Vista Gold (VGZ) 10-Q 26 Oct 22 2022 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2022	Oct. 21, 2022
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Transition Report	false
Document Period End Date	Sep. 30, 2022
Entity File Number	001-9025
Entity Registrant Name	VISTA GOLD CORP.
Entity Incorporation, State or Country Code	A1
Entity Tax Identification Number	98-0542444
Entity Address, Address Line One	7961 Shaffer Parkway, Suite 5
Entity Address, City or Town	Littleton
Entity Address, State or Province	CO
Entity Address, Postal Zip Code	80127
City Area Code	720
Local Phone Number	981-1185
Title of 12(b) Security	Common Shares, no par value
Trading Symbol	VGZ
Security Exchange Name	NYSEAMER
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		118,306,694
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Entity Central Index Key	0000783324
Amendment Flag	false

UNAUDITED CONDENSED CONSOLIDATE

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 9,580	$ 12,757
Short-term investments (Note 3)		384
Other current assets	212	811
Total current assets	9,792	13,952
Non-current assets:
Mineral properties (Note 4)	2,146	2,146
Plant and equipment, net (Note 5)	204	233
Right-of-use assets		12
Total non-current assets	2,350	2,391
Total assets	12,142	16,343
Current liabilities:
Accounts payable	154	566
Accrued liabilities and other	739	839
Deferred option gain (Note 4)		383
Total current liabilities	893	1,788
Non-current liabilities:
Provision for environmental liability (Note 7)		240
Other liabilities	29	21
Total non-current liabilities	29	261
Total liabilities	922	2,049
Commitments and contingencies (Note 7)
Shareholders' equity:
Common shares, no par value - unlimited shares authorized; shares outstanding: 2022 - 118,128,994 and 2021 - 117,189,232 (Note 6)	474,543	474,181
Accumulated deficit	(463,323)	(459,887)
Total shareholders' equity	11,220	14,294
Total liabilities and shareholders' equity	$ 12,142	$ 16,343

UNAUDITED CONDENSED CONSOLIDA_2

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021
Shareholders' equity:
Common Shares, par value	$ 0	$ 0
Common Stock, Shares Authorized, Unlimited [Fixed List]	Unlimited	Unlimited
Common shares outstanding	118,128,994	117,189,232

UNAUDITED CONDENSED CONSOLIDA_3

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Operating income/(expense):
Gain on disposal of mineral property interests (Note 4)			$ 2,883	$ 2,100
Exploration, property evaluation and holding costs	$ (916)	$ (2,269)	(3,689)	(6,006)
Corporate administration	(779)	(818)	(3,056)	(3,064)
Depreciation and amortization	(10)	(13)	(34)	(36)
Total operating expense	(1,705)	(3,100)	(3,896)	(7,006)
Non-operating income/(expense):
Gain on other investments		(6)		41
Interest income	37	1	47	2
Other income/(loss)	(24)	36	413	42
Total non-operating income	13	31	460	85
Loss before income taxes	(1,692)	(3,069)	(3,436)	(6,921)
Net loss	$ (1,692)	$ (3,069)	$ (3,436)	$ (6,921)
Basic:
Weighted average number of shares outstanding (in shares)	118,127,920	115,586,268	117,886,906	107,929,202
Net loss per share	$ (0.02)	$ (0.02)	$ (0.03)	$ (0.06)
Diluted:
Weighted average number of shares outstanding (in shares)	118,127,920	115,586,268	117,886,906	107,929,202
Net loss per share	$ (0.02)	$ (0.02)	$ (0.03)	$ (0.06)

UNAUDITED CONDENSED CONSOLIDA_4

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Common Stock [Member]	Accumulated Deficit [Member]	Total
Balances, beginning of period at Dec. 31, 2020	$ 460,501	$ (444,650)	$ 15,851
Balances, beginning of period (in shares) at Dec. 31, 2020	103,171,904
Shares issued, net of offering costs (Note 6)	$ 13,194		13,194
Shares issued, net of offering costs (Note 6) (in shares)	13,071,000
Shares issued (RSUs vested, net of shares withheld) (Note 6)	$ (401)		(401)
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares)	946,328
Stock-based compensation (Note 6)	$ 727		727
Net income (loss)		(6,921)	(6,921)
Balances, end of period at Sep. 30, 2021	$ 474,021	(451,571)	22,450
Balances, end of period (in shares) at Sep. 30, 2021	117,189,232
Balances, beginning of period at Jun. 30, 2021	$ 461,560	(448,502)	13,058
Balances, beginning of period (in shares) at Jun. 30, 2021	104,909,837
Shares issued, net of offering costs (Note 6)	$ 12,323		12,323
Shares issued, net of offering costs (Note 6) (in shares)	12,272,730
Shares issued (RSUs vested, net of shares withheld) (Note 6)	$ (5)		(5)
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares)	6,665
Stock-based compensation (Note 6)	$ 143		143
Net income (loss)		(3,069)	(3,069)
Balances, end of period at Sep. 30, 2021	$ 474,021	(451,571)	22,450
Balances, end of period (in shares) at Sep. 30, 2021	117,189,232
Balances, beginning of period at Dec. 31, 2021	$ 474,181	(459,887)	14,294
Balances, beginning of period (in shares) at Dec. 31, 2021	117,189,232
Shares issued, net of offering costs (Note 6)	$ 51		51
Shares issued, net of offering costs (Note 6) (in shares)	50,000
Shares issued (RSUs vested, net of shares withheld) (Note 6)	$ (357)		(357)
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares)	889,762
Stock-based compensation (Note 6)	$ 668		668
Net income (loss)		(3,436)	(3,436)
Balances, end of period at Sep. 30, 2022	$ 474,543	(463,323)	11,220
Balances, end of period (in shares) at Sep. 30, 2022	118,128,994
Balances, beginning of period at Jun. 30, 2022	$ 474,433	(461,631)	12,802
Balances, beginning of period (in shares) at Jun. 30, 2022	118,125,701
Shares issued (RSUs vested, net of shares withheld) (Note 6)	$ (2)		(2)
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares)	3,293
Stock-based compensation (Note 6)	$ 112		112
Net income (loss)		(1,692)	(1,692)
Balances, end of period at Sep. 30, 2022	$ 474,543	$ (463,323)	$ 11,220
Balances, end of period (in shares) at Sep. 30, 2022	118,128,994

UNAUDITED CONDENSED CONSOLIDA_5

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
Cash flows from operating activities:
Net loss	$ (3,436)	$ (6,921)
Adjustments to reconcile net loss to net cash used in operations:
Depreciation and amortization	34	36
Stock-based compensation	668	727
Gain on disposal of mineral property interests, net	(2,883)	(2,100)
Loss on other investments		(41)
Reduction of provision for environmental liability	(240)
Change in working capital account items:
Other current assets	599	300
Accounts payable, accrued liabilities and other	(492)	561
Net cash used in operating activities	(5,750)	(7,438)
Cash flows from investing activities:
Maturities of short-term investments, net	384	400
Additions to plant and equipment	(5)	(105)
Proceeds from option/sale agreements, net	2,500	2,415
Net cash provided by investing activities	2,879	2,710
Cash flows from financing activities:
Proceeds from equity financing, net	51	13,385
Payment of taxes from withheld shares	(357)	(401)
Net cash provided by/(used in) financing activities	(306)	12,984
Net increase/(decrease) in cash and cash equivalents	(3,177)	8,256
Cash and cash equivalents, beginning of period	12,757	7,762
Cash and cash equivalents, end of period	$ 9,580	$ 16,018

Overview of Operations and Basi

Overview of Operations and Basis of Presentation	9 Months Ended
	Sep. 30, 2022
Overview of Operations and Basis of Presentation
Overview of Operations and Basis of Presentation	1. Overview of Operations and Basis of Presentation ​ Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate in the gold mining industry. We are focused on evaluation, acquisition, exploration and advancement of gold exploration and potential development projects, which may lead to gold production or value adding strategic transactions such as earn-in right agreements, option agreements, leases to third parties, joint venture arrangements with other mining companies, or outright sales of assets for cash and/or other consideration. We look for opportunities to improve the value of our gold projects through exploration drilling and/or technical studies focused on optimizing previous engineering work. We do not currently generate cash flows from mining operations. ​ The Company’s flagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia. Mt Todd is one of the largest gold projects in Australia. With the approval of the Operational Mining Management Plan in June 2021, all major operating and environmental permits for Mt Todd have been received. Since acquiring Mt Todd in 2006, we have invested substantial resources to systematically explore, evaluate, engineer, permit and de-risk the Project. In February 2022, we completed a feasibility study for Mt Todd. In March 2022, we appointed CIBC Capital Markets as our strategic advisor, and we are advancing a strategic process to seek a partner or other form of transaction for Mt Todd to maximize shareholder value. ​ The interim Condensed Consolidated Financial Statements (“interim statements”) of the Company are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2021 as filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities on Form 10-K (the “2021 Financial Statements”). The year-end balance sheet data was derived from the Company’s audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles have been condensed or omitted. ​ References to $ are to United States dollars and A$ are to Australian dollars.

Significant Accounting Policies

Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Significant Accounting Policies
Significant Accounting Policies	2. Significant Accounting Policies ​ Mineral Properties Mineral property acquisition costs, including directly related costs, are capitalized when incurred. After acquisition of a mineral property, associated exploration and evaluation costs are expensed as incurred until development commences. Development costs to establish access to mineral reserves reported in accordance with subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and other preparations leading to commercial production will be capitalized once a decision is made by the Company to develop such mineral property. Capitalization of development costs would conclude upon commencement of sustainable production. Capitalized costs associated with a mineral property will be amortized using the units-of-production method over the estimated life of mineral reserves once sustainable production is achieved. If mineral properties are subsequently sold or abandoned, any unamortized costs will be charged to expense in that period. The recoverability of the carrying values of our mineral properties is dependent upon economic mineral reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of any of these projects will depend on, among other things, management’s ability to raise sufficient capital for these purposes. Proceeds received from option or sale agreements are ascribed to recovery of the carrying value of the related project until the carrying value reaches zero. Thereafter, any additional proceeds received are recognized as a contract liability (deferred option gain) until control has transferred to the buyer or the related contract terminates. We assess the carrying value of mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of gold and other commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, a write-down to the estimated fair value will then be reported in our Consolidated Statement of Income/(Loss) for the period. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. ​ Other Other significant accounting policies are included in the 2021 Financial Statements. ​

Short-term Investments

Short-term Investments	9 Months Ended
	Sep. 30, 2022
Short-term Investments
Short-term Investments	3. Short-term Investments ​ As of September 30, 2022 and December 31, 2021, the amortized cost basis of our short-term investments was $nil and $384, respectively, which approximated fair value. Short-term investments were comprised of Australian government treasury securities, which had maturity dates on the date of purchase greater than 90 days but less than one year. Investments with maturity dates of 90 days or less were included in cash and cash equivalents. ​ ​

Mineral Properties

Mineral Properties	9 Months Ended
	Sep. 30, 2022
Mineral Properties
Mineral Properties	4. Mineral Properties ​ Mt Todd, Northern Territory, Australia ​ The capitalized mineral property values are as follows: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2022 At December 31, 2021 ​ Mt Todd, Australia ​ $ 2,146 ​ $ 2,146 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Vista acquired Mt Todd in March 2006. Transaction-related costs of $2,146 were capitalized as mineral properties. This amount included the purchase price and related transaction costs. Since 2006, the Company has systematically advanced the Project through exploration, metallurgical testing, engineering, environmental/operational permitting activities, and ongoing site management activities. Costs associated with these activities were charged to expense as incurred. See Note 7 for a discussion of commitments and contingencies associated with Mt Todd. ​ Awak Mas, Sulawesi, Indonesia ​ Vista held a net smelter return royalty (“NSR”) on the Awak Mas project in Indonesia (“Awak Mas”). Previously, Vista and the holder of Awak Mas amended the original NSR agreement to allow the holder or a nominated party to make certain payments to Vista to cancel the original NSR. The holder of the Awak Mas royalty made the final $2,500 payment on January 28, 2022. The Company recognized a gain of $2,883 for this final payment, which included recognition of $383 that was carried as deferred option gain as of December 31, 2021. With this final payment, the Company has no remaining royalty interest in Awak Mas.

Plant and Equipment

Plant and Equipment	9 Months Ended
	Sep. 30, 2022
Plant and Equipment
Plant and Equipment	5. Plant and Equipment ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia ​ $ 5,364 ​ $ 5,160 ​ $ 204 ​ $ 5,359 ​ $ 5,126 ​ $ 233 ​ Corporate, United States ​ ​ 333 ​ ​ 333 ​ ​ — ​ ​ 333 ​ ​ 333 ​ ​ — ​ Used mill equipment, Canada ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ $ 5,697 ​ $ 5,493 ​ $ 204 ​ $ 5,692 ​ $ 5,459 ​ $ 233 ​ ​

Common Shares

Common Shares	9 Months Ended
	Sep. 30, 2022
Common Shares
Common Shares	6. Common Shares ​ Equity Financings ​ On July 12, 2021, we closed a public offering that resulted in issuing 12,272,730 common shares in the capital of the Company (each a “Common Share’) and 7,408,101 Common Share purchase warrants (each a “Warrant”) for net proceeds of $12,323. Each Warrant entitles the holder thereof to purchase one Common Share at a price of $1.25 per Common Share (subject to adjustment in certain circumstances) and is exercisable for a period of 36 months from the closing date. The relative fair values of the Common Shares and Warrants, which were classified as equity, were $11,426 and $2,074, respectively. ​ The Company renewed its at-the-market offering agreement in December 2021 (the “ATM Agreement”) with H. C. Wainwright & Co. LLC (“Wainwright”) to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement, the Company can, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”). During the nine months ended September 30, 2022, the Company sold 50,000 Common Shares under the ATM Program for net proceeds of $51. During the three and nine months ended September 30, 2021 the Company sold nil and 798,270 Common Shares, respectively, under the ATM Program for net proceeds of $nil and $871, respectively. As of September 30, 2022, $9,947 remained available under the renewed ATM Program. Each sale under the ATM Agreement was made pursuant to an “at the market offering” as defined in Rule 415 under the United States Securities Act of 1933, as amended. ​ Warrants ​ Warrant activity is summarized in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ Warrants ​ Exercise Price ​ Remaining Life ​ ​ Outstanding Per Share (Years) As of December 31, 2020 ​ — ​ $ — ​ — ​ Issued ​ 7,408,101 ​ ​ 1.25 ​ 3.0 ​ As of December 31, 2021 ​ 7,408,101 ​ $ 1.25 ​ 2.5 ​ As of September 30, 2022 ​ 7,408,101 ​ $ 1.25 ​ 1.8 ​ ​ Stock-Based Compensation ​ The Company’s stock-based compensation plans include: restricted share units (“RSUs”) issuable pursuant to the Company’s long-term equity incentive plan, deferred share units (“DSUs”) issuable pursuant to the Company’s deferred share unit plan (“DSU Plan”) and stock options (“Stock Options”) issuable under the Company’s stock option plan. Stock-based compensation may be issued to our directors, officers, employees and consultants. The maximum number of Common Shares that may be reserved for issuance under the combined stock-based compensation plans is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any particular time. Vista also issued phantom units in 2018 to be settled in cash over a three-year term. Stock-based compensation and phantom units may be granted from time to time at the discretion of the Board of Directors of the Company (the “Board”), with vesting provisions as determined by the Board. ​ Stock-based compensation expense was: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 RSUs ​ $ 112 ​ $ 143 ​ $ 396 ​ $ 512 ​ DSUs ​ ​ — ​ ​ — ​ ​ 272 ​ ​ 212 ​ Stock Options ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ ​ ​ $ 112 ​ $ 143 ​ $ 668 ​ $ 727 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phantom units ​ $ — ​ $ (24) ​ $ — ​ $ 26 ​ ​ As of September 30, 2022, unrecognized compensation expense for RSUs was $408, which is expected to be recognized over a weighted average period of 1.3 years. ​ Restricted Share Units ​ The following table summarizes RSU activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number ​ Grant-Date Fair ​ ​ of RSUs Value Per RSU ​ Unvested - December 31, 2020 ​ 2,467,002 $ 0.42 Granted ​ 891,000 ​ ​ 0.76 ​ Cancelled/forfeited ​ (413,335) ​ ​ 0.48 ​ Vested, net of shares withheld ​ (946,328) ​ ​ 0.46 ​ Unvested - December 31, 2021 ​ 1,998,339 $ 0.53 Granted ​ 759,000 ​ ​ 0.59 ​ Cancelled/forfeited ​ (395,569) ​ ​ 0.51 ​ Vested, net of shares withheld ​ (889,762) ​ ​ 0.49 ​ Unvested - September 30, 2022 ​ 1,472,008 ​ $ 0.60 ​ ​ During the nine months ended September 30, 2022 and 2021, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of $357 and $401, respectively, that resulted upon vesting of RSUs during the period. Common Shares withheld are considered cancelled/forfeited. ​ Deferred Share Units ​ The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately, however the Company will issue one Common Share for each DSU only after the non-employee director ceases to be a director of the Company. In March 2022, the Board granted 324,000 DSUs and the Company recognized $272 in DSU expense. In February 2021, the Board granted 204,000 DSUs and the Company recognized $212 in DSU expense. ​ The following table summarizes DSU activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number of ​ ​ Grant-Date Fair ​ ​ DSUs ​ Value per DSU Outstanding - December 31, 2020 ​ 726,000 ​ $ 0.57 ​ Granted ​ 204,000 ​ ​ 1.04 ​ Outstanding - December 31, 2021 ​ 930,000 ​ $ 0.68 ​ Granted ​ 324,000 ​ ​ 0.84 ​ Outstanding - September 30, 2022 ​ 1,254,000 ​ $ 0.72 ​ ​ Stock Options ​ The following table summarizes option activity for vested awards: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Remaining ​ Aggregate ​ ​ ​ Number of ​ Exercise Price ​ Contractual Term ​ Intrinsic ​ ​ Options Per Option (Years) Value Outstanding - December 31, 2020 ​ 1,367,000 $ 0.71 ​ 2.63 ​ $ 507 ​ Outstanding - December 31, 2021 ​ 1,367,000 $ 0.71 ​ 1.64 ​ $ 38 ​ Outstanding - September 30, 2022 ​ 1,367,000 ​ $ 0.71 ​ 0.89 ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable - September 30, 2022 ​ 1,367,000 ​ $ 0.71 ​ 0.89 ​ $ 1 ​ ​ Phantom Units ​ The following table summarizes phantom units activity: ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Remaining ​ ​ ​ Number of ​ Vesting Term ​ ​ Phantom Units (Years) Unvested - December 31, 2020 ​ 72,000 0.5 ​ Vested ​ (72,000) ​ ​ ​ Unvested - December 31, 2021 ​ — ​ — ​ Unvested - September 30, 2022 ​ — ​ — ​ ​

Commitments And Contingencies

Commitments And Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments And Contingencies
Commitments And Contingencies	7. Commitments and Contingencies ​ The Mt Todd site was not reclaimed by the predecessor owners when the mine closed in 2000. Reclamation obligations associated with this period are presently the responsibility of the Northern Territory, Australia (the “NT Government”). After we provide notice to the NT Government that we intend to proceed with development, the Company will then assume these historical rehabilitation liabilities currently estimated by the NT Government at approximately A$73 million. ​ Under an agreement with the Jawoyn Association with respect to Mt Todd, we have agreed to a gross proceeds royalty (“GPR”) ranging between 0.125% and 2.0%, depending on prevailing gold prices and foreign exchange rates, and a 1.0% GPR not tied to gold price or foreign exchange rates. The combined GPR ranges from 1.125% to 3.0%. ​ Our exploration and development activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. Future expenditures that may be required for compliance with these laws and regulations cannot be predicted. When the Company determines that it is probable that an obligation exists and the amount can be reasonably estimated, a provision for environmental liability would be recorded. This may include reclamation costs attributable to mining claims previously held by the Company should no other potentially responsible parties be identified. We conduct our operations in a manner designed to minimize effects on the environment and believe our operations comply with applicable laws and regulations in all material respects. During the three months ended June 30, 2022, the Company reviewed the provision for environmental liability for a previously held non-core property and the associated contingent liability and determined that the reclamation costs were neither probable nor could be reasonably estimated. The Company reversed its provision for environmental liability, which resulted in a $240 gain in other income/(loss).

Geographic and Segment informat

Geographic and Segment information	9 Months Ended
	Sep. 30, 2022
Geographic and Segment information
Geographic And Segment Information	8. Geographic and Segment Information ​ The Company has one reportable operating segment. We evaluate, acquire, explore and advance gold exploration and potential development projects, which may lead to gold production or value adding strategic transactions. These activities are currently focused principally in Australia. We reported no revenues during the three and nine months ended September 30, 2022 and 2021. Geographic location of mineral properties and plant and equipment is provided in Notes 4 and 5, respectively.

Significant Accounting Polici_2

Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Significant Accounting Policies
Mineral Properties	Mineral Properties Mineral property acquisition costs, including directly related costs, are capitalized when incurred. After acquisition of a mineral property, associated exploration and evaluation costs are expensed as incurred until development commences. Development costs to establish access to mineral reserves reported in accordance with subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended, and other preparations leading to commercial production will be capitalized once a decision is made by the Company to develop such mineral property. Capitalization of development costs would conclude upon commencement of sustainable production. Capitalized costs associated with a mineral property will be amortized using the units-of-production method over the estimated life of mineral reserves once sustainable production is achieved. If mineral properties are subsequently sold or abandoned, any unamortized costs will be charged to expense in that period. The recoverability of the carrying values of our mineral properties is dependent upon economic mineral reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of any of these projects will depend on, among other things, management’s ability to raise sufficient capital for these purposes. Proceeds received from option or sale agreements are ascribed to recovery of the carrying value of the related project until the carrying value reaches zero. Thereafter, any additional proceeds received are recognized as a contract liability (deferred option gain) until control has transferred to the buyer or the related contract terminates. We assess the carrying value of mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of gold and other commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, a write-down to the estimated fair value will then be reported in our Consolidated Statement of Income/(Loss) for the period. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value.

Mineral Properties (Tables)

Mineral Properties (Tables)	9 Months Ended
	Sep. 30, 2022
Mineral Properties
Schedule of Mineral Properties	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ At September 30, 2022 At December 31, 2021 ​ Mt Todd, Australia ​ $ 2,146 ​ $ 2,146 ​ ​ ​ ​ ​ ​ ​ ​ ​

Plant and Equipment (Tables)

Plant and Equipment (Tables)	9 Months Ended
	Sep. 30, 2022
Plant and Equipment
Schedule Of Plant And Equipment	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ September 30, 2022 ​ December 31, 2021 ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ ​ ​ Accumulated ​ ​ ​ ​ ​ Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia ​ $ 5,364 ​ $ 5,160 ​ $ 204 ​ $ 5,359 ​ $ 5,126 ​ $ 233 ​ Corporate, United States ​ ​ 333 ​ ​ 333 ​ ​ — ​ ​ 333 ​ ​ 333 ​ ​ — ​ Used mill equipment, Canada ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ — ​ ​ ​ $ 5,697 ​ $ 5,493 ​ $ 204 ​ $ 5,692 ​ $ 5,459 ​ $ 233 ​

Common Shares (Tables)

Common Shares (Tables)	9 Months Ended
	Sep. 30, 2022
Common Shares
Summary of outstanding warrants	Warrant activity is summarized in the following table. ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted ​ Weighted ​ ​ ​ ​ ​ Average ​ Average ​ ​ ​ Warrants ​ Exercise Price ​ Remaining Life ​ ​ Outstanding Per Share (Years) As of December 31, 2020 ​ — ​ $ — ​ — ​ Issued ​ 7,408,101 ​ ​ 1.25 ​ 3.0 ​ As of December 31, 2021 ​ 7,408,101 ​ $ 1.25 ​ 2.5 ​ As of September 30, 2022 ​ 7,408,101 ​ $ 1.25 ​ 1.8 ​
Summary of stock-based compensation expense	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Three Months Ended September 30, ​ Nine Months Ended September 30, ​ ​ 2022 2021 2022 2021 RSUs ​ $ 112 ​ $ 143 ​ $ 396 ​ $ 512 ​ DSUs ​ ​ — ​ ​ — ​ ​ 272 ​ ​ 212 ​ Stock Options ​ ​ — ​ ​ — ​ ​ — ​ ​ 3 ​ ​ ​ $ 112 ​ $ 143 ​ $ 668 ​ $ 727 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Phantom units ​ $ — ​ $ (24) ​ $ — ​ $ 26 ​
Summary of restricted stock unit activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number ​ Grant-Date Fair ​ ​ of RSUs Value Per RSU ​ Unvested - December 31, 2020 ​ 2,467,002 $ 0.42 Granted ​ 891,000 ​ ​ 0.76 ​ Cancelled/forfeited ​ (413,335) ​ ​ 0.48 ​ Vested, net of shares withheld ​ (946,328) ​ ​ 0.46 ​ Unvested - December 31, 2021 ​ 1,998,339 $ 0.53 Granted ​ 759,000 ​ ​ 0.59 ​ Cancelled/forfeited ​ (395,569) ​ ​ 0.51 ​ Vested, net of shares withheld ​ (889,762) ​ ​ 0.49 ​ Unvested - September 30, 2022 ​ 1,472,008 ​ $ 0.60 ​
Summary of deferred stock units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ Number of ​ ​ Grant-Date Fair ​ ​ DSUs ​ Value per DSU Outstanding - December 31, 2020 ​ 726,000 ​ $ 0.57 ​ Granted ​ 204,000 ​ ​ 1.04 ​ Outstanding - December 31, 2021 ​ 930,000 ​ $ 0.68 ​ Granted ​ 324,000 ​ ​ 0.84 ​ Outstanding - September 30, 2022 ​ 1,254,000 ​ $ 0.72 ​
Summary of option activity	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ Remaining ​ Aggregate ​ ​ ​ Number of ​ Exercise Price ​ Contractual Term ​ Intrinsic ​ ​ Options Per Option (Years) Value Outstanding - December 31, 2020 ​ 1,367,000 $ 0.71 ​ 2.63 ​ $ 507 ​ Outstanding - December 31, 2021 ​ 1,367,000 $ 0.71 ​ 1.64 ​ $ 38 ​ Outstanding - September 30, 2022 ​ 1,367,000 ​ $ 0.71 ​ 0.89 ​ $ 1 ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Exercisable - September 30, 2022 ​ 1,367,000 ​ $ 0.71 ​ 0.89 ​ $ 1 ​
Summary of phantom units	​ ​ ​ ​ ​ ​ ​ ​ ​ ​ ​ Weighted Average ​ ​ ​ ​ ​ Remaining ​ ​ ​ Number of ​ Vesting Term ​ ​ Phantom Units (Years) Unvested - December 31, 2020 ​ 72,000 0.5 ​ Vested ​ (72,000) ​ ​ ​ Unvested - December 31, 2021 ​ — ​ — ​ Unvested - September 30, 2022 ​ — ​ — ​

Overview of Operations and Ba_2

Overview of Operations and Basis of Presentation (Details)	9 Months Ended
	Sep. 30, 2022
Mt Todd, Australia
Property, Plant and Equipment [Line Items]
Percentage of ownership in project	100%

Short-term Investments (Details

Short-term Investments (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Short-term investments
Short-term investments amortized cost basis	$ 0	$ 384

Mineral Properties - Mt. Todd,

Mineral Properties - Mt. Todd, Northern Territory, Australia (Details) - USD ($) $ in Thousands	1 Months Ended
	Mar. 31, 2006	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Mineral Properties, Net		$ 2,146	$ 2,146
Mt Todd, Australia
Property, Plant and Equipment [Line Items]
Mineral Properties, Net		$ 2,146	$ 2,146
Acquisition Costs, Period Cost	$ 2,146

Mineral Properties - Awak Mas (

Mineral Properties - Awak Mas (Details) - USD ($) $ in Thousands		9 Months Ended
	Jan. 28, 2022	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Gain (Loss) On Disposal Of Mineral Property Interests, Net		$ 2,883	$ 2,100
PT Masmindo Dwi Area | Awak Mas
Property, Plant and Equipment [Line Items]
NSR Cancellation Proceeds	$ 2,500
Gain (Loss) On Disposal Of Mineral Property Interests, Net		$ 2,883
Disposal Group, Deferred Gain on Disposal				$ 383

Plant and Equipment (Details)

Plant and Equipment (Details) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Property, Plant and Equipment [Line Items]
Cost	$ 5,697	$ 5,692
Accumulated depreciation	5,493	5,459
Net	204	233
Mt Todd, Australia
Property, Plant and Equipment [Line Items]
Cost	5,364	5,359
Accumulated depreciation	5,160	5,126
Net	204	233
Corporate, United States
Property, Plant and Equipment [Line Items]
Cost	333	333
Accumulated depreciation	333	333
Net	0	0
Used mill equipment, Canada
Property, Plant and Equipment [Line Items]
Cost	0	0
Accumulated depreciation	0	0
Net	$ 0	$ 0

Common Shares - Equity Financin

Common Shares - Equity Financings (Details) - USD ($) $ / shares in Units, $ in Thousands		1 Months Ended	3 Months Ended	9 Months Ended
	Jul. 12, 2021	Dec. 31, 2021	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Subsidiary, Sale of Stock [Line Items]
Proceeds from Issuance of Common Stock				$ 51	$ 13,385
Warrants Not Settleable in Cash, Fair Value Disclosure	$ 2,074
Capital Units [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, New Issues	12,272,730
Warrants Issued	7,408,101
Proceeds from Issuance of Common Stock	$ 12,323
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right	1
Exercise Price Of Warrants Or Rights	$ 1.25
Class of Warrant or Right, Exercisable Term	36 months
Common Stock, Fair Value Disclosure	$ 11,426
At-The-Market Offering Agreement [Member] | H. C. Wainwright And Co., LLC [Member]
Subsidiary, Sale of Stock [Line Items]
Stock Issued During Period, Shares, New Issues			0	50,000	798,270
Proceeds from Issuance of Common Stock			$ 0	$ 51	$ 871
Threshold of aggregate sales proceeds		$ 10,000
Remaining Threshold Aggregate Sales Proceeds				$ 9,947

Common Shares - Warrants (Detai

Common Shares - Warrants (Details) - Warrants [Member] - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Class of Warrant or Right [Line Items]
Warrants outstanding, beginning of period (in shares)	7,408,101	0
Warrants issued		7,408,101
Warrants outstanding, end of period (in shares)	7,408,101	7,408,101	0
Weighted average exercise price per share, Beginning of the period	$ 1.25	$ 0
Weighted average exercise price of warrants issued (in dollars per share)		1.25
Weighted average exercise price per share, End of the period	$ 1.25	$ 1.25	$ 0
Weighted average remaining life, warrants issued		3 years
Weighted average remaining life, warrants outstanding	1 year 9 months 18 days	2 years 6 months	0 years

Common Shares - Stock-Based Com

Common Shares - Stock-Based Compensation (Details) - USD ($) $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2022	Feb. 28, 2021	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Percentage of issued and outstanding Common Shares					10%
Stock-based compensation expense			$ 112	$ 143	$ 668	$ 727
Stock Options [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			0	0	0	3
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense			112	143	396	512
Deferred Stock Units (DSU) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Stock-based compensation expense	$ 272	$ 212	0	0	272	212
Phantom Share Units (PSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period							3 years
Stock-based compensation expense			$ 0	$ (24)	$ 0	$ 26

Common Shares - Unrecognized Co

Common Shares - Unrecognized Compensation (Details) - Restricted Stock Units (RSUs) [Member] $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense related to unvested awards	$ 408
Weighted average unrecognized compensation recognition period	1 year 3 months 18 days

Common Shares - Summary Of Rest

Common Shares - Summary Of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended		12 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Dec. 31, 2021
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Payment of taxes from withheld shares	$ 357	$ 401
Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Number of units, beginning of period (in shares)	1,998,339	2,467,002	2,467,002
Granted, Number of units (in shares)	759,000		891,000
Cancelled/forfeited, Number of units (in shares)	(395,569)		(413,335)
Vested, net of shares withheld, Number of units (in shares)	(889,762)		(946,328)
Unvested, Number of units, end of period (in shares)	1,472,008		1,998,339
Outstanding, weighted average fair value, beginning of period (in dollars per share)	$ 0.53	$ 0.42	$ 0.42
Granted, Weighted average fair value (in dollars per share)	0.59		0.76
Cancelled/forfeited, Weighted average fair value (in dollars per share)	0.51		0.48
Vested, Weighted average fair value (in dollars per share)	0.49		0.46
Unvested, weighted average fair value, end of period (in dollars per share)	$ 0.60		$ 0.53
Payment of taxes from withheld shares	$ 357	$ 401

Common Shares - Summary Of Defe

Common Shares - Summary Of Deferred Share Units Activity (Details) $ / shares in Units, $ in Thousands	1 Months Ended		3 Months Ended		9 Months Ended		12 Months Ended
	Mar. 31, 2022 USD ($) shares	Feb. 28, 2021 USD ($) shares	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($)	Sep. 30, 2022 USD ($) $ / shares shares	Sep. 30, 2021 USD ($) $ / shares shares	Dec. 31, 2021 $ / shares shares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Allocated Share-based Compensation Expense | $			$ 112	$ 143	$ 668	$ 727
Deferred Stock Units (DSU) [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of common shares issues for each DSU (at end of board members' team).					1
Unvested, Number of units, beginning of period (in shares) | shares					930,000	726,000	726,000
Granted, Number of units (in shares) | shares	324,000	204,000			324,000		204,000
Unvested, Number of units, end of period (in shares) | shares			1,254,000		1,254,000		930,000
Outstanding, weighted average fair value, beginning of period (in dollars per share) | $ / shares					$ 0.68	$ 0.57	$ 0.57
Granted, Weighted average fair value (in dollars per share) | $ / shares					0.84		1.04
Unvested, weighted average fair value, end of period (in dollars per share) | $ / shares			$ 0.72		$ 0.72		$ 0.68
Allocated Share-based Compensation Expense | $	$ 272	$ 212	$ 0	$ 0	$ 272	$ 212

Common Shares - Summary Of Opti

Common Shares - Summary Of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Common Shares
Number of options, beginning of period (in shares)	1,367,000	1,367,000
Number of options, end of period (in shares)	1,367,000	1,367,000	1,367,000
Number of options, Exercisable (in shares)	1,367,000
Weighted average exercise price per option, beginning of period (in dollars per share)	$ 0.71	$ 0.71
Weighted average exercise price per option, end of period (in dollars per share)	0.71	$ 0.71	$ 0.71
Weighted average exercise price, Exercisable (in dollars per share)	$ 0.71
Weighted average remaining contractual term, Outstanding	10 months 20 days	1 year 7 months 20 days	2 years 7 months 17 days
Weighted average remaining contractual term, Exercisable	10 months 20 days
Aggregate intrinsic value, Outstanding, beginning of period (in dollars)	$ 38	$ 507
Aggregate intrinsic value, Outstanding, end of period (in dollars)	1	$ 38	$ 507
Aggregate intrinsic value, Options, Exercisable	$ 1

Common Shares - Summary Of Phan

Common Shares - Summary Of Phantom Units Activity (Details) - Phantom Share Units (PSUs) - shares	9 Months Ended	12 Months Ended
	Sep. 30, 2022	Dec. 31, 2021	Dec. 31, 2020
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unvested, Number of units, beginning of period (in shares)	0	72,000
Vested, net of shares withheld, Number of units (in shares)		(72,000)
Unvested, Number of units, end of period (in shares)	0	0	72,000
Weighted average remaining contractual term	0 years	0 years	6 months

Commitments And Contingencies (

Commitments And Contingencies (Details) - 9 months ended Sep. 30, 2022 $ in Thousands, $ in Millions	USD ($)	AUD ($)
Loss Contingencies [Line Items]
Accrual for Environmental Loss Contingencies, Revision in Estimates	$ 240
Mt Todd, Australia | Scenario, Plan
Loss Contingencies [Line Items]
Mine Reclamation and Closing Liability, Noncurrent		$ 73
Mt Todd, Australia | Scenario, Plan | Jawoyn Association Aboriginal Corporation
Loss Contingencies [Line Items]
Percentage of royalty on gold	1%
Mt Todd, Australia | Scenario, Plan | Minimum | Jawoyn Association Aboriginal Corporation
Loss Contingencies [Line Items]
Gross Proceeds Royalty, Additional Contingent Gross Proceeds Royalty, Percent		0.125%
Gross Proceeds Royalty, Including Contingent Additional Gross Proceeds Royalty, Percent		1.125%
Mt Todd, Australia | Scenario, Plan | Maximum | Jawoyn Association Aboriginal Corporation
Loss Contingencies [Line Items]
Gross Proceeds Royalty, Additional Contingent Gross Proceeds Royalty, Percent		2%
Gross Proceeds Royalty, Including Contingent Additional Gross Proceeds Royalty, Percent		3%

Geographic And Segment Inform_2

Geographic And Segment Information (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2022 USD ($) segment	Sep. 30, 2021 USD ($)
Geographic and Segment information
Number of reportable segments | segment	1
Revenues | $	$ 0	$ 0