Electra Battery Materials (ELBM) 40-F 5 Apr 23 2022 FY Annual report (Canada) Financial data

Document and Entity Information

Document and Entity Information	12 Months Ended
	Dec. 31, 2022 shares
Document and Entity Information
Document Type	40-F
Document Registration Statement	false
Document Annual Report	true
Document Period End Date	Dec. 31, 2022
Current Fiscal Year End Date	--12-31
Entity File Number	001-41356
Entity Registrant Name	Electra Battery Materials Corp
Entity Incorporation, State or Country Code	CA
Entity Primary SIC Number	3330
Entity Address, Address Line One	133 Richmond Street W, Suite 602
Entity Address, City or Town	Toronto
Entity Address State Or Province	ON
Entity Address, Postal Zip Code	M5H 2L3
Entity Address, Country	CA
City Area Code	416
Local Phone Number	(416) 900-3891
Title of 12(b) Security	Common Shares
Trading Symbol	ELBM
Security Exchange Name	NASDAQ
Annual Information Form	true
Audited Annual Financial Statements	true
Entity Common Stock, Shares Outstanding	35,185,977
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Emerging Growth Company	true
Entity Ex Transition Period	false
ICFR Auditor Attestation Flag	false
Entity Central Index Key	0001907184
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	FY
Amendment Flag	false
Auditor Name	KPMG LLP
Auditor Location	Toronto, Canada
Auditor Firm ID	85
Business Contact
Document and Entity Information
Contact Personnel Name	C T Corporation System
Entity Address, Address Line One	1015 15th Street, N.W., Suite 1000
Entity Address, City or Town	Washington
Entity Address State Or Province	DC
Entity Address, Postal Zip Code	20005
City Area Code	202
Local Phone Number	572-3111

CONSOLIDATED STATEMENTS OF FINA

CONSOLIDATED STATEMENTS OF FINANCIAL POSITION - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Current Assets
Cash and cash equivalents	$ 7,952	$ 58,626
Marketable securities	433	1,768
Prepaid expenses and deposits	716	584
Receivables	3,079	957
Assets held for sale	1,338
Current Assets	13,518	61,935
Non-Current Assets
Exploration and evaluation assets	87,693	87,661
Property, plant and equipment	82,288	10,446
Capital long-term prepayments	3,087	6,631
Long-term restricted cash	938	938
Total Assets	187,524	167,611
Current Liabilities
Accounts payable and accrued liabilities	20,164	4,708
Current convertible notes payable	25,662
Current financial derivative liability - convertible notes	6,674
Other financial derivative liability	1,271
Liabilities held for sale	338
Current Liabilities	54,109	4,708
Non-Current Liabilities
Long-term government loan payable	3,777	745
Government grant	1,121	264
Long-term convertible notes payable		22,541
Financial derivative liability - convertible notes		37,715
Lease liability	218
Asset retirement obligations	1,790	1,674
Total Liabilities	61,015	67,647
Shareholders' Equity
Common shares	288,871	276,215
Reserve	17,892	16,554
Accumulated other comprehensive income	525	525
Deficit	(180,779)	(193,330)
Total Shareholders' Equity	126,509	99,964
Total Liabilities and Shareholders' Equity	$ 187,524	$ 167,611

CONSOLIDATED STATEMENTS OF (INC

CONSOLIDATED STATEMENTS OF (INCOME) LOSS AND OTHER COMPREHENSIVE (INCOME) LOSS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating expenses
General and administrative	$ 1,925	$ 488
Consulting and professional fees	2,729	4,309
Exploration and evaluation expenditures	3,428	4,705
Investor relations and marketing	1,000	843
Refinery, engineering and metallurgical studies	2,349	4,442
Refinery, permitting, and environmental expenses	128	867
Salary and benefits	3,913	2,804
Share-based payments	1,282	731
Operating loss	16,754	19,189
Other
Unrealized loss on marketable securities	(589)	(2,617)
Gain (loss) on financial derivative liability - convertible notes	27,686	(12,952)
Gain on other financial derivative liability	1,531
Other non-operating income (expense)	677	(158)
Income (loss) before taxes	12,551	(34,916)
Net (Income) Loss	12,551	(34,916)
Other comprehensive income
Foreign currency translation expense		3
Net income (loss) and other comprehensive income (loss)	$ 12,551	$ (34,919)
Basic income (loss) per share	$ 0.38	$ (1.26)
Diluted income loss per share	$ (0.37)	$ (1.26)
Weighted average number of shares outstanding (basic)	32,646,906	27,753,182
Weighted average number of shares outstanding (diluted)	40,763,386	27,753,182

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net income (loss)	$ 12,551	$ (34,916)
Adjustments for items not affecting cash:
Share-based payments	1,282	731
Unrealized loss on marketable securities	589	2,617
Realized loss on marketable securities	220	102
Depreciation	48	2
Loss on financial derivatives revaluation on Glencore loan		12
(Gain) Loss on financial derivative liability - convertible notes	(27,686)	12,952
Gain on other financial derivative liability	(1,531)
Impairment (reversal) expense	(1,338)
Directors fees paid in DSUs	115	32
Gain on Kuya option exercise		(1,123)
Withholding tax liability	14
Loss on conversion of Glencore loan		1,566
Interest expense on Glencore loan		128
Interest Income on restricted cash		(19)
Flow-through share premium		(321)
Unrealized (gain) loss on foreign exchange	1,019	(681)
Reclassification of expensed transactio costs on convertible notes		1,826
Total adjustments for items not affecting cash	(14,717)	(17,092)
Changes in operating working capital:
Increase in receivables	(2,122)	(587)
Increase (Decrease) in accounts payable and accrued liabilities	1,125	(218)
(Increase) Decrease in prepaid and other current assets	(131)	1,021
Cash Flows used in operating activities	(15,845)	(16,876)
Investing activities
Acquisition of exploration and evaluation assets, net of cash	(31)	(112)
Capital long-term prepayments	3,544	(6,631)
Proceeds from sale of marketable securities	525	152
Additions to property, plant and equipment	(47,591)	(1,985)
Sale of exploration and evaluation assets, net of cash		500
Cash Flows used in investing activities	(43,553)	(8,076)
Financing activities
Proceeds from issuance of units, net transaction costs of $1,859 (2021 - $1,739)	3,121	17,600
Proceeds from at-the-market equity program ("ATM Program"), net transaction costs of $92 (2021 - $21)	3,701	666
Proceeds from exercise of warrants	807	6,217
Proceeds from exercise of options	140	148
Proceeds from government loan	3,733	1,000
Proceeds from government grant	165
Proceeds from convertible notes		53,249
Interest on convertible notes	(3,183)	0
Cash Flows provided by financing activities	8,484	78,880
Changes in cash during the period	(50,914)	53,928
Effect of exchange rates on cash	240	524
Cash - Beginning of the period	58,626	4,174
Cash - End of the period	$ 7,952	$ 58,626

CONSOLIDATED STATEMENTS OF CA_2

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
CONSOLIDATED STATEMENTS OF CASH FLOWS
Proceeds from issuance of units, transaction costs	$ 1,859	$ 1,739
Proceeds from at-the-market equity program, transaction costs	$ 92	$ 21

CONSOLIDATED STATEMENTS OF SHAR

CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - CAD ($) $ in Thousands	Common Shares	Reserves	Accumulated Other Comprehensive Income	Deficit	Total
Balance at the beginning at Dec. 31, 2020	$ 234,649	$ 15,388	$ 528	$ (158,414)	$ 92,151
Balance at the beginning (in shares) at Dec. 31, 2020	22,738,450
Net income (loss) for the year				(34,916)	(34,916)
Other comprehensive income for the year			(3)		(3)
Share based payment expense		731			731
Directors fees paid in deferred stock units		32			32
Shares and units issued for:
Acquisition of exploration and evaluation assets	$ 130				130
Acquisition of exploration and evaluation assets (in shares)	23,611
Exercise of warrants, options, and deferred share units, performance share units, and restricted share units	$ 7,629	(1,264)			6,365
Exercise of warrants, options, and deferred share units, performance share units, and restricted share units (in shares)	1,664,094
Units issued for cash, net of transaction costs	$ 15,933	1,667			17,600
Units issued for cash, net of transaction costs (in shares)	3,871,277
Debt Conversion Agreement	$ 9,063				9,063
Debt Conversion Agreement (in shares)	1,324,985
ATM Program sales	$ 666				666
ATM Program sales (in shares)	112,417
Convertible Notes Conversion	$ 8,145				8,145
Convertible Notes Conversion (in shares)	1,240,019
Balance at the end at Dec. 31, 2021	$ 276,215	16,554	525	(193,330)	$ 99,964
Balance at the end (in shares) at Dec. 31, 2021	30,974,853				30,974,853
Net income (loss) for the year				12,551	$ 12,551
Share based payment expense		1,282			1,282
Directors fees paid in deferred stock units		115			115
Shares and units issued for:
Exercise of warrants, options, and deferred share units, performance share units, and restricted share units	$ 1,439	(492)			947
Exercise of warrants, options, and deferred share units, performance share units, and restricted share units (in shares)	356,156
ATM Program sales	$ 3,701				3,701
ATM Program sales (in shares)	720,865
Cash, net transaction costs and fair value of derivative	$ 2,681	433			3,114
Cash, net transaction costs and fair value of derivative (in shares)	2,345,000
Convertible Notes Conversion	$ 4,835				4,835
Convertible Notes Conversion (in shares)	789,103
Balance at the end at Dec. 31, 2022	$ 288,871	$ 17,892	$ 525	$ (180,779)	$ 126,509
Balance at the end (in shares) at Dec. 31, 2022	35,185,977				35,185,977

Nature of Operations

Nature of Operations	12 Months Ended
	Dec. 31, 2022
Nature of Operations
Nature of Operations	1. Electra Battery Materials Corporation (the “Company”, “Electra”) was incorporated on July 13, 2011 under the Business Corporations Act of British Columbia (the “Act”). On September 4, 2018, the Company filed a Certificate of Continuance into Canada and adopted Articles of Continuance as a Federal Company under the Canada Business Corporations Act (the “CBCA”). On December 6, 2021, the Company changed its corporate name from First Cobalt Corp. to Electra Battery Materials Corporation. The Company is in the business of producing battery materials for the electric vehicle supply chain. The Company is focused on building an ethical supply of cobalt, nickel and battery precursor materials. Electra is a public company which is listed on the Toronto Venture Stock Exchange (TSX-V) (under the symbol ELBM). On April 27, 2022, the Company began trading on the NASDAQ (under the symbol ELBM). The Company’s registered office is Suite 2400, Bay-Adelaide Centre, 333 Bay Street, Toronto, Ontario, M5H 2T6 and the corporate head office is located at 133 Richmond Street W, Suite 602, Toronto, Ontario, M5H 2L3. The Company is focused on building a North American integrated battery materials complex for the electric vehicle supply chain. The Company is in the process of constructing its expanded hydrometallurgical refinery (the “Refinery”) and exploring and developing its mineral properties. On September 2, 2021, the Company completed a Refinery construction financing package comprising convertible notes and an offering of common shares for total gross proceeds of US$45 million. With the completion of this financing, a full restart decision was made, and the project entered the full development phase. Going Concern Basis of Accounting These consolidated financial statements have been prepared on a going concern basis, which assumes the Company will be able to continue its operations for the foreseeable future and realize its assets and discharge its liabilities in the normal course of business. Prior to February 13, 2023, the Company was required to maintain a minimum liquidity balance of US$7,500 under the terms of the Convertible Note Arrangement (“2026 Notes”). The Company was in breach of this covenant at December 31, 2022 which would have entitled the Noteholders to call the 2026 Notes, hence the convertible notes payable and the financial derivative liability – convertible notes balances totaling $32,336 have been presented as current liabilities on the consolidated statements of financial position. On February 13, 2023, subsequent to year end, the Company has successfully closed on a private placement offering on a new US$51,000 convertible note agreement (“2028 Notes”), with the same counterparties as the existing 2026 Notes. A portion of the proceeds were used to repay and cancel the outstanding 2026 Notes of US$36,000 and accrued interest. The net proceeds from the 2028 Notes, after repayment of the 2026 Notes and transaction costs, were US$14,000. The terms of the 2028 Notes also reduced the minimum liquidity balance requirement from US$7,500 to US$2,000. The Company is currently incurring significant cash expenditures in the construction of its Refinery. Cash requirements for the Refinery expansion from December 31, 2022, through to the expected completed commissioning are estimated to be significantly higher than the previously estimated amount of $100,000 - $105,000. At this time, the Company does not have sufficient financial resources necessary to complete the construction and final commissioning of the Refinery. While the Company is working to finalize updated cost estimates for the construction and final commissioning of the Refinery, the Company will require additional financing in 2023 and 2024 to continue operations, complete the construction of the Refinery, advance its battery recycling strategy, purchase required feedstock as the Refinery enters its operating phase and remain in compliance with the minimum liquidity covenant under the 2028 Notes (refer to Note 13). The Company is actively pursuing various alternatives including equity and debt financing to increase its liquidity and capital resources. The Company is also in discussion with various parties on alternatives to finance the funding of feedstock purchases. Although the Company has historically been successful in obtaining financing in the past, there can be no assurances that the Company will be able to obtain adequate financing in the future. This represents a material uncertainty that casts substantial doubt on the Company’s ability to continue as a going concern. These consolidated financial statements do not include the adjustments to the amounts and classifications of assets and liabilities that would be necessary should the Company be unable to continue as a going concern. These adjustments may be material. In addition, the Company continues to explore its Idaho mineral properties as a potential future source of North American cobalt and copper. The recoverability of the amounts shown for mineral properties is dependent upon the existence of economically recoverable reserves, successful permitting, the ability of the Company to obtain the necessary financing to complete exploration and development, and upon future profitable production or proceeds from the disposition of each mineral property. Furthermore, the acquisition of title to mineral properties is a complicated and uncertain process, and while the Company has taken steps in accordance with normal industry standards to verify its title to the mineral properties in which it has an interest, there can be no assurance that such title will ultimately be secured. The carrying amounts of exploration and evaluation assets are based on their acquisition costs, and do not necessarily represent present or future values.

Significant Accounting Policies

Significant Accounting Policies and Basis of Preparation	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies and Basis of Preparation
Significant Accounting Policies and Basis of Preparation	2. Basis of Presentation and Statement of Compliance These consolidated financial statements, including comparatives, have been prepared in accordance with International Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These financial statements have been prepared on an historical cost basis, except for certain financial instruments, which are classified as fair value through profit or loss (“FVTPL”). All amounts on the consolidated financial statements are presented in thousands of Canadian dollars, except share and per share amounts, and otherwise noted. Certain comparative amounts have been restated as a result of share consolidation on the basis of one Functional Currency The functional currency of the Company and its controlled entities are measured using the principal currency of the primary economic environment in which each entity operates. The functional currency of the Company and its material subsidiaries is Canadian dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are retranslated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Foreign exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for: ● Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the costs of assets as they are regarded as an adjustment to interest costs on those currency borrowings. Basis of Consolidation These consolidated financial statements include the accounts of the Company and its controlled entities. Control is achieved when the Company has the power to govern the financial operating policies of an entity to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. ​ The following material subsidiaries have been consolidated for all dates presented within these financial statements: ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary Ownership Location Asset Held Cobalt Projects International Corp. 100 % Canada Ontario Properties Cobalt Industries of Canada Corp. 100 % Canada Ontario Properties Cobalt Camp Refinery Ltd. 100 % Canada Refinery Cobalt Camp Ontario Holdings Corp. 100 % Canada Ontario Properties Idaho Cobalt Company 100 % United States Idaho Properties Scientific Metals (Delaware) Corp. 100 % United States Idaho Properties ​ All inter-company transactions, balances, income and expenses are eliminated in full upon consolidation. Cash and Cash equivalents Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less. Marketable Securities Marketable securities represent shares held in publicly traded companies. Marketable securities held by the Company are held for trading purposes and are classified as financial asset measured at FVTPL. At each reporting date, the Company marks-to-market the value of the marketable securities based on quoted market prices; therefore, these financial assets are classified as Level 1 on the fair value hierarchy. Any profit or loss arising from the sale of these securities, or the revaluation at reporting dates, is recorded to the consolidated statement of loss and other comprehensive loss. As the marketable securities are held for trading purposes and not as part of a strategic investment, they are expected to be liquidated within a twelve-month period and are classified as a current asset on the statement of financial position. Financial instruments Cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. The Company recognizes all financial assets initially at fair value and classifies them into one of the following measurement categories: FVTPL, fair value through other comprehensive income or amortized cost, as appropriate. Financial liabilities are initially recognized at fair value and classified as either FVTPL or amortized cost, as appropriate. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. ​ At each reporting date, the Company assesses whether there is objective evidence that a financial asset has been impaired. The Company had made the following classification of its financial instruments: ​ ​ ​ Financial assets or liabilities Measurement Category Cash and cash equivalents Amortized Cost Restricted cash Amortized Cost Receivables Amortized Cost Marketable securities FVTPL Account payable and Accrued liabilities Amortized Cost Convertible notes payable Amortized Cost Long-term government loan payable Amortized Cost Financial derivative liabilities FVTPL ​ Financial instruments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; Level 3 – Inputs that are not based on observable market data. Exploration and Evaluation Assets The acquisition costs of mineral property interests have been capitalized as exploration and evaluation assets within the Company’s financial statements. Subsequent exploration and evaluation costs are expensed until the property to which they relate has demonstrated technical feasibility and commercial viability, after which costs are capitalized. The acquisition costs include the cash consideration paid and the fair market value of any shares issued for mineral property interests being acquired or optioned pursuant to the terms of relevant agreements. When a partial sale of a mineral property occurs, if control is lost the asset is derecognized and there is a resultant gain or loss recorded to profit and loss in the period the transaction takes place. When all of the interest in a property is sold, subject only to any retained royalty interests which may exist, the accumulated property costs are derecognized, with any gain or loss included in profit or loss in the period the transaction takes place. Management reviews its mineral property interests at each reporting period for indicators of impairment taking into consideration whether there has been a significant adverse change in the legal, regulatory, accessibility, title, environmental or political factors that could affect the property’s value; whether exploration activities produced results that are not promising such that no more work is being planned in the foreseeable future and management’s assessment of likely proceeds from the disposition of the property. If a property’s carrying value exceeds its recoverable amount through either not being recoverable, being abandoned, or considered to have no future economic potential, the acquisition and deferred exploration and evaluation costs are written down to their recoverable amount. Should a project be put into production, the costs of acquisition will be amortized using the units-of-production method over the life of the project based on estimated economic reserves. Property, Plant and Equipment Plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The cost of an asset includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and borrowing costs related to the acquisition or construction of the qualifying assets. Depreciation of plant and equipment commences when the asset is in the condition and location necessary for it to operate in the manner intended by management. Plant and equipment assets are depreciated using the straight-line method over the estimated useful life of the asset. Where an item of plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of plant and equipment. Depreciation is recognized in the consolidated statement of loss and comprehensive loss upon commercial production having been achieved. At the date of the financial statements no plant and equipment assets are in use. The Company will assess the useful lives of the assets once they are put into use. Development costs associated with bringing the Company’s Refinery to the location and condition necessary for it to be capable of operating in its intended manner are capitalized as property, plant and equipment costs. Capital Long-Term Prepayments For major equipment items where milestone payments are made during the manufacturing process, these costs are initially recorded as capital long-term prepayments. Once the piece of equipment is delivered to the Refinery site, the associated cost is then reclassified to property, plant and equipment costs. Leases 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 contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For such contracts, the Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises of initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate costs to dismantle or restore the underlying asset, less any lease incentives received. ROU asset is subsequently depreciated using straight-line method over the lease term, or useful life of the underlying asset if a purchase option is expected to be exercised. ROU asset is presented as part of property, plant and equipment. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date and subsequently measured at amortized cost using the effective interest rate method. Lease payments for short-term leases with a term of 12 months or less, leases of low-value assets, as well as leases with variable lease payments are recognized as an expense over the term of such leases. Borrowing Costs Borrowing costs are expensed as incurred except where they relate to the financing of construction or development of qualifying assets in which case they are capitalized as property, plant and equipment up to the date when the qualifying asset is ready for its intended use. All proceeds from the convertible notes and the government grant are being utilized for the construction and expansion of the Refinery, which given its construction timeline of over a year, is a qualifying asset under IAS 23 Borrowing Costs Impairment (i) Financial assets For financial assets measured at amortized cost, the impairment model under IFRS 9, Financial Instruments (“IFRS 9”), reflects expected credit losses. The Company recognizes loss allowances for expected credit losses and changes in those expected credit losses. At each reporting date, financial assets carried at amortized cost are assessed to determine whether they are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off to the extent that there is no realistic prospect of recovery. (ii) Non-financial assets Non-financial assets are evaluated at each reporting period by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the CGU level, 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, where the recoverable amount of a CGU is the greater of the CGU’s fair value less costs to sell and its value in use. An impairment loss is recognized in profit or loss to the extent that the carrying amount exceeds the recoverable amount. Previously recognized impairment losses are evaluated at each reporting period for indication that an impairment loss recognized in prior periods for an asset may no longer exist or may have decreased. If such indication exists, the Company estimates the recoverable amount of that asset, and an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized. Assets Held for Sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probably that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated to the assets and liabilities on a pro rata basis. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Once classified as held-for-sale, property, plant, and equipment are no longer amortized or depreciated. Share capital Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are valued based on the fair value of goods or services received. Warrants classified as equity Warrants classified as equity are recorded at fair value as of the date of issuance on the Company’s consolidated balance sheets and no further adjustments to their valuation are made. Warrants classified as liabilities Warrants classified as derivative liabilities and other derivative financial instruments require separate accounting as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. Management estimates the fair value of these liabilities using option pricing models and assumptions that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life, yield, and risk-free interest rate. Share-based payment transactions The Company has a long-term incentive plan that provides for the granting of options, deferred share units (“DSUs”), restricted share units (“RSUs”) and performance share units (“PSUs”) to officers, directors, consultants and related company employees to acquire shares of the Company. (i.) Stock options The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in reserves as the options vest. Options granted to employees and others providing similar services are measured on grant date at the fair value of the instruments issued. Fair value is determined using the Black-Scholes option pricing model considering the terms and conditions upon which the options were granted. The amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value. Each grant is accounted for on that basis. Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of the goods or services is recorded at the earlier of the vesting date, or the date the goods or services are received. On vesting, share-based payments are recorded as an operating expense and as reserves. When options are exercised, the consideration received is recorded as share capital. The related share-based payments originally recorded as reserves remain in reserves on either exercise or expiry of the underlying options. (ii.) Deferred, restricted and performance share units DSUs, RSUs and PSUs are classified as equity settled share-based payments and are measured at fair value on the grant date. The expense for DSUs, RSUs and PSUs, to be redeemed in shares, is recognized over the vesting period, or using management’s best estimate when contractual provisions restrict vesting until completion of certain performance conditions, with a charge as an expense and a corresponding increase in reserves as the instrument vests. Upon exercise of any DSUs, RSUs, and PSUs, the grant date fair value of the instrument is transferred to share capital. Environmental rehabilitation An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The estimated costs arising from the future decommissioning of plant and other site preparation work, discounted to their net present value where material, are determined, and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. Discount rates, using a pretax rate that reflect the time value of money and risks specific to the liability, are used to calculate the net present value. Costs are charged against profit or loss over the economic life of the related asset, through amortization of the asset retirement obligation using either the unit-of-production or the straight-line method. The related liability is adjusted at each period-end with changes related to the unwinding of the discount rate accounted for in profit or loss and changes related to the current market-based discount rate or the amount or timing of the underlying cash flows needed to settle the obligation accounted for as an adjustment to the related rehabilitation asset. Income taxes Income tax expense is comprised of current and deferred taxes. Current tax and deferred tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity or equity investments. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, 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 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 for the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related income tax benefit will be realized. Income / Loss per share The Company presents basic and diluted income/loss per share (“LPS”) data for its common shares. Basic LPS is calculated by dividing the income/loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares held. Diluted LPS is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for own shares held and for the effects of all dilutive potential common shares related to outstanding stock options and warrants issued by the Company. On April 13, 2022, the Company has completed a share consolidation on the basis of one Operating Segments Upon the decision to move into the full development stage of the Refinery, this business unit is now likely to earn revenue and incur expenses that are separate and discrete from the rest of the Company. The Company’s Chief Operating Decision Maker reviews operating results and assesses performance for the Refinery on a separate basis, and therefore, the Refinery now meets the definition of a segment. The Company’s operating segments are as follows: ● Refinery ● Corporate and Other Related Party Transactions Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities and include key management of the Company and its parent. A transaction is a related party transaction when there is a transfer of resources, services or obligations between related parties. Government Loans The Company receives funding from the Federal Government of Canada in the form of non-interest-bearing loans. The Company records the present value of these loans, assuming a market rate of interest, as a liability in accordance with IFRS 9 Financial Instruments The funding from the Federal Government of Canada is received as a proportion of construction costs incurred. Therefore, future funding is dependent on the project construction continuing to advance. Government Grant The Company receives funding from the Ontario Government in the form of non-repayable grant. The contributions are made as a reimbursement of a portion of Refinery construction costs incurred. The Company records government grant as a liability. This is amortized to income over the life of the Refinery asset to which the funding related to.

Recently Adopted and Issued Not

Recently Adopted and Issued Not Yet Effective Accounting Standards	12 Months Ended
	Dec. 31, 2022
Recently Adopted and Issued Not Yet Effective Accounting Standards [Abstract]
Recently Adopted and Issued Not Yet Effective Accounting Standards	3. Property, Plant and Equipment: Proceeds before Intended Use On January 1, 2022, the Company adopted amendment to IAS 16 – Property, Plant and Equipment Onerous Contracts – Cost of Fulfilling a Contract On January 1, 2022, the Company adopted amendments to IAS 37 – Provisions, Contingent Liabilities and Contingent Assts Deferred tax related to assets and liabilities arising from a single transaction In May 2021, the IASB published a narrow scope amendment to IAS 12 – Income Taxes Classification of liabilities as current or non-current In January 2020, the IASB published narrow scope amendments to IAS 1 Presentation of financial statements Other accounting standards issued but not yet effective The following new and amended standards are not expected to have a significant impact on the Company’s consolidated financial statements. ● Disclosure of Accounting Policies (Amendments to IAS 1 and IFRS Practice Statement 2) – effective January 1, 2023. ● Definition of Accounting Estimates (Amendments to IAS 8) – effective January 1, 2023. Lease Liability in a Sale and Leaseback (Amendment to IFRS 16 Leases)) –

Significant Accounting Judgment

Significant Accounting Judgments and Estimates	12 Months Ended
	Dec. 31, 2022
Significant Accounting Judgments and Estimates [Abstract]
Significant Accounting Judgments and Estimates	4. Significant Accounting Judgments and Estimates The preparation of the Company’s financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of income 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 under the circumstances. However, actual outcomes may differ significantly from these estimates. Judgments and estimates that have the most significant effect on the amounts recognized in the Company’s consolidated financial statements are as follows: ● Exploration and Evaluation Assets The net carrying value of each mineral property is reviewed regularly for conditions that suggest potential indications of impairment. This review requires significant judgment. Factors considered in the assessment of asset impairment include, but are not limited to, whether there has been a significant adverse change in the legal, regulatory, accessibility, title, environmental or political factors that could affect the property’s value; whether exploration activities produced results that are not promising such that no more work is being planned in the foreseeable future and management’s assessment of likely proceeds from the disposition of the property. ● Financial Derivative Liability The Financial Derivative Liability values relating to convertible note and US dollar denominated warrants involve significant estimation. The fair value of financial derivative liability was determined at inception and is reviewed and adjusted on a quarterly basis or when conversions take place. Factors considered in the fair value of the financial derivative liability are risk free rate, the Company’s share price, equity volatility, and credit spread, refer to Note 22. ● Environmental Rehabilitation Management’s determination of the Company’s decommissioning and rehabilitation provision is based on the reclamation and closure activities it anticipates as being required, the additional contingent mitigation measures it identifies as potentially being required and its assessment of the likelihood of such contingent measures being required, and its estimate of the probable costs and timing of such activities and measures. Significant estimations must be made when determining such reclamation and closure activities and measures required and potentially required. ● Refinery Asset The net carrying value of the Refinery asset is reviewed regularly for conditions that suggest potential indications of impairment. The review requires significant judgment. Factors considered in the assessment of asset impairment include, but are not limited to, whether there has been a significant adverse change in the technological, market, economic or legal environment in which the entity operates; and internal indicators that the economic performance of the asset will be worse than expected.

Property, Plant and Equipment a

Property, Plant and Equipment and Capital Long-Term Prepayments	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment and Capital Long-Term Prepayments
Property, Plant and Equipment and Capital Long-Term Prepayments	5. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, Plant, Construction in Right-Of-Use ​ Cost ​ and Equipment ​ Progress ​ Assets ​ Total December 31, 2020 ​ $ 4,876 ​ $ — ​ $ — ​ $ 4,876 Additions during the year ​ 557 ​ 5,015 ​ — ​ 5,572 Balance December 31, 2021 ​ $ 5,433 ​ $ 5,015 ​ $ — ​ $ 10,448 Additions during the period ​ 556 ​ 57,085 ​ 301 ​ 57,942 Transfer from capital long term prepayments ​ ​ — ​ ​ 13,948 ​ ​ — ​ ​ 13,948 Balance December 31, 2022 ​ $ 5,989 ​ $ 76,048 ​ $ 301 ​ $ 82,338 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, Plant, Construction in Right-Of-Use ​ Accumulated Depreciation ​ and Equipment ​ Progress ​ Assets ​ Total December 31, 2020 ​ $ — ​ $ — ​ $ — ​ $ — Charge for the year ​ 2 ​ — ​ — ​ 2 Balance December 31, 2021 ​ $ 2 ​ $ — ​ $ — ​ $ 2 Charge for the year ​ 8 ​ — ​ 40 ​ 48 Balance December 31, 2022 ​ $ 10 ​ $ — ​ $ 40 ​ $ 50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value ​ ​ ​ ​ Balance December 31, 2021 ​ $ 5,431 ​ $ 5,015 ​ $ — ​ $ 10,446 Balance December 31, 2022 ​ $ 5,979 ​ $ 76,048 ​ $ 261 ​ $ 82,288 ​ Most of the Company’s property, plant, and equipment assets relate to the Refinery located near Temiskaming Shores, Ontario, Canada. The carrying value of property, plant, and equipment is $82,288 (December 31, 2021 - $10,446), all of which is pledged as security for the 2026 Notes and 2028 Notes. (Note 13). In September 2021, the Company moved into the development stage and began capitalizing engineering, refurbishment and other costs directly associated with bringing the Refinery into the state required for its intended use. Capitalized development costs for the year totaled $64,080 (December 31, 2021 - $2,789) and capitalized borrowing costs were $6,954 (December 31, 2021 - $2,218). No depreciation has been recorded for the Refinery in the current year (December 31, 2021 - $Nil) as the asset is not yet in service. The minor depreciation relates to mobile assets in use at Iron Creek. Right-of-use asset relate to office lease which the Company entered into during 2022. Refer to Note 14. ​ ​ ​ ​ ​ ​ Capital long-term Balance prepayments December 31, 2020 ​ $ — Additions during the year ​ 6,631 December 31, 2021 ​ $ 6,631 Additions during the year ​ ​ 10,404 Transfer to property, plant and equipment ​ $ (13,948) December 31, 2022 ​ $ 3,087 ​ Capital long-term prepayments relate to payments for long-term capital contracts made for Refinery equipment that have not yet been received by the Company as of December 31, 2022, all of which are pledged as security for 2026 Notes and 2028 Notes (Note 13). The prepayments mainly relate to milestone payments to vendors for the cobalt crystallizer and the solvent extraction equipment being manufactured for the Refinery.

Exploration and Evaluation Asse

Exploration and Evaluation Assets	12 Months Ended
	Dec. 31, 2022
Exploration and Evaluation Assets
Exploration and Evaluation Assets	6. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Balance ​ ​ December 31, ​ Acquisition ​ December 31, ​ ​ 2021 ​ Costs ​ 2022 Iron Creek ​ $ 87,661 ​ $ 32 ​ $ 87,693 Total ​ $ 87,661 ​ $ 32 ​ $ 87,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Balance ​ ​ December 31, ​ Acquisition ​ December 31, ​ ​ 2020 ​ Costs ​ 2021 Iron Creek ​ $ 87,420 ​ $ 241 ​ $ 87,661 Total ​ $ 87,420 ​ $ 241 ​ $ 87,661 ​ All of the Iron Creek mineral properties are pledged as security for the Convertible Notes issued on September 2, 2021 (Note 13). Upon successful commissioning of the Refinery, the Iron Creek mineral properties will be released from the Convertible Notes security package. Per Note 8, the Company has entered into an agreement with Kuya Silver Corp (“Kuya”) in December 2022 to grant Kuya the right to acquire 100% interest in its remaining assets in the Canadian Cobalt Camp consisting of Keely-Frontier patents (“Cobalt Camp”) as well as their associated asset retirement obligations for $1,000. This transaction was completed in January 2023, The Company had previously recognized an impairment loss on the Canadian Cobalt Camp assets but the arrangement with Kuya provided objective evidence of the market value of the Cobalt Camp. Therefore, the Company has estimated the fair value of the Cobalt Camp assets to be $1,338 at December 31, 2022 and recorded an impairment reversal with corresponding increase to exploration and evaluation assets, which was then transferred to assets held for sale.

Marketable Securities

Marketable Securities	12 Months Ended
	Dec. 31, 2022
Marketable Securities
Marketable Securities	7. Marketable securities represent Kuya shares held by the Company. The Kuya shares were acquired via Kerr Assets sale on February 26, 2021. The total value of marketable securities at December 31, 2022 was $433 (December 31, 2021 - $1,768). These shares were marked-to-market at December 31, 2022 resulting in a loss of $589 being recorded during the year ended December 31, 2022 (December 31, 2021 – loss of $2,617).

Disposal Group Held for Sale

Disposal Group Held for Sale	12 Months Ended
	Dec. 31, 2022
Disposal Group Held for Sale
Disposal Group Held for Sale	8. In December 2022, the Company entered into an agreement to grant Kuya the right to acquire 100% interest in its remaining assets in the Cobalt Camp, as well as their associated asset retirement obligations. To exercise this right, Kuya was required to make a payment in cash or in the equivalent value of its shares totaling $1,000 to Electra on or prior to January 31, 2023. The equivalent value of Kuya’s shares will be based on the share price equivalent to the earn-in VWAP prior to issuance. Kuya has also agreed to enter into a royalty agreement with Electra whereby it will grant Electra a two percent royalty on net smelter returns from commercial products derived from the remaining assets. Electra will retain a right of first offer to refine any base metal concentrates produced from the assets at Electra’s Ontario refinery. On January 31, 2023, subsequent to year end, this transaction closed without significant changes to the key terms by Kuya delivering 2,702,703 shares valued at $1 million based on the share price equivalent to VWAP prior to issuance. The Company had previously recognized an impairment loss on the Canadian Cobalt Camp assets in 2019 due to no further exploration work being planned and wrote down the asset to a nominal value. The arrangement with Kuya in December 2022 and closing of sale in January 2023 provided objective evidence of the market value of the Cobalt Camp. This represented an impairment reversal indicator under IAS 36 as there were now observable indications as to the assets’ value, the Company has therefore re-estimated the recoverable amount of the Cobalt Camp assets. Based on the consideration agreed, the Company has estimated the fair value of the Cobalt Camp assets to be $1,338 as at December 31, 2022. A reversal of previously recorded impairment charges was booked at December 31, 2022 to bring the book value of the Cobalt Camp assets to this amount. Accordingly at December 31, 2022, these assets and liabilities were presented as a disposal group held for sale. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Cobalt Camp assets ​ $ 1,338 ​ $ — Asset Retirement Obligation ​ (338) ​ — Net Balance, at end the year ​ $ 1,000 ​ $ — ​ There were no cumulative income or expenses included in OCI relating to the disposal group. The non-recurring fair value measurement in 2022 for the disposal group of $1,000 was categorized as a Level 3 fair value.

Receivables

Receivables	12 Months Ended
	Dec. 31, 2022
Receivables
Receivables	9. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Receivables ​ $ 3,079 ​ $ 957 ​ ​ $ 3,079 ​ $ 957 ​ Receivables comprise primarily of HST refunds due to the Company.

Accounts Payable and Accrued Li

Accounts Payable and Accrued Liabilities	12 Months Ended
	Dec. 31, 2022
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	10. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Accounts Payable and Accrued Liabilities ​ $ 18,850 ​ $ 3,544 Accrued Interest ​ 1,300 ​ 1,164 Withholding tax liabilities ​ 14 ​ — ​ ​ $ 20,164 ​ $ 4,708 ​ Accounts payable and accrued liabilities comprise primarily of trade payables incurred in the normal course of business and mainly relate to the development of the Refinery. Included in accounts payable and accrued liabilities are amounts totalling $389 (December 31, 2021 - $786) due to related parties (Note 25) related to compensation. The accrued interest relates to interest owing on the Convertible Notes, which is paid semi-annually in February and August each year.

Asset Retirement Obligations

Asset Retirement Obligations	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligations
Asset Retirement Obligations	11. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Refinery ​ $ 1,790 ​ $ 1,336 Ontario Mineral Properties (Note 8) ​ — ​ 338 Long-term Asset Retirement Obligations ​ $ 1,790 ​ $ 1,674 ​ As at December 31, 2022, the Company has recorded its best estimate of the asset retirement obligations relating to its properties and assets. The Ontario Mineral Properties liability relates to the Keeley-Frontier patents, of which the Company owns a 50% stake. The Company’s remaining interests in these assets and related asset retirement obligations were sold to Kuya subsequent to year end (refer to Notes 8), hence the balance has been transferred to liabilities held for sale (Note 8). The Refinery had a formal closure plan filed with the Ministry of Northern Development, Mines, Natural Resources and Forestry (NDMNRF). In January 2022, the Company formally filed a new closure plan which incorporates its expansion plans for the site as well as updates to costs associated with current disturbances. This closure plan was accepted by the Ministry in March 2022 and further updates were accepted and finalized in November 2022. The estimated cost of closure, after the site has been expanded and operated, is $3,614. The Company maintains a surety bond for $3,450 as financial assurance. The full estimated closure cost in the new closure plan Incorporated a number of new disturbances that have yet to take place, such as new roadways, new chemicals on site, and a new tailings area. The new closure plan also included cost updates relating to remediating disturbances that existed at December 31, 2022. Based on the new closure plan and the infrastructure and disturbances that existed at December 31, 2022, the Company updated its estimate of the present value of reclamation activities for the Refinery. The following assumptions were used to calculate the asset retirement obligation: ● Undiscounted cash flows of $1,932 (December 31, 2021 - $1,204 ) ● Closure activities date of 2036 (December 31, 2021 – 2035) ● Nominal discount rate of 3.31% (December 31, 2021 – 1.47 %) ● Long-term inflation rate of 2.5% (December 31, 2021 – 2.1% ) During the year ended December 31, 2022, the asset retirement obligation was increased by $116 (December 31, 2021 - $410) due to a revised estimates of closure cost activities for current Refinery infrastructure, offset by change in estimate of discounted cash flows and liabilities transferred to held for sale (Note 8). The continuity of the asset retirement obligation at December 31, 2022 and 2021 is as follows: ​ ​ ​ ​ ​ ​ Total ARO Balance at January 1, 2021 ​ $ 1,264 Change in estimate of discounted cash flows ​ 410 Balance at December 31, 2021 ​ 1,674 Change in estimate from discounting ​ (274) Change in estimate of costs ​ 728 Transferred to liabilities held for sale (Note 8) ​ (338) Balance at December 31, 2022 ​ $ 1,790 ​

Long-Term Government Loan Payab

Long-Term Government Loan Payable and Government Grant	12 Months Ended
	Dec. 31, 2022
Long-Term Government Loan Payable and Government Grant
Long-Term Government Loan Payable and Government Grant	12. On November 24, 2020, the Company had entered into a contribution agreement with the Ministry of Economic Development and Official Languages as represented by the Federal Economic Development Agency for Northern Ontario (“FedNor”) for up to a maximum of $5,000 financing related to the recommissioning and expansion of the Refinery in Ontario. The contribution was to be in the form of debt bearing a 0% interest rate and funded in proportion to certain Refinery construction activities. Once construction is completed, the cumulative balance borrowed will be repaid in 19 equal quarterly instalments starting on March 1, 2024. The funding is provided pro rata with incurred Refinery construction costs, with all other conditions required for the funding having been met. The loan is discounted using a market rate of 7% with the resulting difference between the amortized cost and cash proceeds recognized as Government Grant. On November 30, 2020, the Company had entered into a separate contribution agreement with the Northern Ontario Heritage Fund Corporation (“NOHFC”) for up to a maximum of $5,000 financing related to recommissioning and expansion of the Refinery in Ontario. The contribution was to be in the form of a non-repayable grant. Contributions will be made as a reimbursement of a portion of the Refinery construction costs incurred. The following table sets out the gross proceeds of Government Loans and Government Grant received at December 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government Loan Government Grant Total Balance - January 1, 2021 ​ $ — ​ $ — ​ $ — FedNor - November 2021 ​ 1,000 ​ — ​ 1,000 Balance - December 31, 2021 ​ $ 1,000 ​ $ — ​ $ 1,000 FedNor loan - February 2022 ​ 1,579 ​ — ​ 1,579 FedNor loan - March 2022 ​ 938 ​ — ​ 938 FedNor loan - April 2022 ​ 1,216 ​ — ​ 1,216 NOHFC grant - June 2022 ​ — ​ 165 ​ 165 Balance - December 31, 2022 ​ $ 4,733 ​ $ 165 ​ $ 4,898 ​ As of December 31, 2022, the Company has recorded a balance of $3,777 (December 31, 2021 - $745) to Long-Term Government Loan Payable and $1,121 (December 31, 2021 - $264) to Government Grant. There were no transaction costs incurred in setting up the contribution agreement.

Convertible Note Arrangement

Convertible Note Arrangement	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]
Convertible Note Arrangement	13. The Company closed the 2026 Notes on September 2, 2021 for gross proceeds of US$37,500 for Tranche #1. As the 2026 Notes include a conversion feature and other embedded derivatives, its value was split between Financial Derivative Liability measured initially and subsequently at FVTPL and Long-term Convertible Notes payable measured at fair value less transaction cost and subsequently at amortized cost. The 2026 Notes bear interest at a fixed rate of 6.95%, with coupon payments due in February and August each year in cash. The maturity date is December 1, 2026 and all principal, if not converted, is due upon maturity. The 2026 Notes are convertible into common shares of Electra, at the option of the Noteholders, at an initial Conversion Rate of 4,058.24 common shares per US$1 principal amount of Notes. As a result of the 18:1 share consolidation that took effect during the year (Note 15), the Conversion Rate is 225.46 per US$1 principal amount of Notes. After the third anniversary of the issue of the 2026 Notes, the Company may mandate the conversion of the 2026 Notes at its option in the event the trading price of the Company’s common shares exceeds 150% of the Conversion Price for at least 20 trading days, whether consecutive or not, during any consecutive 30 day trading period. Converting Noteholders will be entitled to an interest make-whole payment, equal to two years of coupon payment or the remaining coupon payment until maturity, whichever is less. In the event of a fundamental change, namely a change of control, the conversion rate may be adjusted, in line with a prescribed table in the Note Indenture. The total value recorded to the host debt portion of Tranche #1 at inception was $23,488. Transaction costs of $1,473 were recorded as a reduction in the initial debt balance, leading to a net host debt value of $22,015 on the September 2, 2021 initial recognition date. Transaction costs allocated to the derivative liability and expensed were $1,493. The total transaction costs were $2,966. Holders of the 2026 Notes also had the option to require the Company to issue to the Noteholders an aggregate additional US$7,500 principal amount of 2026 Notes, issued at par and on the same terms as noted above, prior to October 22, 2021. The Noteholders exercised this option in full, and US$7,500 of additional notes were issued on October 22, 2021 as Tranche #2. The total value recorded to the host debt portion at inception was $2,306. Transaction costs of $110 were recorded as a reduction in the initial debt balance, leading to a net host debt value of $2,196. Transaction costs allocated to the derivative liability and expensed were $333. The total transaction costs were $443. The 2026 Notes are secured by a first priority security interest (subject to permitted liens) in substantially all the Company’s assets. Security against the Company’s Iron Creek Project in Idaho will be released upon achieving certain Refinery commissioning thresholds. The 2026 Notes are subject to customary events of default and basic positive and negative covenants. The Company is required to maintain a minimum liquidity balance of US$7,500 under the terms of the 2026 Notes, which can be satisfied with a future working capital facility. The Company was in breach of this requirement at December 31, 2022 which would entitle the Noteholders to call the 2026 Note, but has successfully closed on the 2028 Notes for US$51,000 subsequent to year end on February 13, 2023. A portion of the 2028 Notes was used to cancel the outstanding 2026 Notes of US$36,000. The 2028 Note requires the Company to maintain a minimum liquidity balance of US$2,000. Refer to below for further details on the 2028 Note. During the year ended December 31, 2022, US$3,500 (December 31, 2021 – US$5,500) of principal value of 2026 Notes were converted by Noteholders which resulted in the Company issuing a total of 789,103 (December 31, 2021 – 1,240,019) post-consolidation common shares. The Company also made interest make-whole payments to the Noteholders upon conversion totaling US$485 (December 31, 2021 - US$756). There were no significant transaction costs incurred in relation to the conversions. During the year ended December 31, 2022, the Company had also made an interest payments of $3,183 (December 31, 2021 - $nil). The following table sets out the details of the Company’s convertible notes payable relating to the host debt portion of the 2026 Notes as of December 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Convertible notes payable - beginning of year ​ $ 22,541 ​ $ — Tranche #1 issuance ​ — ​ 22,015 Tranche #2 issuance ​ — ​ 2,196 Effective interest ​ 6,954 ​ 2,308 Foreign exchange loss ​ 2,728 ​ 269 Interest payment ​ (3,183) ​ — Portion derecognized due to conversions ​ (2,078) ​ (3,083) Convertible notes payable - end of year ​ 26,962 ​ 23,705 Less: accrued interest ​ (1,300) ​ (1,164) Balance December 31, 2022 ​ $ 25,662 ​ $ 22,541 ​ The effective interest associated with the convertible notes payable is capitalized to the associated Refinery assets. The foreign exchange movement is recorded as a gain or loss in the Statement of Income (Loss) and Other Comprehensive Income (Loss). The 2026 Notes contain certain features that are embedded derivatives that are separated from the host debt contract relating to the Noteholders’ option to convert principal into common shares, the Company’s option to force a mandatory conversion and the interest make-whole payment. For the year ended December 31, 2022, the embedded derivatives were fair valued using the finite difference valuation method with the following key assumptions: ● The conversion rate, interest rate, make-whole interest requirements, and maturity date terms from the Convertible Note Indenture as outlined above; ● Risk free rate at December 31, 2022 of 4.2% (December 31, 2021 – 1.4% ) based on the US dollar zero curve; ● Equity volatility at December 31, 2022 of 54% (December 31, 2021 – 60% ) based on an assessment of the Company ’ s historical volatility and the estimated maximum a third-party investor would be willing to pay for; ● An Electra share price at December 31, 2022 of $2.25 (December 31, 2021 - $5.67 ) reflecting the quoted market prices; and ● A credit spread at December 31, 2022 of 30.5% (December 31, 2021 – 25.6% ). The following table sets out the details of the Company’s financial derivative liability related to embedded derivatives in the 2026 Notes as of December 31, 2022 and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Financial Derivative Liability - beginning of year ​ $ 37,715 ​ $ — Initial recognition of Tranche #1 ​ — ​ 23,803 Initial recognition of Tranche #2 ​ — ​ 6,971 (Gain) Loss on fair value derivative revaluation ​ (27,686) ​ 12,952 Portion derecognized due to conversions ​ (3,355) ​ (6,011) Balance December 31, 2022 ​ $ 6,674 ​ $ 37,715 ​ 2028 Notes On February 13, 2023, the Company completed subscription agreements for 2028 Notes with certain institutional investors in the United States with respect to US$51 million principal amount of 8.99% senior secured notes due February 2028. The investors in the offering also received an aggregate of 10,796,054 warrants to purchase common shares in the Company. The Company used a portion of the proceeds of the 2028 Notes offering to purchase all of the outstanding 2026 Notes consisting of US$36 million of existing 6.95% senior secured notes due December 2026 for cancellation at par, as well as to pay accrued and unpaid interest on the 2026 Notes through the closing date of the 2028 Notes offering. The net proceeds of the 2028 Notes offering to the Company, after the purchase and cancellation of the 2026 Notes and payment of accrued and unpaid interest thereon, is approximately US$14 million. The net proceeds of the 2028 Notes offering will be used to finance capital expenditures associated with the expansion and recommissioning of the Company’s wholly owned hydrometallurgical cobalt refinery (the “Refinery”) located in Ontario, Canada, including buildings, equipment, infrastructure, and other direct costs, as well as engineering and project management costs, and transaction costs associated with the 2028 Notes offering and repurchase of the 2026 Notes. The 2028 Notes bear interest at 8.99% per annum, payable in cash semi-annually in arrears in February and August of each year, and mature in February 2028. During the first 12 months of the term of the 2028 Notes, the Company may pay interest through the issuance of Common Shares at an increased annual interest rate of 11.125%. In the event the Company achieves a third-party green bond designation during the term of the Note Indenture, the interest rate on future cash interest payments shall be reduced to 8.75% per year and the interest rate of future interest paid through the issuance of Common Shares shall be reduced to 10.75% per year. The initial conversion rate of the 2028 Notes is 403.2140 Common Shares per US$1 principal amount of 2028 Notes (equivalent to an initial conversion price of approximately US$2.48 per Common Share) subject to certain adjustments set forth in the Note Indenture (the “Conversion Price”). The 2028 Notes are secured by a first priority security interest (subject to customary permitted liens) in substantially all of the Company’s assets, and the assets and/or equity of the secured guarantors. The 2028 Notes are subject to customary events of default and basic positive and negative covenants. The Company is required to maintain a minimum liquidity balance of US$2,000 under the terms of the 2028 Notes. The Company also must have a United States registration statement providing for the resale of the underlying Common Stock deliverable on the conversion of the debenture and warrant indenture by May 15, 2023. Failure to provide a registration statement by the date is considered an event of default under the bond and warrant indenture which provides the indenture holders the right to demand repayment of the instrument. The Warrants are exercisable for five years at an exercise price of US$2.48. Transaction costs of the 2028 Notes offering included a cash fee equal to 4% of the difference between the principal amount of 2028 Notes and the outstanding principal amount of 2026 Notes, a portion of which cash fee was satisfied by the issuance of 27,500 Common Shares at a price of US$2.18, as well as an additional placement agent fee of 50,000 Common Shares. For the period from January 1, 2023 to April 4, 2023, the Company received conversion notices for US$500 of principal for its 2028 Notes. In line with the conversion terms in the Note Indenture, a 201,607 common shares were issued for settlement of bond par value and make-whole interest payments of US$90 were settled by issuing 41,390 shares for a total of 242,997 common shares. No conversion notices were received relating to 2026 Notes from January 1, 2023 to cancellation.

Lease

Lease	12 Months Ended
	Dec. 31, 2022
Lease
Lease	14. The Company leases an office space, which runs for a period of 5 years with an option to renew for an additional 5 years for fair market rent for comparable buildings. Right-of-use assets ​ ​ ​ ​ ​ ​ Office space Opening balance - January 1, 2022 $ — Additions to right-of-use assets 301 Depreciation (40) Ending balance - December 31, 2022 $ 261 ​ Right-of-use assets related to leased office is presented as property, plant and equipment (see Note 5). Lease liabilities ​ ​ ​ ​ ​ ​ Lease Liabilities Opening balance - January 1, 2022 ​ $ — Additions to lease liability ​ 242 Lease interest ​ 10 Lease repayment ​ (34) Ending balance - December 31, 2022 ​ $ 218 ​ Amounts recognized in profit or loss Below is a summary of lease payments that have been expensed for the year ended December 31, 2022 and December 31, 2021. ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Interest on lease liabilities ​ $ 10 ​ $ — Expense relating to variable lease payments ​ 42 ​ — Expenses relating to short-term leases ​ 15 ​ 110 Expenses relating to leases of low-value assets ​ 7 ​ 7 ​ ​ $ 74 ​ $ 117 ​ The office lease also requires the Company to make additional payments for the Company’s proportionate share of operating costs including property taxes, utilities, and other operating expenses. These costs are variable and not included in the calculation of right-of-use asset or lease liability. Total cash outflow for leases for the year ended December 31, 2022 was $158

Shareholder's Equity

Shareholder's Equity	12 Months Ended
	Dec. 31, 2022
Shareholder's Equity
Shareholder's Equity	15. (a) Share Consolidation On April one issued outstanding (b) Authorized Share Capital The Company is authorized to issue an unlimited number of common shares without par value. As at December 31, 2022, the Company had 35,185,977 (December 31, 2021: 30,974,853) common shares outstanding. (c) Issued Share Capital During the ● On November 15, 2022, the Company completed a best-efforts, overnight-marketed offering by issuing 2,345,000 Units at a Unit price of $US $2.35 per Unit for gross proceeds of $7,343 (US $5,511 ). Each Unit consisted of one common share in the share capital of the Company and one full common share purchase warrant (each full warrant a “ Warrant ” ). Each Warrant entitles the holder thereof to purchase one additional common share at a price of US $3.10 for a period of three years . The transaction costs associated with the issuance were $433 (US $325 ) in cash and an additional 138,150 Broker Warrants to purchase 138,150 Broker Warrant Units (consisting of one common share and one Warrant) at any time over the next three years after closing date of the Offering. ● 356,156 common shares from the exercise of warrants, options, deferred share units, restricted share units and performance share units. The total proceeds from the warrant exercises were $970 at an exercise price of $3.78 , option exercises were $140 at an exercise price at $2.52 . ● 720,865 common shares at an average price of $5.13 per share for gross proceeds of approximately $3,701 under its ATM Program. The transaction costs associated with these issuances were $92 , which reflect commissions paid to CIBC Capital Markets and SEC fee. ● US $3,500 of 2026 Notes were converted by Noteholders which resulted in the Company issuing a total of 789,103 common shares . The Company also made interest make-whole payments to the Noteholders upon conversion totalling US $485 . There were no significant transaction costs incurred in relation to the conversions. During the year ended December 31, 2021, the Company issued common shares as follows: ● On January 22, 2021, the Company completed a bought deal by issuing 1,751,833 Units at a Unit price of $5.58 for gross proceeds of $9,538 . Each Unit consisted of one common share in the share capital of the Company and one-half of one common share purchase warrant (each full warrant a “ Warrant ” ). Each Warrant entitles the holder thereof to purchase one additional common share at a price of $9.00 for a period of two years . The transaction costs associated with the issuance were $929 , and an additional 105,110 Warrants valued at $250 were issued to the broker at a price of $5.58 for a period of two years. ● 1,569,210 common shares for gross proceeds of approximately $6,217 for exercised warrants. ● 94,884 common shares resulting from the exercise of options, deferred share units and restricted share units. The total proceeds from the option exercises were $148 . ● On April 7, 2021, the Company issued 1,324,985 common shares to repay the existing Glencore loan. The shares were issued at a deemed price of $5.22 per share, representing a 15% discount to the closing trading price of the Company ’ s shares on the TSXV on the day before the agreement was publicly announced. ● On June 22, 2021, the Company issued 12,500 shares for the acquisition of exploration & evaluation assets in Idaho, USA and on October 25, 2021, the Company issued 11,111 common shares pursuant to an earn-in on a different exploration property in Idaho, USA. ● On September 2, 2021, the Company issued 2,119,444 common shares at a price of $4.50 per common shares for total gross proceeds of $9,538 via a public equity offering under the Company ’ s base shelf prospectus. The transaction costs associated with this issuance were $810 . ● 112,417 common shares at an average price of $6.10 per share for gross proceeds of approximately $686 under its ATM Program. The transaction costs associated with these issuances were $21 , which reflect commissions paid to Cantor Fitzgerald. ● US $5,500 of convertible notes were converted by Noteholders which resulted in the Company issuing a total of 1,240,019 common sh ares. The Company also made interest make-whole payments to the Noteholders upon conversion totaling US $756 . There were no significant transaction costs incurred in relation to the conversions.

Share based payments

Share based payments	12 Months Ended
	Dec. 31, 2022
Share based payments
Share based payments	16. Share based payments Long-term incentive plan The Company adopted a long-term incentive plan on December 2, 2021 (the “Plan”) whereby it can grant stock options, restricted share units (“RSUs”), Deferred Share Units (“DSUs”), and Performance Share Units (“PSUs”) to directors, officers, employees, and consultants of the Company. Stock options generally vest in equal tranches over three years. The grant date fair value is determined using the Black-Scholes Option Pricing Model and this value is recognized as an expense over the vesting period. DSUs vest immediately but cannot be exercised until the holder ceases to be a Director or Officer of Electra. DSUs are valued based on the market price of the Company’s common shares on the grant date, with the full value expensed immediately. PSUs generally vest over an 18–24-month period if certain performance metrics have been achieved. They are valued based on the market price of the Company’s shares on the grant date and this value is expensed over the vesting period. RSUs generally vest over a 24–36-month period. They are valued based on the market price of the Company’s shares on the grant date and this value is expensed over the vesting period. The maximum number of shares that may be reserved for issuance under the Plan is limited to 2,333,333 shares. (a) Stock Options The changes in incentive stock options outstanding are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ ​ Exercise ​ issued or issuable ​ price on exercise Balance December 31, 2020 ​ $ 5.940 844,630 Grant ​ $ 7.290 5,556 Exercised ​ $ 2.520 (58,889) Grant ​ $ 6.210 31,944 Grant ​ $ 6.300 13,889 Expiries ​ $ 2.880 (2,778) Balance December 31, 2021 ​ $ 5.940 834,352 Grant ​ $ 5.400 222,274 Cancelled ​ $ 6.300 (13,889) Expiries ​ $ 11.880 (83,333) Exercised ​ $ 2.520 (35,184) Exercised ​ $ 2.520 (20,370) Grant ​ $ 5.760 19,444 Grant ​ $ 4.630 19,444 Grant ​ $ 4.900 40,000 Grant ​ $ 4.380 30,000 Expiries ​ $ 12.420 (66,667) Expiries ​ $ 2.520 (9,259) Expiries ​ $ 2.520 (20,370) Expiries ​ $ 5.400 (32,258) Grant ​ $ 3.210 130,000 Expiries ​ $ 4.860 (22,223) Balance December 31, 2022 ​ $ 4.947 991,960 ​ During the year ended December 31, 2022: ● The Company granted 461,162 stock options to employees under its long-term incentive plan. The options may be exercised within 5 years from the date of the grant at a price range of $3.21 to $5.76 per share. The fair value of the options at the date of the grant was $1,049 using the Black-Scholes Option Pricing Model, assuming a risk-free rate of 1.24% to 4.06% per year, an expected life of 2.5 to 4.87 years, an expected volatility in the range of 68.53% to 70.40% , no expected dividends and a share price range of $3.21 to $5.85 . During the year ended December 31, 2021: ● The Company granted 51,389 stock options to new employees under its long-term incentive plan. The options may be exercised within 5 years from the date of the grant at a price range of $6.21 to $7.29 per share. The fair value of the options at the date of the grant was $164 using the Black-Scholes Option Pricing Model, assuming a risk-free rate of 0.20% to 0.92% per year, an expected life of 2.5 years, an expected volatility in the range of 69.72% to 83.57% , no expected dividends and a share price range of $6.12 to $7.83 . Incentive stock options outstanding and exercisable (vested) at December 31, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ ​ Number of ​ Average ​ Average ​ Number of ​ Weighted ​ ​ ​ Shares Issuable ​ Remaining Life ​ Exercise ​ Shares Issuable ​ Average Exercise Price ​ on Exercise ​ (Years) ​ Price ​ on Exercise ​ Exercise Price $ 2.52 174,259 1.68 ​ $ 2.52 143,704 ​ $ 1.68 ​ 2.61 27,778 2.66 ​ 2.61 27,778 ​ 2.66 ​ 2.88 16,667 1.75 ​ 2.88 16,667 ​ 1.75 ​ 3.21 130,000 4.87 ​ 3.21 — ​ 4.87 ​ 3.24 55,556 1.14 ​ 3.24 55,556 ​ 1.14 ​ 4.38 30,000 4.48 ​ 4.38 — ​ 4.48 ​ 4.63 19,444 4.40 ​ 4.63 — ​ 4.40 ​ 4.90 40,000 4.44 ​ 4.90 — ​ 4.44 ​ 5.40 190,016 4.05 ​ 5.40 — ​ 4.05 ​ 5.76 19,444 4.25 ​ 5.76 — ​ 4.25 ​ 6.21 31,944 3.29 ​ 6.21 10,648 ​ 3.29 ​ 6.48 116,667 2.74 ​ 6.48 116,667 ​ 2.74 ​ 7.29 5,556 2.13 ​ 7.29 2,778 ​ 2.13 ​ 8.82 109,630 0.48 ​ 8.82 109,630 ​ 0.48 ​ 9.32 25,000 0.08 ​ 9.32 25,000 ​ 0.08 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 991,960 2.86 ​ $ 4.95 508,426 ​ $ 1.62 ​ During the year ended December 31, 2022, the Company has expensed $505 (December 31, 2021 - $212) for options valued at share prices $2.52 to $9.32, as shared-based payment expense. (b) DSUs, RSUs and PSUs Restricted Share Units The Company’s RSU plan transactions during the years ended December 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ Number of Units 2022 2021 Balance, January 1 63,711 72,222 Granted 50,890 16,025 Exercised (29,108) (23,147) Expired (7,204) (1,389) Balance, December 31 78,289 63,711 ​ Performance Share Units The Company’s PSU plan transactions during the years ended December 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ Number of Units 2022 2021 Balance, January 1 87,500 — Granted 18,057 87,500 Exercised (28,474) — Expired (13,194) — Balance, December 31 63,889 87,500 ​ Deferred Shares Units The Company’s DSU plan transactions during the years ended December 31, 2022 and 2021 were as follows: ​ ​ ​ ​ ​ ​ Number of Units 2022 2021 Balance, January 1 176,331 173,361 Granted 71,474 15,817 Exercised (12,493) (12,847) Balance, December 31 235,312 176,331 ​ During the year ended December 31, 2022, the Company has expensed $189 (December 31, 2021 - $103) for DSUs, $291 (December 31, 2021 - $285) for PSUs, and $297 (December 31, 2021 - $131) for RSUs as shared-based payment expense. Warrants Details regarding warrants issued and outstanding are summarized as follows: ​ ​ ​ ​ ​ ​ ​ Canadian denominated warrants ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ Number of shares issued ​ ​ exercise price ​ or issuable on exercise Balance - December 31, 2020 ​ $ 3.96 ​ 1,885,195 Issuance of warrants ​ $ 9.00 ​ 875,917 Issuance of warrants ​ $ 5.58 ​ 105,110 Exercised warrants ​ $ 4.86 ​ (308,230) Exercised warrants ​ $ 3.78 ​ (818,971) Exercised warrants ​ $ 3.78 ​ (442,014) Warrant expiries ​ $ 1.08 ​ (11,111) Warrant expiries ​ $ 4.86 ​ (11,111) Balance - December 31, 2021 ​ $ 7.53 1,274,785 Exercised warrants ​ $ 3.78 (210,545) Expired warrants ​ $ 3.78 (83,213) Balance - December 31, 2022 ​ $ 8.66 981,027 ​ United States Dollar denominated warrants ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ average ​ Number of shares issued or ​ ​ exercise price ​ issuable on exercise Balance – December 31, 2021 ​ $ 0.00 — Issuance of warrants ​ US$ 3.10 2,483,150 Balance - December 31, 2022 ​ ​ ​ 2,483,150 Total warrants ​ ​ Balance - December 31, 2021 ​ ​ ​ ​ 1,274,785 Balance - December 31, 2022 ​ ​ ​ 3,464,177 ​ The expiry of warrants are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of warrants Weighted Average Grant Date ​ Expiry Date ​ outstanding ​ Exercise Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 22, 2021 ​ ​ January 22, 2023 ​ 875,917 ​ $ 9.00 January 22, 2021 ​ ​ January 22, 2023 ​ 105,110 ​ 5.58 United States Dollar denominated warrants ​ ​ ​ ​ ​ ​ ​ ​ ​ November 15, 2022 ​ ​ November 15, 2025 ​ 2,483,150 ​ US$ 3.10 ​ ​ ​ ​ ​ 3,464,177 ​ $ 8.63 – ​ During the year ended December 31, 2022, 210,545 warrants of the Company were exercised for gross proceeds of $807. The Company issued a total of 2,483,150 share purchase warrants in conjunction with its November 2022 best-efforts, overnight-marketed offering. During the year ended December 31, 2022, a total of 83,213 warrants expired. On November 15, 2022, 2,345,000 warrants were issued to subscribers in the Company’s best-efforts, overnight-marketed offering. As Warrants issued are denominated in foreign currency that is different from the Company’s functional currency, the warrants are determined to be financial derivative liabilities and the total fair value of US$2,087 was recorded as such. The fair value of the warrants was estimated using the Monte Carlo Simulation Model assuming a risk-free interest rate of 4.172%, an expected volatility of 62.89%, share price of US$2.35, strike price of US$3.10. As part of the November 15, 2022 Offering, 138,150 Broker Warrants Units (consisting of one common share and one warrant) were issued as transaction costs. The Broker Warrants are equity-settled and was issued for services received; hence the Company has recorded US$325 in reserve, which was measured at fair value of services received. During the year ended December 31, 2021, 1,569,215 warrants of the Company were exercised for gross proceeds of $6,217. The Company issued a total of 981,027 share purchase warrants in conjunction with its January 2021 bought deal financing. During the year ended December 31, 2021, a total of 22,222 warrants expired. On January 22, 2021, 875,917 warrants were issued to subscribers in the Company’s bought deal financing. 105,110 warrants were issued as broker warrants associated with the bought deal financing. The total fair value of $1,667 was recorded in reserves. The fair value of the warrants was estimated using the Black-Scholes Option Pricing Model assuming a risk-free interest rate of 0.17%, an expected life of 2 years, an expected volatility of 77.10%, no expected dividends, and a share price of $0.315.

Income tax

Income tax	12 Months Ended
	Dec. 31, 2022
Income Tax
Income Tax	17. Income tax reconciliation The following table reconciles the expected income taxes expense (recovery) at the Canadian statutory income tax rates to the amounts recognized in the statements of operations for the year ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Loss before income taxes ​ $ 12,551 ​ $ (34,916) ​ Statutory tax rate ​ 26.5 % 26.5 % Expected expense (recovery) at statutory rate ​ 3,326 ​ (9,252) ​ Non-taxable/deductible items ​ (3,286) ​ 4,343 ​ Flow through share renunciation ​ — ​ 348 ​ Change in unrecognized Deferred tax assets ​ (40) ​ 4,561 ​ Income tax expense ​ $ — ​ $ — ​ ​ The significant components of the Company’s deferred income tax assets (liabilities) are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Deferred tax liabilities: ​ ​ Current convertible notes payable $ (5,659) $ — Plant and equipment ​ (2,933) ​ (448) ​ $ (8,592) $ (448) Deferred tax assets: ​ ​ Non-capital loss $ 6,823 $ 448 Current financial derivative liability - convertible notes ​ 1,769 ​ — ​ $ 8,592 $ 448 Deferred income tax assets / (liabilities) ​ $ — ​ $ — ​ Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values. The unrecognized deductible temporary differences at December 31, 2022 and 2021 are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Non-capital loss carry-forwards ​ $ 29,192 ​ $ 37,505 Exploration and evaluation properties ​ 19,937 ​ 16,521 Capital loss carry-forward ​ 21,542 ​ 20,059 Other ​ 11,445 ​ 7,703 Total unrecognized temporary differences ​ $ 82,116 ​ $ 81,788 ​ The capital loss of $21,542 (December 31, 2021 - $20,059) can be carried forward indefinitely and can only be realized against future capital gains. The Company has non-capital loss carryforwards of approximately $52,576 (December 31, 2021 – $36,903) which may be carried forward to apply against future year income tax for Canadian income tax purposes, subject to the final determination by taxation authorities, expiring in the following years: ​ ​ ​ ​ ​ ​ Loss carry-forward Year ​ amount 2035 ​ $ 1,213 2036 ​ 4,069 2037 ​ 1,172 2038 ​ 7,453 2039 ​ 1,440 2040 ​ 7,109 2041 ​ 14,931 2042 ​ ​ 15,189 Total ​ $ 52,576 ​ The Company also has non-capital loss carryforwards of $2,292 to apply against future year income tax in other jurisdictions. The majority of these carry forward losses do not expire.

Other Non-Operating Income (Exp

Other Non-Operating Income (Expense)	12 Months Ended
	Dec. 31, 2022
Other Non-Operating Income (Expense)
Other Non-Operating Income (Expense)	18. The Company’s Other Non-Operating Income (Expense) comprises the following for the years ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Foreign exchange (loss) gain ​ $ (780) ​ $ 276 Interest income (expense) ​ 328 ​ (191) Gain on Kuya option exercise ​ — ​ 973 Realized loss on marketable securities ​ (220) ​ (103) Other non-operating income ​ 11 ​ — Loss on conversion of Glencore loan ​ — ​ (1,566) Loss on financial derivatives revaluation on Glencore loan ​ — ​ (12) Reversal of impairment charges (Note 8) ​ 1,338 ​ — Flow-through share premium ​ — ​ 321 Other ​ — ​ 144 Other non-operating income (expense) ​ $ 677 ​ $ (158) ​

Income (Loss) Per Share

Income (Loss) Per Share	12 Months Ended
	Dec. 31, 2022
Income (Loss) Per Share
Income (Loss) Per Share	19. The following table sets forth the computation of basic and diluted loss per share for the year ended December 31, 2022 and 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Numerator ​ ​ Net income (loss) for the year – basic ​ $ 12,551 ​ $ (34,916) Gain on financial derivative liability – convertible notes ​ ​ (27,686) ​ ​ — Net loss for the year - diluted ​ $ (15,135) ​ $ (34,916) Denominator ​ ​ Basic – weighted average number of shares outstanding ​ 32,646,906 ​ 27,753,182 Effect of dilutive securities ​ 8,116,480 ​ — Diluted – adjusted weighted average number of shares outstanding ​ 40,763,386 ​ 27,753,182 Income (Loss) Per Share – Basic ​ $ 0.38 ​ $ (1.26) Loss Per Share – Diluted ​ $ (0.37) ​ $ (1.26) ​ The basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. The diluted loss per share reflects the potential dilution of common share equivalents, such as outstanding stock options, and share purchase warrants, in the weighted average number of common shares outstanding during the year, if dilutive. Share purchase warrants and stock options were excluded from the calculation of diluted weighted average number of common shares outstanding for the year ended December 31, 2022 and 2021 as the warrants and stock options were anti-dilutive.

Financial Instruments (Imported

Financial Instruments (Imported)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Financial Instruments	20. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. Per Note 1, the Company does not have sufficient financial resources necessary to complete the construction and final commissioning of the Refinery and the Company is going through a planning and budgeting process to update the capital estimates and completion schedule associated with the Refinery. The Company attempts to ensure there is sufficient access to funds to meet ongoing business requirements, considering its current cash position and potential funding sources. Although the Company has historically been successful in obtaining financing in the past, there can be no assurances that the Company will be able to obtain adequate financing in the future. This represents a material uncertainty that casts substantial doubt on the Company’s ability to continue as a going concern. These consolidated financial statements do not include the adjustments to the amounts and classifications of assets and liabilities that would be necessary should the Company be unable to continue as a going concern. These adjustments may be material. The following are the contractual maturities of financial liabilities as at December 31, 2022, and December 31, 2021: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ < 1 Year Between 1 – 2 Years >2 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 18,864 ​ $ — ​ $ — Interest payable 1 ​ 3,436 ​ 3,445 ​ 6,589 Long-term government loan payable ​ — ​ 996 ​ 3,737 Convertible notes payable 1 ​ — ​ — ​ 48,759 Lease payable ​ ​ 117 ​ ​ 119 ​ ​ 289 Total ​ $ 22,417 ​ $ 4,560 ​ $ 59,374 ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ < 1 Year Between 1 – 2 Years >2 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 3,544 ​ $ — ​ $ — Interest payable ​ 3,137 ​ 3,547 ​ 11,837 Long-term government loan payable ​ — ​ — ​ 1,000 Long-term convertible notes payable ​ — ​ — ​ 50,339 Total ​ $ 6,681 ​ $ 3,547 ​ $ 63,176 ​ For 2022 and 2021 the Company assumed the notes will remain outstanding until maturity. If Noteholders convert prior to maturity, they would be entitled to a make-whole interest payment upon conversion. This payment cannot exceed the remaining coupon payments owing and thus the tables above present all interest payments to maturity, which represents the maximum possible cash outflow to the Company. The contractual liabilities relating to government loan payable assumes that repayment would begin on March 1, 2024 in 19 equal quarterly instalments (Note 12). Fair Value The Company’s financial instruments consisted of cash and cash equivalents, restricted cash, convertible notes payable, long-term government loan payable, financial derivative liability, and accounts payable and accrued liabilities. The fair values of cash and cash equivalents, restricted cash, prepaid expenses and deposits, receivables and accounts payable and accrued liability approximate their carrying values because of their current nature. The fair value of long-term government loan payable and long-term convertible notes payable are estimated as $3,558 and $46,292 respectively utilizing a discounted cash flow calculation based on cash interest and principal payments and a 9% interest rate which would Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash and cash equivalents and restricted cash which are being held in with major Canadian banks that are high credit quality financial institutions as determined by rating agencies. The Company’s receivables primarily consist of HST refund due from Canada Revenue Agency, hence there is no significant credit risk on receivables. As at December 31, 2022, the Company’s maximum exposure to credit was the carrying value of cash and cash equivalents, restricted cash, and receivables. Foreign Currency Risk Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the Company’s functional currency. The Company is exposed to foreign currency risk on fluctuations related to cash and cash equivalents, prepayments, accounts payable and accrued liabilities, derivative financial liabilities on warrants and its long-term debts that are denominated in US Dollars. The Company has not used derivative instruments to reduce its exposure to foreign currency risk nor has it entered into foreign exchange contracts to hedge against gains or losses from foreign exchange fluctuations. The following table indicates the foreign currency exchange risk on monetary financial instruments as at December 31, 2022 and December 31, 2021 converted to Canadian Dollars: ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,561 Accounts payable and accrued liabilities ​ (1,264) Interest accrual ​ (1,300) Current convertible notes payable ​ (25,662) Financial derivative liability – convertible notes ​ (6,674) Other financial derivative liability ​ (1,271) Total ​ $ (33,610) ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ ​ ​ ​ Cash and cash equivalents ​ $ 14,080 Accounts payable and accrued liabilities ​ (842) Interest accrual ​ (1,164) Long-term convertible notes payable ​ (22,541) Financial derivative liability – convertible notes ​ (37,715) Total ​ $ (48,182) ​ During the year ended December 31, 2022, the Company recognized a loss of $1,019 on foreign exchange (2021 – gain of $681). Based on the above exposures as at December 31, 2022 2021 Interest Rate Risk Interest rate risk is the risk that the fair value of future cash flow of a financial instrument will fluctuate because of changes in market interest rate. The Company’s debt with Glencore was extinguished during 2021 and the Company currently does not have any financial instruments that are linked to LIBOR, SOFR, or any form of a floating market interest rate. Therefore, changes in the market interest rate does not have an impact on the Company as at December 31, 2022.

Management of Capital

Management of Capital	12 Months Ended
	Dec. 31, 2022
Management of Capital
Management of Capital	21. The Company’s objectives when managing capital are to ensure it has sufficient cash available to support its future Refinery expansion and exploration activities; and ensure compliance with debt covenants under the convertible notes arrangement. Under the convertible notes arrangement, the Company was required to always maintain a minimum liquidity balance of US$7,500. Per Note 1, the Company was in breach of this covenant at December 31, 2022 which would have entitled the Noteholders to call the Note, but on February 13, 2023, subsequent to year end, the Company successfully closed on a private placement offering on the 2028 Notes, which resulted in settlement of the 2026 Note and minimum liquidity balance covenant being reduced to US$2,000. Please refer to Note 13. The Company manages its capital structure, consisting of cash and cash equivalents, share capital and debt (convertible notes and loans), and will make adjustments to it depending on the funds available to the Company for its future Refinery expansion and exploration activities. 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 future development of the business. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the size of the Company, is reasonable. Other than the minimum liquidity balance covenant under the convertible note arrangement, the Company is not subject to externally imposed capital requirements. The convertible notes arrangement does not impose any quantitative ratio covenants on the Company in the course of the normal construction and operation of its current assets. Per Note 1, the Company does not have sufficient financial resources necessary to complete the construction and final commissioning of the Refinery at this time, and final commissioning is not expected to occur in the next twelve months. Though the Company expects the investment required to complete the refinery to be significantly higher than previously estimated, the finalization of updated cost estimates has not been completed as of this date. Without the benefit of the finalized updated cost estimates, management expects to require additional financing in 2023 and 2024 to continue and complete the construction of the Refinery and remain in compliance with the minimum liquidity covenant under the 2028 Notes (refer to Note 13).

Fair Value Measurements

Fair Value Measurements	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Fair Value Measurements	22. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. All assets and liabilities for which fair value is measured or disclosed in the consolidated financial statements are categorized within the fair value hierarchy, described, as follows, based on the lowest-level input that is significant to the fair value measurement as a whole: Level 1 — Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 — Quoted prices in markets that are not active or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 — Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The fair value hierarchy gives the highest priority to Level 1 inputs and the lowest priority to Level 3 inputs. ​ Assets and Liabilities Measured at Fair Value The Company’s fair values of financial assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ December 31, 2022 ​ ​ Fair value through ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ — ​ $ 7,952 ​ $ — ​ $ — ​ $ — ​ $ 7,952 Restricted cash ​ — ​ 938 ​ — ​ — ​ — ​ 938 Receivables ​ — ​ 3,079 ​ — ​ — ​ — ​ 3,079 Marketable securities ​ 433 ​ — ​ 433 ​ — ​ — ​ 433 ​ ​ $ 433 ​ $ 11,969 ​ $ 433 ​ $ — ​ $ — ​ $ 12,402 Liabilities: ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ — ​ $ 20,164 ​ $ — ​ $ — ​ $ — ​ $ 20,164 Long-term government loan payable ​ — ​ 3,777 ​ — ​ — ​ — ​ 3,558 Convertible notes payable 1 ​ — ​ 25,662 ​ — ​ — ​ — ​ 25,662 Financial derivative liability – Convertible Notes 1 ​ 6,674 ​ — ​ — ​ — ​ 6,674 ​ 6,674 Other financial derivative liability ​ 1,271 ​ — ​ — ​ — ​ 1,271 ​ 1,271 ​ ​ $ 7,945 ​ $ 49,603 ​ $ — ​ $ — ​ $ 7,945 ​ $ 57,329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value December 31, 2021 ​ ​ Fair value through ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Fair Value Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ — ​ $ 58,626 ​ $ — ​ $ — ​ $ — ​ $ 58,626 Restricted cash ​ — ​ 938 ​ — ​ — ​ — ​ 938 Receivables ​ — ​ 957 ​ — ​ — ​ — ​ 957 Marketable securities ​ 1,768 ​ — ​ 1,768 ​ — ​ — ​ 1,768 ​ ​ $ 1,768 ​ $ 60,521 ​ $ 1,768 ​ $ — ​ $ — ​ $ 62,289 Liabilities: ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ — ​ $ 4,708 ​ $ — ​ $ — ​ $ — ​ $ 4,708 Long-term government Loan payable ​ — ​ 745 ​ — ​ — ​ — ​ 745 Long-term convertible notes payable 1 ​ — ​ 22,541 ​ — ​ — ​ — ​ 22,541 Financial derivative liability – convertible notes 1 ​ 37,715 ​ — ​ — ​ — ​ 37,715 ​ 37,715 ​ ​ $ 37,715 ​ $ 27,994 ​ $ — ​ $ — ​ $ 37,715 ​ $ 65,709 ​ 1 Valuation techniques A) Marketable securities Marketable securities are included in Level 1 as these assets are quoted on active markets. B) Financial Derivative Liability – Convertible Notes The fair value of the embedded derivative on convertible notes (Note 13) as at December 31, 2022 was $6,674 (December 31, 2021 - $37,715) and is accounted for at FVTPL. The valuation is derived by a finite difference method, whereby the convertible debt as a whole is viewed as a hybrid instrument consisting of two components, an equity component (i.e., the conversion option) and a debt component, each with different risk. These two risks result in a pair of coupled partial differential equations and are solved simultaneously to calculate the value of the debt and equity components of the convertible bond. The key inputs in the valuation include risk-free rates, share price, equity volatility, and credit spread. As there are significant unobservable inputs used in the valuation, the financial derivative liability is included in Level 3. Methodologies and procedures regarding Level 3 fair value measurements are determined by the Company’s management. Calculation of Level 3 fair values is generated based on underlying contractual data as well as observable and unobservable inputs. Development of unobservable inputs requires the use of significant judgment. To ensure reasonability, Level 3 fair value measurements are reviewed and validated by the Company’s management. Review occurs formally on a quarterly basis or more frequently if review and monitoring procedures identify unexpected changes to fair value. While the Company considers its fair value measurements to be appropriate, the use of reasonably alternative assumptions could result in different fair values. On a given valuation date, it is possible that other market participants could measure a same financial instrument at a different fair value, with the valuation techniques and inputs used by these market participants still meeting the definition of fair value. The fact that different fair value measurements exist reflects the judgment, estimates and assumptions applied as well as the uncertainty involved in determining the fair value of these financial instruments. The fair value of the embedded derivative (Note 13) has been estimated as at December 31, 2022 based on significant unobservable inputs which are equity volatility and credit spread. The Company used an equity volatility of 54% (December 31, 2021 – 60%). If the Company had used an equity volatility that was higher or lower by 10%, the potential potential C) Other Financial Derivative Liability The fair value of the embedded derivative on Warrants issued in foreign currency (Note 16) as at December 31, 2022 was $1,271 (December 31, 2021 - $nil) and is accounted for at FVTPL. The valuation of warrants where the strike price is in US dollar and the warrants can be exercised at a time prior to expiry, the Company uses a Monte Carlo Simulation Model to better model the variability in exercise dates. The key inputs in the valuation include risk-free rates and equity volatility. As there are significant unobservable inputs used in the valuation, the financial derivative liability is included in Level 3. The Company used an equity volatility of 62.85% (December 31, 2021 – nil). If the Company had used an equity volatility that was higher or lower by 10%, the potential

Commitments

Commitments	12 Months Ended
	Dec. 31, 2022
Commitments
Commitments	23. As at December 31, 2022, the Company’s commitments relate to purchase and services commitments for work programs relating to Refinery expansion and payments under financing arrangements. The Company has a purchase commitment for $13,684 in 2023. ​

Segmented Information

Segmented Information	12 Months Ended
	Dec. 31, 2022
Segmented Information
Segmented Information	24. The Company’s exploration and evaluation activities are in the province of Ontario, Canada and Idaho, USA, with its head office function in Canada. All of the Company’s capital assets, including property and equipment, and exploration and evaluation assets are located in Canada and USA. The Company’s Chief Operating Decision Maker (CODM) is its Chief Executive Officer. The CODM reviews the results of Company’s refinery business as a discrete business unit, separate from the rest of the Company’s activities which are reviewed on an aggregate basis. (a) Segmented Operating Results ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Year Ended Dec 31, 2022 ​ Refinery Corporate & Other Total Operating Expenses ​ ​ ​ Consulting and professional fees ​ $ 47 ​ $ 2,682 ​ $ 2,729 Exploration and evaluation expenditures ​ — ​ 3,428 ​ 3,428 General and administrative and Travel ​ 138 ​ 1,787 ​ 1,925 Investor relations and marketing ​ — ​ 1,000 ​ 1,000 Refinery, engineering and metallurgical studies ​ 2,349 ​ ​ 2,349 Refinery, permitting, and environmental expenses ​ 128 ​ — ​ 128 Salary and benefits ​ 655 ​ 3,258 ​ 3,913 Share-based payments ​ — ​ 1,282 ​ 1,282 Operating loss ​ $ 3,317 ​ $ 13,437 ​ $ 16,754 Unrealized loss on marketable securities ​ — ​ (589) ​ (589) Gain on financial derivative liability - convertible notes ​ ​ — ​ ​ 27,686 ​ ​ 27,686 Gain on fianncial derivative liability - US warrants ​ ​ — ​ ​ 1,531 ​ ​ 1,531 Other non-operating income ​ — ​ 677 ​ 677 Income (loss) before taxes ​ $ (3,317) ​ $ 15,868 ​ $ 12,551 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Year Ended Dec 31, 2021 ​ Refinery Corporate & Other Total Operating Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Consulting and professional fees ​ $ 116 ​ $ 4,193 ​ $ 4,309 Exploration and evaluation expenditures ​ — ​ 4,705 ​ $ 4,705 General and administrative and Travel ​ 117 ​ 371 ​ $ 488 Investor relations and marketing ​ 2 ​ 841 ​ $ 843 Refinery, engineering and metallurgical studies ​ 4,442 ​ — ​ $ 4,442 Refinery, permitting, and environmental expenses ​ 866 ​ 1 ​ $ 867 Salary and benefits ​ 416 ​ 2,388 ​ $ 2,804 Share-based payments ​ — ​ 731 ​ $ 731 Operating loss ​ $ 5,959 ​ $ 13,230 ​ $ 19,189 Unrealized loss on marketable securities ​ — ​ (2,617) ​ (2,617) Loss on financial derivative liability - convertible notes ​ — ​ (12,952) ​ ​ (12,952) Other non-operating expense ​ — ​ (158) ​ $ (158) Loss before taxes ​ $ (5,959) ​ $ (28,957) ​ $ (34,916) ​ (b) Segmented Assets and Liabilities ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets Total Liabilities ​ December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Refinery ​ $ 91,322 ​ $ 17,082 ​ $ 17,723 ​ $ 1,776 Corporate & Other ​ 96,202 ​ 150,529 ​ 43,292 ​ 65,871 Total ​ $ 187,524 ​ $ 167,611 ​ $ 61,015 ​ $ 67,647 ​

Related Party Transactions

Related Party Transactions	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Related Party Transactions	25. The Company’s related parties include key management personnel and companies related by way of directors or shareholders in common. (a) During the year ended December 31, 2022 and 2021, the Company paid and/or accrued the following fees to management personnel and directors: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Management ​ $ 2,751 ​ $ 1,978 Directors ​ 154 ​ 190 ​ ​ $ 2,905 ​ $ 2,168 ​ During the year ended December 31, 2022, the Company had share-based payments made to management and directors of $620 (December 31, 2021 - $499). (b) As at December 31, 2022 and 2021, the Company had the following amounts due to related parties: ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 389 ​ $ 786 ​ ​ $ 389 ​ $ 786 ​ As at December 31, 2022, the accrued liabilities balance for related parties was $389 (December 31, 2021 - $786), which relates mainly to year end compensation accruals.

Significant Accounting Polici_2

Significant Accounting Policies and Basis of Preparation (Policies)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies and Basis of Preparation
Basis of Presentation and Statement of Compliance	Basis of Presentation and Statement of Compliance These consolidated financial statements, including comparatives, have been prepared in accordance with International Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). These financial statements have been prepared on an historical cost basis, except for certain financial instruments, which are classified as fair value through profit or loss (“FVTPL”). All amounts on the consolidated financial statements are presented in thousands of Canadian dollars, except share and per share amounts, and otherwise noted. Certain comparative amounts have been restated as a result of share consolidation on the basis of one
Functional Currency	Functional Currency The functional currency of the Company and its controlled entities are measured using the principal currency of the primary economic environment in which each entity operates. The functional currency of the Company and its material subsidiaries is Canadian dollars. Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are retranslated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined. Foreign exchange differences on monetary items are recognized in profit or loss in the period in which they arise except for: ● Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the costs of assets as they are regarded as an adjustment to interest costs on those currency borrowings.
Basis of Consolidation	Basis of Consolidation These consolidated financial statements include the accounts of the Company and its controlled entities. Control is achieved when the Company has the power to govern the financial operating policies of an entity to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases. ​ The following material subsidiaries have been consolidated for all dates presented within these financial statements: ​ ​ ​ ​ ​ ​ ​ ​ Subsidiary Ownership Location Asset Held Cobalt Projects International Corp. 100 % Canada Ontario Properties Cobalt Industries of Canada Corp. 100 % Canada Ontario Properties Cobalt Camp Refinery Ltd. 100 % Canada Refinery Cobalt Camp Ontario Holdings Corp. 100 % Canada Ontario Properties Idaho Cobalt Company 100 % United States Idaho Properties Scientific Metals (Delaware) Corp. 100 % United States Idaho Properties ​ All inter-company transactions, balances, income and expenses are eliminated in full upon consolidation.
Cash and Cash equivalents	Cash and Cash equivalents Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less.
Marketable Securities	Marketable Securities Marketable securities represent shares held in publicly traded companies. Marketable securities held by the Company are held for trading purposes and are classified as financial asset measured at FVTPL. At each reporting date, the Company marks-to-market the value of the marketable securities based on quoted market prices; therefore, these financial assets are classified as Level 1 on the fair value hierarchy. Any profit or loss arising from the sale of these securities, or the revaluation at reporting dates, is recorded to the consolidated statement of loss and other comprehensive loss. As the marketable securities are held for trading purposes and not as part of a strategic investment, they are expected to be liquidated within a twelve-month period and are classified as a current asset on the statement of financial position.
Financial instruments	Financial instruments Cash and cash equivalents, restricted cash, receivables, accounts payable and accrued liabilities, and debt securities issued are initially recognized when they are originated. All other financial assets and financial liabilities are initially recognized when the Company becomes a party to the contractual provisions of the instrument. The Company recognizes all financial assets initially at fair value and classifies them into one of the following measurement categories: FVTPL, fair value through other comprehensive income or amortized cost, as appropriate. Financial liabilities are initially recognized at fair value and classified as either FVTPL or amortized cost, as appropriate. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership. ​ At each reporting date, the Company assesses whether there is objective evidence that a financial asset has been impaired. The Company had made the following classification of its financial instruments: ​ ​ ​ Financial assets or liabilities Measurement Category Cash and cash equivalents Amortized Cost Restricted cash Amortized Cost Receivables Amortized Cost Marketable securities FVTPL Account payable and Accrued liabilities Amortized Cost Convertible notes payable Amortized Cost Long-term government loan payable Amortized Cost Financial derivative liabilities FVTPL ​ Financial instruments measured at fair value are classified into one of the three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; Level 3 – Inputs that are not based on observable market data.
Exploration and Evaluation Assets	Exploration and Evaluation Assets The acquisition costs of mineral property interests have been capitalized as exploration and evaluation assets within the Company’s financial statements. Subsequent exploration and evaluation costs are expensed until the property to which they relate has demonstrated technical feasibility and commercial viability, after which costs are capitalized. The acquisition costs include the cash consideration paid and the fair market value of any shares issued for mineral property interests being acquired or optioned pursuant to the terms of relevant agreements. When a partial sale of a mineral property occurs, if control is lost the asset is derecognized and there is a resultant gain or loss recorded to profit and loss in the period the transaction takes place. When all of the interest in a property is sold, subject only to any retained royalty interests which may exist, the accumulated property costs are derecognized, with any gain or loss included in profit or loss in the period the transaction takes place. Management reviews its mineral property interests at each reporting period for indicators of impairment taking into consideration whether there has been a significant adverse change in the legal, regulatory, accessibility, title, environmental or political factors that could affect the property’s value; whether exploration activities produced results that are not promising such that no more work is being planned in the foreseeable future and management’s assessment of likely proceeds from the disposition of the property. If a property’s carrying value exceeds its recoverable amount through either not being recoverable, being abandoned, or considered to have no future economic potential, the acquisition and deferred exploration and evaluation costs are written down to their recoverable amount. Should a project be put into production, the costs of acquisition will be amortized using the units-of-production method over the life of the project based on estimated economic reserves.
Property, Plant and Equipment	Property, Plant and Equipment Plant and equipment are recorded at cost less accumulated depreciation and accumulated impairment losses. The cost of an asset includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and borrowing costs related to the acquisition or construction of the qualifying assets. Depreciation of plant and equipment commences when the asset is in the condition and location necessary for it to operate in the manner intended by management. Plant and equipment assets are depreciated using the straight-line method over the estimated useful life of the asset. Where an item of plant and equipment comprises of major components with different useful lives, the components are accounted for as separate items of plant and equipment. Depreciation is recognized in the consolidated statement of loss and comprehensive loss upon commercial production having been achieved. At the date of the financial statements no plant and equipment assets are in use. The Company will assess the useful lives of the assets once they are put into use. Development costs associated with bringing the Company’s Refinery to the location and condition necessary for it to be capable of operating in its intended manner are capitalized as property, plant and equipment costs.
Capital Long-Term Prepayments	Capital Long-Term Prepayments For major equipment items where milestone payments are made during the manufacturing process, these costs are initially recorded as capital long-term prepayments. Once the piece of equipment is delivered to the Refinery site, the associated cost is then reclassified to property, plant and equipment costs.
Leases	Leases 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 contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For such contracts, the Company recognizes a right-of-use (“ROU”) asset and a lease liability at the lease commencement date. The ROU asset is initially measured at cost, which comprises of initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate costs to dismantle or restore the underlying asset, less any lease incentives received. ROU asset is subsequently depreciated using straight-line method over the lease term, or useful life of the underlying asset if a purchase option is expected to be exercised. ROU asset is presented as part of property, plant and equipment. Lease liabilities are initially measured at the present value of the lease payments that are not paid at the commencement date and subsequently measured at amortized cost using the effective interest rate method. Lease payments for short-term leases with a term of 12 months or less, leases of low-value assets, as well as leases with variable lease payments are recognized as an expense over the term of such leases.
Borrowing Costs	Borrowing Costs Borrowing costs are expensed as incurred except where they relate to the financing of construction or development of qualifying assets in which case they are capitalized as property, plant and equipment up to the date when the qualifying asset is ready for its intended use. All proceeds from the convertible notes and the government grant are being utilized for the construction and expansion of the Refinery, which given its construction timeline of over a year, is a qualifying asset under IAS 23 Borrowing Costs
Impairment	Impairment (i) Financial assets For financial assets measured at amortized cost, the impairment model under IFRS 9, Financial Instruments (“IFRS 9”), reflects expected credit losses. The Company recognizes loss allowances for expected credit losses and changes in those expected credit losses. At each reporting date, financial assets carried at amortized cost are assessed to determine whether they are credit-impaired. A financial asset is credit-impaired when one or more events that have a detrimental impact on the estimated future cash flows of the financial asset have occurred. Loss allowances for financial assets measured at amortized cost are deducted from the gross carrying amount of the assets. The gross carrying amount of a financial asset is written off to the extent that there is no realistic prospect of recovery. (ii) Non-financial assets Non-financial assets are evaluated at each reporting period by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the CGU level, 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, where the recoverable amount of a CGU is the greater of the CGU’s fair value less costs to sell and its value in use. An impairment loss is recognized in profit or loss to the extent that the carrying amount exceeds the recoverable amount. Previously recognized impairment losses are evaluated at each reporting period for indication that an impairment loss recognized in prior periods for an asset may no longer exist or may have decreased. If such indication exists, the Company estimates the recoverable amount of that asset, and an impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
Assets Held for Sale	Assets Held for Sale Non-current assets, or disposal groups comprising assets and liabilities, are classified as held-for-sale if it is highly probably that they will be recovered primarily through sale rather than through continuing use. Such assets, or disposal groups, are generally measured at the lower of their carrying amount and fair value less costs to sell. Any impairment loss on a disposal group is allocated to the assets and liabilities on a pro rata basis. Impairment losses on initial classification as held-for-sale and subsequent gains and losses on remeasurement are recognized in profit or loss. Once classified as held-for-sale, property, plant, and equipment are no longer amortized or depreciated.
Share capital	Share capital Common shares are classified as equity. Transaction costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are valued based on the fair value of goods or services received. Warrants classified as equity Warrants classified as equity are recorded at fair value as of the date of issuance on the Company’s consolidated balance sheets and no further adjustments to their valuation are made. Warrants classified as liabilities Warrants classified as derivative liabilities and other derivative financial instruments require separate accounting as liabilities are recorded on the Company’s consolidated balance sheets at their fair value on the date of issuance and will be revalued on each subsequent balance sheet date until such instruments are exercised or expire, with any changes in the fair value between reporting periods recorded as other income or expense. Management estimates the fair value of these liabilities using option pricing models and assumptions that are based on the individual characteristics of the warrants or instruments on the valuation date, as well as assumptions for expected volatility, expected life, yield, and risk-free interest rate. Share-based payment transactions The Company has a long-term incentive plan that provides for the granting of options, deferred share units (“DSUs”), restricted share units (“RSUs”) and performance share units (“PSUs”) to officers, directors, consultants and related company employees to acquire shares of the Company. (i.) Stock options The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in reserves as the options vest. Options granted to employees and others providing similar services are measured on grant date at the fair value of the instruments issued. Fair value is determined using the Black-Scholes option pricing model considering the terms and conditions upon which the options were granted. The amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value. Each grant is accounted for on that basis. Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of the goods or services is recorded at the earlier of the vesting date, or the date the goods or services are received. On vesting, share-based payments are recorded as an operating expense and as reserves. When options are exercised, the consideration received is recorded as share capital. The related share-based payments originally recorded as reserves remain in reserves on either exercise or expiry of the underlying options. (ii.) Deferred, restricted and performance share units DSUs, RSUs and PSUs are classified as equity settled share-based payments and are measured at fair value on the grant date. The expense for DSUs, RSUs and PSUs, to be redeemed in shares, is recognized over the vesting period, or using management’s best estimate when contractual provisions restrict vesting until completion of certain performance conditions, with a charge as an expense and a corresponding increase in reserves as the instrument vests. Upon exercise of any DSUs, RSUs, and PSUs, the grant date fair value of the instrument is transferred to share capital.
Environmental rehabilitation	Environmental rehabilitation An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. The estimated costs arising from the future decommissioning of plant and other site preparation work, discounted to their net present value where material, are determined, and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. Discount rates, using a pretax rate that reflect the time value of money and risks specific to the liability, are used to calculate the net present value. Costs are charged against profit or loss over the economic life of the related asset, through amortization of the asset retirement obligation using either the unit-of-production or the straight-line method. The related liability is adjusted at each period-end with changes related to the unwinding of the discount rate accounted for in profit or loss and changes related to the current market-based discount rate or the amount or timing of the underlying cash flows needed to settle the obligation accounted for as an adjustment to the related rehabilitation asset.
Income taxes	Income taxes Income tax expense is comprised of current and deferred taxes. Current tax and deferred tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity or equity investments. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, 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 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 for the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related income tax benefit will be realized.
Loss per share	Income / Loss per share The Company presents basic and diluted income/loss per share (“LPS”) data for its common shares. Basic LPS is calculated by dividing the income/loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period, adjusted for own shares held. Diluted LPS is determined by adjusting the loss attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for own shares held and for the effects of all dilutive potential common shares related to outstanding stock options and warrants issued by the Company. On April 13, 2022, the Company has completed a share consolidation on the basis of one
Operating Segments	Operating Segments Upon the decision to move into the full development stage of the Refinery, this business unit is now likely to earn revenue and incur expenses that are separate and discrete from the rest of the Company. The Company’s Chief Operating Decision Maker reviews operating results and assesses performance for the Refinery on a separate basis, and therefore, the Refinery now meets the definition of a segment. The Company’s operating segments are as follows: ● Refinery ● Corporate and Other
Related Party Transactions	Related Party Transactions Parties are related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities and include key management of the Company and its parent. A transaction is a related party transaction when there is a transfer of resources, services or obligations between related parties.
Government Loans	Government Loans The Company receives funding from the Federal Government of Canada in the form of non-interest-bearing loans. The Company records the present value of these loans, assuming a market rate of interest, as a liability in accordance with IFRS 9 Financial Instruments The funding from the Federal Government of Canada is received as a proportion of construction costs incurred. Therefore, future funding is dependent on the project construction continuing to advance.
Government Grant	Government Grant The Company receives funding from the Ontario Government in the form of non-repayable grant. The contributions are made as a reimbursement of a portion of Refinery construction costs incurred. The Company records government grant as a liability. This is amortized to income over the life of the Refinery asset to which the funding related to.

Significant Accounting Polici_3

Significant Accounting Policies and Basis of Preparation (Tables)	12 Months Ended
	Dec. 31, 2022
Significant Accounting Policies and Basis of Preparation
Summary of material subsidiaries that have been consolidated for all dates presented within these financial statements	​ ​ ​ ​ ​ ​ ​ ​ Subsidiary Ownership Location Asset Held Cobalt Projects International Corp. 100 % Canada Ontario Properties Cobalt Industries of Canada Corp. 100 % Canada Ontario Properties Cobalt Camp Refinery Ltd. 100 % Canada Refinery Cobalt Camp Ontario Holdings Corp. 100 % Canada Ontario Properties Idaho Cobalt Company 100 % United States Idaho Properties Scientific Metals (Delaware) Corp. 100 % United States Idaho Properties ​
Summary of classification of financial instruments	The Company had made the following classification of its financial instruments: ​ ​ ​ Financial assets or liabilities Measurement Category Cash and cash equivalents Amortized Cost Restricted cash Amortized Cost Receivables Amortized Cost Marketable securities FVTPL Account payable and Accrued liabilities Amortized Cost Convertible notes payable Amortized Cost Long-term government loan payable Amortized Cost Financial derivative liabilities FVTPL ​

Property, Plant and Equipment_2

Property, Plant and Equipment and Capital Long-Term Prepayments (Tables)	12 Months Ended
	Dec. 31, 2022
Property, Plant and Equipment and Capital Long-Term Prepayments
Schedule of property, plant and equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, Plant, Construction in Right-Of-Use ​ Cost ​ and Equipment ​ Progress ​ Assets ​ Total December 31, 2020 ​ $ 4,876 ​ $ — ​ $ — ​ $ 4,876 Additions during the year ​ 557 ​ 5,015 ​ — ​ 5,572 Balance December 31, 2021 ​ $ 5,433 ​ $ 5,015 ​ $ — ​ $ 10,448 Additions during the period ​ 556 ​ 57,085 ​ 301 ​ 57,942 Transfer from capital long term prepayments ​ ​ — ​ ​ 13,948 ​ ​ — ​ ​ 13,948 Balance December 31, 2022 ​ $ 5,989 ​ $ 76,048 ​ $ 301 ​ $ 82,338 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Property, Plant, Construction in Right-Of-Use ​ Accumulated Depreciation ​ and Equipment ​ Progress ​ Assets ​ Total December 31, 2020 ​ $ — ​ $ — ​ $ — ​ $ — Charge for the year ​ 2 ​ — ​ — ​ 2 Balance December 31, 2021 ​ $ 2 ​ $ — ​ $ — ​ $ 2 Charge for the year ​ 8 ​ — ​ 40 ​ 48 Balance December 31, 2022 ​ $ 10 ​ $ — ​ $ 40 ​ $ 50 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Net Book Value ​ ​ ​ ​ Balance December 31, 2021 ​ $ 5,431 ​ $ 5,015 ​ $ — ​ $ 10,446 Balance December 31, 2022 ​ $ 5,979 ​ $ 76,048 ​ $ 261 ​ $ 82,288 ​
Schedule of capital long-term prepayments activity	​ ​ ​ ​ ​ ​ Capital long-term Balance prepayments December 31, 2020 ​ $ — Additions during the year ​ 6,631 December 31, 2021 ​ $ 6,631 Additions during the year ​ ​ 10,404 Transfer to property, plant and equipment ​ $ (13,948) December 31, 2022 ​ $ 3,087 ​

Exploration and Evaluation As_2

Exploration and Evaluation Assets (Tables)	12 Months Ended
	Dec. 31, 2022
Exploration and Evaluation Assets
Schedule of acquisitions of exploration and evaluation assets	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Balance ​ ​ December 31, ​ Acquisition ​ December 31, ​ ​ 2021 ​ Costs ​ 2022 Iron Creek ​ $ 87,661 ​ $ 32 ​ $ 87,693 Total ​ $ 87,661 ​ $ 32 ​ $ 87,693 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Balance ​ ​ Balance ​ ​ December 31, ​ Acquisition ​ December 31, ​ ​ 2020 ​ Costs ​ 2021 Iron Creek ​ $ 87,420 ​ $ 241 ​ $ 87,661 Total ​ $ 87,420 ​ $ 241 ​ $ 87,661 ​

Disposal Group Held for Sale (T

Disposal Group Held for Sale (Tables)	12 Months Ended
	Dec. 31, 2022
Disposal Group Held for Sale
Summary of assets and liabilities presented as a disposal group held for sale	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Cobalt Camp assets ​ $ 1,338 ​ $ — Asset Retirement Obligation ​ (338) ​ — Net Balance, at end the year ​ $ 1,000 ​ $ — ​

Receivables (Tables)

Receivables (Tables)	12 Months Ended
	Dec. 31, 2022
Receivables
Summary of receivables	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Receivables ​ $ 3,079 ​ $ 957 ​ ​ $ 3,079 ​ $ 957

Accounts Payable and Accrued _2

Accounts Payable and Accrued Liabilities (Tables)	12 Months Ended
	Dec. 31, 2022
Accounts Payable and Accrued Liabilities
Summary of accounts payable and accrued liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Accounts Payable and Accrued Liabilities ​ $ 18,850 ​ $ 3,544 Accrued Interest ​ 1,300 ​ 1,164 Withholding tax liabilities ​ 14 ​ — ​ ​ $ 20,164 ​ $ 4,708 ​

Asset Retirement Obligations (T

Asset Retirement Obligations (Tables)	12 Months Ended
	Dec. 31, 2022
Asset Retirement Obligations
Summary of long-term asset retirement obligations	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Refinery ​ $ 1,790 ​ $ 1,336 Ontario Mineral Properties (Note 8) ​ — ​ 338 Long-term Asset Retirement Obligations ​ $ 1,790 ​ $ 1,674 ​
Summary of continuity of the asset retirement obligation	​ ​ ​ ​ ​ ​ Total ARO Balance at January 1, 2021 ​ $ 1,264 Change in estimate of discounted cash flows ​ 410 Balance at December 31, 2021 ​ 1,674 Change in estimate from discounting ​ (274) Change in estimate of costs ​ 728 Transferred to liabilities held for sale (Note 8) ​ (338) Balance at December 31, 2022 ​ $ 1,790

Long-Term Government Loan Pay_2

Long-Term Government Loan Payable and Government Grant (Tables)	12 Months Ended
	Dec. 31, 2022
Long-Term Government Loan Payable and Government Grant
Summary of gross proceeds of Government Loans and Government Grant received	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Government Loan Government Grant Total Balance - January 1, 2021 ​ $ — ​ $ — ​ $ — FedNor - November 2021 ​ 1,000 ​ — ​ 1,000 Balance - December 31, 2021 ​ $ 1,000 ​ $ — ​ $ 1,000 FedNor loan - February 2022 ​ 1,579 ​ — ​ 1,579 FedNor loan - March 2022 ​ 938 ​ — ​ 938 FedNor loan - April 2022 ​ 1,216 ​ — ​ 1,216 NOHFC grant - June 2022 ​ — ​ 165 ​ 165 Balance - December 31, 2022 ​ $ 4,733 ​ $ 165 ​ $ 4,898 ​

Convertible Note Arrangement (T

Convertible Note Arrangement (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about borrowings [abstract]
Summary of details of the convertible notes payable relating to the host debt portion	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Convertible notes payable - beginning of year ​ $ 22,541 ​ $ — Tranche #1 issuance ​ — ​ 22,015 Tranche #2 issuance ​ — ​ 2,196 Effective interest ​ 6,954 ​ 2,308 Foreign exchange loss ​ 2,728 ​ 269 Interest payment ​ (3,183) ​ — Portion derecognized due to conversions ​ (2,078) ​ (3,083) Convertible notes payable - end of year ​ 26,962 ​ 23,705 Less: accrued interest ​ (1,300) ​ (1,164) Balance December 31, 2022 ​ $ 25,662 ​ $ 22,541 ​
Summary of details of the financial derivative liability related to embedded derivatives in the convertible note	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Financial Derivative Liability - beginning of year ​ $ 37,715 ​ $ — Initial recognition of Tranche #1 ​ — ​ 23,803 Initial recognition of Tranche #2 ​ — ​ 6,971 (Gain) Loss on fair value derivative revaluation ​ (27,686) ​ 12,952 Portion derecognized due to conversions ​ (3,355) ​ (6,011) Balance December 31, 2022 ​ $ 6,674 ​ $ 37,715 ​

Lease (Tables)

Lease (Tables)	12 Months Ended
	Dec. 31, 2022
Lease
Schedule of Right-of-use assets	​ ​ ​ ​ ​ ​ Office space Opening balance - January 1, 2022 $ — Additions to right-of-use assets 301 Depreciation (40) Ending balance - December 31, 2022 $ 261 ​
Schedule of Lease liabilities	​ ​ ​ ​ ​ ​ Lease Liabilities Opening balance - January 1, 2022 ​ $ — Additions to lease liability ​ 242 Lease interest ​ 10 Lease repayment ​ (34) Ending balance - December 31, 2022 ​ $ 218 ​
Schedule of amount recognized in profit or loss	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ 2022 2021 Interest on lease liabilities ​ $ 10 ​ $ — Expense relating to variable lease payments ​ 42 ​ — Expenses relating to short-term leases ​ 15 ​ 110 Expenses relating to leases of low-value assets ​ 7 ​ 7 ​ ​ $ 74 ​ $ 117 ​

Shareholder's Equity (Tables)

Shareholder's Equity (Tables)	12 Months Ended
	Dec. 31, 2022
Shareholder's Equity
Summary of warrants issued and outstanding	​ ​ ​ ​ ​ ​ ​ Canadian denominated warrants ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ Number of shares issued ​ ​ exercise price ​ or issuable on exercise Balance - December 31, 2020 ​ $ 3.96 ​ 1,885,195 Issuance of warrants ​ $ 9.00 ​ 875,917 Issuance of warrants ​ $ 5.58 ​ 105,110 Exercised warrants ​ $ 4.86 ​ (308,230) Exercised warrants ​ $ 3.78 ​ (818,971) Exercised warrants ​ $ 3.78 ​ (442,014) Warrant expiries ​ $ 1.08 ​ (11,111) Warrant expiries ​ $ 4.86 ​ (11,111) Balance - December 31, 2021 ​ $ 7.53 1,274,785 Exercised warrants ​ $ 3.78 (210,545) Expired warrants ​ $ 3.78 (83,213) Balance - December 31, 2022 ​ $ 8.66 981,027 ​ United States Dollar denominated warrants ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ average ​ Number of shares issued or ​ ​ exercise price ​ issuable on exercise Balance – December 31, 2021 ​ $ 0.00 — Issuance of warrants ​ US$ 3.10 2,483,150 Balance - December 31, 2022 ​ ​ ​ 2,483,150 Total warrants ​ ​ Balance - December 31, 2021 ​ ​ ​ ​ 1,274,785 Balance - December 31, 2022 ​ ​ ​ 3,464,177 ​

Share based payments (Tables)

Share based payments (Tables)	12 Months Ended
	Dec. 31, 2022
Share based payments
Summary of changes in incentive share options outstanding	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of shares ​ ​ ​ Exercise ​ issued or issuable ​ price on exercise Balance December 31, 2020 ​ $ 5.940 844,630 Grant ​ $ 7.290 5,556 Exercised ​ $ 2.520 (58,889) Grant ​ $ 6.210 31,944 Grant ​ $ 6.300 13,889 Expiries ​ $ 2.880 (2,778) Balance December 31, 2021 ​ $ 5.940 834,352 Grant ​ $ 5.400 222,274 Cancelled ​ $ 6.300 (13,889) Expiries ​ $ 11.880 (83,333) Exercised ​ $ 2.520 (35,184) Exercised ​ $ 2.520 (20,370) Grant ​ $ 5.760 19,444 Grant ​ $ 4.630 19,444 Grant ​ $ 4.900 40,000 Grant ​ $ 4.380 30,000 Expiries ​ $ 12.420 (66,667) Expiries ​ $ 2.520 (9,259) Expiries ​ $ 2.520 (20,370) Expiries ​ $ 5.400 (32,258) Grant ​ $ 3.210 130,000 Expiries ​ $ 4.860 (22,223) Balance December 31, 2022 ​ $ 4.947 991,960 ​
Summary of Incentive share options outstanding and exercisable	Incentive stock options outstanding and exercisable (vested) at December 31, 2022 are summarized as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Options Outstanding ​ Options Exercisable ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Weighted ​ ​ ​ ​ ​ ​ Number of ​ Average ​ Average ​ Number of ​ Weighted ​ ​ ​ Shares Issuable ​ Remaining Life ​ Exercise ​ Shares Issuable ​ Average Exercise Price ​ on Exercise ​ (Years) ​ Price ​ on Exercise ​ Exercise Price $ 2.52 174,259 1.68 ​ $ 2.52 143,704 ​ $ 1.68 ​ 2.61 27,778 2.66 ​ 2.61 27,778 ​ 2.66 ​ 2.88 16,667 1.75 ​ 2.88 16,667 ​ 1.75 ​ 3.21 130,000 4.87 ​ 3.21 — ​ 4.87 ​ 3.24 55,556 1.14 ​ 3.24 55,556 ​ 1.14 ​ 4.38 30,000 4.48 ​ 4.38 — ​ 4.48 ​ 4.63 19,444 4.40 ​ 4.63 — ​ 4.40 ​ 4.90 40,000 4.44 ​ 4.90 — ​ 4.44 ​ 5.40 190,016 4.05 ​ 5.40 — ​ 4.05 ​ 5.76 19,444 4.25 ​ 5.76 — ​ 4.25 ​ 6.21 31,944 3.29 ​ 6.21 10,648 ​ 3.29 ​ 6.48 116,667 2.74 ​ 6.48 116,667 ​ 2.74 ​ 7.29 5,556 2.13 ​ 7.29 2,778 ​ 2.13 ​ 8.82 109,630 0.48 ​ 8.82 109,630 ​ 0.48 ​ 9.32 25,000 0.08 ​ 9.32 25,000 ​ 0.08 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ 991,960 2.86 ​ $ 4.95 508,426 ​ $ 1.62 ​
Summary of warrants issued and outstanding	​ ​ ​ ​ ​ ​ ​ Canadian denominated warrants ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ ​ average ​ Number of shares issued ​ ​ exercise price ​ or issuable on exercise Balance - December 31, 2020 ​ $ 3.96 ​ 1,885,195 Issuance of warrants ​ $ 9.00 ​ 875,917 Issuance of warrants ​ $ 5.58 ​ 105,110 Exercised warrants ​ $ 4.86 ​ (308,230) Exercised warrants ​ $ 3.78 ​ (818,971) Exercised warrants ​ $ 3.78 ​ (442,014) Warrant expiries ​ $ 1.08 ​ (11,111) Warrant expiries ​ $ 4.86 ​ (11,111) Balance - December 31, 2021 ​ $ 7.53 1,274,785 Exercised warrants ​ $ 3.78 (210,545) Expired warrants ​ $ 3.78 (83,213) Balance - December 31, 2022 ​ $ 8.66 981,027 ​ United States Dollar denominated warrants ​ ​ ​ ​ ​ ​ ​ Weighted ​ ​ ​ average ​ Number of shares issued or ​ ​ exercise price ​ issuable on exercise Balance – December 31, 2021 ​ $ 0.00 — Issuance of warrants ​ US$ 3.10 2,483,150 Balance - December 31, 2022 ​ ​ ​ 2,483,150 Total warrants ​ ​ Balance - December 31, 2021 ​ ​ ​ ​ 1,274,785 Balance - December 31, 2022 ​ ​ ​ 3,464,177 ​
Summary of expiry of warrants	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Number of warrants Weighted Average Grant Date ​ Expiry Date ​ outstanding ​ Exercise Price ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ January 22, 2021 ​ ​ January 22, 2023 ​ 875,917 ​ $ 9.00 January 22, 2021 ​ ​ January 22, 2023 ​ 105,110 ​ 5.58 United States Dollar denominated warrants ​ ​ ​ ​ ​ ​ ​ ​ ​ November 15, 2022 ​ ​ November 15, 2025 ​ 2,483,150 ​ US$ 3.10 ​ ​ ​ ​ ​ 3,464,177 ​ $ 8.63 – ​
RSU
Share based payments
Summary of RSU, PSU and DSU plan transactions	​ ​ ​ ​ ​ ​ Number of Units 2022 2021 Balance, January 1 63,711 72,222 Granted 50,890 16,025 Exercised (29,108) (23,147) Expired (7,204) (1,389) Balance, December 31 78,289 63,711 ​
PSU
Share based payments
Summary of RSU, PSU and DSU plan transactions	​ ​ ​ ​ ​ ​ Number of Units 2022 2021 Balance, January 1 87,500 — Granted 18,057 87,500 Exercised (28,474) — Expired (13,194) — Balance, December 31 63,889 87,500 ​
DSU
Share based payments
Summary of RSU, PSU and DSU plan transactions	​ ​ ​ ​ ​ ​ Number of Units 2022 2021 Balance, January 1 176,331 173,361 Granted 71,474 15,817 Exercised (12,493) (12,847) Balance, December 31 235,312 176,331 ​

Income Tax (Tables)

Income Tax (Tables)	12 Months Ended
	Dec. 31, 2022
Income Tax
INCOME TAX RECONCILIATION	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Loss before income taxes ​ $ 12,551 ​ $ (34,916) ​ Statutory tax rate ​ 26.5 % 26.5 % Expected expense (recovery) at statutory rate ​ 3,326 ​ (9,252) ​ Non-taxable/deductible items ​ (3,286) ​ 4,343 ​ Flow through share renunciation ​ — ​ 348 ​ Change in unrecognized Deferred tax assets ​ (40) ​ 4,561 ​ Income tax expense ​ $ — ​ $ — ​ ​
DEFERRED INCOME TAX ASSETS (LIABILITIES) SIGNIFICANT COMPONENTS	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Deferred tax liabilities: ​ ​ Current convertible notes payable $ (5,659) $ — Plant and equipment ​ (2,933) ​ (448) ​ $ (8,592) $ (448) Deferred tax assets: ​ ​ Non-capital loss $ 6,823 $ 448 Current financial derivative liability - convertible notes ​ 1,769 ​ — ​ $ 8,592 $ 448 Deferred income tax assets / (liabilities) ​ $ — ​ $ — ​
Schedule of unrecognized deductible temporary differences	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Non-capital loss carry-forwards ​ $ 29,192 ​ $ 37,505 Exploration and evaluation properties ​ 19,937 ​ 16,521 Capital loss carry-forward ​ 21,542 ​ 20,059 Other ​ 11,445 ​ 7,703 Total unrecognized temporary differences ​ $ 82,116 ​ $ 81,788 ​
Schedule of non-capital loss carryforwards	​ ​ ​ ​ ​ ​ Loss carry-forward Year ​ amount 2035 ​ $ 1,213 2036 ​ 4,069 2037 ​ 1,172 2038 ​ 7,453 2039 ​ 1,440 2040 ​ 7,109 2041 ​ 14,931 2042 ​ ​ 15,189 Total ​ $ 52,576 ​

Other Non-Operating Income (E_2

Other Non-Operating Income (Expense) (Tables)	12 Months Ended
	Dec. 31, 2022
Other Non-Operating Income (Expense)
Other Non-Operating Income (Expense)	​ ​ ​ ​ ​ ​ ​ ​ ​ Year ended Year ended ​ ​ December 31, ​ December 31, ​ ​ 2022 ​ 2021 Foreign exchange (loss) gain ​ $ (780) ​ $ 276 Interest income (expense) ​ 328 ​ (191) Gain on Kuya option exercise ​ — ​ 973 Realized loss on marketable securities ​ (220) ​ (103) Other non-operating income ​ 11 ​ — Loss on conversion of Glencore loan ​ — ​ (1,566) Loss on financial derivatives revaluation on Glencore loan ​ — ​ (12) Reversal of impairment charges (Note 8) ​ 1,338 ​ — Flow-through share premium ​ — ​ 321 Other ​ — ​ 144 Other non-operating income (expense) ​ $ 677 ​ $ (158)

Income (Loss) Per Share (Tables

Income (Loss) Per Share (Tables)	12 Months Ended
	Dec. 31, 2022
Income (Loss) Per Share
computation of basic and diluted loss per share	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 Numerator ​ ​ Net income (loss) for the year – basic ​ $ 12,551 ​ $ (34,916) Gain on financial derivative liability – convertible notes ​ ​ (27,686) ​ ​ — Net loss for the year - diluted ​ $ (15,135) ​ $ (34,916) Denominator ​ ​ Basic – weighted average number of shares outstanding ​ 32,646,906 ​ 27,753,182 Effect of dilutive securities ​ 8,116,480 ​ — Diluted – adjusted weighted average number of shares outstanding ​ 40,763,386 ​ 27,753,182 Income (Loss) Per Share – Basic ​ $ 0.38 ​ $ (1.26) Loss Per Share – Diluted ​ $ (0.37) ​ $ (1.26) ​

Financial Instruments (Tables)

Financial Instruments (Tables)	12 Months Ended
	Dec. 31, 2022
Disclosure of detailed information about financial instruments [abstract]
Summary of contractual maturities of financial liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ < 1 Year Between 1 – 2 Years >2 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 18,864 ​ $ — ​ $ — Interest payable 1 ​ 3,436 ​ 3,445 ​ 6,589 Long-term government loan payable ​ — ​ 996 ​ 3,737 Convertible notes payable 1 ​ — ​ — ​ 48,759 Lease payable ​ ​ 117 ​ ​ 119 ​ ​ 289 Total ​ $ 22,417 ​ $ 4,560 ​ $ 59,374 ​ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ < 1 Year Between 1 – 2 Years >2 Years ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 3,544 ​ $ — ​ $ — Interest payable ​ 3,137 ​ 3,547 ​ 11,837 Long-term government loan payable ​ — ​ — ​ 1,000 Long-term convertible notes payable ​ — ​ — ​ 50,339 Total ​ $ 6,681 ​ $ 3,547 ​ $ 63,176 ​
Schedule of foreign currency exchange risk on monetary financial instruments	​ ​ ​ ​ ​ ​ As at December 31, 2022 ​ ​ ​ ​ Cash and cash equivalents ​ $ 2,561 Accounts payable and accrued liabilities ​ (1,264) Interest accrual ​ (1,300) Current convertible notes payable ​ (25,662) Financial derivative liability – convertible notes ​ (6,674) Other financial derivative liability ​ (1,271) Total ​ $ (33,610) ​ ​ ​ ​ ​ ​ As at December 31, 2021 ​ ​ ​ ​ Cash and cash equivalents ​ $ 14,080 Accounts payable and accrued liabilities ​ (842) Interest accrual ​ (1,164) Long-term convertible notes payable ​ (22,541) Financial derivative liability – convertible notes ​ (37,715) Total ​ $ (48,182) ​

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	12 Months Ended
	Dec. 31, 2022
Fair Value Measurements
Schedule of assets and liabilities measured at fair value	The Company’s fair values of financial assets and liabilities were as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value ​ December 31, 2022 ​ ​ Fair value through ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Fair Value Assets: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ — ​ $ 7,952 ​ $ — ​ $ — ​ $ — ​ $ 7,952 Restricted cash ​ — ​ 938 ​ — ​ — ​ — ​ 938 Receivables ​ — ​ 3,079 ​ — ​ — ​ — ​ 3,079 Marketable securities ​ 433 ​ — ​ 433 ​ — ​ — ​ 433 ​ ​ $ 433 ​ $ 11,969 ​ $ 433 ​ $ — ​ $ — ​ $ 12,402 Liabilities: ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ — ​ $ 20,164 ​ $ — ​ $ — ​ $ — ​ $ 20,164 Long-term government loan payable ​ — ​ 3,777 ​ — ​ — ​ — ​ 3,558 Convertible notes payable 1 ​ — ​ 25,662 ​ — ​ — ​ — ​ 25,662 Financial derivative liability – Convertible Notes 1 ​ 6,674 ​ — ​ — ​ — ​ 6,674 ​ 6,674 Other financial derivative liability ​ 1,271 ​ — ​ — ​ — ​ 1,271 ​ 1,271 ​ ​ $ 7,945 ​ $ 49,603 ​ $ — ​ $ — ​ $ 7,945 ​ $ 57,329 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Carrying Value December 31, 2021 ​ ​ Fair value through ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ profit or loss ​ Amortized cost ​ Level 1 ​ Level 2 ​ Level 3 ​ Total Fair Value Assets: ​ ​ ​ ​ ​ ​ Cash and cash equivalents ​ $ — ​ $ 58,626 ​ $ — ​ $ — ​ $ — ​ $ 58,626 Restricted cash ​ — ​ 938 ​ — ​ — ​ — ​ 938 Receivables ​ — ​ 957 ​ — ​ — ​ — ​ 957 Marketable securities ​ 1,768 ​ — ​ 1,768 ​ — ​ — ​ 1,768 ​ ​ $ 1,768 ​ $ 60,521 ​ $ 1,768 ​ $ — ​ $ — ​ $ 62,289 Liabilities: ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ — ​ $ 4,708 ​ $ — ​ $ — ​ $ — ​ $ 4,708 Long-term government Loan payable ​ — ​ 745 ​ — ​ — ​ — ​ 745 Long-term convertible notes payable 1 ​ — ​ 22,541 ​ — ​ — ​ — ​ 22,541 Financial derivative liability – convertible notes 1 ​ 37,715 ​ — ​ — ​ — ​ 37,715 ​ 37,715 ​ ​ $ 37,715 ​ $ 27,994 ​ $ — ​ $ — ​ $ 37,715 ​ $ 65,709 ​ 1

Commitments (Tables)

Commitments (Tables)	12 Months Ended
	Dec. 31, 2022
Commitments
Schedule of commitments	The Company has a purchase commitment for $13,684 in 2023.

Segmented Information (Tables)

Segmented Information (Tables)	12 Months Ended
	Dec. 31, 2022
Segmented Information
Schedule of segmented operating results	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Year Ended Dec 31, 2022 ​ Refinery Corporate & Other Total Operating Expenses ​ ​ ​ Consulting and professional fees ​ $ 47 ​ $ 2,682 ​ $ 2,729 Exploration and evaluation expenditures ​ — ​ 3,428 ​ 3,428 General and administrative and Travel ​ 138 ​ 1,787 ​ 1,925 Investor relations and marketing ​ — ​ 1,000 ​ 1,000 Refinery, engineering and metallurgical studies ​ 2,349 ​ ​ 2,349 Refinery, permitting, and environmental expenses ​ 128 ​ — ​ 128 Salary and benefits ​ 655 ​ 3,258 ​ 3,913 Share-based payments ​ — ​ 1,282 ​ 1,282 Operating loss ​ $ 3,317 ​ $ 13,437 ​ $ 16,754 Unrealized loss on marketable securities ​ — ​ (589) ​ (589) Gain on financial derivative liability - convertible notes ​ ​ — ​ ​ 27,686 ​ ​ 27,686 Gain on fianncial derivative liability - US warrants ​ ​ — ​ ​ 1,531 ​ ​ 1,531 Other non-operating income ​ — ​ 677 ​ 677 Income (loss) before taxes ​ $ (3,317) ​ $ 15,868 ​ $ 12,551 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ For Year Ended Dec 31, 2021 ​ Refinery Corporate & Other Total Operating Expenses ​ ​ ​ ​ ​ ​ ​ ​ ​ Consulting and professional fees ​ $ 116 ​ $ 4,193 ​ $ 4,309 Exploration and evaluation expenditures ​ — ​ 4,705 ​ $ 4,705 General and administrative and Travel ​ 117 ​ 371 ​ $ 488 Investor relations and marketing ​ 2 ​ 841 ​ $ 843 Refinery, engineering and metallurgical studies ​ 4,442 ​ — ​ $ 4,442 Refinery, permitting, and environmental expenses ​ 866 ​ 1 ​ $ 867 Salary and benefits ​ 416 ​ 2,388 ​ $ 2,804 Share-based payments ​ — ​ 731 ​ $ 731 Operating loss ​ $ 5,959 ​ $ 13,230 ​ $ 19,189 Unrealized loss on marketable securities ​ — ​ (2,617) ​ (2,617) Loss on financial derivative liability - convertible notes ​ — ​ (12,952) ​ ​ (12,952) Other non-operating expense ​ — ​ (158) ​ $ (158) Loss before taxes ​ $ (5,959) ​ $ (28,957) ​ $ (34,916) ​
Schedule of segmented assets and liabilities	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Total Assets Total Liabilities ​ December 31, 2022 December 31, 2021 December 31, 2022 December 31, 2021 Refinery ​ $ 91,322 ​ $ 17,082 ​ $ 17,723 ​ $ 1,776 Corporate & Other ​ 96,202 ​ 150,529 ​ 43,292 ​ 65,871 Total ​ $ 187,524 ​ $ 167,611 ​ $ 61,015 ​ $ 67,647

Related Party Transactions (Tab

Related Party Transactions (Tables)	12 Months Ended
	Dec. 31, 2022
Related Party Transactions
Summary of paid and/or accrued fees to management personnel and directors	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Management ​ $ 2,751 ​ $ 1,978 Directors ​ 154 ​ 190 ​ ​ $ 2,905 ​ $ 2,168 ​
Summary of amounts due to related parties	​ ​ ​ ​ ​ ​ ​ ​ ​ December 31, December 31, ​ ​ 2022 ​ 2021 ​ ​ ​ ​ ​ ​ ​ Accounts payable and accrued liabilities ​ $ 389 ​ $ 786 ​ ​ $ 389 ​ $ 786 ​

Nature of Operations (Details)

Nature of Operations (Details) $ in Thousands, $ in Thousands		12 Months Ended
	Feb. 13, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2022 CAD ($)	Dec. 30, 2022 USD ($)
Convertible note payable
Proceeds from common shares offering		$ 45,000
Minimum
Convertible note payable
Estimated cash requirements for Refinery expansion			$ 100,000
Maximum
Convertible note payable
Estimated cash requirements for Refinery expansion			105,000
2026 Notes
Convertible note payable
Minimum liquidity balance requirement		$ 7,500		$ 7,500
Convertible notes payable and financial derivative liability - convertible notes			$ 32,336
2026 Notes | Convertible note agreement
Convertible note payable
Repayments of convertible note	$ 36,000
2028 Notes | Convertible note agreement
Convertible note payable
Minimum liquidity balance requirement	2,000
Proceeds from convertible note payable	51,000
Net proceeds from convertible note after repayment of 2026 Notes and transaction costs	$ 14,000

Significant Accounting Polici_4

Significant Accounting Policies and Basis of Preparation (Details)		12 Months Ended
	Apr. 13, 2022	Dec. 31, 2022
Significant Accounting Policies and Basis of Preparation
Share consolidation ratio	0.055	18

Significant Accounting Polici_5

Significant Accounting Policies and Basis of Preparation - Basis of Consolidation (Details)	12 Months Ended
	Dec. 31, 2022
Cobalt Projects International Corp.
Subsidiaries
Ownership	100%
Cobalt Industries of Canada Corp.
Subsidiaries
Ownership	100%
Cobalt Camp Refinery Ltd.
Subsidiaries
Ownership	100%
Cobalt Camp Ontario Holdings Corp.
Subsidiaries
Ownership	100%
Idaho Cobalt Company
Subsidiaries
Ownership	100%
Scientific Metals (Delaware) Corp.
Subsidiaries
Ownership	100%

Property, Plant and Equipment_3

Property, Plant and Equipment and Capital Long-Term Prepayments - Property, Plant and Equipment Summary (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	$ 10,446
Balance at ending	82,288	$ 10,446
Cost
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	10,448	4,876
Additions during the year	57,942	5,572
Transfer from capital long term prepayments	13,948
Balance at ending	82,338	10,448
Accumulated Depreciation
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	(2)
Charge for the year	48	2
Balance at ending	(50)	(2)
Property, Plant, and Equipment
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	5,431
Balance at ending	5,979	5,431
Property, Plant, and Equipment | Cost
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	5,433	4,876
Additions during the year	556	557
Balance at ending	5,989	5,433
Property, Plant, and Equipment | Accumulated Depreciation
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	(2)
Charge for the year	8	2
Balance at ending	(10)	(2)
Construction in Progress
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	5,015
Balance at ending	76,048	5,015
Construction in Progress | Cost
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	5,015
Additions during the year	57,085	5,015
Transfer from capital long term prepayments	13,948
Balance at ending	76,048	$ 5,015
Right-Of-Use Assets
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at ending	261
Right-Of-Use Assets | Cost
Property, Plant and Equipment and Capital Long-Term Prepayments
Additions during the year	301
Balance at ending	301
Right-Of-Use Assets | Accumulated Depreciation
Property, Plant and Equipment and Capital Long-Term Prepayments
Charge for the year	40
Balance at ending	$ (40)

Property, Plant and Equipment_4

Property, Plant and Equipment and Capital Long-Term Prepayments - Additional Information (Details) - Refinery - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment and Capital Long-Term Prepayments
Carrying value of property, plant, and equipment pledged as security for the Convertible Notes	$ 82,288	$ 10,446
Capitalized development costs	64,080	2,789
Capitalized borrowing costs	6,954	2,218
Depreciation recorded	$ 0	$ 0

Property, Plant and Equipment_5

Property, Plant and Equipment and Capital Long-Term Prepayments - Prepayments (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment and Capital Long-Term Prepayments
Balance at beginning	$ 6,631
Additions during the year	10,404	$ 6,631
Transfer to property, plant and equipment	(13,948)
Balance at ending	$ 3,087	$ 6,631

Exploration and Evaluation As_3

Exploration and Evaluation Assets (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Exploration and Evaluation Assets
Balance at beginning of the year	$ 87,661	$ 87,420
Acquisition Costs	32	241
Balance at end of the year	87,693	87,661
Iron Creek
Exploration and Evaluation Assets
Balance at beginning of the year	87,661	87,420
Acquisition Costs	32	241
Balance at end of the year	$ 87,693	$ 87,661

Exploration and Evaluation As_4

Exploration and Evaluation Assets - Additional information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Exploration and Evaluation Assets
Estimated fair value of assets	$ 187,524	$ 167,611
Canadian Cobalt Camp
Exploration and Evaluation Assets
Percentage of interest held for sale	100%
Consideration for disposal	$ 1,000
Estimated fair value of assets	$ 1,338

Marketable Securities (Details)

Marketable Securities (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Marketable Securities
Total value of marketable securities	$ 433	$ 1,768
Loss from marketable securities	$ 589	$ 2,617

Disposal Group Held for Sale (D

Disposal Group Held for Sale (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Jan. 31, 2022	Dec. 31, 2021
Disposal Group Held for Sale
Estimated fair value of assets	$ 187,524		$ 167,611
Canadian Cobalt Camp
Disposal Group Held for Sale
Percentage of interest held for sale	100%
Consideration for disposal	$ 1,000
Royalty on net smelter returns (as a percent)	2%
Estimated fair value of assets	$ 1,338
Canadian Cobalt Camp | Disposal Group Held for Sale
Disposal Group Held for Sale
Shares received as consideration		2,702,703
Value of share consideration		$ 1,000

Disposal Group Held for Sale -

Disposal Group Held for Sale - assets and liabilities were presented as a disposal group held for sale (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disposal Group Held for Sale
Cobalt Camp assets	$ 187,524	$ 167,611
Canadian Cobalt Camp
Disposal Group Held for Sale
Cobalt Camp assets	1,338
Asset Retirement Obligation	(338)
Net Balance, at end the year	1,000
Cumulative income or expenses included in OCI relating to the disposal group	$ 0

Disposal Group Held for Sale _2

Disposal Group Held for Sale - fair value measurement (Details) - Canadian Cobalt Camp $ in Thousands	Dec. 31, 2022 CAD ($)
Disposal Group Held for Sale
Consideration for disposal	$ 1,000
Non-recurring fair value measurement | Level 2
Disposal Group Held for Sale
Consideration for disposal	$ 1,000

Receivables (Details)

Receivables (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Receivables
Receivables	$ 3,079	$ 957

Accounts Payable and Accrued _3

Accounts Payable and Accrued Liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Accounts Payable and Accrued Liabilities
Accounts Payable and Accrued Liabilities	$ 18,850	$ 3,544
Accrued Interest	1,300	1,164
Withholding tax liabilities	14
Accounts payable and accrued liabilities	20,164	4,708
Due to related parties	$ 389	$ 786

Asset Retirement Obligations (D

Asset Retirement Obligations (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Asset Retirement Obligations
Refinery	$ 1,790	$ 1,336
Ontario Mineral Properties		338
Long-term Asset Retirement Obligations	$ 1,790	$ 1,674	$ 1,264

Asset Retirement Obligations -

Asset Retirement Obligations - Assumptions used to calculate the asset retirement obligation (Details) - Asset Retirement Obligation $ in Thousands	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Dec. 31, 2021
Assumptions
Significant unobservable input of liabilities	116	410
Undiscounted cash flows
Assumptions
Significant unobservable input of liabilities	1,932
Nominal discount rate
Assumptions
Significant unobservable input of liabilities	3.31	1,204	1.47
Long-term inflation rate
Assumptions
Significant unobservable input of liabilities	2.5		2.1

Asset Retirement Obligations _2

Asset Retirement Obligations - Continuity of the asset retirement obligation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Asset Retirement Obligations
Balance at the beginning	$ 1,674	$ 1,264
Change in estimate of discounted cash flows		410
Change in estimate from discounting	(274)
Change in estimate of costs	728
Transferred to liabilities held for sale	(338)
Balance at the end	$ 1,790	$ 1,674

Asset Retirement Obligations _3

Asset Retirement Obligations - Additional Information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)
Asset Retirement Obligations
Estimated cost of closure	$ 3,614
Surety bond as financial assurance	$ 3,450
Keeley-Frontier patents
Asset Retirement Obligations
Ownership interest	50%

Long-Term Government Loan Pay_3

Long-Term Government Loan Payable and Government Grant (Details) $ in Thousands, $ in Thousands	Nov. 24, 2020 CAD ($) installment	Dec. 31, 2022	Nov. 30, 2020 USD ($)
Long-Term Government Loan Payable and Government Grant
Interest rate		6.95%
Contribution agreement with the FedNor
Long-Term Government Loan Payable and Government Grant
Financing related to the recommissioning and expansion of the Refinery	$ 5,000
Interest rate	0%
Number of equal quarterly instalments | installment	19
Discount rate	7%
Contribution agreement with the NOHFC
Long-Term Government Loan Payable and Government Grant
Financing related to the recommissioning and expansion of the Refinery			$ 5,000

Long-Term Government Loan Pay_4

Long-Term Government Loan Payable and Government Grant - Additional Information (Details) - CAD ($)	1 Months Ended			2 Months Ended		6 Months Ended	11 Months Ended	12 Months Ended
	Apr. 30, 2022	Mar. 31, 2022	Dec. 31, 2021	Jun. 30, 2022	Feb. 28, 2022	Dec. 31, 2022	Nov. 30, 2021	Dec. 31, 2022	Dec. 31, 2021
Long-Term Government Loan Payable and Government Grant
Proceeds from government loan			$ 1,000,000			$ 4,733,000		$ 3,733,000	$ 1,000,000
Proceeds from government grant						165,000		165,000
Total			1,000,000			4,898,000
Long-term government loan payable			745,000			3,777,000		3,777,000	745,000
Government grant			$ 264,000			$ 1,121,000		1,121,000	$ 264,000
Transaction costs incurred in setting up the contribution agreement								$ 0
Contribution agreement with the FedNor
Long-Term Government Loan Payable and Government Grant
Proceeds from government loan	$ 1,216,000	$ 938,000			$ 1,579,000		$ 1,000,000
Total	$ 1,216,000	$ 938,000			$ 1,579,000		$ 1,000,000
Contribution agreement with the NOHFC
Long-Term Government Loan Payable and Government Grant
Proceeds from government grant				$ 165,000
Total				$ 165,000

Convertible Note Arrangement -

Convertible Note Arrangement - Narrative (Details) shares in Thousands, $ in Thousands			12 Months Ended
	Apr. 13, 2022	Sep. 02, 2021 CAD ($)	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2022 USD ($) D Y shares	Dec. 31, 2021 CAD ($) shares	Dec. 31, 2021 USD ($) shares	Oct. 22, 2021 USD ($)	Sep. 02, 2021 USD ($)
Convertible note payable
Interest rate				6.95%
Share consolidation ratio	0.055		18	18
Excess of share price over conversion that enables conversion mandate				150%
Trading days | D				20
Trading period			30 days	30 days
Interest make-whole payment, number of years | Y				2
Net host debt value		$ 23,488,000	$ 2,306,000
Transaction cost allocated to debt balance			110,000
Transaction costs allocated to derivative liability			$ 333,000
Additional principal amount noteholders may require to issue							$ 7,500
Minimum liquidity				$ 7,500
Repayment of outstanding notes				51,000
Principal value of notes converted				$ 3,500		$ 5,500
Number of common shares issued upon conversion of notes | shares			789,103	789,103	1,240,019	1,240,019
Interest make-whole payments upon conversion				$ 485	$ 756,000
Interest payments			$ 3,183,000		0
Transaction costs incurred in relation to conversions			0
Convertible Note
Convertible note payable
Interest payments			3,183,000
Convertible Note - Tranche # 1
Convertible note payable
Gross amount								$ 37,500
Conversion ratio				4,058.24
Net host debt value		22,015,000
Transaction cost allocated to debt balance		$ 1,473,000
Debt carrying amount					22,015,000
Transaction costs allocated to derivative liability			1,493,000
Total transaction costs			2,966,000
Convertible Note - Tranche # 2
Convertible note payable
Conversion ratio				225.46
Debt carrying amount			2,196,000		$ 2,196,000
Total transaction costs			$ 443,000
2028 Notes
Convertible note payable
Minimum liquidity				$ 2,000
Repayment of outstanding notes				$ 36,000

Convertible Note Arrangement _2

Convertible Note Arrangement - Convertible notes roll forward (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Convertible note payable
Interest payment	$ (3,183)	$ 0
Less: accrued interest	(1,300)	(1,164)
Convertible Note
Convertible note payable
Beginning of year	22,541
Effective interest	6,954	2,308
Foreign exchange loss	2,728	269
Interest payment	(3,183)
Portion derecognized due to conversions	(2,078)	(3,083)
Convertible note payable -end of year	26,962	23,705
Balance	25,662	22,541
Convertible Note - Tranche # 1
Convertible note payable
Issuance		22,015
Convertible Note - Tranche # 2
Convertible note payable
Issuance	$ 2,196	$ 2,196

Convertible Note Arrangement _3

Convertible Note Arrangement - Derivative valuation assumption (Details) - Convertible Note - $ / shares	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Convertible note payable
Risk free rate	4.20%	1.40%
Equity Volatility	54%	60%
Share price	$ 2.25	$ 5.67
Credit spread	30.50%	25.60%

Convertible Note Arrangement _4

Convertible Note Arrangement - Derivative liability roll forward (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Convertible note payable
Loss (Gain) on fair value derivative revaluation	$ (27,686)	$ 12,952
Embedded Derivatives
Convertible note payable
Financial Derivative Liability - beginning of year	37,715
Loss (Gain) on fair value derivative revaluation	(27,686)	12,952
Portion derecognized due to conversions	(3,355)	(6,011)
Balance	$ 6,674	37,715
Embedded Derivatives | Convertible Note - Tranche # 1
Convertible note payable
Initial recognition		23,803
Embedded Derivatives | Convertible Note - Tranche # 2
Convertible note payable
Initial recognition		$ 6,971

Convertible Note Arrangement _5

Convertible Note Arrangement - 2028 Notes (Details) $ / shares in Units, $ in Thousands		12 Months Ended
	Feb. 13, 2023 USD ($) $ / shares shares	Dec. 31, 2022 USD ($) shares	Nov. 15, 2022 $ / shares	Apr. 07, 2021 $ / shares
Subsequent Events
Interest rate		6.95%
Warrants to purchase common shares | shares		3,464,177
Purchase of existing notes		$ 51,000
Minimum liquidity balance		7,500
Exercise price | $ / shares			$ 3.78
Share price | $ / shares				$ 5.22
2028 Notes
Subsequent Events
Purchase of existing notes		36,000
Minimum liquidity balance		$ 2,000
Subscription agreements
Subsequent Events
Increased annual interest rate through the issuance of Common Shares	11.125%
Warrants exercisable term	5 years
Exercise price | $ / shares	$ 2.48
Subscription agreements | 2028 Notes
Subsequent Events
Principal amount	$ 51,000
Interest rate	8.99%
Warrants to purchase common shares | shares	10,796,054
Net proceeds of note offering, after the purchase and cancellation of notes and payment of accrued and unpaid interest	$ 14,000
Initial conversion rate	403.2140
Initial conversion price | $ / shares	$ 2.48
Minimum liquidity balance	$ 2,000
Cash fee for transaction costs (as a percent)	4%
Cash fee by issuance of Common Shares | shares	27,500
Share price | $ / shares	$ 2.18
Additional placement agent fee by issuance of Common Shares | shares	50,000
Subscription agreements | 2028 Notes | Common Shares
Subsequent Events
Principal amount	$ 1
Subscription agreements | Convertible Note
Subsequent Events
Interest rate	0.0695%
Purchase of existing notes	$ 36,000
Subscription agreements | In the event the Company achieves a third-party green bond designation | 2028 Notes
Subsequent Events
Increased annual interest rate through the issuance of Common Shares	10.75%
Interest rate on future cash interest payments in the event the Company achieves a third-party green bond designation	8.75%

Convertible Note Arrangement _6

Convertible Note Arrangement - Conversion of notes (Details) $ in Thousands, $ in Thousands	3 Months Ended	12 Months Ended
	Apr. 04, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($) shares	Dec. 31, 2021 CAD ($) shares
Subsequent Events
Principal value of notes converted | $		$ 3,500	$ 5,500
Number of common shares issued upon conversion of notes		789,103,000	1,240,019,000	1,240,019,000
Interest make-whole payments upon conversion		$ 485		$ 756
Conversion of notes
Subsequent Events
Principal value of notes converted | $	$ 500
Number of common shares issued upon conversion of notes	41,390
Interest make-whole payments upon conversion | $	$ 90
Conversion of notes | Common Shares
Subsequent Events
Number of common shares issued upon conversion of notes	201,607
Conversion of notes | Convertible Note
Subsequent Events
Number of common shares issued upon conversion of notes	242,997

Lease - Right-of-use assets (De

Lease - Right-of-use assets (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)
Lease
Additions to right-of-use assets	$ 301
Depreciation	(40)
Right of use assets - end balance	$ 261

Lease - Lease liabilities (Deta

Lease - Lease liabilities (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)
Lease.
Additions to lease liability	$ 242
Lease Interest	10
Lease repayment	(34)
Lease Liabilities - ending balance	$ 218

Lease - Lease payments (Details

Lease - Lease payments (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Lease.
Interest on lease liabilities	$ 10
Expense relating to variable lease payments	42
Expenses relating to short-term leases	15	$ 110
Expenses relating to leases of low-value assets	7	7
Total cash outflow for leases	$ 74	$ 117

Shareholder's Equity - Share Co

Shareholder's Equity - Share Consolidation (Details)		12 Months Ended
	Apr. 13, 2022 shares	Dec. 31, 2022 shares	Apr. 12, 2022 shares	Dec. 31, 2021 shares
Shareholder's Equity
Share consolidation ratio	0.055	18
Number of issued common shares	31,000,000		562,000,000
Number of outstanding common shares	31,000,000	35,185,977	562,000,000	30,974,853

Shareholder's Equity - Authoriz

Shareholder's Equity - Authorized Share Capital (Details) - shares	Dec. 31, 2022	Apr. 13, 2022	Apr. 12, 2022	Dec. 31, 2021
Shareholder's Equity
Number of outstanding common shares	35,185,977	31,000,000	562,000,000	30,974,853

Shareholder's Equity - Issued S

Shareholder's Equity - Issued Share Capital, overnight-marketed offering and bought deal (Details) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands				12 Months Ended
	Nov. 15, 2022 CAD ($) $ / shares shares	Nov. 15, 2022 USD ($) $ / shares shares	Jan. 22, 2021 CAD ($) $ / shares shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2021 CAD ($)
Share based payments
Gross proceeds from issuance of unit | $				$ 3,121	$ 17,600
Exercise price of warrant | $ / shares	$ 3.78
Number of units issued upon issuance of warrant				3,464,177
Overnight-marketed offering
Share based payments
Number of Units Issued	2,345,000	2,345,000
Unit price | $ / shares		$ 2.35
Gross proceeds from issuance of unit	$ 7,343	$ 5,511
Number of common share in each unit	1
Number of warrant in each unit	1
Number of common share in each warrant	1
Exercise price of warrant | $ / shares	$ 3.10
Exercisable term of warrant	3 years
Transaction costs associated with issuance	$ 433	$ 325
Overnight-marketed offering | Broker Warrants
Share based payments
Number of additional warrants issued	138,150	138,150
Overnight-marketed offering | Broker Warrants Units
Share based payments
Number of Units Issued	138,150	138,150
Number of common share in each unit	1
Number of warrant in each unit	1
Exercisable term of warrant	3 years
Number of units issued upon issuance of warrant	138,150
Bought deal
Share based payments
Number of Units Issued			1,751,833
Unit price | $ / shares			$ 5.58
Gross proceeds from issuance of unit | $			$ 9,538
Number of common share in each unit			1
Number of warrant in each unit			0.5
Number of common share in each warrant			1
Exercise price of warrant | $ / shares			$ 9
Exercisable term of warrant			2 years
Transaction costs associated with issuance | $			$ 929
Bought deal | Broker Warrants
Share based payments
Exercise price of warrant | $ / shares			$ 5.58
Number of additional warrants issued			105,110
Value of additional warrants issued | $			$ 250

Shareholder's Equity - Issued_2

Shareholder's Equity - Issued Share Capital, warrants, options, deferred share units, restricted share units and performance share units (Details) - CAD ($) $ / shares in Units, $ in Thousands						12 Months Ended
	Nov. 15, 2022	Oct. 25, 2021	Jun. 22, 2021	Apr. 07, 2021	Jan. 22, 2021	Dec. 31, 2022	Dec. 31, 2021
Shareholder's Equity
Common shares issued from the exercise of warrants					1,569,210
Common shares issued from the exercise of options, deferred share units, restricted share units and performance share units					94,884
Common shares issued from the exercise of warrants, options, deferred share units, restricted share units and performance share units	356,156
Proceeds from warrant exercises	$ 970					$ 807	$ 6,217
Exercise price of warrant	$ 3.78
Total proceeds from exercise of options	$ 140				$ 148
Exercise price of option	$ 2.52
Common shares issued to repay the existing Glencore loan				1,324,985
Deemed price of share				$ 5.22
Discount on price per share (as a percent)				15%
Shares issued for the acquisition of exploration & evaluation assets		11,111	12,500

Shareholder's Equity - Issued_3

Shareholder's Equity - Issued Share Capital, ATM Program, public equity offering and conversion of notes (Details) $ / shares in Units, $ in Thousands					12 Months Ended
	Nov. 15, 2022 CAD ($) shares	Nov. 15, 2022 USD ($) shares	Sep. 02, 2021 CAD ($) shares	Sep. 02, 2021 USD ($) shares	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)	Nov. 15, 2022 $ / shares	Sep. 02, 2021 $ / shares
Share based payments
Gross proceeds from issuance					$ 3,701,000	$ 666,000
ATM Program
Share based payments
Number of shares issued | shares	720,865	720,865	112,417	112,417
Price per share | $ / shares							$ 5.13	$ 6.10
Gross proceeds from issuance	$ 3,701,000		$ 686,000
Transaction costs associated with issuance	92,000		$ 21,000
Interest make-whole payments to Noteholders upon conversion		$ 485
Transaction costs incurred in relation to conversions	$ 0
ATM Program | 2026 Notes
Share based payments
Original amount of debt converted		$ 3,500
Number of shares issued upon conversion of debt | shares	789,103	789,103
Public equity offering
Share based payments
Number of shares issued | shares			2,119,444	2,119,444
Price per share | $ / shares								$ 4.50
Gross proceeds from issuance			$ 9,538,000
Transaction costs associated with issuance			$ 810,000
Original amount of debt converted				$ 5,500
Number of shares issued upon conversion of debt | shares			1,240,019	1,240,019
Interest make-whole payments to Noteholders upon conversion				$ 756
Transaction costs incurred in relation to conversions			$ 0

Share based payments - Addition

Share based payments - Additional Information (Details)	12 Months Ended
	Dec. 31, 2022 shares
Share based payments
Maximum number of shares that may be reserved for issuance	2,333,333
Stock options
Share based payments
Vesting period	3 years
PSU | Minimum
Share based payments
Vesting period	18 months
PSU | Maximum
Share based payments
Vesting period	24 months
RSU | Minimum
Share based payments
Vesting period	24 months
RSU | Maximum
Share based payments
Vesting period	36 months

Share based payments - Incentiv

Share based payments - Incentive stock options outstanding (Details) - Stock options	12 Months Ended
	Dec. 31, 2022 item $ / shares	Dec. 31, 2021 item $ / shares
Share based payments
Balance at the beginning (in dollars per share) | $ / shares	$ 5.940	$ 5.940
Balance at the end (in dollars per share) | $ / shares	$ 4.947	$ 5.940
Balance at the beginning	834,352	844,630
Grant	461,162	51,389
Balance at the end	991,960	834,352
$7.290
Share based payments
Grant (in dollars per share) | $ / shares		$ 7.290
Grant		5,556
$2.520
Share based payments
Exercised (in dollars per share) | $ / shares		$ 2.520
Exercised		(58,889)
$6.210
Share based payments
Grant (in dollars per share) | $ / shares		$ 6.210
Grant		31,944
$6.300
Share based payments
Grant (in dollars per share) | $ / shares		$ 6.300
Grant		13,889
$2.880
Share based payments
Expiries (in dollars per share) | $ / shares		$ 2.880
Expiries		(2,778)
$5.400, one
Share based payments
Grant (in dollars per share) | $ / shares	$ 5.400
Grant	222,274
$6.300
Share based payments
Cancelled (in dollars per share) | $ / shares	$ 6.300
Cancelled	(13,889)
$11.880
Share based payments
Expiries (in dollars per share) | $ / shares	$ 11.880
Expiries	(83,333)
$2.520, one
Share based payments
Exercised (in dollars per share) | $ / shares	$ 2.520
Exercised	(35,184)
$2.520, two
Share based payments
Exercised (in dollars per share) | $ / shares	$ 2.520
Exercised	(20,370)
$5.760
Share based payments
Grant (in dollars per share) | $ / shares	$ 5.760
Grant	19,444
$4.630
Share based payments
Grant (in dollars per share) | $ / shares	$ 4.630
Grant	19,444
$4.900
Share based payments
Grant (in dollars per share) | $ / shares	$ 4.900
Grant	40,000
$4.380
Share based payments
Grant (in dollars per share) | $ / shares	$ 4.380
Grant	30,000
$12.420
Share based payments
Expiries (in dollars per share) | $ / shares	$ 12.420
Expiries	(66,667)
$2.520, three
Share based payments
Expiries (in dollars per share) | $ / shares	$ 2.520
Expiries	(9,259)
$2.520, four
Share based payments
Expiries (in dollars per share) | $ / shares	$ 2.520
Expiries	(20,370)
$5.400, two
Share based payments
Expiries (in dollars per share) | $ / shares	$ 5.400
Expiries	(32,258)
$3.210
Share based payments
Grant (in dollars per share) | $ / shares	$ 3.210
Grant	130,000
$4.860
Share based payments
Expiries (in dollars per share) | $ / shares	$ 4.860
Expiries	(22,223)

Share based payments - Long-ter

Share based payments - Long-term incentive plan (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) item Y $ / shares	Dec. 31, 2021 CAD ($) item Y $ / shares	Nov. 15, 2022 $ / shares
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of option			$ 2.52
Stock options
Disclosure of range of exercise prices of outstanding share options [line items]
Options granted to employees | item	461,162	51,389
Exercisable term	5 years	5 years
Exercise price of option	$ 4.95
Fair value of option at grant date | $	$ 1,049	$ 164
Expected life | Y		2.5
Expected dividends	0%	0%
Minimum | Stock options
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of option	$ 3.21	$ 6.21
Risk-free rate	1.24%	0.20%
Expected life | Y	2.5
Expected volatility	68.53%	69.72%
Share price	$ 3.21	$ 6.12
Maximum | Stock options
Disclosure of range of exercise prices of outstanding share options [line items]
Exercise price of option	$ 5.76	$ 7.29
Risk-free rate	4.06%	0.92%
Expected life | Y	4.87
Expected volatility	70.40%	83.57%
Share price	$ 5.85	$ 7.83

Share based payments - Options

Share based payments - Options outstanding and exercisable (vested) (Details) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($) item $ / shares	Dec. 31, 2021 CAD ($) item	Nov. 15, 2022 $ / shares	Dec. 31, 2020 item
Options outstanding and exercisable
Weighted Average Exercise Price, Outstanding			$ 2.52
Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	991,960	834,352		844,630
Weighted Average Remaining Life (Years)	2 years 10 months 9 days
Weighted Average Exercise Price, Outstanding	$ 4.95
Number of Shares Issuable on Exercise, Exercisable | item	508,426
Weighted Average Exercise Price, Exercisable	$ 1.62
Amount expensed as shared-based payment | $	$ 505	$ 212
2.52 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	174,259
Weighted Average Remaining Life (Years)	1 year 8 months 4 days
Weighted Average Exercise Price, Outstanding	$ 2.52
Number of Shares Issuable on Exercise, Exercisable | item	143,704
Weighted Average Exercise Price, Exercisable	$ 1.68
2.61 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	27,778
Weighted Average Remaining Life (Years)	2 years 7 months 28 days
Weighted Average Exercise Price, Outstanding	$ 2.61
Number of Shares Issuable on Exercise, Exercisable | item	27,778
Weighted Average Exercise Price, Exercisable	$ 2.66
2.88 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	16,667
Weighted Average Remaining Life (Years)	1 year 9 months
Weighted Average Exercise Price, Outstanding	$ 2.88
Number of Shares Issuable on Exercise, Exercisable | item	16,667
Weighted Average Exercise Price, Exercisable	$ 1.75
3.21 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	130,000
Weighted Average Remaining Life (Years)	4 years 10 months 13 days
Weighted Average Exercise Price, Outstanding	$ 3.21
Weighted Average Exercise Price, Exercisable	$ 4.87
3.24 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	55,556
Weighted Average Remaining Life (Years)	1 year 1 month 20 days
Weighted Average Exercise Price, Outstanding	$ 3.24
Number of Shares Issuable on Exercise, Exercisable | item	55,556
Weighted Average Exercise Price, Exercisable	$ 1.14
4.38 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	30,000
Weighted Average Remaining Life (Years)	4 years 5 months 23 days
Weighted Average Exercise Price, Outstanding	$ 4.38
Weighted Average Exercise Price, Exercisable	$ 4.48
4.63 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	19,444
Weighted Average Remaining Life (Years)	4 years 4 months 24 days
Weighted Average Exercise Price, Outstanding	$ 4.63
Weighted Average Exercise Price, Exercisable	$ 4.40
4.90 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	40,000
Weighted Average Remaining Life (Years)	4 years 5 months 8 days
Weighted Average Exercise Price, Outstanding	$ 4.90
Weighted Average Exercise Price, Exercisable	$ 4.44
5.40 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	190,016
Weighted Average Remaining Life (Years)	4 years 18 days
Weighted Average Exercise Price, Outstanding	$ 5.40
Weighted Average Exercise Price, Exercisable	$ 4.05
5.76 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	19,444
Weighted Average Remaining Life (Years)	4 years 3 months
Weighted Average Exercise Price, Outstanding	$ 5.76
Weighted Average Exercise Price, Exercisable	$ 4.25
6.21 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	31,944
Weighted Average Remaining Life (Years)	3 years 3 months 14 days
Weighted Average Exercise Price, Outstanding	$ 6.21
Number of Shares Issuable on Exercise, Exercisable | item	10,648
Weighted Average Exercise Price, Exercisable	$ 3.29
6.48 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	116,667
Weighted Average Remaining Life (Years)	2 years 8 months 26 days
Weighted Average Exercise Price, Outstanding	$ 6.48
Number of Shares Issuable on Exercise, Exercisable | item	116,667
Weighted Average Exercise Price, Exercisable	$ 2.74
7.29 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	5,556
Weighted Average Remaining Life (Years)	2 years 1 month 17 days
Weighted Average Exercise Price, Outstanding	$ 7.29
Number of Shares Issuable on Exercise, Exercisable | item	2,778
Weighted Average Exercise Price, Exercisable	$ 2.13
8.82 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	109,630
Weighted Average Remaining Life (Years)	5 months 23 days
Weighted Average Exercise Price, Outstanding	$ 8.82
Number of Shares Issuable on Exercise, Exercisable | item	109,630
Weighted Average Exercise Price, Exercisable	$ 0.48
9.32 | Stock options
Options outstanding and exercisable
Number of Shares Issuable on Exercise, Outstanding | item	25,000
Weighted Average Remaining Life (Years)	29 days
Weighted Average Exercise Price, Outstanding	$ 9.32
Number of Shares Issuable on Exercise, Exercisable | item	25,000
Weighted Average Exercise Price, Exercisable	$ 0.08

Share based payments - Restrict

Share based payments - Restricted Share Units (Details) - RSU - item	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share based payments
Balance at the beginning	63,711	72,222
Granted	50,890	16,025
Exercised	(29,108)	(23,147)
Expired	(7,204)	(1,389)
Balance at the ending	78,289	63,711

Share based payments - Performa

Share based payments - Performance Share Units (Details) - PSU - item	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share based payments
Balance at the beginning	63,889	87,500
Granted	18,057	87,500
Exercised	(28,474)
Expired	(13,194)
Balance at the ending	63,889	87,500

Share based payments - Deferred

Share based payments - Deferred Shares Units (Details) - DSU - item	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Share based payments
Balance at the beginning	176,331	173,361
Granted	71,474	15,817
Exercised	(12,493)	(12,847)
Balance at the ending	235,312	176,331

Share based payments - Share-ba

Share based payments - Share-based payment expense (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
DSU
Share based payments
Amount expensed as shared-based payment	$ 189	$ 103
PSU
Share based payments
Amount expensed as shared-based payment	291	285
RSU
Share based payments
Amount expensed as shared-based payment	$ 297	$ 131

Share based payments - Warrants

Share based payments - Warrants issued and outstanding (Details)		12 Months Ended
	Nov. 15, 2022 $ / shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2022 $ / shares shares	Dec. 31, 2021 $ / shares shares	Dec. 31, 2021 $ / shares shares
Weighted average exercise price
Balance at the end (in dollars per share) | $ / shares	$ 3.78
Number of shares issued or issuable on exercise
Exercised warrants (in shares)		210,545	210,545	1,569,215	1,569,215
Warrant expires (in shares)		83,213	83,213	22,222	22,222
Balance at the end (in shares)		3,464,177	3,464,177
Canadian denominated warrants
Weighted average exercise price
Balance at the beginning (in dollars per share) | $ / shares			$ 7.53		$ 3.96
Balance at the end (in dollars per share) | $ / shares			$ 8.66		$ 7.53
Number of shares issued or issuable on exercise
Balance at the beginning (in shares)		1,274,785	1,274,785	1,885,195	1,885,195
Balance at the end (in shares)		981,027	981,027	1,274,785	1,274,785
United States Dollar denominated warrants
Weighted average exercise price
Balance at the beginning (in dollars per share) | $ / shares		$ 0
Balance at the end (in dollars per share) | $ / shares				$ 0
Number of shares issued or issuable on exercise
Balance at the beginning (in shares)		1,274,785	1,274,785
Balance at the end (in shares)		2,483,150	2,483,150	1,274,785	1,274,785
Weighted average exercise price 9.00 | Canadian denominated warrants
Weighted average exercise price
Issuance of warrants (in dollars per share) | $ / shares					$ 9
Exercised warrants (in dollars per share) | $ / shares			$ 3.78
Number of shares issued or issuable on exercise
Issuance of warrants (in shares)				875,917	875,917
Exercised warrants (in shares)		(210,545)	(210,545)
Weighted average exercise price 5.58 | Canadian denominated warrants
Weighted average exercise price
Issuance of warrants (in dollars per share) | $ / shares					$ 5.58
Warrant expiries (in dollars per share) | $ / shares			$ 3.78
Number of shares issued or issuable on exercise
Issuance of warrants (in shares)				105,110	105,110
Warrant expires (in shares)		(83,213)	(83,213)
Weighted average exercise price 4.86 | Canadian denominated warrants
Weighted average exercise price
Exercised warrants (in dollars per share) | $ / shares					$ 4.86
Number of shares issued or issuable on exercise
Exercised warrants (in shares)				(308,230)	(308,230)
Weighted average exercise price 4.86 | United States Dollar denominated warrants
Weighted average exercise price
Issuance of warrants (in dollars per share) | $ / shares		$ 3.10
Number of shares issued or issuable on exercise
Issuance of warrants (in shares)		2,483,150	2,483,150
Weighted average exercise price 3.78 | Canadian denominated warrants
Weighted average exercise price
Exercised warrants (in dollars per share) | $ / shares					$ 3.78
Number of shares issued or issuable on exercise
Exercised warrants (in shares)				(818,971)	(818,971)
Weighted average exercise prices 3.78 | Canadian denominated warrants
Weighted average exercise price
Exercised warrants (in dollars per share) | $ / shares					$ 3.78
Number of shares issued or issuable on exercise
Exercised warrants (in shares)				(442,014)	(442,014)
Weighted average exercise price 1.08 | Canadian denominated warrants
Weighted average exercise price
Warrant expiries (in dollars per share) | $ / shares					$ 1.08
Number of shares issued or issuable on exercise
Warrant expires (in shares)				(11,111)	(11,111)
Weighted average exercise price 4.86 | Canadian denominated warrants
Weighted average exercise price
Warrant expiries (in dollars per share) | $ / shares					$ 4.86
Number of shares issued or issuable on exercise
Warrant expires (in shares)				(11,111)	(11,111)

Share based payments - Expiry o

Share based payments - Expiry of warrants (Details)	Nov. 15, 2022 $ / shares shares	Jan. 22, 2021 $ / shares shares	Dec. 31, 2022 $ / shares	Dec. 31, 2022 $ / shares
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Weighted Average Exercise Price | (per share)			$ 3.10	$ 8.63
Warrant weighted average exercise price 9.00
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Expiry Date		Jan. 22, 2023
Number of warrants outstanding | shares		875,917
Weighted Average Exercise Price | $ / shares		$ 9
Warrant weighted average exercise price 5.58
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Expiry Date		Jan. 22, 2023
Number of warrants outstanding | shares		105,110
Weighted Average Exercise Price | $ / shares		$ 5.58
Warrant weighted average exercise price 3.10
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items]
Expiry Date	Nov. 15, 2025
Number of warrants outstanding | shares	2,483,150
Weighted Average Exercise Price | $ / shares	$ 3.10

Share based payments - Warran_2

Share based payments - Warrants (Details) $ in Thousands			12 Months Ended
	Nov. 15, 2022 CAD ($) item shares	Jan. 22, 2021 CAD ($) item Y shares	Dec. 31, 2022 CAD ($) shares	Dec. 31, 2021 CAD ($) shares
Warrants
Warrants exercised			210,545	1,569,215
Proceeds from warrant exercises | $	$ 970		$ 807	$ 6,217
Warrants expired			83,213	22,222
Total fair value | $			$ 57,329	$ 65,709
Overnight-marketed offering
Warrants
Warrants issued	2,345,000		2,483,150
Total fair value | $	$ 2,087
Number of units issued	2,345,000
Number of common share in each unit	1
Number of warrant in each unit	1
Overnight-marketed offering | Financial derivative liability - warrants | Risk-free interest rate
Warrants
Significant unobservable input of liabilities | item	0.04172
Overnight-marketed offering | Financial derivative liability - warrants | Expected volatility
Warrants
Significant unobservable input of liabilities | item	0.6289
Overnight-marketed offering | Financial derivative liability - warrants | Share price
Warrants
Significant unobservable input of liabilities | item	2.35
Overnight-marketed offering | Financial derivative liability - warrants | Strike price
Warrants
Significant unobservable input of liabilities | item	3.10
Overnight-marketed offering | Broker Warrants Units
Warrants
Number of units issued	138,150
Number of common share in each unit	1
Number of warrant in each unit	1
Reserve recorded | $	$ 325
January 2021 Bought Deal Financing
Warrants
Warrants issued		875,917		981,027
Total fair value | $		$ 1,667
January 2021 Bought Deal Financing | Financial derivative liability - warrants | Risk-free interest rate
Warrants
Significant unobservable input of liabilities | item		0.0017
January 2021 Bought Deal Financing | Financial derivative liability - warrants | Expected life
Warrants
Significant unobservable input of liabilities | Y		2
January 2021 Bought Deal Financing | Financial derivative liability - warrants | Expected volatility
Warrants
Significant unobservable input of liabilities | item		0.7710
January 2021 Bought Deal Financing | Financial derivative liability - warrants | Expected dividends
Warrants
Significant unobservable input of liabilities | item		0
January 2021 Bought Deal Financing | Financial derivative liability - warrants | Share price
Warrants
Significant unobservable input of liabilities | item		0.315
January 2021 Bought Deal Financing | Broker Warrants
Warrants
Warrants issued		105,110

Income Tax (Details)

Income Tax (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income Tax
Loss before income taxes	$ 12,551	$ (34,916)
Statutory tax rate	26.50%	26.50%
Expected expense (recovery) at statutory rate	$ 3,326	$ (9,252)
Non-taxable/deductible items	(3,286)	4,343
Flow through share renunciation		348
Change in unrecognized Deferred tax assets	$ (40)	$ 4,561

Income Tax - Deferred taxes (De

Income Tax - Deferred taxes (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Deferred Tax Assets
Disclosure Of Income Tax Assets and Liabilities [Line Items]
Deferred income tax assets / (liabilities)	$ 8,592	$ 448
Deferred Tax Liabilities
Disclosure Of Income Tax Assets and Liabilities [Line Items]
Deferred income tax assets / (liabilities)	(8,592)	(448)
Current convertible notes payable | Deferred Tax Liabilities
Disclosure Of Income Tax Assets and Liabilities [Line Items]
Deferred income tax assets / (liabilities)	(5,659)
Plant and equipment | Deferred Tax Liabilities
Disclosure Of Income Tax Assets and Liabilities [Line Items]
Deferred income tax assets / (liabilities)	(2,933)	(448)
Non-capital loss | Deferred Tax Assets
Disclosure Of Income Tax Assets and Liabilities [Line Items]
Deferred income tax assets / (liabilities)	6,823	$ 448
Current financial derivative liability - convertible notes | Deferred Tax Assets
Disclosure Of Income Tax Assets and Liabilities [Line Items]
Deferred income tax assets / (liabilities)	$ 1,769

Income Tax -Temporary differenc

Income Tax -Temporary differences between the carrying amounts of assets and liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	$ 82,116	$ 81,788
Non-capital loss carry-forwards
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	29,192	37,505
Exploration and evaluation properties
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	19,937	16,521
Capital loss carry-forward
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	21,542	20,059
Other
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	$ 11,445	$ 7,703

Income Tax - Non-capital loss c

Income Tax - Non-capital loss carryforwards (Details) $ in Thousands	Dec. 31, 2022 CAD ($)
Income Tax
Non-capital loss carryforward	$ 52,576
2035
Income Tax
Non-capital loss carryforward	1,213
2036
Income Tax
Non-capital loss carryforward	4,069
2037
Income Tax
Non-capital loss carryforward	1,172
2038
Income Tax
Non-capital loss carryforward	7,453
2039
Income Tax
Non-capital loss carryforward	1,440
2040
Income Tax
Non-capital loss carryforward	7,109
2041
Income Tax
Non-capital loss carryforward	14,931
2042
Income Tax
Non-capital loss carryforward	$ 15,189

Income Tax - Additional Informa

Income Tax - Additional Information (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	$ 82,116	$ 81,788
Non-capital loss carryforwards subject to expiration	52,576	36,903
Non-capital loss carryforwards that do not expire	2,292
Capital loss carry-forward
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	21,542	20,059
Capital loss carried forward indefinitely and can only be realized against future capital gains
Temporary tax differences between assets and liabilities
Total unrecognized temporary differences	$ 21,542	$ 20,059

Other Non-Operating Income (E_3

Other Non-Operating Income (Expense) (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Other Non-Operating Income (Expense)
Foreign exchange (loss) gain	$ (780)	$ 276
Interest (income) expense	328	(191)
Gain on Kuya option exercise		973
Realized (gain) loss on marketable securities	(220)	(103)
Other non-operating income	11
Loss on conversion of Glencore loan		(1,566)
Loss on financial derivatives revaluation on Glencore loan		(12)
Reversal of impairment charges	1,338
Flow-through share premium		321
Other		144
Other non-operating (income) expense	$ 677	$ (158)

Income (Loss) Per Share (Detail

Income (Loss) Per Share (Details) - CAD ($) $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Income (Loss) Per Share
Net income (loss) for the year	$ 12,551	$ (34,916)
Net income (loss) for the year - basic	12,551	(34,916)
Gain on financial derivative liability - convertible notes	(27,686)	12,952
Net loss for the year - diluted	$ (15,135)	$ (34,916)
Basic- - Weighted average number of shares outstanding	32,646,906	27,753,182
Effect of dilutive securities	$ 8,116,480
Diluted - adjusted weighted average number of shares outstanding	40,763,386	27,753,182
Income (Loss) Per Share - Basic	$ 0.38	$ (1.26)
Income (Loss) Per Share - Diluted	$ (0.37)	$ (1.26)

Financial Instruments - Liquidi

Financial Instruments - Liquidity Risk (Details) $ in Thousands	Nov. 24, 2020 installment	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Financial Instruments
Interest payable		$ 1,300	$ 1,164
Long-term government loan payable		3,777	745
Lease payable		218
Contribution agreement with the FedNor
Financial Instruments
Number of equal quarterly instalments | installment	19
Convertible Note
Financial Instruments
Convertible notes payable		25,662	22,541
Less than 1 Year | Convertible Note
Financial Instruments
Accounts payable and accrued liabilities		18,864	3,544
Interest payable		3,436	3,137
Lease payable		117
Total		22,417	6,681
Between 1 - 2 Years | Convertible Note
Financial Instruments
Interest payable		3,445	3,547
Long-term government loan payable		996
Lease payable		119
Total		4,560	3,547
More than 2 Years | Convertible Note
Financial Instruments
Interest payable		6,589	11,837
Long-term government loan payable		3,737	1,000
Convertible notes payable		48,759	50,339
Lease payable		289
Total		$ 59,374	$ 63,176

Financial Instruments - Fair Va

Financial Instruments - Fair Value (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value
Fair value	$ 61,015	$ 67,647
Interest rate	6.95%
Fair Value | Convertible Note
Fair Value
Fair value	$ 46,292
Interest rate	9%
Fair Value | Long-term government loan payable
Fair Value
Fair value	$ 3,558
Interest rate	9%

Financial Instruments - Foreign

Financial Instruments - Foreign Currency Risk (Details) - Currency exchange risk - USD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Financial Instruments
Foreign currency exchange risk	$ (33,610)	$ (48,182)
Accounts payable and accrued liabilities
Financial Instruments
Foreign currency exchange risk	(1,264)	(842)
Interest accrual
Financial Instruments
Foreign currency exchange risk	(1,300)	(1,164)
Convertible Note
Financial Instruments
Foreign currency exchange risk	(25,662)	(22,541)
Financial derivative liability - convertible notes
Financial Instruments
Foreign currency exchange risk	(6,674)	(37,715)
Financial derivative liability - warrants
Financial Instruments
Foreign currency exchange risk	(1,271)
Cash and cash equivalents
Financial Instruments
Foreign currency exchange risk	$ 2,561	$ 14,080

Financial Instruments - Forei_2

Financial Instruments - Foreign Currency Risk - Additional Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Disclosure of credit risk exposure [line items]
Foreign exchange gain (loss)	$ (780)	$ 276
Currency exchange risk
Disclosure of credit risk exposure [line items]
Foreign exchange gain (loss)	$ (1,019)	681
Percentage of reasonably possible decrease in US Dollar against Canadian dollar	10%
Increase (decrease) in Company's net income before tax due to decrease in US Dollar against Canadian Dollar	$ (2,480)
Percentage of reasonably possible increase in US Dollar against Canadian dollar	10%
Increase (decrease) in Company's net income before tax due to increase in US Dollar against Canadian Dollar	$ 2,686
Amount of exposure		$ 3,774

Management of Capital (Details)

Management of Capital (Details) - USD ($) $ in Thousands	Feb. 13, 2023	Dec. 31, 2022
New convertible notes | Convertible note agreement
Convertible note payable
Minimum liquidity balance requirement	$ 2,000
Existing convertible note
Convertible note payable
Minimum liquidity balance requirement		$ 7,500

Fair Value Measurements (Detail

Fair Value Measurements (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Total Fair Value, Assets	$ 12,402	$ 62,289
Total Fair Value, Liabilities	57,329	65,709
Level 1
Fair Value Measurements
Total Fair Value, Assets	433	1,768
Level 3
Fair Value Measurements
Total Fair Value, Liabilities	7,945	37,715
Carrying value of fair value of assets through profit or loss
Fair Value Measurements
Carrying Value, Assets	433	1,768
Carrying value of fair value of liabilities through profit or loss
Fair Value Measurements
Carrying Value, Liabilities	7,945	37,715
Amortized cost carrying value
Fair Value Measurements
Carrying Value, Assets	11,969	60,521
Carrying Value, Liabilities	49,603	27,994
Accounts payable and accrued liabilities
Fair Value Measurements
Total Fair Value, Liabilities	20,164	4,708
Accounts payable and accrued liabilities | Amortized cost carrying value
Fair Value Measurements
Carrying Value, Liabilities	20,164	4,708
Long-term government loan payable
Fair Value Measurements
Total Fair Value, Liabilities	3,558	745
Long-term government loan payable | Amortized cost carrying value
Fair Value Measurements
Carrying Value, Liabilities	3,777	745
Convertible notes payable
Fair Value Measurements
Total Fair Value, Liabilities	25,662	22,541
Convertible notes payable | Amortized cost carrying value
Fair Value Measurements
Carrying Value, Liabilities	25,662	22,541
Financial derivative liability - Convertible Notes
Fair Value Measurements
Total Fair Value, Liabilities	6,674	37,715
Financial derivative liability - Convertible Notes | Level 3
Fair Value Measurements
Total Fair Value, Liabilities	6,674	37,715
Financial derivative liability - Convertible Notes | Carrying value of fair value of liabilities through profit or loss
Fair Value Measurements
Carrying Value, Liabilities	6,674	37,715
Other financial derivative liability
Fair Value Measurements
Total Fair Value, Liabilities	1,271
Other financial derivative liability | Level 3
Fair Value Measurements
Total Fair Value, Liabilities	1,271
Other financial derivative liability | Carrying value of fair value of liabilities through profit or loss
Fair Value Measurements
Carrying Value, Liabilities	1,271
Cash and cash equivalents
Fair Value Measurements
Total Fair Value, Assets	7,952	58,626
Cash and cash equivalents | Amortized cost carrying value
Fair Value Measurements
Carrying Value, Assets	7,952	58,626
Restricted cash
Fair Value Measurements
Total Fair Value, Assets	938	938
Restricted cash | Amortized cost carrying value
Fair Value Measurements
Carrying Value, Assets	938	938
Receivables
Fair Value Measurements
Total Fair Value, Assets	3,079	957
Receivables | Amortized cost carrying value
Fair Value Measurements
Carrying Value, Assets	3,079	957
Marketable securities
Fair Value Measurements
Total Fair Value, Assets	433	1,768
Marketable securities | Level 1
Fair Value Measurements
Total Fair Value, Assets	433	1,768
Marketable securities | Carrying value of fair value of assets through profit or loss
Fair Value Measurements
Carrying Value, Assets	$ 433	$ 1,768

Fair Value Measurements - Addit

Fair Value Measurements - Additional information (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2022 CAD ($)	Dec. 31, 2021 CAD ($)
Fair Value Measurements
Total Fair Value, Liabilities	$ 57,329	$ 65,709
Convertible Note
Fair Value Measurements
Total Fair Value, Liabilities	$ 46,292	46,526
Convertible Note | Discounted cash flow
Fair Value Measurements
Significant unobservable input of liabilities	9
Financial derivative liability - Convertible Notes
Fair Value Measurements
Fair value of derivative	$ 6,674	37,715
Total Fair Value, Liabilities	$ 6,674	$ 37,715
Financial derivative liability - Convertible Notes | Equity volatility
Fair Value Measurements
Significant unobservable input of liabilities	54	60
Percentage of increase in significant unobservable inputs	10%
Percentage of decrease in significant unobservable inputs	10%
Increase in fair value of derivative liability due to increase in significant unobservable inputs	$ 1,708	$ 1,773
Decrease in fair value of derivative liability due to decrease in significant unobservable inputs	$ 1,545	$ 1,999
Financial derivative liability - Convertible Notes | Credit spread
Fair Value Measurements
Significant unobservable input of liabilities	30.5	25.6
Percentage of increase in significant unobservable inputs	5%
Percentage of decrease in significant unobservable inputs	5%
Increase in fair value of derivative liability due to increase in significant unobservable inputs	$ 474	$ 1,320
Decrease in fair value of derivative liability due to decrease in significant unobservable inputs	352	1,584
Financial derivative liability - US warrants
Fair Value Measurements
Fair value of derivative	$ 1,271	$ 0
Financial derivative liability - US warrants | Equity volatility
Fair Value Measurements
Significant unobservable input of liabilities	62.85	0
Percentage of increase in significant unobservable inputs	10%
Percentage of decrease in significant unobservable inputs	10%
Increase in fair value of derivative liability due to increase in significant unobservable inputs	$ 163	$ 0
Decrease in fair value of derivative liability due to decrease in significant unobservable inputs	$ 366	$ 0

Commitments (Details)

Commitments (Details) $ in Thousands	Dec. 31, 2022 CAD ($)
Purchase Commitments
Commitments
Commitments	$ 13,684

Segmented Information (Details)

Segmented Information (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Operating Expenses
Consulting and professional fees	$ 2,729	$ 4,309
Exploration and evaluation expenditures	3,428	4,705
General and administrative and Travel	1,925	488
Investor relations and marketing	1,000	843
Refinery, engineering and metallurgical studies	2,349	4,442
Refinery, permitting, and environmental expenses	128	867
Salary and benefits	3,913	2,804
Share-based payments	1,282	731
Operating loss	16,754	19,189
Unrealized loss on marketable securities	589	2,617
Gain on financial derivative liability - convertible notes	27,686	(12,952)
Loss on conversion of Glencore loan	1,531
Other non-operating expense	677	(158)
Income (loss) before taxes	12,551	(34,916)
Estimated fair value of assets	187,524	167,611
Total Liabilities	61,015	67,647
Refinery
Operating Expenses
Consulting and professional fees	47	116
General and administrative and Travel	138	117
Investor relations and marketing		2
Refinery, engineering and metallurgical studies	2,349	4,442
Refinery, permitting, and environmental expenses	128	866
Salary and benefits	655	416
Operating loss	3,317	5,959
Income (loss) before taxes	(3,317)	(5,959)
Estimated fair value of assets	91,322	17,082
Total Liabilities	17,723	1,776
Corporate & Other
Operating Expenses
Consulting and professional fees	2,682	4,193
Exploration and evaluation expenditures	3,428	4,705
General and administrative and Travel	1,787	371
Investor relations and marketing	1,000	841
Refinery, permitting, and environmental expenses		1
Salary and benefits	3,258	2,388
Share-based payments	1,282	731
Operating loss	13,437	13,230
Unrealized loss on marketable securities	(589)	2,617
Gain on financial derivative liability - convertible notes	27,686	(12,952)
Loss on conversion of Glencore loan	1,531
Other non-operating expense	677	(158)
Income (loss) before taxes	15,868	(28,957)
Estimated fair value of assets	96,202	150,529
Total Liabilities	$ 43,292	$ 65,871

Related Party Transactions - Ke

Related Party Transactions - Key Management Personnel Compensation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Key Management Personnel Compensation	$ 2,905	$ 2,168
Share-based payments made to management and directors	620	499
Management
Related Party Transactions
Key Management Personnel Compensation	2,751	1,978
Directors
Related Party Transactions
Key Management Personnel Compensation	$ 154	$ 190

Related Party Transactions - Du

Related Party Transactions - Due to related parties (Details) - CAD ($) $ in Thousands	Dec. 31, 2022	Dec. 31, 2021
Related Party Transactions
Accounts payable and accrued liabilities, due to related parties	$ 389	$ 786

Significant Accounting Judgme_2

Significant Accounting Judgments and Estimates - Additional Information (Details) - USD ($) $ in Thousands	Feb. 13, 2023	Dec. 31, 2022	Dec. 30, 2022
2026 Notes
Disclosure of detailed information about borrowings [line items]
Minimum liquidity balance requirement		$ 7,500	$ 7,500
Convertible note agreement | 2028 Notes
Disclosure of detailed information about borrowings [line items]
Minimum liquidity balance requirement	$ 2,000