Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2023 | Feb. 15, 2024 | Jun. 30, 2023 | |
Document Information [Line Items] | |||
Registrant Name | Thunder Mountain Gold, Inc. | ||
Registrant CIK | 0000711034 | ||
Fiscal Year End | --12-31 | ||
SEC Form | 10-K | ||
Period End date | Dec. 31, 2023 | ||
Tax Identification Number (TIN) | 91-1031015 | ||
Number of common stock shares outstanding | 60,855,579 | ||
Public Float | $ 2,595,841 | ||
Filer Category | Non-accelerated Filer | ||
Current with reporting | Yes | ||
Interactive Data Current | Yes | ||
Voluntary filer | No | ||
Well-known Seasoned Issuer | No | ||
Shell Company | false | ||
Small Business | true | ||
Emerging Growth Company | false | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Document Financial Statement Error Correction [Flag] | false | ||
Entity File Number | 001-08429 | ||
Entity Incorporation, State or Country Code | NV | ||
Entity Address, Address Line One | 11770 W. President Dr., Ste. F | ||
Entity Address, City or Town | Boise | ||
Entity Address, State or Province | ID | ||
Entity Address, Postal Zip Code | 83713 | ||
City Area Code | 208 | ||
Local Phone Number | 658-1037 | ||
Amendment Flag | false | ||
Document Fiscal Year Focus | 2023 | ||
Document Fiscal Period Focus | FY | ||
Auditor Name | Assure CPA LLC | ||
Auditor Location | Spokane, Washington | ||
Auditor Firm ID | 444 | ||
ICFR Auditor Attestation Flag | false | ||
ExchangeTSXV | |||
Document Information [Line Items] | |||
Trading Symbol | THM | ||
Trading Exchange | NONE | ||
Title of 12(g) Security | Common Stock, $0.001 par value | ||
ExchangeOTCQB | |||
Document Information [Line Items] | |||
Trading Symbol | THMG | ||
Trading Exchange | NONE | ||
Title of 12(g) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 170,628 | $ 682,718 |
Investment in BeMetals, at fair value | 427,836 | 738,612 |
Prepaid expenses and other assets | 33,786 | 20,113 |
Total current assets | 632,250 | 1,441,443 |
Property and Equipment: | ||
Land | 332,509 | 280,333 |
Equipment, net of accumulated depreciation | 0 | 552 |
Total Property and Equipment | 332,509 | 280,885 |
Right to use asset | 21,629 | 0 |
Total assets | 986,388 | 1,722,328 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 39,050 | 27,599 |
Accrued legal fees | 136,685 | 146,685 |
Operating lease liability | 18,612 | 0 |
Advance from BeMetals | 0 | 5,433 |
Deferred compensation | 1,104,625 | 1,041,500 |
Total current liabilities | 1,298,972 | 1,221,217 |
Operating lease liability - long-term | 3,532 | 0 |
Accrued reclamation costs | 81,250 | 81,250 |
Total liabilities | 1,383,754 | 1,302,467 |
Commitments and Contingencies | ||
Stockholders' equity: | ||
Preferred stock; $0.0001 par value, 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock; $0.001 par value; 200,000,000 shares authorized, 60,855,579 shares issued and outstanding, respectively | 60,856 | 60,856 |
Additional paid-in capital | 6,564,947 | 6,564,947 |
Less:11,700 shares of treasury stock, at cost | (24,200) | (24,200) |
Accumulated deficit | (7,168,608) | (6,351,381) |
Total Thunder Mountain Gold, Inc stockholders' equity | (567,005) | 250,222 |
Noncontrolling interest in Owyhee Gold Trust | 169,639 | 169,639 |
Total stockholders' equity | (397,366) | 419,861 |
Total liabilities and stockholders' equity | $ 986,388 | $ 1,722,328 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2023 $ / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares |
Statement of Financial Position [Abstract] | |||
Preferred stock, par value per share | (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 | 0 |
Common stock, par value per share | (per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 60,855,579 | 60,855,579 | 60,855,579 |
Common Stock, Shares Outstanding | 60,855,579 | 60,855,579 | 60,855,579 |
Treasury Stock Common, Shares | 11,700 | 11,700 | 11,700 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Revenues: | ||
Management service income | $ 0 | $ 300,000 |
Operating expenses: | ||
Exploration | 87,702 | 156 |
Legal and accounting | 115,763 | 113,717 |
Management and administrative | 410,674 | 630,844 |
Depreciation | 552 | 1,553 |
Total operating expenses | 614,691 | 746,270 |
Net operating loss | (614,691) | (446,270) |
Other income (expense): | ||
Unrealized loss on investment | (179,604) | (782,072) |
Realized loss on sale of investment | (47,091) | 0 |
Reclamation Expense | 0 | (16,250) |
BeMetals mutual release | 27,495 | 0 |
Other | 1,664 | 790 |
Total other income (expense) | (197,536) | (797,532) |
Net loss | (812,227) | (1,243,802) |
Net income - noncontrolling interest in Owyhee Gold Trust | 5,000 | 937 |
Net loss - Thunder Mountain Gold, Inc. | $ (817,227) | $ (1,244,739) |
Net loss per common share-basic | $ (0.01) | $ (0.02) |
Net loss per common share-diluted | $ (0.01) | $ (0.02) |
Weighted average common shares outstanding basic | 60,855,579 | 60,855,579 |
Weighted average common shares outstanding diluted | 60,855,579 | 60,855,579 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (812,227) | $ (1,243,802) |
Adjustments to reconcile net loss to net cash used by operating activities: | ||
Depreciation | 552 | 1,553 |
Stock based compensation | 0 | 158,341 |
Accrued Reclamation Costs | 0 | 16,250 |
Unrealized loss on investment | 179,604 | 782,072 |
Realized loss on sale of investment | 47,091 | 0 |
Change in: | ||
Prepaid expenses and other assets | (18,674) | (1,723) |
Accounts payable and other accrued liabilities | 11,967 | 16,104 |
Accrued legal fees | (10,000) | (20,000) |
Accrued interest payable to related parties | 0 | (80,177) |
Deferred compensation | 63,125 | 0 |
Advance from BeMetals | (5,433) | (30,754) |
Net cash used by operating activities | (543,995) | (402,136) |
Cash flows from investing activities: | ||
Proceeds from sale of investment | 84,081 | 0 |
Land purchase | (52,176) | 0 |
Net cash provided by investing activities | 31,905 | 0 |
Cash flows from financing activities: | ||
Payments on related parties notes payable | 0 | (66,768) |
Noncontrolling interest net returns royalty | 0 | (5,000) |
Net cash used by financing activities | 0 | (71,768) |
Net decrease in cash and cash equivalents | (512,090) | (473,904) |
Cash and cash equivalents, beginning of year | 682,718 | 1,156,622 |
Cash and cash equivalents, end of year | 170,628 | 682,718 |
Noncash financing and investing activities: | ||
Operating lease liability arising from obtaining right to use asset | $ 38,701 | $ 0 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Non-Controlling Interest in OGT [Member] | Total |
Equity Balance at Dec. 31, 2021 | $ 60,856 | $ 6,406,606 | $ (24,200) | $ (5,106,642) | $ 173,702 | $ 1,510,322 |
Equity Balance (Shares) at Dec. 31, 2021 | 60,855,579 | |||||
Stock based compensation | 158,341 | 158,341 | ||||
Noncontrolling interest net returns royalty | (5,000) | (5,000) | ||||
Net income/(loss) | (1,244,739) | 937 | (1,243,802) | |||
Equity Balance at Dec. 31, 2022 | $ 60,856 | 6,564,947 | (24,200) | (6,351,381) | 169,639 | 419,861 |
Equity Balance (Shares) at Dec. 31, 2022 | 60,855,579 | |||||
Noncontrolling interest net returns royalty | (5,000) | (5,000) | ||||
Net income/(loss) | (817,227) | 5,000 | (812,227) | |||
Equity Balance at Dec. 31, 2023 | $ 60,856 | $ 6,564,947 | $ (24,200) | $ (7,168,608) | $ 169,639 | $ (397,366) |
Equity Balance (Shares) at Dec. 31, 2023 | 60,855,579 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Business Operations | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies and Business Operations [Text Block] | 1. Summary of Significant Accounting Policies and Business Operations Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. On December 30, 2022, Thunder Mountain Gold, Inc. by and through its subsidiaries Thunder Mountain Resources, Inc., a Nevada Corporation, and South Mountain Mines, Inc., an Idaho Corporation ("SMMI") (collectively the "Company", "THMG", or "We", "Our" or "Us") agreed to terminate an Option Agreement, (the " BeMetals Option Agreement BeMetals or BMET The Company has 6.636 million common shares of BMET USA with a market value of $427,836, and the Company had cash and cash equivalents of $170,628 for the year ended December 31, 2023. See Note 3 for further information. Basis of Presentation and Going Concern The consolidated financial statements accompanying this report show an accumulated deficit of $7,168,608 at December 31, 2023, which raises substantial doubt about the Company's ability to continue as a going concern. The Company's ability to secure capital for exploration and working capital needs is crucial, given the absence of recurring revenue streams. Long-term strategies involve financing through stock or debt sales and eventual profitability from mining operations. Capital raising efforts are hindered by current capital market conditions and the broader economic climate in the United States. Company management is actively seeking additional funds through various means, including public offerings, private placements, mergers, option agreements, and external debt, to ensure the Company's viability. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis was not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used. Principles of Consolidation The consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's consolidated financial statements reflect the other investor's 25% noncontrolling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. Accounting Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. Revenue Recognition During 2022, management service revenue was recognized when the Company satisfied its performance obligation required under its management contract with BeMetals. Such an obligation was satisfied over time as work is performed and the Company has a contractual right to payment. Income Taxes The Company recognizes deferred income tax liabilities or assets at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized. Cash and Cash Equivalents For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2023 and 2022, the Company had a financial asset, investment in equity security, that is adjusted to fair value on a recurring basis for which the fair value is determined based on Level 1 inputs as the equity security is traded on a stock exchange. The Company has no financial liabilities that are adjusted to fair value on a recurring basis. Financial Instruments The Company's financial instruments include cash and cash equivalents, and the investment in BeMetal's equity securities, the carrying value of which approximates fair value based on the nature of those instruments. Investments The Company determines the appropriate classification of investments at the time of acquisition and re-evaluates such determinations at each reporting date. Equity securities that have a readily determined fair value are carried at fair value determined using Level 1 fair value measurement inputs with the change in fair value recognized as unrealized gain (loss) in the consolidated statement of operations each reporting period. Gains and losses on the sale of securities are recognized on a specific identification basis. Mineral Interests The Company capitalizes costs for acquiring mineral interests, and expenses costs to maintain mineral rights and leases as incurred. Exploration costs are expensed in the period in which they are incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. If a mineral interest is abandoned or sold, its capitalized costs are charged to operations. Consideration received by the Company pursuant to joint ventures or purchase option agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received. Leases Arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company's incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. Investments in Joint Ventures For companies and joint ventures where the Company holds more than 50% of the voting interests, but less than 100%, and has significant influence, the company or joint venture is consolidated, and other investor interests are presented as noncontrolling. See Note 3 regarding the Company's investment in Owyhee Gold Trust. Joint ventures in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting. Reclamation and Remediation The Company's operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company would record the fair value of an asset retirement obligation as a liability in the period in which the Company incurred a legal obligation for the retirement of tangible long-lived assets. A corresponding asset would also be recorded and depreciated over the life of the asset. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred, and they are reasonably estimable. Such costs are based on management's estimate of amounts expected to be incurred when the remediation work is performed. The Company had accrued $81,250 at December 31, 2023 and, 2022, respectively, on its consolidated balance sheets relating to estimated mine closure and reclamation costs on its South Mountain Mines property. Share-Based Compensation Share-based payments to employees and directors, including grants of employee stock options, are measured at fair value and expensed in the consolidated statements of operations over the vesting period. Recent Accounting Pronouncements Accounting Standards Updates In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Resale Restrictions Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the year ended December 31, 2023 and 2022 outstanding common stock options of 4,775,000 were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive due to the net loss for the period. |
Mineral Interest Commitments
Mineral Interest Commitments | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Mineral Interest Commitments [Text Block] | 2. Mineral Interest Commitments The Company holds two leases pertaining to land parcels adjacent to its South Mountain patented and unpatented mining claims. The details of these leases are as follows: Acree Lease: Commencing on June 20, 2008, the Company entered into a lease agreement with Ronald Acree for a period of 6 years, covering 113 acres at a rate of $20 per acre. The lease includes an option to extend for an additional 10 years at a revised rate of $30 per acre. The total annual lease payment for the 113 acres amounts to $3,390. The Acree Lease is scheduled to expire on June 20, 2024. Lowry Lease: On October 24, 2008, the Company executed a lease agreement with William and Nita Lowry for a duration of 6 years, encompassing 376 acres at a rate of $20 per acre. Similar to the Acree Lease, the Lowry Lease incorporates an option to extend for an additional 10 years at a revised rate of $30 per acre. Following the passing of the original lessors, the lease was inherited by Michael Lowry, their son. The lease will expire on October 24, 2024. The leases have no work requirements. It is the current intention of the Company to engage in negotiations for new leases with the current landowners upon the expiration of the existing lease agreements. The negotiations may involve modifications to terms, rates, or other conditions as mutually agreed upon by the parties involved. The Company has 26 unpatented claims (533 acres) in the Trout Creek area and 21 unpatented claims in the South Mountain area. The claim fees are paid on these unpatented claims annually as follows: Target Area 2023 Trout Creek -State of Nevada $ 4,290 Trout Creek -Lander County, Nevada 324 South Mountain-State of Idaho 3,465 Total $ 8,079 |
South Mountain Project
South Mountain Project | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments [Abstract] | |
South Mountain Project [Text Block] | 3. BeMetals Option Agreement: On December 30, 2022, the Company agreed to terminate the Option Agreement with BeMetals Corporation. The BeMetals Option Agreement ("the Option Agreement") was entered into on February 27, 2019, under the original terms of the Option Agreement, BeMetals provided the funding to SMMI for project expenses including management services. According to the terms of the Option Agreement BMET USA and SMMI entered a management contract whereby BeMetals paid $25,000 monthly to SMMI for management services to enable BMET to perform exploration and development work with respect to the South Mountain Project. Management service income of $ 300,000 was recognized during the year ended December 31, 2022. No income was recognized during the year ended December 31, 2023. On February 7, 2023, the Company executed a Mutual Release (the "Release") with BeMetals Corp., formally acknowledging and agreeing that BeMetals successfully fulfilled all obligations outlined in the Option Agreement. As part of the Mutual Release, the Company received a final payment of $33,530 from BeMetals Corp. This amount includes the settlement of all expenditures incurred up to the termination date of the Option Agreement. During the year ended December 31, 2023, the Company recognized $27,495 from the Mutual Release accrued liability the Company had previously recorded as other income. This recognition signifies the complete fulfillment of all financial obligations and responsibilities owed to the Company by BeMetals Corp. On April 12, 2023, the Company was served with a Complaint filed in the fourth judicial district court of the State of Idaho by legal representatives of a former mining contractor who had provided services for the South Mountain Mine project in the Fall of 2020. The case was subsequently dismissed with prejudice, and a judgment to that effect was entered on November 21, 2023. The contractor had a 42-day window from the date of judgment to appeal, which expired on January 2, 2024. No appeal was filed within this timeframe, leading to the dismissal of the claim. SMMI Joint Venture - OGT, LLC The Company's wholly owned subsidiary SMMI is the sole manager of the South Mountain Project in its entirety through a separate Mining Lease with Option to Purchase ("Lease Option") with the Company's majority-owned subsidiary OGT. SMMI has an option to purchase the South Mountain mineral interest for a capped $5 million less net returns royalties paid through the date of exercise. The Lease Option expires in November 2026. If SMMI exercises the option, the option payment of $5 million less advance royalties will be distributed 100% by OGT to OGT's minority member, ISGCII. Under the Lease Option, SMMI pays an advance of $5,000 net returns royalty to OGT annually on November 4 which was distributed to OGT's minority member during 2022 and accrued at December 31, 2023. See Note 11 Subsequent Events. Under the OGT operating agreement, SMMI and ISGC II have 75% and 25% ownership, respectively, in OGT. SMMI is the sole manager and pays all expenses for exploration and development of the property. The Company has established 75% ownership and full management of the property. The Company had expensed an additional $16,250 in reclamation expense for the year ended December 31, 2022, resulting in 25% expense to OGT, LLC capital account. OGT's financial information is included 100% in the Company's consolidated financial statements as of December 31, 2023 and 2022. The Company's consolidated financial statements reflect ISGC II's 25% noncontrolling interest. Activity of the noncontrolling interest during the years ended December 31, 2023 and 2022 are as follows: Years Ended December 31, 2023 2022 Balance at beginning of year $ 169,639 $ 173,702 Noncontrolling interest in net returns royalty (5,000 ) (5,000 ) Net income attributable to noncontrolling interest 5,000 937 Balance at end of year $ 169,639 $ 169,639 |
Investment in BeMetals Corp
Investment in BeMetals Corp | 12 Months Ended |
Dec. 31, 2023 | |
Notes | |
Investment in BeMetals Corp. [Text Block] | 4. Investment in BeMetals Corp. In November 2023 the Company sold 1,364,000 shares of BeMetals Corp for $86,681 (CAD $119,024). The sales included commissions of $2,600 (CAD $3,570) and a foreign exchange loss of $294. The Company recognized a total net amount of $84,081 (CAD $115,409), resulting in a recognized loss of $47,091. This loss is included in other income on the Statement of Operations. The Company had an unrealized loss on the change in fair value of the BeMetals investment of $179,604 for the year ended December 31, 2023, compared to an unrealized loss of $782,072 for the year ended December 31, 2022. The remaining 6.636 million shares of BeMetals stock held by the Company were sold subsequent to year-end 2023. See Note 11 Subsequent Events. |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Text Block] | 5. On December 13, 2023, the Company completed the strategic acquisition of 56 acres of private land for $52,176. This parcel is contiguous to the south end of the existing patented and lode claims at the South Mountain Project. The Board of Directors approved the land purchase resolution on January 31, 2023. Subsequently, on February 07, 2023, a real estate purchase and sale agreement was signed, formalizing the terms and conditions of the transaction. The acquisition is strategically aligned with the Company's exploration and development objectives. The geographical adjacency to the South Mountain Project enhances exploration efficiency and supports the Company's long-term growth strategy. In May of 2023 the Company's tent building at the Sonneman portal was damaged beyond repair due to the snow. The tent building was fully depreciated and had a historical cost of $65,071. Also, the Company disposed of fully depreciated mining equipment with a historical cost of $21,990. As the assets were fully depreciated no gain or loss on their disposal was recognized. The Company's property and equipment are as follows: December 31, December 31, 2023 2022 Vehicles $ 22,441 $ 22,441 Buildings - 65,071 Construction Equipment 30,407 36,447 Mining Equipment 42,696 58,646 95,544 182,605 Accumulated Depreciation (95,544 ) (182,053 ) - 552 Land 332,509 280,333 Total Property and Equipment $ 332,509 $ 280,885 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2023 | |
Related Party Transactions [Abstract] | |
Related Party Transactions [Text Block] | 6. Board of Directors Compensation On March 16, 2022, the Company's Compensation Committee recommended that the Company's Board of Directors receive nominal compensation for their service. The Company's Board of Directors passed the resolution for Board members compensation amount of cash compensation paid to the Board of Directors was $14,050 and $22,200, respectively. Deferred Officer Compensation Three officers of the Company initiated deferred compensation arrangements for services provided starting April 1, 2015. On July 31, 2018, the Company ceased expensing and deferring compensation for these officers to support the marketing efforts of the SMMI project. Subsequently, with the commencement of the BeMetals agreement (Note 3), compensation for these officers resumed on May 15, 2019. The BeMetals agreement concluded on December 30, 2022. To preserve liquidity, the Company reinstated deferred salary arrangements for Eric Jones, the Chief Executive Officer, and Larry Thackery, the Chief Financial Officer effective August 1, 2023. For the year ended December 31, 2023 the Company has deferred $49,500 and $13,625, respectfully. As of December 31, 2023, and December 31, 2022, the balances of deferred compensation for the officers, accumulated prior to the BeMetals agreement, are as follows, Eric Jones, President and Chief Executive Officer: $469,500 and $420,000; Jim Collord, Vice President and Chief Operating Officer: $420,000 and $420,000; Larry Thackery, Chief Financial Officer: $215,125 and $201,500; respectively. The total deferred compensation for these officers at December 31, 2023 and 2022 amounted to $1,104,625 and $1,041,500, respectively. Accrued Legal Fees From 2015 to 2018 the Company engaged Baird Hanson LLP ("Baird"), a company owned by one of the Company's former directors, to provide legal services. The Company's director Joseph Baird retired from the Board of Directors of Thunder Mountain Gold, Inc., and from all other positions or offices with the Company effective April 11, 2022. Baird received $10,000 in payments for the year ended December 31, 2023. At December 31, 2023, and 2022, the balance due to Baird for prior years' legal services was $136,685 and $146,685, respectfully. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2023 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity [Text Block] | 7. Stockholders' Equity The Company's common stock has a par value of $0.001 with 200,000,000 shares authorized. The Company also has 5,000,000 authorized shares of preferred stock with a par value of $0.0001. |
Stock Options
Stock Options | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options [Text Block] | 8. The Company has a Stock Incentive Plan (the "SIP"), authorize the granting of stock options up to 10 percent of the total number of issued and outstanding shares of common stock, that provides for the grant of stock options, incentive stock options, stock appreciation rights, restricted stock awards, and incentive awards to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On July 12, 2022, the Company's shareholders, at their Annual Meeting, ratified and reapproved the Stock Option Plan. In March 2022, the Company granted 1,820,000 stock options to officers and share-based payment awards to nonemployees of $13,920. The Company has elected to recognize the effect of forfeitures in compensation cost when they occur. Previously recognized compensation cost for a non-employee share-based payment award shall be reversed in the period that the award is forfeited. The options are exercisable on or before March 21, 2027, and have an exercise price of $0.09. The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table: March 21, 2022 Stock price $0.088 Exercise price $0.09 Expected volatility 188.9% Expected dividends - Expected terms (in years) 5.0 Risk-free rate 2.39% For the year ended December 31, 2023, no options were granted, and no options expired. The following is a summary of the Company's options issued and outstanding under the SIP: Shares Weighted Outstanding and exercisable at December 31,2021 3,355,000 $ 0.10 Granted 1,820,000 0.09 Expired (400,000 ) 0.09 Outstanding and exercisable at December 31, 2022 4,775,000 0.09 Granted/Expired - - Outstanding and exercisable at -December 31, 2023 4,775,000 $ 0.09 The average remaining contractual term of the options outstanding and exercisable at December 31, 2023, was 1.72 years. On December 31, 2023, options outstanding and exercisable had no aggregate intrinsic value based on the Company's stock price of $0.042 on December 31, 2023. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Income Taxes [Text Block] | 9. The Company did not recognize a tax provision during 2023 and 2022. At December 31, 2023 and 2022, net deferred tax assets were calculated based on an expected blended future rate of 25.7% including both federal and Idaho state components. Significant components of net deferred tax assets at December 31, 2023 and 2022 are as follows: 2023 2022 Deferred tax assets: NOL carryforward 2,299,180 2,127,500 Share-based compensation 112,050 113,000 Deferred compensation 283,900 268,100 Investments 211,360 197,800 Mineral properties 160,400 159,100 3,066,890 2,865,500 Deferred tax liabilities: Investment in OGT (142,670 ) (142,300 ) Net deferred tax asset 2,924,220 2,723,200 Less valuation allowance (2,924,220 ) (2,723,200 ) Net deferred tax asset $ - $ - The Company fully reserved the deferred tax asset as of December 31, 2023 and 2022, as management of the Company cannot determine that it's more likely than not that, the Company will realize the benefits of the deferred tax assets. At December 31, 2023, the Company has approximately $8.9 million of federal and state net operating loss carryforwards. $7.5 million of net operating losses will expire between 2030 and 2037 and $1.4 million of the losses were incurred after 2017 and can be carried forward indefinitely, although the usage of these net operating losses is limited to 80% of taxable income in future years. The income tax benefit for the years ended December 31, 2023 and 2022 differs from the statutory rate as follows: 2023 2022 (Provision)/benefit at statutory rate 169,400 21.0% 262,250 21.0% State taxes 37,900 4.7% 58,690 4.7% Change in prior year tax estimate (6,280 ) -0.7% (109,640 ) -8.8% Change in valuation allowance (201,020 ) -25.0% (211,300 ) -17.0% Total $ - $ - The Company has analyzed its filing positions in all jurisdictions where it is required to file income tax returns and found no positions that would require a liability for uncertain income tax benefits to be recognized. The Company is subject to possible tax examinations for the years 2010 through 2023. Prior year tax attributes could be adjusted by taxing authorities. If applicable, the Company will deduct interest and penalties as interest expense on the financial statements. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Leases [Text Block] | 10. The Company complies with ASC 842, Leases, for lease accounting. Leases meeting the criteria are categorized as either operating or financing leases and appear on the consolidated balance sheet as Right-of-use ("ROU") assets and lease liabilities. These are determined by discounting fixed lease payments using either the implicit lease rate or the Company's incremental borrowing rate. Lease liabilities increase with interest and decrease with payments over time, while the ROU asset is amortized over the lease term. Operating leases result in straight-line rent expense over the term, and finance leases lead to front-loaded expenses. Variable lease costs are recorded when incurred. On February 1, 2023, the Company renewed its office operating lease for 24 months, incurring a total lease payment of $41,625. This resulted in a liability and ROU of $38,701, recognized on the lease's inception date. The calculations employed a 7.0% incremental borrowing rate to discount future rent payments of approximately $1,734 per month over the two-year lease term. For the year ended December 31, 2023, the Company expended cash of $18,563 in operating lease payments that were recorded in management and administrative expenses. The table below displays the future operating lease payments and lease liability as of December 31, 2023, related to the Company's operating lease. ROU asset Year Ending December 31, Total Amount 2024 21,281 2025 1,781 Total 23,062 Less: Imputed Interest (918 ) Total lease Liability 22,144 Less current portion (18,612 ) Non-current lease liability $ 3,532 The Company's ROU asset decreased by the net amount of $17,072 for a total amount of $21,629, for the period ended December 31, 2023. The lease contains no renewal option. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 11. On January 18, 2024, the Company sold the remaining 6,636,000 shares held in BeMetals Corp. for a total consideration of $384,467 (equivalent to CAD $518,223). The transaction was executed through Canaccord Genuity at a unit price of $0.0594 (CAD $0.0801) per share. This sale was conducted in accordance with the terms outlined in the BeMetals Option Agreement. As a result of the sale, the Company incurred a loss of $33,511. Additionally, a foreign exchange gain of $514 was recognized upon the transfer of funds to the company on January 29, 2024. On February 13, 2024, the Company paid the $5,000 advance net returns royalty payment to the OGT minority interest, ISGCII. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Business Operations (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Operations [Policy Text Block] | Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. On December 30, 2022, Thunder Mountain Gold, Inc. by and through its subsidiaries Thunder Mountain Resources, Inc., a Nevada Corporation, and South Mountain Mines, Inc., an Idaho Corporation ("SMMI") (collectively the "Company", "THMG", or "We", "Our" or "Us") agreed to terminate an Option Agreement, (the " BeMetals Option Agreement BeMetals or BMET The Company has 6.636 million common shares of BMET USA with a market value of $427,836, and the Company had cash and cash equivalents of $170,628 for the year ended December 31, 2023. See Note 3 for further information. |
Basis of Presentation and Going Concern [Policy Text Block] | Basis of Presentation and Going Concern The consolidated financial statements accompanying this report show an accumulated deficit of $7,168,608 at December 31, 2023, which raises substantial doubt about the Company's ability to continue as a going concern. The Company's ability to secure capital for exploration and working capital needs is crucial, given the absence of recurring revenue streams. Long-term strategies involve financing through stock or debt sales and eventual profitability from mining operations. Capital raising efforts are hindered by current capital market conditions and the broader economic climate in the United States. Company management is actively seeking additional funds through various means, including public offerings, private placements, mergers, option agreements, and external debt, to ensure the Company's viability. The consolidated financial statements do not include any adjustments that might be necessary should the Company be unable to continue as a going concern. If the going concern basis was not appropriate for these financial statements, adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the balance sheet classifications used. |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's consolidated financial statements reflect the other investor's 25% noncontrolling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. |
Accounting Estimates [Policy Text Block] | Accounting Estimates The preparation of the consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Revenue Recognition [Policy Text Block] | Revenue Recognition During 2022, management service revenue was recognized when the Company satisfied its performance obligation required under its management contract with BeMetals. Such an obligation was satisfied over time as work is performed and the Company has a contractual right to payment. |
Income Taxes [Policy Text Block] | Income Taxes The Company recognizes deferred income tax liabilities or assets at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. |
Fair Value Measurements [Policy Text Block] | Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At December 31, 2023 and 2022, the Company had a financial asset, investment in equity security, that is adjusted to fair value on a recurring basis for which the fair value is determined based on Level 1 inputs as the equity security is traded on a stock exchange. The Company has no financial liabilities that are adjusted to fair value on a recurring basis. |
Financial Instruments [Policy Text Block] | Financial Instruments The Company's financial instruments include cash and cash equivalents, and the investment in BeMetal's equity securities, the carrying value of which approximates fair value based on the nature of those instruments. |
Investments [Policy Text Block] | Investments The Company determines the appropriate classification of investments at the time of acquisition and re-evaluates such determinations at each reporting date. Equity securities that have a readily determined fair value are carried at fair value determined using Level 1 fair value measurement inputs with the change in fair value recognized as unrealized gain (loss) in the consolidated statement of operations each reporting period. Gains and losses on the sale of securities are recognized on a specific identification basis. |
Mineral Interests [Policy Text Block] | Mineral Interests The Company capitalizes costs for acquiring mineral interests, and expenses costs to maintain mineral rights and leases as incurred. Exploration costs are expensed in the period in which they are incurred. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. If a mineral interest is abandoned or sold, its capitalized costs are charged to operations. Consideration received by the Company pursuant to joint ventures or purchase option agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received. |
Leases [Policy Text Block] | Leases Arrangements meeting the definition of a lease are classified as operating or financing leases and are recorded on the consolidated balance sheet as both a right-of-use asset and lease liability, calculated by discounting fixed lease payments over the lease term at the rate implicit in the lease or the Company's incremental borrowing rate. Lease liabilities are increased by interest and reduced by payments each period, and the right-of-use asset is amortized over the lease term. For operating leases, interest on the lease liability and the amortization of the right-of-use asset result in straight-line rent expense over the lease term. For finance leases, interest on the lease liability and the amortization of the right-of-use asset results in front-loaded expense over the lease term. Variable lease expenses are recorded when incurred. |
Investments in Joint Ventures [Policy Text Block] | Investments in Joint Ventures For companies and joint ventures where the Company holds more than 50% of the voting interests, but less than 100%, and has significant influence, the company or joint venture is consolidated, and other investor interests are presented as noncontrolling. See Note 3 regarding the Company's investment in Owyhee Gold Trust. Joint ventures in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting. |
Reclamation and Remediation [Policy Text Block] | Reclamation and Remediation The Company's operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company would record the fair value of an asset retirement obligation as a liability in the period in which the Company incurred a legal obligation for the retirement of tangible long-lived assets. A corresponding asset would also be recorded and depreciated over the life of the asset. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred, and they are reasonably estimable. Such costs are based on management's estimate of amounts expected to be incurred when the remediation work is performed. The Company had accrued $81,250 at December 31, 2023 and, 2022, respectively, on its consolidated balance sheets relating to estimated mine closure and reclamation costs on its South Mountain Mines property. |
Share-Based Compensation [Policy Text Block] | Share-Based Compensation Share-based payments to employees and directors, including grants of employee stock options, are measured at fair value and expensed in the consolidated statements of operations over the vesting period. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards Updates In December 2023, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures In June 2022, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Resale Restrictions |
Net Income (Loss) Per Share [Policy Text Block] | Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the year ended December 31, 2023 and 2022 outstanding common stock options of 4,775,000 were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive due to the net loss for the period. |
Mineral Interest Commitments (T
Mineral Interest Commitments (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of claim fees paid on unpatented claims [Table Text Block] | Target Area 2023 Trout Creek -State of Nevada $ 4,290 Trout Creek -Lander County, Nevada 324 South Mountain-State of Idaho 3,465 Total $ 8,079 |
South Mountain Project (Tables)
South Mountain Project (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Method Investments [Abstract] | |
Schedule of changes in non-controlling interest equity balance [Table Text Block] | Years Ended December 31, 2023 2022 Balance at beginning of year $ 169,639 $ 173,702 Noncontrolling interest in net returns royalty (5,000 ) (5,000 ) Net income attributable to noncontrolling interest 5,000 937 Balance at end of year $ 169,639 $ 169,639 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment [Table Text Block] | December 31, December 31, 2023 2022 Vehicles $ 22,441 $ 22,441 Buildings - 65,071 Construction Equipment 30,407 36,447 Mining Equipment 42,696 58,646 95,544 182,605 Accumulated Depreciation (95,544 ) (182,053 ) - 552 Land 332,509 280,333 Total Property and Equipment $ 332,509 $ 280,885 |
Stock Options (Tables)
Stock Options (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | March 21, 2022 Stock price $0.088 Exercise price $0.09 Expected volatility 188.9% Expected dividends - Expected terms (in years) 5.0 Risk-free rate 2.39% |
Schedule of Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Grant Date Intrinsic Value [Table Text Block] | Shares Weighted Outstanding and exercisable at December 31,2021 3,355,000 $ 0.10 Granted 1,820,000 0.09 Expired (400,000 ) 0.09 Outstanding and exercisable at December 31, 2022 4,775,000 0.09 Granted/Expired - - Outstanding and exercisable at -December 31, 2023 4,775,000 $ 0.09 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income Tax Disclosure [Abstract] | |
Schedule of deferred tax assets and liabilities [Table Text Block] | 2023 2022 Deferred tax assets: NOL carryforward 2,299,180 2,127,500 Share-based compensation 112,050 113,000 Deferred compensation 283,900 268,100 Investments 211,360 197,800 Mineral properties 160,400 159,100 3,066,890 2,865,500 Deferred tax liabilities: Investment in OGT (142,670 ) (142,300 ) Net deferred tax asset 2,924,220 2,723,200 Less valuation allowance (2,924,220 ) (2,723,200 ) Net deferred tax asset $ - $ - |
Schedule of effective income tax rate reconciliation [Table Text Block] | 2023 2022 (Provision)/benefit at statutory rate 169,400 21.0% 262,250 21.0% State taxes 37,900 4.7% 58,690 4.7% Change in prior year tax estimate (6,280 ) -0.7% (109,640 ) -8.8% Change in valuation allowance (201,020 ) -25.0% (211,300 ) -17.0% Total $ - $ - |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Leases [Abstract] | |
Schedule of future operating lease payments and lease liability [Table Text Block] | ROU asset Year Ending December 31, Total Amount 2024 21,281 2025 1,781 Total 23,062 Less: Imputed Interest (918 ) Total lease Liability 22,144 Less current portion (18,612 ) Non-current lease liability $ 3,532 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Business Operations (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 17, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Cash and cash equivalents | $ 170,628 | $ 682,718 | |
Accumulated deficit | (7,168,608) | (6,351,381) | |
Accrued reclamation costs | $ 81,250 | $ 81,250 | |
Number of stock options excluded in diluted earning per share | 4,775,000 | 4,775,000 | |
Owyhee Gold Trust, LLC [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of ownership interest | 75% | ||
Owyhee Gold Trust, LLC [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Ownership percentage by noncontrolling owners | 25% | ||
BeMetals USA Corp [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of shares received | 6,636,000 | ||
Market value of common shares received | $ 427,836 |
Mineral Interest Commitments (N
Mineral Interest Commitments (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 USD ($) a | Feb. 01, 2023 | |
Other Commitments [Line Items] | ||
Lease contract | 2 years | |
Lease renewal term | 24 months | |
Ronald Acree [Member] | ||
Other Commitments [Line Items] | ||
Lease contract | 6 years | |
Area of land | a | 113 | |
Annual committed lease payments per acre per original agreement | $ 20 | |
Lease renewal term | 10 years | |
Annual committed lease payments per acre | $ 30 | |
Total annual lease payments | $ 3,390 | |
William And Nita Lowry [Member] | ||
Other Commitments [Line Items] | ||
Lease contract | 6 years | |
Area of land | a | 376 | |
Annual committed lease payments per acre per original agreement | $ 20 | |
Lease renewal term | 10 years | |
Annual committed lease payments per acre | $ 30 | |
Trout Creek [Member] | ||
Other Commitments [Line Items] | ||
Area of land | a | 533 | |
Number of unpatented claims | 26 | |
South Mountain [Member] | ||
Other Commitments [Line Items] | ||
Number of unpatented claims | 21 |
Mineral Interest Commitments -
Mineral Interest Commitments - Schedule of unpatented claims lease payments (Details) | 12 Months Ended |
Dec. 31, 2023 USD ($) | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | $ 8,079 |
Trout Creek [Member] | State of Nevada [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | 4,290 |
Trout Creek - Lander County [Member] | State of Nevada [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | 324 |
South Mountain [Member] | State of Idaho [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | $ 3,465 |
South Mountain Project (Narrati
South Mountain Project (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Feb. 17, 2019 | Dec. 31, 2023 | Dec. 31, 2022 | |
South Mountain Project [Line Items] | |||
Reclamation expense | $ 0 | $ 16,250 | |
South Mountain Mines, Inc [Member] | |||
South Mountain Project [Line Items] | |||
Percentage of ownership interest | 75% | ||
Idaho State Gold Company Ii Llc [Member] | |||
South Mountain Project [Line Items] | |||
Ownership percentage by noncontrolling owners | 25% | ||
BeMetals USA Corp [Member] | |||
South Mountain Project [Line Items] | |||
Fair value of common shares received | $ 427,836 | ||
SMMI Joint Venture - OGT, LLC [Member] | |||
South Mountain Project [Line Items] | |||
Advanced payment on royalties | $ 5,000,000 | ||
Advance net returns on royalty | 5,000 | ||
Reclamation expense | 16,250 | ||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | |||
South Mountain Project [Line Items] | |||
Monthly payments for management services to perform exploration and development work | 25,000 | ||
Management service income | 27,495 | 300,000 | |
Consideration of a final payment | $ 33,530 | ||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | South Mountain Mines, Inc [Member] | |||
South Mountain Project [Line Items] | |||
Management service income | $ 300,000 |
South Mountain Project - Schedu
South Mountain Project - Schedule of changes in the non-controlling interest equity balance (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Method Investments [Abstract] | ||
Balance at beginning of year | $ 169,639 | $ 173,702 |
Noncontrolling interest in net returns royalty | (5,000) | (5,000) |
Net income attributable to noncontrolling interest | 5,000 | 937 |
Balance at end of year | $ 169,639 | $ 169,639 |
Investment in BeMetals Corp (Na
Investment in BeMetals Corp (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2023 CAD ($) shares | Nov. 30, 2023 USD ($) shares | Feb. 17, 2019 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Net Investment Income [Line Items] | |||||
Unrealized loss on investment | $ (179,604) | $ (782,072) | |||
BeMetals USA Corp [Member] | |||||
Net Investment Income [Line Items] | |||||
Number of shares sold in transaction | shares | 1,364,000 | 1,364,000 | |||
Sale of Stock, Consideration Received on Transaction | $ 119,024 | $ 86,681 | |||
Commissions on shares issued in transaction | 3,570 | 2,600 | |||
Foreign exchange loss on shares issued in transaction | 294 | ||||
Net amount recognized on shares issued in transaction | $ 115,409 | 84,081 | |||
Loss on shares issued in transaction | $ 47,091 | ||||
Fair value of common shares received | $ 427,836 | ||||
Sale of stock, number of shares unissued in transaction | shares | 6,636,000 | 6,636,000 |
Property and Equipment - Schedu
Property and Equipment - Schedule of property and equipment (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 95,544 | $ 182,605 |
Accumulated Depreciation | (95,544) | (182,053) |
Property and Equipment Net, Excluding Land | 0 | 552 |
Land | 332,509 | 280,333 |
Total Property and Equipment | 332,509 | 280,885 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 22,441 | 22,441 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 0 | 65,071 |
Construction Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 30,407 | 36,447 |
Mining Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 42,696 | $ 58,646 |
Property and Equipment (Narrati
Property and Equipment (Narrative) (Details) | 1 Months Ended | |
May 31, 2023 USD ($) | Dec. 13, 2023 USD ($) a | |
Property, Plant and Equipment [Line Items] | ||
Area of private land purchased | a | 56 | |
Value of land purchased | $ 52,176 | |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Value of assets disposed | $ 65,071 | |
Mining Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Value of assets disposed | $ 21,990 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Related Party Transaction [Line Items] | ||
Total amount of cash compensation paid to Board of Directors | $ 14,050 | $ 22,200 |
Payments on related parties notes payable | 0 | 66,768 |
Legal and accounting | 115,763 | 113,717 |
Deferred compensation | 1,104,625 | 1,041,500 |
Accounts payable and other accrued liabilities | 39,050 | 27,599 |
Eric Jones [Member] | ||
Related Party Transaction [Line Items] | ||
Reinstated deferred salary arrangements | 49,500 | |
Deferred compensation | 469,500 | 420,000 |
Jim Collord [Member] | ||
Related Party Transaction [Line Items] | ||
Deferred compensation | 420,000 | 420,000 |
Larry Thackery [Member] | ||
Related Party Transaction [Line Items] | ||
Reinstated deferred salary arrangements | 13,625 | |
Deferred compensation | 215,125 | 201,500 |
Baird Hanson LLP [Member] | ||
Related Party Transaction [Line Items] | ||
Payments on related parties notes payable | 10,000 | |
Legal and accounting | $ 136,685 | $ 146,685 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | Dec. 31, 2023 $ / shares shares | Dec. 31, 2023 $ / shares shares | Dec. 31, 2022 $ / shares shares |
Stockholders' Equity Note [Abstract] | |||
Common stock, par value per share | (per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred stock, par value per share | (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Stock Options (Narrative) (Deta
Stock Options (Narrative) (Details) - USD ($) | 1 Months Ended | 12 Months Ended | |
Mar. 21, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 0 | 1,820,000 | |
Exercise price | $ 0.09 | $ 0 | $ 0.09 |
Options expired | 0 | 400,000 | |
Weighted average remaining contractual term | 1 year 8 months 19 days | ||
Share Price | $ 0.088 | $ 0.042 | |
Officers And Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted | 1,820,000 | ||
Stock options granted to directors, fair value | $ 158,341 | ||
Nonemployees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Stock options granted to directors, fair value | $ 13,920 |
Stock Options - Schedule of ass
Stock Options - Schedule of assumptions used to estimated the fair value of option award (Details) - $ / shares | 1 Months Ended | |
Mar. 21, 2022 | Dec. 31, 2023 | |
Share-based Payment Arrangement [Abstract] | ||
Stock price | $ 0.088 | $ 0.042 |
Exercise price | $ 0.09 | |
Expected volatility | 188.90% | |
Expected dividends | 0% | |
Expected terms (in years) | 5 years | |
Risk-free rate | 2.39% |
Stock Options - Schedule of sum
Stock Options - Schedule of summary of options issued and outstanding (Details) - $ / shares | 1 Months Ended | 12 Months Ended | |
Mar. 21, 2022 | Dec. 31, 2023 | Dec. 31, 2022 | |
Share-based Payment Arrangement [Abstract] | |||
Options Outstanding, at beginning | 4,775,000 | 3,355,000 | |
Weighted Average Exercise Price, Outstanding at beginning | $ 0.09 | $ 0.1 | |
Options, Exercisable at beginning | 4,775,000 | 3,355,000 | |
Weighted Average Exercise Price, Exercisable at beginning | $ 0.09 | $ 0.1 | |
Shares Granted | 0 | 1,820,000 | |
Weighted Average Exercise Price, Granted | $ 0.09 | $ 0 | $ 0.09 |
Shares Expired | 0 | (400,000) | |
Weighted Average Exercise Price, Expired | $ 0 | $ 0.09 | |
Options Outstanding, at ending | 4,775,000 | 4,775,000 | |
Weighted Average Exercise Price, Outstanding at ending | $ 0.09 | $ 0.09 | |
Options, Exercisable at ending | 4,775,000 | 4,775,000 | |
Weighted Average Exercise Price, Exercisable at ending | $ 0.09 | $ 0.09 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
Future tax rates including federal and Idaho state | 25.70% | 25.70% |
Federal and state net operating loss carryforwards | $ 8.9 | |
Net operating loss carryforwards | 7.5 | |
Net operating loss incurred after year 2017 | $ 1.4 | |
Percentage of taxable income in future tax year | 80% |
Income Taxes - Schedule of defe
Income Taxes - Schedule of deferred tax assets and liabilities (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Deferred tax assets: | ||
NOL Carryforward | $ 2,299,180 | $ 2,127,500 |
Share-based compensation | 112,050 | 113,000 |
Deferred compensation | 283,900 | 268,100 |
Investments | 211,360 | 197,800 |
Mineral properties | 160,400 | 159,100 |
Total deferred tax assets | 3,066,890 | 2,865,500 |
Deferred tax liabilities: | ||
Investment in OGT | (142,670) | (142,300) |
Net deferred tax assets | 2,924,220 | 2,723,200 |
Less valuation allowance | (2,924,220) | (2,723,200) |
Net deferred tax asset | $ 0 | $ 0 |
Income Taxes - Schedule of effe
Income Taxes - Schedule of effective income tax rate reconciliation (Details) - USD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Tax Disclosure [Abstract] | ||
(Provision)/benefit at statutory rate, Amount | $ 169,400 | $ 262,250 |
(Provision)/benefit at statutory rate, Percent | 21% | 21% |
State taxes, Amount | $ 37,900 | $ 58,690 |
State taxes, Percent | 4.70% | 4.70% |
Change in prior year tax estimate, Amount | $ (6,280) | $ (109,640) |
Change in prior year tax estimate, Percent | (0.70%) | (8.80%) |
Change in valuation allowance, Amount | $ (201,020) | $ (211,300) |
Change in valuation allowance, Percent | (25.00%) | (17.00%) |
Total, Amount | $ 0 | $ 0 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) | Feb. 01, 2023 | Dec. 31, 2023 | Dec. 31, 2022 |
Renewed office operating lease | 24 months | ||
Lease payments | $ 41,625 | ||
Right to use asset | $ 38,701 | $ 21,629 | $ 0 |
Incremental borrowing rate | 7% | ||
Future rent payments | $ 1,734 | ||
Term of lease | 2 years | ||
ROU asset decreased amount | $ 17,072 | ||
Management and Administrative Expenses [Member] | |||
Lease payments | $ 18,563 |
Leases - Schedule of future ope
Leases - Schedule of future operating lease payments and lease liability (Details) - USD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Leases [Abstract] | ||
2024 | $ 21,281 | |
2025 | 1,781 | |
Total | 23,062 | |
Less: Imputed Interest | (918) | |
Total lease Liability | 22,144 | |
Less current portion | (18,612) | $ 0 |
Non-current lease liability | $ 3,532 | $ 0 |
Subsequent Events (Narrative) (
Subsequent Events (Narrative) (Details) | 1 Months Ended | ||||||
Feb. 13, 2024 USD ($) | Jan. 29, 2024 USD ($) | Jan. 18, 2024 CAD ($) $ / shares shares | Jan. 18, 2024 USD ($) shares | Nov. 30, 2023 CAD ($) shares | Nov. 30, 2023 USD ($) shares | Jan. 18, 2024 $ / shares | |
BeMetals USA Corp [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares sold in transaction | shares | 1,364,000 | 1,364,000 | |||||
Consideration on transaction | $ 119,024 | $ 86,681 | |||||
Subsequent Event [Member] | Owyhee Gold Trust, LLC [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Royalty payment | $ 5,000 | ||||||
Subsequent Event [Member] | BeMetals USA Corp [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Number of shares sold in transaction | shares | 6,636,000 | 6,636,000 | |||||
Consideration on transaction | $ 518,223 | $ 384,467 | |||||
Loss on investment | $ 33,511 | ||||||
Subsequent Event [Member] | BeMetals USA Corp [Member] | Foreign Exchange [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Consideration on transaction | $ 514 | ||||||
Subsequent Event [Member] | Canaccord Genuity [Member] | |||||||
Subsequent Event [Line Items] | |||||||
Sale of stock price per share | (per share) | $ 0.0801 | $ 0.0594 |