2,263,094) | (3,276,872) | |||||||
Share-based payments | $ 12,193,245 | $ 16,855,862 | |||||||
Options Exercised 1 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Options exercised, shares | 2,450,000 | 250,000 | |||||||
Exercise price | $ 0.30 | ||||||||
Exercise price | $ 0.40 | ||||||||
Options Exercised 2 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Options exercised, shares | 3,300,000 | 5,975,000 | |||||||
Exercise price | $ 0.46 | $ 0.40 | |||||||
Options Exercised 3 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Options exercised, shares | 200,000 | 1,100,000 | |||||||
Exercise price | $ 0.50 | $ 0.46 | |||||||
Options Exercised 4 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Options exercised, shares | 325,000 | 1,300,000 | |||||||
Exercise price | $ 0.64 | $ 0.50 | |||||||
Options Exercised 5 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Options exercised, shares | 508,333 | 500,000 | |||||||
Exercise price | $ 2.24 | $ 0.62 | |||||||
Options Exercised 6 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Options exercised, shares | 1,000,000 | ||||||||
Exercise price | $ 0.64 | ||||||||
Options Exercised 7 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Options exercised, shares | 333,334 | ||||||||
Exercise price | $ 1.51 |
Share Capital and Reserves - Su
Share Capital and Reserves - Summary of Stock Option Transactions and the Number of Stock Options (Detail) | 12 Months Ended | |
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of Stock Options Outstanding, Beginning Balance | 36,237,148 | 37,858,334 |
Number of Stock Options, Granted | 9,438,679 | 9,045,482 |
Number of Stock Options, Exercised | (6,783,333) | (10,458,334) |
Number of Stock Options, Forfeited | (2,274,999) | (208,334) |
Number of Stock Options Outstanding, Ending Balance | 36,617,495 | 36,237,148 |
Number of Stock Options Outstanding, Number of options exercisable | 27,706,487 | |
Weighted Average Exercise Price Outstanding, Beginning Balance | $ 1.98 | $ 1.42 |
Weighted Average Exercise Price, Granted | 1.79 | 2.64 |
Weighted Average Exercise Price, Exercised | 0.58 | 0.49 |
Weighted Average Exercise Price, Forfeited | 2.77 | 3.23 |
Weighted Average Exercise Price Outstanding, Ending Balance | 2.14 | $ 1.98 |
Weighted Average Exercise Price Outstanding, Number of options exercisable | $ 2.17 |
Share Capital and Reserves - _2
Share Capital and Reserves - Summary of Company's Stock Options Outstanding and Exercisable (Detail) | 12 Months Ended | ||
Dec. 31, 2019$ / shares | Dec. 31, 2018$ / shares | Dec. 31, 2017$ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 36,617,495 | 36,237,148 | 37,858,334 |
Number Exercisable | 27,706,487 | ||
Exercise Price | $ 2.14 | $ 1.98 | $ 1.42 |
0.50 exercise price expire on May 27, 2020 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 2,850,000 | ||
Number Exercisable | 2,850,000 | ||
Exercise Price | $ 0.500 | ||
Remaining Contractual Life | 4 months 27 days | ||
Expiry Date | May 27, 2020 | ||
2.93 Exercise Price Expire on November 29, 2020 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 1,000,000 | ||
Number Exercisable | 1,000,000 | ||
Exercise Price | $ 2.930 | ||
Remaining Contractual Life | 11 months 1 day | ||
Expiry Date | Nov. 29, 2020 | ||
2.85 Exercise Price Expire on November 29, 2020 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 500,000 | ||
Number Exercisable | 333,334 | ||
Exercise Price | $ 2.850 | ||
Remaining Contractual Life | 11 months 1 day | ||
Expiry Date | Nov. 29, 2020 | ||
2.41 Exercise Price Expire on November 29, 2020 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 166,667 | ||
Number Exercisable | 166,667 | ||
Exercise Price | $ 2.410 | ||
Remaining Contractual Life | 11 months 1 day | ||
Expiry Date | Nov. 29, 2020 | ||
1.920 Exercise Price Expire on November 29, 2020[member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 166,667 | ||
Number Exercisable | 83,333 | ||
Exercise Price | $ 1.920 | ||
Remaining Contractual Life | 11 months 1 day | ||
Expiry Date | Nov. 29, 2020 | ||
0.640 Exercise Price Expire on December 16, 2020 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 3,250,000 | ||
Number Exercisable | 3,250,000 | ||
Exercise Price | $ 0.640 | ||
Remaining Contractual Life | 11 months 15 days | ||
Expiry Date | Dec. 16, 2020 | ||
2.69 Exercise Price Expire on June 8, 2021 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 250,000 | ||
Number Exercisable | 250,000 | ||
Exercise Price | $ 2.690 | ||
Remaining Contractual Life | 1 year 5 months 8 days | ||
Expiry Date | Jun. 8, 2021 | ||
2.65 Exercise Price Expire on June 23, 2021 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 4,425,000 | ||
Number Exercisable | 4,425,000 | ||
Exercise Price | $ 2.650 | ||
Remaining Contractual Life | 1 year 5 months 23 days | ||
Expiry Date | Jun. 23, 2021 | ||
2.24 Exercise Price Expire on December 15, 2021 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 2,750,000 | ||
Number Exercisable | 2,750,000 | ||
Exercise Price | $ 2.240 | ||
Remaining Contractual Life | 1 year 11 months 15 days | ||
Expiry Date | Dec. 15, 2021 | ||
3.11 Exercise Price Expire on April 22, 2022 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 250,000 | ||
Number Exercisable | 250,000 | ||
Exercise Price | $ 3.110 | ||
Remaining Contractual Life | 2 years 3 months 21 days | ||
Expiry Date | Apr. 22, 2022 | ||
2.93 Exercise Price Expire On November 13, 2022 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 125,000 | ||
Number Exercisable | 125,000 | ||
Exercise Price | $ 2.930 | ||
Remaining Contractual Life | 2 years 10 months 13 days | ||
Expiry Date | Nov. 13, 2022 | ||
3.39 Exercise Price Expire on December 14, 2022 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 3,725,000 | ||
Number Exercisable | 3,725,000 | ||
Exercise Price | $ 3.390 | ||
Remaining Contractual Life | 2 years 11 months 15 days | ||
Expiry Date | Dec. 14, 2022 | ||
2.39 Exercise Price Expire on April 13, 2023 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 475,000 | ||
Number Exercisable | 316,666 | ||
Exercise Price | $ 2.390 | ||
Remaining Contractual Life | 3 years 3 months 10 days | ||
Expiry Date | Apr. 13, 2023 | ||
2.85 Exercise Price Expire on June 8, 2023 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 4,025,000 | ||
Number Exercisable | 2,683,333 | ||
Exercise Price | $ 2.850 | ||
Remaining Contractual Life | 3 years 5 months 8 days | ||
Expiry Date | Jun. 8, 2023 | ||
2.66 Exercise Price Expire on June 20, 2023 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 100,000 | ||
Number Exercisable | 66,667 | ||
Exercise Price | $ 2.660 | ||
Remaining Contractual Life | 3 years 5 months 19 days | ||
Expiry Date | Jun. 20, 2023 | ||
2.49 Exercise Price Expire on August21, 2023 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 720,482 | ||
Number Exercisable | 520,482 | ||
Exercise Price | $ 2.490 | ||
Remaining Contractual Life | 3 years 7 months 20 days | ||
Expiry Date | Aug. 21, 2023 | ||
2.41 Exercise Price Expire on December31, 2023 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 2,800,000 | ||
Number Exercisable | 1,866,664 | ||
Exercise Price | $ 2.410 | ||
Remaining Contractual Life | 4 years | ||
Expiry Date | Dec. 31, 2023 | ||
2.27 Exercise Price Expire on March 21, 2024 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 500,000 | ||
Number Exercisable | 166,667 | ||
Exercise Price | $ 2.270 | ||
Remaining Contractual Life | 4 years 2 months 19 days | ||
Expiry Date | Mar. 21, 2024 | ||
2.22 Exercise Price Expire on March 27, 2024 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 250,000 | ||
Number Exercisable | 83,334 | ||
Exercise Price | $ 2.220 | ||
Remaining Contractual Life | 4 years 2 months 26 days | ||
Expiry Date | Mar. 27, 2024 | ||
1.92 Exercise Price Expire on June 12, 2024 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 3,800,000 | ||
Number Exercisable | 1,266,667 | ||
Exercise Price | $ 1.920 | ||
Remaining Contractual Life | 4 years 5 months 12 days | ||
Expiry Date | Jun. 12, 2024 | ||
1.59 Exercise Price Expire on August 16, 2024 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 188,679 | ||
Number Exercisable | 94,340 | ||
Exercise Price | $ 1.590 | ||
Remaining Contractual Life | 4 years 7 months 17 days | ||
Expiry Date | Aug. 16, 2024 | ||
1.59 Exercise Price Expire on December 24,2024 [member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of Options | 4,300,000 | ||
Number Exercisable | 1,433,333 | ||
Exercise Price | $ 1.590 | ||
Remaining Contractual Life | 4 years 11 months 26 days | ||
Expiry Date | Dec. 24, 2024 |
Share Capital and Reserves - _3
Share Capital and Reserves - Summary of Weighted Average Grant Date Fair Values (Detail) | 12 Months Ended | |
Dec. 31, 2019CAD ($)yr | Dec. 31, 2018CAD ($)yr | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Expected stock price volatility | 61.75% | 83.41% |
Expected life of options | yr | 5 | 5 |
Risk free interest rate | 1.54% | 2.08% |
Expected forfeitures | 0.00% | 0.00% |
Expected dividend yield | 0.00% | 0.00% |
Weighted average fair value per option granted | $ | $ 0.96 | $ 1.76 |
Related Party Transactions - Di
Related Party Transactions - Disclosure of Information About Key Management Personnel (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | ||
Key management personnel compensation, short-term employee benefits | $ 4,041,619 | $ 3,961,649 |
Key management personnel compensation, share-based payment | 9,101,888 | 12,377,331 |
Key management personnel compensation, consulting fees | 45,499 | 0 |
Remuneration attributed to key management personnel | $ 13,189,006 | $ 16,338,980 |
Related Party Transactions - _2
Related Party Transactions - Disclosure of Information About Key Management Personnel (Parenthetical) (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Key management personnel compensation, short-term employee benefits | $ 4,041,619 | $ 3,961,649 |
Key management personnel compensation, share-based payment | 9,101,888 | 12,377,331 |
Salaries, Employees Benefits and Directors Fee [member] | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Key management personnel compensation, short-term employee benefits | 2,985,193 | 3,320,106 |
Key management personnel compensation, share-based payment | 8,834,428 | 11,534,811 |
Capitalized to Exploration and Evaluation Assets [member] | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [line items] | ||
Key management personnel compensation, short-term employee benefits | 1,056,426 | 641,543 |
Key management personnel compensation, share-based payment | $ 267,460 | $ 842,520 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | ||
Amounts payable and accrued liabilities related party transactions | $ 99,999 | $ 1,415,900 |
Key management personnel compensation, consulting fees | $ 45,499 | $ 0 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) | 12 Months Ended | |||
Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | |
Disclosure of detailed information about financial instruments [line items] | ||||
Cash and cash equivalents | $ 52,117,581 | $ 125,059,189 | $ 164,943,850 | |
Accounts payable and accrued liabilities | $ 3,998,313 | $ 5,966,921 | ||
Convertible debentures, aggregate principal amount | $ 120,000,000 | |||
Borrowings, interest rate | 7.50% | 7.50% | 7.50% | |
Amounts held in foreign risk [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Financial liabilities, net | $ 76,019,307 | |||
Percentage of reasonably possible change in currency rates | 10.00% | |||
Value at risk | $ 9,871,617 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Income Taxes at Statutory Rates (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Net profit (loss) for the year | $ (15,615,773) | $ 1,182,308 |
Statutory rate | 27.00% | 27.00% |
Expected income tax (recovery) | $ (4,216,259) | $ 319,224 |
Permanent differences | 1,350,167 | 5,165,153 |
Impact of flow-through shares | 1,114,153 | 496,463 |
Share issuance costs | ||
Adjustment to prior years provision versus statutory tax returns | 165,160 | (7,689) |
Change in unrecognized deductible temporary differences and other | 2,519,062 | (6,282,449) |
Total | $ 932,283 | $ (309,298) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax (Recovery) Expense (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | ||
Deferred income tax expense (recovery) | $ 932,283 | $ (309,298) |
Income Taxes - Disclosure Of Ch
Income Taxes - Disclosure Of Change In Fair Value of Convertible Debentures Attributable To Credit Risk Fluctuation (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Change In Fair Value of Convertible Debentures Attributable To Credit Risk Fluctuation [Line Items] | ||
Deferred income tax recovery | $ (867,238) | |
Change In Fair Value Of Convertible Debentures Attributable To Change In Credit Risk | ||
Disclosure Of Change In Fair Value of Convertible Debentures Attributable To Credit Risk Fluctuation [Line Items] | ||
Deferred income tax recovery | $ (867,238) |
Income Taxes - Summary of Defer
Income Taxes - Summary of Deferred Tax (Assets) and Liabilities (Detail) - CAD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | $ 725,066 | $ 199,366 | $ 280,740 |
Exploration and evaluation assets [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | 8,464,017 | 5,997,824 | |
Convertible debentures [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | 8,565,347 | 4,040,500 | |
Non-capital losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | (16,067,850) | (9,638,615) | |
Share issuance costs [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | (194,576) | (177,234) | |
Equipment [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred tax liabilities | $ (41,872) | $ (24,109) |
Income Taxes - Summary of Movem
Income Taxes - Summary of Movement in Deferred Tax Liability (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Changes in deferred tax liability (asset) [abstract] | ||
Opening balance | $ 199,366 | $ 280,740 |
Recognized in income tax expense | 1,488,534 | 34,454 |
Recognized in OCI/equity | (962,834) | (115,828) |
Net deferred tax liability | $ 725,066 | $ 199,366 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Temporary Differences, Unused Tax Credits and Unused Tax Losses (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Non-capital losses available for future periods [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary Differences | $ 42,080,000 | $ 31,030,000 |
Expiry Date | 2031 to 2037 | 2031 to 2037 |
Net capital losses [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary Differences | $ 355,000 | $ 355,000 |
Expiry Date | No expiry | No expiry |
Share issuance costs [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary Differences | $ 4,288,000 | $ 8,179,000 |
Convertible debt [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary Differences | 4,146,000 | |
Equipment [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Temporary Differences | $ 894,000 | $ 424,000 |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Detail) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
The subsidiaries with the exception of isoEnergy [member] | |||
Disclosure of noncontrolling interests [line items] | |||
Proportion of ownership interest in subsidiary | 100.00% | ||
IsoEnergy Ltd. [member] | |||
Disclosure of noncontrolling interests [line items] | |||
Proportion of ownership interest in subsidiary | 52.03% | 53.35% | |
Increase in number of flow through shares outstanding | 8,403,000 | 10,848,200 | 999,999 |
Common shares to related parties | 7,371,858 | 7,022,520 | |
Proceeds from issuing shares | $ 6,748,977 | $ 7,710,764 | $ 1,100,000 |
Increase in number of shares outstanding, issued to an unrelated third party | 60,000 | 102,600 | |
IsoEnergy Ltd. [member] | Radio Property [member] | |||
Disclosure of noncontrolling interests [line items] | |||
Issue of shares for exploration and evaluation assets | 3,000,000 | ||
IsoEnergy Ltd. [member] | Geiger Property [member] | |||
Disclosure of noncontrolling interests [line items] | |||
Issue of shares for exploration and evaluation assets | 68,774 | 3,330,000 | 1,000,000 |
IsoEnergy Ltd. [member] | Laroque East uranium exploration property [member] | |||
Disclosure of noncontrolling interests [line items] | |||
Issue of shares for exploration and evaluation assets | 1,000,000 |
Non-controlling Interests - Sum
Non-controlling Interests - Summary of Financial Information for IsoEnergy Ltd (Detail) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of noncontrolling interests [line items] | |||
Cash and cash equivalents | $ 52,117,581 | $ 125,059,189 | $ 164,943,850 |
Non-current assets | 260,063,902 | 201,155,084 | |
TOTAL ASSETS | 313,525,914 | 326,867,565 | |
Current liabilities | 4,784,795 | 6,517,313 | |
Non-current liabilities | 122,392,265 | 138,423,662 | |
Total liabilities | 127,177,060 | 144,940,975 | |
Loss from operations | (15,615,773) | 1,182,308 | |
Loss and comprehensive loss | (18,892,957) | 2,092,427 | |
Net cash flow from operating activities | (12,805,886) | (8,452,068) | |
Net cash flow from investing activities | (57,679,454) | (37,767,642) | |
Net cash flow from financing activities | (1,408,050) | 2,429,425 | |
Net increase (decrease) in cash and cash equivalents | (71,893,390) | (43,790,285) | |
Subsidiaries with material non-controlling interests [member] | |||
Disclosure of noncontrolling interests [line items] | |||
Cash and cash equivalents | 6,587,000 | 6,405,000 | |
Other current assets | 209,000 | 155,000 | |
Non-current assets | 48,208,000 | 43,511,000 | |
TOTAL ASSETS | 55,004,000 | 50,071,000 | |
Current liabilities | 650,000 | 817,000 | |
Non-current liabilities | 867,000 | 199,000 | |
Total liabilities | 1,517,000 | 1,016,000 | |
Loss from operations | 2,097,000 | 2,142,000 | |
Loss and comprehensive loss | 2,162,000 | 1,832,000 | |
Net cash flow from operating activities | (1,915,000) | (1,679,000) | |
Net cash flow from investing activities | (4,236,000) | (2,522,000) | |
Net cash flow from financing activities | 6,333,000 | 7,282,000 | |
Net increase (decrease) in cash and cash equivalents | $ 182,000 | $ 3,081,000 |
Supplemental Disclosure with _2
Supplemental Disclosure with Respect to Cash Flows - Additional Information (Detail) - CAD ($) | Dec. 09, 2019 | Jun. 07, 2019 | Dec. 11, 2018 | Dec. 06, 2018 | Jun. 12, 2018 | Jun. 11, 2018 | Jun. 10, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Schedule of cash flow supplemental [line items] | ||||||||||
Exploration and evaluation asset expenditures | $ 2,653,508 | |||||||||
Interest expense related to convertible debentures | $ 708,960 | |||||||||
Issue of shares on convertible debenture interest payment (shares) | 1,188,872 | 1,041,304 | 693,994 | 745,378 | 745,378 | |||||
Issue of shares on convertible debenture interest payment | $ 1,854,639 | $ 2,020,130 | $ 1,894,603 | $ 1,894,603 | $ 2,154,142 | $ 2,154,142 | 3,874,769 | 4,048,745 | ||
Share-based payments | 10,867,167 | 13,736,299 | ||||||||
Exercise of options | 3,938,666 | 5,074,334 | ||||||||
Non cash right of use lease assets | 2,826,512 | |||||||||
Non cash lease liabilities | 3,222,380 | |||||||||
Included in exploration and evaluation assets [member] | ||||||||||
Schedule of cash flow supplemental [line items] | ||||||||||
Share-based payments | $ 1,326,078 | $ 3,119,563 | ||||||||
IsoEnergy Ltd. [member] | Geiger Property [member] | ||||||||||
Schedule of cash flow supplemental [line items] | ||||||||||
Issue of shares for exploration and evaluation assets (shares) | 68,774 | 3,330,000 | 1,000,000 | |||||||
Issue of shares for exploration and evaluation assets | $ 1,282,050 | |||||||||
IsoEnergy Ltd. [member] | Laroque East uranium exploration property [member] | ||||||||||
Schedule of cash flow supplemental [line items] | ||||||||||
Issue of shares for exploration and evaluation assets (shares) | 1,000,000 | |||||||||
Issue of shares for exploration and evaluation assets | $ 350,000 | |||||||||
Reserves [member] | ||||||||||
Schedule of cash flow supplemental [line items] | ||||||||||
Exercise of options | $ (2,263,094) | (3,276,872) | ||||||||
Included in accounts payable and accrued liabilities [member] | ||||||||||
Schedule of cash flow supplemental [line items] | ||||||||||
Exploration and evaluation asset expenditures | 2,763,713 | |||||||||
Equipment expenditures | 3,385 | $ 114,376 | ||||||||
Interest expense related to convertible debentures | $ 681,870 |
Loss Per Share - Summary of Los
Loss Per Share - Summary of Loss (Profit) Per Share (Detail) - CAD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Basic loss (profit) per share | ||
Loss (profit) attributable to common shareholders | $ 15,531,911 | $ (2,269,689) |
Weighted average number of common shares | 354,593,084 | 345,868,725 |
Basic loss (profit) per share | $ 0.04 | $ (0.01) |
Diluted loss (profit) per share | ||
Loss (profit) attributable to common shareholders | $ 15,531,911 | $ (2,269,689) |
Interest expense on convertible debentures | (11,822,910) | (11,954,146) |
Mark to market gain on convertible debentures | 21,821,831 | 32,578,261 |
Diluted Loss attributable to common shareholders | $ 25,530,832 | $ 18,354,426 |
Weighted average number of common shares | 354,593,084 | 345,868,725 |
Effect on conversion of convertible debentures | 48,083,337 | 48,083,337 |
Weighted average number of common shares (diluted) at December 31 | 402,676,421 | 393,952,062 |
Diluted loss (profit) per common share | $ 0.06 | $ 0.05 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Vancouver [Member] - Buildings [member] - Lease Agreement [Member] | Feb. 01, 2020CAD ($) |
Lease Agreement Extension [Line Items] | |
Additions to right of use assets | $ 3,650,000 |
Lease Term Extension | 6 years |