Santa Fe Gold (SFEG) 10-Q 18 Oct 17 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Sep. 30, 2015	Oct. 02, 2017
Details
Registrant Name	SANTA FE GOLD CORPORATION
Registrant CIK	851,726
SEC Form	10-Q
Period End date	Sep. 30, 2015
Fiscal Year End	--06-30
Trading Symbol	SFEG
Tax Identification Number (TIN)	841,094,315
Number of common stock shares outstanding		271,940,260
Filer Category	Smaller Reporting Company
Current with reporting	Yes
Voluntary filer	No
Well-known Seasoned Issuer	No
Amendment Flag	false
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Contained File Information, File Number	001-12974
Entity Incorporation, State Country Name	Delaware
Entity Address, Address Line One	PO Box 25201
Entity Address, City or Town	Albuquerque
Entity Address, State or Province	NM
Entity Address, Postal Zip Code	87,125

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($)	Sep. 30, 2015	Jun. 30, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 375,346	$ 69,305
Other receivable	0	34,833
Prepaid expenses and other current assets	255,693	221,232
Total Current Assets	631,039	325,370
MINERAL PROPERTIES	599,897	599,897
PROPERTY, EQUIPMENT, AND MINE DEVELOPMENT, NET	16,215,360	16,659,231
OTHER ASSETS:
Restricted cash	236,628	236,628
Total Other Assets	236,628	236,628
Total Assets	17,682,924	17,821,126
CURRENT LIABILITIES:
Accounts payable	0	3,824,590
Accrued liabilities	5,239,414	10,941,480
Derivative instrument liabilities	0	1,367,142
Senior subordinated convertible notes payable, net of unamortized discount of $258,345	0	3,443,918
Notes payable, current portion	7,755,685	10,119,570
Debtor in possession financing	839,608	0
Completion guarantee payable, net of unamortized discount of $59,586	0	3,300,287
Asset retirement obligation	245,494	0
Total Current Liabilities	14,080,201	32,996,987
Liabilities subject to compromise	19,021,818	0
LONG-TERM LIABILITIES:
Asset retirement obligation	0	245,494
Total Liabilities	33,102,019	33,242,481
STOCKHOLDERS' DEFICIT:
Common stock, $.002 par value, 300,000,000 shares authorized; 189,842,914 and 142,396,648 shares issued and outstanding, respectively	379,685	284,793
Additional paid in capital	80,065,902	79,857,465
Accumulated deficit	(95,864,682)	(95,563,613)
Total Stockholders' Deficit	(15,419,095)	(15,421,355)
Total Liabilities and Stockholders' Deficit	$ 17,682,924	$ 17,821,126

CONSOLIDATED BALANCE SHEETS - P

CONSOLIDATED BALANCE SHEETS - Parenthetical - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Details
Debt Instrument, Unamortized Discount, Current	$ 258,345	$ 258,345
Unamortized Discount for Completion guarantee payable	$ 59,586	$ 59,586
Common Stock, Par or Stated Value Per Share	$ 0.002	$ 0.002
Common Stock, Shares Authorized	300,000,000	300,000,000
Common Stock, Shares, Issued	189,842,914	142,396,648
Common Stock, Shares, Outstanding	189,842,914	142,396,648

CONSOLIDATED STATEMENTS OF OPER

CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Details
SALES, net	$ 2,015	$ 71,518
OPERATING COSTS AND EXPENSES:
Costs applicable to sales	0	40,000
Exploration and other mine related costs	114,458	194,726
General and administrative	309,634	369,643
Depreciation and amortization	443,871	482,248
Accretion of asset retirement obligation	0	1,442
Reorganization costs	217,203	0
Total Operating Costs and Expenses	1,085,166	1,088,059
LOSS FROM OPERATIONS	(1,083,151)	(1,016,541)
OTHER INCOME (EXPENSE):
Foreign currency translation	288,085	301,152
Gain (loss) on derivative instrument liabilities	1,158,573	(512,715)
Financing costs - commodity supply agreements	222,703	756,372
Finance charges	(74,458)	(25,125)
Interest expense	(812,821)	(447,615)
Total Other Income (Expense)	782,082	72,069
(LOSS) BEFORE PROVISION FOR INCOME TAXES	(301,069)	(944,472)
PROVISION FOR INCOME TAXES	0	0
Net loss	$ (301,069)	$ (944,472)
Basic and Diluted Per Share data
Net (Loss) - basic and diluted	$ 0	$ (0.01)
Weighted Average Common Shares Outstanding:
Basic and diluted	142,854,374	130,620,532

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
CASH FLOWS FROM OPERATING ACTIVITIES:
Net loss	$ (301,069)	$ (944,472)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	443,871	482,248
Stock issued for services	66,400	0
Accretion of discount on notes payable	151,287	12,241
Financing costs - commodity supply agreements	(222,703)	(756,371)
Non-cash financing costs	74,458	0
Accretion of asset retirement obligation	0	1,442
(Gain) loss on derivative instrument liabilities	(1,158,573)	512,715
Amortization of deferred financing costs	0	9,931
Foreign currency translation	(288,085)	(301,152)
Net change in operating assets and liabilities:
Accounts receivable	34,833	(58,540)
Inventory	0	40,000
Prepaid expenses and other current assets	(34,461)	(2,801)
Accounts payable and accrued liabilities	700,475	718,846
Net Cash Used in Operating Activities	(533,567)	(285,913)
CASH FLOWS FROM INVESTING ACTIVITIES:
Net Cash Provided by (Used) in Investing Activities	0	(13,500)
Purchase of property, plant and equipment	0	(13,500)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from DIP funding	839,608	0
Proceeds from notes payable	0	200,000
Merger advance	0	20,000
Payments on notes payable	0	(4,002)
Net Cash Provided by Financing Activities	839,608	215,998
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	306,041	(83,415)
CASH AND CASH EQUIVALENTS, BEGINNING OF PERIOD	69,305	83,825
CASH AND CASH EQUIVALENTS, END OF PERIOD	375,346	410
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for interest	0	216
Cash paid for income taxes	0	0
SUPPLEMENTAL DISCLOSURE OF NON-CASH INVESTING AND FINANCING ACTIVITIES:
Stock issued for accounts payable and accrued wages	$ 0	$ 200,000
Common stock issued for convertible notes and accrued interest conversion	146,848	0
Settlement of derivative liabilities through conversion	$ 90,081	$ 0

NOTE 1 - BASIS OF PRESENTATION

NOTE 1 - BASIS OF PRESENTATION AND GOING CONCERN	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 1 - BASIS OF PRESENTATION AND GOING CONCERN	NOTE 1 - BASIS OF PRESENTATION AND GOING CONCERN Santa Fe Gold Corporation, a Delaware corporation (the "Santa Fe" or "Company") is a U.S. copper, silver and gold exploration and mining company. The accompanying unaudited financial statements and related notes present the Company’s consolidated financial position as of December 31, 2015 and June 30, 2015, the consolidated results of operations for the three months ended September 30, 2015 and 2014, consolidated cash flows for the three months ended September 30, 2015 and 2014. The unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America for interim financial information and with the instructions of Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the United States of America for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the three months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the fiscal year ending June 30, 2016. The accounting policies followed by the Company are set forth in Note 2 to the Company’s financial statements included in Form 10-K for the fiscal year ended June 30, 2015. These interim financial statements and notes thereto should be read in conjunction with the consolidated financial statements presented in the Company’s 2015 Annual Report on Form 10-K filed on June 30, 2017. Going Concern Sales have decreased the in the most recent fiscal years and the Company suspended all mining operations and placed the mine and mill on a care and maintenance program in November 2013. These conditions raise substantial doubt regarding the Company’s ability to continue as a going concern. On August 26, 2015 Santa Fe and its wholly-owned subsidiaries filed for Chapter 11 Bankruptcy protection, Case # 15-11761 (MFW) in Delaware. At September 30, 2015, the Company was in default on payments totaling approximately $12.5 million under its Senior Secured Gold Stream Credit Agreement (the “Credit Agreement”) with Waterton and approximately $6.8 million under a gold stream agreement (the “Gold Stream Agreement”) with Sandstorm Gold Ltd. (“Sandstorm”). As a result of these circumstances, management concluded that there is substantial doubt regarding the Company’s ability to continue as a going concern as it is currently structured. Upon receiving the Certification of Counsel Regarding Satisfaction of Conditions in Debtors’ Motion to dismiss Chapter 11 Cases, on June 15, 2016, the Company received the Court Order Dismissing the Chapter 11 Case under the Bankruptcy Code. See NOTE 14 – SUBSEQUENT EVENTS

NOTE 2 - SUMMARY OF SIGNIFICANT

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries AZCO Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation, and Santa Fe Gold Barbados Corporation, a Barbados corporation. All significant inter-company accounts and transactions have been eliminated in consolidation. Reclassifications Certain items in these consolidated financial statements have been reclassified to conform to the current year's presentation. Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions. Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations. Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of property and equipment are shown below. Land is not depreciated. Estimated Useful Life Leasehold improvements 3 Years Office furniture and equipment 3 Years Mine processing equipment and buildings 7- 20 Years Plant 3 - 9 Years Tailings 3 Years Environmental and permits 7 Years Asset retirement obligation 5 Years Automotive 3 - 5 Years Software 5 Years All property and equipment on the Companies’ books was sold with the 363 Asset Sale in February 2016. Mineral Properties Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development are capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineralized material. All property and equipment on the Companies’ books was sold with the 363 Asset Sale in February 2016. Impairment of Long-Lived Assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration if events or circumstances indicate that their carrying amount might not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. When impairment is identified, the carrying amount of the asset is reduced to its estimated fair value which is generally derived from estimated discounted cash flows. There was no impairment of the Company’s mine equipment, mine development costs and mineral properties during the three months ended September 30, 2015. Restricted Cash Restricted cash is maintained in connection with requirements for reclamation of projects and bonding requirements for the Company’s weighmaster scale. All Reclamation Bonds will be transferred to Waterton after the 363 Asset Sale in February 2016. Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company reviews the terms of convertible debt, equity instruments and other financing arrangements to determine whether there are embedded derivative instruments, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are initially measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. To the extent that the initial fair values of the freestanding and/or bifurcated derivative instrument liabilities exceed the total proceeds received, an immediate charge to income is recognized as a one day derivative loss, in order to initially record the derivative instrument liabilities at their fair value. The discount from the face value of the convertible debt or equity instruments resulting from allocating some or all of the proceeds to the derivative instruments, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to income, using the effective interest method. When required to arrive at the fair value of derivatives associated with the convertible note and warrants, a Monte Carlo model is utilized that values the Convertible Note and Warrant based on average discounted cash flow factoring in the various potential outcomes by a Chartered Financial Analyst (‘CFA”). In determining the fair value of the derivatives the CFA assumed that the Company’s business would be conducted as a going concern. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date. Reclamation Costs Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based upon when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for reclamation obligations. As of September 30, 2015, the Company had a reclamation obligation totaling $245,494. With the bankruptcy filing and the future sale of all assets, all reclamation costs and the related bonds deposits was transferred to the buyer of the assets. Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred physically, the price is fixed or determinable, no related obligations remain and collectability is probable. Sales of all metals products sold directly to the Company’s metals buyers, including by-product metals, are recorded as revenues upon a buyer either taking physical delivery of the metals product in the case of siliceous flux material or upon the buyer receiving all required documentation necessary to take physical delivery of the metals product in the case of concentrate (generally at the time the product is loaded onto a shipping vessel at the originating port and the bill of lading is generated). Revenues for metals products are recorded at current market prices at the time of delivery and are subsequently adjusted to the current market prices existing at the end of each reporting period. Due to the period of time existing between delivery and final settlement with the buyer, the Company estimates the prices at which sales will be settled. Changes in metals prices between delivery and final settlement will result in adjustments to revenues previously recorded. Sales of metals products are recorded net of charges from the buyer for treatment, refining, smelting losses, and other negotiated charges. Charges are estimated upon shipment of product based on contractual terms, and actual charges do not vary materially from estimates. Costs charged by smelters include a metals payable fee, fixed treatment and refining costs per ton of product. Net Loss Per Share Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the three month periods ended September 2015 and 2014, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive. Stock-Based Compensation In connection with terms of employment with the Company’s executives and employees, the Company occasionally issues options to acquire its common stock. Awards are made at the discretion of the Board of Directors. Such options may be exercisable at varying exercise prices and generally vest over a period of six months to a year. The Company accounts for share based on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The simplified method is used to determine compensation expense since historical option exercise experience is limited. The compensation cost is recognized over the expected vesting period. Financial Statement Classification of Liabilities Subject to Compromise Our financial statements include amounts classified as liabilities subject to compromise, which represent liabilities that have been allowed, or that we anticipate will be allowed, as claims in our bankruptcy case. As previously referenced, resolution of certain of these claims have and will extend beyond the date we exited bankruptcy. These balances include amounts related to the anticipated rejection of various liabilities. Because the uncertain nature of many of the potential claims has not been determined at this time, the magnitude of such claims is not reasonably estimable at this time. Such claims may be material. The following table summarizes the components of liabilities subject to compromise included on our consolidated balance sheets as of: September 30, 2015 Accounts payable $ 3,798,780 Convertible notes, less discounts 3,265,846 Notes payable 2,363,885 Completion guarantee payable, net of unamortized discount 3,310,218 Accrued liabilities 6,164,601 Derivative instruments liabilities 118,488 $ 19,021,818 Reorganization Items The Company and the Chapter 11 Subsidiaries have incurred significant costs associated with the bankruptcy, principally professional and legal fees. The amount of these costs, which are being expensed as incurred, significantly affect our results of operations. For the three months ended September 30, 2015, these costs aggregated $217,203. Accounting Standards to be Adopted in Future Periods In May 2014, the FASB issued ASC updated No. 2014-09, Revenue from Contracts with Customers (Topic 606 (ASU 2014-09) In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In November 2016, the FASB has issued ASU No. 2016-18 , Statement of Cash Flows (Topic 230) In May 2017, FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the scope of modification accounting surrounding share-based payment arrangements as issued in ASU 2016-09 by providing guidance on the various types of changes which would trigger modification accounting for share-based payment awards. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which would be the Company's fiscal year ending March 31, 2019. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. While the Company does not expect the adoption of ASU 2017-09 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2017-09 may have on its financial position, results of operations or cash flows. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.

NOTE 3 - ACCRUED LIABILITIES

NOTE 3 - ACCRUED LIABILITIES	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 3 - ACCRUED LIABILITIES	NOTE 3 ACCRUED LIABILITIES Accrued liabilities consist of the following at September 30, 2015 June 30, 2015: September 30, June 30, 2015 2015 Interest $ 6,923,606 $ 6,304,917 Vacation 41,214 41,214 Deferred and accrued payroll burden 338,924 360,354 Franchise taxes 8,695 8,695 Royalties (calculated as a percentage of net smelter proceeds to a royalty holder) 766,744 757,251 Accrued DIP funding fees 32,203 - Merger costs, net 269,986 269,986 Other 19,579 19,579 Audit 20,000 20,000 Commodity supply agreements 2,844,514 3,067,117 Property taxes 138,550 92,367 11,404,015 10,941,480 Less amounts in Liabilities subject to compromise (6,164,601 ) - $ 5,239,414 $ 10,941,480

NOTE 4 - DERIVATIVE INSTRUMENT

NOTE 4 - DERIVATIVE INSTRUMENT LIABILITIES	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 4 - DERIVATIVE INSTRUMENT LIABILITIES	NOTE 4 - DERIVATIVE INSTRUMENT LIABILITIES The fair market value of the derivative instruments liabilities were determined utilizing the Black-Scholes option pricing model for warrants and to arrive at the fair value of derivatives associated with the convertible note, and Monte Carlo model was utilized that values the Convertible Note based on average discounted cash flow factoring in the various potential outcomes by a Chartered Financial Analyst (‘CFA”). In determining the fair value of the derivatives it was assumed that the Company’s business would be conducted as a going concern at December 31, 2015. Multinomial lattice models were utilized that value the derivative liability within the notes based on a probability weighted discounted cash flow model. Utilizing the two methods the aggregate derivative instruments liability was determined to be $118,488 as of September 30, 2015. The following assumptions were utilized in the Black Scholes option pricing model: (1) risk free interest rate of 0.01% to 1.01%, (2) remaining contractual life of 0.13 to 3.77 years, (3) expected stock price volatility of 171% to 307%, and (4) expected dividend yield of zero. Based upon the change in fair value, the Company has recorded a non-cash gain on derivative instruments for the three months ended September 30, 2015, of $1,158,573. The following assumptions were utilized in the Monte Carlo model: (1) features in the note that were analyzed and incorporated into the model included the conversion feature with the reset provisions, (2) redemption provisions and the default provisions, (3) there are four primary events that can occur; payments are made in cash; payments are made with stock; the Holder converts the note; or the Company defaults on the note,(4) stock price of $0.0009 to $0.1760 was utilized, (5) notes convert with variable conversion prices based on the lesser range from of $0.0425 or $0.125 or a fixed rate of 50% or 60% of either the low 20 or 25 TD, depending on the lender and (6) annual volatility for each valuation period was based on the historic volatility of the Company are 99% –537%. The table below shows the loss on the derivative instruments liability for the three months ended September 30, 2015. Three Months Ended September 30, 2015 Derivative Derivative Valuation Change Liability as of Liability as of for the three months ended June 30, 2015 September 30, 2015 September 30, 2015 Purchase Agreement Warrants and Convertible Debt $ 1,367,142 $ 118,488 $ 1,248,654 Settlement of derivative liabilities through conversion (90,081 ) Gain on Derivatives $ 1,158,573 The entire amount of derivative instrument liabilities are classified as current due to the fact that settlement of the derivative instruments could be required within twelve months of the balance sheet date. At September 30, 2015, the derivative instruments liability was classified in liabilities subject to compromise.

NOTE 5 - COMPLETION GUARANTEE P

NOTE 5 - COMPLETION GUARANTEE PAYABLE	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 5 - COMPLETION GUARANTEE PAYABLE	NOTE 5 - COMPLETION GUARANTEE PAYABLE At June 30, 2012, the Company calculated the completion guarantee payable provided by Amendment 1. Based upon the provisions of the Agreement and the related completion guarantee test, incremental financing charges totaling $504,049 were recognized in Other Expenses and accrued at June 30, 2012. These accrued charges, combined with the remaining uncredited liability totaled $3,310,218 and $3,300,287, net of unamortized discount of $49,655 and $59,586, at September 30, 2015 and June 30, 2015, respectively, and are reported as completion guarantee payable. During the three months ended September 30, 2015, an amortized discount of $9,931 was recognized as interest expense. At September 30, 2015, the outstanding balance was classified in liabilities subject to compromise.

NOTE 6 - CONVERTIBLE NOTES PAYA

NOTE 6 - CONVERTIBLE NOTES PAYABLE	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 6 - CONVERTIBLE NOTES PAYABLE	NOTE 6 - CONVERTIBLE NOTES PAYABLE Senior Subordinated Convertible Notes On October 30, 2007, the Company completed the placement of 10% Senior Subordinated Convertible Notes of $450,000. The notes were placed with three accredited investors for $150,000 each and bear interest at 10% per annum. The notes had term of 60 months at which time all remaining principal and interest was due. Interest accrued for 18 months from the date of closing. Interest on the outstanding principal balance was payable in quarterly installments commencing on the first day of the 19th month following the transaction closing. In connection with the transaction, the Company issued a five year warrant for each $2.50 invested, for a total of 180,000 warrants, each warrant giving the note holder the right to purchase one share of common stock at a price of $1.25 per share. All issued warrants have expired. At the option of the holders of the convertible notes, the outstanding principal and interest was convertible at any time into shares of the Company’s common stock at conversion price of $1.25 per share. The notes were to be automatically converted into common stock if the weighted average closing sales price of the stock exceeded $2.50 per share for ten consecutive trading days. The shares underlying the notes are to be registered on request of the note holders, provided the weighted average closing price of the stock exceeds $1.50 per share for ten consecutive trading days. On October 31, 2012, the notes with the three accredited investors became due and payable. On January 15, 2013, the maturity dates for the convertible senior subordinated notes aggregating $450,000 were extended for a period of two years from the original maturity date. Additionally, the convertible price of the notes was reduced to $0.40 and the automatic conversion price of $2.50 was reduced to $0.80. In connection with the extension of the notes, 562,500 warrants were issued with a strike price of $0.40 and term of two years from the original maturity dates. The warrants have expired. interest of $93,333. Subsequent to our year current end June 30, 2015, the notes were not converted and were retired with a $90,000 payment. At September 30, 2015, the note balance is and unamortized loan discount are classified in liabilities subject to compromise. On January 20, 2015 the Company signed a $250,000 Convertible Note with an accredited Investor and received on January 20, 2015, a consideration of net proceeds $50,000, net of an OID of $5,556. The consideration on the Note has a Maturity date of two years from payment of each consideration and has a 10% OID component attached to it. A one- time interest charge of 12% is applied to the principal sum on the on the date of the consideration. The Note principal and interest shall be paid at Maturity date or sooner as provided within the Note and conversion provisions. The Investor may pay additional consideration to the Company in such amounts and at such dates as the Investor may choose in its sole discretion. The initial carrying value of the of the embedded conversion option exceeded the net proceeds received and created a day one derivative loss of $228,200 in the period ending March 31, 2015. On June 9, 2015, a second Consideration tranche of $50,000 was delivered under this Convertible Note under the same terms and conditions, net of an original issue discount (“OID) of $5,556. The tranche consideration contains an embedded conversion option and is separated from the Note and accounted for as a derivative instrument at fair value and discount to the Note and is expensed over the life of the Note under the effective interest method. The initial carrying value of the of the embedded conversion option exceeded the net proceeds received and created a day one derivative loss of $54,270 in the period ending June 30, 2015. During the three months ended September 30, 2015, amortization of loan discounts on the two considerations was recognized as interest expense of $59,584. During the three months ended September 30, 2015, the investor converted note principle of $60,192 into 18,007,333 shares of restricted common stock. During the three months ended September 30, 2015, penalties and default charges of $43,347 were added to the note balances. As of September 30, 2015, the aggregate note balances were $107,599 and the unamortized loan discounts were $62,488. The conversion price with this investor is the lesser of $0.125 or 60% of the lowest trade price in the 25 trading days previous to the conversion date. At September 30, 2015, the two note considerations had an aggregated outstanding principal $107,599. Subsequent to our fiscal year ended June 30, 2016, the note balances were not converted and were retired with a $93,000 payment. At September 30, 2015, the notes principle and unamortized loan discount are classified in liabilities subject to compromise. The components of the convertible notes payable are as follows: Principal Unamortized September 30, 2015: Amount Discount Net Current portion $ 3,389,501 $ (123,655 ) $ 3,265,846 Long-term portion, net of current - - - Balance classified in liabilities subject to compromise $ 3,389,501 $ (123,655) $ 3,265,846 Principal Unamortized June 30, 2015: Amount Discount Net Current portion $ 3,702,263 $ (258,345) $ 3,443,918 Long-term portion, net of current - - - $ 3,702,263 $ (258,345) $ 3,443,918

NOTE 7 - SENIOR SECURED GOLD ST

NOTE 7 - SENIOR SECURED GOLD STREAM CREDIT AGREEMENT	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 7 - SENIOR SECURED GOLD STREAM CREDIT AGREEMENT	NOTE 7 SENIOR SECURED GOLD STREAM CREDIT AGREEMENT On December 23, 2011, the Company and its subsidiaries entered into a Senior Secured Gold Stream Credit Agreement (the “Credit Agreement”) with Waterton. The Credit Agreement provided for two $10 million tranches and a $5 million revolving working capital facility. On December 23, 2011, the Company closed the first $10 million tranche of the Credit Agreement. The second $10 million tranche was earmarked for fund but was not drawn down. At September 30, 2015, the note balance was $7,755,585 and accrued interest was $5,005,385. The agreement was eliminated with the 363 Asset Sale where Waterton received all the assets of the Company for all debt and any other agreement obligations as agreed on in the bankruptcy filings in August 2015. Debtor in Possession Financing In connection with the prepetition negotiations of the restructuring support agreement, Waterton Global Value LP (“Waterton”), holders of the Company’s senior notes agreed to provide the Company and the Chapter 11 Subsidiaries a debtor in possession credit facility (the “DIP Credit Agreement"). The DIP Credit Agreement provided for a multi draw net term loan of which $2,037,595 was advanced, which became available to the Company upon the satisfaction of certain milestones and contingencies. Waterton also initially advanced a Bridge loan of $200,000. Pursuant to the Plan the borrowings under the Bridge loan and DIP Credit Agreement, at the option of the lenders to the DIP Credit Agreement, are part of the purchase price of all assets in the “363 Asset Sale”. Advances under the DIP Credit Agreement at September 30, 2015, were $839,608 and accrued interest and fees were $37,829.

NOTE 8 - NOTES PAYABLE

NOTE 8 - NOTES PAYABLE	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 8 - NOTES PAYABLE	NOTE 8 – NOTES PAYABLE Pursuant to Share Exchange Agreement (the "Share Exchange Agreement") with Canarc Resource Corp., a British Columbia, Canada corporation whose common shares are listed on the TSX Exchange under the symbol CCM ("Canarc") on July 15, 2014, the Company and Carnac entered into an interim financing facility pursuant to which Canarc advanced a $200,000 loan to the Company and a $20,000 merger advance. The loan bears interest at a rate of 1% a month and is due and payable upon the closing of a gold bond financing by the Company or January 15, 2015, if the financing does not close. The financing did not close under this Agreement and this amount is outstanding at June 30, 2016 and 2015 and is in default. Accrued interest on note at September 30, 2015 is $29,385. At September 30, 2015, the note principle and accrued interest are classified in liabilities subject to compromise. On June 1, 2012, the Company entered into an installment sales contract for $593,657 to purchase certain equipment. The term of the agreement is for 48 months at an interest rate of 5.75%, with the equipment securing the loan. The balance owed on the note was $398,793 at September 30, 2015, and accrued interest of $42,282. The Company has been unable to make its monthly payments since November 2013, is currently in default and the equipment has been returned to the vendor for sale and remains unsold at September 30, 2015. At September 30, 2015, the note principle and accrued interest are classified in liabilities subject to compromise. In conjunction with the Merger Agreement, Tyhee and the Company entered into a Bridge Loan Agreement, pursuant to which Tyhee was obligated to advance up to $3 million to the Company in accordance with the terms thereof. Tyhee advanced the Company only $1,745,092 under the Bridge Loan as of June 30, 2014. The Bridge Loan bears an annual interest rate of 24%. At this time the Company and Tyhee are in disagreement as to the due date of the Bridge Loan. Tyhee has provided the Company with purported notice of default under the Bridge Loan Agreement. The Company has numerous claims against Tyhee resulting from the Merger Agreement, Tyhee’s failure to fund the total $3 million under the Bridge loan Agreement and Tyhee’s allocation of the proceeds from the Bridge Loan Agreement. At June 30, 2014, the Company recorded merger expenses that are due to Tyhee of $269,986 and is included in Accrued Liabilities at June 30, 2016 and 2015. This amount is net of a break fee of $300,000 due the Company from Tyhee. Accrued interest on note at June 30, 2016 and 2015 was $990,657 and $570,687, respectively. The following summarizes notes payable, including the Senior Secured Gold Stream Credit Agreement DIP funding, at: September 30, June 30, 2015 2015 Working capital advances, interest at 1% per month, due January 15, 2015 $ 200,000 $ 200,000 Merger advance 20,000 20,000 Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016. 398,793 398,793 Unsecured bridge loan note payable, interest at 2% monthly, payable August 17, 2014, six months after the first advance on the bridge loan. 1,745,092 1,745,092 Senior Secured Gold Stream Credit Agreement, interest at 9.00% per annum, payable monthly in arrears, principal payments deferred to July 2012; principal installments are $425,000 for July and August 2012, $870,455 monthly for September 2012 through June 2013 and $445,450 in July 2013; Note amended October 9, 2012, principal installments of $1,082,955 due October 2012, $500,000 November 2012, $0 due December 2012 and January 2013, $3,852,275 February 2013, $870,455 March through June 2013, and $445,450 in July 2013. 7,755,685 7,755,685 Total Outstanding Notes Payable 10,119,570 10,119,570 Less: Amounts classified in Liabilities subject to compromise (2,363,885) - Notes payable $ 7,755,685 $ 10,119,570

NOTE 9 - FAIR VALUE MEASUREMENT

NOTE 9 - FAIR VALUE MEASUREMENTS	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 9 - FAIR VALUE MEASUREMENTS	NOTE 9 – FAIR VALUE MEASUREMENTS The Company follows paragraph 825-10-50-10 of the FASB Accounting Standards Codification for disclosures about fair value of its financial instruments and paragraph 820-10-35-37 of the FASB Accounting Standards Codification (“Paragraph 820-10-35-37”) to measure the fair value of its financial instruments. Paragraph 820-10-35-37 establishes a framework for measuring fair value in generally accepted accounting principles (“GAAP”), and expands disclosures about fair value measurements. To increase consistency and comparability in fair value measurements and related disclosures, Paragraph 820-10-35-37 establishes a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three (3) broad levels. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three (3) levels of fair value hierarchy defined by Paragraph 820-10-35-37 are described below: Level 1 Quoted market prices available in active markets for identical assets or liabilities as of the reporting date. Lev e Pricing inputs other than quoted prices in active markets included in Level 1, which are either directly or indirectly observable as of the reporting date. Level 3 Pricing inputs that are generally observable inputs and not corroborated by market data. Financial assets are considered Level 3 when their fair values are determined using pricing models, discounted cash flow methodologies or similar techniques and at least one significant model assumption or input is unobservable. A slight change in unobservable inputs such as volatility can significantly could have a significant impact on the fair value measurement of the derivatives liabilities. The fair value hierarchy gives the highest priority to quoted prices (unadjusted) in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. If the inputs used to measure the financial assets and liabilities fall within more than one level described above, the categorization is based on the lowest level input that is significant to the fair value measurement of the instrument. The carrying amounts of the Company’s financial assets and liabilities, such as cash and accounts payable approximate their fair values because of the short maturity of these instruments. The Company’s financial instruments consist of derivative instruments which are measured at fair value on a recurring basis. The derivatives are measured on their respective origination dates, at the end of each reporting period and at other points in time when necessary, such as modifications, using Level 3 inputs in accordance with GAAP. The Company does not report any financial assets or liabilities that it measures using Level 1 or 2 inputs. The fair value measurement of financial instruments and other assets as of September 30, 2015 and June 30, 2015 are as follows: September 30, 2015 Level 1 Level 2 Level 3 Total Assets: None - - - - Liabilities: Derivative instruments - - $ 118,488 $ 118,488 June 30, 2015 Level 1 Level 2 Level 3 Total Assets: None - - - - Liabilities: Derivative instruments - - $ 1,367,142 $ 1,367,142

NOTE 10 - CONTINGENCIES AND COM

NOTE 10 - CONTINGENCIES AND COMMITMENTS	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 10 - CONTINGENCIES AND COMMITMENTS	NOTE 10 - CONTINGENCIES AND COMMITMENTS Chapter 11 Bankruptcy On August 26, 2015, the Company filed for Chapter 11 Bankruptcy protection in Delaware in order to secure the existing assets from creditor actions. Case No. 15-11761 (MFW). Affidavit in Support of the first day motion After the dismissal of the bankruptcy case, the Company will have no assets, but is still liable for all commitments and debts outstanding. After the dismissal, the Company will, in due time, divest itself from all subsidiaries and will keep only Santa Fe Gold, the parent company active. SFG Barbados, Lordsburg Mining Company and AZCO will be dormant and all the commitments and debts will stay with the respective companies. The court set up a Trust fund that will be funded by the activities of the Summit mine for 5 years and the trust funds will be distributed by an independent trustee to all credit holders on record. In connection with the prepetition negotiations of the restructuring support agreement, Waterton Global, holders of the Company’s senior notes agreed to provide the Company and the Chapter 11 Subsidiaries a debtor in possession credit facility (the “DIP Credit Agreement"). The DIP Credit Agreement provided for a multi draw term loan of up to $2,037,595 million, which became available to the Company upon the satisfaction of certain milestones and contingencies. Upon emergence from bankruptcy, the Company had drawn down the entire $2,037,595 million available. Pursuant to the Plan, the borrowings under the DIP Credit Agreement, at the option of the lenders to the DIP Credit Agreement, are part of the purchase price of all assets in the “363 Asset Sale”. Santa Fe Gold failed to provide a plan of Reorganization with the filing of protection under the Bankruptcy Codes; the significant transactions that occurred upon emergence from bankruptcy will be discussed in “subsequent events”. Office and Real Property Leases On August 01, 2015, the Company moved the office to a single room located in Albuquerque, NM for a monthly rent of $500 until the Company is able to lease increased due to additional personnel requirements. Rental expense totaled $1,500 and $5,880 for the three months ended September 30, 2015 and 2014, respectively. Title to Mineral Properties Although the Company has taken steps, consistent with industry standards, to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

NOTE 11 - STOCKHOLDERS' EQUITY

NOTE 11 - STOCKHOLDERS' EQUITY	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 11 - STOCKHOLDERS' EQUITY	Stock option and warrant activity, both within the 2007 EIP Amended, the Restated Equity Incentive Plan and outside of these plans, for the three months ending September 30, 2015, are as follows: Stock Options Stock Warrants Weighted Weighted Average Exercise Shares Price Shares Price Outstanding at June 30, 2015 12,510,000 $0.07 20,896,054 $0.37 Granted - - - - Canceled - - - - Expired - - (6,244,286) $0.40 Exercised - - - - Outstanding at September 30, 2015 12,510,000 $0.07 14,651,768 $0.35 Stock options and warrants outstanding and exercisable at September 30, 2015, are as follows: Outstanding and Exercisable Options O utstanding and Exercisable Warrants Weighted Weighted Average Average Contractual Weighted Contractual Weighted Exercise Remaining Average Exercise Remaining Average Price Outstanding Exercisable Life Exercise Price Outstanding Exercisable Life Exercise Range Number Number (in Years) Price Range Number Number (in Years) Price $0.05 11,000,000 11,000,000 3.11 $ 0.05 $ 0.06 3,375,000 3,375,000 0.25 $ 0.06 $0.07 200,000 200,000 4.26 $ 0.07 $ 0.15 4,320,000 4,320,000 3.41 $ 0.15 $0.08 200,000 200,000 3.26 $ 0.08 $ 0.38 523,434 523,434 1.96 $ 0.38 $0.14 200,000 200,000 2.85 $ 0.14 $ 0.40 4,500,000 4,500,000 1.84 $ 0.40 $0.32 250,000 250,000 1.89 $ 0.32 $ 0.87 500,000 500,000 0.84 $ 0.87 $0.36 660,000 660,000 1.67 $ 0.36 $ 1.00 600,000 600,000 1.11 $ 1.00 -- -- $ 1.50 833,334 833,334 0.25 $ 1.50 12,510,000 12,510,000 14,651,768 14,651,768 Outstanding Options 3.03 $ 0.07 Outstanding Warrants 1.78 $ 0.35 Exercisable Options 3.03 $ 0.07 Exercisable Warrants 1.78 $ 0.35 As of September 30, 2015, the aggregate intrinsic value of all stock options and warrants vested and expected to vest was $0 and the aggregate intrinsic value of currently exercisable stock options and warrants was $0. The intrinsic value of each option share is the difference between the fair market value of the common stock and the exercise price of such option or warrant share to the extent it is "in-the-money". Aggregate intrinsic value represents the value that would have been received by the holders of in-the money options had they exercised their options on the last trading day of the quarter and sold the underlying shares at the closing stock price on such day. The intrinsic value calculation is based on the $0.001closing stock price of the common stock on September 30, 2015. The total intrinsic value associated with options exercised during the three months ended September 30, 2015, was $0. Intrinsic value of exercised shares is the total value of such shares on the date of exercise less the cash received from the option or warrant holder to exercise the options.

NOTE 12 - RELATED PARTY TRANSAC

NOTE 12 - RELATED PARTY TRANSACTIONS	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 12 - RELATED PARTY TRANSACTIONS	NOTE 12 - RELATED PARTY TRANSACTIONS In the, three months ended September 30, 2015 and 2014, the Jordaan Law Firm billed for legal services $0 and $31,753, respectively. At September 30, 2015, the Company owed to related parties an aggregated amount of $269,787 and $421,385 respectively. Transactions involving related parties cannot be presumed to be carried out on an arm's-length basis, as the requisite conditions of competitive, free-market dealings may not exist. Representations about transactions with related parties, if made, shall not imply that the related party transactions were consummated on terms equivalent to those that prevail in arm's-length transactions unless such representations can be substantiated.

NOTE 13 - LEGAL PROCEEDINGS

NOTE 13 - LEGAL PROCEEDINGS	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 13 - LEGAL PROCEEDINGS	NOTE 13 - LEGAL PROCEEDINGS All legal proceedings stayed with the filing of Chapter 11 bankruptcy. At the time of the bankruptcy filing several litigations were filed in several courts. Santa Fe believes that the following suits will be stayed pursuant to the Bankruptcy Code. After dismissal of the Chapter 11 filings, we have not been notified of any of the below cases if they will continue or not. Boart Long year Company v. Lordsburg Mining Company County of Bernalillo, NM; Boart Longyear Company v. Lordsburg Mining Company County of Sierra, NM; Boart Longyear Company v. Lordsburg Mining Company County of Quintero, NM. Series of collection cases by Boart Longyear Company, who obtained Utah judgment for equipment delivered to Lordsburg Mining Company Santa Fe Gold Corporation v. Tyhee Gold Corp Santa Fe is seeking damages for breach of the Confidentiality Agreement as well as for conversion of Santa Fe’s confidential information. Tyhee Gold Corp. has filed a counter-claim for tortuous interference with prospective contractual relationships with Koza Gold. Wagner Equipment Co . v. Lordsburg Mining Company County of Bernalillo, NM 28 Collection case by Wagner equipment, who obtained judgment for equipment delivered to Lordsburg Mining Company. We are subject from time to time to litigation, claims and suits arising in the ordinary course of business. Other than the above-described litigation, as of June 30, 2016, we were not a party to any material litigation, claim or suit whose outcome could have a material effect on our financial statements. In accordance with accounting standards regarding loss contingencies, the Company accrues an undiscounted liability for those contingencies where the incurrence of a loss is probable and the amount can be reasonably estimated, and the Company discloses the amount accrued and the amount of a reasonably possible loss in excess of the amount accrued, if such disclosure is necessary for its financial statements not to be misleading. The Company does not record liabilities when the likelihood that the liability has been incurred is probable but the amount cannot be reasonably estimated, or when the liability is believed to be only reasonably possible or remote. Because litigation outcomes are inherently unpredictable, the Company’s evaluation of legal proceedings often involves a series of complex assessments by management about future events and can rely heavily on estimates and assumptions. If the assessments indicate that loss contingencies that could be material to any one of its financial statements are not probable, but are reasonably possible, or are probable, but cannot be estimated, then the Company discloses the nature of the loss contingencies, together with an estimate of the range of possible loss or a statement that such loss is not reasonably estimable. While the consequences of certain unresolved proceedings are not presently determinable, and an estimate of the probable and reasonably possible loss or range of loss in excess of amounts accrued for such proceedings cannot be reasonably made, an adverse outcome from such proceedings could have a material adverse effect on its financial statements in any given reporting period. However, in the opinion of Management, after consulting with legal counsel, the ultimate liability related to the current outstanding litigation is not expected to have a material adverse effect on its financial statements.

NOTE 14 - SUBSEQUENT EVENTS

NOTE 14 - SUBSEQUENT EVENTS	3 Months Ended
	Sep. 30, 2015
Notes
NOTE 14 - SUBSEQUENT EVENTS	NOTE 14 – SUBSEQUENT EVENTS Recent Issuances of Unregistered Securities In June 2016, issued 2,739,187 shares of restricted common stock for consulting services at a value of $2,739 on the date of issuance. In June 2016, issued 14,217,561 shares of restricted common stock for compensation to officers and a consultant at a value of $14,217 on the date of issuance. In the period from June 2016 through June 2017, the Company sold an aggregate of 48,344,368 units. Each unit consisted of one common share and one common stock warrant. The warrants had a term of 5 years and an exercise price ranging from $0.001 to $0.10. All warrants were immediately exercised resulting in the issuance of an additional 48,344,368 common shares. The Company received aggregate proceeds of $2,723,483 from these sales and warrant exercises. In connection with this offering, the Company incurred placement fees consisting of a cash fee of 10% of the full combined dollar amount of units placed in the offering plus warrants exercisable for 10% of the shares and warrants included in the units placed with exercise prices ranging from $0.001 to $0.10. To date, no placement agent fee warrants have been issued. The Company incurred a cash fee amounting to $272,348 in connection with this raise. In addition, between July 2017 and October 17, 2017, the Company has an additional $2,623,281 for additional equity purchases from a private overseas investment company and a number of associated investors. The stock and warrant shares have not been issued at this time and the stock certificates and warrant shares (approximately 32,787,500 shares at this time) will be issued at the same time and the same price. In connection with this offering, the Company has incurred placement fees consisting of a cash fee of 10% of the full combined dollar amount of units placed in the offering plus warrants exercisable for 10% of the shares and warrants included in the units placed. To date, no placement agent fee warrants have been issued. The Company has incurred a cash fee amounting to $262,281 in connection with this raise. On August 1, 2016, the Company issued to a lender 2,120,000 shares of common stock and the shares were returned to the Company on September 13, 2016, due to a pre-existing agreement with the Company. On December 12, 2016, employees and a consultant returned 15,956,748 shares to the treasury in order to be able to raise more funds to acquire additional assets. $200,932. In January 2017 the note holders agreed to take cash settlements aggregating $183,000 to satisfy the outstanding obligations. On December 14, 2016 the trust, established by the bankruptcy court to protect the creditors, paid $354,458 to the recorded creditors and Santa Fe Gold will record this as Trust Forgiveness Revenues. On August 5, 2016 we contacted 19 creditors and note holders of the Santa Fe Gold and made an offer in compromise: “ the company respectfully hereby offers a cash payment to you, in consideration of your discharge and release of any and all outstanding (non-trust) claims, in the amount of Three (3%) per cent of the present principal balance otherwise owed Proceeds from the sale of our equity were used to secure claims in the southern part of New Mexico. Between September 14, 2016 and November 04, 2016, we secured claims and paid $9,328 for BLM filing fees, these claims have a 5% royalty attached. As of October 2017, we have the rights to 24 claims.We are currently in negotiations with other existing mines for which we may have to pay royalties or establish a partnership if an agreement is reached. 363 Asset Sale On February 26, 2016, Waterton completed the acquisition of substantially all of the Company’s assets pursuant to an Asset Purchase Agreement dated February 26, 2016. Waterton, as the only successful bidder for Santa Fe’s assets, eliminated all pre-petition agreements, all amounts of loans, interest and gold stream agreements that was owed to them prior to the filings of the chapter 11 and also the DIP funding that was put in place during the proceedings for all assets belonging to Santa Fe and its subsidiaries. All assets were free and clear of liens, claims, mortgages, pledges and interest of any kind without limitation in the transfer. The sale is a binding and valid transfer with all rights, title and interest in the acquired assets. At the time of the agreement all debt owed to Waterton is eliminated, but all other liabilities to unsecured lenders stay in effect. The table below summarizes the carrying value of the assets sold and the liabilities disposed in the 363 Asset Sale as of the asset transfer on February 26, 2016: February 26, 2016 Assets Sold Restricted cash $ 236,628 Prepaid expenses and other current assets 39,584 Property, plant and equipment, net 4,992,154 Mine development properties, net 10,532,965 Mineral properties, net 599,897 $ 16,401,228 Liabilities Disposed Notes payable $ 9,993,280 Accrued interest 5,815,622 Asset retirement obligation 245,494 DIP fees 32.203 Accrued CSA fees 329,938 Total $ 16,416,537 Net gain on the Asset 363 Sale $ 15,309

NOTE 2 - SUMMARY OF SIGNIFICA20

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	3 Months Ended
	Sep. 30, 2015
Policies
Principles of Consolidation	Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries AZCO Mica, Inc., a Delaware corporation, The Lordsburg Mining Company, a New Mexico corporation, and Santa Fe Gold Barbados Corporation, a Barbados corporation. All significant inter-company accounts and transactions have been eliminated in consolidation.
Reclassifications	Reclassifications Certain items in these consolidated financial statements have been reclassified to conform to the current year's presentation.
Estimates	Estimates The preparation of consolidated financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates under different assumptions or conditions. Significant estimates are used when accounting for the Company's carrying value of mineral properties, fixed assets, depreciation and amortization, accruals, derivative instrument liabilities, taxes and contingencies, asset retirement obligations, revenue recognition, and stock-based compensation which are discussed in the respective notes to the consolidated financial statements.
Fair Value Measurements	Fair Value Measurements The carrying values of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities approximated their related fair values as of September 30, 2015, and June 30, 2015, due to the relatively short-term nature of these instruments. The carrying value of the Company's convertible notes payable approximates the fair value based on the terms at which the Company could obtain similar financing and the short-term nature of these instruments.
Cash and Cash Equivalents	Cash and Cash Equivalents The Company considers all liquid investments purchased with an initial maturity of three months or less to be cash equivalents. The Company maintains its cash in bank deposit accounts which, at times, may exceed federally insured limits. The Company has not experienced any losses in such accounts. The Company believes it is not exposed to any significant credit risk on cash balances. Restricted cash is excluded from cash and cash equivalents and is included in other assets.
Other Receivable	Other Receivable As of September 30, 2015, the Company has no receivables and at June 30, 2015, had another receivable for a refund of insurance.
Property, Plant, Equipment and Mine Development	Property and equipment are carried at cost. Maintenance and repairs that do not improve or extend the life of the respective assets are expensed as incurred. Expenditures for new property or equipment and expenditures that extend the useful lives of existing property and equipment are capitalized and recorded at cost. Upon retirement, sale or other disposition, the cost and accumulated amortization are eliminated and the gain or loss is included in operations. Depreciation is taken over the estimated useful lives of the assets using the straight-line method. The estimated useful lives of property and equipment are shown below. Land is not depreciated. Estimated Useful Life Leasehold improvements 3 Years Office furniture and equipment 3 Years Mine processing equipment and buildings 7- 20 Years Plant 3 - 9 Years Tailings 3 Years Environmental and permits 7 Years Asset retirement obligation 5 Years Automotive 3 - 5 Years Software 5 Years All property and equipment on the Companies’ books was sold with the 363 Asset Sale in February 2016.
Mineral Properties	Mineral Properties Mineral properties are capitalized at their fair value at the acquisition date, either as an individual asset purchase or as part of a business combination. When it is determined that a mineral property can be economically developed as a result of establishing reserves, subsequent mine development are capitalized and are amortized using the units of production method over the estimated life of the ore body based on estimated recoverable tonnage in proven and probable reserves. The Company’s mineral rights generally are enforceable regardless of whether proven and probable reserves have been established. The Company has the ability and intent to renew mineral interests where the existing term is not sufficient to recover all identified and valued proven and probable reserves and/or undeveloped mineralized material. All property and equipment on the Companies’ books was sold with the 363 Asset Sale in February 2016.
Impairment of Long-Lived Assets	Impairment of Long-Lived Assets The Company reviews and evaluates long-lived assets for impairment when events or changes in circumstances indicate the related carrying amounts may not be recoverable. The assets are subject to impairment consideration if events or circumstances indicate that their carrying amount might not be recoverable. An impairment loss is recognized when estimated undiscounted future cash flows expected to result from the use of the asset and its eventual disposition is less than its carrying amount. When impairment is identified, the carrying amount of the asset is reduced to its estimated fair value which is generally derived from estimated discounted cash flows. There was no impairment of the Company’s mine equipment, mine development costs and mineral properties during the three months ended September 30, 2015.
Restricted Cash	Restricted Cash Restricted cash is maintained in connection with requirements for reclamation of projects and bonding requirements for the Company’s weighmaster scale. All Reclamation Bonds will be transferred to Waterton after the 363 Asset Sale in February 2016.
Derivative Financial Instruments	Derivative Financial Instruments The Company does not use derivative instruments to hedge exposures to cash flow, market, or foreign currency risks. The Company reviews the terms of convertible debt, equity instruments and other financing arrangements to determine whether there are embedded derivative instruments, including embedded conversion options that are required to be bifurcated and accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services. Derivative financial instruments are initially measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to income. To the extent that the initial fair values of the freestanding and/or bifurcated derivative instrument liabilities exceed the total proceeds received, an immediate charge to income is recognized as a one day derivative loss, in order to initially record the derivative instrument liabilities at their fair value. The discount from the face value of the convertible debt or equity instruments resulting from allocating some or all of the proceeds to the derivative instruments, together with the stated interest on the instrument, is amortized over the life of the instrument through periodic charges to income, using the effective interest method. When required to arrive at the fair value of derivatives associated with the convertible note and warrants, a Monte Carlo model is utilized that values the Convertible Note and Warrant based on average discounted cash flow factoring in the various potential outcomes by a Chartered Financial Analyst (‘CFA”). In determining the fair value of the derivatives the CFA assumed that the Company’s business would be conducted as a going concern. The classification of derivative instruments, including whether such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether or not net-cash settlement of the derivative instrument could be required within twelve months of the balance sheet date.
Reclamation Costs	Reclamation Costs Reclamation obligations are recognized when incurred and recorded as liabilities at fair value. The liability is accreted over time through periodic charges to earnings. In addition, the asset retirement cost is capitalized as part of the asset’s carrying value and amortized over the life of the related asset. Reclamation costs are periodically adjusted to reflect changes in the estimated present value resulting from the passage of time and revisions to the estimates of either the timing or amount of the reclamation costs. The reclamation obligation is based upon when spending for an existing disturbance will occur. The Company reviews, on an annual basis, unless otherwise deemed necessary, the reclamation obligation at each mine site in accordance with ASC guidance for reclamation obligations. As of September 30, 2015, the Company had a reclamation obligation totaling $245,494. With the bankruptcy filing and the future sale of all assets, all reclamation costs and the related bonds deposits was transferred to the buyer of the assets.
Revenue Recognition	Revenue Recognition Revenue is recognized when persuasive evidence of an arrangement exists, delivery has occurred physically, the price is fixed or determinable, no related obligations remain and collectability is probable. Sales of all metals products sold directly to the Company’s metals buyers, including by-product metals, are recorded as revenues upon a buyer either taking physical delivery of the metals product in the case of siliceous flux material or upon the buyer receiving all required documentation necessary to take physical delivery of the metals product in the case of concentrate (generally at the time the product is loaded onto a shipping vessel at the originating port and the bill of lading is generated). Revenues for metals products are recorded at current market prices at the time of delivery and are subsequently adjusted to the current market prices existing at the end of each reporting period. Due to the period of time existing between delivery and final settlement with the buyer, the Company estimates the prices at which sales will be settled. Changes in metals prices between delivery and final settlement will result in adjustments to revenues previously recorded. Sales of metals products are recorded net of charges from the buyer for treatment, refining, smelting losses, and other negotiated charges. Charges are estimated upon shipment of product based on contractual terms, and actual charges do not vary materially from estimates. Costs charged by smelters include a metals payable fee, fixed treatment and refining costs per ton of product.
Net Loss Per Share	Net Loss Per Share Basic earnings (loss) per share are calculated by dividing net income (loss) by the weighted average number of common shares outstanding for the period. Diluted earnings per share are calculated by dividing net income (loss) by the weighted average number of common shares and dilutive common stock equivalents outstanding. During the periods when they are anti-dilutive, common stock equivalents, if any, are not considered in the computation. For the three month periods ended September 2015 and 2014, the impact of outstanding stock equivalents has not been included as they would be anti-dilutive.
Stock-Based Compensation	Stock-Based Compensation In connection with terms of employment with the Company’s executives and employees, the Company occasionally issues options to acquire its common stock. Awards are made at the discretion of the Board of Directors. Such options may be exercisable at varying exercise prices and generally vest over a period of six months to a year. The Company accounts for share based on the grant date fair value of the award. The Company estimates the fair value of the award using the Black-Scholes option pricing model for valuation of the share-based payments. The Company believes this model provides the best estimate of fair value due to its ability to incorporate inputs that change over time, such as volatility and interest rates, and to allow for actual exercise behavior of option holders. The simplified method is used to determine compensation expense since historical option exercise experience is limited. The compensation cost is recognized over the expected vesting period.
Financial Statement Classification of Liabilities Subject to Compromise	Financial Statement Classification of Liabilities Subject to Compromise Our financial statements include amounts classified as liabilities subject to compromise, which represent liabilities that have been allowed, or that we anticipate will be allowed, as claims in our bankruptcy case. As previously referenced, resolution of certain of these claims have and will extend beyond the date we exited bankruptcy. These balances include amounts related to the anticipated rejection of various liabilities. Because the uncertain nature of many of the potential claims has not been determined at this time, the magnitude of such claims is not reasonably estimable at this time. Such claims may be material. The following table summarizes the components of liabilities subject to compromise included on our consolidated balance sheets as of: September 30, 2015 Accounts payable $ 3,798,780 Convertible notes, less discounts 3,265,846 Notes payable 2,363,885 Completion guarantee payable, net of unamortized discount 3,310,218 Accrued liabilities 6,164,601 Derivative instruments liabilities 118,488 $ 19,021,818
Reorganization Items	Reorganization Items The Company and the Chapter 11 Subsidiaries have incurred significant costs associated with the bankruptcy, principally professional and legal fees. The amount of these costs, which are being expensed as incurred, significantly affect our results of operations. For the three months ended September 30, 2015, these costs aggregated $217,203.
Accounting Standards to be Adopted in Future Periods	Accounting Standards to be Adopted in Future Periods In May 2014, the FASB issued ASC updated No. 2014-09, Revenue from Contracts with Customers (Topic 606 (ASU 2014-09) In June 2014, the FASB issued ASU 2014-12, Compensation—Stock Compensation (Topic 718): Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern (Subtopic 205-40) Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern In August 2016, the FASB issued ASU No. 2016-15, Statement of Cash Flows (Topic 230): Classification of Certain Cash Receipts and Cash Payments. In March 2016, the FASB issued ASU No. 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting In November 2016, the FASB has issued ASU No. 2016-18 , Statement of Cash Flows (Topic 230) In May 2017, FASB issued ASU 2017-09, Compensation—Stock Compensation (Topic 718): Scope of Modification Accounting, which amends the scope of modification accounting surrounding share-based payment arrangements as issued in ASU 2016-09 by providing guidance on the various types of changes which would trigger modification accounting for share-based payment awards. ASU 2017-09 is effective for annual periods beginning after December 15, 2017, and interim periods within those annual periods, which would be the Company's fiscal year ending March 31, 2019. Early adoption is permitted, including adoption in any interim period, for public business entities for reporting periods for which financial statements have not yet been issued. While the Company does not expect the adoption of ASU 2017-09 to have a material effect on its business, the Company is still evaluating any potential impact that adoption of ASU 2017-09 may have on its financial position, results of operations or cash flows. Other recent accounting pronouncements issued by the FASB (including its Emerging Issues Task Force), the American Institute of Certified Public Accountants, and the SEC did not, or are not believed by management to, have a material impact on the Company's present or future financial position, results of operations or cash flows.

NOTE 2 - SUMMARY OF SIGNIFICA21

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Property Plant And Equipment Estimated Useful Life	Estimated Useful Life Leasehold improvements 3 Years Office furniture and equipment 3 Years Mine processing equipment and buildings 7- 20 Years Plant 3 - 9 Years Tailings 3 Years Environmental and permits 7 Years Asset retirement obligation 5 Years Automotive 3 - 5 Years Software 5 Years
Schedule of Liabilities subject to compromise	The following table summarizes the components of liabilities subject to compromise included on our consolidated balance sheets as of: September 30, 2015 Accounts payable $ 3,798,780 Convertible notes, less discounts 3,265,846 Notes payable 2,363,885 Completion guarantee payable, net of unamortized discount 3,310,218 Accrued liabilities 6,164,601 Derivative instruments liabilities 118,488 $ 19,021,818

NOTE 3 - ACCRUED LIABILITIES (T

NOTE 3 - ACCRUED LIABILITIES (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Accrued Liabilities	Accrued liabilities consist of the following at September 30, 2015 June 30, 2015: September 30, June 30, 2015 2015 Interest $ 6,923,606 $ 6,304,917 Vacation 41,214 41,214 Deferred and accrued payroll burden 338,924 360,354 Franchise taxes 8,695 8,695 Royalties (calculated as a percentage of net smelter proceeds to a royalty holder) 766,744 757,251 Accrued DIP funding fees 32,203 - Merger costs, net 269,986 269,986 Other 19,579 19,579 Audit 20,000 20,000 Commodity supply agreements 2,844,514 3,067,117 Property taxes 138,550 92,367 11,404,015 10,941,480 Less amounts in Liabilities subject to compromise (6,164,601 ) - $ 5,239,414 $ 10,941,480

NOTE 4 - DERIVATIVE INSTRUMEN23

NOTE 4 - DERIVATIVE INSTRUMENT LIABILITIES (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Derivative Liabilities	Three Months Ended September 30, 2015 Derivative Derivative Valuation Change Liability as of Liability as of for the three months ended June 30, 2015 September 30, 2015 September 30, 2015 Purchase Agreement Warrants and Convertible Debt $ 1,367,142 $ 118,488 $ 1,248,654 Settlement of derivative liabilities through conversion (90,081 ) Gain on Derivatives $ 1,158,573

NOTE 6 - CONVERTIBLE NOTES PA24

NOTE 6 - CONVERTIBLE NOTES PAYABLE (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Convertible Notes Payable	The components of the convertible notes payable are as follows: Principal Unamortized September 30, 2015: Amount Discount Net Current portion $ 3,389,501 $ (123,655 ) $ 3,265,846 Long-term portion, net of current - - - Balance classified in liabilities subject to compromise $ 3,389,501 $ (123,655) $ 3,265,846 Principal Unamortized June 30, 2015: Amount Discount Net Current portion $ 3,702,263 $ (258,345) $ 3,443,918 Long-term portion, net of current - - - $ 3,702,263 $ (258,345) $ 3,443,918

NOTE 8 - NOTES PAYABLE (Tables)

NOTE 8 - NOTES PAYABLE (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Debt	The following summarizes notes payable, including the Senior Secured Gold Stream Credit Agreement DIP funding, at: September 30, June 30, 2015 2015 Working capital advances, interest at 1% per month, due January 15, 2015 $ 200,000 $ 200,000 Merger advance 20,000 20,000 Installment sales contract on equipment, interest at 5.75%, payable in 48 monthly installments of $13,874, including interest through July 2016. 398,793 398,793 Unsecured bridge loan note payable, interest at 2% monthly, payable August 17, 2014, six months after the first advance on the bridge loan. 1,745,092 1,745,092 Senior Secured Gold Stream Credit Agreement, interest at 9.00% per annum, payable monthly in arrears, principal payments deferred to July 2012; principal installments are $425,000 for July and August 2012, $870,455 monthly for September 2012 through June 2013 and $445,450 in July 2013; Note amended October 9, 2012, principal installments of $1,082,955 due October 2012, $500,000 November 2012, $0 due December 2012 and January 2013, $3,852,275 February 2013, $870,455 March through June 2013, and $445,450 in July 2013. 7,755,685 7,755,685 Total Outstanding Notes Payable 10,119,570 10,119,570 Less: Amounts classified in Liabilities subject to compromise (2,363,885) - Notes payable $ 7,755,685 $ 10,119,570

NOTE 9 - FAIR VALUE MEASUREME26

NOTE 9 - FAIR VALUE MEASUREMENTS (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Fair Value Assets And Liabilities	September 30, 2015 Level 1 Level 2 Level 3 Total Assets: None - - - - Liabilities: Derivative instruments - - $ 118,488 $ 118,488 June 30, 2015 Level 1 Level 2 Level 3 Total Assets: None - - - - Liabilities: Derivative instruments - - $ 1,367,142 $ 1,367,142

NOTE 11 - STOCKHOLDERS' EQUITY

NOTE 11 - STOCKHOLDERS' EQUITY (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Stock Options	Stock Options Stock Warrants Weighted Weighted Average Exercise Shares Price Shares Price Outstanding at June 30, 2015 12,510,000 $0.07 20,896,054 $0.37 Granted - - - - Canceled - - - - Expired - - (6,244,286) $0.40 Exercised - - - - Outstanding at September 30, 2015 12,510,000 $0.07 14,651,768 $0.35 Stock options and warrants outstanding and exercisable at September 30, 2015, are as follows: Outstanding and Exercisable Options O utstanding and Exercisable Warrants Weighted Weighted Average Average Contractual Weighted Contractual Weighted Exercise Remaining Average Exercise Remaining Average Price Outstanding Exercisable Life Exercise Price Outstanding Exercisable Life Exercise Range Number Number (in Years) Price Range Number Number (in Years) Price $0.05 11,000,000 11,000,000 3.11 $ 0.05 $ 0.06 3,375,000 3,375,000 0.25 $ 0.06 $0.07 200,000 200,000 4.26 $ 0.07 $ 0.15 4,320,000 4,320,000 3.41 $ 0.15 $0.08 200,000 200,000 3.26 $ 0.08 $ 0.38 523,434 523,434 1.96 $ 0.38 $0.14 200,000 200,000 2.85 $ 0.14 $ 0.40 4,500,000 4,500,000 1.84 $ 0.40 $0.32 250,000 250,000 1.89 $ 0.32 $ 0.87 500,000 500,000 0.84 $ 0.87 $0.36 660,000 660,000 1.67 $ 0.36 $ 1.00 600,000 600,000 1.11 $ 1.00 -- -- $ 1.50 833,334 833,334 0.25 $ 1.50 12,510,000 12,510,000 14,651,768 14,651,768 Outstanding Options 3.03 $ 0.07 Outstanding Warrants 1.78 $ 0.35 Exercisable Options 3.03 $ 0.07 Exercisable Warrants 1.78 $ 0.35

NOTE 14 - SUBSEQUENT EVENTS (Ta

NOTE 14 - SUBSEQUENT EVENTS (Tables)	3 Months Ended
	Sep. 30, 2015
Tables/Schedules
Schedule Of Carrying Value of the Assets Sold and Liabilities Disposed	The table below summarizes the carrying value of the assets sold and the liabilities disposed in the 363 Asset Sale as of the asset transfer on February 26, 2016: February 26, 2016 Assets Sold Restricted cash $ 236,628 Prepaid expenses and other current assets 39,584 Property, plant and equipment, net 4,992,154 Mine development properties, net 10,532,965 Mineral properties, net 599,897 $ 16,401,228 Liabilities Disposed Notes payable $ 9,993,280 Accrued interest 5,815,622 Asset retirement obligation 245,494 DIP fees 32.203 Accrued CSA fees 329,938 Total $ 16,416,537 Net gain on the Asset 363 Sale $ 15,309

NOTE 2 - SUMMARY OF SIGNIFICA29

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Property, Plant, Equipment and Mine Development: Schedule Of Property Plant And Equipment Estimated Useful Life (Details)	3 Months Ended
	Sep. 30, 2015
Leasehold Improvements
Property, Plant and Equipment, Estimated Useful Lives	3
Office furniture and equipment
Property, Plant and Equipment, Estimated Useful Lives	3
Mine processing equipment and buildings | Minimum
Property, Plant and Equipment, Estimated Useful Lives	7
Mine processing equipment and buildings | Maximum
Property, Plant and Equipment, Estimated Useful Lives	20
Plant | Minimum
Property, Plant and Equipment, Estimated Useful Lives	3
Plant | Maximum
Property, Plant and Equipment, Estimated Useful Lives	9
Tailings
Property, Plant and Equipment, Estimated Useful Lives	3
Environmental and permits
Property, Plant and Equipment, Estimated Useful Lives	7
Asset retirement obligation
Property, Plant and Equipment, Estimated Useful Lives	5
Automotive | Minimum
Property, Plant and Equipment, Estimated Useful Lives	3
Automotive | Maximum
Property, Plant and Equipment, Estimated Useful Lives	5
Software
Property, Plant and Equipment, Estimated Useful Lives	5

NOTE 2 - SUMMARY OF SIGNIFICA30

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Reclamation Costs (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Details
Asset retirement obligation	$ 245,494	$ 0

NOTE 2 - SUMMARY OF SIGNIFICA31

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Financial Statement Classification of Liabilities Subject to Compromise: Schedule of Liabilities subject to compromise (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Details
Accounts payable	$ 3,798,780
Convertible notes, less discounts	3,265,846
Notes payable	2,363,885
Completion guarantee payable, net of unamortized discount	3,310,218
Accrued liabilities	6,164,601	$ 0
Derivative instruments liabilities	118,488
Liabilities subject to compromise	$ 19,021,818	$ 0

NOTE 2 - SUMMARY OF SIGNIFICA32

NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES: Reorganization Items (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Details
Reorganization costs	$ 217,203	$ 0

NOTE 3 - ACCRUED LIABILITIES_ S

NOTE 3 - ACCRUED LIABILITIES: Schedule Of Accrued Liabilities (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Details
Interest	$ 6,923,606	$ 6,304,917
Vacation	41,214	41,214
Deferred and accrued payroll burden	338,924	360,354
Franchise taxes	8,695	8,695
Royalties (calculated as a percentage of net smelter proceeds to a royalty holder)	766,744	757,251
Accrued DIP funding fees	32,203	0
Merger costs, net	269,986	269,986
Other	19,579	19,579
Audit	20,000	20,000
Commodity supply agreements	2,844,514	3,067,117
Property taxes	138,550	92,367
Total accrued liabilities	11,404,015	10,941,480
Less amounts in Liabilities subject to compromise	(6,164,601)	0
Accrued liabilities	$ 5,239,414	$ 10,941,480

NOTE 4 - DERIVATIVE INSTRUMEN34

NOTE 4 - DERIVATIVE INSTRUMENT LIABILITIES (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Derivative instrument liabilities	$ 0		$ 1,367,142
Gain (loss) on derivative instrument liabilities	$ 1,158,573	$ (512,715)
Warrants
Fair Value, Option, Methodology and Assumptions	Black Scholes option pricing model
Fair Value Assumptions, Expected Dividend Rate	0.00%
Warrants | Minimum
Fair Value Assumptions, Risk Free Interest Rate	0.01%
Fair Value Assumptions, Expected Term	1 month 17 days
Fair Value Assumptions, Expected Volatility Rate	171.00%
Warrants | Maximum
Fair Value Assumptions, Risk Free Interest Rate	1.01%
Fair Value Assumptions, Expected Term	3 years 9 months 7 days
Fair Value Assumptions, Expected Volatility Rate	307.00%
Convertible Note
Fair Value, Option, Methodology and Assumptions	Monte Carlo model
Convertible Note | Minimum
Fair Value Assumptions, Expected Volatility Rate	99.00%
Share Price	$ 0.0009
Debt Instrument, Convertible, Conversion Price	$ 0.125
Convertible Note | Maximum
Fair Value Assumptions, Expected Volatility Rate	537.00%
Share Price	$ 0.1760
Debt Instrument, Convertible, Conversion Price	$ 0.0425
Notes in compromise
Derivative instrument liabilities	$ 118,488

NOTE 4 - DERIVATIVE INSTRUMEN35

NOTE 4 - DERIVATIVE INSTRUMENT LIABILITIES: Schedule Of Derivative Liabilities (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Derivative instrument liabilities	$ 0	$ 1,367,142
Increase (Decrease) in Derivative Assets and Liabilities	1,248,654
Settlement of derivative liabilities through conversion	(90,081)
Gain (Loss) on Derivative Instruments, Net, Pretax	1,158,573
Notes in compromise
Derivative instrument liabilities	$ 118,488

NOTE 5 - COMPLETION GUARANTEE36

NOTE 5 - COMPLETION GUARANTEE PAYABLE (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015	Jun. 30, 2012
Total accrued liabilities	$ 11,404,015		$ 10,941,480
Accretion of discount on notes payable	151,287	$ 12,241
Completion guarantee payable
Total accrued liabilities	3,310,218		3,300,287	$ 504,049
Debt Instrument, Unamortized Discount	49,655		$ 59,586
Accretion of discount on notes payable	$ 9,931

NOTE 6 - CONVERTIBLE NOTES PA37

NOTE 6 - CONVERTIBLE NOTES PAYABLE (Details) - USD ($)	Jan. 20, 2015	Oct. 22, 2014	Jan. 15, 2013	Oct. 30, 2007	Nov. 30, 2012	Sep. 30, 2015	Jun. 30, 2015	Mar. 31, 2015	Sep. 30, 2014	Jun. 30, 2015	Dec. 31, 2014	Jun. 24, 2015	Jun. 09, 2015	Feb. 25, 2015	Oct. 31, 2012
Class of Warrant or Right, Outstanding						14,651,768	20,896,054			20,896,054
Long-term Debt, Gross						$ 93,333
Proceeds from notes payable						0			$ 200,000
Extinguishment of Debt, Amount						90,000
Gain (loss) on derivative instrument liabilities						1,158,573			(512,715)
Accretion of discount on notes payable						$ 151,287			$ 12,241
Senior Subordinated convertible note 1
Debt Instrument, Face Amount				$ 450,000
Debt Instrument, Interest Rate, Stated Percentage				10.00%
Debt Instrument, Term						60 months
Dollar amount of stock subscribed for equivalent to one warrant				$ 2.50
Class of Warrant or Right, Outstanding			562,500	180,000
Exercise Price of Warrants			$ 0.40	$ 1.25
Convertible Preferred Stock, Terms of Conversion				At the option of the holders of the convertible notes, the outstanding principal and interest was convertible at any time into shares of the Company’s common stock at conversion price of $1.25 per share. The notes were to be automatically converted into common stock if the weighted average closing sales price of the stock exceeded $2.50 per share for ten consecutive trading days.
Share Price				$ 1.50
Debt Instrument, Convertible, Conversion Price			0.40
Debt Instrument, automatic conversion price			$ 0.80
Long-term Debt, Gross						$ 450,000
Interest Payable, Current						110,250
Convertible secured note 1
Debt Instrument, Interest Rate, Stated Percentage															6.00%
Long-term Debt, Gross						2,738,568
Interest Payable, Current						481,145
Proceeds from notes payable					$ 3,985,000
Extinguishment of Debt, Amount						88,283
Convertible secured note 1 | Australia dollars
Debt Instrument, Face Amount															$ 3,900,000
Convertible unsecured note 1
Debt Instrument, Face Amount		$ 500,000
Debt Instrument, Interest Rate, Stated Percentage		12.00%
Proceeds from notes payable		$ 75,000
Debt Instrument, Unamortized Discount		$ 8,333
Stock Issued During Period, Value, Conversion of Convertible Securities						24,433				$ 68,900
Gain (loss) on derivative instrument liabilities											$ (78,529)
Accretion of discount on notes payable						$ 20,185
Convertible unsecured note 1 | Common Stock
Stock Issued During Period, Shares, Conversion of Convertible Securities						916,078				1,800,000
Convertible unsecured note 2
Debt Instrument, Face Amount														$ 50,000
Debt Instrument, Unamortized Discount														$ 5,556
Stock Issued During Period, Value, Conversion of Convertible Securities						$ 62,223
Gain (loss) on derivative instrument liabilities								$ (105,556)
Accretion of discount on notes payable						$ 60,973
Convertible unsecured note 2 | Common Stock
Stock Issued During Period, Shares, Conversion of Convertible Securities						27,522,855
Convertible unsecured note 3
Debt Instrument, Face Amount												$ 50,000
Long-term Debt, Gross						$ 93,333
Debt Instrument, Unamortized Discount						61,167						$ 5,556
Gain (loss) on derivative instrument liabilities							$ (90,395)
Accretion of discount on notes payable						1,462
Debt Instrument, Debt Default, Amount						37,777
Interest Expense, Debt						$ 6,666
Debt Instrument, Convertible, Terms of Conversion Feature						The conversion price with this investor is the lesser of $0.0425 or 65% of the lowest trade price in the 25 trading days previous to the conversion date
Convertible unsecured note 4
Debt Instrument, Face Amount	$ 250,000
Debt Instrument, Interest Rate, Stated Percentage	12.00%
Proceeds from notes payable	$ 50,000
Debt Instrument, Unamortized Discount	$ 5,556
Gain (loss) on derivative instrument liabilities								$ (228,200)
Convertible unsecured note 5
Debt Instrument, Face Amount													$ 50,000
Long-term Debt, Gross						$ 107,599
Extinguishment of Debt, Amount						93,000
Debt Instrument, Unamortized Discount						62,488							$ 5,556
Stock Issued During Period, Value, Conversion of Convertible Securities						60,192
Gain (loss) on derivative instrument liabilities							$ (54,270)
Accretion of discount on notes payable						$ 59,584
Debt Instrument, Convertible, Terms of Conversion Feature						The conversion price with this investor is the lesser of $0.125 or 60% of the lowest trade price in the 25 trading days previous to the conversion date.
Debt Instrument, Increase, Accrued Interest						$ 43,347
Convertible unsecured note 5 | Common Stock
Stock Issued During Period, Shares, Conversion of Convertible Securities						18,007,333

NOTE 6 - CONVERTIBLE NOTES PA38

NOTE 6 - CONVERTIBLE NOTES PAYABLE: Schedule Of Convertible Notes Payable (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Long-term Debt, Gross	$ 93,333
Liabilities subject to compromise	19,021,818	$ 0
Senior subordinated convertible notes payable, net of unamortized discount of $258,345	0	3,443,918
Convertible notes, less discounts
Liabilities subject to compromise	3,265,846
Principal
Liabilities subject to compromise	3,389,501
Senior subordinated convertible notes payable, net of unamortized discount of $258,345		3,702,263
Unamortized Discount
Liabilities subject to compromise	(123,655)
Senior subordinated convertible notes payable, net of unamortized discount of $258,345		258,345
Convertible Debt Securities
Long-term Debt, Gross	3,389,501
Debt Instrument, Unamortized Discount	(123,655)	(258,345)
Convertible Debt, Current	$ 3,265,846	3,443,918
Convertible Debt Securities | Principal
Convertible Debt, Current		$ 3,702,263

NOTE 7 - SENIOR SECURED GOLD 39

NOTE 7 - SENIOR SECURED GOLD STREAM CREDIT AGREEMENT (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015	Dec. 23, 2011
Notes payable, current portion	$ 7,755,685	$ 10,119,570
Waterton
Line of Credit Facility, Current Borrowing Capacity			$ 10,000,000
Notes payable, current portion	7,755,585
Interest Payable, Current	5,005,385
DIP Credit Agreement
Interest Payable, Current	37,829
Loans Payable, Noncurrent	2,037,595
Loans Payable, Current	200,000
Proceeds from Loans	$ 839,608

NOTE 8 - NOTES PAYABLE (Details

NOTE 8 - NOTES PAYABLE (Details) - USD ($)	Jun. 30, 2015	Jul. 15, 2014	Jun. 30, 2014	Jun. 01, 2012	Sep. 30, 2015	Jun. 30, 2016
Liabilities subject to compromise	$ 0				$ 19,021,818
Notes payable, current portion	10,119,570				7,755,685
Merger costs, net	269,986				$ 269,986
Equipment
Debt Instrument, Interest Rate, Stated Percentage				5.75%	5.75%
Interest Payable, Current					$ 42,282
Liabilities subject to compromise				$ 593,657
Debt Instrument, Term				48 months	48 months
Notes payable, current portion	398,793				$ 398,793
Canarc
Debt Instrument, Face Amount	200,000	$ 200,000			200,000
Proceeds from Other Short-term Debt	20,000	$ 20,000			20,000
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Interest Payable, Current					29,385
Tyhee
Debt Instrument, Face Amount	1,745,092		$ 1,745,092		$ 1,745,092
Debt Instrument, Interest Rate, Stated Percentage			24.00%		2.00%
Merger costs, net			$ 269,986
break fee			$ 300,000
Tyhee | Subsequent Event
Interest Payable, Current	$ 570,687					$ 990,657

NOTE 8 - NOTES PAYABLE_ Schedul

NOTE 8 - NOTES PAYABLE: Schedule Of Debt (Details) - USD ($)	Jun. 30, 2015	Jul. 15, 2014	Jun. 01, 2012	Sep. 30, 2015	Jun. 30, 2014
Notes payable, current portion	$ 10,119,570			$ 7,755,685
Notes and Loans Payable, Current	10,119,570			10,119,570
Less: Amounts classified in Liabilities subject to compromise	0			19,021,818
Notes payable
Less: Amounts classified in Liabilities subject to compromise	0			$ 2,363,885
Equipment
Debt Instrument, Interest Rate, Stated Percentage			5.75%	5.75%
Debt Instrument, Term			48 months	48 months
Notes payable, current portion	398,793			$ 398,793
Less: Amounts classified in Liabilities subject to compromise			$ 593,657
Canarc
Debt Instrument, Face Amount	200,000	$ 200,000		200,000
Proceeds from Other Short-term Debt	20,000	$ 20,000		20,000
Debt Instrument, Interest Rate, Stated Percentage		1.00%
Tyhee
Debt Instrument, Face Amount	1,745,092			$ 1,745,092	$ 1,745,092
Debt Instrument, Interest Rate, Stated Percentage				2.00%	24.00%
Debt Instrument, Maturity Date				Aug. 17, 2014
Credit Agreement
Debt Instrument, Interest Rate, Stated Percentage				9.00%
Notes payable, current portion	$ 7,755,685			$ 7,755,685
Debt Instrument, Payment Terms				payable monthly in arrears, principal payments deferred to July 2012; principal installments are $425,000 for July and August 2012, $870,455 monthly for September 2012 through June 2013 and $445,450 in July 2013; Note amended October 9, 2012, principal installments of $1,082,955 due October 2012, $500,000 November 2012, $0 due December 2012 and January 2013, $3,852,275 February 2013, $870,455 March through June 2013, and $445,450 in July 2013

NOTE 9 - FAIR VALUE MEASUREME42

NOTE 9 - FAIR VALUE MEASUREMENTS: Schedule Of Fair Value Assets And Liabilities (Details) - USD ($)	Sep. 30, 2015	Jun. 30, 2015
Fair value, assets	$ 0	$ 0
Derivative instruments liabilities
Fair value, liabilities	118,488	1,367,142
Level 1
Fair value, assets	0	0
Fair value, liabilities	0	0
Level 2
Fair value, assets	0	0
Fair value, liabilities	0	0
Level 3
Fair value, assets	0	0
Fair value, liabilities	$ 118,488	$ 1,367,142

NOTE 10 - CONTINGENCIES AND C43

NOTE 10 - CONTINGENCIES AND COMMITMENTS (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Operating Leases, Rent Expense	$ 1,500	$ 5,880
Office Lease
Debt Instrument, Periodic Payment	500
DIP Credit Agreement
Debt Instrument, Face Amount	$ 2,037,595

NOTE 11 - STOCKHOLDERS' EQUIT44

NOTE 11 - STOCKHOLDERS' EQUITY (Details) - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Stock issued for accounts payable and accrued wages	$ 0	$ 200,000
Options granted	0
Options expired	0
Intrinsic value of options and warrants	$ 0
Intrinsic value of options and warrants exercisable	0
Intrinsic value of options and warrants exercised	$ 0
Exercisable Warrants
Share Price	$ 0.001
Warrant
Warrants issued	0
Warrants expired	6,244,286
Consultant
Stock Issued During Period, Shares, Issued for Services	1,000,000
Stock issued for accounts payable and accrued wages	$ 66,400
Note holder 1
Debt Conversion, Original Debt, Amount	$ 60,192
Note holder 1 | Common Stock
Debt Conversion, Converted Instrument, Shares Issued	18,007,333
Note holder 2
Debt Conversion, Original Debt, Amount	$ 86,656
Note holder 2 | Common Stock
Debt Conversion, Converted Instrument, Shares Issued	28,438,933

NOTE 11 - STOCKHOLDERS' EQUITY_

NOTE 11 - STOCKHOLDERS' EQUITY: Schedule Of Stock Options (Details) - $ / shares	3 Months Ended
	Sep. 30, 2015	Jun. 30, 2015
Outstanding	12,510,000	12,510,000
Outstanding, weighted average exercise price	$ 0.07	$ 0.07
Warrants, outstanding, beginning balance	20,896,054
Warrant, outstanding, weighted average exercise price, beginning balance	$ 0.37
Options granted	0
Stock options weighted average price granted	$ 0
Warrants, granted	0
Warrants granted, weighted average price granted	$ 0
Options cancelled	0
Options cancelled weighted average price	$ 0
Warrants, canceled	0
Warrants canceled, weighted average price	$ 0
Options expired	0
Warrants expired weighted average price	$ 0
Warrants, expired	(6,244,286)
Warrants expired, weighted average price	$ 0.40
Options exercised	0
Options exercised weighted average price	$ 0
Warrants, exercised	0
Warrants, exercised, weighted average price	$ 0
Warrants, outstanding, ending balance	14,651,768
Warrant, outstanding, weighted average exercise price, ending balance	$ 0.35
Warrant
Outstanding	14,651,768
Outstanding, weighted average exercise price	$ 0.35
Exercisable	14,651,768
Outstanding, weighted average contractual remaining life (in Years)	1 year 9 months 10 days
Exercisable, weighted average contractual remaining life (in Years)	1 year 9 months 10 days
Exercisable, weighted average exercise price	$ 0.35
$0.06 | Warrant
Outstanding	3,375,000
Outstanding, weighted average exercise price	$ 0.06
Exercisable	3,375,000
Outstanding, weighted average contractual remaining life (in Years)	3 months
$0.15 | Warrant
Outstanding	4,320,000
Outstanding, weighted average exercise price	$ 0.15
Exercisable	4,320,000
Outstanding, weighted average contractual remaining life (in Years)	3 years 4 months 28 days
$0.38 | Warrant
Outstanding	523,434
Outstanding, weighted average exercise price	$ 0.38
Exercisable	523,434
Outstanding, weighted average contractual remaining life (in Years)	1 year 11 months 15 days
$0.40 | Warrant
Outstanding	4,500,000
Outstanding, weighted average exercise price	$ 0.40
Exercisable	4,500,000
Outstanding, weighted average contractual remaining life (in Years)	1 year 10 months 2 days
$0.87 | Warrant
Outstanding	500,000
Outstanding, weighted average exercise price	$ 0.87
Exercisable	500,000
Outstanding, weighted average contractual remaining life (in Years)	10 months 2 days
$1.00 | Warrant
Outstanding	600,000
Outstanding, weighted average exercise price	$ 1
Exercisable	600,000
Outstanding, weighted average contractual remaining life (in Years)	1 year 1 month 9 days
$1.50 | Warrant
Outstanding	833,334
Outstanding, weighted average exercise price	$ 1.50
Exercisable	833,334
Outstanding, weighted average contractual remaining life (in Years)	3 months
Employee Stock Option
Outstanding	12,510,000
Outstanding, weighted average exercise price	$ 0.07
Exercisable	12,510,000
Outstanding, weighted average contractual remaining life (in Years)	3 years 10 days
Exercisable, weighted average contractual remaining life (in Years)	3 years 10 days
Exercisable, weighted average exercise price	$ 0.07
Employee Stock Option | $0.05
Outstanding	11,000,000
Outstanding, weighted average exercise price	$ 0.05
Exercisable	11,000,000
Outstanding, weighted average contractual remaining life (in Years)	3 years 1 month 9 days
Employee Stock Option | $0.07
Outstanding	200,000
Outstanding, weighted average exercise price	$ 0.07
Exercisable	200,000
Outstanding, weighted average contractual remaining life (in Years)	4 years 3 months 3 days
Employee Stock Option | $0.08
Outstanding	200,000
Outstanding, weighted average exercise price	$ 0.08
Exercisable	200,000
Outstanding, weighted average contractual remaining life (in Years)	3 years 3 months 3 days
Employee Stock Option | $0.14
Outstanding	200,000
Outstanding, weighted average exercise price	$ 0.14
Exercisable	200,000
Outstanding, weighted average contractual remaining life (in Years)	2 years 10 months 6 days
Employee Stock Option | $0.32
Outstanding	250,000
Outstanding, weighted average exercise price	$ 0.32
Exercisable	250,000
Outstanding, weighted average contractual remaining life (in Years)	1 year 10 months 20 days
Employee Stock Option | $0.36
Outstanding	660,000
Outstanding, weighted average exercise price	$ 0.36
Exercisable	660,000
Outstanding, weighted average contractual remaining life (in Years)	1 year 8 months 1 day

NOTE 12 - RELATED PARTY TRANS46

NOTE 12 - RELATED PARTY TRANSACTIONS (Details) - Jordaan Law Firm - USD ($)	3 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Jun. 30, 2015
Legal Fees	$ 0	$ 31,753
Accounts Payable, Related Parties, Current	$ 269,787		$ 421,385

NOTE 14 - SUBSEQUENT EVENTS (De

NOTE 14 - SUBSEQUENT EVENTS (Details)

Oct. 13, 2017USD ($)

Sep. 08, 2017USD ($)

Aug. 30, 2017USD ($)

Aug. 18, 2017USD ($)shares

Apr. 10, 2017USD ($)

Feb. 02, 2017shares

Jan. 31, 2017USD ($)

Jan. 25, 2017shares

Dec. 14, 2016USD ($)shares

Dec. 12, 2016shares

Dec. 09, 2016

Sep. 23, 2016shares

Aug. 05, 2016USD ($)

Aug. 01, 2016shares

Jun. 30, 2016USD ($)shares

Nov. 16, 2015shares

Oct. 22, 2014USD ($)

Nov. 04, 2016USD ($)

Sep. 30, 2015USD ($)shares

Sep. 30, 2014USD ($)

Oct. 17, 2017USD ($)

Jun. 01, 2017USD ($)shares

Sep. 14, 2017

Stock issued for accounts payable and accrued wages

$ 0

$ 200,000

Options exercised | shares

0

Proceeds from notes payable

$ 0

$ 200,000

Long-term Debt, Gross

93,333

Extinguishment of Debt, Amount

$ 90,000

Consultant

Stock Issued During Period, Shares, Issued for Services | shares

1,000,000

Stock issued for accounts payable and accrued wages

$ 66,400

Santa Fe Acquisitions, LLC

Entity Incorporation, Date of Incorporation

Jul. 19, 2016

Subsequent Event

Placement fee rate

10.00%

Payments for Other Fees

$ 262,281

Stock Issued During Period, Value, New Issues

$ 2,623,281

Stock Issued During Period, Shares, New Issues | shares

32,787,500

Stock Issued During Period, Shares, Other | shares

2,120,000

No of creditors

19

BLM filing fees

$ 9,328

BLM royalty

5.00%

No of claims

24

Subsequent Event | Notes in compromise

Long-term Debt, Gross

$ 4,564,085

Repayments of Debt

112,516

Debt Instrument, Decrease, Forgiveness

4,451,569

Subsequent Event | IGS note

Long-term Debt, Gross

3,580,432

Repayments of Convertible Debt

88,282

Subsequent Event | Warrants

Warrant terms

The warrants had a term of 5 years and an exercise price ranging from $0.001 to $0.10.

Subsequent Event | Warrant

Options exercised | shares

48,344,368

Stock Issued During Period, Value, Stock Options Exercised

$ 2,723,483

Placement fee rate

10.00%

Payments for Other Fees

$ 272,348

Subsequent Event | Officer

Stock Issued During Period, Shares, Issued for Services | shares

14,217,561

Stock issued for accounts payable and accrued wages

$ 14,217

Subsequent Event | Consultant

Stock Issued During Period, Shares, Issued for Services | shares

2,739,187

Stock issued for accounts payable and accrued wages

$ 2,739

Subsequent Event | Consultant | Officer

Stock returned | shares

15,956,748

Subsequent Event | Olson estate

Stock returned | shares

6,956,750

Subsequent Event | Contractors

Stock Issued During Period, Shares, Issued for Services | shares

200,000

200,000

3,300,000

Subsequent Event | International Monetary

Warrant terms

IM is to receive 6 installment payments of $6,000 and 2% of the Company’s common stock on a fully diluted basis amounting to 5,665,360 shares issued at the time of signing the contract. In addition, IM is entitled to additional common shares amounting to 2% of the Company’s common stock on a fully diluted basis six months from the date of the agreement.

Subsequent Event | Bullards Peak

Payments to Acquire Businesses and Interest in Affiliates

$ 500,000

$ 500,000

$ 900,000

$ 100,000

$ 500,000

Payments to Acquire Businesses, Gross

$ 3,000,000

Equity Method Investment, Ownership Percentage

100.00%

Subsequent Event | An investor

Stock returned | shares

18,000,000

Debt Instrument, Face Amount

$ 500,000

Subsequent Event | Investor 2

Debt Instrument, Face Amount

250,000

Proceeds from notes payable

275,000

Long-term Debt, Gross

$ 200,932

Repayments of Convertible Debt

$ 183,000

Subsequent Event | Trust Forgiveness Revenues

Repayments of Debt

$ 354,458

Subsequent Event | 3 note holders

Long-term Debt, Gross

625,875

Repayments of Convertible Debt

13,500

Subsequent Event | 3 note holders | Notes in compromise

Long-term Debt, Gross

357,778

Extinguishment of Debt, Amount

10,734

Subsequent Event | Note holder 1

Debt Instrument, Face Amount

$ 150,000

NOTE 14 - SUBSEQUENT EVENTS_ Sc

NOTE 14 - SUBSEQUENT EVENTS: Schedule Of Carrying Value of the Assets Sold and Liabilities Disposed (Details) - USD ($)	Feb. 26, 2016	Sep. 30, 2015	Jun. 30, 2015
ASSETS
PROPERTY, EQUIPMENT, AND MINE DEVELOPMENT, NET		$ 16,215,360	$ 16,659,231
MINERAL PROPERTIES		599,897	599,897
Total Assets		17,682,924	17,821,126
Liabilities
Asset retirement obligation		245,494	0
Total		$ 33,102,019	$ 33,242,481
363 Asset Sale | Subsequent Event
ASSETS
Restricted cash	$ 236,628
Prepaid expenses and other current assets	39,584
PROPERTY, EQUIPMENT, AND MINE DEVELOPMENT, NET	4,992,154
Mine development properties, net	10,532,965
MINERAL PROPERTIES	599,897
Total Assets	16,401,228
Liabilities
Notes payable	9,993,280
Interest Payable, Current	5,815,622
Asset retirement obligation	245,494
DIP fees	32.203
Accrued CSA fees	329,938
Total	16,416,537
Net gain on the Asset 363 Sale	$ 15,309