Document and Entity Information
Document and Entity Information | 12 Months Ended |
Aug. 31, 2022 | |
Entity Addresses [Line Items] | |
Audited Annual Financial Statements | true |
Entity Registrant Name | PLATINUM GROUP METALS LTD. |
Entity Central Index Key | 0001095052 |
Document Type | 40-F |
Document Registration Statement | false |
Entity File Number | 001-33562 |
Document Period End Date | Aug. 31, 2022 |
Entity Address, Address Line One | 1100 |
Entity Address, Address Line Two | Melville Street |
Entity Address, Address Line Three | Suite 838 |
Entity Address, City or Town | Vancouver |
Entity Address, State or Province | BC |
Entity Incorporation, State or Country Code | A1 |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | V6E 4A6 |
City Area Code | 604 |
Local Phone Number | 899-5450 |
Title of 12(b) Security | Common Shares |
Trading Symbol | PLG |
Security Exchange Name | NYSE |
Amendment Flag | false |
Current Fiscal Year End Date | --08-31 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Location | Vancouver, British Columbia |
Auditor Firm ID | 271 |
Annual Information Form | true |
Document Annual Report | true |
Business Contact [Member] | |
Entity Addresses [Line Items] | |
Contact Personnel Name | DL Services Inc. |
Entity Address, Address Line One | Columbia Center |
Entity Address, Address Line Two | 701 Fifth Avenue |
Entity Address, Address Line Three | Suite 6100 |
Entity Address, City or Town | Seattle |
Entity Address, Postal Zip Code | WA 98104-7043 |
City Area Code | 206 |
Local Phone Number | 903-8800 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Aug. 31, 2022 | Aug. 31, 2021 |
Current | ||
Cash | $ 12,330 | $ 6,059 |
At-the-market offering proceeds receivable | 0 | 213 |
Amounts receivable | 382 | 263 |
Prepaid expenses | 52 | 71 |
Total current assets | 12,764 | 6,606 |
Performance bonds and other assets | 190 | 170 |
Mineral properties and exploration and evaluation assets | 40,373 | 43,953 |
Property, plant and equipment | 352 | 470 |
Total assets | 53,679 | 51,199 |
Current | ||
Accounts payable and accrued liabilities | 1,121 | 2,463 |
Loan payable | 0 | 9,088 |
Convertible notes | 0 | 18,716 |
Total current liabilities | 1,121 | 30,267 |
Asset retirement obligation | 95 | 106 |
Share based liabilities | 864 | 1,223 |
Lease liability | 44 | 130 |
Total liabilities | 2,124 | 31,726 |
SHAREHOLDERS' EQUITY | ||
Share capital | 934,976 | 890,783 |
Contributed surplus | 32,077 | 30,102 |
Accumulated other comprehensive loss | (166,155) | (159,226) |
Deficit | (768,397) | (759,771) |
Total shareholders' equity attributable to shareholders of Platinum Group Metals Ltd. | 32,501 | 1,888 |
Non-controlling interest | 19,054 | 17,585 |
Total shareholders' equity | 51,555 | 19,473 |
Total liabilities and shareholders' equity | $ 53,679 | $ 51,199 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Expenses | |||
General and administrative | $ 4,341 | $ 5,121 | $ 3,726 |
Interest | 1,650 | 5,066 | 5,493 |
Foreign exchange gain | (328) | (698) | (740) |
Share of joint venture expenditures - Lion | 253 | 343 | 369 |
Stock based compensation expense | 2,164 | 3,184 | 1,569 |
Operating expenses, total | 8,080 | 13,016 | 10,417 |
Other Income | |||
Gain on fair value derivatives & other instruments | (12) | (52) | (3,203) |
Write-off due to prospecting right closures | 223 | 0 | 0 |
Loss on early repayment of debt and Convertible Notes | 135 | 189 | 0 |
Gain on Sprott extension | 0 | (48) | 0 |
Net finance income | (176) | (97) | (158) |
Loss for the year before income taxes | 8,250 | 13,008 | 7,056 |
Deferred income tax (recovery) expense | (7) | 55 | 72 |
Loss for the year | 8,243 | 13,063 | 7,128 |
Currency translation adjustment | 6,929 | (4,898) | 4,487 |
Comprehensive loss for the year | 15,172 | 8,165 | 11,615 |
Net Loss attributable to: | |||
Shareholders of Platinum Group Metals Ltd. | 8,243 | 13,063 | 7,128 |
Loss | 8,243 | 13,063 | 7,128 |
Comprehensive loss attributable to: | |||
Shareholders of Platinum Group Metals Ltd. | 15,172 | 8,165 | 11,615 |
Comprehensive loss for the year | $ 15,172 | $ 8,165 | $ 11,615 |
Basic loss per common share | $ 0.09 | $ 0.18 | $ 0.11 |
Diluted loss per common share | $ 0.09 | $ 0.18 | $ 0.11 |
Weighted average number of common shares outstanding: Basic and diluted | 89,586,083 | 71,912,296 | 61,537,004 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share Capital [Member] | Contributed Surplus [Member] | Accumulated Other Comprehensive Income (loss) [Member] | Deficit [Member] | Attributable to Shareholders of the Parent Company [Member] | Non-Controlling Interest [Member] | Total |
Beginning Balance at Aug. 31, 2019 | $ 855,270 | $ 26,777 | $ (159,637) | $ (739,018) | $ (16,608) | $ 15,451 | $ (1,157) |
Beginning Balance (Shares) at Aug. 31, 2019 | 58,575,787 | ||||||
Statements [Line Items] | |||||||
Stock based compensation | 1,501 | 1,501 | $ 1,501 | ||||
Shares issued for interest on Convertible Notes | 1,374 | 1,374 | $ 1,374 | ||||
Shares issued for interest on Convertible Notes (Shares) | 1,043,939 | ||||||
Warrants exercised | 55 | 55 | $ 55 | ||||
Warrants exercised (shares) | 28,040 | ||||||
Share issuance - financing | 5,705 | 5,705 | $ 5,705 | ||||
Share issuance - financing (Shares) | 4,447,307 | ||||||
Share issuance costs | (514) | (514) | $ (514) | ||||
Contributions of Waterberg JV Co. | (167) | (167) | 675 | 508 | |||
Currency translation adjustment | (4,487) | (4,487) | (4,487) | ||||
Net loss for the year | (7,128) | (7,128) | (7,128) | ||||
Ending Balance at Aug. 31, 2020 | 861,890 | 28,278 | (164,124) | (746,313) | (20,269) | 16,126 | $ (4,143) |
Ending Balance (Shares) at Aug. 31, 2020 | 64,095,073 | ||||||
Statements [Line Items] | |||||||
Stock based compensation | 2,921 | 2,921 | $ 2,921 | ||||
Restricted share units redeemed | 189 | (281) | (92) | $ (92) | |||
Restricted share units redeemed (shares) | 121,668 | ||||||
Share options exercised | 2,301 | (816) | 1,485 | $ 1,485 | |||
Share options exercised (shares) | 843,543 | ||||||
Share issuance - financing | 27,949 | 27,949 | $ 27,949 | ||||
Share issuance - financing (Shares) | 10,210,842 | ||||||
Share issuance costs | (1,546) | (1,546) | $ (1,546) | ||||
Contributions of Waterberg JV Co. | (395) | (395) | 1,459 | 1,064 | |||
Currency translation adjustment | 4,898 | 4,898 | 4,898 | ||||
Net loss for the year | (13,063) | (13,063) | (13,063) | ||||
Ending Balance at Aug. 31, 2021 | 890,783 | 30,102 | (159,226) | (759,771) | 1,888 | 17,585 | $ 19,473 |
Ending Balance (Shares) at Aug. 31, 2021 | 75,271,126 | ||||||
Statements [Line Items] | |||||||
Stock based compensation | 2,896 | 2,896 | $ 2,896 | ||||
Restricted share units redeemed | 790 | (790) | |||||
Restricted share units redeemed (shares) | 265,739 | ||||||
Share options exercised | 360 | (131) | 229 | $ 229 | |||
Share options exercised (shares) | 158,333 | ||||||
Share issuance - financing | 25,656 | 25,656 | $ 25,656 | ||||
Share issuance - financing (Shares) | 11,463,665 | ||||||
Shares issued to repay convertible debt | 18,941 | 18,941 | $ 18,941 | ||||
Shares issued to repay convertible debt (shares) | 11,793,509 | ||||||
Share issuance costs | (1,554) | (1,554) | $ (1,554) | ||||
Contributions of Waterberg JV Co. | (383) | (383) | 1,469 | 1,086 | |||
Currency translation adjustment | (6,929) | (6,929) | (6,929) | ||||
Net loss for the year | (8,243) | (8,243) | (8,243) | ||||
Ending Balance at Aug. 31, 2022 | $ 934,976 | $ 32,077 | $ (166,155) | $ (768,397) | $ 32,501 | $ 19,054 | $ 51,555 |
Ending Balance (Shares) at Aug. 31, 2022 | 98,952,372 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
OPERATING ACTIVITIES | |||
Loss for the year | $ (8,243) | $ (13,063) | $ (7,128) |
Add items not affecting cash / adjustments: | |||
Depreciation | 91 | 122 | 177 |
Interest expense | 1,650 | 5,066 | 5,493 |
Unrealized foreign exchange (loss) | (645) | (1,058) | 128 |
Loss on fair value of derivatives and other instruments | (12) | (52) | (3,203) |
Loss on repayment of debt and Convertible Notes | 135 | (189) | 0 |
Gain on extension of Sprott Facility | 0 | 348 | 0 |
Deferred income tax expense | (7) | 55 | 72 |
Stock compensation expense | 2,164 | 3,184 | 1,569 |
Share of joint venture expenditures | 253 | 343 | 369 |
Directors' fees paid in deferred share units | 161 | 152 | 142 |
Write-off costs associated with prospecting right closures | 223 | 0 | 0 |
Net change in non-cash working capital | (239) | (2,962) | (739) |
Net cash flows from (used in) operating activities | (4,469) | (8,054) | (3,120) |
FINANCING ACTIVITIES | |||
Proceeds from issuance of equity | 25,869 | 27,949 | 5,705 |
Equity issuance costs | (1,555) | (1,546) | (514) |
Cash received from option exercises | 237 | 1,485 | 0 |
Cash received from warrant exercises | 0 | 0 | 48 |
Sprott Facility principal repayments | (9,400) | (10,600) | 0 |
Sprott Facility interest paid | (293) | (1,589) | (2,237) |
Convertible note interest paid | (826) | (1,374) | 0 |
Costs associated with repayment of debt and Convertible Notes | (126) | (318) | (40) |
Lease payments made | (87) | (91) | (66) |
Share unit cash settlement | 0 | (151) | 0 |
Cash received from Waterberg partners | 642 | 1,829 | 1,697 |
Net cash flows from (used in) financing activities | 14,461 | 15,594 | 4,593 |
INVESTING ACTIVITIES | |||
Performance bonds | (48) | (43) | (67) |
Investment in Lion | (250) | (350) | (350) |
Expenditures incurred on Waterberg Project | (3,359) | (2,415) | (4,953) |
Net cash flows from (used in) investing activities | (3,657) | (2,808) | (5,370) |
Net increase (decrease) in cash | 6,335 | 4,732 | (3,897) |
Effect of foreign exchange on cash | (64) | 19 | (345) |
Cash, beginning of year | 6,059 | 1,308 | 5,550 |
Cash, end of year | $ 12,330 | $ 6,059 | $ 1,308 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure Of Nature Of Operations [Abstract] | |
NATURE OF OPERATIONS [Text Block] | 1. NATURE OF OPERATIONS Platinum Group Metals Ltd. (the " Company NYSE American The Company’s head office and principal place of business is located at Suite 838-1100 Melville Street, Vancouver, British Columbia, Canada, V6E 4A6. The Company’s registered and records office is located at Suite 2300, 550 Burrard Street, Vancouver, British Columbia, Canada V6C 2B5. These financial statements consolidate the accounts of the Company and its subsidiaries. Lion Battery Technologies Inc. (" Lion Place of Proportion of ownership August 31, August 31, Platinum Group Metals (RSA) (Pty) Ltd. Development South Africa 100.00% 100.00% Mnombo Wethu Consultants (Pty) Limited ( 1 ) Development South Africa 49.95% 49.95% Waterberg JV Resources (Pty) Ltd. ( 1 ) , ( 2 ) Development South Africa 37.05% 37.05% Lion Battery Technologies Inc. Research Canada 53.70% 53.70% Notes: (1) Mnombo Waterberg JV Co. (2) PTM RSA COVID-19 The COVID-19 pandemic has had a material impact on the global economy, the scale and duration of which remain uncertain. Since March 2020 related negative public health developments adversely affected workforces, economies and financial markets globally, resulting in economic uncertainty. The future impact of the pandemic could include significant COVID-19 specific costs, volatility in the prices for metals, project development and mining restrictions, delays or temporary closures, travel restraints, other supply chain disruptions and workforce and contractor interruptions, including possible loss of life. Although to date the Company has not experienced a direct material adverse effect due to the pandemic, it is not possible for the Company to predict the duration or magnitude of the possible adverse results of the pandemic and its effects on the Company's business or ability to raise funds. On June 22, 2022, the Government of South Africa announced that all remaining COVID-19 regulations had been uplifted. |
BASIS OF PRESENTATION AND SIGNI
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure Of Basis Of Presentation And Significant Accounting Policies [Abstract] | |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (" IFRS Significant Accounting Policies The principal accounting policies applied in the preparation of these consolidated financial statements are set out below. The Company has consistently applied the accounting policies used in the preparation of its IFRS financial statements throughout all years presented, as if these policies had always been in effect. a. Consolidation The consolidated financial statements include those of the Company, its subsidiaries, joint ventures and structured entities that it controls, using uniform accounting policies. Control exists when the Company has (i) power over the investee, (ii) exposure, or rights, to variable returns from its involvement with the investee, and (iii) the ability to use its power to affect its returns. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company's equity. Subsidiaries are all entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. b. Translation of foreign currencies Functional currency Items included in the financial statements of the Company and each of the Company's subsidiaries and equity accounted investees are measured using the currency of the primary economic environment in which the entity operates (the functional currency) as follows: Platinum Group Metals Ltd. Canadian Dollars Lion Battery Technologies Inc. United States Dollars Platinum Group Metals (RSA) (Pty) Ltd. South African Rand Mnombo Wethu Consultants (Pty) Limited South African Rand Waterberg JV Resources (Pty) Ltd South African Rand Presentation Currency The Company's presentation currency is the United States Dollar (" USD Foreign Exchange Rates Used The following exchange rates were used when preparing these consolidated financial statements: Rand/USD Year-end rate: R17.0760(2021 R14,5241) Year average rate: R15.5782 (2021 R15.0043) CAD/USD Year-end rate: C$1.3111 (2021 C$1.2617) Year average rate: C$1.2720 (2021 C$1.2688) Transactions and balances Foreign currency transactions are translated into the relevant entity's functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Subsidiaries The results and financial position of subsidiaries that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate at the reporting date; income and expenses are translated at average exchange rates for the year; and all resulting exchange differences are recognized in other comprehensive income as cumulative translation adjustments. c. Joint Arrangements The Company treats its investment in Lion as a joint venture. A joint venture is a joint arrangement whereby the parties that have joint control have rights to the net assets. Joint ventures are accounted for using the equity method of accounting. d. Change in ownership interests The Company treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interest in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration received is recognized in a separate line in retained earnings. e. Mineral Properties and Exploration Assets Exploration activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity includes: acquiring the rights to explore; researching and analyzing historical exploration data; gathering exploration data through topographical, geochemical and geophysical studies; exploratory drilling, trenching and sampling; determining and examining the volume and grade of the resource; surveying transportation and infrastructure requirements; and compiling pre-feasibility and feasibility studies. Exploration and evaluation expenditures on identifiable properties are capitalized. Exploration and evaluation assets are shown separately until technical feasibility and commercial viability is achieved at which point the relevant asset is transferred to development assets under property, plant and equipment. Capitalized costs are all considered to be tangible assets as they form part of the underlying mineral property. Capitalized exploration and evaluation assets are reviewed for impairment when facts or circumstances suggest an asset's carrying amount may exceed its recoverable amount and when the exploration and evaluation assets are transferred to development assets. If impairment is considered to exist, the related asset is written down to the greater of its value in use and its fair value less costs to sell. h. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs. Where an item of property, plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Once a mining project has been established as technically feasible and commercially viable, expenditure other than on land, buildings, plant and equipment is capitalised as part of "development assets" together with any related amount transferred from "exploration and evaluation assets". Capitalization of costs incurred ceases when the property is capable of operating at levels intended by management. Subsequent costs are included in the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be reliably measured. All repairs and maintenance are expensed to profit or loss during the financial period in which they are incurred. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal, retirement or scrapping of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Capital assets are recorded at cost and are depreciated on a straight-line basis over the following periods: Leasehold Improvements 3-5 years Computer Equipment and software 3-5 years Furniture and Fixtures 5-10 years i. Impairment Tangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company conducts internal reviews of asset values which are used to assess for any indications of impairment. External factors such as changes in expected future prices, costs and other market factors including market capitalization are also monitored to assess for indications of impairment. If any such indication exists an estimate of the recoverable amount is undertaken, being the higher of an asset's fair value less costs to sell and its value in use. If the asset's carrying amount exceeds its recoverable amount, then an impairment loss is recognized. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. Fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the use of the asset, including any expansion prospects. Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. j. Asset retirement obligations Provisions for asset retirement obligations are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related disturbance occurs. The provision is discontinued using a risk-free pre-tax rate, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalized and is depreciated over the future life of the asset to which it relates. The provision is adjusted on an annual basis for changes in cost estimates, discount rates and inflation. k. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. l. Convertible Notes At inception the debt component of the convertible notes is deemed to be the residual value of the net proceeds after the fair value of the embedded derivatives are separated. The debt component is then measured at amortized cost using the effective interest method. The embedded derivatives are revalued at each reporting period with the change in fair value being recorded in profit or loss in each reporting period. m. Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effect. n. Share-based payment transactions Stock options Stock options are settled in equity. The fair values for stock-based awards have been estimated using the Black-Scholes model and recorded as compensation cost over the period of vesting. The compensation cost related to stock options granted is expensed or capitalized to mineral properties, as applicable. Cash received on exercise of stock options is credited to share capital and the related amount previously recognized in contributed surplus is reclassified to share capital. Restricted share units Restricted share units (" RSUs Deferred share units Deferred share units (" DSUs o. Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax Current tax expense is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as reported in the consolidated statement of loss and other comprehensive loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. p. Loss per common share Basic loss per common share is calculated using the weighted average number of common shares outstanding. The Company uses the treasury stock method for the calculation of diluted earnings per share. Diluted per share amounts reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted to common shares. In periods when a loss is incurred, the effect of the potential issuances of shares is anti-dilutive, and accordingly basic and diluted loss per share are the same. q. Financial instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss, at fair value through other comprehensive income (loss), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and the debt's contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Measurement Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of comprehensive loss in the period in which they arise. Derecognition of Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss. r. Accounting Standards Adopted Recently Issued Accounting Pronouncements Classification of Liabilities as Current or Non-current (Amendments to IAS 1) The amendments to IAS1 provide a more general approach to the classification of liabilities based on contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023 and are expected to have no significant impact on future financial statements. Accounting standards issued but not yet effective Property, Plant and Equipment - Revenue Prior to Intended Use (Amendment to IAS 16) The amendments provide guidance on the recognition of the proceeds from the sale of items that a company produces and sells so that an item of property, plant and equipment can be used as intended, as well as the related costs of production. In particular, proceeds from the sale of items that have been produced before the related property, plant and equipment is ready for use should be recognized in net income, together with related production costs. These amendments apply to the Company effective September 1, 2022 and is not expected to have any impact on the financial statements. |
SIGNIFICANT ACCOUNTING JUDGEMEN
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of accounting judgements and estimates [Abstract] | |
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES [Text Block] | 3. SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES The preparation of the financial statements in conformity with IFRS requires the use of judgments and estimates that affect the amount reported and disclosed in the consolidated financial statements and related notes. These judgments and estimates are based on management's best knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may differ materially from the amounts included in the financial statements. Information about such judgments and estimation is contained in the accounting policies and notes to the financial statements, and the key areas are summarized below. Areas of judgment and key sources of estimation uncertainty that have the most significant effect on the amounts recognized in these consolidated financial statements are: Determination of ore reserves and mineral resource estimates Determination of Commercial Viability and Technical Feasibility of the Waterberg Project Assumption of control of Mnombo for accounting purposes Each of these judgments and estimates is considered in their respective notes or in more detail below. Determination of ore reserve and mineral resource estimates The Company estimates its ore reserves and mineral resources based on information compiled by Qualified Persons as defined by National Instrument 43-101 - Standards of Disclosure for Mineral Projects ("NI 43-101"). The Company relied upon these estimates when assessing impairment upon the transfer of assets from capitalized exploration costs to development costs. There are numerous uncertainties inherent in estimating ore reserves, and assumptions that are valid at the time of estimation and they may change significantly when new information becomes available. Changes in the forecast prices of commodities, exchange rates, production costs or recovery rates may change the economic status of reserves and may, ultimately, result in reserves being restated. Assumption of control of Mnombo and Waterberg JV Co. for accounting purposes The Company has judged that it controls Mnombo for accounting purposes as it owns 49.9% of the outstanding shares of Mnombo and has contributed all material capital to Mnombo since acquiring its 49.9% share. Currently there are no other sources of funding known to be available to Mnombo. If in the future Mnombo is not deemed to be controlled by the Company, the assets and liabilities of Mnombo would be derecognized at their carrying amounts. Amounts recognized in other comprehensive income would be transferred directly to retained earnings. If a retained interest remained after the loss of control it would be recognized at its fair value on the date of loss of control. Although the Company controls Mnombo for accounting purposes, it does not have omnipotent knowledge of Mnombo's other shareholders activities. Mnombo's 50.1% shareholders are historically disadvantaged South Africans. The Company also determined that it controls Waterberg JV Co. given its control over Mnombo as well as its power over the investee. Assessment of impairment indicators for mineral properties and exploration and evaluation assets The Company applies judgement to assess whether there are impairment indicators present that give rise to the requirement to conduct an impairment test. Events or changes in circumstances that could trigger an impairment test include; (i) significant adverse changes in the business climate including changes in forecasted future metal prices; (ii) significant changes in the extent or manner in which the asset is being used or its physical condition including significant decreases in mineral reserves; and (iii) significant decreases in the market price of the assets. |
MINERAL PROPERTIES AND EXPLORAT
MINERAL PROPERTIES AND EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of exploration and evaluation assets [Abstract] | |
MINERAL PROPERTIES AND EXPLORATION AND EVALUATION ASSETS [Text Block] | 4. MINERAL PROPERTIES AND EXPLORATION AND EVALUATION ASSETS Since mid-2017, the Company's only active mineral property has been the Waterberg Project located on the Northern Limb of the Bushveld Igneous Complex. During the previous fiscal year, the Waterberg Project was granted its mining right (the " Waterberg Mining Right Total capitalized costs for the Waterberg Project are as follows: Balance, August 31, 2020 $ 34,939 Additions 3,745 Recoveries from 100% Implats funded implementation budget (229 ) Foreign currency translation adjustment 5,498 Balance August 31, 2021 $ 43,953 Additions 2,968 Write-off costs associated with prospecting right closures (223 ) Foreign currency translation adjustment (6,325 ) Balance August 31, 2022 40,373 Waterberg Project At August 31, 2022, the Waterberg Project consisted of active prospecting rights, applied for prospecting rights and the Waterberg Mining Right with a combined active project area of 29,227 hectares, located on the Northern Limb of the Bushveld Igneous Complex, approximately 85 km north of the town of Mokopane. Of the total project area, 20,532 hectares are covered by the Waterberg Mining Right. A further 4,207 hectares are covered by active prospecting rights and there are 4,488 hectares under application for incorporation into the Waterberg Mining Right. On March 9, 2022, Waterberg JV Co. passed a resolution to apply for closure on 50,985 gross hectares of prospecting rights, of which 14,209 hectares are held within the granted mining right, leaving a net 36,776 hectares of uneconomic prospecting rights to be closed. Capitalized costs of $223 associated with the prospecting right closures were written during the year. On and following March 5, 2021, the Company received several notices of appeal, filed with the DMRE by individual appellants from local communities, against the January 28, 2021 decision of the DMRE granting the Waterberg Mining Right. One group filed an application for an order in the High Court of South Africa to review and set aside the decision by the Minister of the DFFE to refuse condonation for the late filing of the group's appeal against the grant of an EA for the Waterberg Project in November 2020. Senior Counsel and attorneys acting for Waterberg JV Co. filed formal rebuttals to the appeals and applications, raising numerous factual and legal defences. Since filing their review application, the appellants have done nothing to progress their action against the decision of the DFFE. On July 30, 2021, Waterberg JV Co. received an urgent interdict application to the High Court seeking to restrain the activities of Waterberg JV Co. on certain surface rights over a portion of the project area. The appellants claimed to be interested and affected parties located near planned surface infrastructure on the farm Ketting. Waterberg JV Co. promptly filed an answering affidavit denying urgency and providing arguments why the application was without merit. The appellants did not respond and their application was removed from the urgent court roll. On November 16, 2021 the host Kgatlu community from the farm Ketting filed an application to join as a respondent to the restraint application. In their affidavit the host community documented their support for the Waterberg Mine. Once again, the appellants did not respond to the Kgatlu joinder application within the timeline specified by the rules of court and have likewise failed to file a replying affidavit. In order to force the interdict application to a conclusion, in July 2022 Waterberg JV Co. filed a Notice of Set Down with the High Court in Limpopo and a hearing to rule on the interdict application has been scheduled for May 22, 2023. On October 13, 2022 the Minister of the DMRE ruled to dismiss all appeals to the grant of the Waterberg Mining Right filed with the DMRE. In his ruling the Minister provided the regulatory reasons why each appeal was denied and also confirmed the DMRE's assessment that Waterberg JV Co. has complied with Black Economic Empowerment requirements and social and labour plan community consultation processes. The Waterberg Mining Right currently remains active, was notarially executed by the DMR on April 13, 2021 and was registered at the Mineral and Petroleum Titles Registration Office on July 6, 2021. On September 21, 2017, Waterberg JV Co. issued shares to all existing Waterberg partners pro rata to their joint venture interests, resulting in the Company holding a 45.65% direct interest in Waterberg JV Co., Japan Organization for Metals and Energy Security (formerly Japan Oil, Gas and Metals National Corporation) (" JOGMEC BEE Hanwa Implats Transaction On November 6, 2017, the Company and JOGMEC closed a transaction (the " Implats Transaction Implats Purchase and Development Option Offtake ROFR On June 15, 2020, Implats delivered a formal notice of their election not to exercise their Purchase and Development Option due to increased economic uncertainty and reduced risk appetite in the short, medium and long-term as a result of the COVID-19 pandemic. Implats currently retains a 15.0% participating Waterberg Project interest and the Offtake ROFR. The Company retains a controlling 50.02% direct (37.05%) and indirect (12.97% through its 49.9% shareholding in Mnombo) interest in the Waterberg Project while Mnombo retains a 26.0% direct interest, JOGMEC a 12.195% direct interest and Hanwa a 9.755% direct interest. Acquisition and Development of the Waterberg Project In October 2009, PTM RSA, JOGMEC and Mnombo entered into a joint venture agreement regarding the Waterberg Project (the " JOGMEC Agreement On November 7, 2011, the Company entered an agreement with Mnombo to acquire 49.9% of the issued and outstanding shares of Mnombo in exchange for a cash payment of R1.2 million and the Company's agreement to pay for Mnombo's 26% share of costs on the Waterberg JV property until the completion of a feasibility study. Mnombo's share of expenditures prior to this agreement, and Mnombo's share of expenditures post DFS, are still owed to the Company ($7.2 million at August 31, 2022). The portion of Mnombo not owned by the Company is accounted for as a non-controlling interest, calculated at $7.8 million at August 31, 2022 ($7.4 million - August 31, 2021). To August 31, 2022, an aggregate total of $80.9 million has been funded by all parties for exploration and engineering on the Waterberg Project. Until the Waterberg prospecting rights were transferred to Waterberg JV Co., all costs incurred by other parties were treated as cost recoveries by the Company. |
LION BATTERY TECHNOLOGIES INC.
LION BATTERY TECHNOLOGIES INC. | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | |
LION BATTERY TECHNOLOGIES INC. [Text Block] | 5. LION BATTERY TECHNOLOGIES INC. Lion was incorporated on June 17, 2019, with the objective to research new lithium battery technology utilizing platinum and palladium. The Company received 400,000 common shares of Lion, valued at a price of $0.01 per share, as the original founder of Lion. On July 12, 2019, the Company and Anglo American Platinum Limited (" Amplats Date Gross Funding to Lion July 2019 $1,100 June 2020 $700 February 2021 $700 February 2022 $500 The Company accounts for Lion using equity accounting as Lion is jointly controlled with Amplats. Lion pays a fee of $3 per month to the Company for general and administrative services. Research Program - Florida International University On July 12, 2019, Lion entered into a Sponsored Research Agreement (" SRA FIU On August 4, 2020, the U.S. Patent and Trademark Office issued Patent No. 10,734,636 B2 entitled "Battery Cathodes for Improved Stability" to FIU. The patent includes the use of platinum group metals and carbon nanotubes and other innovations in a lithium battery. A second patent related to this technology was issued in December 2020 and a third was issued in June 2021. On October 4, 2022 a fourth patent No. 11,462,743 B2 was issued under the title "Battery comprising a metal interlayer" to FIU. This fourth patent involves the use of palladium as interlayer in batteries to stabilize and enable lithium metal anodes in various existing and emerging lithium battery technologies. Further patents are currently applied for. Under the SRA, Lion has exclusive rights to all intellectual property being developed by FIU including patents granted. Lion is also reviewing several additional and complementary opportunities focused on developing next-generation battery technology using platinum and palladium. |
SPROTT LOAN
SPROTT LOAN | 12 Months Ended |
Aug. 31, 2022 | |
Sprott Loans [Abstract] | |
SPROTT LOAN [Text Block] | 6. SPROTT LOAN On August 15, 2019, the Company announced it had entered a senior secured credit facility with Sprott Private Resource Lending II (Collector), LP (" Sprott Sprott Lenders Sprott Facility Scheduled interest payments were made monthly with total interest of $293 paid to Sprott during the year ended August 31, 2022 (August 31, 2021 - $1,590). Effective interest of $378 was recognized during the year ended August 31, 2022 (August 31, 2021 - $2,120). Upon early repayment of the debt, a loss of $279 was recognized during the year ended August 31, 2022 (August 31, 2021 - $189). |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
CONVERTIBLE NOTES [Text Block] | 7. CONVERTIBLE NOTES On June 30, 2017, the Company closed a private placement of $20 million aggregate principal amount of convertible senior subordinated notes due in 2022 (the " Convertible Notes On January 20, 2022, the Company announced the purchase and cancellation, on a private placement basis, of the $19.99 million of Convertible Notes then outstanding. The principal outstanding balance of these Convertible Notes was repaid through the issuance of 11,793,509 common shares, at a price of US$1.695 per share. The Company purchased $11.99 million of the Convertible Notes from an affiliate of Kopernik Global Investors, LLC on February 4, 2022 and $8 million of the Convertible Notes from affiliates of Franklin Templeton Investments on February 10, 2022. The Convertible Notes contained multiple embedded derivatives (the " Convertible Note Derivatives On January 2, 2021, the Company paid $0.687 million in cash for bi-annual interest payable on the outstanding Convertible Notes. On July 2, 2021, the Company paid $0.687 million in cash for bi-annual interest payable on the outstanding Convertible Notes. On January 2, 2022, the Company paid $0.687 million in cash for bi-annual interest payable on the outstanding Convertible Notes. In February 2022, the Company paid $0.139 million in cash for remaining interest payable on the outstanding Convertible Notes. The components of the Convertible Notes were as follows: Convertible Note balance August 31, 2020 $ 17,212 Interest payment (1,374 ) Accretion and interest incurred during the year 2,930 Gain on embedded derivatives during the year ended August 31, 2021 (52 ) Convertible Note balance August 31, 2021 $ 18,716 Accretion and interest incurred during the year 1,275 Interest paid during the year (826 ) Legal fees relating to the Convertible Notes incurred during year (68 ) Principal repaid in shares ($19.99 million principal) (18,941 ) Gain on embedded derivatives during the year ended August 31, 2022 (12 ) Gain on repayment of the Convertible Notes (144 ) Convertible Note balance August 31, 2022 $ - |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL [Text Block] | 8. SHARE CAPITAL (a) Authorized Unlimited common shares without par value. (b) Issued and outstanding At August 31, 2022, the Company had 98,952,372 common shares outstanding. Fiscal 2022 On July 27, 2022, the Company entered into an equity distribution agreement with BMO Nesbit Burns Inc. as Canadian Agent, and BMO as U.S. Agent, for a new at-the-market equity program (the " 2022 ATM During the year ended August 31, 2022, the Company sold an aggregate of 7,923,842 shares pursuant to an at-the-market offering governed by the terms of a February 2021 equity distribution agreement with BMO Capital Markets (the " 2021 ATM On February 11, 2022, the Company closed a non-brokered private placement with Deepkloof Limited (" Deepkloof HCI On February 4 and 10, 2022, the Company issued 7,073,746 and 4,719,763 shares respectively at a price of US$1.695 each in connection with the repayment of the Convertible Notes (See Note 7 for further details). Fiscal 2021 As of August 31, 2021, the Company had sold an aggregate of 2,502,790 shares pursuant to the 2021 ATM at an average price of US$4.38 per share for gross proceeds of $10,951. Total fees and expenses of $701 were incurred during the fiscal year ending August 31, 2021 in relation to the 2021 ATM. On December 8, 2020, the Company closed a non-brokered private placement with HCI for 1,121,076 common shares at a price of US$2.23 each for gross proceeds of $2,500 maintaining HCI's ownership in the Company at approximately 31% at that time. On November 30, 2020, the Company completed the sale of common shares pursuant to an at-the-market offering executed pursuant to an equity distribution agreement with BMO (the " 2020 ATM On October 15, 2020, the Company closed a non-brokered private placement for 1,146,790 common shares at a price of US$2.18 per share for gross proceeds of $2,500. All shares were subscribed for by Deepkloof, maintaining HCI's ownership in the Company at approximately 31% at that time. (c) Incentive stock options The Company has entered into Incentive share purchase option agreements under the terms of its share compensation plan with directors, officers, consultants and employees. Under the terms of the share purchase option agreements, the exercise price of each option is set, at a minimum, at the fair value of the common shares at the date of grant. Options of the Company are subject to vesting provisions. All exercise prices are denominated in Canadian Dollars. The following tables summarize the Company's outstanding share purchase options: Number of Share Average Exercise Options outstanding at August 31, 2020 3,182,500 $ 2.20 Granted 1,596,500 $ 6.41 Forfeited (126,936 ) $ 2.27 Exercised (843,543 ) $ 2.21 Options outstanding at August 31, 2021 3,808,521 $ 3.96 Number of Share Average Exercise Granted 1,273,000 $ 2.36 Expired (1,256,517 ) $ 4.08 Exercised (158,333 ) $ 1.86 Options outstanding at August 31, 2022 3,666,671 $ 3.45 Number Outstanding Number Exercisable Exercise Price in Average Remaining 967,167 332,500 $ 6.58 3.30 99,000 66,000 $ 3.90 3.94 42,000 - $ 3.40 4.06 666,836 666,836 $ 2.61 1.61 21,000 - $ 2.52 4.50 1,165,000 - $ 2.32 4.29 705,668 372,001 $ 1.81 2.26 3,666,671 1,437,337 3.14 During the year ended August 31, 2022, the Company granted 1,273,000 stock options, which will vest in three tranches on the first, second and third anniversary of their respective grants. During the year ended August 31, 2021, the Company granted 1,596,500 stock options. The stock options granted during the year vest in three tranches on the first, second and third anniversary of their grant. During the year ended August 31, 2022, the Company recorded $2,278 of stock compensation expense (August 31, 2021 - $2,230), of which $2,103 was expensed (August 31, 2021 - $1,987) and $175 was capitalized to mineral properties (August 31, 2021 - $243). The Company used the Black-Scholes model to determine the grant date fair value of stock options granted. The following assumptions were used in valuing stock options granted during the years ended August 31, 2022 and August 31, 2021: Year ended August 31, 2022 August 31, 2021 Risk-free interest rate 1.18% 0.41% Expected life of options 3.5 years 3.9 years Annualized volatility 1 87% 88% Forfeiture rate 2.0% 2.0% Dividend rate 0.0% 0.0% 1 (d) Deferred Share Units The Company has established a DSU plan for non-executive directors. Each DSU has the same value as one Company common share. DSUs must be retained until the director leaves the Board of Directors, at which time the DSUs are redeemed. During the year ended August 31, 2022, a recovery of $322 was recorded in relation to outstanding DSUs (August 31, 2021 - $742 expense), with a net recovery of $483 recorded as share-based compensation (August 31, 2021 - $591 expense) and $161 recorded as director fees (August 31, 2021 - $151). During the year ended August 31, 2022 DSUs were revalued, and a $475 recovery was recorded to reflect their decreased value due to the Company's share price depreciation. At August 31, 2022, a total of 596,327 DSUs were issued and outstanding, of which 516,329 DSUs had vested. (e) Restricted Share Units The Company has established a restricted share unit (" RSU During the year ended August 31, 2022, a stock compensation expense of $611 was recorded (August 31, 2021 - $675) of which $544 expensed (August 31, 2021 - $598) and $67 was capitalized (August 31, 2021 - $77). During the year, 265,739 RSUs were settled. At August 31, 2022, 369,578 RSUs were issued and outstanding, with Nil being vested. |
NON-CONTROLLING INTEREST
NON-CONTROLLING INTEREST | 12 Months Ended |
Aug. 31, 2022 | |
Non controlling Interests [Abstract] | |
NON-CONTROLLING INTEREST [Text Block] | 9. NON-CONTROLLING INTEREST Company Proportion of Loss allocated to Accumulated 2022 2021 2022 2021 2022 2021 Mnombo Wethu Consultants (Pty) Limited 50.1% 50.1% - - 7,828 7,445 Waterberg JV Co 1 63.05% 63.05% - - 11,226 10,140 Total $ 19,054 $ 17,585 1 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 10. RELATED PARTY TRANSACTIONS All amounts receivable and amounts payable owing to or from related parties are non-interest bearing with no specific terms of repayment. Transactions with related parties are in the normal course of business and are recorded at consideration established and agreed to by the parties. Transactions with related parties are as follows: (a) During the year ended August 31, 2022, $314 (August 31, 2021 - $858) was paid or accrued to independent directors for directors' fees and services. (b) During the year ended August 31, 2022, the Company paid or accrued payments of $57 (August 31, 2021 - $57) from West Vault Mining Inc., for accounting and administrative services. The Company and West Vault Mining have one officer in common. (c) Common Shares Acquired from the Company by HCI Date Placee Shares Price USD Acquisition Method May 2018 Deepkloof 2,490,900 $ 1.50 Prospectus Offering May 2018 Deepkloof 1,509,099 $ 1.50 Private Placement February 2019 Deepkloof 2,141,942 $ 1.33 Private Placement Date Placee Shares Price USD Acquisition Method April 2019 Deepkloof 177,000 $ 1.70 Exercise of Warrants June 2019 Deepkloof 80,000 $ 1.70 Exercise of Warrants June 2019 Deepkloof 1,111,111 $ 1.17 Private Placement August 2019 Deepkloof 6,940,000 $ 1.32 Private Placement August 2019 Deepkloof 2,856,000 $ 1.25 Prospectus Offering December 2019 Deepkloof 1,612,931 $ 1.24 Private Placement June 2020 Deepkloof 500,000 $ 1.40 Private Placement October 2020 Deepkloof 1,146,790 $ 2.18 Private Placement December 2020 Deepkloof 1,121,076 $ 2.23 Private Placement February 2021 Deepkloof 3,539,823 $ 1.695 Private Placement 25,226,672 During 2018 and 2019, HCI also acquired 663,005 shares of the Company in the public market. During fiscal 2021 HCI reported the sale of 1,052,328 common shares of the Company. At August 31, 2022, HCI's ownership of the Company was reported at 24,837,349 common shares, representing a 25.1% interest in the Company. (d) Key Management Compensation The remuneration the CEO, CFO and other key management personnel and the directors during the years ended August 31, 2022 to 2020 is as follows: Year ended August 31, 2022 August 31, 2021 August 31, 2020 Salaries $ 899 $ 1,236 $ 916 Severance 1 - 828 - Directors' fees 289 241 261 Share-based payments - management 1,882 2,556 907 Share-based payments - directors (465 ) 617 52 Total $ 2,605 $ 5,478 $ 2,136 1 |
CONTINGENCIES AND COMMITMENTS
CONTINGENCIES AND COMMITMENTS | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of contingent liabilities [abstract] | |
CONTINGENCIES AND COMMITMENTS [Text Block] | 11. CONTINGENCIES AND COMMITMENTS The Company's remaining minimum payments under its office and equipment lease agreements in Canada and South Africa total approximately $154 to February 2024. From year end the Company's aggregate commitments are as follows: Payments Due by Year < 1 Year 1 - 3 Years 4 - 5 Years > 5 Years Total Lease Obligations $ 111 $ 44 $ - $ - $ 155 Environmental Bonds 47 95 71 - 213 Totals $ 158 $ 139 $ 71 $ - $ 368 Africa Wide Legal Action - Dismissed On November 23, 2017, definitive agreements were concluded to dispose of 100% of the share interests in Maseve Investments 11 (Pty) Ltd. (" Maseve RBPlat Maseve Sale Transaction Scheme Companies Act In September 2018, the Company received a summons whereby by Africa Wide Mineral Prospecting and Exploration Proprietary Limited (" Africa Wide On June 14, 2022, the High Court of South Africa delivered judgement dismissing the challenge brought by Africa Wide and ordered Africa Wide to make payment of the defendants' costs, (such awards have not been accrued due to uncertainty of amount). In its ruling, the High Court found that Africa Wide had firstly failed to make its case on the evidence and secondly that, having failed to challenge the Scheme under the provisions and time limits of the Companies Act, Africa Wide's case was statutorily barred. On July 1, 2022 Africa Wide filed an application for leave to appeal the judgment of the High Court, which was then denied by the High Court on August 1, 2022, with costs once again awarded to the defendants. On August 31, 2022 Africa Wide filed a petition to the South African Supreme Court of Appeal for further leave to appeal the June 14, 2022 High Court ruling dismissing their case seeking to reverse the Maseve Sale Transaction. The Company and RBPlat subsequently filed answering affidavits opposing Africa Wide's petition. On November 10, 2022 the South Africa Supreme Court of Appeal dismissed Africa Wide's application with costs on the grounds that there was no reasonable prospect of success in an appeal and there was no other compelling reason why an appeal should be heard. |
SUPPLEMENTARY CASH FLOW INFORMA
SUPPLEMENTARY CASH FLOW INFORMATION | 12 Months Ended |
Aug. 31, 2022 | |
Supplementary Cash Flow Information [Abstract] | |
SUPPLEMENTARY CASH FLOW INFORMATION [Text Block] | 12. SUPPLEMENTARY CASH FLOW INFORMATION Net change in non-cash working capital: Year ended August 31, August 31, August 31, Amounts receivable, prepaid expenses and other assets $ (173 ) $ 30 $ 234 Payment of bank advisory fees - (2,890 ) - Accounts payable and other liabilities (66 ) (102 ) (973 ) $ (239 ) $ (2,962 ) $ (739 ) During the year, the Company issued 11,793,509 common shares in connection with the repayment of the $19.99 million principal outstanding balance of the Convertible Notes. Other than interest owed, no cash was exchanged between the Company and the noteholders. |
SEGMENTED REPORTING
SEGMENTED REPORTING | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of operating segments [abstract] | |
SEGMENTED REPORTING [Text Block] | 13. SEGMENTED REPORTING Segmented information is provided on the basis of geographical segments as the Company manages its business through two geographical regions - Canada and South Africa. The Chief Operating Decision Makers ("CODM") reviews information from the below segments separately so the below segments are separated. The Company evaluates performance of its operating and reportable segments as noted in the following table: At August 31, 2022 Assets Liabilities Canada $ 12,037 $ 1,777 South Africa 41,642 347 $ 53,679 $ 2,124 At August 31, 2021 Assets Liabilities Canada $ 7,038 $ 29,625 South Africa 44,161 2,101 $ 51,199 $ 31,726 Comprehensive Loss (Income) for the year ended August 31, August 31, Canada $ 13,894 $ 15,202 South Africa 1,278 (7,037 ) $ 15,172 $ 8,165 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 12 Months Ended |
Aug. 31, 2022 | |
Selling, general and administrative expense [abstract] | |
GENERAL AND ADMINISTRATIVE EXPENSES [Text Block] | 14. GENERAL AND ADMINISTRATIVE EXPENSES GENERAL AND ADMINISTRATIVE Year Ending Year Ending Salaries and benefits $ 1,594 $ 1,794 Severance 1 - 828 Legal 754 505 Technical consulting fees 364 405 Accounting 317 331 Insurance 368 311 Regulatory fees 276 252 Shareholder relations 108 235 Depreciation 91 122 Travel 196 96 Other 273 242 Total $ 4,341 $ 5,121 1 |
CAPITAL RISK MANAGEMENT
CAPITAL RISK MANAGEMENT | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of objectives, policies and processes for managing capital [abstract] | |
CAPITAL RISK MANAGEMENT [Text Block] | 15. CAPITAL RISK MANAGEMENT The Company’s objectives in managing its liquidity and capital are to safeguard the Company's ability to continue as a going concern and provide financial capacity to meet its strategic objectives. The capital structure of the Company consists of share capital, contributed surplus, accumulated other comprehensive loss and accumulated deficit. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may issue new shares, issue new debt, acquire or dispose of assets. In order to facilitate the management of its capital requirements, the Company regularly updates the Board of Directors with regard to budgets, forecasts, results of capital deployment and general industry conditions. The Company does not currently declare or pay out dividends. |
FINANCIAL INSTRUMENTS AND RISK
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT [Text Block] | 16. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company examines the various financial risks to which it is exposed and assesses the impact and likelihood of occurrence. These risks may include credit risk, liquidity risk, currency risk, interest rate risk and other price risks. (a) Credit risk Credit risk arises from the risk that the financial asset counterparty, may default or not meet its obligations timeously. The Company minimizes credit risk by monitoring the reliability of counterparties to settle assets. The maximum exposure to the credit risk is represented by the carrying amount of all the financial assets. There is no material concentration of credit risk in cash and cash equivalents, trade and other receivables and loans. (i) Cash In order to manage credit and liquidity risk the Company holds cash only with Canadian chartered and South African banks. (ii) Performance Bonds In order to explore and develop its properties in South Africa, the Company was required to post performance bonds as financial guarantees against future reclamation work. These funds are held with Standard Bank of South Africa Limited with the DMR as beneficiary in accordance with the Mineral and Petroleum Resources Development Act (the " MPRDA (b) Liquidity risk The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements and its exploration and development plans. The Company regularly updates the Board of Directors with regard to budgets, forecasts, results of capital deployment and general industry conditions. The Company may be required to source additional financing by way of private or public offerings of equity or debt or the sale of project or property interests in order to have sufficient cash to make debt repayments and working capital for continued exploration on the Waterberg Projects, as well as for general working capital purposes. Any failure by the Company to obtain additional required financing on acceptable terms could cause the Company to delay development of its material projects or could result in the Company being forced to sell some of its assets on an untimely or unfavourable basis. Any such delay or sale could have a material and adverse effect on the Company's financial condition, results of operations and liquidity. (c) Currency risk The Company’s functional currency is the Canadian dollar, while the consolidated presentation currency is the United States Dollar. The functional currency of all South African subsidiaries is the Rand, while the functional currency of Lion is the US Dollar. The Company’s operations are in both Canada and South Africa; therefore, the Company's results are impacted by fluctuations in the value of foreign currencies in relation to the Rand and Canadian and United States dollars. The Company's significant foreign currency exposures on financial instruments comprise cash, accounts payable and accrued liabilities. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks at this time. The Company is exposed to foreign exchange risk through the following financial instruments denominated in a currency other than Canadian dollars: Year ended August 31, August 31, Cash (Rand) $ 1,527 $ 192 Cash (USD) 10,689 5,729 Accounts receivable (Rand) 250 439 Accounts payable (Rand) 347 1,686 Loan Payable (USD) - 9,089 Convertible Note (USD) - 18,716 The Company's comprehensive loss is affected by changes in the exchange rate between its operating currencies and the United States dollar. At August 31, 2022, based on this exposure a 10% strengthening/weakening in the United States dollar versus Rand foreign exchange rate and Canadian dollar would give rise to a decrease/increase in comprehensive loss for the year presented of approximately $4.6 million, (August 31, 2021 - $3.6 million). (d) Interest rate risk The Company's interest income earned on cash and on short term investments is exposed to interest rate risk. At August 31, 2022, based on this exposure a 1% change in the average interest rate would give rise to an increase/decrease in the net loss for the year of approximately $70. At August 31, 2022, the carrying amounts of cash, amounts receivable, performance bonds and accounts payable and accrued liabilities are considered to be reasonable approximations of their fair values due to the short-term nature of these instruments. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of income tax [Abstract] | |
INCOME TAXES [Text Block] | 17. INCOME TAXES The income taxes shown in the consolidated earnings differ from the amounts obtained by applying statutory rates to the earnings before provision for income taxes due to the following: 2022 2021 2020 Loss before income taxes $ 8,250 $ 13,008 $ 7,056 Income tax recovery at statutory rates (2,227 ) (3,512 ) (1,905 ) Difference of foreign tax rates ( 13 ) 19 (8 ) Non-deductible expenses and non-taxable portion of capital gains 983 1,061 ( 216 ) Changes in unrecognized deferred tax assets and other 1,250 2,487 2,201 Income tax expense (recovery) ( 7 ) 55 72 Income tax (recovery) expense consists of: Current income taxes $ - $ - $ - Deferred income taxes ( 7 ) 55 72 $ ( 7 ) $ 55 $ 72 The gross movement on the net deferred income tax account is as follows: 2022 2021 2020 Deferred tax liability at the beginning of the year $ - $ - $ - Tax recovery (expense) relating to the loss from continuing operations 7 (55 ) (72 ) Tax recovery relating to components of other comprehensive loss ( 7 ) 55 72 Tax recovery recorded in deficit - - - Deferred tax liability at the end of the year $ - $ - $ - The significant components of the Company's net deferred income tax liabilities are as follows: 2022 2021 2020 Convertible notes $ - $ (389 ) $ (661 ) Loans payable - (180 ) (247 ) Mineral properties (2,241,430 ) (2,597 ) (2,221 ) Loss carry-forwards 2,241,430 3,166 3,129 $ - $ - $ - Unrecognized deductible temporary differences, unused tax losses and unused tax credits are attributed to the following: 2022 2021 2020 Tax Losses: Operating loss carry-forwards - Canada $ 159,298 $ 158,619 $ 137,037 Operating loss carry-forwards - South Africa 103,917 35,958 100,415 Net capital loss carry-forwards - - - $ 263,215 $ 194,577 $ 237,452 Temporary Differences: Mineral properties $ 7,632 $ 7,931 $ 7,672 Financing Costs 2,993 3,611 7,539 Property, plant and equipment 697 728 697 Other 866 800 603 $ 12,188 $ 13,070 $ 16,511 The Company's Canadian operating loss carry-forwards expire between 2026 and 2042. The Company's South African operating loss carry-forwards do not expire. The Company's Canadian unused investment tax credit carry-forwards expire between 2029 and 2035. The Company's Canadian net capital loss carry-forwards do not expire. |
BASIS OF PRESENTATION AND SIG_2
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure Of Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Consolidation [Policy Text Block] | a. Consolidation The consolidated financial statements include those of the Company, its subsidiaries, joint ventures and structured entities that it controls, using uniform accounting policies. Control exists when the Company has (i) power over the investee, (ii) exposure, or rights, to variable returns from its involvement with the investee, and (iii) the ability to use its power to affect its returns. Non-controlling interests in the net assets of consolidated subsidiaries are identified separately from the Company's equity. Subsidiaries are all entities over which the Company has control. Subsidiaries are fully consolidated from the date on which control is transferred to the Group. They are de-consolidated from the date that control ceases. Inter-company transactions, balances and unrealized gains on transactions between Group companies are eliminated on consolidation. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred. |
Translation of foreign currencies [Policy Text Block] | b. Translation of foreign currencies Functional currency Items included in the financial statements of the Company and each of the Company's subsidiaries and equity accounted investees are measured using the currency of the primary economic environment in which the entity operates (the functional currency) as follows: Platinum Group Metals Ltd. Canadian Dollars Lion Battery Technologies Inc. United States Dollars Platinum Group Metals (RSA) (Pty) Ltd. South African Rand Mnombo Wethu Consultants (Pty) Limited South African Rand Waterberg JV Resources (Pty) Ltd South African Rand Presentation Currency The Company's presentation currency is the United States Dollar (" USD Foreign Exchange Rates Used The following exchange rates were used when preparing these consolidated financial statements: Rand/USD Year-end rate: R17.0760(2021 R14,5241) Year average rate: R15.5782 (2021 R15.0043) CAD/USD Year-end rate: C$1.3111 (2021 C$1.2617) Year average rate: C$1.2720 (2021 C$1.2688) Transactions and balances Foreign currency transactions are translated into the relevant entity's functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency gains and losses resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement. Subsidiaries The results and financial position of subsidiaries that have a functional currency different from the presentation currency are translated into the presentation currency as follows: assets and liabilities are translated at the closing rate at the reporting date; income and expenses are translated at average exchange rates for the year; and all resulting exchange differences are recognized in other comprehensive income as cumulative translation adjustments. |
Joint Arrangements [Policy Text Block] | c. Joint Arrangements The Company treats its investment in Lion as a joint venture. A joint venture is a joint arrangement whereby the parties that have joint control have rights to the net assets. Joint ventures are accounted for using the equity method of accounting. |
Change in ownership interests [Policy Text Block] | d. Change in ownership interests The Company treats transactions with non-controlling interests that do not result in a loss of control as transactions with equity owners. A change in ownership interest results in an adjustment between the carrying amounts of the controlling and non-controlling interests to reflect their relative interest in the subsidiary. Any difference between the amount of the adjustment to non-controlling interests and any consideration received is recognized in a separate line in retained earnings. |
Mineral Properties and Exploration Assets [Policy Text Block] | e. Mineral Properties and Exploration Assets Exploration activity involves the search for mineral resources, the determination of technical feasibility and the assessment of commercial viability of an identified resource. Exploration and evaluation activity includes: acquiring the rights to explore; researching and analyzing historical exploration data; gathering exploration data through topographical, geochemical and geophysical studies; exploratory drilling, trenching and sampling; determining and examining the volume and grade of the resource; surveying transportation and infrastructure requirements; and compiling pre-feasibility and feasibility studies. Exploration and evaluation expenditures on identifiable properties are capitalized. Exploration and evaluation assets are shown separately until technical feasibility and commercial viability is achieved at which point the relevant asset is transferred to development assets under property, plant and equipment. Capitalized costs are all considered to be tangible assets as they form part of the underlying mineral property. Capitalized exploration and evaluation assets are reviewed for impairment when facts or circumstances suggest an asset's carrying amount may exceed its recoverable amount and when the exploration and evaluation assets are transferred to development assets. If impairment is considered to exist, the related asset is written down to the greater of its value in use and its fair value less costs to sell. |
Property, plant and equipment [Policy Text Block] | h. Property, plant and equipment Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. The cost of an item of property, plant and equipment includes the purchase price or construction cost, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located, and for qualifying assets, the associated borrowing costs. Where an item of property, plant and equipment is comprised of major components with different useful lives, the components are accounted for as separate items of property, plant and equipment. Once a mining project has been established as technically feasible and commercially viable, expenditure other than on land, buildings, plant and equipment is capitalised as part of "development assets" together with any related amount transferred from "exploration and evaluation assets". Capitalization of costs incurred ceases when the property is capable of operating at levels intended by management. Subsequent costs are included in the asset's carrying amount only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be reliably measured. All repairs and maintenance are expensed to profit or loss during the financial period in which they are incurred. An item of property, plant and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on the disposal, retirement or scrapping of an item of property, plant and equipment is determined as the difference between the sales proceeds and the carrying amount of the asset and is recognized in profit or loss. Capital assets are recorded at cost and are depreciated on a straight-line basis over the following periods: Leasehold Improvements 3-5 years Computer Equipment and software 3-5 years Furniture and Fixtures 5-10 years |
Impairment [Policy Text Block] | i. Impairment Tangible assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. The Company conducts internal reviews of asset values which are used to assess for any indications of impairment. External factors such as changes in expected future prices, costs and other market factors including market capitalization are also monitored to assess for indications of impairment. If any such indication exists an estimate of the recoverable amount is undertaken, being the higher of an asset's fair value less costs to sell and its value in use. If the asset's carrying amount exceeds its recoverable amount, then an impairment loss is recognized. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. Fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the use of the asset, including any expansion prospects. Value in use is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. |
Asset retirement obligations [Policy Text Block] | j. Asset retirement obligations Provisions for asset retirement obligations are made in respect of the estimated future costs of closure and restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) in the accounting period when the related disturbance occurs. The provision is discontinued using a risk-free pre-tax rate, and the unwinding of the discount is included in finance costs. At the time of establishing the provision, a corresponding asset is capitalized and is depreciated over the future life of the asset to which it relates. The provision is adjusted on an annual basis for changes in cost estimates, discount rates and inflation. |
Trade payables [Policy Text Block] | k. Trade payables Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. |
Convertible Notes [Policy Text Block] | l. Convertible Notes At inception the debt component of the convertible notes is deemed to be the residual value of the net proceeds after the fair value of the embedded derivatives are separated. The debt component is then measured at amortized cost using the effective interest method. The embedded derivatives are revalued at each reporting period with the change in fair value being recorded in profit or loss in each reporting period. |
Share Capital [Policy Text Block] | m. Share Capital Common shares are classified as equity. Incremental costs directly attributable to the issue of common shares and share options are recognized as a deduction from equity, net of any tax effect. |
Share-based payment transactions [Policy Text Block] | n. Share-based payment transactions Stock options Stock options are settled in equity. The fair values for stock-based awards have been estimated using the Black-Scholes model and recorded as compensation cost over the period of vesting. The compensation cost related to stock options granted is expensed or capitalized to mineral properties, as applicable. Cash received on exercise of stock options is credited to share capital and the related amount previously recognized in contributed surplus is reclassified to share capital. Restricted share units Restricted share units (" RSUs Deferred share units Deferred share units (" DSUs |
Income taxes [Policy Text Block] | o. Income taxes Income tax expense represents the sum of the tax currently payable and deferred tax. Current tax Current tax expense is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as reported in the consolidated statement of loss and other comprehensive loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax Deferred tax is recognised on temporary differences between the carrying amounts of assets and liabilities in the consolidated financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible temporary differences can be utilised. Such deferred tax assets and liabilities are not recognised if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. |
Loss per common share [Policy Text Block] | p. Loss per common share Basic loss per common share is calculated using the weighted average number of common shares outstanding. The Company uses the treasury stock method for the calculation of diluted earnings per share. Diluted per share amounts reflect the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted to common shares. In periods when a loss is incurred, the effect of the potential issuances of shares is anti-dilutive, and accordingly basic and diluted loss per share are the same. |
Financial instruments [Policy Text Block] | q. Financial instruments Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss, at fair value through other comprehensive income (loss), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and the debt's contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Measurement Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of comprehensive loss in the period in which they arise. Derecognition of Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss. |
Accounting Standards Adopted [Policy Text Block] | r. Accounting Standards Adopted Recently Issued Accounting Pronouncements Classification of Liabilities as Current or Non-current (Amendments to IAS 1) The amendments to IAS1 provide a more general approach to the classification of liabilities based on contractual arrangements in place at the reporting date. These amendments are effective for reporting periods beginning on or after January 1, 2023 and are expected to have no significant impact on future financial statements. Accounting standards issued but not yet effective Property, Plant and Equipment - Revenue Prior to Intended Use (Amendment to IAS 16) The amendments provide guidance on the recognition of the proceeds from the sale of items that a company produces and sells so that an item of property, plant and equipment can be used as intended, as well as the related costs of production. In particular, proceeds from the sale of items that have been produced before the related property, plant and equipment is ready for use should be recognized in net income, together with related production costs. These amendments apply to the Company effective September 1, 2022 and is not expected to have any impact on the financial statements. |
NATURE OF OPERATIONS (Tables)
NATURE OF OPERATIONS (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure Of Nature Of Operations [Abstract] | |
Disclosure of subsidiaries [Table Text Block] | Place of Proportion of ownership August 31, August 31, Platinum Group Metals (RSA) (Pty) Ltd. Development South Africa 100.00% 100.00% Mnombo Wethu Consultants (Pty) Limited ( 1 ) Development South Africa 49.95% 49.95% Waterberg JV Resources (Pty) Ltd. ( 1 ) , ( 2 ) Development South Africa 37.05% 37.05% Lion Battery Technologies Inc. Research Canada 53.70% 53.70% Notes: (1) Mnombo Waterberg JV Co. (2) PTM RSA |
BASIS OF PRESENTATION AND SIG_3
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure Of Basis Of Presentation And Significant Accounting Policies [Abstract] | |
Disclosure of detailed information about foreign exchange rates used [Table Text Block] | Rand/USD Year-end rate: R17.0760(2021 R14,5241) Year average rate: R15.5782 (2021 R15.0043) CAD/USD Year-end rate: C$1.3111 (2021 C$1.2617) Year average rate: C$1.2720 (2021 C$1.2688) |
Disclosure of detailed information of property plant and equipment [Table Text Block] | Leasehold Improvements 3-5 years Computer Equipment and software 3-5 years Furniture and Fixtures 5-10 years |
MINERAL PROPERTIES AND EXPLOR_2
MINERAL PROPERTIES AND EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of exploration and evaluation assets [Abstract] | |
Disclosure of detailed information about exploration and evaluation assets [Table Text Block] | Balance, August 31, 2020 $ 34,939 Additions 3,745 Recoveries from 100% Implats funded implementation budget (229 ) Foreign currency translation adjustment 5,498 Balance August 31, 2021 $ 43,953 Additions 2,968 Write-off costs associated with prospecting right closures (223 ) Foreign currency translation adjustment (6,325 ) Balance August 31, 2022 40,373 |
LION BATTERY TECHNOLOGIES INC.
LION BATTERY TECHNOLOGIES INC. (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of detailed information about investment property [abstract] | |
Disclosure of gross funding to Lion [Table Text Block] | Date Gross Funding to Lion July 2019 $1,100 June 2020 $700 February 2021 $700 February 2022 $500 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of detailed information about borrowings [abstract] | |
Disclosure of detailed information about borrowings [Table Text Block] | Convertible Note balance August 31, 2020 $ 17,212 Interest payment (1,374 ) Accretion and interest incurred during the year 2,930 Gain on embedded derivatives during the year ended August 31, 2021 (52 ) Convertible Note balance August 31, 2021 $ 18,716 Accretion and interest incurred during the year 1,275 Interest paid during the year (826 ) Legal fees relating to the Convertible Notes incurred during year (68 ) Principal repaid in shares ($19.99 million principal) (18,941 ) Gain on embedded derivatives during the year ended August 31, 2022 (12 ) Gain on repayment of the Convertible Notes (144 ) Convertible Note balance August 31, 2022 $ - |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Number of Share Average Exercise Options outstanding at August 31, 2020 3,182,500 $ 2.20 Granted 1,596,500 $ 6.41 Forfeited (126,936 ) $ 2.27 Exercised (843,543 ) $ 2.21 Options outstanding at August 31, 2021 3,808,521 $ 3.96 Number of Share Average Exercise Granted 1,273,000 $ 2.36 Expired (1,256,517 ) $ 4.08 Exercised (158,333 ) $ 1.86 Options outstanding at August 31, 2022 3,666,671 $ 3.45 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Number Outstanding Number Exercisable Exercise Price in Average Remaining 967,167 332,500 $ 6.58 3.30 99,000 66,000 $ 3.90 3.94 42,000 - $ 3.40 4.06 666,836 666,836 $ 2.61 1.61 21,000 - $ 2.52 4.50 1,165,000 - $ 2.32 4.29 705,668 372,001 $ 1.81 2.26 3,666,671 1,437,337 3.14 |
Disclosure of assumptions used in valuing stock options granted [Table Text Block] | Year ended August 31, 2022 August 31, 2021 Risk-free interest rate 1.18% 0.41% Expected life of options 3.5 years 3.9 years Annualized volatility 1 87% 88% Forfeiture rate 2.0% 2.0% Dividend rate 0.0% 0.0% 1 |
NON-CONTROLLING INTEREST (Table
NON-CONTROLLING INTEREST (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Non controlling Interests [Abstract] | |
Disclosure of detailed information about non-controlling interests [Table Text Block] | Company Proportion of Loss allocated to Accumulated 2022 2021 2022 2021 2022 2021 Mnombo Wethu Consultants (Pty) Limited 50.1% 50.1% - - 7,828 7,445 Waterberg JV Co 1 63.05% 63.05% - - 11,226 10,140 Total $ 19,054 $ 17,585 1 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of transactions between related parties [Table Text Block] | Common Shares Acquired from the Company by HCI Date Placee Shares Price USD Acquisition Method May 2018 Deepkloof 2,490,900 $ 1.50 Prospectus Offering May 2018 Deepkloof 1,509,099 $ 1.50 Private Placement February 2019 Deepkloof 2,141,942 $ 1.33 Private Placement Date Placee Shares Price USD Acquisition Method April 2019 Deepkloof 177,000 $ 1.70 Exercise of Warrants June 2019 Deepkloof 80,000 $ 1.70 Exercise of Warrants June 2019 Deepkloof 1,111,111 $ 1.17 Private Placement August 2019 Deepkloof 6,940,000 $ 1.32 Private Placement August 2019 Deepkloof 2,856,000 $ 1.25 Prospectus Offering December 2019 Deepkloof 1,612,931 $ 1.24 Private Placement June 2020 Deepkloof 500,000 $ 1.40 Private Placement October 2020 Deepkloof 1,146,790 $ 2.18 Private Placement December 2020 Deepkloof 1,121,076 $ 2.23 Private Placement February 2021 Deepkloof 3,539,823 $ 1.695 Private Placement 25,226,672 |
Disclosure of information about key management personnel [Table Text Block] | Year ended August 31, 2022 August 31, 2021 August 31, 2020 Salaries $ 899 $ 1,236 $ 916 Severance 1 - 828 - Directors' fees 289 241 261 Share-based payments - management 1,882 2,556 907 Share-based payments - directors (465 ) 617 52 Total $ 2,605 $ 5,478 $ 2,136 1 |
CONTINGENCIES AND COMMITMENTS (
CONTINGENCIES AND COMMITMENTS (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of contingent liabilities [abstract] | |
Disclosure of detailed information about commitments [Table Text Block] | Payments Due by Year < 1 Year 1 - 3 Years 4 - 5 Years > 5 Years Total Lease Obligations $ 111 $ 44 $ - $ - $ 155 Environmental Bonds 47 95 71 - 213 Totals $ 158 $ 139 $ 71 $ - $ 368 |
SUPPLEMENTARY CASH FLOW INFOR_2
SUPPLEMENTARY CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Supplementary Cash Flow Information [Abstract] | |
Disclosure of detailed information about non-cash working capital [Table Text Block] | Year ended August 31, August 31, August 31, Amounts receivable, prepaid expenses and other assets $ (173 ) $ 30 $ 234 Payment of bank advisory fees - (2,890 ) - Accounts payable and other liabilities (66 ) (102 ) (973 ) $ (239 ) $ (2,962 ) $ (739 ) |
SEGMENTED REPORTING (Tables)
SEGMENTED REPORTING (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Disclosure of operating segments [Table Text Block] | At August 31, 2022 Assets Liabilities Canada $ 12,037 $ 1,777 South Africa 41,642 347 $ 53,679 $ 2,124 At August 31, 2021 Assets Liabilities Canada $ 7,038 $ 29,625 South Africa 44,161 2,101 $ 51,199 $ 31,726 Comprehensive Loss (Income) for the year ended August 31, August 31, Canada $ 13,894 $ 15,202 South Africa 1,278 (7,037 ) $ 15,172 $ 8,165 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Selling, general and administrative expense [abstract] | |
Disclosure of detailed information about general and administrative expenses [Table Text Block] | GENERAL AND ADMINISTRATIVE Year Ending Year Ending Salaries and benefits $ 1,594 $ 1,794 Severance 1 - 828 Legal 754 505 Technical consulting fees 364 405 Accounting 317 331 Insurance 368 311 Regulatory fees 276 252 Shareholder relations 108 235 Depreciation 91 122 Travel 196 96 Other 273 242 Total $ 4,341 $ 5,121 1 |
FINANCIAL INSTRUMENTS AND RIS_2
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of foreign currency risk [Table Text Block] | Year ended August 31, August 31, Cash (Rand) $ 1,527 $ 192 Cash (USD) 10,689 5,729 Accounts receivable (Rand) 250 439 Accounts payable (Rand) 347 1,686 Loan Payable (USD) - 9,089 Convertible Note (USD) - 18,716 |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Aug. 31, 2022 | |
Disclosure of income tax [Abstract] | |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | 2022 2021 2020 Loss before income taxes $ 8,250 $ 13,008 $ 7,056 Income tax recovery at statutory rates (2,227 ) (3,512 ) (1,905 ) Difference of foreign tax rates ( 13 ) 19 (8 ) Non-deductible expenses and non-taxable portion of capital gains 983 1,061 ( 216 ) Changes in unrecognized deferred tax assets and other 1,250 2,487 2,201 Income tax expense (recovery) ( 7 ) 55 72 Income tax (recovery) expense consists of: Current income taxes $ - $ - $ - Deferred income taxes ( 7 ) 55 72 $ ( 7 ) $ 55 $ 72 |
Disclosure of deferred taxes [Table Text Block] | 2022 2021 2020 Deferred tax liability at the beginning of the year $ - $ - $ - Tax recovery (expense) relating to the loss from continuing operations 7 (55 ) (72 ) Tax recovery relating to components of other comprehensive loss ( 7 ) 55 72 Tax recovery recorded in deficit - - - Deferred tax liability at the end of the year $ - $ - $ - |
Disclosure of changes in deferred tax assets and liabilities [Table Text Block] | 2022 2021 2020 Convertible notes $ - $ (389 ) $ (661 ) Loans payable - (180 ) (247 ) Mineral properties (2,241,430 ) (2,597 ) (2,221 ) Loss carry-forwards 2,241,430 3,166 3,129 $ - $ - $ - |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | 2022 2021 2020 Tax Losses: Operating loss carry-forwards - Canada $ 159,298 $ 158,619 $ 137,037 Operating loss carry-forwards - South Africa 103,917 35,958 100,415 Net capital loss carry-forwards - - - $ 263,215 $ 194,577 $ 237,452 Temporary Differences: Mineral properties $ 7,632 $ 7,931 $ 7,672 Financing Costs 2,993 3,611 7,539 Property, plant and equipment 697 728 697 Other 866 800 603 $ 12,188 $ 13,070 $ 16,511 |
NATURE OF OPERATIONS (Narrative
NATURE OF OPERATIONS (Narrative) (Details) | 12 Months Ended |
Aug. 31, 2022 | |
Waterberg JV Co. [Member] | |
Disclosure Of Nature Of Operations And Going Concern [Line Items] | |
Effective ownership proportion after combined ownership of Mnombo's ownership portion with Platinum Group Metals (RSA) (Pty) Ltd | 63.05% |
NATURE OF OPERATIONS - Disclosu
NATURE OF OPERATIONS - Disclosure of subsidiaries (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 07, 2011 | Jun. 15, 2020 | Oct. 31, 2009 | Aug. 31, 2022 | Aug. 31, 2021 | |
Platinum Group Metals (RSA) (Pty) Ltd. [Member] | |||||
Disclosure Of Nature Of Operations And Going Concern [Line Items] | |||||
Proportion of ownership interest | 100% | 100% | |||
Mnombo Wethu Consultants (Pty) Limited [Member] | |||||
Disclosure Of Nature Of Operations And Going Concern [Line Items] | |||||
Proportion of ownership interest | 49.90% | 49.90% | 49.95% | 49.95% | |
Waterberg JV Resources (Pty) Ltd. [Member] | |||||
Disclosure Of Nature Of Operations And Going Concern [Line Items] | |||||
Proportion of ownership interest | 37.05% | 37% | 37.05% | 37.05% | |
Lion Battery Technologies Inc. [Member] | |||||
Disclosure Of Nature Of Operations And Going Concern [Line Items] | |||||
Proportion of ownership interest | 53.70% | 53.70% |
BASIS OF PRESENTATION AND SIG_4
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about foreign exchange rates used (Details) | 12 Months Ended | |
Aug. 31, 2022 CAD_USD Rand_USD | Aug. 31, 2021 CAD_USD Rand_USD | |
Rand / USD [Member] | ||
Foreign Exchange Rates [Line Items] | ||
Year-end rate | Rand_USD | 17.076 | 145,241 |
Year average rate | Rand_USD | 15.5782 | 15.0043 |
CAD / USD [Member] | ||
Foreign Exchange Rates [Line Items] | ||
Year-end rate | CAD_USD | 1.3111 | 1.2617 |
Year average rate | CAD_USD | 1.272 | 1.2688 |
BASIS OF PRESENTATION AND SIG_5
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES - Disclosure of detailed information about property plant and equipment (Details) | 12 Months Ended |
Aug. 31, 2022 | |
Leasehold Improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 3-5 years |
Computer Equipment and software [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 3-5 years |
Furniture and Fixtures [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 5-10 years |
SIGNIFICANT ACCOUNTING JUDGEM_2
SIGNIFICANT ACCOUNTING JUDGEMENTS AND ESTIMATES (Narrative) (Details) - Mnombo Wethu Consultants (Pty) Limited [Member] | 1 Months Ended | 12 Months Ended | ||
Nov. 07, 2011 | Jun. 15, 2020 | Aug. 31, 2022 | Aug. 31, 2021 | |
Disclosure of changes in accounting estimates [line items] | ||||
Proportion of ownership interest | 49.90% | 49.90% | 49.95% | 49.95% |
Proportion of ownership and voting rights held by non-controlling interests | 50.10% | 50.10% |
MINERAL PROPERTIES AND EXPLOR_3
MINERAL PROPERTIES AND EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) $ in Thousands, R in Millions | 1 Months Ended | 12 Months Ended | 155 Months Ended | |||||||
Nov. 06, 2017 USD ($) | Nov. 07, 2011 ZAR (R) | Jun. 15, 2020 | Sep. 21, 2017 | Apr. 30, 2012 | Oct. 31, 2009 USD ($) | Aug. 31, 2022 USD ($) | Aug. 31, 2021 USD ($) | Aug. 31, 2020 USD ($) | Aug. 31, 2022 USD ($) | |
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Non-controlling interest | $ 19,054 | $ 17,585 | $ 19,054 | |||||||
Capital commitments | 368 | 368 | ||||||||
Payments for exploration and evaluation expenses | $ 3,359 | $ 2,415 | $ 4,953 | |||||||
Waterberg Project [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Proportion of ownership interest | 45.65% | |||||||||
Purchase agreement amount | $ 17,200 | |||||||||
Decrease in proportion of ownership, interest sold | 8.60% | |||||||||
Payments for exploration and evaluation expenses | 80,900 | |||||||||
JOGMEC [Member] | Waterberg Project [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Proportion of ownership and voting rights held by non-controlling interests | 12.195% | 28.35% | ||||||||
Purchase agreement amount | $ 12,800 | |||||||||
Decrease in proportion of ownership, interest sold | 6.40% | |||||||||
Acquisition of interest, work requirement | $ 3,200 | |||||||||
Acquisition of interest, work requirement, interest | 37% | |||||||||
Mnombo Wethu Consultants (Pty) Limited [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Proportion of ownership interest | 49.90% | 49.90% | 49.95% | 49.95% | ||||||
Proportion of ownership and voting rights held by non-controlling interests | 50.10% | 50.10% | ||||||||
Purchase agreement amount | R | R 1.2 | |||||||||
Non-controlling interest | $ 7,828 | $ 7,445 | 7,828 | |||||||
Subsequent expenditures on non-JV property receivable | $ 7,200 | 7,200 | ||||||||
Mnombo Wethu Consultants (Pty) Limited [Member] | Waterberg Project [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Proportion of ownership and voting rights held by non-controlling interests | 26% | 26% | 26% | |||||||
Expense arising from exploration and evaluation of mineral resources | $ 1,120 | |||||||||
Implats [Member] | Waterberg Project [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Proportion of ownership, purchase agreement amount | 15% | 15% | ||||||||
Purchase agreement amount | $ 30,000 | |||||||||
Implats [Member] | Purchase and Development Option [Member] | Waterberg Project [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Effective proportion of ownership interest in subsidiary | 50.01% | |||||||||
Waterberg JV Co. [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Proportion of ownership interest | 37.05% | 37% | 37.05% | 37.05% | ||||||
Proportion of ownership and voting rights held by non-controlling interests | 12.97% | 26% | 26% | 63.05% | 63.05% | |||||
Effective proportion of ownership interest in subsidiary | 50.02% | |||||||||
Non-controlling interest | $ 11,226 | $ 10,140 | $ 11,226 | |||||||
Hanwa Co., Ltd ("Hanwa") [Member] | Waterberg Project [Member] | ||||||||||
Disclosure Of Exploration And Evaluation Assets [Line Items] | ||||||||||
Proportion of ownership and voting rights held by non-controlling interests | 9.755% | 9.755% |
MINERAL PROPERTIES AND EXPLOR_4
MINERAL PROPERTIES AND EXPLORATION AND EVALUATION ASSETS - Disclosure of detailed information about mineral property and exploration and evaluation assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Disclosure of exploration and evaluation assets [Abstract] | ||
Exploration and evaluation assets, beginning of period | $ 43,953 | $ 34,939 |
Additions | 2,968 | 3,745 |
Recoveries from 100% Impala funded implementation budget | (229) | |
Write-off costs associated with prospecting right closures | (223) | |
Foreign currency translation adjustment | (6,325) | 5,498 |
Exploration and evaluation assets, end of period | $ 40,373 | $ 43,953 |
LION BATTERY TECHNOLOGIES INC_2
LION BATTERY TECHNOLOGIES INC. (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||
Jul. 06, 2021 | Jul. 12, 2019 | Feb. 28, 2022 | Feb. 28, 2021 | Jun. 30, 2020 | Jul. 31, 2019 | Jul. 31, 2019 | Aug. 31, 2022 | Aug. 31, 2021 | |
Lion Battery Technologies Inc. [Member] | |||||||||
Disclosure of detailed information about investment property [line items] | |||||||||
Additional number of common stock issued for investment | 400,000 | ||||||||
Additional common stock price per share | $ 0.01 | ||||||||
Additional planned funding | $ 2,730 | ||||||||
Maximum investment in new venture | $ 6,730 | $ 4,000 | |||||||
Preferred stock received for investment | 500 | 700 | 700 | 1,100 | |||||
Preferred stock price per share | $ 0.5 | ||||||||
Payment of fees per month | 3 | ||||||||
Florida International University [Member] | |||||||||
Disclosure of detailed information about investment property [line items] | |||||||||
Amount funded to research program | $ 4,000 | $ 3,000 | $ 2,900 | ||||||
Additional amount funded to Research Program | $ 1,000 | ||||||||
First tranche funding [Member] | Lion Battery Technologies Inc. [Member] | |||||||||
Disclosure of detailed information about investment property [line items] | |||||||||
Amount funded to research program | $ 1,000 | ||||||||
One-time fee | $ 50 | ||||||||
Second Tranche of Funding in August 2020 [Member] | Lion Battery Technologies Inc. [Member] | |||||||||
Disclosure of detailed information about investment property [line items] | |||||||||
Amount funded to research program | $ 667 | ||||||||
Third Tranche of Funding in January 2021 [Member] | Lion Battery Technologies Inc. [Member] | |||||||||
Disclosure of detailed information about investment property [line items] | |||||||||
Amount funded to research program | $ 667 | ||||||||
Fourth tranche funding in February 2022 [Member] | Florida International University [Member] | |||||||||
Disclosure of detailed information about investment property [line items] | |||||||||
Investments in new venture | $ 500 |
LION BATTERY TECHNOLOGIES INC_3
LION BATTERY TECHNOLOGIES INC. - Disclosure of gross funding to Lion (Details) - shares | 1 Months Ended | |||
Feb. 28, 2022 | Feb. 28, 2021 | Jun. 30, 2020 | Jul. 31, 2019 | |
Lion Battery Technologies Inc. [Member] | ||||
Disclosure of detailed information about investment property [line items] | ||||
Preferred stock received for investment | 500 | 700 | 700 | 1,100 |
SPROTT LOAN (Narrative) (Detail
SPROTT LOAN (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Aug. 15, 2019 | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Sprott Loans [Line Items] | ||||
Repayments of principal amount | $ 9,400 | $ 10,600 | $ 0 | |
Sprott Facility [Member] | ||||
Sprott Loans [Line Items] | ||||
Advanced amount of principal senior secured credit facility | $ 20,000 | |||
Loan facility interest rate | 11% per annum, compounded monthly | |||
Borrowings extended amount | 10,000 | |||
Principal amount outstanding | 0 | 9,400 | ||
Payment for monthly interest charge | 293 | 1,590 | ||
Interest expense on borrowings | 378 | 2,120 | ||
Repayments of principal amount | $ 279 | $ 189 |
CONVERTIBLE NOTES (Narrative) (
CONVERTIBLE NOTES (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | ||||||||
Feb. 10, 2022 | Feb. 04, 2022 | Jan. 02, 2022 | Jul. 02, 2021 | Jan. 02, 2021 | Feb. 28, 2022 | Jun. 30, 2017 | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disclosure of detailed information about borrowings [line items] | ||||||||||
Shares issued to repay convertible debt | 11,793,509 | |||||||||
Transaction costs | $ 126 | $ 318 | $ 40 | |||||||
Payments for interest on convertible notes | 826 | $ 1,374 | $ 0 | |||||||
Convertible Notes [Member] | ||||||||||
Disclosure of detailed information about borrowings [line items] | ||||||||||
Borrowings | $ 20,000 | 19,990 | ||||||||
Convertible notes interest rate | 6 7/8% | |||||||||
Shares issued to repay convertible debt | 11,793,509 | |||||||||
Equity issuance, price per share | $ 1.695 | $ 1.695 | ||||||||
Convertible notes purchased | $ 8,000 | $ 11,990 | ||||||||
Convertible note derivatives | $ 5,380 | |||||||||
Transaction costs | 1,050 | |||||||||
Value attributed to debt portion of convertible notes | $ 13,570 | |||||||||
Gain on settlement of the convertible notes | $ 144 | |||||||||
Payments for interest on convertible notes | $ 687 | $ 687 | $ 687 | $ 139 |
CONVERTIBLE NOTES - Disclosure
CONVERTIBLE NOTES - Disclosure of detailed information about borrowings (Details) - Convertible Notes [Member] - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Jun. 30, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||
Convertible Notes, beginning balance | $ 18,716 | $ 17,212 | |
Accretion and interest incurred during the year | 1,275 | 2,930 | |
Interest payments | (826) | (1,374) | |
Gain on embedded derivatives during the year | (12) | (52) | |
Legal fees relating to the Convertible Notes incurred during year | (68) | ||
Principal amount outstanding | 19,990 | $ 20,000 | |
Principal repaid in shares | (18,941) | ||
Gain on repayment of the Convertible Notes | (144) | ||
Convertible Notes, ending balance | $ 0 | $ 18,716 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Feb. 11, 2022 USD ($) $ / shares shares | Feb. 10, 2022 $ / shares shares | Feb. 04, 2022 $ / shares shares | Dec. 08, 2020 USD ($) $ / shares shares | Oct. 15, 2020 USD ($) $ / shares shares | Jul. 27, 2022 USD ($) | Nov. 30, 2020 USD ($) $ / shares shares | Aug. 31, 2022 USD ($) Share $ / shares shares | Aug. 31, 2021 USD ($) Share $ / shares shares | Aug. 31, 2020 USD ($) shares | Aug. 31, 2019 shares | |
Disclosure of classes of share capital [line items] | |||||||||||
Number of shares outstanding | shares | 98,952,372 | 75,271,126 | 64,095,073 | 58,575,787 | |||||||
Proceeds from issuance of equity | $ 25,869 | $ 27,949 | $ 5,705 | ||||||||
Payments for share issue costs | $ 1,555 | $ 1,546 | $ 514 | ||||||||
Number of share options granted in share-based payment arrangement | Share | 1,273,000 | 1,596,500 | |||||||||
Stock options compensation expense | $ 2,278 | $ 2,230 | |||||||||
Deferred share unit expense | 322 | 742 | |||||||||
Deferred share units share based compensation | 483 | 591 | |||||||||
Deferred share units director fees | 161 | 151 | |||||||||
Deferred share units, recovery of share-based compensation | 475 | ||||||||||
Deferred share units issued | $ 596,327 | ||||||||||
Deferred share units fully vested | shares | 516,329 | ||||||||||
Aggregate restricted share units expense | $ 611 | 675 | |||||||||
Restricted share units expense | 544 | 598 | |||||||||
Restricted share units expense capitalized | $ 67 | $ 77 | |||||||||
Restricted share units settled | shares | 265,739 | ||||||||||
Restricted share units issued | shares | 369,578 | ||||||||||
Restricted share units vested | shares | 0 | ||||||||||
At-The-Market-Offering-Sales-Agreement [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Increase (decrease) in number of shares outstanding | shares | 5,440,186 | 2,502,790 | |||||||||
Equity issuance, price per share | $ / shares | $ 2.21 | $ 4.38 | |||||||||
Gross proceeds from issuing shares | $ 11,998 | $ 10,951 | |||||||||
Payments for share issue costs | $ 592 | 701 | |||||||||
At-The-Market-Offering-Sales-Agreement [Member] | BMO Nesbit Burns Inc [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Gross proceeds from issuing shares | $ 50,000 | ||||||||||
At-The-Market-Offering-Sales-Agreement [Member] | BMO Capital Markets [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Increase (decrease) in number of shares outstanding | shares | 7,923,842 | ||||||||||
Equity issuance, price per share | $ / shares | $ 2.48 | ||||||||||
Gross proceeds from issuing shares | $ 19,656 | ||||||||||
Deepkloof Limited [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Increase (decrease) in number of shares outstanding | shares | 3,539,823 | 1,146,790 | |||||||||
Equity issuance, price per share | $ / shares | $ 1.695 | $ 2.18 | |||||||||
Proceeds from issuance of equity | $ 6,000 | $ 2,500 | |||||||||
Proportion of entity interest held by another entity | 26% | 31% | |||||||||
HCI [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Increase (decrease) in number of shares outstanding | shares | 1,121,076 | ||||||||||
Equity issuance, price per share | $ / shares | $ 2.23 | ||||||||||
Gross proceeds from issuing shares | $ 2,500 | ||||||||||
Proportion of entity interest held by another entity | 31% | 25.10% | |||||||||
Convertible Notes [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Increase (decrease) in number of shares outstanding | shares | 4,719,763 | 7,073,746 | |||||||||
Equity issuance, price per share | $ / shares | $ 1.695 | $ 1.695 | |||||||||
Expensed [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Stock options compensation expense | $ 2,103 | 1,987 | |||||||||
Capitalized to mineral properties [Member] | |||||||||||
Disclosure of classes of share capital [line items] | |||||||||||
Stock options compensation expense | $ 175 | $ 243 |
SHARE CAPITAL - Disclosure of n
SHARE CAPITAL - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Aug. 31, 2022 Share $ / shares | Aug. 31, 2021 Share $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 3,808,521 | 3,182,500 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 3.96 | $ 2.2 |
Number of share options granted in share-based payment arrangement | Share | 1,273,000 | 1,596,500 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 2.36 | $ 6.41 |
Number of share options forfeited in share-based payment arrangement | Share | (126,936) | |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ / shares | $ 2.27 | |
Number of share options expired in share-based payment arrangement | Share | (1,256,517) | |
Weighted average exercise price of share options expired in share-based payment arrangement | $ / shares | $ 4.08 | |
Number of share options exercised in share-based payment arrangement | Share | (158,333) | (843,543) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 1.86 | $ 2.21 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 3,666,671 | 3,808,521 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | $ 3.45 | $ 3.96 |
SHARE CAPITAL - Disclosure of_2
SHARE CAPITAL - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | 12 Months Ended | ||
Aug. 31, 2022 Share $ / shares | Aug. 31, 2021 Share | Aug. 31, 2020 Share | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 3,666,671 | 3,808,521 | 3,182,500 |
Number of share options exercisable in share-based payment arrangement | 1,437,337 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 1 month 20 days | ||
Options outstanding 1 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 967,167 | ||
Number of share options exercisable in share-based payment arrangement | 332,500 | ||
Exercise price of outstanding share options | $ / shares | $ 6.58 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 3 months 18 days | ||
Options outstanding 2 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 99,000 | ||
Number of share options exercisable in share-based payment arrangement | 66,000 | ||
Exercise price of outstanding share options | $ / shares | $ 3.9 | ||
Weighted average remaining contractual life of outstanding share options | 3 years 11 months 8 days | ||
Options outstanding 3 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 42,000 | ||
Number of share options exercisable in share-based payment arrangement | 0 | ||
Exercise price of outstanding share options | $ / shares | $ 3.4 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 21 days | ||
Options outstanding 4 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 666,836 | ||
Number of share options exercisable in share-based payment arrangement | 666,836 | ||
Exercise price of outstanding share options | $ / shares | $ 2.61 | ||
Weighted average remaining contractual life of outstanding share options | 1 year 7 months 9 days | ||
Options outstanding 5 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 21,000 | ||
Number of share options exercisable in share-based payment arrangement | 0 | ||
Exercise price of outstanding share options | $ / shares | $ 2.52 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 6 months | ||
Options outstanding 6 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 1,165,000 | ||
Number of share options exercisable in share-based payment arrangement | 0 | ||
Exercise price of outstanding share options | $ / shares | $ 2.32 | ||
Weighted average remaining contractual life of outstanding share options | 4 years 3 months 14 days | ||
Options outstanding 7 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of share options outstanding in share-based payment arrangement | 705,668 | ||
Number of share options exercisable in share-based payment arrangement | 372,001 | ||
Exercise price of outstanding share options | $ / shares | $ 1.81 | ||
Weighted average remaining contractual life of outstanding share options | 2 years 3 months 3 days |
SHARE CAPITAL - Disclosure of a
SHARE CAPITAL - Disclosure of assumptions used in valuing stock options granted (Details) - Year | 12 Months Ended | |
Aug. 31, 2022 | Aug. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Risk-free interest rate | 1.18% | 0.41% |
Expected life of options (in years) | 3.5 | 3.9 |
Annualized volatility | 87% | 88% |
Forfeiture rate | 2% | 2% |
Dividend rate | 0% | 0% |
NON-CONTROLLING INTEREST - Disc
NON-CONTROLLING INTEREST - Disclosure of detailed information about non-controlling interests (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Jun. 15, 2020 | Apr. 30, 2012 | Oct. 31, 2009 | Aug. 31, 2022 | Aug. 31, 2021 | |
Disclosure Of Disclosure Of Non Controlling Interests [Line Items] | |||||
Accumulated non-controlling interests | $ 19,054 | $ 17,585 | |||
Mnombo Wethu Consultants (Pty) Limited [Member] | |||||
Disclosure Of Disclosure Of Non Controlling Interests [Line Items] | |||||
Proportion of ownership and voting rights held by non-controlling interests | 50.10% | 50.10% | |||
Loss allocated to non-controlling interests | $ 0 | $ 0 | |||
Accumulated non-controlling interests | $ 7,828 | $ 7,445 | |||
Waterberg JV Co. [Member] | |||||
Disclosure Of Disclosure Of Non Controlling Interests [Line Items] | |||||
Proportion of ownership and voting rights held by non-controlling interests | 12.97% | 26% | 26% | 63.05% | 63.05% |
Loss allocated to non-controlling interests | $ 0 | $ 0 | |||
Accumulated non-controlling interests | $ 11,226 | $ 10,140 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 08, 2020 | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2019 | Aug. 31, 2018 | |
Disclosure of transactions between related parties [line items] | |||||
Accrued independent directors fees and services | $ 314 | $ 858 | |||
Convertible notes purchased and cancelled | 8,000 | ||||
West Vault Mining Inc. [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Revenue from rendering of services, related party transactions | $ 57 | $ 57 | |||
HCI [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Common shares acquired from public market | 663,005 | 663,005 | |||
Number of shares sold by another entity | 1,052,328 | ||||
Number of shares owned | 24,837,349 | ||||
Proportion of entity interest held by another entity | 31% | 25.10% |
RELATED PARTY TRANSACTIONS - Di
RELATED PARTY TRANSACTIONS - Disclosure of information about HCI's share acquisitions from company (Details) - HCI [Member] - $ / shares | 12 Months Ended | |
Dec. 08, 2020 | Aug. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 25,226,672 | |
Price per common shares acquired from company | $ 2.23 | |
May 2018 [Member] | Prospectus Offering [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 2,490,900 | |
Price per common shares acquired from company | $ 1.5 | |
May 2018 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 1,509,099 | |
February 2019 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 2,141,942 | |
Price per common shares acquired from company | $ 1.33 | |
April 2019 [Member] | Exercise of Warrants [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 177,000 | |
Price per common shares acquired from company | $ 1.7 | |
June 2019 [Member] | Exercise of Warrants [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 80,000 | |
Price per common shares acquired from company | $ 1.7 | |
June 2019 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 1,111,111 | |
Price per common shares acquired from company | $ 1.17 | |
August 2019 [Member] | Prospectus Offering [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 2,856,000 | |
Price per common shares acquired from company | $ 1.25 | |
August 2019 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 6,940,000 | |
Price per common shares acquired from company | $ 1.32 | |
December 2019 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 1,612,931 | |
Price per common shares acquired from company | $ 1.24 | |
June 2020 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 500,000 | |
Price per common shares acquired from company | $ 1.4 | |
October 2020 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 1,146,790 | |
Price per common shares acquired from company | $ 2.18 | |
December 2020 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 1,121,076 | |
Price per common shares acquired from company | $ 2.23 | |
February 2021 [Member] | Private Placement [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Common shares acquired from company | 3,539,823 | |
Price per common shares acquired from company | $ 1.695 |
RELATED PARTY TRANSACTIONS - _2
RELATED PARTY TRANSACTIONS - Disclosure of information about key management (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disclosure of transactions between related parties [line items] | |||
Salaries | $ 899 | $ 1,236 | $ 916 |
Severance | 0 | 828 | 0 |
Directors' fees | 289 | 241 | 261 |
Key Management Compensation | 2,605 | 5,478 | 2,136 |
Management [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Share-based payments | 1,882 | 2,556 | 907 |
Directors [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Share-based payments | $ (465) | $ 617 | $ 52 |
CONTINGENCIES AND COMMITMENTS_2
CONTINGENCIES AND COMMITMENTS (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |
Apr. 05, 2018 | Nov. 23, 2017 | Aug. 31, 2022 | |
Disclosure of contingent liabilities [line items] | |||
Minimum operating lease payments | $ 154 | ||
Maseve Investments 11 (Pty) Ltd. [Member] | |||
Disclosure of contingent liabilities [line items] | |||
Value for sale transaction | $ 74,000 | ||
Proportion of ownership and voting rights held by non-controlling interests | 17.10% | ||
Proportion of ownership interest in subsidiary | 82.90% | ||
Sale of Maseve's assets in cash | $ 58,000 |
CONTINGENCIES AND COMMITMENTS -
CONTINGENCIES AND COMMITMENTS - Disclosure of detailed information about commitments (Details) $ in Thousands | Aug. 31, 2022 USD ($) |
Disclosure of contingent liabilities [line items] | |
Capital commitments | $ 368 |
Less than 1 Year [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 158 |
1 to 3 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 139 |
4 to 5 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 71 |
More than 5 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 0 |
Lease Obligations [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 155 |
Lease Obligations [Member] | Less than 1 Year [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 111 |
Lease Obligations [Member] | 1 to 3 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 44 |
Lease Obligations [Member] | 4 to 5 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 0 |
Lease Obligations [Member] | More than 5 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 0 |
Environmental Bonds [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 213 |
Environmental Bonds [Member] | Less than 1 Year [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 47 |
Environmental Bonds [Member] | 1 to 3 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 95 |
Environmental Bonds [Member] | 4 to 5 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | 71 |
Environmental Bonds [Member] | More than 5 Years [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | $ 0 |
SUPPLEMENTARY CASH FLOW INFOR_3
SUPPLEMENTARY CASH FLOW INFORMATION (Narrative) (Details) $ in Thousands | 12 Months Ended |
Aug. 31, 2022 USD ($) shares | |
Supplementary Cash Flow Information [Abstract] | |
Shares issued to settle convertible debt (Shares) | shares | 11,793,509 |
Shares issued to settle convertible debt | $ | $ 19,990 |
SUPPLEMENTARY CASH FLOW INFOR_4
SUPPLEMENTARY CASH FLOW INFORMATION - Disclosure of detailed information about non-cash working capital (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Supplementary Cash Flow Information [Abstract] | |||
Amounts receivable, prepaid expenses and other assets | $ (173) | $ 30 | $ 234 |
Payment of bank advisory fees | 0 | (2,890) | 0 |
Accounts payable and other liabilities | (66) | (102) | (973) |
Net change in non-cash working capital | $ (239) | $ (2,962) | $ (739) |
SEGMENTED REPORTING - Disclosur
SEGMENTED REPORTING - Disclosure of operating segments (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disclosure of operating segments [line items] | |||
Assets | $ 53,679 | $ 51,199 | |
Liabilities | 2,124 | 31,726 | |
Total Comprehensive Loss/(Income) | 15,172 | 8,165 | $ 11,615 |
Canada [Member] | |||
Disclosure of operating segments [line items] | |||
Assets | 12,037 | 7,038 | |
Liabilities | 1,777 | 29,625 | |
Total Comprehensive Loss/(Income) | 13,894 | 15,202 | |
South Africa [Member] | |||
Disclosure of operating segments [line items] | |||
Assets | 41,642 | 44,161 | |
Liabilities | 347 | 2,101 | |
Total Comprehensive Loss/(Income) | $ 1,278 | $ (7,037) |
GENERAL AND ADMINISTRATIVE EX_3
GENERAL AND ADMINISTRATIVE EXPENSES - Disclosure of detailed information about general and administrative expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Selling, general and administrative expense [abstract] | |||
Salaries and benefits | $ 1,594 | $ 1,794 | |
Severance | 0 | 828 | |
Legal | 754 | 505 | |
Technical consulting fees | 364 | 405 | |
Accounting | 317 | 331 | |
Insurance | 368 | 311 | |
Regulatory Fees | 276 | 252 | |
Shareholder relations | 108 | 235 | |
Depreciation | 91 | 122 | |
Travel | 196 | 96 | |
Other | 273 | 242 | |
Total | $ 4,341 | $ 5,121 | $ 3,726 |
FINANCIAL INSTRUMENTS AND RIS_3
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Narrative) (Details) - USD ($) $ in Thousands | Aug. 31, 2022 | Aug. 31, 2021 |
Currency risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 10% | |
Value at risk | $ 4,600 | $ 3,600 |
Interest rate risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of reasonably possible increase in actuarial assumption | 1% | |
Value at risk | $ 70 |
FINANCIAL INSTRUMENTS AND RIS_4
FINANCIAL INSTRUMENTS AND RISK MANAGEMENT - Disclosure of foreign currency risk (Details) - USD ($) $ in Thousands | Aug. 31, 2022 | Aug. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Accounts receivable | $ 382 | $ 263 |
Amounts held in Rand [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 1,527 | 192 |
Accounts receivable | 250 | 439 |
Accounts payable | 347 | 1,686 |
Amounts held in USD [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Cash | 10,689 | 5,729 |
Loan Payable | 0 | 9,089 |
Convertible Note | $ 0 | $ 18,716 |
INCOME TAXES - Disclosure of de
INCOME TAXES - Disclosure of detailed information about effective income tax expense (recovery) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disclosure of income tax [Abstract] | |||
Loss before income taxes | $ 8,250 | $ 13,008 | $ 7,056 |
Income tax recovery at statutory rates | (2,227) | (3,512) | (1,905) |
Difference of foreign tax rates | (13) | 19 | (8) |
Non-deductible expenses and non-taxable portion of capital gains | 983 | 1,061 | (216) |
Changes in unrecognized deferred tax assets and other | 1,250 | 2,487 | 2,201 |
Income tax expense (recovery) | (7) | 55 | 72 |
Income tax (recovery) expense consists of: | |||
Current income taxes | 0 | 0 | 0 |
Deferred income taxes | (7) | 55 | 72 |
Deferred income tax expense (recovery) | $ (7) | $ 55 | $ 72 |
INCOME TAXES - Disclosure of _2
INCOME TAXES - Disclosure of deferred taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | |
Disclosure of income tax [Abstract] | |||
Deferred tax liability at the beginning of the year | $ 0 | $ 0 | $ 0 |
Tax recovery (expense) relating to the loss from continuing operations | (7) | (55) | (72) |
Tax recovery relating to components of other comprehensive loss | (7) | 55 | 72 |
Tax recovery recorded in deficit | 0 | 0 | 0 |
Deferred tax liability at the end of the year | $ 0 | $ 0 | $ 0 |
INCOME TAXES - Disclosure of ch
INCOME TAXES - Disclosure of changes in deferred tax assets and liabilities (Details) - USD ($) $ in Thousands | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 | Aug. 31, 2019 |
Disclosure of Income Taxes [Line Items] | ||||
Deferred tax liabilities | $ 0 | $ 0 | $ 0 | $ 0 |
Net deferred tax liabilities | 0 | 0 | 0 | |
Convertible notes [Member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Deferred tax liabilities | 0 | (389) | (661) | |
Loans payable [Member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Deferred tax liabilities | 0 | (180) | (247) | |
Mineral properties [Member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Deferred tax liabilities | (2,241,430) | (2,597) | (2,221) | |
Loss carry-forwards [Member] | ||||
Disclosure of Income Taxes [Line Items] | ||||
Deferred tax assets | $ 2,241,430 | $ 3,166 | $ 3,129 |
INCOME TAXES - Disclosure of te
INCOME TAXES - Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - USD ($) $ in Thousands | Aug. 31, 2022 | Aug. 31, 2021 | Aug. 31, 2020 |
Disclosure of Income Taxes [Line Items] | |||
Tax Losses | $ 263,215 | $ 194,577 | $ 237,452 |
Temporary Differences | 12,188 | 13,070 | 16,511 |
Operating loss carry-forwards - Canada [Member] | |||
Disclosure of Income Taxes [Line Items] | |||
Tax Losses | 159,298 | 158,619 | 137,037 |
Operating loss carry-forwards - South Africa [Member] | |||
Disclosure of Income Taxes [Line Items] | |||
Tax Losses | 103,917 | 35,958 | 100,415 |
Net capital loss carry-forwards [Member] | |||
Disclosure of Income Taxes [Line Items] | |||
Tax Losses | 0 | 0 | 0 |
Mineral properties [Member] | |||
Disclosure of Income Taxes [Line Items] | |||
Temporary Differences | 7,632 | 7,931 | 7,672 |
Financing Costs [Member] | |||
Disclosure of Income Taxes [Line Items] | |||
Temporary Differences | 2,993 | 3,611 | 7,539 |
Property, plant and equipment [Member] | |||
Disclosure of Income Taxes [Line Items] | |||
Temporary Differences | 697 | 728 | 697 |
Other [Member] | |||
Disclosure of Income Taxes [Line Items] | |||
Temporary Differences | $ 866 | $ 800 | $ 603 |