Document and Entity Information
Document and Entity Information | 6 Months Ended |
Jun. 30, 2020 | |
Cover [Abstract] | |
Entity Registrant Name | North American Nickel Inc. |
Entity Central Index Key | 0000795800 |
Document Type | 6-K |
Document Period End Date | Jun. 30, 2020 |
Amendment Flag | false |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2020 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position (Unaudited) - CAD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
CURRENT ASSETS | ||
Cash | $ 86 | $ 1,098 |
Receivables and other current assets | 67 | 161 |
Due from related party | 132 | 95 |
TOTAL CURRENT ASSETS | 285 | 1,354 |
NON-CURRENT ASSETS | ||
Equipment | 24 | 28 |
Exploration and evaluation assets | 38,711 | 38,633 |
Advance | 130 | 24 |
TOTAL NON-CURRENT ASSETS | 38,865 | 38,685 |
TOTAL ASSETS | 39,150 | 40,039 |
CURRENT LIABILITIES | ||
Trade payables and accrued liabilities | 752 | 519 |
Flow through share premium | 89 | 89 |
TOTAL CURRENT LIABILITIES | 841 | 608 |
TOTAL LIABILITIES | 841 | 608 |
EQUITY | ||
Reserve | 2,287 | 4,175 |
Deficit | (53,575) | (54,341) |
TOTAL EQUITY | 38,309 | 39,431 |
TOTAL LIABILITIES AND EQUITY | 39,150 | 40,039 |
Preferred Stock [Member] | ||
EQUITY | ||
Share capital | 591 | 591 |
Common Stock [Member] | ||
EQUITY | ||
Share capital | $ 89,006 | $ 89,006 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Comprehensive Loss (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
EXPENSES | ||||
General and administrative expenses | $ (359) | $ (518) | $ (664) | $ (1,053) |
Property investigation | (11) | (125) | (17) | (166) |
Amortization | (2) | (2) | (4) | (5) |
Share-based payments | (884) | |||
Total expenses | (372) | (645) | (1,569) | (1,224) |
OTHER ITEMS | ||||
Interest income | 4 | 22 | ||
Impairment for exploration and evaluation assets | (437) | (437) | ||
Foreign exchange gain (loss) | 1 | (2) | (1) | |
Other income (expense), net | (436) | 2 | (437) | 21 |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | $ (808) | $ (643) | $ (2,006) | $ (1,203) |
Basic and diluted weighted average number of common shares outstanding on a post-consolidation basis | 88,690,791 | 78,792,860 | 88,690,791 | 78,792,860 |
Basic and diluted loss per share | $ (0.01) | $ (0.01) | $ (0.02) | $ (0.02) |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Changes in Equity (Unaudited) - CAD ($) $ in Thousands | Common Stock [Member] | Preferred Stock [Member] | Reserve [Member] | Deficit [Member] | Total |
Balance at Dec. 31, 2018 | $ 87,947 | $ 591 | $ 7,749 | $ (29,343) | $ 66,944 |
Balance, shares at Dec. 31, 2018 | 78,792,860 | ||||
Statement Line Items [Line Items] | |||||
Net and comprehensive loss for the period | (1,203) | (1,203) | |||
Expired warrants | (1,561) | 1,561 | |||
Forfeited/expired options | |||||
Share-based payments | |||||
Balance at Jun. 30, 2019 | $ 87,947 | 591 | 6,188 | (28,985) | 65,741 |
Balance, shares at Jun. 30, 2019 | 78,792,860 | ||||
Balance at Dec. 31, 2019 | $ 89,006 | 591 | 4,175 | (54,341) | 39,431 |
Balance, shares at Dec. 31, 2019 | 88,690,791 | ||||
Statement Line Items [Line Items] | |||||
Net and comprehensive loss for the period | (2,006) | (2,006) | |||
Expired warrants | (2,572) | 2,572 | |||
Forfeited/expired options | (200) | 200 | |||
Share-based payments | 884 | 884 | |||
Value allocated to warrants | |||||
Balance at Jun. 30, 2020 | $ 89,006 | $ 591 | $ 2,287 | $ (53,575) | $ 38,309 |
Balance, shares at Jun. 30, 2020 | 88,690,791 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
OPERATING ACTIVITIES | ||
Loss for the period | $ (2,006) | $ (1,203) |
Items not affecting cash: | ||
Amortization | 4 | 5 |
Share based payments | 884 | |
Interest income | (22) | |
Write-off exploration and evaluation assets | 437 | |
Changes in working capital | 232 | 3 |
Other: | ||
Interest received | 32 | |
Net cash used in operating activities | (449) | (1,185) |
INVESTING ACTIVITIES | ||
Expenditures on exploration and evaluation assets | (563) | (618) |
Short-term investments | 1,500 | |
Net cash provided by (used in) investing activities | (563) | 882 |
FINANCING ACTIVITIES | ||
Net cash provided by financing activities | ||
Change in cash equivalents for the period | (1,012) | (303) |
Cash and cash equivalents, beginning of the period | 1,098 | 339 |
Cash and cash equivalents, end of the period | $ 86 | $ 36 |
Nature and Continuance of Opera
Nature and Continuance of Operations | 6 Months Ended |
Jun. 30, 2020 | |
Nature And Continuance Of Operations | |
Nature and Continuance of Operations | 1. NATURE AND CONTINUANCE OF OPERATIONS North American Nickel Inc. (the “Company” or “NA Nickel”) was incorporated on September 23, 1983, under the laws of the Province of British Columbia, Canada. The primary mailing office is located at 3400 – 100 King Street West, PO Box 130, Toronto, Ontario, M5X 1A4 and the records office of the Company is located at 666 Burrard Street, Suite 2500, Vancouver BC V6C 2X8. The Company’s common shares trade on the TSX Venture Exchange (“TSXV”) under the symbol “NAN”. The Company’s principal business activity is the exploration and development of mineral properties in Greenland, Canada and United States. The Company has not yet determined whether any of these properties contain ore reserves that are economically recoverable. The recoverability of carrying amounts shown for exploration and evaluation assets is dependent upon a number of factors including environmental risk, legal and political risk, the existence of economically recoverable mineral reserves, confirmation of the Company’s interests in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete exploration and development, and to attain sufficient net cash flow from future profitable production or disposition proceeds. These financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations. To date, the Company has not generated profitable operations from its resource activities and will need to invest additional funds in carrying out its planned exploration, development and operational activities. These uncertainties cast substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The exploration and evaluation properties in which the Company currently has an interest are in the exploration stage. As such, the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and cover administrative costs, the Company will use its existing working capital and raise additional amounts as needed. Although the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised in the future. The Company will continue to assess new properties and seek to acquire interests in additional properties if there is sufficient geologic or economic potential and if adequate financial resources are available to do so. Further, in March 2020, the World Health Organization declared coronavirus COVID-19 a global pandemic. This contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. The impact on the Company is not currently determinable but management continues to monitor the situation. The condensed interim consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on August 19, 2020. The discussion in notes to the financial statements is stated in Canadian dollars except amounts in tables are expressed in thousands of Canadian dollars. |
Basis of Preparation and Signif
Basis of Preparation and Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Basis Of Preparation And Significant Accounting Policies | |
Basis of Preparation and Significant Accounting Policies | 2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance These condensed interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”), including IAS 34 Interim Financial Statements. The condensed interim consolidated financial statements do not include all of the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s audited annual financial statements for the year ended December 31, 2019. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2020 could result in restatement of these condensed interim consolidated financial statements. (b) Basis of Preparation These condensed interim consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. The significant accounting policies used in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended December 31, 2019. (c) Basis of consolidation These condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, North American Nickel (US) Inc. which was incorporated in the State of Delaware on May 22, 2015. Consolidation is required when the Company is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. |
Changes in Accounting Policies
Changes in Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Notes And Other Explanatory Information Explanatory Abstract | |
Changes in Accounting Policies | 3. CHANGES IN ACCOUNTING POLICIES New Standards, Interpretations and Amendments Effective This Year: Amendments to References to the Conceptual Framework in IFRS Standards On March 29, 2018 the International Accounting Standards Board (“IASB”) issued a revised version of its Conceptual Framework for Financial Reporting (the Framework), that underpins IFRS Standards. The IASB also issued Amendments to References to the Conceptual Framework in IFRS Standards (the Amendments) to update references in IFRS Standards to previous versions of the Conceptual Framework. Both documents are effective from January 1, 2020. Some Standards include references to the 1989 and 2010 versions of the Framework. The IASB has published a separate document which contains consequential amendments to affected Standards so that they refer to the new Framework, with the exception of IFRS 3 Business Combinations which continues to refer to both the 1989 and 2010 Frameworks. IAS 1 - Presentation of Financial Statements and IAS 8 - Accounting Policies, Changes in Accounting Estimates and Errors In October 2018, the IASB issued amendments to International Accounting Standard (“IAS”) 1, Presentation of Financial Statements and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors. The amendments are to clarify the definition of ‘material’ and to align the definition used in the Conceptual Framework and the standards themselves. The amendments are effective January 1, 2020. The adoption of these amendments did not result in any impact to the Company’s financial statements. |
Receivables and Other Current A
Receivables and Other Current Assets | 6 Months Ended |
Jun. 30, 2020 | |
Trade and other current receivables [abstract] | |
Receivables and Other Current Assets | 4. RECEIVABLES AND OTHER CURRENT ASSETS A summary of the receivables and other current assets as of June 30, 2020 is detailed in the table below: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Sales taxes receivable 22 62 Other current assets 45 99 67 161 Other current assets are comprised of prepaid expenses and amounts receivable. |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 6 Months Ended |
Jun. 30, 2020 | |
EXPLORATION AND EVALUATION ASSETS | |
Exploration and Evaluation Assets | 5. EXPLORATION AND EVALUATION ASSETS (All amounts in table are expressed in thousands of Canadian dollars) Canada Greenland Post Creek Property Halcyon Property Quetico Claims Enid Creek Lingman Lake Maniitsoq Property Total Acquisition Balance, December 31, 2019 298 230 42 83 14 42 709 Acquisition costs – cash 5 4 - - - 4 13 Balance, June 30, 2020 303 234 42 83 14 46 722 Exploration Balance, December 31, 2019 1,498 233 39 33 13 36,108 37,924 Administration - - - - - 8 8 Property maintenance 6 5 - - - 17 28 Drilling - - 6 166 - - 172 Geology 10 6 46 83 - 51 196 Geophysics 1 1 21 72 - 3 98 Infrastructure - - - - - - - Write-off - - - (437 ) - - (437 ) 17 12 73 (116 ) - 79 65 Balance, June 30 ,2020 1,515 245 112 (83 ) 13 36,187 37,989 Total, June 30, 2020 1,818 479 154 - 27 36,233 38,711 Canada US Greenland Post Creek Property Halcyon Property Quetico Claims Lingman Lake Section 35 Property Maniitsoq Property Total Acquisition Balance, December 31, 2018 288 222 42 - 8 42 602 Acquisition costs – cash 5 4 - 15 1 - 25 Balance, June 30 2019 293 226 42 15 9 42 627 Exploration Balance, December 31, 2018 1,431 209 22 - - 62,215 63,877 Administration 1 1 - - - 9 11 Corporate social 1 - - - - - 1 Property maintenance - - - - - 17 17 Drilling 24 - 2 3 - 191 220 Environmental, health - - - - - 8 8 Geology 15 7 - - 2 105 129 Geophysics 1 1 4 1 1 27 35 42 9 6 4 3 357 421 Balance, June 30 ,2019 1,473 218 28 4 3 62,572 64,298 Total, June 30, 2019 1,766 444 70 19 12 62,614 64,925 The following is a description of the Company’s exploration and evaluation assets and the related spending commitments: Post Creek On December 23, 2009 and as last amended on March 12, 2013, the Company completed the required consideration and acquired the rights to a mineral claim known as the Post Creek Property located within the Sudbury Mining District of Ontario. Commencing August 1, 2015, the Company is obligated to pay advances on net smelter return royalties (“NSR”) of $10,000 per annum. The total advances paid during the six months period ended June 30, 2020 were $5,000, (June 30, 2019 - $5,000). The total of the advances will be deducted from any payments to be made under the NSR. During the six months period ended June 30, 2020, the Company incurred exploration expenditures totalling $16,927 (June 30, 2019 - $42,108) on the Post Creek Property. Halcyon On December 31, 2015, the Company completed the required consideration of the option agreement and acquired rights to a mineral claim known as the Halcyon Property located within the Sudbury Mining District of Ontario, subject to certain NSR and advance royalty payments. Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $8,000 per annum. The Company paid $4,000 during the three months period ended June 30, 2020, (June 30, 2019 - $4,000). The total of the advances will be deducted from any payments to be made under the NSR. During the six months period ended June 30, 2020, the Company incurred $12,254 (June 30, 2019 - $12,209) in exploration and license related expenditures on the Halcyon Property. Quetico On April 26, 2018, the Company acquired the right to certain mineral claims known as Quetico located within the Sudbury Mining District of Ontario. The Company incurred total acquisition and exploration related costs of $64,256 during the year ended December 31, 2018. The Company had no minimum required exploration commitment for the years ended December 31, 2019 and 2018 as it is not required to file any geoscience assessment work between the initial recording of a mining claim and the first anniversary date of the mining claim. By the second anniversary of the recording of a claim and by each anniversary thereafter, a minimum of $400 worth of exploration activity per claim unit must be reported to the Provincial Recording Office. The Company could maintain mining claims by filing an Application to Distribute Banked Assessment Work Credits form before any due date. Payments in place of reporting assessment work may also be used to meet yearly assessment work requirements, provided the payments are not used for the first unit of assessment work and consecutively thereafter. Payments cannot be banked to be carried forward for future use. The claims are currently on HOLD SPECIAL CIRCUMSTANCES APPLY status, awaiting approval of an application for a one year exclusion. Once approved, the total annual work requirement for Quetico project after April 26, 2021 is $324,000 should the Company maintain the current size of the claims. During the six months period ended June 30, 2020, the Company incurred exploration expenditures totalling $72,444 (June 30, 2019 - $6,330) on the Quetico Property. Lingman Lake Property During the year ended December 31, 2019, the Company staked certain mineral claims known as Lingman Lake located northwest of Thunder Bay, Ontario. The Company incurred total acquisition and exploration related costs of $27,376. There were no exploration related costs incurred during the six months period ended June 30, 2020. Loveland (Enid Creek) Property On September 25, 2019, the Company entered into earn in agreement to acquire a 100% interest, subject to a 1% NSR, in certain claims known as the Loveland Nickel (Enid Creek) Property located in Timmins, Ontario. Consideration is as follows: (All amounts in table are expressed in thousands of Canadian dollars) Acquisition costs Exploration expenditures Within 5 days of TSXV approval (received on October 24, 2019) $25 cash (paid) and 300,000 post-consolidated - On or before September 25, 2020 $100 cash Aggregate of at least $500 On or before September 25, 2021 $200 cash Aggregate of at least an additional $1,000 On or before September 25, 2022 $300 cash Aggregate of at least an additional $1,000 On or before September 25, 2023 $400 cash Aggregate of at least an additional $1,000 On or before September 25, 2024 $500 cash Aggregate of at least an additional $1,000 In the event that the Company is unable to fund sufficient exploration expenditures, the Company may pay the required balance in cash by the relevant date. The Company may also, prior to the 5 th As of June 30, 2020, the Company incurred an aggregate exploration and acquisition expenditures of $436,897. Based on the results of the exploration program completed in April 2020, the management elected not to proceed with further exploration on the property and terminated the agreement. Accordingly, all acquisition and exploration related costs were written off as at June 30, 2020, totalling $436,897. Section 35 Property On January 4, 2016, the Company entered into a 10-year Metallic Minerals Lease (the “Lease”) with the Michigan Department of Natural Resources for an area covering approximately 320 acres. The terms of the Lease required annual rental fees. At the end of 2019 year, management of the Company made a decision to relinquish the mineral lease. As a result, all cumulative exploration related costs of $11,393 were written-off as at December 31, 2019. The Company applied and received approval for refund of a $13,016 (US $10,000) reclamation deposit held by the Department of Natural Resources in Michigan. Maniitsoq The Company has been granted certain exploration licenses, by the Bureau of Minerals and Petroleum (“BMP”) of Greenland for exclusive exploration rights of an area comprising the Maniitsoq Property, located near Ininngui, Greenland. The Property is subject to a 2.5% NSR. The Company can reduce the NSR to 1% by paying $2,000,000 on or before 60 days from the decision to commence commercial production. At the expiration of the first license period, the Company may apply for a second license period (years 6-10), and the Company may apply for a further 3-year license for years 11 to 13. Thereafter, the Company may apply for additional 3-year licenses for years 14 to 16, 17 to 19 and 20 to 22. The Company will be required to pay additional license fees and will be obligated to incur minimum eligible exploration expenses for such years. The Company may terminate the licenses at any time, however any unfulfilled obligations according to the licenses will remain in force, regardless of the termination. Future required minimum exploration expenditures will be adjusted each year on the basis of the change to the Danish Consumer Price Index. During the six months period ended June 30, 2020, the Company spent in aggregate of $83,191 (June 30, 2019 - $357,187) in exploration and license related expenditures on the Maniitsoq Property, which is comprised of the Sulussugut, Ininngui and Carbonatite Licenses. Further details on the licenses and related expenditures are outlined below. IFRS 6 requires management to assess the exploration and evaluation assets for impairment. Accordingly, management believed that facts and circumstances existed at December 31, 2019 to suggest that the carrying amount of the Maniitsoq Property exceeds its recoverable amount. As a result, management determined the Maniitsoq Property should be impaired by $26,499,159 and its recoverable amount at December 31, 2019 was $36,149,667. The valuation was based on historical drilling results and management’s future exploration plans on the Maniitsoq Property. The Company intends to plan and budget for further exploration on the Maniitsoq Property in the future. Further details on the licenses comprising the Maniitsoq Property and related expenditures are outlined below: Sulussugut License (2011/54) (All references to amounts in Danish Kroners, “DKK”) Effective August 15, 2011, the Company was granted an exploration license (the “Sulussugut License”) by the BMP of Greenland for exclusive exploration rights of an area located near Sulussugut, Greenland. The Company paid a license fee of $5,742 (DKK 31,400) upon granting of the Sulussugut License. The application for another 5-year term on the Sulussugut License was submitted to the Greenland Mineral Licence & Safety Authority which was effective on April 11, 2016, with December 31, 2017 being the seventh year. During the year ended December 31, 2016, the Company paid a license fee of $7,982 (DKK 40,400) which provides for renewal of the Sulussugut License until 2020. To December 31, 2015, under the terms of a preliminary license, the Company completed the exploration requirements of an estimated minimum of DKK 83,809,340 (approximately $15,808,386) between the years ended December 31, 2011 to 2015 by incurring $26,115,831 on the Sulussugut License. The accumulated exploration credits held at the end to December 31, 2015, of DKK 100,303,710 (approximately $19,067,735) were carried forward until 2019. Under the terms of the second license period, there was no required minimum exploration expenditures for the year ended December 31, 2018. As of December 31, 2019, the Company has spent $55,960,762 on exploration costs for the Sulussugut License. The Company had minimum required exploration commitment of DKK 44,755,600 approximately $8,905,514 for the year ended December 31, 2019 and available credits of DKK 326,111,805 (approximately $66,950,764) at the end of December 31, 2018. During the year ended December 31, 2019, the Company had approved exploration expenditures of DKK 1,724,248 (approximately $343,125) which results in a total cumulative surplus credit of DKK 283,080,453 (approximately $56,333,010). The credits may be carried forward until December 31, 2021. The Company has no exploration commitment for 2020 year. During the year ended December 31, 2019, the Company spent a total of $228,925 (December 31, 2018 - $10,794,837) in exploration and license related expenditures on the Sulussugut License. During the six months period ended June 30, 2020, the Company spent a total of $66,139 in exploration and license related expenditures, (June 30, 2019 - $197,476). Ininngui License (2012/28) Effective March 4, 2012, the Company was granted an exploration license (the “Ininngui License”) by the BMP of Greenland for exclusive exploration rights of an area located near Ininngui, Greenland. The Company paid a license fee of $5,755 (DKK 32,200) upon granting of the Ininngui License. The Ininngui License was valid for an initial 5 years until December 31, 2016, with December 31, 2012 being the first year. The license was extended for a further 5 years, until December 31, 2021, with December 31, 2017 being the first year. The Ininngui License is contiguous with the Sulussugut License. Should the Company not incur the minimum exploration expenditures on the license in any one year from years 2-5, the Company may pay 50% of the difference in cash to BMP as full compensation for that year. This procedure may not be used for more than 2 consecutive calendar years and as at December 31, 2019, the Company has not used the procedure for the license. The Company had minimum required exploration commitment of DKK 5,510,400 for the year ended December 31, 2019. As of December 31, 2019, the Company has spent $5,158,454 on exploration costs for the Ininngui License and exceeded the minimum requirement with a total cumulative surplus credits of DKK 30,281,852 (approximately $6,026,089). The credits may be carried forward until December 31, 2021. The Company has no exploration commitment for 2020 year. During the six months period ended June 30, 2020, the Company spent a total of $13,491 in exploration and license related expenditures, (June 30, 2019 - $37,230). Carbonatite License (2018/21) Effective May 4, 2018, the Company was granted an exploration license (the “Carbonatite License”) by the BMP of Greenland for exclusive exploration rights of an area located near Maniitsoq in West Greenland. The Company paid a license fee of $6,523 (DKK 31,000) upon granting of the Carbonatite License. The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2019 being the second year. The Company had a minimum required exploration obligation of DKK 267,320, approximately $53,192 for the year ended December 31, 2019. As of December 31, 2019, the Company has spent $1,486,940 on exploration costs for the Carbonatite License. To December 31, 2019, the Company’s expenditures exceeded the minimum requirement and the Company has a total surplus credit of DKK 10,496,522 (approximately $2,088,808). The credit from 2018 may be carried forward until December 31, 2022 and the credit from 2019 may be carried forward until December 31, 2023. The Company has no exploration commitment for 2020 year. During the six months period ended June 30, 2020, the Company spent a total of $3,561 in exploration and license related expenditures, (June 30, 2019 - $122,484). Ikertoq License During the year ended December 31, 2018, the Company was granted an exploration license, (the “Ikertoq License”) by the BMP of Greenland and spent total of $132,679 in exploration and license related expenditures. The license was later relinquished and the costs were expensed as at December 31, 2018. |
Trade Payables and Accrued Liab
Trade Payables and Accrued Liabilities | 6 Months Ended |
Jun. 30, 2020 | |
Trade and other current payables [abstract] | |
Trade Payables and Accrued Liabilities | 6. TRADE PAYABLES AND ACCRUED LIABILITIES (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Trade payables 468 310 Amounts due to related parties (Note 8) 281 169 Accrued liabilities 3 40 752 519 |
Share Capital, Warrants and Opt
Share Capital, Warrants and Options | 6 Months Ended |
Jun. 30, 2020 | |
SHARE CAPITAL, WARRANTS AND OPTIONS | |
Share Capital, Warrants and Options | 7. SHARE CAPITAL, WARRANTS AND OPTIONS The authorized capital of the Company comprises an unlimited number of common shares without par value and 100,000,000 Series 1 convertible preferred shares without par value. a) Common shares issued and outstanding There were no common shares issued during the three months period ended June 30, 2020 and June 30, 2019. As at June 30, 2020, the Company has 88,690,791 common shares issued and outstanding, (June 30, 2019 – 78,792,860). 2019 Effective October 4, 2019, the Company completed a share consolidation of the Company’s issued and outstanding common shares whereby for every ten (10) pre-consolidation common shares issued and outstanding, one (1) post-consolidation common share exists without par value. Share capital outstanding prior to the share consolidation was 787,928,500 common shares and 78,792,860 on a post-consolidation basis. All references to share capital, warrants, options and weighted average number of shares outstanding have been adjusted retrospectively to reflect the Company’s 10-for-1 share consolidation as if it occurred at the beginning of the earliest period presented. On October 24, 2019 the TSXV approved the filing of the earn in agreement for the Loveland Nickel Property. As a result, on December 9, 2019, the Company issued 300,000 post-consolidation common shares at fair value of $51,000 (note 7). On December 18, 2019, the Company closed a non-brokered private placement equity financing of 7,373,265 units at a price of $0.18 and 2,224,666 flow-through common shares at a price of $0.18 and raised aggregate gross proceeds of $1,727,628. Each unit issued consisted of one common share in the capital of the Company and one-half of one common share purchase warrant. Each warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.25 for a period of 24 months from its date of issuance. All Securities issued pursuant to this offering will be subject to a hold period expiring April 19, 2020. The Company incurred total share issuance costs of $343,639. The Company allocated a $265,217 fair value to the warrants issued in conjunction with the private placement and $21,445 to agent’s warrants. The fair value of warrants was determined using the Black-Scholes Option Pricing Model with the following assumptions; expected life of 2 years, expected dividend yield of 0%, a risk-free interest rate of 1.73% and an expected volatility of 147.26%. On issuance, the Company bifurcated the flow-through shares into i) a flow-through share premium of $88,987 that investors paid for the flow-through feature, which is recognized as a liability and; ii) share capital of $311,453. To December 31, 2019, the Company expended $Nil in eligible exploration expenditures and, accordingly, the flow-through liability was not reduced. Sentient Executive GP IV Limited (“Sentient”) and Contemporary Amperex Technology Limited (“CATL”) have historically subscribed to private placements of the Company. At December 31, 2019, Sentient beneficially owns, or exercises control or direction over 36,980,982 shares (2018 - 36,980,982 on a post-consolidation basis) constituting approximately 41.70% (2018 - 46.93%) of the currently issued and outstanding shares of the Company. At December 31, 2019, CATL beneficially owns, or exercises control or direction over approximately 22,944,444 (2018 – 20,000,000) constituting approximately 25.87% (2018 - 25.38%) of the currently issued and outstanding shares of the Company. As per the subscription agreement, CATL has pre-emptive rights and the right to nominate one director to the board of directors of the Company. As at December 31, 2019, the Company has 88,690,791 common shares issued and outstanding, (December 31, 2018 – 78,792,860) on a post-consolidation basis. b) Preferred shares issued and outstanding As at June 30, 2020 and June 30, 2019, there are 590,931 series 1 preferred shares outstanding. The rights and restrictions of the preferred shares are as follows: i) dividends shall be paid at the discretion of the directors; ii) the holders of the preferred shares are not entitled to vote except at meetings of the holders of the preferred shares, where they are entitled to one vote for each preferred share held; iii) the shares are convertible at any time after 6 months from the date of issuance, upon the holder serving the Company with 10 days written notice; and iv) the number of the common shares to be received on conversion of the preferred shares is to be determined by dividing the conversion value of the share, $1 per share, by $9.00. c) Warrants A summary of common share purchase warrants activity during the six months period ended June 30, 2020, on a post-consolidation basis is as follows: June 30, 2020 December 31, 2019 Number Outstanding Weighted Average Exercise Price ($) Number Outstanding Weighted Average Exercise Price ($) Outstanding, beginning of the period 15,651,397 0.96 25,797,283 1.20 Issued - - 3,984,731 0.25 Cancelled / expired (11,666,666 ) 1.20 (14,130,617 ) 1.20 Outstanding, end of the period 3,984,731 0.25 15,651,397 0.96 At June 30, 2020, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: Warrants Outstanding Expiry Date Exercise Price ($) Weighted Average remaining contractual life (years) 3,984,731 December 18, 2021 0.25 1.47 3,984,731 1.47 d) Stock options The Company adopted a Stock Option Plan (the “Plan”), providing the authority to grant options to directors, officers, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the Plan, the exercise price of each option equals the market price or a discounted price of the Company’s stock as calculated on the date of grant. The options can be granted for a maximum term of 10 years. A summary of option activity under the Plan during the three months period ended June 30, 2020 on a post-consolidation basis is as follows: June 30, 2020 December 31, 2019 Number Outstanding Weighted Average Exercise Price ($) Number Outstanding Weighted Average Exercise Price ($) Outstanding, beginning of the period 2,130,550 1.51 2,594,550 1.80 Issued 6,650,000 0.16 - - Cancelled / expired (90,000 ) 2.75 (464,000 ) 4.23 Outstanding, end of the period 8,690,550 0.46 2,130,550 1.51 During the six months period ended June 30, 2020, the Company granted 6,650,000 stock options to purchase common shares in the capital of the Company pursuant to the Company’s stock option plan. All of the options are exercisable for a period of five years at an exercise price of $0.16 per share. There were no incentive stock options granted during the six months period ended June 30, 2019. The fair value of stock options granted and vested during the six months period ended June 30, 2020 was calculated using the following assumptions: June 30, 2020 June 30, 2019 Expected dividend yield 0 % - Expected share price volatility 121.55 % - Risk free interest rate 1.21 % - Expected life of options 5 years - Details of options outstanding as at June 30, 2020 on a post-consolidation basis are as follows: Options Outstanding Options Exercisable Expiry Date Exercise Price ($) Weighted average remaining contractual life (years) 45,000 45,000 Oct 5, 2020 2.00 0.00 541,800 541,800 Jan 28, 2021 2.10 0.04 763,750 763,750 Feb 21, 2022 1.20 0.14 50,000 50,000 Dec 20, 2022 1.20 0.01 570,000 570,000 Feb 28, 2023 1.20 0.17 50,000 50,000 May 1, 2023 1.20 0.02 20,000 20,000 May 4, 2023 1.20 0.01 6,650,000 6,650,000 Feb 24, 2025 0.16 3.56 8,690,550 8,690,550 3.95 e) Reserve The reserve records items recognized as stock-based compensation expense and other share-based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. Amounts recorded for forfeited or expired unexercised options and warrants are transferred to deficit. During the six months period ended June 30, 2020, the Company transferred $199,971 to deficit for expired options (June 30, 2019 - $1,561,344) and $2,571,514 for expired warrants (June 30, 2019 - $Nil). During the six months period ended June 30, 2020, the Company recorded $884,247 of share-based payments to reserves. There were no share-based payments during the six months period ended June 30, 2019. |
Related Party Transactions
Related Party Transactions | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Transactions | 8. RELATED PARTY TRANSACTIONS The following amounts due to related parties are included in trade payables and accrued liabilities (Note 6): (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Directors and officers of the Company 259 38 Related company 22 131 Total 281 169 These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. The following amount due from related party and advancement represent other receivable included in current assets as well as investment in a related private company. (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Due from related party 132 95 Advancement 130 24 On September 30, 2019, the Company entered into a Memorandum of Understanding (“MOU”) with a private company, Premium Nickel Resources (“PNR”) incorporated in Ontario in which certain directors and officers of the Company also hold offices and minority investments. Concurrent with the MOU, the Company subscribed for 2,400,000 common shares of PNR at $0.01, for a total investment of $24,000. Further, during the six months period ended June 30, 2020, the Company subscribed for additional 3,686,749 common shares at $0.02 and 652,152 common shares at $0.05 for an additional investment of $106,343. As of June 30, 2020, the Company’s total investment amounts to $130,343 and constitutes a 10.87% holding in PNR and includes a provision that will give the Company the right to nominate two directors to the board of directors of PNR. To June 30, 2020, the Company’s investment has been classified as an advance as PNR has not yet issued the common shares certificate nor has it issued the final form of the Warrant to the Company. PNR intends to issue the Company within the next few weeks both the common share certificates and a non-transferable share purchase warrant (the “Warrant”), entitling the Company to purchase common shares of PNR up to 15% of the capital of PNR upon payment of US $10 million prior to the fifth anniversary of the date of issue. On January 1,2020, the Company entered into a Management and Technical Services Agreement (the “Services Agreement”) with PNR, whereby the Company will provide certain technical, corporate, administrative and clerical, office and other services to PNR during the due diligence stage of the contemplated arrangement. The CEO, CFO and the co-chair of NAN’s Board were appointed to be the CEO, CFO and the Chair of PNR. At June 30, 2020, the Company recorded $132,324 due from the PNR. (a) Related party transactions As of June 30, 2020, Sentient beneficially owns 36,980,982 common shares on a post-consolidation basis constituting approximately 41.70% of the currently issued and outstanding common shares. On June 30, 2020, CATL beneficially owns 22,944,444 common shares on a post-consolidation basis constituting approximately 25.87% of the currently issued and outstanding shares of the Company. CATL has pre-emptive rights and the right to nominate one director to the board of directors of the Company. During the six months period ended June 30, 2020, the Company recorded $62,822 (June 30, 2019 - $29,277) in fees charged by a legal firm in which the Company’s chairman is a consultant. (b) Key management personnel are defined as members of the Board of Directors and senior officers. Key management compensation was: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 June 30, 2019 Geological consulting fees – expensed 5 56 Management fees – expensed 249 374 Salaries - expensed 81 95 Share-based payments 671 - Total 1,006 525 |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 6 Months Ended |
Jun. 30, 2020 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
Supplemental Cash Flow Information | 9. SUPPLEMENTAL CASH FLOW INFORMATION Changes in working capital for the three months period ended June 30, 2020 and 2019 are as follows: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 June 30, 2019 Decrease in accounts receivables 49 27 (Increase) in prepaid expenses - (1 ) Increase (decrease)in trade payables and accrued liabilities 183 (23 ) Total changes in working capital 232 3 During the six months period ended June 30, 2020, the Company: i) transferred $2,771,485 from reserve to deficit; ii) recorded $49,094 the net change for accrued in exploration and evaluation expenditures; iii) Recorded $106,343 as a further investment in PNR through reduction of amount receivable from PNR. During the six months period ended June 30, 2019, the Company: i) transferred $1,561,344 from reserve to deficit; ii) recorded $172,059 in accrued exploration and evaluation expenditures. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of contingent liabilities [abstract] | |
Commitments and Contingencies | 10. COMMITMENTS AND CONTINGENCIES The Company has certain commitments to meet the minimum expenditures requirements on its mineral exploration assets it has interest in. Effective July 1, 2014, the Company had changes to management and entered into the following agreements for services with directors of the Company and a company in which a director has an interest: i) Directors’ fees: $2,000 stipend per month for independent directors and $3,000 stipend per month for the chairman of the board, and $2,500 for committee chairmen. ii) Management fees: $10,905 per month for the 1 st Effectively on June 1, 2018, the Company changed the terms with Keith Morrison, the CEO, from direct employment to contracted consultant and entered into a service agreement with his company. Mr. Keith Morrison was appointed to CEO of PNR in January 2020 and has a separate service agreement with the private company. Each of the agreements shall be continuous and may only be terminated by mutual agreement of the parties, subject to the provisions that in the event there is a change of effective control of the Company, the party shall have the right to terminate the agreement, within sixty days from the date of such change of effective control, upon written notice to the Company. Within thirty days from the date of delivery of such notice, the Company shall forward to the party the amount of money due and owing to the party hereunder to the extent accrued to the effective date of termination. |
Segmented Information
Segmented Information | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of geographical areas [abstract] | |
Segmented Information | 11. SEGMENTED INFORMATION The Company operates in one reportable operating segment being that of the acquisition, exploration and development of mineral properties in three geographic segments being Canada, Greenland and United States (Note 5). The Company’s geographic segments are as follows: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Equipment Canada 7 9 Greenland 17 19 Total 24 28 June 30, 2020 December 31, 2019 Exploration and evaluation assets Canada 2,478 2,483 Greenland 36,233 36,150 Total 38,711 38,633 |
General and Administrative Expe
General and Administrative Expenses | 6 Months Ended |
Jun. 30, 2020 | |
Increase through Environment, Health and Safety Expenses, Exploration and Evaluation Assets | |
General and Administrative Expenses | 12. GENERAL AND ADMINISTRATIVE EXPENSES Details of the general and administrative expenses by nature are presented in the following table: (All amounts in table are expressed in thousands of Canadian dollars) Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Consulting fees 36 84 84 165 Professional fees 46 26 81 35 Management fees 140 185 256 373 Investor relations 11 11 14 27 Filing fees 12 17 21 28 Salaries and benefits 93 147 168 278 General office expenses 21 48 40 147 Total 359 518 664 1,053 |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | 13. SUBSEQUENT EVENTS On July 14, 2020, the Company announced that it intends to complete a non-brokered private placement to raise up to $1,620,000. The placement will be by way of subscription agreement for up to 23,142,857 units at $0.07 per unit. Each Unit will consist of one common share in the capital of the Company and one transferable common share purchase warrant (“Warrant”) of the Company. Each Warrant will entitle the holder to acquire one common share of the Company within twenty-four (24) months following its issuance date, at a price of $0.09. The warrants are subject to an acceleration clause such that if the closing market price of the common Shares on the TSX-V is greater than $0.12 per Common Share for a period of 10 consecutive trading days at any day before the expiration date of such warrants, the Company may, at its option, accelerate the warrant expiry date to within 30 days. On August 13, the Company closed the first tranche of its non-brokered private placement consisting of an aggregate of 15,481,077 units of the Company at a price of $0.07 per Unit, for aggregate gross proceeds of $1,083,675.39. |
Basis of Preparation and Sign_2
Basis of Preparation and Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
Basis Of Preparation And Significant Accounting Policies | |
Statement of Compliance | (a) Statement of Compliance These condensed interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”), including IAS 34 Interim Financial Statements. The condensed interim consolidated financial statements do not include all of the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s audited annual financial statements for the year ended December 31, 2019. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2020 could result in restatement of these condensed interim consolidated financial statements. |
Basis of Preparation | (b) Basis of Preparation These condensed interim consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. The significant accounting policies used in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended December 31, 2019. |
Basis of Consolidation | (c) Basis of consolidation These condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, North American Nickel (US) Inc. which was incorporated in the State of Delaware on May 22, 2015. Consolidation is required when the Company is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. |
Receivables and Other Current_2
Receivables and Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Trade and other current receivables [abstract] | |
Schedule of Receivables and Other Current Assets | A summary of the receivables and other current assets as of June 30, 2020 is detailed in the table below: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Sales taxes receivable 22 62 Other current assets 45 99 67 161 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
EXPLORATION AND EVALUATION ASSETS | |
Schedule of Exploration and Evaluation Assets | (All amounts in table are expressed in thousands of Canadian dollars) Canada Greenland Post Creek Property Halcyon Property Quetico Claims Enid Creek Lingman Lake Maniitsoq Property Total Acquisition Balance, December 31, 2019 298 230 42 83 14 42 709 Acquisition costs – cash 5 4 - - - 4 13 Balance, June 30, 2020 303 234 42 83 14 46 722 Exploration Balance, December 31, 2019 1,498 233 39 33 13 36,108 37,924 Administration - - - - - 8 8 Property maintenance 6 5 - - - 17 28 Drilling - - 6 166 - - 172 Geology 10 6 46 83 - 51 196 Geophysics 1 1 21 72 - 3 98 Infrastructure - - - - - - - Write-off - - - (437 ) - - (437 ) 17 12 73 (116 ) - 79 65 Balance, June 30 ,2020 1,515 245 112 (83 ) 13 36,187 37,989 Total, June 30, 2020 1,818 479 154 - 27 36,233 38,711 Canada US Greenland Post Creek Property Halcyon Property Quetico Claims Lingman Lake Section 35 Property Maniitsoq Property Total Acquisition Balance, December 31, 2018 288 222 42 - 8 42 602 Acquisition costs – cash 5 4 - 15 1 - 25 Balance, June 30 2019 293 226 42 15 9 42 627 Exploration Balance, December 31, 2018 1,431 209 22 - - 62,215 63,877 Administration 1 1 - - - 9 11 Corporate social 1 - - - - - 1 Property maintenance - - - - - 17 17 Drilling 24 - 2 3 - 191 220 Environmental, health - - - - - 8 8 Geology 15 7 - - 2 105 129 Geophysics 1 1 4 1 1 27 35 42 9 6 4 3 357 421 Balance, June 30 ,2019 1,473 218 28 4 3 62,572 64,298 Total, June 30, 2019 1,766 444 70 19 12 62,614 64,925 |
Schedule of Exploration and Evaluation Assets Consideration | Consideration is as follows: (All amounts in table are expressed in thousands of Canadian dollars) Acquisition costs Exploration expenditures Within 5 days of TSXV approval (received on October 24, 2019) $25 cash (paid) and 300,000 post-consolidated - On or before September 25, 2020 $100 cash Aggregate of at least $500 On or before September 25, 2021 $200 cash Aggregate of at least an additional $1,000 On or before September 25, 2022 $300 cash Aggregate of at least an additional $1,000 On or before September 25, 2023 $400 cash Aggregate of at least an additional $1,000 On or before September 25, 2024 $500 cash Aggregate of at least an additional $1,000 |
Trade Payables and Accrued Li_2
Trade Payables and Accrued Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Trade and other current payables [abstract] | |
Summary of Trade Payables and Accrued Liabilities | (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Trade payables 468 310 Amounts due to related parties (Note 8) 281 169 Accrued liabilities 3 40 752 519 |
Share Capital, Warrants and O_2
Share Capital, Warrants and Options (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
SHARE CAPITAL, WARRANTS AND OPTIONS | |
Schedule of Number and Weighted Average Exercise Prices of Warrants | A summary of common share purchase warrants activity during the six months period ended June 30, 2020, on a post-consolidation basis is as follows: June 30, 2020 December 31, 2019 Number Outstanding Weighted Average Exercise Price ($) Number Outstanding Weighted Average Exercise Price ($) Outstanding, beginning of the period 15,651,397 0.96 25,797,283 1.20 Issued - - 3,984,731 0.25 Cancelled / expired (11,666,666 ) 1.20 (14,130,617 ) 1.20 Outstanding, end of the period 3,984,731 0.25 15,651,397 0.96 |
Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants | At June 30, 2020, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: Warrants Outstanding Expiry Date Exercise Price ($) Weighted Average remaining contractual life (years) 3,984,731 December 18, 2021 0.25 1.47 3,984,731 1.47 |
Schedule of Number and Weighted Average Exercise Prices of Share Options | A summary of option activity under the Plan during the three months period ended June 30, 2020 on a post-consolidation basis is as follows: June 30, 2020 December 31, 2019 Number Outstanding Weighted Average Exercise Price ($) Number Outstanding Weighted Average Exercise Price ($) Outstanding, beginning of the period 2,130,550 1.51 2,594,550 1.80 Issued 6,650,000 0.16 - - Cancelled / expired (90,000 ) 2.75 (464,000 ) 4.23 Outstanding, end of the period 8,690,550 0.46 2,130,550 1.51 |
Schedule of Inputs to Option Pricing Model | The fair value of stock options granted and vested during the six months period ended June 30, 2020 was calculated using the following assumptions: June 30, 2020 June 30, 2019 Expected dividend yield 0 % - Expected share price volatility 121.55 % - Risk free interest rate 1.21 % - Expected life of options 5 years - |
Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options | Details of options outstanding as at June 30, 2020 on a post-consolidation basis are as follows: Options Outstanding Options Exercisable Expiry Date Exercise Price ($) Weighted average remaining contractual life (years) 45,000 45,000 Oct 5, 2020 2.00 0.00 541,800 541,800 Jan 28, 2021 2.10 0.04 763,750 763,750 Feb 21, 2022 1.20 0.14 50,000 50,000 Dec 20, 2022 1.20 0.01 570,000 570,000 Feb 28, 2023 1.20 0.17 50,000 50,000 May 1, 2023 1.20 0.02 20,000 20,000 May 4, 2023 1.20 0.01 6,650,000 6,650,000 Feb 24, 2025 0.16 3.56 8,690,550 8,690,550 3.95 |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Schedule of Amounts Due to Related Parties, Included in Trade Payables and Accrued Liabilities | The following amounts due to related parties are included in trade payables and accrued liabilities (Note 6): (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Directors and officers of the Company 259 38 Related company 22 131 Total 281 169 These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. The following amount due from related party and advancement represent other receivable included in current assets as well as investment in a related private company. (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Due from related party 132 95 Advancement 130 24 |
Schedule of Key Management Compensation | Key management compensation was: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 June 30, 2019 Geological consulting fees – expensed 5 56 Management fees – expensed 249 374 Salaries - expensed 81 95 Share-based payments 671 - Total 1,006 525 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
SUPPLEMENTAL CASH FLOW INFORMATION | |
Schedule of Changes in Working Capital | Changes in working capital for the three months period ended June 30, 2020 and 2019 are as follows: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 June 30, 2019 Decrease in accounts receivables 49 27 (Increase) in prepaid expenses - (1 ) Increase (decrease)in trade payables and accrued liabilities 183 (23 ) Total changes in working capital 232 3 |
Segmented Information (Tables)
Segmented Information (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Disclosure of geographical areas [abstract] | |
Schedule of Geographic Segments | The Company operates in one reportable operating segment being that of the acquisition, exploration and development of mineral properties in three geographic segments being Canada, Greenland and United States (Note 5). The Company’s geographic segments are as follows: (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2020 December 31, 2019 Equipment Canada 7 9 Greenland 17 19 Total 24 28 June 30, 2020 December 31, 2019 Exploration and evaluation assets Canada 2,478 2,483 Greenland 36,233 36,150 Total 38,711 38,633 |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Increase through Environment, Health and Safety Expenses, Exploration and Evaluation Assets | |
Schedule of General and Administrative Expenses | Details of the general and administrative expenses by nature are presented in the following table: (All amounts in table are expressed in thousands of Canadian dollars) Three Months Ended Six Months Ended June 30, 2020 June 30, 2019 June 30, 2020 June 30, 2019 Consulting fees 36 84 84 165 Professional fees 46 26 81 35 Management fees 140 185 256 373 Investor relations 11 11 14 27 Filing fees 12 17 21 28 Salaries and benefits 93 147 168 278 General office expenses 21 48 40 147 Total 359 518 664 1,053 |
Receivables and Other Current_3
Receivables and Other Current Assets - Schedule of Receivables and Other Current Assets (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Trade and other current receivables [abstract] | ||
Sales taxes receivable | $ 22 | $ 62 |
Other current assets | 45 | 99 |
Total | $ 67 | $ 161 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Details Narrative) | May 04, 2018CAD ($) | Apr. 11, 2016 | Jan. 04, 2016a | Aug. 01, 2015CAD ($) | Mar. 04, 2012CAD ($) | Aug. 15, 2011CAD ($) | Jun. 30, 2020CAD ($) | Jun. 30, 2019CAD ($) | Jun. 30, 2020CAD ($) | Jun. 30, 2019CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2015CAD ($) | Sep. 25, 2019 |
Statement Line Items [Line Items] | |||||||||||||||
Acquisition and exploration related cost | $ 563,000 | $ 618,000 | |||||||||||||
Impairment loss | $ 437,000 | 437,000 | |||||||||||||
Post Creek Property [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Advances payable annually on net smelter return royalties | $ 10,000 | ||||||||||||||
Payments made in advance | 5,000 | 5,000 | |||||||||||||
Exploration and license related expenditures | 16,927 | 42,108 | |||||||||||||
Halcyon Property [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Advances payable annually on net smelter return royalties | $ 8,000 | ||||||||||||||
Payments made in advance | 4,000 | 4,000 | |||||||||||||
Exploration and license related expenditures | 12,254 | 12,209 | |||||||||||||
Quetico Property [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Exploration and license related expenditures | $ 72,444 | 6,330 | |||||||||||||
Acquisition and exploration related cost | $ 64,256 | ||||||||||||||
Exploration claim description | The second anniversary of the recording of a claim and by each anniversary thereafter, a minimum of $400 worth of exploration activity per claim unit must be reported to the Provincial Recording Office. | ||||||||||||||
Quetico Property [Member] | After April 26, 2021 [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Total annual work requirement cost | $ 324,000 | ||||||||||||||
Lingman Lake Property [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Acquisition and exploration related cost | $ 27,376 | ||||||||||||||
Loveland (Enid Creek) Property [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Acquisition and exploration related cost | 436,897 | ||||||||||||||
Percentage of interest in property to be acquired on basis of option agreement | 100.00% | ||||||||||||||
Loveland (Enid Creek) Property [Member] | NSR [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Percentage of interest in property to be acquired on basis of option agreement | 1.00% | ||||||||||||||
Section 35 Property [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Length of metallic minerals lease | 10 years | ||||||||||||||
Area of land | a | 320 | ||||||||||||||
Cumulative exploration related costs | 11,393 | ||||||||||||||
Refund exploration related costs | 13,016 | ||||||||||||||
Section 35 Property [Member] | US Dollar [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Refund exploration related costs | 10,000 | ||||||||||||||
Maniitsoq Property [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Exploration and license related expenditures | $ 83,191 | 357,187 | |||||||||||||
Impairment loss | 26,499,159 | ||||||||||||||
Percentage of net smelter return royalties | 2.50% | ||||||||||||||
Percentage of net smelter return royalties after reduction | 1.00% | ||||||||||||||
Payment required to reduce net smelter return royalties | $ 2,000,000 | ||||||||||||||
Number of days from decision to commence commercial production to reduce net smelter return royalties | 60 days | ||||||||||||||
Period of additional license application for years 11-13 | 3 years | ||||||||||||||
Period of additional license application after year 13 | 3 years | ||||||||||||||
License period description | The expiration of the first license period, the Company may apply for a second license period (years 6-10), and the Company may apply for a further 3-year license for years 11 to 13. Thereafter, the Company may apply for additional 3-year licenses for years 14 to 16, 17 to 19 and 20 to 22. The Company will be required to pay additional license fees and will be obligated to incur minimum eligible exploration expenses for such years. | ||||||||||||||
Recoverable amount for exploration and evaluation assets | 36,149,667 | ||||||||||||||
Sulussugut License [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Exploration and license related expenditures | $ 66,139 | 197,476 | 228,925 | 10,794,837 | |||||||||||
License fee paid | $ 5,742 | $ 7,982 | |||||||||||||
Period of additional license application after first period | 5 years | ||||||||||||||
Exploration requirement | 8,905,514 | $ 15,808,386 | |||||||||||||
Exploration cost | 55,960,762 | 26,115,831 | |||||||||||||
Accumulated exploration surplus credits | 56,333,010 | 19,067,735 | |||||||||||||
Total carried credits | 66,950,764 | ||||||||||||||
Approved exploration expenditures | 343,125 | ||||||||||||||
Sulussugut License [Member] | Danish Krone [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
License fee paid | $ 31,400 | $ 40,400 | |||||||||||||
Exploration requirement | 44,755,600 | 83,809,340 | |||||||||||||
Accumulated exploration surplus credits | 283,080,453 | $ 100,303,710 | |||||||||||||
Total carried credits | 326,111,805 | ||||||||||||||
Approved exploration expenditures | 1,724,248 | ||||||||||||||
Ininngui License [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Exploration and license related expenditures | 13,491 | 37,230 | |||||||||||||
License period description | The Ininngui License was valid for an initial 5 years until December 31, 2016, with December 31, 2012 being the first year. The license was extended for a further 5 years, until December 31, 2021, with December 31, 2017 being the first year. | ||||||||||||||
License fee paid | $ 5,755 | ||||||||||||||
Exploration cost | 5,158,454 | ||||||||||||||
Accumulated exploration surplus credits | 6,026,089 | ||||||||||||||
Ininngui License [Member] | Danish Krone [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
License fee paid | $ 32,200 | ||||||||||||||
Exploration requirement | 5,510,400 | ||||||||||||||
Accumulated exploration surplus credits | $ 30,281,852 | ||||||||||||||
Ikertoq License [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Exploration and license related expenditures | $ 132,679 | ||||||||||||||
Minimum exploration expenditures and actual spend on exploration costs payable in cash, description | The minimum exploration expenditures on the license in any one year from years 2-5, the Company may pay 50% of the difference in cash to BMP as full compensation for that year. | ||||||||||||||
Percentage of difference between minimum exploration expenditures and actual spend on exploration costs payable in cash | 50.00% | ||||||||||||||
Carbonatite License [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
Exploration and license related expenditures | $ 3,561 | $ 122,484 | |||||||||||||
License period description | The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2019 being the second year. | ||||||||||||||
License fee paid | $ 6,523 | ||||||||||||||
Exploration requirement | $ 53,192 | ||||||||||||||
Exploration cost | 1,486,940 | ||||||||||||||
Accumulated exploration surplus credits | 2,088,808 | ||||||||||||||
Carbonatite License [Member] | Danish Krone [Member] | |||||||||||||||
Statement Line Items [Line Items] | |||||||||||||||
License fee paid | $ 31,000 | ||||||||||||||
Exploration requirement | 267,320 | ||||||||||||||
Accumulated exploration surplus credits | $ 10,496,522 |
Exploration and Evaluation As_4
Exploration and Evaluation Assets - Schedule of Exploration and Evaluation Assets (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | ||
Administration | ||
Balance at the end of the year | 28,711 | 64,925 |
Greenland [Member] | Maniitsoq Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the end of the year | 36,233 | 62,614 |
Canada [Member] | Post Creek Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the end of the year | 1,818 | 1,766 |
Canada [Member] | Halcyon Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the end of the year | 479 | 444 |
Canada [Member] | Quetico Claims [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the end of the year | 154 | 70 |
Canada [Member] | Enid Creek [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the end of the year | ||
Canada [Member] | Lingman Lake [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the end of the year | 27 | 19 |
United States [Member] | Section 35 Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the end of the year | 12 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 709 | 602 |
Acquisition costs - cash | 13 | 25 |
Balance at the end of the year | 722 | 627 |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Post Creek Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 298 | |
Acquisition costs - cash | 5 | |
Balance at the end of the year | 303 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Halcyon Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 230 | |
Acquisition costs - cash | 4 | |
Balance at the end of the year | 234 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Quetico Claims [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 42 | |
Acquisition costs - cash | ||
Balance at the end of the year | 42 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Enid Creek [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 83 | |
Acquisition costs - cash | ||
Balance at the end of the year | 83 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Lingman Lake [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 14 | |
Acquisition costs - cash | ||
Balance at the end of the year | 14 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Greenland [Member] | Maniitsoq Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 42 | 42 |
Acquisition costs - cash | 4 | |
Balance at the end of the year | 46 | 42 |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Post Creek Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 288 | |
Acquisition costs - cash | 5 | |
Balance at the end of the year | 293 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Halcyon Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 222 | |
Acquisition costs - cash | 4 | |
Balance at the end of the year | 226 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Quetico Claims [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 42 | |
Acquisition costs - cash | ||
Balance at the end of the year | 42 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | Canada [Member] | Lingman Lake [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | ||
Acquisition costs - cash | 15 | |
Balance at the end of the year | 15 | |
Exploration and Evaluation Assets Arising From Acquisition [Member] | United States [Member] | Section 35 Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 8 | |
Acquisition costs - cash | 1 | |
Balance at the end of the year | 9 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 37,924 | 63,877 |
Administration | 8 | 11 |
Corporate social responsibility | 1 | |
Property maintenance | 28 | 17 |
Drilling | 172 | 220 |
Environment, health & safety | 8 | |
Geology | 196 | 129 |
Geophysics | 98 | 35 |
Infrastructure | ||
Write-off | (437) | |
Increase in exploration and evaluation assets | 65 | 421 |
Balance at the end of the year | 37,989 | 64,298 |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Post Creek Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 1,498 | |
Administration | ||
Property maintenance | 6 | |
Drilling | ||
Geology | 10 | |
Geophysics | 1 | |
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | 17 | |
Balance at the end of the year | 1,515 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Halcyon Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 233 | |
Administration | ||
Property maintenance | 5 | |
Drilling | ||
Geology | 6 | |
Geophysics | 1 | |
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | 12 | |
Balance at the end of the year | 245 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Quetico Claims [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 39 | |
Administration | ||
Property maintenance | ||
Drilling | 6 | |
Geology | 46 | |
Geophysics | 21 | |
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | 73 | |
Balance at the end of the year | 112 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Enid Creek [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 33 | |
Administration | ||
Property maintenance | ||
Drilling | 166 | |
Geology | 83 | |
Geophysics | 72 | |
Infrastructure | ||
Write-off | (437) | |
Increase in exploration and evaluation assets | (116) | |
Balance at the end of the year | (83) | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Lingman Lake [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 13 | |
Administration | ||
Property maintenance | ||
Drilling | ||
Geology | ||
Geophysics | ||
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | ||
Balance at the end of the year | 13 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Greenland [Member] | Maniitsoq Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 36,108 | 62,215 |
Administration | 8 | 9 |
Corporate social responsibility | ||
Property maintenance | 17 | 17 |
Drilling | 191 | |
Environment, health & safety | 8 | |
Geology | 51 | 105 |
Geophysics | 3 | 27 |
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | 79 | 357 |
Balance at the end of the year | $ 36,187 | 62,572 |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Post Creek Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 1,431 | |
Administration | 1 | |
Corporate social responsibility | 1 | |
Property maintenance | ||
Drilling | 24 | |
Environment, health & safety | ||
Geology | 15 | |
Geophysics | 1 | |
Increase in exploration and evaluation assets | 42 | |
Balance at the end of the year | 1,473 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Halcyon Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 209 | |
Administration | 1 | |
Corporate social responsibility | ||
Property maintenance | ||
Drilling | ||
Environment, health & safety | ||
Geology | 7 | |
Geophysics | 1 | |
Increase in exploration and evaluation assets | 9 | |
Balance at the end of the year | 218 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Quetico Claims [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | 22 | |
Administration | ||
Corporate social responsibility | ||
Property maintenance | ||
Drilling | 2 | |
Environment, health & safety | ||
Geology | ||
Geophysics | 4 | |
Increase in exploration and evaluation assets | 6 | |
Balance at the end of the year | 28 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | Canada [Member] | Lingman Lake [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | ||
Administration | ||
Corporate social responsibility | ||
Property maintenance | ||
Drilling | 3 | |
Environment, health & safety | ||
Geology | ||
Geophysics | 1 | |
Increase in exploration and evaluation assets | 4 | |
Balance at the end of the year | 4 | |
Exploration and Evaluation Assets Arising From Exploration [Member] | United States [Member] | Section 35 Property [Member] | ||
Disclosure of Exploration and Evaluation Assets [Line Items] | ||
Balance at the beginning of the year | ||
Administration | ||
Corporate social responsibility | ||
Property maintenance | ||
Drilling | ||
Environment, health & safety | ||
Geology | 2 | |
Geophysics | 1 | |
Increase in exploration and evaluation assets | 3 | |
Balance at the end of the year | $ 3 |
Exploration and Evaluation As_5
Exploration and Evaluation Assets - Schedule of Exploration and Evaluation Assets Consideration (Details) | 6 Months Ended |
Jun. 30, 2020CAD ($)shares | |
Within 5 Days of TSXV Approval (Received on October 24, 2019) [Member] | |
Statement Line Items [Line Items] | |
Acquisition costs | $ 25 |
Number of post-consolidated common stock | shares | 300 |
On or before September 25, 2020 [Member] | |
Statement Line Items [Line Items] | |
Acquisition costs | $ 100 |
Exploration expenditures | Aggregate of at least $500 |
On or before September 25, 2021 [Member] | |
Statement Line Items [Line Items] | |
Acquisition costs | $ 200 |
Exploration expenditures | Aggregate of at least an additional $1,000 |
On or before September 25, 2022 [Member] | |
Statement Line Items [Line Items] | |
Acquisition costs | $ 300 |
Exploration expenditures | Aggregate of at least an additional $1,000 |
On or before September 25, 2023 [Member] | |
Statement Line Items [Line Items] | |
Acquisition costs | $ 400 |
Exploration expenditures | Aggregate of at least an additional $1,000 |
On or before September 25, 2024 [Member] | |
Statement Line Items [Line Items] | |
Acquisition costs | $ 500 |
Exploration expenditures | Aggregate of at least an additional $1,000 |
Trade Payables and Accrued Li_3
Trade Payables and Accrued Liabilities - Summary of Trade Payables and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Trade and other current payables [abstract] | ||
Trade payables | $ 468 | $ 310 |
Amounts due to related parties (Note 8) | 281 | 169 |
Accrued liabilities | 3 | 40 |
Trade payables and accrued liabilities | $ 752 | $ 519 |
Share Capital, Warrants and O_3
Share Capital, Warrants and Options (Details Narrative) | Dec. 18, 2019CAD ($)$ / sharesshares | Dec. 09, 2019CAD ($)shares | Oct. 04, 2019shares | Jun. 30, 2020CAD ($)OptionInt$ / sharesshares | Jun. 30, 2019CAD ($)shares | Dec. 31, 2019CAD ($)Optionshares | Dec. 31, 2018shares | Jun. 30, 2018shares |
Issue of Equity [Line items] | ||||||||
Expected dividend yield | 0.00% | |||||||
Risk-free interest rate | 1.21% | |||||||
Expected volatility | 121.55% | |||||||
Eligible exploration expenditures | $ | $ 38,711,000 | $ 38,633,000 | ||||||
Reserve [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Transfer to deficit for expired options and warrants | $ | 199,971 | |||||||
Transfer to deficit for expired warrants | $ | $ 2,571,514 | |||||||
Stock Option Plan [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Period of options granted | 5 years | |||||||
Number of stock option granted | Option | 6,650,000 | |||||||
Stock options exercisable price per share | $ / shares | $ 0.16 | |||||||
Expense from share-based payment transactions on grant of options | $ | $ 884,247 | |||||||
Maximum [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Percentage of beneficially owns, issued and outstanding | 10.00% | |||||||
Period of options granted | 10 years | |||||||
Sentient Executive GP IV Limited [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Beneficially owned of common shares in total | 36,980,982 | |||||||
Percentage of beneficially owns, issued and outstanding | 41.70% | |||||||
Contemporary Amperex Technology Limited [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Beneficially owned of common shares in total | 22,944,444 | |||||||
Percentage of beneficially owns, issued and outstanding | 25.87% | |||||||
Post-consolidation Basis [Member] | Stock Option Plan [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Number of stock option granted | Option | 6,650,000 | |||||||
Post-consolidation Basis [Member] | Sentient Executive GP IV Limited [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Beneficially owned of common shares in total | 36,980,982 | |||||||
Percentage of beneficially owns, issued and outstanding | 46.93% | |||||||
Post-consolidation Basis [Member] | Contemporary Amperex Technology Limited [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Beneficially owned of common shares in total | 20,000,000 | |||||||
Percentage of beneficially owns, issued and outstanding | 25.38% | |||||||
Series 1 Convertible Preferred Shares [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Authorized capital | 100,000,000 | |||||||
Par value per share | $ / shares | ||||||||
Common Stock [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Number of shares issued | 88,690,791 | 78,792,860 | ||||||
Number of shares outstanding | 88,690,791 | 78,792,860 | ||||||
Share capital | $ | $ 89,006,000 | $ 89,006,000 | ||||||
Common Stock [Member] | Non Brokered Private Placement [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Number of units issued | 7,373,265 | |||||||
Price of unit issued | $ / shares | $ 0.18 | |||||||
Number of flow-through common shares | 2,224,666 | |||||||
Flow-through common shares price | $ / shares | $ 0.18 | |||||||
Total gross proceeds | $ | $ 1,727,628 | |||||||
Number of common shares in unit | 1 | |||||||
Exercise price of warrant | $ / shares | $ 0.25 | |||||||
Share issuance costs in cash | $ | $ 343,639 | |||||||
Fair value of warrants issued | $ | 265,217 | |||||||
Flow-through share premium paid | $ | 88,987 | |||||||
Share capital | $ | 311,453 | |||||||
Eligible exploration expenditures | $ | ||||||||
Common Stock [Member] | Non Brokered Private Placement [Member] | Agent's Warrants [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Fair value of warrants issued | $ | $ 21,445 | |||||||
Common Stock [Member] | Non Brokered Private Placement [Member] | Warrants [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Expected life | 2 years | |||||||
Expected dividend yield | 0.00% | |||||||
Risk-free interest rate | 1.73% | |||||||
Expected volatility | 147.26% | |||||||
Common Stock [Member] | Post-consolidation Basis [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Number of shares issued | 300,000 | 88,690,791 | 78,792,850 | |||||
Number of shares outstanding | 88,690,791 | 78,792,850 | ||||||
Fair value of common shares issued | $ | $ 51,000 | |||||||
Common Stock [Member] | Non-adjusting Events After Reporting Period [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Number of shares issued | 787,928,500 | |||||||
Consolidation of share issued and outstanding description | The Company completed a share consolidation of the Company's issued and outstanding common shares whereby for every ten (10) pre-consolidation common shares issued and outstanding, one (1) post-consolidation common share exists without par value. Share capital outstanding prior to the share consolidation was 787,928,500 common shares and 78,792,860 on a post-consolidation basis. | |||||||
Common Stock [Member] | Non-adjusting Events After Reporting Period [Member] | Post-consolidation Basis [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Number of shares outstanding | 78,792,860 | |||||||
Series 1 Preferred Shares [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Number of shares outstanding | 590,931 | 590,931 | ||||||
Preferred Stock [Member] | ||||||||
Issue of Equity [Line items] | ||||||||
Share capital | $ | $ 591,000 | $ 591,000 | ||||||
Conversion value of share | $ / shares | $ 1 | |||||||
Factor by which number of shares on conversion is calculated | $ / shares | $ 9 | |||||||
Number of votes per share at meeting of holders of preference shares | Int | 1 | |||||||
Period from date of issuance when shares become convertible | 6 months | |||||||
Period of notice to convert shares | 10 days |
Share Capital, Warrants and O_4
Share Capital, Warrants and Options - Schedule of Number and Weighted Average Exercise Prices of Warrants (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020sharesEquityInstruments$ / shares | Dec. 31, 2019shares$ / shares | |
Statement Line Items [Line Items] | ||
Outstanding at end of year | EquityInstruments | 3,984,731 | |
Post-consolidation Basis [Member] | ||
Statement Line Items [Line Items] | ||
Outstanding at beginning of year | shares | 15,651,397 | 25,797,283 |
Issued | shares | 3,984,731 | |
Cancelled / expired | shares | (11,666,666) | (14,130,617) |
Outstanding at end of year | shares | 3,984,731 | 15,651,397 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ / shares | $ 0.96 | $ 1.20 |
Weighted Average Exercise Price, Issued | $ / shares | 0.25 | |
Weighted Average Exercise Price, Cancelled / expired | $ / shares | 1.20 | 1.20 |
Weighted Average Exercise Price, Outstanding at end of year | $ / shares | $ 0.25 | $ 0.96 |
Share Capital, Warrants and O_5
Share Capital, Warrants and Options - Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Warrants (Details) | 6 Months Ended |
Jun. 30, 2020EquityInstruments$ / shares | |
Disclosure of Warrants Outstanding [Line Items] | |
Warrants outstanding | 3,984,731 |
Weighted average remaining contractual life (years) | 1 year 5 months 20 days |
Warrants Expiring December 18, 2021 [Member] | |
Disclosure of Warrants Outstanding [Line Items] | |
Warrants outstanding | 3,984,731 |
Exercise price | $ / shares | $ 0.25 |
Weighted average remaining contractual life (years) | 1 year 5 months 20 days |
Share Capital, Warrants and O_6
Share Capital, Warrants and Options - Schedule of Number and Weighted Average Exercise Prices of Share Options (Details) - Stock Option Plan [Member] | 6 Months Ended | 12 Months Ended |
Jun. 30, 2020Option$ / shares | Dec. 31, 2019Option$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Issued | 6,650,000 | |
Post-consolidation Basis [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding, beginning of year | 2,130,550 | 2,594,550 |
Issued | 6,650,000 | |
Cancelled / expired | (90,000) | (464,000) |
Outstanding, end of year | 8,690,550 | 2,130,550 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ / shares | $ 1.51 | $ 1.80 |
Weighted Average Exercise Price, Issued | $ / shares | 0.16 | |
Weighted Average Exercise Price, Cancelled / expired | $ / shares | 2.75 | 4.23 |
Weighted Average Exercise Price, Outstanding at end of year | $ / shares | $ 0.46 | $ 1.51 |
Share Capital, Warrants and O_7
Share Capital, Warrants and Options - Schedule of Inputs to Option Pricing Model (Details) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
SHARE CAPITAL, WARRANTS AND OPTIONS | ||
Expected dividend yield | 0.00% | |
Expected share price volatility | 121.55% | |
Risk free interest rate | 1.21% | |
Expected life of options | 5 years | 0 years |
Share Capital, Warrants and O_8
Share Capital, Warrants and Options - Schedule of Number and Weighted Average Remaining Contractual Life of Outstanding Share Options (Details) - Post-consolidation Basis [Member] | 6 Months Ended |
Jun. 30, 2020Option$ / shares | |
Options Expiring October 5, 2020 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 45,000 |
Options exercisable | 45,000 |
Exercise price | $ / shares | $ 2 |
Weighted average remaining contractual life (years) | 0 years |
Options Expiring January 28, 2021 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 541,800 |
Options exercisable | 541,800 |
Exercise price | $ / shares | $ 2.10 |
Weighted average remaining contractual life (years) | 15 days |
Options Expiring February 21, 2022 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 763,750 |
Options exercisable | 763,750 |
Exercise price | $ / shares | $ 1.20 |
Weighted average remaining contractual life (years) | 1 month 20 days |
Options Expiring December 20, 2022 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 50,000 |
Options exercisable | 50,000 |
Exercise price | $ / shares | $ 1.20 |
Weighted average remaining contractual life (years) | 4 days |
Options Expiring February 28, 2023 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 570,000 |
Options exercisable | 570,000 |
Exercise price | $ / shares | $ 1.20 |
Weighted average remaining contractual life (years) | 2 months 1 day |
Options Expiring May 1, 2023 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 50,000 |
Options exercisable | 50,000 |
Exercise price | $ / shares | $ 1.20 |
Weighted average remaining contractual life (years) | 7 days |
Options Expiring May 4, 2023 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 20,000 |
Options exercisable | 20,000 |
Exercise price | $ / shares | $ 1.20 |
Weighted average remaining contractual life (years) | 4 days |
Options Expiring February 24, 2025 [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 6,650,000 |
Options exercisable | 6,650,000 |
Exercise price | $ / shares | $ 0.16 |
Weighted average remaining contractual life (years) | 3 years 6 months 21 days |
Stock Option Plan [Member] | |
Disclosure of Stock Options Outstanding [Line Items] | |
Options outstanding | 8,690,550 |
Options exercisable | 8,690,550 |
Weighted average remaining contractual life (years) | 3 years 11 months 12 days |
Related Party Transactions (Det
Related Party Transactions (Details Narrative) - CAD ($) | Sep. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 |
Disclosure of transactions between related parties [line items] | |||
Investment amount | $ 130,343 | ||
Ownership percentage | 10.87% | ||
Due from related party | $ 132,324 | ||
Sentient [Member] | Post-consolidation Basis [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of common shares beneficially owned | 36,980,982 | ||
Number of common shares beneficially owned, percentage | 41.70% | ||
Contemporary Amperex Technology Limited [Member] | Post-consolidation Basis [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of common shares beneficially owned | 22,944,444 | ||
Number of common shares beneficially owned, percentage | 25.87% | ||
Chairman as Consultant [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Fees charged by a legal firm | $ 62,822 | $ 29,277 | |
Memorandum of Understanding [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of units subscribed | 2,400,000 | 3,686,749 | |
Share price | $ 0.01 | $ 0.02 | |
Investment amount | $ 24,000 | ||
Investment description | To June 30, 2020, the Company's investment has been classified as an advance as PNR has not yet issued the common shares certificate nor has it issued the final form of the Warrant to the Company. PNR intends to issue the Company within the next few weeks both the common share certificates and a non-transferable share purchase warrant (the "Warrant"), entitling the Company to purchase common shares of PNR up to 15% of the capital of PNR upon payment of US $10 million prior to the fifth anniversary of the date of issue. | ||
Memorandum of Understanding [Member] | Common Shares [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of units subscribed | 652,152 | ||
Share price | $ 0.05 | ||
Investment amount | $ 106,343 |
Related Party Transactions - Sc
Related Party Transactions - Schedule of Amounts Due to Related Parties, Included in Trade Payables and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||
Amounts due to related party | $ 281 | $ 169 |
Amount due from related party | 132 | |
Directors and Officers [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts due to related party | 259 | 38 |
Related Company [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amounts due to related party | 22 | 131 |
Private Co [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related party | 132 | 95 |
Advancement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Amount due from related party | $ 130 | $ 24 |
Related Party Transactions - _2
Related Party Transactions - Schedule of Key Management Compensation (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disclosure of transactions between related parties [abstract] | ||
Geological consulting fees - expensed | $ 5 | $ 56 |
Management fees - expensed | 249 | 374 |
Salaries - expensed | 81 | 95 |
Share-based payments | 671 | |
Total | $ 1,006 | $ 525 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information (Details Narrative) - CAD ($) | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Amount transferred from reserve to deficit | $ 2,771,485 | $ 1,561,344 |
Accrued exploration and evaluation expenditures | 49,094 | $ 172,059 |
Additional investment | $ 106,343 |
Supplemental Cash Flow Inform_4
Supplemental Cash Flow Information - Schedule of Changes in Working Capital (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
SUPPLEMENTAL CASH FLOW INFORMATION | ||
Decrease in accounts receivables | $ 49 | $ 27 |
(Increase) in prepaid expenses | (1) | |
Increase (decrease)in trade payables and accrued liabilities | 183 | (23) |
Total changes in working capital | $ 232 | $ 3 |
Commitments and Contingencies (
Commitments and Contingencies (Details Narrative) - CAD ($) | Jul. 01, 2014 | Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2020 |
Disclosure of contingent liabilities [line items] | ||||
Management fees, per month | $ 16,907 | $ 10,905 | ||
Agreement termination period from the date of effective control change | 60 days | |||
Payment period | 30 days | |||
Independent Directors [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Director fees, stipend per month | $ 2,000 | |||
Chairman of Board [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Director fees, stipend per month | 3,000 | |||
Committee Chairmen [Member] | ||||
Disclosure of contingent liabilities [line items] | ||||
Director fees, stipend per month | $ 2,500 |
Segmented Information (Details
Segmented Information (Details Narrative) | 6 Months Ended |
Jun. 30, 2020Segment | |
Disclosure of geographical areas [abstract] | |
Number of reportable operating segments | 1 |
Number of geographic segments | 3 |
Segmented Information - Schedul
Segmented Information - Schedule of Geographic Segments (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | ||
Equipment | $ 24 | $ 28 |
Exploration and evaluation assets | 38,711 | 38,633 |
Canada [Member] | ||
Disclosure of geographical areas [line items] | ||
Equipment | 7 | 9 |
Exploration and evaluation assets | 2,478 | 2,483 |
Greenland [Member] | ||
Disclosure of geographical areas [line items] | ||
Equipment | 17 | 19 |
Exploration and evaluation assets | $ 36,233 | $ 36,150 |
General and Administrative Ex_3
General and Administrative Expenses - Schedule of General and Administrative Expenses (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Increase through Environment, Health and Safety Expenses, Exploration and Evaluation Assets | ||||
Consulting fees | $ 36 | $ 84 | $ 84 | $ 165 |
Professional fees | 46 | 26 | 81 | 35 |
Management fees | 140 | 185 | 256 | 373 |
Investor relations | 11 | 11 | 14 | 27 |
Filing fees | 12 | 17 | 21 | 28 |
Salaries and benefits | 93 | 147 | 168 | 278 |
General office expenses | 21 | 48 | 40 | 147 |
Total | $ 359 | $ 518 | $ 664 | $ 1,053 |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) - Non-adjusting Events After Reporting Period [Member] - CAD ($) | Aug. 13, 2020 | Jul. 14, 2020 |
Statement Line Items [Line Items] | ||
Non-brokered private placement | $ 1,083,675 | $ 1,620,000 |
Private placement, units | 15,481,077 | 23,142,857 |
Shares per, units | $ 0.07 | $ 0.07 |
Warrants description | Each Warrant will entitle the holder to acquire one common share of the Company within twenty-four (24) months following its issuance date, at a price of $0.09. The warrants are subject to an acceleration clause such that if the closing market price of the common Shares on the TSX-V is greater than $0.12 per Common Share for a period of 10 consecutive trading days at any day before the expiration date of such warrants, the Company may, at its option, accelerate the warrant expiry date to within 30 days. |