Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2023 | Jul. 28, 2023 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Jun. 30, 2023 | |
Entity File Number | 001-09025 | |
Entity Registrant Name | VISTA GOLD CORP. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 98-0542444 | |
Entity Address, Address Line One | 8310 S Valley Hwy, Suite 300 | |
Entity Address, City or Town | Englewood | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80112 | |
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 | 121,088,494 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2023 | |
Document Fiscal Period Focus | Q2 | |
Entity Central Index Key | 0000783324 | |
Amendment Flag | false | |
Former Address | ||
Document Information [Line Items] | ||
Entity Address, Address Line One | 7961 Shaffer Pkwy, Suite 5 | |
Entity Address, City or Town | Littleton | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80127 |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Current assets: | ||
Cash and cash equivalents | $ 5,986 | $ 8,110 |
Other current assets | 342 | 537 |
Total current assets | 6,328 | 8,647 |
Non-current assets: | ||
Mineral properties (Note 3) | 2,146 | 2,146 |
Plant and equipment, net (Note 4) | 173 | 193 |
Total non-current assets | 2,319 | 2,339 |
Total assets | 8,647 | 10,986 |
Current liabilities: | ||
Accounts payable | 55 | 169 |
Accrued liabilities and other (Note 5) | 703 | 764 |
Total current liabilities | 758 | 933 |
Non-current liabilities: | ||
Other liabilities | 36 | 24 |
Total non-current liabilities | 36 | 24 |
Total liabilities | 794 | 957 |
Commitments and contingencies (Note 7) | ||
Shareholders' equity: | ||
Common shares, no par value - unlimited shares authorized; shares outstanding: 2023 - 121,088,494 and 2022 - 118,480,878 (Note 6) | 476,145 | 474,847 |
Accumulated deficit | (468,292) | (464,818) |
Total shareholders' equity | 7,853 | 10,029 |
Total liabilities and shareholders' equity | $ 8,647 | $ 10,986 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 6 Months Ended | 12 Months Ended |
Jun. 30, 2023 | Dec. 31, 2022 | |
Shareholders' equity: | ||
Common Shares, par value | $ 0 | $ 0 |
Common Stock, Shares Authorized, Unlimited [Fixed List] | Unlimited | Unlimited |
Common shares outstanding | 121,088,494 | 118,480,878 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME/(LOSS) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Operating income/(expense): | ||||
Gain on disposal of mineral property interests (Note 3) | $ 2,883 | |||
Exploration, property evaluation and holding costs | $ (682) | $ (984) | $ (1,486) | (2,773) |
Corporate administration | (878) | (876) | (2,046) | (2,277) |
Depreciation and amortization | (10) | (10) | (20) | (24) |
Total operating expense, net | (1,570) | (1,870) | (3,552) | (2,191) |
Non-operating income: | ||||
Interest income | 70 | 9 | 139 | 10 |
Other income/(expense) | (3) | 437 | (61) | 437 |
Total non-operating income | 67 | 446 | 78 | 447 |
Loss before income taxes | (1,503) | (1,424) | (3,474) | (1,744) |
Net loss | $ (1,503) | $ (1,424) | $ (3,474) | $ (1,744) |
Basic: | ||||
Weighted average number of shares outstanding (in shares) | 120,637,683 | 118,080,896 | 119,843,910 | 117,764,401 |
Net loss per share | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.01) |
Diluted: | ||||
Weighted average number of shares outstanding (in shares) | 120,637,683 | 118,080,896 | 119,843,910 | 117,764,401 |
Net loss per share | $ (0.01) | $ (0.01) | $ (0.03) | $ (0.01) |
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, 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) | $ (355) | (355) | |
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares) | 886,469 | ||
Stock-based compensation (Note 6) | $ 556 | 556 | |
Net loss | (1,744) | (1,744) | |
Balances, end of period at Jun. 30, 2022 | $ 474,433 | (461,631) | 12,802 |
Balances, end of period (in shares) at Jun. 30, 2022 | 118,125,701 | ||
Balances, beginning of period at Mar. 31, 2022 | $ 474,298 | (460,207) | 14,091 |
Balances, beginning of period (in shares) at Mar. 31, 2022 | 117,981,100 | ||
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) | $ (28) | (28) | |
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares) | 94,601 | ||
Stock-based compensation (Note 6) | $ 112 | 112 | |
Net loss | (1,424) | (1,424) | |
Balances, end of period at Jun. 30, 2022 | $ 474,433 | (461,631) | 12,802 |
Balances, end of period (in shares) at Jun. 30, 2022 | 118,125,701 | ||
Balances, beginning of period at Dec. 31, 2022 | $ 474,847 | (464,818) | 10,029 |
Balances, beginning of period (in shares) at Dec. 31, 2022 | 118,480,878 | ||
Shares issued, net of offering costs (Note 6) | $ 1,013 | 1,013 | |
Shares issued, net of offering costs (Note 6) (in shares) | 1,710,068 | ||
Shares issued (RSUs vested, net of shares withheld) (Note 6) | $ (142) | (142) | |
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares) | 412,548 | ||
Shares issued (DSUs vested) (Note 6) (in shares) | 485,000 | ||
Stock-based compensation (Note 6) | $ 427 | 427 | |
Net loss | (3,474) | (3,474) | |
Balances, end of period at Jun. 30, 2023 | $ 476,145 | (468,292) | 7,853 |
Balances, end of period (in shares) at Jun. 30, 2023 | 121,088,494 | ||
Balances, beginning of period at Mar. 31, 2023 | $ 475,337 | (466,789) | 8,548 |
Balances, beginning of period (in shares) at Mar. 31, 2023 | 119,727,572 | ||
Shares issued, net of offering costs (Note 6) | $ 560 | 560 | |
Shares issued, net of offering costs (Note 6) (in shares) | 875,922 | ||
Shares issued (DSUs vested) (Note 6) (in shares) | 485,000 | ||
Stock-based compensation (Note 6) | $ 248 | 248 | |
Net loss | (1,503) | (1,503) | |
Balances, end of period at Jun. 30, 2023 | $ 476,145 | $ (468,292) | $ 7,853 |
Balances, end of period (in shares) at Jun. 30, 2023 | 121,088,494 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | |
Cash flows from operating activities: | ||
Net loss | $ (3,474) | $ (1,744) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 20 | 24 |
Stock-based compensation | 427 | 556 |
Gain on disposal of mineral property interests, net | (2,883) | |
Reduction of provision for environmental liability | (240) | |
Change in working capital account items: | ||
Other current assets | 195 | 400 |
Accounts payable, accrued liabilities and other | (163) | (365) |
Net cash used in operating activities | (2,995) | (4,252) |
Cash flows from investing activities: | ||
Additions to plant and equipment | (5) | |
Proceeds from option/sale agreements, net | 2,500 | |
Net cash provided by investing activities | 2,495 | |
Cash flows from financing activities: | ||
Proceeds from equity financing, net | 1,013 | 51 |
Payment of taxes from withheld shares | (142) | (355) |
Net cash provided by/(used in) financing activities | 871 | (304) |
Net decrease in cash and cash equivalents | (2,124) | (2,061) |
Cash and cash equivalents, beginning of period | 8,110 | 12,757 |
Cash and cash equivalents, end of period | $ 5,986 | $ 10,696 |
Overview of Operations and Basi
Overview of Operations and Basis of Presentation | 6 Months Ended |
Jun. 30, 2023 | |
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. The Company’s flagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia. Since acquiring Mt Todd in 2006, we have invested substantial financial resources to systematically explore, evaluate, engineer, permit and de-risk the Project. 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, 2022 as filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities on Form 10-K (the “2022 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 | 6 Months Ended |
Jun. 30, 2023 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Significant accounting policies are included in the 2022 Financial Statements. |
Mineral Properties
Mineral Properties | 6 Months Ended |
Jun. 30, 2023 | |
Mineral Properties | |
Mineral Properties | 3. Mineral Properties Mt Todd, Northern Territory, Australia The capitalized mineral property values are as follows: At June 30, 2023 At December 31, 2022 Mt Todd, Australia $ 2,146 $ 2,146 Vista acquired Mt Todd in March 2006. The purchase price and related transaction costs of $2,146 were capitalized as mineral properties. 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 and other related 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”). The holder of the Awak Mas NSR made the final $2,500 payment to cancel the NSR 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 | 6 Months Ended |
Jun. 30, 2023 | |
Plant and Equipment | |
Plant and Equipment | 4. Plant and Equipment June 30, 2023 December 31, 2022 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia $ 5,364 $ 5,191 $ 173 $ 5,364 $ 5,171 $ 193 Corporate, United States 333 333 — 333 333 — Used mill equipment, Canada — — — — — — $ 5,697 $ 5,524 $ 173 $ 5,697 $ 5,504 $ 193 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2023 | |
Other Current Liabilities | |
Other Current Liabilities | 5. Other Current Liabilities The following table sets forth the Company’s accrued liabilities and other at June 30, 2023 and December 31, 2022: At June 30, 2023 At December 31, 2022 Accrued accounts payable $ 130 $ 112 Accrued employee compensation and benefits 532 614 Other current liabilities 41 38 $ 703 $ 764 |
Common Shares
Common Shares | 6 Months Ended |
Jun. 30, 2023 | |
Common Shares | |
Common Shares | 6. Common Shares Equity Financing Vista is party to an at-the-market offering agreement (the “ATM Agreement”) with H. C. Wainwright & Co., LLC (“Wainwright”), under which the Company has the right, but is not obligated, to sell and issue common shares in the capital of the Company (each a “Common Share”) through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”). During the three and six months ended June 30, 2023, the Company realized net proceeds of $560 and $1,013, respectively, under the ATM Program. During the three and six months ended June 30, 2022, the Company realized net proceeds of $51 under the ATM Program. As of June 30, 2023, $8,702 remained available under the ATM Program. 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, 2021 7,408,101 $ 1.25 2.5 As of December 31, 2022 7,408,101 $ 1.25 1.5 As of June 30, 2023 7,408,101 $ 1.25 1.0 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. Stock-based compensation 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 June 30, Six Months Ended June 30, 2023 2022 2023 2022 RSUs $ 107 $ 112 $ 183 $ 284 DSUs 141 — 244 272 $ 248 $ 112 $ 427 $ 556 As of June 30, 2023, unrecognized compensation expense for RSUs was $511, which is expected to be recognized over a weighted average period of 1.5 years. Restricted Share Units The following table summarizes RSU activity: Weighted Average Number Grant-Date Fair of RSUs Value Per RSU 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 - December 31, 2022 1,472,008 $ 0.60 Granted 1,163,000 0.37 Cancelled/forfeited (321,118) 0.58 Vested, net of shares withheld (412,548) 0.60 Unvested - June 30, 2023 1,901,342 $ 0.46 During the six months ended June 30, 2023 and 2022, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of $142 and $355, 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. During the six months ended June 30, 2023, the Board granted 420,000 DSUs and the Company recognized $244 in DSU expense. During the six months ended June 30, 2022, the Board granted 324,000 DSUs and the Company recognized $272 in DSU expense. The following table summarizes DSU activity: Weighted Average Number of Grant-Date Fair DSUs Value per DSU Outstanding - December 31, 2021 930,000 $ 0.68 Granted 324,000 0.84 Outstanding - December 31, 2022 1,254,000 $ 0.72 Granted 420,000 0.58 Shares issued to participants (485,000) 0.69 Outstanding - June 30, 2023 1,189,000 $ 0.68 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, 2021 1,367,000 $ 0.71 1.64 $ 38 Outstanding - December 31, 2022 1,367,000 $ 0.71 0.64 $ — Expired (700,000) 0.75 Outstanding - June 30, 2023 667,000 $ 0.67 0.64 $ — Exercisable - June 30, 2023 667,000 $ 0.67 0.64 $ — |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2023 | |
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 the period before Vista’s purchase of Mt Todd are presently the responsibility of the Government 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 Aboriginal Corporation 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. At such time as the Company determines that it is probable that an obligation exists and the amount can be reasonably estimated, a provision for environmental liability will be recorded. |
Geographic and Segment Informat
Geographic and Segment Information | 6 Months Ended |
Jun. 30, 2023 | |
Geographic and Segment Information | |
Geographic And Segment Information | 8. Geographic and Segment Information The Company has one reportable operating segment. We seek to advance and develop Mt Todd, 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 six months ended June 30, 2023 and 2022. The geographic location of mineral properties and plant and equipment is provided in Notes 3 and 4, respectively. |
Mineral Properties (Tables)
Mineral Properties (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Mineral Properties | |
Schedule of Mineral Properties | At June 30, 2023 At December 31, 2022 Mt Todd, Australia $ 2,146 $ 2,146 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Plant and Equipment | |
Schedule Of Plant And Equipment | June 30, 2023 December 31, 2022 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia $ 5,364 $ 5,191 $ 173 $ 5,364 $ 5,171 $ 193 Corporate, United States 333 333 — 333 333 — Used mill equipment, Canada — — — — — — $ 5,697 $ 5,524 $ 173 $ 5,697 $ 5,504 $ 193 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
Other Current Liabilities | |
Schedule of accrued liabilities | At June 30, 2023 At December 31, 2022 Accrued accounts payable $ 130 $ 112 Accrued employee compensation and benefits 532 614 Other current liabilities 41 38 $ 703 $ 764 |
Common Shares (Tables)
Common Shares (Tables) | 6 Months Ended |
Jun. 30, 2023 | |
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, 2021 7,408,101 $ 1.25 2.5 As of December 31, 2022 7,408,101 $ 1.25 1.5 As of June 30, 2023 7,408,101 $ 1.25 1.0 |
Summary of stock-based compensation expense | Three Months Ended June 30, Six Months Ended June 30, 2023 2022 2023 2022 RSUs $ 107 $ 112 $ 183 $ 284 DSUs 141 — 244 272 $ 248 $ 112 $ 427 $ 556 |
Summary of restricted stock unit activity | Weighted Average Number Grant-Date Fair of RSUs Value Per RSU 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 - December 31, 2022 1,472,008 $ 0.60 Granted 1,163,000 0.37 Cancelled/forfeited (321,118) 0.58 Vested, net of shares withheld (412,548) 0.60 Unvested - June 30, 2023 1,901,342 $ 0.46 |
Summary of deferred stock units | Weighted Average Number of Grant-Date Fair DSUs Value per DSU Outstanding - December 31, 2021 930,000 $ 0.68 Granted 324,000 0.84 Outstanding - December 31, 2022 1,254,000 $ 0.72 Granted 420,000 0.58 Shares issued to participants (485,000) 0.69 Outstanding - June 30, 2023 1,189,000 $ 0.68 |
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, 2021 1,367,000 $ 0.71 1.64 $ 38 Outstanding - December 31, 2022 1,367,000 $ 0.71 0.64 $ — Expired (700,000) 0.75 Outstanding - June 30, 2023 667,000 $ 0.67 0.64 $ — Exercisable - June 30, 2023 667,000 $ 0.67 0.64 $ — |
Overview of Operations and Ba_2
Overview of Operations and Basis of Presentation (Details) | 6 Months Ended |
Jun. 30, 2023 | |
Mt Todd, Australia | |
Property, Plant and Equipment [Line Items] | |
Percentage of ownership in project | 100% |
Mineral Properties - Mt. Todd,
Mineral Properties - Mt. Todd, Northern Territory, Australia (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Mar. 31, 2006 | Jun. 30, 2023 | Dec. 31, 2022 | |
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 | 3 Months Ended | 6 Months Ended | ||
Jan. 28, 2022 | Mar. 31, 2022 | Jun. 30, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | ||||
Gain (Loss) On Disposal Of Mineral Property Interests, Net | $ 2,883 | |||
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 | Jun. 30, 2023 | Dec. 31, 2022 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 5,697 | $ 5,697 |
Accumulated depreciation | 5,524 | 5,504 |
Net | 173 | 193 |
Mt Todd, Australia | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,364 | 5,364 |
Accumulated depreciation | 5,191 | 5,171 |
Net | 173 | 193 |
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 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2023 | Dec. 31, 2022 |
Other Current Liabilities | ||
Accrued accounts payable | $ 130 | $ 112 |
Accrued employee compensation and benefits | 532 | 614 |
Other current liabilities | 41 | 38 |
Accrued Liabilities, Current, Total | $ 703 | $ 764 |
Common Shares - Equity Financin
Common Shares - Equity Financings (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from issuance of common shares | $ 1,013 | $ 51 | ||
At-The-Market Offering Agreement [Member] | H. C. Wainwright And Co., LLC [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from issuance of common shares | $ 560 | $ 51 | 1,013 | $ 51 |
Threshold of aggregate sales proceeds | 10,000 | |||
Remaining threshold of aggregate sales proceeds | $ 8,702 | $ 8,702 |
Common Shares - Warrants (Detai
Common Shares - Warrants (Details) - Warrants [Member] - $ / shares | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Class of Warrant or Right [Line Items] | |||
Warrants outstanding, beginning of period (in shares) | 7,408,101 | 7,408,101 | |
Warrants outstanding, end of period (in shares) | 7,408,101 | 7,408,101 | 7,408,101 |
Weighted average exercise price per share, Beginning of the period | $ 1.25 | $ 1.25 | |
Weighted average exercise price per share, End of the period | $ 1.25 | $ 1.25 | $ 1.25 |
Weighted average remaining life, warrants outstanding | 1 year | 1 year 6 months | 2 years 6 months |
Common Shares - Stock-Based Com
Common Shares - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 | Jun. 30, 2022 | Jun. 30, 2023 | Jun. 30, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Percentage of issued and outstanding Common Shares | 10% | |||
Stock-based compensation expense | $ 248 | $ 112 | $ 427 | $ 556 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | 107 | $ 112 | 183 | 284 |
Deferred Stock Units (DSU) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 141 | $ 244 | $ 272 |
Common Shares - Unrecognized Co
Common Shares - Unrecognized Compensation (Details) - Restricted Stock Units (RSUs) [Member] $ in Thousands | 6 Months Ended |
Jun. 30, 2023 USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense related to unvested awards | $ 511 |
Weighted average unrecognized compensation recognition period | 1 year 6 months |
Common Shares - Summary Of Rest
Common Shares - Summary Of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Jun. 30, 2022 | Dec. 31, 2022 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payment of taxes from withheld shares | $ 142 | $ 355 | |
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) | 1,472,008 | 1,998,339 | 1,998,339 |
Granted, Number of units (in shares) | 1,163,000 | 759,000 | |
Cancelled/forfeited, Number of units (in shares) | (321,118) | (395,569) | |
Vested, net of shares withheld, Number of units (in shares) | (412,548) | (889,762) | |
Unvested, Number of units, end of period (in shares) | 1,901,342 | 1,472,008 | |
Outstanding, weighted average fair value, beginning of period (in dollars per share) | $ 0.60 | $ 0.53 | $ 0.53 |
Granted, Weighted average fair value (in dollars per share) | 0.37 | 0.59 | |
Cancelled/forfeited, Weighted average fair value (in dollars per share) | 0.58 | 0.51 | |
Vested, net of shares withheld, Weighted average fair value (in dollars per share) | 0.60 | 0.49 | |
Unvested, weighted average fair value, end of period (in dollars per share) | $ 0.46 | $ 0.60 | |
Payment of taxes from withheld shares | $ 142 | $ 355 |
Common Shares - Summary Of Defe
Common Shares - Summary Of Deferred Share Units Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) $ / shares shares | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2022 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ | $ 248 | $ 112 | $ 427 | $ 556 | |
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 | 1,254,000 | 930,000 | 930,000 | ||
Granted, Number of units (in shares) | shares | 420,000 | 324,000 | 324,000 | ||
Shares issued to participants | shares | (485,000) | ||||
Unvested, Number of units, end of period (in shares) | shares | 1,189,000 | 1,189,000 | 1,254,000 | ||
Outstanding, weighted average fair value, beginning of period (in dollars per share) | $ / shares | $ 0.72 | $ 0.68 | $ 0.68 | ||
Granted, Weighted average fair value (in dollars per share) | $ / shares | 0.58 | 0.84 | |||
Shares issued to participants, Weighted average grant-date fair value (in dollars per share) | $ / shares | 0.69 | ||||
Unvested, weighted average fair value, end of period (in dollars per share) | $ / shares | $ 0.68 | $ 0.68 | $ 0.72 | ||
Allocated Share-based Compensation Expense | $ | $ 141 | $ 244 | $ 272 |
Common Shares - Summary Of Opti
Common Shares - Summary Of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | |
Common Shares | |||
Number of options, beginning of period (in shares) | 1,367,000 | 1,367,000 | |
Number of options, Expired (in shares) | (700,000) | ||
Number of options, end of period (in shares) | 667,000 | 1,367,000 | 1,367,000 |
Number of options, Exercisable (in shares) | 667,000 | ||
Weighted average exercise price per option, beginning of period (in dollars per share) | $ 0.71 | $ 0.71 | |
Weighted average exercise price per option, Expired (in dollars per share) | 0.75 | ||
Weighted average exercise price per option, end of period (in dollars per share) | 0.67 | $ 0.71 | $ 0.71 |
Weighted average exercise price, Exercisable (in dollars per share) | $ 0.67 | ||
Weighted average remaining contractual term, Outstanding | 7 months 20 days | 7 months 20 days | 1 year 7 months 20 days |
Weighted average remaining contractual term, Exercisable | 7 months 20 days | ||
Aggregate intrinsic value, Outstanding, beginning of period (in dollars) | $ 38 | ||
Aggregate intrinsic value, Outstanding, end of period (in dollars) | $ 0 | $ 38 | |
Aggregate intrinsic value, Options, Exercisable | $ 0 |
Commitments and Contingencies (
Commitments and Contingencies (Details) - Mt Todd, Australia - Scenario, Plan $ in Millions | 6 Months Ended |
Jun. 30, 2023 AUD ($) | |
Loss Contingencies [Line Items] | |
Mine Reclamation and Closing Liability, Noncurrent | $ 73 |
Jawoyn Association Aboriginal Corporation | |
Loss Contingencies [Line Items] | |
Percentage of royalty on gold | 1% |
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% |
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 | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2023 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2023 USD ($) segment | Jun. 30, 2022 USD ($) | |
Geographic and Segment Information | ||||
Number of reportable segments | segment | 1 | |||
Revenues | $ | $ 0 | $ 0 | $ 0 | $ 0 |