Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Mar. 27, 2018 | Jun. 30, 2017 | |
Document Information [Line Items] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2017 | ||
Document Fiscal Year Focus | 2,017 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | GOLDEN QUEEN MINING CO LTD | ||
Entity Central Index Key | 1,025,362 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Trading Symbol | GQM | ||
Entity Common Stock, Shares Outstanding | 300,101,441 | ||
Entity Filer Category | Smaller Reporting Company | ||
Entity Public Float | $ 37,064,025.60 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Current assets: | ||
Cash | $ 2,937 | $ 13,301 |
Prepaid expenses and other current assets | 699 | 611 |
Inventories (Note 5) | 9,028 | 10,941 |
Total current assets | 12,664 | 24,853 |
Property, plant, equipment and mineral interests (Note 6) | 141,848 | 134,550 |
Advance minimum royalties | 304 | 303 |
Total Assets | 154,816 | 159,706 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 6,984 | 4,561 |
Credit facility (Note 14 (v)) | 3,000 | 0 |
Current portion of note payable (Note 14 (ii)) | 7,712 | 0 |
Current portion of loan payable (Note 7) | 7,629 | 5,656 |
Derivative liability - Related party warrants (Note 8) | 441 | 6,430 |
Total current liabilities | 25,766 | 16,647 |
Note payable (Note 14 (ii)) | 22,387 | 26,347 |
Loan payable (Note 7) | 9,614 | 9,494 |
Asset retirement obligation (Note 9) | 1,838 | 1,366 |
Deferred tax liability (Note 10) | 8,197 | 12,922 |
Total liabilities | 67,802 | 66,776 |
Temporary Equity | ||
Redeemable portion of non-controlling interest (Note 14 (iv)) | 24,214 | 26,219 |
Shareholders' Equity | ||
Common shares, no par value, unlimited shares authorized (2016 - unlimited); 111,148,683 (2016 - 111,048,683) shares issued and outstanding (Note 11) | 71,126 | 71,067 |
Additional paid-in capital | 43,853 | 43,652 |
Deficit accumulated | (88,500) | (87,335) |
Total shareholders’ equity attributable to GQM Ltd. | 26,479 | 27,384 |
Non-controlling interest (Note 14 (iv)) | 36,321 | 39,327 |
Total Shareholders’ Equity | 62,800 | 66,711 |
Total Liabilities, Temporary Equity and Shareholders’ Equity | $ 154,816 | $ 159,706 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Common Stock, No Par Value | $ 0 | $ 0 |
Common Stock, Shares Authorized, Unlimited | Unlimited | Unlimited |
Common Stock, Shares, Issued | 111,148,683 | 111,048,683 |
Common Stock, Shares, Outstanding | 111,148,683 | 111,048,683 |
Consolidated Statements of Inco
Consolidated Statements of Income (Loss) and Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Revenues | ||
Metal Sales | $ 62,121 | $ 27,193 |
Cost of Sales | ||
Direct mining costs | (56,131) | (21,569) |
Depreciation and depletion (Note 6) | (11,955) | (7,427) |
Accretion expense | (126) | (91) |
Loss from mine operations | (6,091) | (1,893) |
General and administrative expenses (Note 12) | (5,235) | (4,308) |
Operating loss | (11,326) | (6,201) |
Other income (expenses) | ||
Gain on derivative instruments (Note 8) | 5,989 | 1,840 |
Finance expense (Notes 14 (iii) and 14 (v))) | (5,217) | (5,488) |
Interest income | 88 | 157 |
Other expenses | (434) | 0 |
Total other income (expenses) | 426 | (3,491) |
Loss for the year before income taxes | (10,900) | (9,692) |
Income tax benefit (Note 10) | 4,725 | 0 |
Net and comprehensive loss for the year | (6,175) | (9,692) |
Less: Net and comprehensive loss attributable to the non-controlling interest for the period (Note 14 (iv)) | 5,010 | 2,263 |
Net and comprehensive loss attributable to Golden Queen Mining Co Ltd. for the year | $ (1,165) | $ (7,429) |
Loss per share - basic (Note 13) | $ (0.01) | $ (0.07) |
Loss per share - diluted (Note 13) | $ (0.01) | $ (0.07) |
Weighted average number of common shares outstanding -basic | 111,140,464 | 104,737,396 |
Weighted average number of common shares outstanding - diluted | 111,140,464 | 104,737,396 |
Consolidated Statements of Shar
Consolidated Statements of Shareholders’ Equity, Non-controlling Interest and Redeemable Portion of Non-controlling Interest - USD ($) $ in Thousands | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Deficit Accumulated [Member] | Total Shareholders' Equity attributable to GQM Ltd [Member] | Non-controlling Interest [Member] | Redeemable Portion of Non-controlling Interest [Member] |
Balance at Dec. 31, 2015 | $ 67,268 | $ 62,860 | $ 43,628 | $ (79,906) | $ 26,582 | $ 40,686 | $ 27,124 |
Balance (in shares) at Dec. 31, 2015 | 99,928,683 | ||||||
Issuance of common shares, private placement net of share issuance cost (Note 11) | 8,207 | $ 8,207 | 0 | 0 | 8,207 | 0 | 0 |
Issuance of common shares, private placement net of share issuance cost (Note 11) (in shares) | 11,120,000 | ||||||
Stock-based compensation | 24 | $ 0 | 24 | 0 | 24 | 0 | 0 |
Net loss for the period | (8,788) | 0 | 0 | (7,429) | (7,429) | (1,359) | (904) |
Balance at Dec. 31, 2016 | 66,711 | $ 71,067 | 43,652 | (87,335) | 27,384 | 39,327 | 26,220 |
Balance (in shares) at Dec. 31, 2016 | 111,048,683 | ||||||
Issuance of common shares (Note 11) | 59 | $ 59 | 0 | 0 | 59 | 0 | 0 |
Issuance of common shares (Note 11) (in shares) | 100,000 | ||||||
Stock-based compensation | 201 | $ 0 | 201 | 0 | 201 | 0 | 0 |
Net loss for the period | (4,171) | 0 | 0 | (1,165) | (1,165) | (3,006) | (2,006) |
Balance at Dec. 31, 2017 | $ 62,800 | $ 71,126 | $ 43,853 | $ (88,500) | $ 26,479 | $ 36,321 | $ 24,214 |
Balance (in shares) at Dec. 31, 2017 | 111,148,683 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Operating Activities | ||
Net loss for the year | $ (6,175) | $ (9,692) |
Adjustment to reconcile net loss to cash used in operating activities: | ||
Depreciation and depletion | 11,955 | 7,427 |
Amortization of debt discount and interest accrual | 1,540 | 5,732 |
Accretion expense | 126 | 91 |
Change in fair value of derivative liabilities (Note 8) | (5,989) | (1,857) |
Stock based compensation | 201 | 24 |
Unrealized foreign exchange | (7) | (208) |
Loss on disposal of property, plant, equipment and mineral interests | 434 | 0 |
Deferred income taxes | (4,725) | 0 |
Changes in non-cash working capital items: | ||
Prepaid expenses & other current assets | (88) | (155) |
Inventory | 1,913 | (9,005) |
Accounts payable & accrued liabilities | 2,177 | 3,140 |
Interest payable | 2,580 | (674) |
Cash generated from (used in) operating activities | 3,942 | (5,177) |
Investment activities: | ||
Additions to property, plant, equipment and mineral interests | (11,173) | (12,276) |
Release of reclamation financial assurance deposit | 0 | 902 |
Cash used in investing activities | (11,173) | (11,824) |
Financing activity: | ||
Issuance of common shares and warrants, net of share issue costs (Note 11) | 59 | 10,908 |
Proceeds from credit facility | 3,000 | 0 |
Repayments of loan payable (Note 7) | (6,192) | (5,006) |
Repayments of note payable and accrued interest | 0 | (12,257) |
Transaction fee on note payable | 0 | (930) |
Cash provided by financing activities | (3,133) | (7,285) |
Net change in cash and cash equivalents | (10,364) | (24,286) |
Cash and cash equivalents, beginning balance | 13,301 | 37,587 |
Cash and cash equivalents, ending balance | $ 2,937 | $ 13,301 |
Nature of Business
Nature of Business | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | Nature of Business Golden Queen Mining Co. Ltd. (“Golden Queen”, “GQM Ltd.” or the “Company”) is engaged in the operation of the Soledad Mountain Mine (“the Mine”), located in the Mojave Mining District, Kern County, California. The Company owns 50 50 |
Liquidity Risk
Liquidity Risk | 12 Months Ended |
Dec. 31, 2017 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Liquidation Basis of Accounting [Text Block] | 2. Liquidity Risk For the year 3,942 However, as at December 31, 2017, the Company had a working capital deficit of $ 13,102 Subsequent to year-end, the Company closed a rights offering for gross proceeds of approximately 25,000 , of which, $ 10,000 10,000 The Company believes, with the proceeds raised subsequent to year-end, it will have sufficient cash on hand to meet its obligations for the next twelve months from the date of the approval of these consolidated financial statements. Historically, the Company has been required to obtain funding via debt and equity financings to fund development and operations. Although the Company has been successful in obtaining debt and raising equity financing in the past, there can be no guarantee that such funding will be available in the future. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Business Description and Basis of Presentation [Text Block] | 3. Basis of Presentation These consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“US GAAP”). The Company consolidates all entities in which it can vote a majority of the outstanding voting stock. In addition, it consolidates entities which meet the definition of a variable interest entity for which it is the primary beneficiary. The primary beneficiary is the party who has the power to direct the activities of a variable interest entity that most significantly impact the entity’s economic performance and who has an obligation to absorb losses of the entity or a right to receive benefits from the entity that could potentially be significant to the entity. We consider special allocations of cash flows and preferences, if any, to determine amounts allocable to non-controlling interests. All intercompany transactions and balances are eliminated on consolidation. These consolidated financial statements include the accounts of Golden Queen, a limited liability Canadian corporation (Province of British Columbia), its wholly-owned subsidiary, GQM Holdings, a US (State of California) corporation, and GQM LLC, a limited liability company in which Golden Queen has a 50 |
Significant Accounting Policies
Significant Accounting Policies, Estimates and Judgements | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Significant Accounting Policies [Text Block] | Significant Accounting Policies, Estimates and Judgements The Company places its cash and cash equivalents with high quality financial institutions. At times, such cash deposits may be in excess of Federal Deposit Insurance Corporation insurance limits. To date, the Company has not experienced a loss or lack of access to its cash and cash equivalents. However, no assurance can be provided that access to the Company’s cash and cash equivalents will not be impacted by adverse economic conditions in the financial markets. Inventories Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. Costs added to stockpiled ore inventory are valued based on current mining cost per tonne incurred up to the point of stockpiling the ore and are transferred to the next process at the weighted average cost per equivalent ounce. Stockpiled ore tonnage is verified by periodic surveys and physical counts. In process inventory includes ore on heap leach pad and inventories in the solution and precipitate process. Finished goods inventory includes metals in their final stage of production prior to sale, including doré. The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value. Costs include acquisition, freight and other directly attributable costs. The estimate of the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon metallurgical test column estimates. The assumptions that are used by the Company to measure metal content during each stage of the inventory conversion process include estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The assumptions used in determining net realizable value for mineral inventories include estimates of gold and gold equivalents contained in the stockpile ore, heap leach pad and solution and precipitates, expected recoveries, and judgment used in determining the allocation of depletion, depreciation and amortization expense, and overhead costs that are directly attributable to inventories. If these estimates or assumptions are inaccurate, the Company may be required to write down the carrying value of its inventories. Upon commencement of the production phase, mining interests are depleted on a units-of-production basis over the estimated remaining economic life of the mine. In applying the units of production method, depletion is determined using the quantity of material extracted from the mine in the period as a portion of total quantity of material expected to be extracted in current and future periods based on the total estimated recoverable ounces in proven and probable reserves. Drilling and related costs are classified as development expenditures and capitalized if all the following criteria are met: • the costs are incurred to further define mineralization at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; • the drilling costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and • at the time that the cost is incurred, the expenditure: (a) embodies a probable future benefit that involves a capacity, singly or in combination, with other assets to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. Drilling and related costs not meeting all of these criteria are charged to operations as incurred. Depreciation is calculated using either the straight-line method or using the units-of-production method over the shorter of the estimated service lives of the respective assets or the expected life of mine. Mineral property interests and claims Units-of-production Mine development Units-of-production Machinery and mine equipment 7 12 years Buildings and structures 5 - 12 years Vehicles 3 5 years Computer equipment and software 3 years Asset retirement cost Units-of-production Capitalized interest Units-of-production Capitalization of certain mine construction costs ceases and expenditures are either variable production costs as a component of inventory or expensed as incurred once production commences. Depletion of capitalized costs for mining properties and depreciation and amortization of property, plant and equipment also begins when the production phase commences. Once an asset subject to interest capitalization is completed and available for use, the associated capitalized interest is expensed through depletion or impairment. See Note 14(iii) - Amortization of Discount and Interest Expense. Capitalization of interest ceased as at March 31, 2016 when production commenced. Existing proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that are expected to be obtained after taking into account losses during ore processing and treatment. Gold and silver prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional impairment charges. The timing of the actual environmental remediation expenditures is dependent on a number of factors such as the life and nature of the asset, the operating license conditions and the environment in which the mine operates. Reclamation provisions are initially measured at the expected value of future cash flows discounted to their present value using a credit adjusted risk-free interest rate. If the expected present value increases, the increase gives rise to a new obligation accounted for separately just as the reclamation provision was originally measured but using current market value assumptions, and the current credit-adjusted risk-free rate. AROs are adjusted each period to reflect the passage of time (accretion). Upon settlement of an ARO, the Company records a gain or loss if the actual cost differs from the carrying amount of the ARO. Settlement gains/losses are recorded in the consolidated statements of comprehensive income (loss). The estimated ARO is updated each period end to reflect changes in facts and circumstances. The principal factors that can cause the ARO to change are the construction of new processing facilities, changes in the quantities of material in proven and probable mineral reserves and a corresponding change in the life-of-mine plan, changing ore characteristics that impact required environmental protection measures and related costs, changes in water quality that impact the extent of water treatment required and changes in laws and regulations governing the protection of the environment. The notes payable were initially recorded at fair value less financing costs and are measured at each period end at amortized cost. The derivative liability relating to the share purchase warrants issued by the Company as part of the consideration for the holders of the notes payable is recorded at fair value using the binomial and the Black-Scholes valuation models at each reporting period. Income Taxes The Company accounts for stock-based compensation awards granted to non-employees in accordance with FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, or The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate. Derivative financial instruments are 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 profit or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses the binomial pricing model to estimate fair value of the derivative instrument. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. Non-controlling interests in temporary equity represent the estimated portion of non-controlling interest that could potentially be convertible through either a conversion of the non-controlling interest into a net smelter royalty obligation of GQM LLC or a buy-out of the non-controlling interest at fair value by the Company. The convertible portion of non-controlling interest recorded in temporary equity is initially recorded at the carrying value and then adjusted for net income or loss and distributions attributable to the temporary equity. The non-controlling interest in permanent equity represents the portion of the non-controlling interest that is not convertible. Please refer to Note 14 (iv) for details. (i) In May 2014, ASU 2014-09 was issued related to revenue from contracts with customers. The ASU was further amended in August 2015, March 2016, April 2016, and May 2016 by ASU 2015-14, 2016-08, 2016-10 and 2016- 12. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. In August 2015, the effective date was deferred to reporting periods, including interim periods, beginning after December 31, 2017, and will be applied retrospectively. Early adoption is not permitted. The Company has completed its assessment of the impact of the new revenue standard on the Company's financial position and believes the new standard will not have a material impact. The Company will adopt the standard using the modified retrospective method of adoption. The Company's revenue arises from contracts with customers in which the sale of doré is the single performance obligation under the customer contract. Accordingly, revenue will continue to be recognized at a point in time when control of the asset is transferred to the customer, which is generally consistent with the Company's current accounting policies. ASU 2014-09 provides presentation and disclosure requirements which are more detailed than under current GAAP. (ii) In February 2016, FASB issued ASC 842 that requires lessees to recognize lease assets and corresponding lease liabilities on the balance sheet for all leases with terms of more than 12 months. The update, which supersedes existing lease guidance, will continue to classify leases as either finance or operating, with the classification determining the pattern of expense recognition in the income statement. The ASU will be effective for annual and interim periods beginning January 1, 2019, with early adoption permitted, and is applicable on a modified retrospective basis with various optional practical expedients. The Company is assessing the impact of this standard. (iii) In August 2016, ASC guidance was issued to amend the classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance is effective for the Company’s fiscal year and interim periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating this guidance and the impact on its financial statements. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2017 | |
Inventory, Net [Abstract] | |
Inventory Disclosure [Text Block] | 5. Inventories Inventories consist primarily of production from the Company’s operation, in varying stages of the production process and supplies and spare parts, all of which are presented at the lower of cost or net realizable value. December 31, December 31, Stockpile inventory $ 201 $ 318 In-process inventory 6,495 9,491 Dore inventory 320 76 Supplies and spare parts 2,012 1,056 $ 9,028 $ 10,941 During the year ended December 31, 2017, the Company recognized an allowance against inventory in the amount of $ 2,909 2,071 |
Property, Plant, Equipment and
Property, Plant, Equipment and Mineral Interests | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment, Net [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | Property, Plant, Equipment and Mineral Interests Land Mineral Mine Machinery Buildings and Construction Interest Total Cost At December 31, 2015 $ 110 $ 4,459 $ 84,798 $ 28,085 $ 8,565 $ - $ - $ 126,017 Additions 3,777 - - - 9,178 543 5,886 19,384 Transfers 6 (218) (42,765) 32,116 10,861 - - - Disposals - - - - - - - - At December 31, 2016 $ 3,893 $ 4,241 $ 42,033 $ 60,201 $ 28,604 $ 543 $ 5,886 $ 145,401 Additions 98 817 354 17 - 19,597 - 20,883 Transfers - 222 8,625 11,239 - (20,086) - - Disposals (22) - (239) (1,391) (207) - - (1,859) At December 31, 2017 $ 3,969 $ 5,280 $ 50,773 $ 70,066 $ 28,397 $ 54 $ 5,886 $ 164,425 Accumulated depreciation and depletion At December 31, 2015 $ - $ - $ 654 $ 1,462 $ 350 $ - $ - $ 2,466 Additions - 67 317 5,667 2,329 - 5 8,385 Disposals - - - - - - - - At December 31, 2016 $ - $ 67 $ 971 $ 7,129 $ 2,679 $ - $ 5 $ 10,851 Additions - 261 2,444 6,489 2,358 - 466 12,018 Disposals - - - (265) (27) - - (292) At December 31, 2017 $ - $ 328 $ 3,415 $ 13,353 $ 5,010 $ - $ 471 $ 22,577 Carrying values At December 31, 2016 $ 3,893 $ 4,174 $ 41,062 $ 53,072 $ 25,925 $ 543 $ 5,881 $ 134,550 At December 31, 2017 $ 3,969 $ 4,952 $ 47,358 $ 56,713 $ 23,387 $ 54 $ 5,415 $ 141,848 |
Loan Payable
Loan Payable | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Debt Disclosure [Text Block] | Loan Payable December 31, December 31, Balance, beginning of the year $ 15,150 $ 18,373 Additions 10,727 2,047 Principal repayments (6,192) (5,006) Down payments and taxes (1,839) (264) Settlements (603) - Balance, end of the year $ 17,243 $ 15,150 Current portion $ 7,629 $ 5,656 Non-current portion $ 9,614 $ 9,494 December 31, December 31, Total acquisition costs $ 35,692 $ 26,309 Interest rates 0.00% ~ 4.50 % 0.00% ~ 4.50% Monthly payments $ 5 ~ 74 $ 5 ~ 34 Average remaining life (years) 2.13 2.54 For the year ended December 31, 2017, the Company made total down payments of $ 1,839 264 10 Years Principal Payments 2018 $ 7,629 2019 5,782 2020 2,374 2021 1,458 Total $ 17,243 |
Derivative Liabilities
Derivative Liabilities | 12 Months Ended |
Dec. 31, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives and Fair Value [Text Block] | Derivative Liabilities Share Purchase Warrants Clay loans (Related Party) On June 8, 2015, the Company issued 10,000,000 0.95 On February 20, 2018, the Company completed a rights offering at a share price lower than the exercise price of the June 2015 Warrants. As per the anti-dilution provision, the exercise price of the June 2015 Warrants will be adjusted according to a formula (see Note 18). On November 18, 2016, the Company issued 8,000,000 0.85 On February 20, 2018, the Company completed a rights offering at a share price lower than the exercise price of the November 2016 Warrants. As per the anti-dilution provision, the exercise price of the November 2016 Warrants will be adjusted according to a formula (see Note 18). The share purchase warrants meet the definition of a derivative liability instrument as the exercise price is not a fixed price as described above. Therefore, the settlement feature does not meet the “fixed-for-fixed” criteria outlined in ASC 815-40-15. The fair value of the derivative liabilities related to the Clay Group 439 5,458 Warrants related to June 2015 Loan December 31, December 31, Risk-free interest rate 1.73 % 0.84 % Expected life of derivative liability 2.44 years 3.44 years Expected volatility 78.59 % 78.79 % Dividend rate 0.00 % 0.00 % Warrants related to November 2016 Loan December 31, December 31, Risk-free interest rate 1.73 % 1.11 % Expected life of derivative liability 3.89 years 4.89 years Expected volatility 75.69 % 77.21 % Dividend rate 0.00 % 0.00 % December 31, December 31, Balance, beginning of the period $ 5,458 $ 2,498 Fair value at inception - 3,090 Change in fair value (5,019) (130) Balance, end of the period $ 439 $ 5,458 Share Purchase Warrants July 2016 financing On July 25, 2016, the Company issued a total of 6,317,700 2.00 2 972 December 31, December 31, Risk-free interest rate 1.68 % 0.84 % Expected life of derivative liability in years 1.56 years 2.56 years Expected volatility 66.89 % 79.40 % Dividend rate 0.00 % 0.00 % December 31, December 31, Fair value of warrants issued $ 972 $ 2,701 Change in fair value of warrants (970) (1,729) Balance, end of the period $ 2 $ 972 |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligation Disclosure [Text Block] | 9. Asset Retirement Obligations Reclamation Financial Assurance The Company is required to provide the Bureau of Land Management, the State Office of Mine Reclamation and Kern County with a revised reclamation cost estimate annually. The financial assurance is adjusted once the cost estimate is approved. This estimate, once approved by state and county authorities, forms the basis of reclamation financial assurance. The reclamation assurance provided as at December 31, 2017 was $ 1,465 1,465 The Company is also required to provide financial assurance with the Lahontan Regional Water Quality Control Board (the “Regional Board”) for closure and reclamation costs related to the lined impoundments, which are defined as the Stage 1 and Stage 2 heap leach pads, the overflow pond, and the solution collection channel. The reclamation financial assurance estimate as at December 31, 2017, is $ 1,869 1,211 In addition to the above, the Company is required to obtain and maintain financial assurance for initiating and completing corrective action and remediation of a reasonably foreseeable release from the Project’s waste management units as required by the Regional Board. The reclamation financial assurance estimate as at December 31, 2017 is $ 278 278 The Company entered into $ 3,612 (2016 - $ 2,954 90 (2016 - $ 61 Asset Retirement Obligation The total asset retirement obligation as at December 31, 2017, was $ 1,838 1,366 The Company estimated its asset retirement obligations based on its understanding of the requirements to reclaim and remediate its property based on its activities to date. As at December 31, 2017, the Company estimates the cash outflow related to these reclamation activities will be incurred in 2028. Reclamation provisions are measured at the expected value of future cash flows discounted to their present value using a discount rate based on a credit adjusted risk-free interest rate of 8.7 2.5 December 31, December 31, Balance, beginning of the period $ 1,366 $ 978 Accretion 126 90 Changes in cash flow estimates 346 298 Balance, end of the period $ 1,838 $ 1,366 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | Income Taxes December 31, December 31, Deferred Tax Assets (Liabilities) Net operating and capital losses $ 16,942 $ 15,799 Un-deducted interest 2,109 779 Capitalized interest deducted (1,409) (1,475) Unrealized FX gain (657) - Discount on Clay loan (840) Other 157 45 Financing costs 435 747 Investment in GQM LLC (11,692) (14,676) Valuation allowance (13,241) (14,140) Deferred tax liabilities $ (8,196) $ (12,921) The annual tax benefit is different from the amount provided by applying the statutory federal income tax rate to the Company’s pre-tax loss. The reason for the differences are: December 31, December 31, Income tax benefit at Canadian statutory rate $ (2,834) $ (3,108) Foreign income taxes at other than Canadian statutory rate (1,921) (1,398) Re-measurement due to the Tax Cuts and Jobs Act (3,739) - Change in fair value of derivative liability (1,557) (483) Non-deductible accretion and other (113) 558 Expiration of tax loss carryforwards 2,105 290 Non-controlling interest 2,197 922 Permanent differences, other 58 290 Prior year true-up, net 1,977 1,334 Increase (decrease) in valuation allowance (898) 1,885 Tax benefit $ (4,725) $ - The Tax Cuts and Jobs Act (“TCJA”) was enacted on December 22, 2017, which significantly changed U.S. income tax law, including a reduction of the Federal corporate income tax rate from 35 21 4,725 3,739 On December 22, 2017, the SEC staff issued Staff Accounting Bulletin No. 118 (“SAB 118”), which provides guidance on accounting for the tax effects of the TCJA. SAB 118 provides a measurement period that should not extend beyond one year from the TJCA enactment date for companies to complete the accounting under ASC 740, Income Taxes. In accordance with SAB 118, a company must reflect the income tax effects of those aspects of the TCJA for which the accounting under ASC 740 is complete. To the extent that a company’s accounting for certain income tax effects of the TCJA is incomplete but it is able to determine a reasonable estimate, it must record a provisional estimate in the financial statements. The Company evaluates its valuation allowance requirements based on projected future operations. When circumstances change and this causes a change in management’s judgment about the recoverability of deferred tax assets, the impact of the change on the valuation allowance is reflected in current income or loss. As management of the Company does not currently believe that the Company will receive the benefit of this asset, a valuation allowance equal to certain net deferred tax assets has been established at both December 31, 2017 and 2016. Country Amount Expiration dates Unites States Federal $ 41,738 2018 - 2037 Canada (C$) $ 19,829 2026 - 2037 These consolidated financial statements do not reflect the potential effect on future income taxes of the application of these losses. The Company has evaluated its tax positions for the years ended December 31, 2017 and 2016 and determined that it has no uncertain tax positions requiring financial statement recognition. Under current federal and state income tax laws and regulations, GQM LLC, a multi-member limited liability company (“LLC”) is treated as a partnership for income tax reporting purposes and is generally not subject to income taxes. Additionally, at the LLC level no provision has been made for federal, state, or local income taxes on the results of operations generated by partnership activities; as such taxes are the responsibility of its Members. |
Share Capital
Share Capital | 12 Months Ended |
Dec. 31, 2017 | |
Equity [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | Share Capital The Company’s common shares outstanding are no par value, voting shares with no preferences or rights attached to them. Common shares In July 2016, the Company completed a financing for gross proceeds of $ 12,193 16,124 11,120,000 1.10 1.45 2.00 2,377 9,816 The Company also issued 757,700 324 1,285 On January 17, 2017, the Company issued 100,000 59 Stock options The Company’s current stock option plan (the “Plan”) was adopted by the Company in 2013 and approved by shareholders of the Company in 2013. The Plan provides a fixed number of 7,200,000 The Early Termination Date will be the date the vested portion of a stock option expires following the option holder ceasing to be a director, employee or consultant, as determined by the Board at the time of grant, or in the absence thereof at any time prior to the time the option holder ceases to be a director, employee or consultant, in accordance with and subject to the provisions of the Plan. All options granted under the 2013 Plan will be subject to such vesting requirements as may be prescribed by the TSX, if applicable, or as may be imposed by the Board. The Company has elected to use the Black-Scholes option pricing model to determine the fair value of stock options granted. The compensation expense is amortized on a straight-line basis over the requisite service period, which approximates the vesting period. Shares Weighted Average Options outstanding, December 31, 2015 1,070,000 $ 0.94 Options granted 485,000 $ 0.66 Options outstanding, December 31, 2016 1,555,000 $ 0.85 Options granted 1,605,001 $ 0.38 Options forfeited (166,667) $ 0.64 Options expired (393,333) $ 1.13 Options outstanding, December 31, 2017 2,600,001 $ 0.54 On March 20, 2017, the Company granted 400,002 0.65 133,334 133,334 133,334 On March 14, 2017, the former CFO of the Company resigned. 146,667 393,333 On October 20, 2017, the Company granted 1,204,999 0.29 401,666 401,666 401,667 2017 2016 Expected life (years) 5.00 5.00 Interest rate 1.18% ~ 1.70 % 1.00 % Volatility 77.29% ~ 79.17 % 81.27 % Dividend yield 0.00 % 0.00 % During the year December 31, 2017, the Company recognized $ 201 24 Expiry Date Number Number Remaining Weighted June 3, 2018 50,000 50,000 0.42 $ 1.16 September 3, 2018 150,000 150,000 0.68 $ 1.59 September 8, 2020 430,000 430,000 2.69 $ 0.58 November 30, 2021 365,000 121,666 3.92 $ 0.66 March 20, 2022 400,002 - 4.22 $ 0.65 October 20, 2022 1,204,999 - 4.81 0.29 Balance, December 31, 2017 2,600,001 751,666 3.92 $ 0.54 As at December 31, 2017, the aggregate intrinsic value of the outstanding exercisable options was $nil (December, 31, 2016 - $ 651 Warrants December 31, December 31, Balance, beginning of the year 24,317,700 10,000,000 Issued - financing units - 5,560,000 Issued - financing brokers (1) - 757,700 Issued - debt restructuring (1) - 8,000,000 Balance, end of the year 24,317,700 24,317,700 (1) Non-tradable share purchase warrants. Expiry Date Number Remaining Exercise June 8, 2020 10,000,000 2.44 $ 0.95 July 25, 2019 6,317,700 1.56 $ 2.00 November 18, 2021 8,000,000 3.88 $ 0.85 Balance, December 31, 2017 24,317,700 2.69 |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2017 | |
General and Administrative Expense [Abstract] | |
General and Administrative Expenses [Text Block] | General and Administrative Expenses General and administrative expenses are incurred to support the administration of the business that are not directly related to production. Year Ended Year Ended 2017 2016 Audit, legal and professional fees $ 1,029 $ 1,357 Salaries and benefits and director fees 2,094 1,538 Regulatory fees and licenses 114 135 Insurance 514 480 Corporate administration 1,484 798 $ 5,235 $ 4,308 |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Earnings Per Share [Text Block] | Loss Per Share Year Ended Year Ended 2017 2016 Numerator: Net loss attributable to the shareholders of the Company - numerator for basic and diluted loss per share $ (1,165) $ (7,429) Denominator: Weighted average number of common shares outstanding -basic and diluted 111,140,464 104,737,396 Loss per share basic and diluted $ (0.01) $ (0.07) Weighted average number of shares for the year ended December 31, 2017 excludes 2,600,001 1,555,000 24,317,700 24,317,700 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 14. Related Party Transactions Except as noted elsewhere in these consolidated financial statements, related party transactions are disclosed as follows: (i) Compensation of Key Management Personnel , Transactions with Related Parties and Related Party Balances For the year ended December 31, 2017, the Company recognized $ 653 653 For the year ended December 31, 2017, transactions with related parties included amendment, closing, commitment and director fees and interest expense totalling $ 2,766 4,011 As at December 31, 2017, $ 38 As at December 31, 2017, $ 463 (ii) Note Payable On December 31, 2014, the Company entered into a loan (the “December 2014 Loan”) with the Clay Group for $ 12,500 July 1, 2015 12,500 37,500 On November 18, 2016, the Company repaid $ 10,659 10,908 31,000 930 In connection with the November 2016 Loan the Company issued 8,000,000 November 21, 2021 0.85 The November 2016 Loan had a thirty-month term and an annual interest rate of 8%, payable quarterly. On November 10, 2017, the Company and the Clay Group agreed to amend the November 2016 Loan by reducing the 2018 quarterly and 2019 Q1 principal payments from $ 2,500 1,000 8 10 2,212 2,500 400 after and was paid notes payable December 31, December 31, Balance, beginning of the period $ 26,347 $ 36,053 Interest payable transferred to principal balance 2,212 2,977 Accretion of discount on loans 1,940 1,996 Capitalized financing fee and legal fees (400) (930) Reduction of debt upon issuance of warrants - (3,090) Repayment of loans and interest - (10,659) Balance, end of the period $ 30,099 $ 26,347 Current portion $ 7,712 $ - Non-current portion $ 22,387 $ 26,347 (ii) Amortization of Discounts and Interest Expense Year Ended Year Ended 2017 2016 Accretion of the June 2015 Loan discount $ - $ 1,785 Interest expense related to the June 2015 Loan - 3,599 Accretion of the November 2017 Loan discount 1,940 210 Interest expense related to the November 2017 Loan 2,580 296 Closing and commitment fees related to the Credit Facility 90 - Interest expense related to Komatsu financial loans (1) 607 603 Accretion of discount and interest on loan $ 5,217 $ 6,493 Year Ended Year Ended 2017 2016 Accretion of discount and interest on loan (1) $ 5,217 $ 6,493 Less: Interest costs capitalized (2) - (1,005) Interest expense $ 5,217 $ 5,488 (1) Komatsu is not a related party and has only been included in the above table to reconcile the total interest expense incurred for the period to the amounts capitalized and expensed. (2) The Mine went into production on April 1, 2016. As a result, interest capitalization ended on March 31, 2016. (iv) Joint Venture Transaction The Company has presented Gauss’ ownership in GQM LLC as a non-controlling interest amount on the balance sheet within the equity section. However, there are terms in the agreement that provide for the exit from the investment in GQM LLC for an initial member whose interest in GQM LLC becomes less than 20%. If a member becomes less than a 20 a. Through conversion to a net smelter royalty (“NSR”); b. Through a buy-out (at fair value) by the non-diluted member; or c. Through a sale process by which the diluted member’s interest is sold. December 31, December 31, Assets, GQM LLC $ 149,095 $ 151,802 Liabilities, GQM LLC (28,024) (20,710) Net assets, GQM LLC $ 121,071 $ 131,092 Included in the assets above, is $ 2,606 11,138 2,203 2,297 Non-Controlling Interest Year Ended Year Ended 2017 2016 Net and comprehensive loss in GQM LLC $ (10,022) $ (4,526) Non-controlling interest percentage 50 % 50 % Net and comprehensive loss attributable to non-controlling interest $ (5,010) $ (2,263) Net and comprehensive loss attributable to permanent non-controlling interest $ (3,006) $ (1,358) Net and comprehensive loss attributable to temporary non-controlling interest $ (2,004) $ (905) Permanent Temporary Carrying value of non-controlling interest, December 31, 2015 $ 40,686 $ 27,124 Net and comprehensive loss for the year (1,359) (904) Carrying value of non-controlling interest, December 31, 2016 $ 39,327 $ 26,220 Net and comprehensive loss for the year (3,006) (2,006) Carrying value of non-controlling interest, December 31, 2017 $ 36,321 $ 24,214 (v) Credit Facility On May 23, 2017, GQM LLC 5,000 GQM LLC 12 1 GQM LLC 100 62 28 GQM LLC 3,000 |
Supplementary Disclosures of Ca
Supplementary Disclosures of Cash Flow Information | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Cash Flow, Supplemental Disclosures [Text Block] | 15. Supplementary Disclosures of Cash Flow Information Year Ended Year Ended 2017 2016 Cash paid during the period for: Interest on loan payable $ 607 $ 603 Non-cash financing and investing activities: Asset retirement costs charged to mineral property interests $ 346 $ 297 Mining equipment acquired through issuance of debt $ 8,285 $ 1,783 Mineral property expenditures included in accounts payable $ 117 $ 1,929 Interest cost capitalized to mineral property interests $ - $ 839 Non-cash amortization of discount and interest expense $ 1,540 $ 6,571 Interest payable converted to principal balance $ 2,212 $ - |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies Disclosure [Text Block] | Commitments and Contingencies Royalties The Company has acquired a number of mineral property interests Compliance with Environmental Regulations The Company’s exploration and development activities are subject to laws and regulations controlling not only the exploration and mining of mineral properties, but also the effect of such activities on the environment. Compliance with such laws and regulations may necessitate additional capital outlays or affect the economics of a mine, and cause changes or delays in the Company’s activities. Corporate Guaranties The Company has provided corporate guaranties for two of GQM LLC’s mining drill loans. The Company has also provided a corporate guaranty for GQM LLC’s surety bonds. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value Disclosures [Text Block] | 17. Financial Instruments Fair Value Measurements All financial assets and financial liabilities are recorded at fair value on initial recognition. Transaction costs are expensed when they are incurred, unless they are directly attributable to the acquisition of qualifying assets, in which case they are added to the costs of those assets until such time as the assets are substantially ready for their intended use or sale. The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). December 31, 2017 Total Level 1 Level 2 Level 3 Liabilities: Share purchase warrants Related Party (see Note 8) $ 439 $ - $ 439 $ - Share purchase warrants (see Note 8) 2 - 2 - $ 441 $ - $ 441 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Liabilities: Share purchase warrants Related Party (see Note 8) $ 5,458 $ - $ 5,458 $ - Share purchase warrants (see Note 8) 972 - 972 - $ 6,430 $ - $ 6,430 $ - Under fair value accounting, assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair value measurement of the financial instruments above use observable inputs in option price models such as the binomial and the Black-Scholes valuation models. Credit Risk Credit risk is the risk that the counterparty to a financial instrument will cause a financial loss for the Company by failing to discharge its obligations. To mitigate exposure to credit risk on financial assets the Company has established policies to ensure liquidity of funds and ensure counterparties demonstrate minimum acceptable credit worthiness. The Company maintains its US Dollar and Canadian Dollar cash in bank accounts with major financial institutions with high credit standings. Cash deposits held in the United States are insured by the Federal Deposit Insurance Corporation (“FDIC”) for up to $ 250 100 Certain United States and Canadian bank accounts held by the Company exceed these federally insured limits or are uninsured as they relate to US Dollar deposits held in Canadian financial institutions. As at December 31, 2017, the Company’s cash balances held in United States and Canadian financial institutions include $ 2,587 Interest Rate Risk The Company holds 98 1 Foreign Currency Exchange Risk Certain purchases of corporate overhead items are denominated in Canadian Dollar. As a result, currency exchange fluctuations may impact the costs of our operations. Specifically, the appreciation of the Canadian Dollar against the US Dollar may result in an increase in the Canadian operating expenses in US dollar terms. As at December 31, 2017, the Company maintained the majority of its cash balance in US Dollars. The Company currently does not engage in any currency hedging activities. |
Subsequent Event
Subsequent Event | 12 Months Ended |
Dec. 31, 2017 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 18. Subsequent Event On February 20, 2018, the Company successfully closed a rights offering (the “Offering”) for gross proceeds of approximately $ 25,000 188,952,761 Since the Company completed the Offering at a share price lower than the exercise price of the June 2015 Warrants and November 2016 Warrants, (collectively according to a formula |
Significant Accounting Polici25
Significant Accounting Policies, Estimates and Judgements (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash and Cash Equivalents The Company places its cash and cash equivalents with high quality financial institutions. At times, such cash deposits may be in excess of Federal Deposit Insurance Corporation insurance limits. To date, the Company has not experienced a loss or lack of access to its cash and cash equivalents. However, no assurance can be provided that access to the Company’s cash and cash equivalents will not be impacted by adverse economic conditions in the financial markets. |
Inventory, Policy [Policy Text Block] | Inventories Stockpiled ore inventory represents ore that has been extracted from the mine and is available for further processing. Costs added to stockpiled ore inventory are valued based on current mining cost per tonne incurred up to the point of stockpiling the ore and are transferred to the next process at the weighted average cost per equivalent ounce. Stockpiled ore tonnage is verified by periodic surveys and physical counts. In process inventory includes ore on heap leach pad and inventories in the solution and precipitate process. Finished goods inventory includes metals in their final stage of production prior to sale, including doré. The heap leach process extracts silver and gold by placing ore on an impermeable pad and applying a diluted cyanide solution that dissolves a portion of the contained silver and gold, which are then recovered in metallurgical processes. Materials and supplies inventories are valued at the lower of weighted average cost and net realizable value. Costs include acquisition, freight and other directly attributable costs. The estimate of the ultimate recovery expected over time and the quantity of metal that may be extracted relative to the time the leach process occurs requires the use of estimates, which are inherently inaccurate due to the nature of the leaching process. The quantities of metal contained in the ore are based upon actual weights and assay analysis. The rate at which the leach process extracts gold and silver from the crushed ore is based upon metallurgical test column estimates. The assumptions that are used by the Company to measure metal content during each stage of the inventory conversion process include estimated recovery rates based on laboratory testing and assaying. The Company periodically reviews its estimates compared to actual experience and revises its estimates when appropriate. The assumptions used in determining net realizable value for mineral inventories include estimates of gold and gold equivalents contained in the stockpile ore, heap leach pad and solution and precipitates, expected recoveries, and judgment used in determining the allocation of depletion, depreciation and amortization expense, and overhead costs that are directly attributable to inventories. If these estimates or assumptions are inaccurate, the Company may be required to write down the carrying value of its inventories. |
Mineral Interests [Policy Text Block] | Mineral Interests Upon commencement of the production phase, mining interests are depleted on a units-of-production basis over the estimated remaining economic life of the mine. In applying the units of production method, depletion is determined using the quantity of material extracted from the mine in the period as a portion of total quantity of material expected to be extracted in current and future periods based on the total estimated recoverable ounces in proven and probable reserves. Drilling and related costs are classified as development expenditures and capitalized if all the following criteria are met: • the costs are incurred to further define mineralization at and adjacent to existing reserve areas or intended to assist with mine planning within a reserve area; • the drilling costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production; and • at the time that the cost is incurred, the expenditure: (a) embodies a probable future benefit that involves a capacity, singly or in combination, with other assets to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control access to it, and (c) the transaction or event giving rise to our right to or control of the benefit has already occurred. Drilling and related costs not meeting all of these criteria are charged to operations as incurred. |
Property, Plant and Equipment, Policy [Policy Text Block] | Depreciation is calculated using either the straight-line method or using the units-of-production method over the shorter of the estimated service lives of the respective assets or the expected life of mine. Mineral property interests and claims Units-of-production Mine development Units-of-production Machinery and mine equipment 7 12 years Buildings and structures 5 - 12 years Vehicles 3 5 years Computer equipment and software 3 years Asset retirement cost Units-of-production Capitalized interest Units-of-production Capitalization of certain mine construction costs ceases and expenditures are either variable production costs as a component of inventory or expensed as incurred once production commences. Depletion of capitalized costs for mining properties and depreciation and amortization of property, plant and equipment also begins when the production phase commences. |
Capitalization of Internal Costs, Policy [Policy Text Block] | Capitalized Interest Once an asset subject to interest capitalization is completed and available for use, the associated capitalized interest is expensed through depletion or impairment. See Note 14(iii) - Amortization of Discount and Interest Expense. Capitalization of interest ceased as at March 31, 2016 when production commenced. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Valuation of Long-lived Assets Existing proven and probable reserves are included when determining the fair value of mine site asset groups at acquisition and, subsequently, in determining whether the assets are impaired. The term “recoverable minerals” refers to the estimated amount of silver and gold that are expected to be obtained after taking into account losses during ore processing and treatment. Gold and silver prices are volatile and affected by many factors beyond the Company’s control, including prevailing interest rates and returns on other asset classes, expectations regarding inflation, speculation, currency values, governmental decisions regarding precious metals stockpiles, global and regional demand and production, political and economic conditions and other factors may affect the key assumptions used in the Company’s impairment testing. Various factors could impact our ability to achieve forecasted production levels from proven and probable reserves. Additionally, production, capital and reclamation costs could differ from the assumptions used in the cash flow models used to assess impairment. Actual results may vary from the Company’s estimates and result in additional impairment charges. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency Translation |
Earnings Per Share, Policy [Policy Text Block] | Earnings (Loss) Per Share |
Asset Retirement Obligations, Policy [Policy Text Block] | Asset Retirement Obligations The timing of the actual environmental remediation expenditures is dependent on a number of factors such as the life and nature of the asset, the operating license conditions and the environment in which the mine operates. Reclamation provisions are initially measured at the expected value of future cash flows discounted to their present value using a credit adjusted risk-free interest rate. If the expected present value increases, the increase gives rise to a new obligation accounted for separately just as the reclamation provision was originally measured but using current market value assumptions, and the current credit-adjusted risk-free rate. AROs are adjusted each period to reflect the passage of time (accretion). Upon settlement of an ARO, the Company records a gain or loss if the actual cost differs from the carrying amount of the ARO. Settlement gains/losses are recorded in the consolidated statements of comprehensive income (loss). The estimated ARO is updated each period end to reflect changes in facts and circumstances. The principal factors that can cause the ARO to change are the construction of new processing facilities, changes in the quantities of material in proven and probable mineral reserves and a corresponding change in the life-of-mine plan, changing ore characteristics that impact required environmental protection measures and related costs, changes in water quality that impact the extent of water treatment required and changes in laws and regulations governing the protection of the environment. |
Use of Estimates, Policy [Policy Text Block] | Estimates |
Fair Value of Financial Instruments, Policy [Policy Text Block] | Fair Value of Financial Instruments The notes payable were initially recorded at fair value less financing costs and are measured at each period end at amortized cost. The derivative liability relating to the share purchase warrants issued by the Company as part of the consideration for the holders of the notes payable is recorded at fair value using the binomial and the Black-Scholes valuation models at each reporting period. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition |
Income Tax, Policy [Policy Text Block] | Income Taxes |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation The Company accounts for stock-based compensation awards granted to non-employees in accordance with FASB ASC Topic 505-50, Equity-Based Payments to Non-Employees, or The Company uses the Black-Scholes option valuation model to calculate the fair value of stock options at the date of grant. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate. |
Derivatives, Policy [Policy Text Block] | Derivative Financial Instruments Derivative financial instruments are 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 profit or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses the binomial pricing model to estimate fair value of the derivative instrument. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date. |
Non-Controlling Interest [Policy Text Block] | Non-Controlling Interest Non-controlling interests in temporary equity represent the estimated portion of non-controlling interest that could potentially be convertible through either a conversion of the non-controlling interest into a net smelter royalty obligation of GQM LLC or a buy-out of the non-controlling interest at fair value by the Company. The convertible portion of non-controlling interest recorded in temporary equity is initially recorded at the carrying value and then adjusted for net income or loss and distributions attributable to the temporary equity. The non-controlling interest in permanent equity represents the portion of the non-controlling interest that is not convertible. Please refer to Note 14 (iv) for details. |
New Accounting Pronouncements, Policy [Policy Text Block] | New Accounting Pronouncements (i) In May 2014, ASU 2014-09 was issued related to revenue from contracts with customers. The ASU was further amended in August 2015, March 2016, April 2016, and May 2016 by ASU 2015-14, 2016-08, 2016-10 and 2016- 12. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures about revenue recognition. In August 2015, the effective date was deferred to reporting periods, including interim periods, beginning after December 31, 2017, and will be applied retrospectively. Early adoption is not permitted. The Company has completed its assessment of the impact of the new revenue standard on the Company's financial position and believes the new standard will not have a material impact. The Company will adopt the standard using the modified retrospective method of adoption. The Company's revenue arises from contracts with customers in which the sale of doré is the single performance obligation under the customer contract. Accordingly, revenue will continue to be recognized at a point in time when control of the asset is transferred to the customer, which is generally consistent with the Company's current accounting policies. ASU 2014-09 provides presentation and disclosure requirements which are more detailed than under current GAAP. (ii) In February 2016, FASB issued ASC 842 that requires lessees to recognize lease assets and corresponding lease liabilities on the balance sheet for all leases with terms of more than 12 months. The update, which supersedes existing lease guidance, will continue to classify leases as either finance or operating, with the classification determining the pattern of expense recognition in the income statement. The ASU will be effective for annual and interim periods beginning January 1, 2019, with early adoption permitted, and is applicable on a modified retrospective basis with various optional practical expedients. The Company is assessing the impact of this standard. (iii) In August 2016, ASC guidance was issued to amend the classification of certain cash receipts and cash payments in the statement of cash flows. The new guidance is effective for the Company’s fiscal year and interim periods beginning after December 15, 2017. Early adoption is permitted, including adoption in an interim period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. An entity that elects early adoption must adopt all of the amendments in the same period. The Company is currently evaluating this guidance and the impact on its financial statements. |
Significant Accounting Polici26
Significant Accounting Policies, Estimates and Judgements (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Accounting Policies [Abstract] | |
Property Plant And Equipment Useful Lives [Table Text Block] | Depreciation is calculated using either the straight-line method or using the units-of-production method over the shorter of the estimated service lives of the respective assets or the expected life of mine. Mineral property interests and claims Units-of-production Mine development Units-of-production Machinery and mine equipment 7 12 Buildings and structures 5 12 Vehicles 3 5 Computer equipment and software 3 Asset retirement cost Units-of-production Capitalized interest Units-of-production |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Inventory, Net [Abstract] | |
Schedule of Inventory, Current [Table Text Block] | Inventories of the Company are comprised of: December 31, December 31, Stockpile inventory $ 201 $ 318 In-process inventory 6,495 9,491 Dore inventory 320 76 Supplies and spare parts 2,012 1,056 $ 9,028 $ 10,941 |
Property, Plant, Equipment an28
Property, Plant, Equipment and Mineral Interests (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | Land Mineral Mine Machinery Buildings and Construction Interest Total Cost At December 31, 2015 $ 110 $ 4,459 $ 84,798 $ 28,085 $ 8,565 $ - $ - $ 126,017 Additions 3,777 - - - 9,178 543 5,886 19,384 Transfers 6 (218) (42,765) 32,116 10,861 - - - Disposals - - - - - - - - At December 31, 2016 $ 3,893 $ 4,241 $ 42,033 $ 60,201 $ 28,604 $ 543 $ 5,886 $ 145,401 Additions 98 817 354 17 - 19,597 - 20,883 Transfers - 222 8,625 11,239 - (20,086) - - Disposals (22) - (239) (1,391) (207) - - (1,859) At December 31, 2017 $ 3,969 $ 5,280 $ 50,773 $ 70,066 $ 28,397 $ 54 $ 5,886 $ 164,425 Accumulated depreciation and depletion At December 31, 2015 $ - $ - $ 654 $ 1,462 $ 350 $ - $ - $ 2,466 Additions - 67 317 5,667 2,329 - 5 8,385 Disposals - - - - - - - - At December 31, 2016 $ - $ 67 $ 971 $ 7,129 $ 2,679 $ - $ 5 $ 10,851 Additions - 261 2,444 6,489 2,358 - 466 12,018 Disposals - - - (265) (27) - - (292) At December 31, 2017 $ - $ 328 $ 3,415 $ 13,353 $ 5,010 $ - $ 471 $ 22,577 Carrying values At December 31, 2016 $ 3,893 $ 4,174 $ 41,062 $ 53,072 $ 25,925 $ 543 $ 5,881 $ 134,550 At December 31, 2017 $ 3,969 $ 4,952 $ 47,358 $ 56,713 $ 23,387 $ 54 $ 5,415 $ 141,848 |
Loan Payable (Tables)
Loan Payable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Debt Disclosure [Abstract] | |
Schedule Of Loans Payable [Table Text Block] | As at December 31, 2017 and 2016, equipment financing balances are as follows: December 31, December 31, Balance, beginning of the year $ 15,150 $ 18,373 Additions 10,727 2,047 Principal repayments (6,192) (5,006) Down payments and taxes (1,839) (264) Settlements (603) - Balance, end of the year $ 17,243 $ 15,150 Current portion $ 7,629 $ 5,656 Non-current portion $ 9,614 $ 9,494 |
Schedule of Long-term Debt Instruments [Table Text Block] | The terms of the financing agreements are as follows: December 31, December 31, Total acquisition costs $ 35,692 $ 26,309 Interest rates 0.00% ~ 4.50 % 0.00% ~ 4.50% Monthly payments $ 5 ~ 74 $ 5 ~ 34 Average remaining life (years) 2.13 2.54 |
Schedule of Maturities of Long-term Debt [Table Text Block] | Years Principal Payments 2018 $ 7,629 2019 5,782 2020 2,374 2021 1,458 Total $ 17,243 |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | The derivative liabilities were calculated using the binomial and the Black-Scholes pricing valuation models with the following assumptions: Warrants related to June 2015 Loan December 31, December 31, Risk-free interest rate 1.73 % 0.84 % Expected life of derivative liability 2.44 years 3.44 years Expected volatility 78.59 % 78.79 % Dividend rate 0.00 % 0.00 % Warrants related to November 2016 Loan December 31, December 31, Risk-free interest rate 1.73 % 1.11 % Expected life of derivative liability 3.89 years 4.89 years Expected volatility 75.69 % 77.21 % Dividend rate 0.00 % 0.00 % |
Schedule of Derivative Liability for Share Purchase Warrants [Table Text Block] | The change in the derivative share purchase warrants is as follows: December 31, December 31, Balance, beginning of the period $ 5,458 $ 2,498 Fair value at inception - 3,090 Change in fair value (5,019) (130) Balance, end of the period $ 439 $ 5,458 |
Warrant [Member] | |
Schedule of Derivative Liability for Share Purchase Warrants [Table Text Block] | The change in the derivative share purchase warrants is as follows: December 31, December 31, Fair value of warrants issued $ 972 $ 2,701 Change in fair value of warrants (970) (1,729) Balance, end of the period $ 2 $ 972 |
Derivative Financial Instruments, Liabilities [Member] | |
Schedule of Derivative Liabilities at Fair Value [Table Text Block] | As at December 31, 2017, the Company had re-measured the share purchase warrants and determined the fair value of the derivative liability to be $ 2 972 December 31, December 31, Risk-free interest rate 1.68 % 0.84 % Expected life of derivative liability in years 1.56 years 2.56 years Expected volatility 66.89 % 79.40 % Dividend rate 0.00 % 0.00 % |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Schedule of Change in Asset Retirement Obligation [Table Text Block] | December 31, 2017 December 31, 2016 Balance, beginning of the period $ 1,366 $ 978 Accretion 126 90 Changes in cash flow estimates 346 298 Balance, end of the period $ 1,838 $ 1,366 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | The tax effects of the temporary differences that give rise to the Company's deferred tax assets and liabilities are as follows: December 31, December 31, Deferred Tax Assets (Liabilities) Net operating and capital losses $ 16,942 $ 15,799 Un-deducted interest 2,109 779 Capitalized interest deducted (1,409) (1,475) Unrealized FX gain (657) - Discount on Clay loan (840) Other 157 45 Financing costs 435 747 Investment in GQM LLC (11,692) (14,676) Valuation allowance (13,241) (14,140) Deferred tax liabilities $ (8,196) $ (12,921) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | The annual tax benefit is different from the amount provided by applying the statutory federal income tax rate to the Company’s pre-tax loss. The reason for the differences are: December 31, December 31, Income tax benefit at Canadian statutory rate $ (2,834) $ (3,108) Foreign income taxes at other than Canadian statutory rate (1,921) (1,398) Re-measurement due to the Tax Cuts and Jobs Act (3,739) - Change in fair value of derivative liability (1,557) (483) Non-deductible accretion and other (113) 558 Expiration of tax loss carryforwards 2,105 290 Non-controlling interest 2,197 922 Permanent differences, other 58 290 Prior year true-up, net 1,977 1,334 Increase (decrease) in valuation allowance (898) 1,885 Tax benefit $ (4,725) $ - |
Net Operating Loss Carryforwards Available To Reduce Taxable Income [Table Text Block] | As at December 31, 2017, the Company had net operating loss carry-forwards available to reduce taxable income in future years as follows: Country Amount Expiration dates Unites States Federal $ 41,738 2018 - 2037 Canada (C$) $ 19,829 2026 - 2037 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | The following is a summary of stock option activity during the years ended December 31, 2017 and 2016: Shares Weighted Average Options outstanding, December 31, 2015 1,070,000 $ 0.94 Options granted 485,000 $ 0.66 Options outstanding, December 31, 2016 1,555,000 $ 0.85 Options granted 1,605,001 $ 0.38 Options forfeited (166,667) $ 0.64 Options expired (393,333) $ 1.13 Options outstanding, December 31, 2017 2,600,001 $ 0.54 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | The fair value of stock options granted as above was calculated using the following weighted average assumptions: 2017 2016 Expected life (years) 5.00 5.00 Interest rate 1.18% ~ 1.70 % 1.00 % Volatility 77.29% ~ 79.17 % 81.27 % Dividend yield 0.00 % 0.00 % |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable [Table Text Block] | The following table summarizes information about stock options outstanding and exercisable as at December 31, 2017: Expiry Date Number Number Remaining Weighted June 3, 2018 50,000 50,000 0.42 $ 1.16 September 3, 2018 150,000 150,000 0.68 $ 1.59 September 8, 2020 430,000 430,000 2.69 $ 0.58 November 30, 2021 365,000 121,666 3.92 $ 0.66 March 20, 2022 400,002 - 4.22 $ 0.65 October 20, 2022 1,204,999 - 4.81 0.29 Balance, December 31, 2017 2,600,001 751,666 3.92 $ 0.54 |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | December 31, December 31, Balance, beginning of the year 24,317,700 10,000,000 Issued - financing units - 5,560,000 Issued - financing brokers (1) - 757,700 Issued - debt restructuring (1) - 8,000,000 Balance, end of the year 24,317,700 24,317,700 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other Than Options, Outstanding and Exercisable [Table Text Block] | The following table summarizes information about share purchase warrants outstanding and exercisable: Expiry Number Remaining Exercise June 8, 2020 10,000,000 2.44 $ 0.95 July 25, 2019 6,317,700 1.56 C$ 2.00 November 18, 2021 8,000,000 3.88 $ 0.85 Balance, December 31, 2017 24,317,700 2.69 |
General and Administrative Ex34
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
General and Administrative Expense [Abstract] | |
General and Administrative Expense [Table Text Block] | Year Ended Year Ended 2017 2016 Audit, legal and professional fees $ 1,029 $ 1,357 Salaries and benefits and director fees 2,094 1,538 Regulatory fees and licenses 114 135 Insurance 514 480 Corporate administration 1,484 798 $ 5,235 $ 4,308 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended Year Ended 2017 2016 Numerator: Net loss attributable to the shareholders of the Company - numerator for basic and diluted loss per share $ (1,165) $ (7,429) Denominator: Weighted average number of common shares outstanding -basic and diluted 111,140,464 104,737,396 Loss per share basic and diluted $ (0.01) $ (0.07) |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Related Party Transaction [Line Items] | |
Schedule of Debt [Table Text Block] | notes payable December 31, December 31, Balance, beginning of the period $ 26,347 $ 36,053 Interest payable transferred to principal balance 2,212 2,977 Accretion of discount on loans 1,940 1,996 Capitalized financing fee and legal fees (400) (930) Reduction of debt upon issuance of warrants - (3,090) Repayment of loans and interest - (10,659) Balance, end of the period $ 30,099 $ 26,347 Current portion $ 7,712 $ - Non-current portion $ 22,387 $ 26,347 |
Schedule Of Amortization Of Discounts And Interest On Loans And Convertible Debentures [Table Text Block] | The following table summarizes the amortization of discounts and interest on loan: Year Ended Year Ended 2017 2016 Accretion of the June 2015 Loan discount $ - $ 1,785 Interest expense related to the June 2015 Loan - 3,599 Accretion of the November 2017 Loan discount 1,940 210 Interest expense related to the November 2017 Loan 2,580 296 Closing and commitment fees related to the Credit Facility 90 - Interest expense related to Komatsu financial loans (1) 607 603 Accretion of discount and interest on loan $ 5,217 $ 6,493 Year Ended Year Ended 2017 2016 Accretion of discount and interest on loan (1) $ 5,217 $ 6,493 Less: Interest costs capitalized (2) - (1,005) Interest expense $ 5,217 $ 5,488 (1) Komatsu is not a related party and has only been included in the above table to reconcile the total interest expense incurred for the period to the amounts capitalized and expensed. (2) The Mine went into production on April 1, 2016. As a result, interest capitalization ended on March 31, 2016. |
Schedule of Variable Interest Entities [Table Text Block] | The net assets of GQM LLC as at December 31, 2017 and 2016 are as follows: December 31, December 31, Assets, GQM LLC $ 149,095 $ 151,802 Liabilities, GQM LLC (28,024) (20,710) Net assets, GQM LLC $ 121,071 $ 131,092 |
Schedule of Comprehensive Income Net of Tax Attributable To Noncontrolling Interest [Table Text Block] | The carrying value of the non-controlling interest is adjusted for net income and loss, distributions and contributions pursuant to ASC 810-10 based on the same percentage allocation used to calculate the initial book value of temporary equity. Year Ended Year Ended 2017 2016 Net and comprehensive loss in GQM LLC $ (10,022) $ (4,526) Non-controlling interest percentage 50 % 50 % Net and comprehensive loss attributable to non-controlling interest $ (5,010) $ (2,263) Net and comprehensive loss attributable to permanent non-controlling interest $ (3,006) $ (1,358) Net and comprehensive loss attributable to temporary non-controlling interest $ (2,004) $ (905) |
Schedule Of Non-controlling Interest [Table Text Block] | Permanent Temporary Carrying value of non-controlling interest, December 31, 2015 $ 40,686 $ 27,124 Net and comprehensive loss for the year (1,359) (904) Carrying value of non-controlling interest, December 31, 2016 $ 39,327 $ 26,220 Net and comprehensive loss for the year (3,006) (2,006) Carrying value of non-controlling interest, December 31, 2017 $ 36,321 $ 24,214 |
Supplementary Disclosures of 37
Supplementary Disclosures of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash Flow, Supplemental Disclosures [Table Text Block] | Year Ended Year Ended 2017 2016 Cash paid during the period for: Interest on loan payable $ 607 $ 603 Non-cash financing and investing activities: Asset retirement costs charged to mineral property interests $ 346 $ 297 Mining equipment acquired through issuance of debt $ 8,285 $ 1,783 Mineral property expenditures included in accounts payable $ 117 $ 1,929 Interest cost capitalized to mineral property interests $ - $ 839 Non-cash amortization of discount and interest expense $ 1,540 $ 6,571 Interest payable converted to principal balance $ 2,212 $ - |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair Value, by Balance Sheet Grouping [Table Text Block] | The three levels of the fair value hierarchy are as follows: Level 1 Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; Level 2 Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; Level 3 Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). December 31, 2017 Total Level 1 Level 2 Level 3 Liabilities: Share purchase warrants Related Party (see Note 8) $ 439 $ - $ 439 $ - Share purchase warrants (see Note 8) 2 - 2 - $ 441 $ - $ 441 $ - December 31, 2016 Total Level 1 Level 2 Level 3 Liabilities: Share purchase warrants Related Party (see Note 8) $ 5,458 $ - $ 5,458 $ - Share purchase warrants (see Note 8) 972 - 972 - $ 6,430 $ - $ 6,430 $ - |
Nature of Business (Details Tex
Nature of Business (Details Textual) | Dec. 31, 2017 |
Gauss LLC [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Golden Queen Mining Company, LLC [Member] | |
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% |
Liquidity Risk (Details Textual
Liquidity Risk (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended |
Feb. 20, 2018 | Dec. 31, 2017 | |
Net Cash Provided by (Used in) Operating Activities, Continuing Operations | $ 3,942 | |
Working Capital | 13,102 | |
Gauss [Member] | ||
Proceeds from (Repayments of) Debt | 10,000 | |
Corporate Joint Venture [Member] | ||
Proceeds from (Repayments of) Debt | $ 10,000 | |
Subsequent Event [Member] | ||
Proceeds from Rights offering | $ 25,000 |
Basis of Presentation (Details
Basis of Presentation (Details Textual) | Dec. 31, 2017 | Dec. 31, 2016 |
Golden Queen Mining Holdings, Inc [Member] | ||
Noncontrolling Interest, Ownership Percentage by Parent | 50.00% | 50.00% |
Significant Accounting Polici42
Significant Accounting Policies, Estimates and Judgements (Details) | 12 Months Ended |
Dec. 31, 2017 | |
Mineral property interests and claims [Member] | |
Property, Plant and Equipment, Depreciation Methods | Units-of-production |
Mine development [Member] | |
Property, Plant and Equipment, Depreciation Methods | Units-of-production |
Machinery and mine equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 7 years |
Machinery and mine equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 12 years |
Buildings and structures [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Buildings and structures [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 12 years |
Vehicles [Member] | Minimum [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Vehicles [Member] | Maximum [Member] | |
Property, Plant and Equipment, Useful Life | 5 years |
Computer equipment and software [Member] | |
Property, Plant and Equipment, Useful Life | 3 years |
Asset retirements cost [Member] | |
Property, Plant and Equipment, Depreciation Methods | Units-of-production |
Capitalized interest [Member] | |
Property, Plant and Equipment, Depreciation Methods | Units-of-production |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory [Line Items] | ||
Stockpile inventory | $ 201 | $ 318 |
In-process inventory | 6,495 | 9,491 |
Dore inventory | 320 | 76 |
Supplies and spare parts | 2,012 | 1,056 |
Inventory, Net | $ 9,028 | $ 10,941 |
Inventories (Details Textual)
Inventories (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Inventory Adjustments | $ 2,909 | $ 0 |
Production Process And Supplies And Spare Parts [Member] | ||
Inventory Adjustments | $ 2,071 |
Property, Plant, Equipment an45
Property, Plant, Equipment and Mineral Interests (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Movement in Property, Plant and Equipment: | ||
Begining balance | $ 145,401 | $ 126,017 |
Additions | 20,883 | 19,384 |
Transfers | 0 | 0 |
Disposals | (1,859) | 0 |
Ending balance | 164,425 | 145,401 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 10,851 | 2,466 |
Additions | 12,018 | 8,385 |
Disposals | (292) | 0 |
Ending balance | 22,577 | 10,851 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | 141,848 | 134,550 |
Land [Member] | ||
Movement in Property, Plant and Equipment: | ||
Begining balance | 3,893 | 110 |
Additions | 98 | 3,777 |
Transfers | 0 | 6 |
Disposals | (22) | 0 |
Ending balance | 3,969 | 3,893 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Ending balance | 0 | 0 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | 3,969 | 3,893 |
Mineral property interest and claims [Member] | ||
Movement in Property, Plant and Equipment: | ||
Begining balance | 4,241 | 4,459 |
Additions | 817 | 0 |
Transfers | 222 | (218) |
Disposals | 0 | 0 |
Ending balance | 5,280 | 4,241 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 67 | 0 |
Additions | 261 | 67 |
Disposals | 0 | 0 |
Ending balance | 328 | 67 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | 4,952 | 4,174 |
Mine Development [Member] | ||
Movement in Property, Plant and Equipment: | ||
Begining balance | 42,033 | 84,798 |
Additions | 354 | 0 |
Transfers | 8,625 | (42,765) |
Disposals | (239) | 0 |
Ending balance | 50,773 | 42,033 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 971 | 654 |
Additions | 2,444 | 317 |
Disposals | 0 | 0 |
Ending balance | 3,415 | 971 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | 47,358 | 41,062 |
Machinery and Equipment [Member] | ||
Movement in Property, Plant and Equipment: | ||
Begining balance | 60,201 | 28,085 |
Additions | 17 | 0 |
Transfers | 11,239 | 32,116 |
Disposals | (1,391) | 0 |
Ending balance | 70,066 | 60,201 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 7,129 | 1,462 |
Additions | 6,489 | 5,667 |
Disposals | (265) | 0 |
Ending balance | 13,353 | 7,129 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | 56,713 | 53,072 |
Buildings and infrastructure [Member] | ||
Movement in Property, Plant and Equipment: | ||
Begining balance | 28,604 | 8,565 |
Additions | 0 | 9,178 |
Transfers | 0 | 10,861 |
Disposals | (207) | 0 |
Ending balance | 28,397 | 28,604 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 2,679 | 350 |
Additions | 2,358 | 2,329 |
Disposals | (27) | 0 |
Ending balance | 5,010 | 2,679 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | 23,387 | 25,925 |
Construction in Progress [Member] | ||
Movement in Property, Plant and Equipment: | ||
Begining balance | 543 | 0 |
Additions | 19,597 | 543 |
Transfers | (20,086) | 0 |
Disposals | 0 | 0 |
Ending balance | 54 | 543 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 0 | 0 |
Additions | 0 | 0 |
Disposals | 0 | 0 |
Ending balance | 0 | 0 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | 54 | 543 |
Interest capitalized [Member] | ||
Movement in Property, Plant and Equipment: | ||
Begining balance | 5,886 | 0 |
Additions | 0 | 5,886 |
Transfers | 0 | 0 |
Disposals | 0 | 0 |
Ending balance | 5,886 | 5,886 |
Movement in Accumulated Depreciation, Depletion and Amortization, Property, Plant and Equipment: | ||
Begining balance | 5 | 0 |
Additions | 466 | 5 |
Disposals | 0 | 0 |
Ending balance | 471 | 5 |
Property, Plant and Equipment, Net, by Type: | ||
Property, Plant and Equipment, Net | $ 5,415 | $ 5,881 |
Loan Payable (Details)
Loan Payable (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Principal repayments | $ 0 | $ (12,257) |
Current portion | 7,629 | 5,656 |
Non-current portion | 9,614 | 9,494 |
Mining Equipment [Member] | ||
Balance, beginning of the year | 15,150 | 18,373 |
Additions | 10,727 | 2,047 |
Principal repayments | (6,192) | (5,006) |
Down payments and taxes | (1,839) | (264) |
Settlements | (603) | 0 |
Balance, end of the year | $ 17,243 | $ 15,150 |
Loan Payable (Details 1)
Loan Payable (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Nov. 10, 2017 | |
Interest rates | 10.00% | |||
Minimum [Member] | ||||
Interest rates | 0.00% | 0.00% | ||
Monthly payments | $ 5 | $ 5 | ||
Maximum [Member] | ||||
Interest rates | 4.50% | 4.50% | ||
Monthly payments | $ 74 | $ 34 | ||
Komatsu financing agreements [Member] | Loans Payable [Member] | ||||
Total acquisition costs | $ 35,692 | $ 26,309 | ||
Average remaining life (Years) | 2 years 1 month 17 days | 2 years 6 months 14 days |
Loan Payable (Details 2)
Loan Payable (Details 2) - Loans Payable [Member] $ in Thousands | Dec. 31, 2017USD ($) |
2,018 | $ 7,629 |
2,019 | 5,782 |
2,020 | 2,374 |
2,021 | 1,458 |
Total | $ 17,243 |
Loan Payable (Details Textual)
Loan Payable (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Debt Instrument [Line Items] | ||
Debt Instrument, Term | 4 years | |
Payments to Acquire Productive Assets, Total | $ 1,839 | $ 264 |
Percentage Of Pretax Purchase Price | 10.00% |
Derivative Liabilities (Details
Derivative Liabilities (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
June 2015 Financing [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Risk-free interest rate | 1.73% | 0.84% |
Expected life of derivative liability in years | 2 years 5 months 8 days | 3 years 5 months 8 days |
Expected volatility | 78.59% | 78.79% |
Dividend rate | 0.00% | 0.00% |
November 2016 Financing [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Risk-free interest rate | 1.73% | 1.11% |
Expected life of derivative liability in years | 3 years 10 months 20 days | 4 years 10 months 20 days |
Expected volatility | 75.69% | 77.21% |
Dividend rate | 0.00% | 0.00% |
Derivative Financial Instruments, Liabilities [Member] | ||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Risk-free interest rate | 1.68% | 0.84% |
Expected life of derivative liability in years | 1 year 6 months 22 days | 2 years 6 months 22 days |
Expected volatility | 66.89% | 79.40% |
Dividend rate | 0.00% | 0.00% |
Derivative Liabilities (Detai51
Derivative Liabilities (Details 1) - Warrant [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||
Balance, beginning of the year | $ 5,458 | $ 2,498 |
Fair value at inception | 0 | 3,090 |
Change in fair value | (5,019) | (130) |
Balance, end of the year | $ 439 | $ 5,458 |
Derivative Liabilities (Detai52
Derivative Liabilities (Details 2) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Fair value of warrants issued | $ 972 | $ 2,701 |
Change in fair value of warrants | (970) | (1,729) |
Balance, end of the year | $ 2 | $ 972 |
Derivative Liabilities (Detai53
Derivative Liabilities (Details Textual) $ / shares in Units, $ in Thousands | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Nov. 18, 2016$ / sharesshares | Jul. 31, 2016$ / shares | Jul. 25, 2016$ / sharesshares | Jun. 08, 2015$ / sharesshares |
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 757,700 | 6,317,700 | ||||
Derivative Liability | $ | $ 2 | $ 972 | ||||
Warrant [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2 | $ 2 | ||||
June 2015 Warrant [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.95 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 10,000,000 | |||||
November 2016 Warrants [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 0.85 | |||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | shares | 8,000,000 | |||||
Derivative Financial Instruments, Liabilities [Member] | ||||||
Derivative Instruments and Hedging Activities Disclosures [Line Items] | ||||||
Derivative Liability | $ | $ 439 | $ 5,458 |
Asset Retirement Obligations (D
Asset Retirement Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Asset Retirement Obligations [Line Items] | ||
Balance, beginning of the year | $ 1,366 | $ 978 |
Accretion | 126 | 91 |
Changes in cash flow estimates | 346 | 298 |
Balance, end of the year | $ 1,838 | $ 1,366 |
Asset Retirement Obligations 55
Asset Retirement Obligations (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Asset Retirement Obligations [Line Items] | |||
Asset Retirement Obligation | $ 1,838 | $ 1,366 | $ 978 |
Asset Retirement Obligation, Credit Adjusted Risk Free Rate | 8.70% | ||
Asset Retirement Obligation, Inflation Rate | 2.50% | ||
Long Term Debt Premimum Paid | $ 90 | 61 | |
Surety Bond [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Guarantor Obligations, Current Carrying Value | 3,612 | 2,954 | |
Bureau of Land Management [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Security Deposit | 1,465 | 1,465 | |
Lahontan Regional Water Quality Control Board [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Security Deposit | 1,869 | 1,211 | |
Regional Board [Member] | |||
Asset Retirement Obligations [Line Items] | |||
Security Deposit | $ 278 | $ 278 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred Tax Assets (Liabilities) | ||
Net operating and capital losses | $ 16,942 | $ 15,799 |
Un-deducted interest | 2,109 | 779 |
Capitalized interest deducted | (1,409) | (1,475) |
Unrealized FX gain | (657) | 0 |
Discount on Clay loan | (840) | |
Other | 157 | 45 |
Financing costs | 435 | 747 |
Investment in GQM LLC | (11,692) | (14,676) |
Valuation allowance | (13,241) | (14,140) |
Deferred tax liabilities | $ (8,196) | $ (12,921) |
Income Taxes (Details 1)
Income Taxes (Details 1) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Income Taxes [Line Items] | ||
Income tax benefit at Canadian statutory rate | $ (2,834) | $ (3,108) |
Foreign income taxes at other than Canadian statutory rate | (1,921) | (1,398) |
Re-measurement due to the Tax Cuts and Jobs Act | (3,739) | 0 |
Change in fair value of derivative liability | (1,557) | (483) |
Non-deductible accretion and other | (113) | 558 |
Expiration of tax loss carryforwards | 2,105 | 290 |
Non-controlling interest | 2,197 | 922 |
Permanent differences, other | 58 | 290 |
Prior year true-up, net | 1,977 | 1,334 |
Increase (decrease) in valuation allowance | (898) | 1,885 |
Tax benefit | $ (4,725) | $ 0 |
Income Taxes (Details 2)
Income Taxes (Details 2) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
UNITED STATES | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 41,738 |
Operating Loss Carryforwards, Limitations on Use | 2018 - 2037 |
CANADA | |
Operating Loss Carryforwards [Line Items] | |
Operating Loss Carryforwards | $ 19,829 |
Operating Loss Carryforwards, Limitations on Use | 2026 - 2037 |
Income Taxes (Details Textual)
Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Income Tax Holiday [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | ||
Income Tax Expense (Benefit) | $ (4,725) | $ 0 | |
Effective Income Tax Rate Reconciliation, Tax Contingency, Remeasurement due to tax cuts and job act | $ (3,739) | $ 0 | |
Scenario, Plan [Member] | |||
Income Tax Holiday [Line Items] | |||
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21.00% |
Share Capital (Details)
Share Capital (Details) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Shares, Options outstanding | 1,555,000 | 1,070,000 |
Shares, Options granted | 1,605,001 | 485,000 |
Shares, Options forfeited | (166,667) | |
Shares, Options expired | (393,333) | |
Shares, Options outstanding | 2,600,001 | 1,555,000 |
Weighted Average Exercise Price Per Share, Options outstanding | $ 0.85 | $ 0.94 |
Weighted Average Exercise Price Per Share, Options granted | 0.38 | 0.66 |
Weighted Average Exercise Price Per Share, Options forfeited | 0.64 | |
Weighted Average Exercise Price Per Share, Options expired | 1.13 | |
Weighted Average Exercise Price Per Share, Options outstanding | $ 0.54 | $ 0.85 |
Share Capital (Details 1)
Share Capital (Details 1) - Employee Stock Option [Member] | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expected life years | 5 years | 5 years |
Interest rate | 1.00% | |
Volatility | 81.27% | |
Dividend yield | 0.00% | 0.00% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Interest rate | 1.70% | |
Volatility | 79.17% | |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Interest rate | 1.18% | |
Volatility | 77.29% |
Share Capital (Details 2)
Share Capital (Details 2) - Employee Stock Option [Member] - $ / shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 2,600,001 | 1,555,000 | 1,070,000 |
Number Exercisable | 751,666 | ||
Remaining Contractual Life (Years) | 3 years 11 months 1 day | ||
Weighted Average Exercise Price | $ 0.54 | $ 0.85 | $ 0.94 |
June 3, 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 50,000 | ||
Number Exercisable | 50,000 | ||
Remaining Contractual Life (Years) | 5 months 1 day | ||
Weighted Average Exercise Price | $ 1.16 | ||
September 3, 2018 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 150,000 | ||
Number Exercisable | 150,000 | ||
Remaining Contractual Life (Years) | 8 months 5 days | ||
Weighted Average Exercise Price | $ 1.59 | ||
September 8, 2020 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 430,000 | ||
Number Exercisable | 430,000 | ||
Remaining Contractual Life (Years) | 2 years 8 months 8 days | ||
Weighted Average Exercise Price | $ 0.58 | ||
November 30, 2021 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 365,000 | ||
Number Exercisable | 121,666 | ||
Remaining Contractual Life (Years) | 3 years 11 months 1 day | ||
Weighted Average Exercise Price | $ 0.66 | ||
March 20, 2022 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 400,002 | ||
Number Exercisable | 0 | ||
Remaining Contractual Life (Years) | 4 years 2 months 19 days | ||
Weighted Average Exercise Price | $ 0.65 | ||
October 20, 2022 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Number Outstanding | 1,204,999 | ||
Number Exercisable | 0 | ||
Remaining Contractual Life (Years) | 4 years 9 months 22 days | ||
Weighted Average Exercise Price | $ 0.29 |
Share Capital (Details 3)
Share Capital (Details 3) - Warrant [Member] - shares | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Balance, beginning of period | 24,317,700 | 10,000,000 | |
Balance, end of period | 24,317,700 | 24,317,700 | |
Financing Units [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issued | 0 | 5,560,000 | |
Debt Restructuring [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issued | [1] | 0 | 8,000,000 |
Financing Brokers [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Issued | [1] | 0 | 757,700 |
[1] | Non-tradable share purchase warrants. |
Share Capital (Details 4)
Share Capital (Details 4) - Warrant [Member] | 12 Months Ended | |
Dec. 31, 2017$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Outstanding | shares | 24,317,700 | 24,317,700 |
Remaining Contractual Life | 2 years 8 months 8 days | |
Exercise Price | $ / shares | ||
June 8, 2020 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Outstanding | shares | 10,000,000 | 10,000,000 |
Remaining Contractual Life | 2 years 5 months 8 days | |
Exercise Price | $ / shares | $ 0.95 | |
November 18, 2021 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Outstanding | shares | 8,000,000 | 8,000,000 |
Remaining Contractual Life | 3 years 10 months 17 days | |
Exercise Price | $ / shares | $ 0.85 | |
July 25, 2019 | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number Outstanding | shares | 6,317,700 | 6,317,700 |
Remaining Contractual Life | 1 year 6 months 22 days | |
Exercise Price | $ / shares | $ 2 |
Share Capital (Details Textual)
Share Capital (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | Jun. 14, 2017shares | Mar. 14, 2017shares | Feb. 20, 2018USD ($)shares | Oct. 20, 2017$ / sharesshares | Mar. 20, 2017$ / sharesshares | Jan. 17, 2017USD ($)shares | Jul. 31, 2016USD ($)$ / sharesshares | Jul. 31, 2016CAD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2016USD ($) | Jul. 31, 2016$ / shares | Jul. 25, 2016$ / sharesshares |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Proceeds From Issuance Of Units | $ 12,193 | $ 16,124 | ||||||||||
Units Issued | 11,120,000 | 11,120,000 | ||||||||||
Unit Price | (per share) | $ 1.10 | $ 1.45 | ||||||||||
Proceeds From Issuance Of Units Allocated To Common Shares | $ | $ 9,816 | |||||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 757,700 | 6,317,700 | ||||||||||
Cash Share Issue Costs | $ | $ 1,285 | |||||||||||
Stock Issued During Period, Shares, New Issues | 188,952,761 | 100,000 | ||||||||||
Stock Issued During Period, Value, New Issues | $ | $ 25,000 | $ 59 | $ 8,207 | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Exercisable, Aggregate Intrinsic Value | $ | 651 | |||||||||||
March 20, 2018 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 133,334 | |||||||||||
March 20, 2019 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 133,334 | |||||||||||
March 20, 2020 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 133,334 | |||||||||||
October 20, 2018 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 401,666 | |||||||||||
October 20, 2019 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 401,666 | |||||||||||
October 20, 2020 [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding, Number | 401,667 | |||||||||||
Stock Compensation Plan [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 7,200,000 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 5 years | |||||||||||
Warrant [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Warrants and Rights Outstanding | $ | $ 2,377 | $ 324 | ||||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ / shares | $ 2 | $ 2 | ||||||||||
Employee Stock Option [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 1,204,999 | 400,002 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | $ / shares | $ 0.29 | $ 0.65 | ||||||||||
Allocated Share-based Compensation Expense | $ | $ 201 | $ 24 | ||||||||||
Chief Financial Officer [Member] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 393,333 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Forfeitures in Period | 146,667 |
General and Administrative Ex66
General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Audit, legal and professional fees | $ 1,029 | $ 1,357 |
Salaries and benefits and director fees | 2,094 | 1,538 |
Regulatory fees and licenses | 114 | 135 |
Insurance | 514 | 480 |
Corporate administration | 1,484 | 798 |
Total | $ 5,235 | $ 4,308 |
Loss Per Share (Details)
Loss Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Numerator: | ||
Net loss attributable to the shareholders of the Company - numerator for basic and diluted loss per share | $ (1,165) | $ (7,429) |
Denominator: | ||
Weighted average number of common shares outstanding -basic and diluted | 111,140,464 | 104,737,396 |
Loss per share - basic and diluted | $ (0.01) | $ (0.07) |
Loss Per Share (Details Textual
Loss Per Share (Details Textual) - shares | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 2,600,001 | 1,555,000 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 24,317,700 | 24,317,700 |
Related Party Transactions (Det
Related Party Transactions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Balance, beginning of the period | $ 26,347 | $ 36,053 |
Interest payable transferred to principal balance | 2,212 | 2,977 |
Accretion of discount on loans | 1,940 | 1,996 |
Capitalized financing fee and legal fees | (400) | (930) |
Reduction of debt upon isssuance of warrants | 0 | (3,090) |
Repayment of loans and interest | 0 | (10,659) |
Balance, end of the period | 30,099 | 26,347 |
Current portion | 7,712 | 0 |
Non-current portion | $ 22,387 | $ 26,347 |
Related Party Transactions (D70
Related Party Transactions (Details 1) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | |||
Accretion of the June 2015 Loan discount | $ 0 | $ 1,785 | |
Interest expense related to the June 2015 Loan | 0 | 3,599 | |
Accretion of the November 2017 Loan discount | 1,940 | 210 | |
Interest expense related to the November 2017 Loan | 2,580 | 296 | |
Closing and commitment fees related to the Credit Facility | 90 | 0 | |
Interest expense related to Komatsu financial loans | [1] | 607 | 603 |
Accretion of discount and interest on loan | [1] | $ 5,217 | $ 6,493 |
[1] | Komatsu is not a related party and has only been included in the above table to reconcile the total interest expense incurred for the period to the amounts capitalized and expensed. |
Related Party Transactions (D71
Related Party Transactions (Details 2) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Related Party Transaction [Line Items] | |||
Amortization of discount | [1] | $ 5,217 | $ 6,493 |
Less: Interest costs capitalized | [2] | 0 | (1,005) |
Interest expense | $ 5,217 | $ 5,488 | |
[1] | Komatsu is not a related party and has only been included in the above table to reconcile the total interest expense incurred for the period to the amounts capitalized and expensed. | ||
[2] | The Mine went into production on April 1, 2016. As a result, interest capitalization ended on March 31, 2016. |
Related Party Transactions (D72
Related Party Transactions (Details 3) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Related Party Transaction [Line Items] | ||
Assets, GQM LLC | $ 149,095 | $ 151,802 |
Liabilities, GQM LLC | (28,024) | (20,710) |
Net assets, GQM LLC | $ 121,071 | $ 131,092 |
Related Party Transactions (D73
Related Party Transactions (Details 4) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Net and comprehensive (income) loss | $ (5,010) | $ (2,263) |
Subsidiaries [Member] | ||
Related Party Transaction [Line Items] | ||
Net and comprehensive (income) loss | $ (10,022) | $ (4,526) |
Non-controlling interest percentage | 50.00% | 50.00% |
Gauss LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Net and comprehensive (income) loss | $ (5,010) | $ (2,263) |
Permanent Non-controlling Interest [Member] | Gauss LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Net and comprehensive (income) loss | (3,006) | (1,358) |
Temporary Non-controlling Interest [Member] | Gauss LLC [Member] | ||
Related Party Transaction [Line Items] | ||
Net and comprehensive (income) loss | $ (2,004) | $ (905) |
Related Party Transactions (D74
Related Party Transactions (Details 5) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Related Party Transaction [Line Items] | ||
Carrying value of non-controlling interest, Beginning Balance | $ 39,327 | |
Net and comprehensive loss for the period | (5,010) | $ (2,263) |
Carrying value of non-controlling interest, Ending Balance | 36,321 | 39,327 |
Gauss LLC [Member] | Permanent Non-controlling Interest [Member] | ||
Related Party Transaction [Line Items] | ||
Carrying value of non-controlling interest, Beginning Balance | 39,327 | 40,686 |
Net and comprehensive loss for the period | (3,006) | (1,359) |
Carrying value of non-controlling interest, Ending Balance | 36,321 | 39,327 |
Gauss LLC [Member] | Temporary Non-controlling Interest [Member] | ||
Related Party Transaction [Line Items] | ||
Carrying value of non-controlling interest, Beginning Balance | 26,220 | 27,124 |
Net and comprehensive loss for the period | (2,006) | (904) |
Carrying value of non-controlling interest, Ending Balance | $ 24,214 | $ 26,220 |
Related Party Transactions (D75
Related Party Transactions (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Jul. 01, 2017 | May 23, 2017 | Nov. 18, 2016 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2014 | Jan. 02, 2018 | Nov. 10, 2017 | Jul. 25, 2016 | Jun. 08, 2015 |
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 10.00% | |||||||||
Interest Payable | $ 2,212 | |||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 400 | $ 930 | ||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 757,700 | 6,317,700 | ||||||||
Proceeds from Issuance or Sale of Equity, Total | 2,500 | |||||||||
Long-term Line of Credit | $ 3,000 | 0 | ||||||||
Recapitalization Costs | 400 | |||||||||
Salaries, Wages and Officers' Compensation | 653 | 653 | ||||||||
Payment To Related Parties | 2,766 | 4,011 | ||||||||
Prepaid Closing Fees | 38 | 0 | ||||||||
Amendment Fees And Accrued Interest Payable Current | 463 | $ 0 | ||||||||
Scenario, Forecast [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 8.00% | |||||||||
Prepaid Expenses and Other Current Assets [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Issuance Costs, Current, Net | 28 | |||||||||
Revolving Credit Facility [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Related Commitment Fees and Debt Issuance Costs | 62 | |||||||||
Payments of Debt Issuance Costs | 100 | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 5,000 | |||||||||
Line of Credit Facility, Interest Rate During Period | 12.00% | |||||||||
Line of Credit Facility, Commitment Fee Percentage | 1.00% | |||||||||
Long-term Line of Credit | $ 3,000 | |||||||||
Line of Credit Facility, Expiration Period | 1 year | |||||||||
June 2015 Loan [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Repayments of Lines of Credit | 10,659 | |||||||||
Proceeds from Issuance or Sale of Equity, Total | $ 10,908 | |||||||||
November 2016 Loan [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Nov. 21, 2021 | |||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 930 | |||||||||
Class of Warrant or Right, Number of Securities Called by Warrants or Rights | 8,000,000 | |||||||||
Class of Warrant or Right, Exercise Price of Warrants or Rights | $ 0.85 | |||||||||
Debt Conversion, Converted Instrument, Amount | $ 31,000 | |||||||||
Minimum [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 0.00% | 0.00% | ||||||||
Debt Instrument, Periodic Payment, Principal | 1,000 | |||||||||
Minimum [Member] | June 2015 Loan [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Notes and Loans Payable, Total | $ 12,500 | |||||||||
Maximum [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Interest Rate, Stated Percentage | 4.50% | 4.50% | ||||||||
Debt Instrument, Periodic Payment, Principal | $ 2,500 | |||||||||
Maximum [Member] | June 2015 Loan [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Notes and Loans Payable, Total | $ 37,500 | |||||||||
Director [Member] | Thomas M. Clay [Member] | December 2014 Loan [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Debt Instrument, Maturity Date | Jul. 1, 2015 | |||||||||
Short-term Debt | $ 12,500 | |||||||||
Joint Venture Transaction [Member] | Cash [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Restricted Cash and Cash Equivalents | $ 2,606 | $ 11,138 | ||||||||
GQM LLC [Member] | ||||||||||
Related Party Transaction [Line Items] | ||||||||||
Noncontrolling Interest, Ownership Percentage by Noncontrolling Owners | 20.00% | |||||||||
Debt Related Commitment Fees and Debt Issuance Costs | $ 2,203 | |||||||||
Secured Debt | $ 2,297 |
Supplementary Disclosures of 76
Supplementary Disclosures of Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Non-cash financing and investing activities: | |||
Non-cash amortization of discount and interest expense | [1] | $ 5,217 | $ 6,493 |
Mining Properties and Mineral Rights [Member] | |||
Cash paid during the period for: | |||
Interest on loan payable | 607 | 603 | |
Non-cash financing and investing activities: | |||
Asset retirement costs charged to mineral property interests | 346 | 297 | |
Mining equipment acquired through issuance of debt | 8,285 | 1,783 | |
Mineral property expenditures included in accounts payable | 117 | 1,929 | |
Interest cost capitalized to mineral property interests | 0 | 839 | |
Non-cash amortization of discount and interest expense | 1,540 | 6,571 | |
Interest payable converted to principal balance | $ 2,212 | $ 0 | |
[1] | Komatsu is not a related party and has only been included in the above table to reconcile the total interest expense incurred for the period to the amounts capitalized and expensed. |
Financial Instruments (Details)
Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | $ 441 | $ 6,430 |
Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 441 | 6,430 |
Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Share Purchase Warrants [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 2 | 972 |
Share Purchase Warrants [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Share Purchase Warrants [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 2 | 972 |
Share Purchase Warrants [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Share Purchase Warrants Related Party [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 439 | 5,458 |
Share Purchase Warrants Related Party [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 0 | 0 |
Share Purchase Warrants Related Party [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | 439 | 5,458 |
Share Purchase Warrants Related Party [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Financial Liabilities Fair Value Disclosure | $ 0 | $ 0 |
Financial Instruments (Details
Financial Instruments (Details Textual) - 12 months ended Dec. 31, 2017 $ in Thousands, $ in Thousands | USD ($) | CAD ($) |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | $ 2,587 | |
Description of Interest Rate Risk Exposure | The Company holds 98% of its cash in bank deposit accounts with a single major financial institution. The interest rates received on these balances may fluctuate with changes in economic conditions. Based on the average cash balances during the year ended December 31, 2017 a 1% decrease in interest rates would have reduced the interest income for 2017 by an immaterial amount | |
Financial Instruments Disclosure 5 | 98.00% | |
Financial Instruments Disclosure 6 | 1.00% | |
Federal Deposit Insurance Corporation [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash, FDIC Insured Amount | $ 250 | |
Canada Deposit Insurance Corporation [Member] | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Deposits, Total | $ 100 |
Subsequent Event (Details Textu
Subsequent Event (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Feb. 20, 2018 | Jan. 17, 2017 | Dec. 31, 2016 | |
Stock Issued During Period, Shares, New Issues | 188,952,761 | 100,000 | |
Stock Issued During Period, Value, New Issues | $ 25,000 | $ 59 | $ 8,207 |