Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2019shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Entity Registrant Name | QUATERRA RESOURCES INC |
Entity Central Index Key | 0001339688 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 217,215,610 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Well Known Seasoned Issuer | No |
Consolidated Statements of Fina
Consolidated Statements of Financial Position $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Current assets: | ||
Cash and cash equivalents | $ 1,812 | $ 47 |
Other receivables | 3 | 2 |
Marketable securities | 165 | 156 |
Prepaid and deposit | 4 | 4 |
Total current assets | 1,984 | 209 |
Non-current assets: | ||
Mineral properties | 28,679 | 32,533 |
Reclamation bonds | 34 | 62 |
Total noncurrent assets | 28,713 | 32,595 |
Total Assets | 30,697 | 32,804 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 112 | 365 |
Loan payable | 305 | |
Related party loan payable | 210 | |
Convertible notes | 402 | |
Derivative liabilities | 150 | |
Total current liabilities | 664 | 880 |
Non-current liability | ||
Convertible notes | 721 | |
Derivative liabilities | 26 | 572 |
Total non-current liabilities | 26 | 1,293 |
Total Liabilities | 690 | 2,173 |
Shareholders' Equity | ||
Share capital | 101,424 | 100,729 |
Contributed surplus | 19,212 | 18,820 |
Deficit | (90,629) | (88,918) |
Shareholders' Equity | 30,007 | 30,631 |
Total Liabilities and Shareholders' Equity | $ 30,697 | $ 32,804 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
General administrative expenses | |||
Consulting | $ 39 | $ 49 | $ 48 |
General office | 53 | 74 | 79 |
Insurance | 63 | 46 | 56 |
Investor relations and corporate development | 217 | 75 | 104 |
Professional fees | 89 | 113 | 120 |
Rent | 123 | 114 | 152 |
Salaries and benefits | 823 | 838 | 645 |
Transfer agent and regulatory | 66 | 38 | 70 |
Travel | 29 | 50 | 91 |
Total general administrative expenses | (1,502) | (1,397) | (1,365) |
Fair value gain on derivative liabilities | 105 | 358 | 351 |
Foreign exchange (loss) gain | (43) | 11 | (33) |
Gain on disposal of assets | 186 | ||
Unrealized gain (loss) on marketable securities | 9 | (130) | (31) |
Loss on settlement of convertible notes | (13) | (100) | |
Interest expense and other | (150) | (170) | (112) |
Share-based compensation | (117) | (91) | (169) |
Total other gains (losses) | (209) | (22) | 92 |
Loss and comprehensive loss for the year | $ (1,711) | $ (1,419) | $ (1,273) |
Loss per share - basic and diluted (in dollars per share) | $ (0.01) | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding (in shares) | 208,688,604 | 200,969,314 | 199,450,814 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Operating activities | |||
Net loss for the year | $ (1,711) | $ (1,419) | $ (1,273) |
Items not involving cash: | |||
Fair value gain on derivative liabilities | (105) | (358) | (351) |
Interest and convertible accretion | 260 | 141 | 79 |
Gain on disposal of assets | (186) | ||
Loss on settlement of convertible notes | 13 | 100 | |
Unrealized (gain) loss on marketable securities | (9) | 130 | 31 |
Share-based compensation | 117 | 91 | 169 |
Cash flows from (used in) operations before changes in working capital | (1,435) | (1,415) | (1,431) |
Changes in non-cash working capital | |||
Other receivable | (1) | 1 | |
Prepaid and other | 24 | 19 | |
Accounts payable and accrued liabilities | (185) | 202 | (31) |
Cash used in operating activities | (1,621) | (1,188) | (1,443) |
Financing activities | |||
Shares issued for cash | 132 | ||
Convertible notes proceeds | 973 | ||
Loan repayment | (311) | (295) | |
Related party loan payable | (218) | 210 | |
Cash provided by financing activities | (397) | 888 | |
Investing activities | |||
Expenditures on mineral properties | (1,899) | (1,518) | (6,122) |
Proceeds from option agreement | 2,393 | ||
Net proceeds from water rights sale | 5,685 | 313 | |
Reclamation bonds | 28 | 2 | (10) |
Cash provided by in investing activities | 3,814 | (1,203) | (3,739) |
Effect of foreign exchange on cash | (31) | (25) | 92 |
Increase (decrease) in cash and cash equivalents | 1,765 | (1,528) | (5,090) |
Cash and cash equivalents, beginning of year | 47 | 1,575 | 6,665 |
Cash and cash equivalents, end of year | 1,812 | 47 | 1,575 |
Supplemental cash flow information | |||
Exploration expenditures included in accounts payable | 27 | 95 | 63 |
Interest paid in cash | 46 | $ 45 | 53 |
Shares issued for interest | $ 45 | $ 80 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Share capital [Member] | Contributed surplus[Member] | Deficit [Member] | Total |
Beginning Balance (shares) at Dec. 31, 2016 | 193,479,416 | |||
Beginning Balance at Dec. 31, 2016 | $ 100,051 | $ 18,560 | $ (86,226) | $ 32,385 |
Shares issued to settle convertible notes (Shares) | 7,489,898 | |||
Shares issued to settle convertible notes | $ 678 | 678 | ||
Share-based compensation | 169 | 169 | ||
Net loss for the year | (1,273) | (1,273) | ||
Ending Balance (shares) at Dec. 31, 2017 | 200,969,314 | |||
Ending Balance at Dec. 31, 2017 | $ 100,729 | 18,729 | (87,499) | 31,959 |
Share-based compensation | 91 | 91 | ||
Net loss for the year | (1,419) | (1,419) | ||
Ending Balance (shares) at Dec. 31, 2018 | 200,969,314 | |||
Ending Balance at Dec. 31, 2018 | $ 100,729 | 18,820 | (88,918) | 30,631 |
Shares issued for cash (shares) | 3,000,000 | |||
Shares issued for cash | $ 113 | 113 | ||
Shares issued to settle convertible notes (Shares) | 12,846,296 | |||
Shares issued to settle convertible notes | $ 547 | 291 | 838 | |
Shares issued for stock options exercised (shares) | 400,000 | |||
Shares issued for stock options exercised | $ 35 | (16) | 19 | |
Share-based compensation | 117 | 117 | ||
Net loss for the year | (1,711) | (1,711) | ||
Ending Balance (shares) at Dec. 31, 2019 | 217,215,610 | |||
Ending Balance at Dec. 31, 2019 | $ 101,424 | $ 19,212 | $ (90,629) | $ 30,007 |
NATURE OF OPERATIONS AND LIQUID
NATURE OF OPERATIONS AND LIQUIDITY RISK | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Nature Of Operations And Liquidity Risk [Abstract] | |
NATURE OF OPERATIONS AND LIQUIDITY RISK [Text Block] | 1. NATURE OF OPERATIONS AND LIQUIDITY RISK Quaterra Resources Inc. (together with its subsidiaries, “ Quaterra Company TSXV The Company acquires its mineral properties by way of option or lease agreements and defers all acquisition, exploration and evaluation costs related to the properties. The underlying value of the amounts recorded as mineral properties does not reflect current or future values. The Company’s continued existence is dependent upon the economic recoverability of mineral reserves and its ability to acquire new properties and obtain funding to complete exploration activities. These consolidated financial statements are prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of December 31, 2019, the Company had working capital of $1,320,000, and along with the proceeds from its ongoing water rights sale (note 4(b)), the Company believes that it has sufficient funds to sustain its operations for at least the next 12 months. However, as the impact of the COVID-19 outbreak (note 16) is yet to be fully determined it may have a material impact on the Company’s financial position, results of operations and cash flows in future periods. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
SIGNIFICANT ACCOUNTING POLICIES [Text Block] | 2. SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared following International Financial Reporting Standards (“ IFRS a) Basis of presentation and consolidation These consolidated financial statements have been prepared on a historical cost basis, except for marketable securities and derivative financial liabilities, which are stated at their fair values. The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and can affect those returns through its power over that entity. All material intercompany transactions, balances and expenses are eliminated on consolidation. These consolidated financial statements incorporate the financial statements of Quaterra and its wholly-owned subsidiaries: Quaterra Alaska Inc., Singatse Peak Services, LLC (“ SPS b) Accounting estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies, reported amounts and disclosures. Actual results could differ from those estimates. Judgment is required in assessing whether certain factors would be considered an indicator of impairment. Both internal and external information is considered to determine whether there is an indicator of impairment present and, accordingly, whether impairment testing is required. The critical judgments that have been made that may have a significant impact on the Company’s consolidated financial statements are related to the economic recoverability of its mineral properties, the determination of functional currency, and the assumption that the Company will continue as a going concern. c) Translation of foreign currencies The Company’s presentation currency is the U.S. dollar (“ $ USD In preparing the financial statements, transactions in currencies other than an entity’s functional currency (“ foreign currencies d) Mineral properties Direct costs related to the acquisition and exploration of mineral properties held or controlled by the Company are capitalized on an individual property basis until the property transitions to the development stage, is sold, abandoned, or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. The Company classifies its mineral properties as exploration and evaluation assets until the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. At this point, the carrying value of the mineral properties is tested for impairment and subsequently transferred to property and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as the extent of established mineral reserves, the results of feasibility and technical evaluations, and the status of mineral leases or permits. Proceeds from the sale of properties, property water rights or cash proceeds received from farm-out option agreements are recorded as a reduction of the related mineral property, with any excess proceeds accounted for in net income (loss). Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. e) Impairment The Company’s assets are reviewed for the indication of impairment at each reporting date in accordance with IFRS 6 – Exploration for and evaluation of mineral resources. If any such indication exists, an estimate of the recoverable amount of the asset is undertaken, being the higher of an asset’s fair value less costs of disposal and its value in use. If the asset’s carrying amount exceeds its recoverable amount, an impairment loss is recognized in the statement of loss. Mineral properties are assessed for impairment if (i) the right to explore the area has expired or will expire in the near future with no expectation of renewal; (ii) Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted; (iii) No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and (iv) Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered. An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that this does not exceed the original carrying amount that if no impairment loss had been recognized. f) Share-based compensation The fair value of stock options granted to directors, officers, employees and consultants is calculated using the Black Scholes option pricing model and is expensed over the vesting periods. If and when the stock options are exercised, the value attributable to the stock options is transferred to share capital. g) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, bank deposits and highly liquid investments with an original maturity of 90 days or less. h) Financial instruments Financial instruments are recognized in the statement of financial position when the Company becomes a party to a contractual obligation. At initial recognition, the Company classifies and measures its financial instruments as one of the following: • at amortized cost, if they are held to collect contractual cash flows which solely represent payments of principal and interest; • at fair value, through other comprehensive income (“ FVOCI • otherwise, they are classified at fair value through profit or loss (“ FVPL Financial assets are classified and measured at fair value with subsequent changes in fair value recognized in either profit and loss as they arise unless restrictive criteria are met for classifying and measuring the asset at either amortized cost or FVOCI. Financial liabilities are measured at amortized costs unless they are elected to be or required to be measured at fair value through profit and loss. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred, and the Company has transferred all risks and rewards of ownership. Financial liabilities are derecognized when the obligations specified in the contract are discharged, cancelled, or expire. At each reporting date, the Company uses the expected credit losses model to assess the impairment of its financial assets measured at amortized cost. The model represents possible outcomes and focuses on the risk of default rather than an actual occurrence. If there has been a significant increase in credit risk, an allowance would be recognized in the statement of loss. The Company’s accounts payable approximate fair value due to their short-term nature. The marketable securities are a Level 1 fair value measurement; the derivative warrants are a Level 2 fair value measurement. The convertible note is classified as a liability at amortized cost with the conversion feature classified as a derivative liability. The debt liability was initially recorded at fair value and is subsequently measured at amortized cost using the effective interest rate method and will be accreted to the face value over the term of the convertible debenture. i) Provisions Provisions are recognized when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and the amount of the obligation can be reliably estimated. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. The Company had no material provisions on December 31, 2019, and 2018. j) Earnings (loss) per share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the year. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings per share is calculated presuming the exercise of in the money outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the year. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. k) Income tax Income tax comprises current and deferred tax. Income tax is recognized in net loss, except to the extent it is related to items recognized directly in equity or other comprehensive loss. Deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that their recovery is probable. New Accounting Policy and Future Accounting Changes The Company adopted the provisions of IFRS 16 Leases effective January 1, 2019. IFRS 16, Leases, The Company has month-to-month rentals for its Vancouver and Yerington office premises, and the adoption of IFRS 16 does not have any significant impact on its consolidated financial statements. The Company has considered new standards or amendments to standards effective for annual periods beginning on or after January 1, 2020, including IFRS 3, Business Combinations, IAS 1, Presentation of Financial Statements, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and assessed that they would have no material impact on adoption. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Marketable Securities [Abstract] | |
MARKETABLE SECURITIES [Text Block] | 3. MARKETABLE SECURITIES The Company held 1,942,795 common shares of Grande Portage Resources Ltd. as a result of the sale of the Company’s 35% interest in the Herbert Gold project on July 29, 2016. During 2019, a $9,000 gain (2018 - $130,000 loss) was recognized in the profit and loss with a fair value of $165,000 as of December 31, 2019 (2018 - $156,000). |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
MINERAL PROPERTIES [Text Block] | 4. MINERAL PROPERTIES The Company owns a 100% interest in the MacArthur and Yerington properties and has an option to earn a 100% interest in the Bear, Wassuk, and Butte Valley properties in Nevada, as well as a 90% interest in the Groundhog property in Alaska. Total mineral property maintenance and exploration costs are listed in the table below: (In thousands of U.S. Dollars) MacArthur Yerington Bear Wassuk Groundhog Butte Valley Total Balance, December 31, 2016 $ 17,537 $ 9,400 $ - $ 660 $ - $ - $ 27,597 Add tions : Property maintenance 151 160 895 252 126 - 1,584 Geological & mapping 47 639 - 6 412 - 1,104 Geophysical & survey 34 240 95 1 525 - 895 Assay & labs 42 104 - 85 - - 231 Drilling 300 1,393 4 - 200 - 1,897 Other - 131 1 - 248 - 380 574 2,667 995 344 1,511 - 6,091 Option payments (223) (1,495) (675) - - - (2,393) Balance, December 31, 2017 17,888 10,572 320 1,004 1,511 - 31,295 Property maintenance 150 52 692 101 40 - 1,035 Geological & mapping 66 45 - 10 - 121 Geophysical & survey 113 13 - 12 - 138 Environmental 196 - 6 - 202 Other 1 13 - 41 - 55 Technical consultant - - - - - 330 319 692 101 109 - 1,551 Proceeds from water rights sale - (313) - - - - (313) Balance, December 31, 2018 18,218 10,578 1,012 1,105 1,620 - 32,533 Property maintenance 159 90 238 110 64 168 829 Geological & mapping 17 - 17 - 65 - 99 Geophysical & survey - - - - 368 18 386 Assay & labs - - - - 5 - 5 Environmental - 189 - - - - 189 Field support & overhead - 15 - - 178 - 193 Technical study 110 - - - 20 - 130 286 294 255 110 700 186 1,831 Proceeds from water rights sale - (5,685) - - - (5,685) Balance, December 31, 2019 18,504 5,187 1,267 1,215 2,320 186 28,679 On June 12, 2014, the Company entered a Membership Interest Option Agreement (the “ Option Agreement Freeport Nevada Since September 2017, salaries and benefits related to technical employees have been expensed in the statement of profit and loss instead of capitalized in mineral properties when Freeport Nevada was funding SPS, resulting in a higher salary expense for both 2019 and 2018 years. a) MacArthur, Nevada The Company earned its 100% interest in the MacArthur property by having paid $2,200,000 over ten years. The property is subject to a 2% net smelter return royalty (“ NSR b) Yerington, Nevada The Company acquired a 100% interest in the Yerington property from the Arimetco bankruptcy proceeding in April 2011 for $500,000 cash and 250,000 common shares. The property has a 2% NSR royalty capped at $7,500,000 payable following commencement of commercial production. On September 17, 2018, the Company announced a purchase and sale agreement to sell certain primary groundwater rights associated with its Yerington property to Desert Pearl Farms LLC (“ Desert Pearl On December 19, 2019, the Company announced two separate purchase and sale agreements to sell certain primary ground water rights to Desert Pearl and Desert Hills Dairy, LLC for $1,880,000, subject to relevant governmental approval. c) Bear, Nevada The Company has five option agreements, entered from March 2013 to May 2015, to acquire a 100% interest in private land in Yerington, Nevada, known as the Bear deposit. Under the terms of these option agreements, as amended, the Company is required to make approximately $5,423,290 in cash payments ($4,643,290 paid) to maintain the exclusive right to purchase the land, mineral rights and certain water rights and to conduct mineral exploration on these properties. Aggregate payments to maintaining the five option agreements by year are as follows: • • • • • • • d) Wassuk, Nevada The Company has an option, as amended, to earn a 100% interest in certain unpatented mining claims in Lyon County, Nevada, over ten years and is required to make $1,515,000 in cash payments ($955,000 paid) and incur a work commitment of $300,000 ($92,112 incurred) by August 1, 2021. The remaining option balance is due on each anniversary August 1, 2020, and 2021 in the amounts of $60,000 and $500,000, respectively. The property is subject to a 3% NSR royalty upon commencing commercial production, which can be reduced to a 2% NSR royalty in consideration for $1,500,000. e) Groundhog, Alaska On April 25, 2017, the Company announced it signed a five-year lease agreement, amended to six years, with Chuchuna Minerals Company (“ Chuchuna The Company is required to fund a minimum of $500,000 each year with excessive funding in any one year carried forward to the following year. The Company has met the annual work commitments and can terminate the agreement at its discretion. f) Butte Valley, Nevada On August 22, 2019, the Company entered into an option agreement with North Exploration, LLC, to earn a 100% interest in 600 unpatented mining claims in White Pine County, Nevada, for $600,000 over five years. North Exploration will retain a 2.5% NSR, of which 1% can be purchased for $1,000,000. A further 0.5% NSR can be purchased within the first ten years for $5,000,000. On December 3, 2019, the Company entered another option agreement with Nevada Select Royalty, Inc., to purchase a 100% interest in 78 unpatented claims associated with the Butte Valley project, for $250,000 over five years. Nevada Select Royalty will retain a 2% NSR, of which 1% can be purchased by Quaterra for $10,000,000. Aggregate payments to maintaining the two option agreements by year are as follows: • • • • • |
LOAN PAYABLE
LOAN PAYABLE | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about borrowings [abstract] | |
LOAN PAYABLE [Text Block] | 5. LOAN PAYABLE On May 8, 2015, the Company entered into a $500,000 secured note (the “ Loan The Loan bore an annual interest rate of 5%, compound daily, and was due 180 days following the termination notice of the Option Agreement. The loan was extended and partially repaid in 2018, and as of September 6, 2018, the remaining amount of $295,467 was agreed to mature on March 6, 2019, with an annual interest rate of 10%, compound daily. The Company recorded $5,559 in interest expense during the year ended December 31, 2019, and fully repaid $310,700 of principal and interest to Freeport Nevada on March 6, 2019. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 12 Months Ended |
Dec. 31, 2019 | |
Convertible Notes [Abstract] | |
CONVERTIBLE NOTES [Text Block] | 6. CONVERTIBLE NOTES On August 28, 2018, and September 20, 2018, the Company completed non-brokered private placements in tranches by way of convertible debentures for gross proceeds of $550,000 and Canadian dollars (“ CAD The principal amount is convertible into units of the Company at $0.05 or CAD 0.065 per unit in the first 12 months, and $0.075 or CAD 0.10 thereafter until the maturity date, subject to acceleration provisions. Each unit is to consist of one common share and one warrant of the Company. Each warrant is to entitle the holder to purchase one common share of the Company at $0.05 or CAD 0.065 per share, expiring August 28, 2022 and September 20, 2022. The convertible notes are secured against the assets of the Company. The Company evaluated the convertible debentures and determined the conversion feature is a derivative liability based on the fact the conversion into units could result in a variable number of shares to be issued. The derivative liability is fair valued at each reporting period. The debt component was measured at fair valued at the time of issue and then accounted for at amortized cost and accreted to the face value over the life of the convertible notes. As such, the net proceeds were initially allocated as $618,572 to the debt component and $342,535 to the derivative liability. In August 2019, the USD convertible notes of $550,000 and a portion of the CAD convertible notes in the amount of CAD 50,000 were converted into units at $0.05 and CAD 0.065, comprising 11,769,230 shares and 11,769,230 warrants. Of the interest then due, $44,507 was paid by issuing 1,077,066 common shares and $13,012 interest was paid in cash. The share capital for the conversion was valued as $547,409, including interest, using the closing stock price of the Company on conversion dates, with the residual amount of $291,000 allocated to the warrants and recognized in contributed surplus. The remaining principal balance of CAD 500,000 is convertible into units at CAD 0.1 per unit, amended to expire on August 28, 2020. In the event that the Company’s water rights sale (note 4(b)) has not completed by August 28, 2020, the maturity date will be further extended to February 21, 2021. There are no other changes to the term of the convertible notes. Interest and accretion expense on the convertible notes for the year ended December 31, 2019 was $203,000 (2018 - $102,000). At inception, the fair value of the convertible note was calculated using the Black-Scholes model with the following assumptions: volatility 99%, expected term 1.5 years, discount rate 1.46%, and dividend yield 0%. (In thousands of U.S. Dollars) Convertible debenture Cash received $ 973 Transaction costs (11 ) Derivative liability (343 ) Fair value of convertible debt component at date of issue 619 Interest expense and accretion 102 Balance, December 31, 2018 721 Settlement of convertible notes (522 ) Interest payments (57 ) Interest expense and accretion 260 Balance, December 31, 2019 $ 402 |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Derivative Liabilities [Abstract] | |
DERIVATIVE LIABILITIES [Text Block] | 7. DERIVATIVE LIABILITIES The Company has certain warrants that are either exercisable in a different currency from the Company’s functional currency, or the number of shares to be issued upon exercise are subject to change. They are classified as derivative liabilities and carried at fair value and revalued at each reporting date. The conversion of the remaining convertible notes into units could result in a variable number of shares to be issued; the Company also has certain warrants exercisable in a different currency from the Company’s functional currency. The conversion feature and the warrants are classified as derivative liabilities carried at fair value and revalued at each reporting date. As of December 31, 2019, the derivative liabilities were revalued using the Black Scholes model at weighted average assumptions: volatility 105%, expected term 2.75 years, discount rate 1.69% and a dividend yield of 0%: Derivative (In thousands of U.S. Dollars) liabilities Balance, December 31, 2017 $ 587 Derivative related to convertible notes 343 Change in fair value estimates (358 ) Balance, December 31, 2018 572 Change in fair value estimates (105 ) Fair value of warrants issued on conversion (291 ) Balance, December 31, 2019 $ 176 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL [Text Block] | 8. SHARE CAPITAL The Company is authorized to issue an unlimited number of common shares without par value. In August 2019, the Company issued 12,846,296 common shares on conversion of certain of the convertible notes (note 6) as settlement of both principal and a portion of the interest accrued. On January 21, 2019, the Company closed a non-brokered private placement by issuing 3,000,000 common shares at CAD 0.05 per share for gross proceeds of CAD 150,000. |
SHARE-BASED COMPENSATION
SHARE-BASED COMPENSATION | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements [Abstract] | |
SHARE-BASED COMPENSATION [Text Block] | 9. SHARE-BASED COMPENSATION a) Stock options The Company has a stock option plan under which the Company is authorized to grant stock options of up to 10% of the number of common shares issued and outstanding of the Company at any given time. The following table presents changes in stock options outstanding and exercisable: December 31, 2019 December 31, 2018 Number of Weighted Average Number of Weighted Average Options Exercise Price Options Exercise Price (CAD) (CAD) Outstanding, beginning of year 14,860,000 0.09 16,050,000 0.16 Granted 3,450,000 0.065 2,570,000 0.060 Expired (3,815,000 ) (0.10 ) (3,760,000 ) 0.16 Exercised (400,000 ) (0.06 ) - - Outstanding, end of year 14,095,000 0.08 14,860,000 0.09 Exercisable, end of year 13,695,000 0.08 14,860,000 0.09 The following table summarizes stock options outstanding by expiry dates with an exercise price at the date of recording in Canadian dollars: Exercise Price Number of Options Outstanding Expiry Date (CAD$) December 31, 2019 December 31, 2018 June 25, 2019 0.10 - 2,815,000 December 31, 2019 0.05 - 1,000,000 March 26, 2020 0.05 200,000 200,000 July 16, 2020 0.13 2,380,000 2,380,000 April 14, 2021 0.065 2,795,000 2,995,000 June 23, 2022 0.095 2,900,000 2,900,000 September 20, 2023 0.06 2,370,000 2,570,000 June 21, 2024 0.065 2,950,000 - August 8, 2024 0.06 500,000 - 14,095,000 14,860,000 400,000 stock options exercised at CAD 0.05 per share on December 31, 2019, shares were issued on January 3, 2020 due to holiday season. The Company used the following assumptions in the Black-Scholes option pricing model: Year ended December 31, 2019 2018 2017 Weighted average share price CAD 0.65 CAD 0.05 CAD 0.06 Risk-free interest rate 1.40% 1.32% 0.60% Expected share price volatility 103% 103% 85% Expected option life in years 5.0 5.0 5.0 Forfeiture rate 0% 0% 0% Expected dividend yield 0% 0% 0% Share-based payment expenses were allocated as follows: Year ended December 31, (In thousands of U.S. Dollars) 2019 2018 2017 Consultants $ 38 $ 22 $ 55 Directors and officers 60 53 88 Employees 19 16 26 $ 117 $ 91 $ 169 b) Share purchase warrants The following table summarizes warrants outstanding as of December 31, 2019 and 2018: Expiry date Exercise price December 31, 2019 December 31, 2018 October 3, 2019 $ 0.16 - 19,000,000 August 28, 2022 $ 0.05 11,000,000 - September 20, 2022 CAD 0.065 769,230 - 11,769,230 19,000,000 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 10. RELATED PARTY TRANSACTIONS a) The Company’s related parties include its directors and officers who are the key management of the Company. The remuneration of directors and officers was as follows, subject to change of control provisions for officers: Year ended December 31, (In thousands of U.S. Dollars) 2019 2018 2017 Salaries $ 410 $ 432 $ 431 Directors' fees 36 36 36 Share-based payments 60 53 88 $ 506 $ 521 $ 555 b) Manex Resource Group (“ Manex As of December 31, 2019, $nil (2018 – $31,962) was due to Manex and included in the accounts payable and accrued liabilities. c) On June 13, 2018, and July 11, 2018, Mr. Thomas Patton, Executive Chairman of the Company, advanced loans of CAD 300,000 and CAD 100,000 to the Company for working capital purposes. These loans were unsecured, bore an interest rate of 10% per annum and were due six months from the date of each advance. The Company repaid $100,000 (CAD 130,000) to Mr. Patton in August 2018 and repaid the remaining principal and accrued interest totaling CAD 292,134 in March 2019. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Segmented Information [Abstract] | |
SEGMENTED INFORMATION [Text Block] | 11. SEGMENTED INFORMATION The Company has one business segment, the exploration of mineral properties. As of December 31, 2019, and 2018, all the Company’s significant non-current assets are located in the United States. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Commitments [Abstract] | |
COMMITMENTS [Text Block] | 12. COMMITMENTS To acquire certain mineral property interests associated with the Bear deposit as per Note 4, the Company must make optional acquisition expenditures to satisfy the terms of existing option agreements, failing which the rights to such mineral properties will revert to the property vendors. |
DEFERRED INCOME TAXES
DEFERRED INCOME TAXES | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
DEFERRED INCOME TAXES [Text Block] | 13. DEFERRED INCOME TAXES A reconciliation of income tax provision computed at Canadian statutory rates to the reported income tax provision is provided as follows: 2019 2018 2017 The loss for the year $ (1,711 ) $ (1,419 ) $ (1,273 ) Canadian statutory tax rate 27% 27% 26% Income tax benefit computed at statutory rates (462 ) (383 ) (331 ) Foreign tax rates different from statutory rates 31 14 (32 ) Other 2 89 - The rate difference between current and deferred taxes - - 4,317 Foreign exchange gains or losses 55 225 (425 ) Permanent differences 5 (43 ) (33 ) Change in unused tax losses and tax offsets 369 98 (3,496 ) $ - $ - $ - The Company recognizes tax benefits on losses or other deductible amounts generated in countries where it is probable the deferred tax assets will be recovered. The Company’s unrecognized deductible temporary differences and unused tax losses for which no deferred tax asset is recognized consist of the following amounts: 2019 2018 2017 Non-capital losses $ 9,796 $ 9,405 $ 9,255 Capital loss 2,257 2,273 2,337 Tax value over book value of mineral properties 3,331 3,335 3,352 Tax value over book value of equipment 12 12 12 Tax value over book value of investments and share issue costs 41 43 16 Unrecognized deductible temporary differences $ 15,437 $ 15,068 $ 14,972 The Company’s unused non-capital losses expire as follows: Canada United States 2020 - 2026 $ 538 $ 713 2027 - 2037 19,546 20,302 Total $ 20,084 $ 21,015 The Company’s unused capital losses of $16.7 million are available to carry forward indefinitely. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Capital Management [Abstract] | |
CAPITAL MANAGEMENT [Text Block] | 14. CAPITAL MANAGEMENT The Company considers its capital to be equity, comprising share capital, reserves and deficit. The Company’s objectives are to ensure sufficient financial flexibility to achieve its ongoing business objectives, including the funding of future growth opportunities, the pursuit of accretive acquisitions, and to maximize shareholder return through enhancing the share value. The Company manages capital through its budgeting and forecasting processes. The Company reviews its working capital and forecasts its future cash flows based on operating expenditures, and other investing and financing activities. To maintain its objectives, the Company may issue new shares, adjust capital spending, acquire or dispose of assets. There is no assurance that these initiatives will be successful. There was no change in the Company’s approach to capital management during the year ended December 31, 2019. The Company is not subject to any externally imposed capital requirements. |
FINANCIAL INSTRUMENT RISK
FINANCIAL INSTRUMENT RISK | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Financial Instrument Risk [Abstract] | |
FINANCIAL INSTRUMENT RISK [Text Block] | 15. FINANCIAL INSTRUMENT RISKS The board of directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company examines the various financial instrument risks to which it is exposed and assesses the impact and likelihood of those risks. Financial instruments consist of cash and cash equivalents, marketable securities, accounts payable and accrued liabilities, convertible notes payable and derivative liabilities. a) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk by forecasting cash flows. Cash is invested in highly liquid investments that are available to discharge obligations when they come due. b) Currency risk Foreign exchange risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company operates in the United States and Canada; it is therefore exposed to currency risk arising from transactions denominated in CAD. Currently, the Company does not have any foreign exchange hedge programs in place and manages its operational CAD requirements through spot purchases in the foreign exchange markets. Based on the magnitude of CAD financial assets and liabilities, the Company does not have material sensitivity to CAD to USD exchange rates. c) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company is exposed to the interest rate risk on its liabilities through its outstanding borrowings and the interest earned on cash balances. The Company monitors its exposure to interest rates and maintains an investment policy that focuses primarily on the preservation of capital and liquidity. b) Credit risk Credit risk is the risk of a financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company is exposed to credit risk through its cash and cash equivalents. Cash and cash equivalents are held in large Canadian financial institutions that have high credit ratings assigned by international credit rating agencies. c) Market risk The Company is exposed to market risk because of the fluctuating values of its publicly traded marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Marketable securities are adjusted to fair value at each reporting date. |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS [Text Block] | 16. SUBSEQUENT EVENT In March 2020, the World Health Organization declared a global pandemic related to the virus known as COVID-19. The expected impacts on global commerce are anticipated to be far reaching. To date there have been significant stock market declines and the movement of people and goods has become restricted. As the Company does not have production activities, the ability to fund ongoing exploration is affected by the availability of financing. Due to market uncertainty the Company may be restricted in its ability to raise additional funding. The impact of these factors on the Company is not yet determinable; however, they may have a material impact on the Company’s financial position, results of operations and cash flows in future periods. In particular, there may be heightened risk of mineral property impairment or going concern uncertainty. As required by IFRS, these subsequent conditions have not been reflected in the measurement of our mineral properties as at December 31, 2019. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Basis of presentation and consolidation [Policy Text Block] | a) Basis of presentation and consolidation These consolidated financial statements have been prepared on a historical cost basis, except for marketable securities and derivative financial liabilities, which are stated at their fair values. The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and can affect those returns through its power over that entity. All material intercompany transactions, balances and expenses are eliminated on consolidation. These consolidated financial statements incorporate the financial statements of Quaterra and its wholly-owned subsidiaries: Quaterra Alaska Inc., Singatse Peak Services, LLC (“ SPS |
Accounting estimates and judgments [Policy Text Block] | b) Accounting estimates and judgments The preparation of the financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of policies, reported amounts and disclosures. Actual results could differ from those estimates. Judgment is required in assessing whether certain factors would be considered an indicator of impairment. Both internal and external information is considered to determine whether there is an indicator of impairment present and, accordingly, whether impairment testing is required. The critical judgments that have been made that may have a significant impact on the Company’s consolidated financial statements are related to the economic recoverability of its mineral properties, the determination of functional currency, and the assumption that the Company will continue as a going concern. |
Translation of foreign currencies [Policy Text Block] | c) Translation of foreign currencies The Company’s presentation currency is the U.S. dollar (“ $ USD In preparing the financial statements, transactions in currencies other than an entity’s functional currency (“ foreign currencies |
Mineral properties [Policy Text Block] | d) Mineral properties Direct costs related to the acquisition and exploration of mineral properties held or controlled by the Company are capitalized on an individual property basis until the property transitions to the development stage, is sold, abandoned, or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. The Company classifies its mineral properties as exploration and evaluation assets until the technical feasibility and commercial viability of extracting a mineral resource are demonstrable. At this point, the carrying value of the mineral properties is tested for impairment and subsequently transferred to property and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as the extent of established mineral reserves, the results of feasibility and technical evaluations, and the status of mineral leases or permits. Proceeds from the sale of properties, property water rights or cash proceeds received from farm-out option agreements are recorded as a reduction of the related mineral property, with any excess proceeds accounted for in net income (loss). Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. |
Impairment [Policy Text Block] | e) Impairment The Company’s assets are reviewed for the indication of impairment at each reporting date in accordance with IFRS 6 – Exploration for and evaluation of mineral resources. If any such indication exists, an estimate of the recoverable amount of the asset is undertaken, being the higher of an asset’s fair value less costs of disposal and its value in use. If the asset’s carrying amount exceeds its recoverable amount, an impairment loss is recognized in the statement of loss. Mineral properties are assessed for impairment if (i) the right to explore the area has expired or will expire in the near future with no expectation of renewal; (ii) Substantive expenditure on further exploration for and evaluation of mineral resources in the area is neither planned nor budgeted; (iii) No commercially viable deposits have been discovered, and the decision had been made to discontinue exploration in the area; and (iv) Sufficient work has been performed to indicate that the carrying amount of the expenditure carried as an asset will not be fully recovered. An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that this does not exceed the original carrying amount that if no impairment loss had been recognized. |
Share-based compensation [Policy Text Block] | f) Share-based compensation The fair value of stock options granted to directors, officers, employees and consultants is calculated using the Black Scholes option pricing model and is expensed over the vesting periods. If and when the stock options are exercised, the value attributable to the stock options is transferred to share capital. |
Cash and cash equivalents [Policy Text Block] | g) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, bank deposits and highly liquid investments with an original maturity of 90 days or less. |
Financial instruments [Policy Text Block] | h) Financial instruments Financial instruments are recognized in the statement of financial position when the Company becomes a party to a contractual obligation. At initial recognition, the Company classifies and measures its financial instruments as one of the following: • at amortized cost, if they are held to collect contractual cash flows which solely represent payments of principal and interest; • at fair value, through other comprehensive income (“ FVOCI • otherwise, they are classified at fair value through profit or loss (“ FVPL Financial assets are classified and measured at fair value with subsequent changes in fair value recognized in either profit and loss as they arise unless restrictive criteria are met for classifying and measuring the asset at either amortized cost or FVOCI. Financial liabilities are measured at amortized costs unless they are elected to be or required to be measured at fair value through profit and loss. Financial assets are derecognized when the rights to receive cash flows from the assets have expired or have been transferred, and the Company has transferred all risks and rewards of ownership. Financial liabilities are derecognized when the obligations specified in the contract are discharged, cancelled, or expire. At each reporting date, the Company uses the expected credit losses model to assess the impairment of its financial assets measured at amortized cost. The model represents possible outcomes and focuses on the risk of default rather than an actual occurrence. If there has been a significant increase in credit risk, an allowance would be recognized in the statement of loss. The Company’s accounts payable approximate fair value due to their short-term nature. The marketable securities are a Level 1 fair value measurement; the derivative warrants are a Level 2 fair value measurement. The convertible note is classified as a liability at amortized cost with the conversion feature classified as a derivative liability. The debt liability was initially recorded at fair value and is subsequently measured at amortized cost using the effective interest rate method and will be accreted to the face value over the term of the convertible debenture. |
Provisions [Policy Text Block] | i) Provisions Provisions are recognized when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and the amount of the obligation can be reliably estimated. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the reporting date, taking into account the risks and uncertainties surrounding the obligation. The Company had no material provisions on December 31, 2019, and 2018. |
Earnings (loss) per share [Policy Text Block] | j) Earnings (loss) per share Basic earnings (loss) per share is calculated using the weighted average number of common shares outstanding during the year. The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on earnings per share is calculated presuming the exercise of in the money outstanding options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to repurchase common shares at the average market price during the year. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive. |
Income tax [Policy Text Block] | k) Income tax Income tax comprises current and deferred tax. Income tax is recognized in net loss, except to the extent it is related to items recognized directly in equity or other comprehensive loss. Deferred tax is recognized in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the consolidated financial statements. Deferred tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted by the reporting date and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that their recovery is probable. |
New Accounting Policy and Future Accounting Changes [Policy Text Block] | New Accounting Policy and Future Accounting Changes The Company adopted the provisions of IFRS 16 Leases effective January 1, 2019. IFRS 16, Leases, The Company has month-to-month rentals for its Vancouver and Yerington office premises, and the adoption of IFRS 16 does not have any significant impact on its consolidated financial statements. The Company has considered new standards or amendments to standards effective for annual periods beginning on or after January 1, 2020, including IFRS 3, Business Combinations, IAS 1, Presentation of Financial Statements, and IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors, and assessed that they would have no material impact on adoption. |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about mineral property maintenance and exploration costs [Table Text Block] | (In thousands of U.S. Dollars) MacArthur Yerington Bear Wassuk Groundhog Butte Valley Total Balance, December 31, 2016 $ 17,537 $ 9,400 $ - $ 660 $ - $ - $ 27,597 Add tions : Property maintenance 151 160 895 252 126 - 1,584 Geological & mapping 47 639 - 6 412 - 1,104 Geophysical & survey 34 240 95 1 525 - 895 Assay & labs 42 104 - 85 - - 231 Drilling 300 1,393 4 - 200 - 1,897 Other - 131 1 - 248 - 380 574 2,667 995 344 1,511 - 6,091 Option payments (223) (1,495) (675) - - - (2,393) Balance, December 31, 2017 17,888 10,572 320 1,004 1,511 - 31,295 Property maintenance 150 52 692 101 40 - 1,035 Geological & mapping 66 45 - 10 - 121 Geophysical & survey 113 13 - 12 - 138 Environmental 196 - 6 - 202 Other 1 13 - 41 - 55 Technical consultant - - - - - 330 319 692 101 109 - 1,551 Proceeds from water rights sale - (313) - - - - (313) Balance, December 31, 2018 18,218 10,578 1,012 1,105 1,620 - 32,533 Property maintenance 159 90 238 110 64 168 829 Geological & mapping 17 - 17 - 65 - 99 Geophysical & survey - - - - 368 18 386 Assay & labs - - - - 5 - 5 Environmental - 189 - - - - 189 Field support & overhead - 15 - - 178 - 193 Technical study 110 - - - 20 - 130 286 294 255 110 700 186 1,831 Proceeds from water rights sale - (5,685) - - - (5,685) Balance, December 31, 2019 18,504 5,187 1,267 1,215 2,320 186 28,679 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Convertible Notes [Abstract] | |
Disclosure of detailed information about convertible notes [Table Text Block] | (In thousands of U.S. Dollars) Convertible debenture Cash received $ 973 Transaction costs (11 ) Derivative liability (343 ) Fair value of convertible debt component at date of issue 619 Interest expense and accretion 102 Balance, December 31, 2018 721 Settlement of convertible notes (522 ) Interest payments (57 ) Interest expense and accretion 260 Balance, December 31, 2019 $ 402 |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Derivative Liabilities [Abstract] | |
Disclosure of detailed information about derivative liabilities [Table Text Block] | Derivative (In thousands of U.S. Dollars) liabilities Balance, December 31, 2017 $ 587 Derivative related to convertible notes 343 Change in fair value estimates (358 ) Balance, December 31, 2018 572 Change in fair value estimates (105 ) Fair value of warrants issued on conversion (291 ) Balance, December 31, 2019 $ 176 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Share Based Compensation [Abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | December 31, 2019 December 31, 2018 Number of Weighted Average Number of Weighted Average Options Exercise Price Options Exercise Price (CAD) (CAD) Outstanding, beginning of year 14,860,000 0.09 16,050,000 0.16 Granted 3,450,000 0.065 2,570,000 0.060 Expired (3,815,000 ) (0.10 ) (3,760,000 ) 0.16 Exercised (400,000 ) (0.06 ) - - Outstanding, end of year 14,095,000 0.08 14,860,000 0.09 Exercisable, end of year 13,695,000 0.08 14,860,000 0.09 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Exercise Price Number of Options Outstanding Expiry Date (CAD$) December 31, 2019 December 31, 2018 June 25, 2019 0.10 - 2,815,000 December 31, 2019 0.05 - 1,000,000 March 26, 2020 0.05 200,000 200,000 July 16, 2020 0.13 2,380,000 2,380,000 April 14, 2021 0.065 2,795,000 2,995,000 June 23, 2022 0.095 2,900,000 2,900,000 September 20, 2023 0.06 2,370,000 2,570,000 June 21, 2024 0.065 2,950,000 - August 8, 2024 0.06 500,000 - 14,095,000 14,860,000 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | Year ended December 31, 2019 2018 2017 Weighted average share price CAD 0.65 CAD 0.05 CAD 0.06 Risk-free interest rate 1.40% 1.32% 0.60% Expected share price volatility 103% 103% 85% Expected option life in years 5.0 5.0 5.0 Forfeiture rate 0% 0% 0% Expected dividend yield 0% 0% 0% |
Additional information about share-based payment arrangements [Table Text Block] | Year ended December 31, (In thousands of U.S. Dollars) 2019 2018 2017 Consultants $ 38 $ 22 $ 55 Directors and officers 60 53 88 Employees 19 16 26 $ 117 $ 91 $ 169 |
Disclosure of detailed information about warrants outstanding [Table Text Block] | Expiry date Exercise price December 31, 2019 December 31, 2018 October 3, 2019 $ 0.16 - 19,000,000 August 28, 2022 $ 0.05 11,000,000 - September 20, 2022 CAD 0.065 769,230 - 11,769,230 19,000,000 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Related party transactions [abstract] | |
Disclosure of information about key management personnel [Table Text Block] | Year ended December 31, (In thousands of U.S. Dollars) 2019 2018 2017 Salaries $ 410 $ 432 $ 431 Directors' fees 36 36 36 Share-based payments 60 53 88 $ 506 $ 521 $ 555 |
DEFERRED INCOME TAXES (Tables)
DEFERRED INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense recovery [Table Text Block] | 2019 2018 2017 The loss for the year $ (1,711 ) $ (1,419 ) $ (1,273 ) Canadian statutory tax rate 27% 27% 26% Income tax benefit computed at statutory rates (462 ) (383 ) (331 ) Foreign tax rates different from statutory rates 31 14 (32 ) Other 2 89 - The rate difference between current and deferred taxes - - 4,317 Foreign exchange gains or losses 55 225 (425 ) Permanent differences 5 (43 ) (33 ) Change in unused tax losses and tax offsets 369 98 (3,496 ) $ - $ - $ - |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] [Table Text Block] | 2019 2018 2017 Non-capital losses $ 9,796 $ 9,405 $ 9,255 Capital loss 2,257 2,273 2,337 Tax value over book value of mineral properties 3,331 3,335 3,352 Tax value over book value of equipment 12 12 12 Tax value over book value of investments and share issue costs 41 43 16 Unrecognized deductible temporary differences $ 15,437 $ 15,068 $ 14,972 |
Disclosure of detailed information about deferred tax assets expiration [Table Text Block] | Canada United States 2020 - 2026 $ 538 $ 713 2027 - 2037 19,546 20,302 Total $ 20,084 $ 21,015 |
NATURE OF OPERATIONS AND LIQU_2
NATURE OF OPERATIONS AND LIQUIDITY RISK (Narrative) (Details) | Dec. 31, 2019USD ($) |
Disclosure Of Nature Of Operations And Liquidity Risk [Abstract] | |
Working capital | $ 1,320,000 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 29, 2016 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Marketable Securities [Line Items] | ||||
Unrealized gain (loss) on marketable securities | $ 9 | $ (130) | $ (31) | |
Marketable securities | $ 165 | $ 156 | ||
Grande Portage Resources Ltd. [Member] | ||||
Disclosure Of Marketable Securities [Line Items] | ||||
Equity instruments held, shares | 1,942,795 | |||
Herbert Gold property [Member] | ||||
Disclosure Of Marketable Securities [Line Items] | ||||
Proportion of voting rights sold in subsidiary | 35.00% |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) - USD ($) | Mar. 03, 2019 | Jun. 12, 2014 | Dec. 19, 2019 | Sep. 17, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2019 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Aug. 01, 2021 | Dec. 31, 2020 | Aug. 01, 2020 | Dec. 03, 2019 | Aug. 22, 2019 | Sep. 11, 2017 |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Payments for exploration and evaluation expenses | $ 1,899,000 | $ 1,518,000 | $ 6,122,000 | |||||||||||||||||
Membership Interest Option Agreement [Member] | Freeport Nevada [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Funding provided from option agreement | $ 14,540,000 | |||||||||||||||||||
Membership Interest Option Agreement [Member] | SPS [Member] | Freeport Nevada [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Mineral property, ownership interest | 55.00% | |||||||||||||||||||
Funding required under original option agreement | $ 40,750,000 | |||||||||||||||||||
MacArthur, Nevada [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Mineral property, ownership interest | 100.00% | 100.00% | ||||||||||||||||||
Purchase of exploration and evaluation assets | $ 2,200,000 | |||||||||||||||||||
Net smelter return royalty | 2.00% | 2.00% | ||||||||||||||||||
Potential net smelter return royalty in exchange for consideration | 1.00% | 1.00% | ||||||||||||||||||
Consideration required for decreased net smelter return royalty | $ 1,000,000 | $ 1,000,000 | ||||||||||||||||||
Yerington Pit, Nevada [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Mineral property, ownership interest | 100.00% | 100.00% | ||||||||||||||||||
Sales price of certain water rights | $ 6,020,000 | $ 6,260,000 | ||||||||||||||||||
Purchase of exploration and evaluation assets | $ 500,000 | |||||||||||||||||||
Proceeds from sale of certain water rights | $ 5,685,000 | 313,000 | ||||||||||||||||||
Purchase of exploration and evaluation assets, shares | 250,000 | |||||||||||||||||||
Net smelter return royalty | 2.00% | 2.00% | ||||||||||||||||||
Net smelter return royalty cap | $ 7,500,000 | $ 7,500,000 | ||||||||||||||||||
Yerington Pit, Nevada [Member] | Desert Pearl and Desert Hills Dairy, LLC [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Sales price of certain water rights | $ 1,880,000 | |||||||||||||||||||
Bear, Nevada [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Mineral property, option interest | 100.00% | 100.00% | ||||||||||||||||||
Purchase of exploration and evaluation assets | $ 238,000 | $ 688,000 | $ 895,258 | $ 1,363,258 | $ 1,458,774 | $ 4,643,290 | ||||||||||||||
Option agreement, obligated cash payments | $ 5,423,290 | $ 5,423,290 | ||||||||||||||||||
Bear, Nevada [Member] | Subsequent Events [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Option agreement, obligated cash payments | $ 201,000 | $ 193,000 | $ 193,000 | $ 193,000 | ||||||||||||||||
Wassuk, Nevada [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Mineral property, option interest | 100.00% | 100.00% | ||||||||||||||||||
Purchase of exploration and evaluation assets | $ 955,000 | |||||||||||||||||||
Net smelter return royalty | 3.00% | 3.00% | ||||||||||||||||||
Potential net smelter return royalty in exchange for consideration | 2.00% | 2.00% | ||||||||||||||||||
Consideration required for decreased net smelter return royalty | $ 1,500,000 | $ 1,500,000 | ||||||||||||||||||
Option agreement, obligated cash payments | 1,515,000 | 1,515,000 | ||||||||||||||||||
Option agreement, obligated work commitment | 300,000 | 300,000 | ||||||||||||||||||
Work commitment incurred | $ 92,112 | $ 92,112 | ||||||||||||||||||
Wassuk, Nevada [Member] | Subsequent Events [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Option agreement, obligated cash payments | $ 500,000 | $ 60,000 | ||||||||||||||||||
Groundhog, Alaska [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Mineral property, option interest | 90.00% | 90.00% | ||||||||||||||||||
Purchase of exploration and evaluation assets | $ 2,320,000 | |||||||||||||||||||
Option agreement, obligated cash payments | 3,000,000 | $ 3,000,000 | ||||||||||||||||||
Option agreement, obligated exploration expenditure | 500,000 | 500,000 | ||||||||||||||||||
Option agreement, obligated exploration expenditure, over five years | $ 5,000,000 | $ 5,000,000 | ||||||||||||||||||
Butte Valley [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Mineral property, option interest | 100.00% | 100.00% | 100.00% | 100.00% | ||||||||||||||||
Purchase of exploration and evaluation assets | $ 20,000 | |||||||||||||||||||
Net smelter return royalty | 2.00% | 2.50% | ||||||||||||||||||
Potential net smelter return royalty in exchange for consideration | 1.00% | 1.00% | ||||||||||||||||||
Consideration required for decreased net smelter return royalty | $ 10,000,000 | $ 1,000,000 | ||||||||||||||||||
Option agreement, obligated exploration expenditure, over five years | $ 250,000 | $ 600,000 | ||||||||||||||||||
Additional potential net smelter return royalty in exchange for additional consideration | 0.50% | |||||||||||||||||||
Additional consideration for additional potential net smelter return royalty | $ 5,000,000 | |||||||||||||||||||
Butte Valley [Member] | Subsequent Events [Member] | ||||||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||||||||||||||||
Option agreement, obligated cash payments | $ 250,000 | $ 250,000 | $ 150,000 | $ 100,000 | $ 80,000 |
LOAN PAYABLE (Narrative) (Detai
LOAN PAYABLE (Narrative) (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Mar. 06, 2019 | May 08, 2015 | |
Disclosure of detailed information about borrowings [line items] | ||||
Borrowings, interest rate | 10.00% | |||
Loan repayment | $ 311,000 | $ 295,000 | ||
Loan Payable [Member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Loans payable | $ 295,467 | $ 500,000 | ||
Borrowings, interest rate | 10.00% | 5.00% | ||
Interest expense on borrowings | 5,559 | |||
Loan repayment | $ 310,700 |
CONVERTIBLE NOTES (Narrative) (
CONVERTIBLE NOTES (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||||||
Aug. 31, 2019USD ($)$ / sharesshares | Aug. 31, 2019CAD ($)shares | Sep. 20, 2018CAD ($) | Aug. 28, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2019CAD ($)$ / shares | Aug. 31, 2019$ / shares | Dec. 31, 2018CAD ($) | |
Convertible Notes [Abstract] | ||||||||||
Convertible notes proceeds | $ 550,000 | $ 550,000 | $ 973,000 | |||||||
Debt instrument interest rate | 10.00% | 10.00% | ||||||||
Convertible debentures, maturity | 18 months from the closing date | 18 months from the closing date | ||||||||
Convertible debt, conversion price for first twelve months | $ 0.05 | $ 0.065 | ||||||||
Convertible debt, conversion price after first twelve months | 0.075 | $ 0.10 | ||||||||
Weighted average exercise price of warrants granted in share-based payment arrangement | 0.05 | $ 0.065 | ||||||||
Convertible debentures proceeds allocated to debt component | 618,572 | |||||||||
Convertible debentures proceeds allocated to derivative liability component | 342,535 | |||||||||
Debt conversion converted instruments amount | $ 550,000 | $ 50,000 | ||||||||
Convertible notes | 721,000 | $ 500,000 | ||||||||
Debt instruments convertible conversion price | (per share) | $ 0.05 | $ 0.1 | $ 0.065 | |||||||
Number of common stock issued for conversion of convertible debt | shares | 11,769,230 | 11,769,230 | ||||||||
Number of warrants issued for conversion of convertible debt | shares | 11,769,230 | 11,769,230 | ||||||||
Stock issued for conversion of interest | $ 44,507 | |||||||||
Number of stock issued for conversion of interest | shares | 1,077,066 | 1,077,066 | ||||||||
Interest paid | $ 13,012 | |||||||||
Amount of share capital for conversion including interest | 547,409 | |||||||||
Residual amount allocated to warrants and recognized in contributed surplus | $ 291,000 | |||||||||
Interest expense on borrowings, less interest payments | $ 203,000 | $ 102,000 | ||||||||
Convertible debentures, expected volatility | 99.00% | 99.00% | ||||||||
Convertible debentures, expected term | 1 year 6 months | 1 year 6 months | ||||||||
Convertible debentures, expected discount rate | 1.46% | 1.46% | ||||||||
Convertible debentures, expected dividend yield | 0.00% | 0.00% |
DERIVATIVE LIABILITIES (Narrati
DERIVATIVE LIABILITIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Derivative Liabilities [Abstract] | |
Expected volatility, warrants outstanding | 105.00% |
Expected term, warrants outstanding | 2 years 9 months |
Expected discount rate, warrants outstanding | 1.69% |
Expected dividend yield, warrants outstanding | 0.00% |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |
Aug. 31, 2019shares | Jan. 21, 2019CAD ($)$ / sharesshares | Dec. 31, 2019USD ($) | |
Disclosure of classes of share capital [abstract] | |||
Number of shares issued on conversion of convertible notes | 12,846,296 | ||
Number of shares issued upon closing of non-brokered private placement | 3,000,000 | ||
Common shares issued, per share amount | $ / shares | $ 0.05 | ||
Shares issued for cash | $ 150 | $ 132 |
SHARE-BASED COMPENSATION (Narra
SHARE-BASED COMPENSATION (Narrative) (Details) | Jan. 03, 2020CAD ($)Share | Dec. 31, 2019CAD ($)Share | Dec. 31, 2018CAD ($)Share |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Options authorized under stock option plan as a percentage of issued and outstanding common shares | 10.00% | ||
Number of share options exercised in share-based payment arrangement | Share | 400,000 | 0 | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ | $ 0.06 | $ 0 | |
Subsequent Events [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options exercised in share-based payment arrangement | Share | 400,000 | ||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ | $ 0.05 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | Apr. 01, 2019CAD ($) | Mar. 31, 2019CAD ($) | Aug. 31, 2018USD ($) | Aug. 31, 2018CAD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Jul. 11, 2018CAD ($) | Jun. 13, 2018CAD ($) |
Disclosure of transactions between related parties [line items] | |||||||||
Borrowings, interest rate | 10.00% | ||||||||
Manex Resource Group - Vancouver office space [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Related party transactions, monthly amount | $ 8,000 | ||||||||
Manex Resource Group - general corporate services [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Related party transactions, monthly amount | $ 7,500 | $ 5,000 | |||||||
Manex Resource Group [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Amounts payable, related party transactions | $ 31,962 | ||||||||
Mr. Thomas Patton [Member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Amounts payable, related party transactions | $ 100,000 | $ 300,000 | |||||||
Borrowings, interest rate | 10.00% | ||||||||
Cash repayments of advances and loans from related parties | $ 292,134 | $ 100,000 | $ 130,000 |
DEFERRED INCOME TAXES (Narrativ
DEFERRED INCOME TAXES (Narrative) (Details) $ in Millions | Dec. 31, 2019USD ($) |
Unused capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | $ 16.7 |
MINERAL PROPERTIES - Disclosure
MINERAL PROPERTIES - Disclosure of detailed information about the mineral property maintenance and exploration costs (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | $ 32,533 | $ 31,295 | $ 27,597 |
Additions | 1,831 | 1,551 | 6,091 |
Option payments | (2,393) | ||
Proceeds from water rights sale | (5,685) | (313) | |
Exploration and evaluation assets, end of period | 28,679 | 32,533 | 31,295 |
Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 829 | 1,035 | 1,584 |
Geological & mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 99 | 121 | 1,104 |
Geophysical & survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 386 | 138 | 895 |
Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 5 | 231 | |
Drilling [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 1,897 | ||
Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 189 | 202 | |
Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 55 | 380 | |
Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 130 | 0 | |
Field Support And Overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 193 | ||
MacArthur, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 18,218 | 17,888 | 17,537 |
Additions | 286 | 330 | 574 |
Option payments | (223) | ||
Proceeds from water rights sale | 0 | 0 | |
Exploration and evaluation assets, end of period | 18,504 | 18,218 | 17,888 |
MacArthur, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 159 | 150 | 151 |
MacArthur, Nevada [Member] | Geological & mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 17 | 66 | 47 |
MacArthur, Nevada [Member] | Geophysical & survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 113 | 34 | |
MacArthur, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 42 | ||
MacArthur, Nevada [Member] | Drilling [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 300 | ||
MacArthur, Nevada [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 1 | 0 | |
MacArthur, Nevada [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 110 | ||
Yerington Pit, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 10,578 | 10,572 | 9,400 |
Additions | 294 | 319 | 2,667 |
Option payments | (1,495) | ||
Proceeds from water rights sale | (5,685) | (313) | |
Exploration and evaluation assets, end of period | 5,187 | 10,578 | 10,572 |
Yerington Pit, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 90 | 52 | 160 |
Yerington Pit, Nevada [Member] | Geological & mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 45 | 639 |
Yerington Pit, Nevada [Member] | Geophysical & survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 13 | 240 |
Yerington Pit, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 104 | |
Yerington Pit, Nevada [Member] | Drilling [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 1,393 | ||
Yerington Pit, Nevada [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 189 | 196 | |
Yerington Pit, Nevada [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 13 | 131 | |
Yerington Pit, Nevada [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Yerington Pit, Nevada [Member] | Field Support And Overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 15 | ||
Bear, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 1,012 | 320 | 0 |
Additions | 255 | 692 | 995 |
Option payments | (675) | ||
Proceeds from water rights sale | 0 | 0 | |
Exploration and evaluation assets, end of period | 1,267 | 1,012 | 320 |
Bear, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 238 | 692 | 895 |
Bear, Nevada [Member] | Geological & mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 17 | 0 | 0 |
Bear, Nevada [Member] | Geophysical & survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 95 |
Bear, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Bear, Nevada [Member] | Drilling [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 4 | ||
Bear, Nevada [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Bear, Nevada [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 1 | |
Bear, Nevada [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Bear, Nevada [Member] | Field Support And Overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Wassuk, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 1,105 | 1,004 | 660 |
Additions | 110 | 101 | 344 |
Option payments | 0 | ||
Proceeds from water rights sale | 0 | 0 | |
Exploration and evaluation assets, end of period | 1,215 | 1,105 | 1,004 |
Wassuk, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 110 | 101 | 252 |
Wassuk, Nevada [Member] | Geological & mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 6 | |
Wassuk, Nevada [Member] | Geophysical & survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 1 | |
Wassuk, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 85 | |
Wassuk, Nevada [Member] | Drilling [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Wassuk, Nevada [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Wassuk, Nevada [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Wassuk, Nevada [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Wassuk, Nevada [Member] | Field Support And Overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Groundhog, Alaska [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 1,620 | 1,511 | 0 |
Additions | 700 | 109 | 1,511 |
Option payments | 0 | ||
Proceeds from water rights sale | 0 | 0 | |
Exploration and evaluation assets, end of period | 2,320 | 1,620 | 1,511 |
Groundhog, Alaska [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 64 | 40 | 126 |
Groundhog, Alaska [Member] | Geological & mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 65 | 10 | 412 |
Groundhog, Alaska [Member] | Geophysical & survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 368 | 12 | 525 |
Groundhog, Alaska [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 5 | 0 | |
Groundhog, Alaska [Member] | Drilling [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 200 | ||
Groundhog, Alaska [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 6 | |
Groundhog, Alaska [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 41 | 248 | |
Groundhog, Alaska [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 20 | 0 | |
Groundhog, Alaska [Member] | Field Support And Overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 178 | ||
Butte Valley [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 0 | 0 | 0 |
Additions | 186 | 0 | 0 |
Option payments | 0 | ||
Proceeds from water rights sale | 0 | 0 | |
Exploration and evaluation assets, end of period | 186 | 0 | 0 |
Butte Valley [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 168 | 0 | 0 |
Butte Valley [Member] | Geological & mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Butte Valley [Member] | Geophysical & survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 18 | 0 | 0 |
Butte Valley [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Butte Valley [Member] | Drilling [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Butte Valley [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Butte Valley [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | $ 0 | |
Butte Valley [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | $ 0 | |
Butte Valley [Member] | Field Support And Overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | $ 0 |
CONVERTIBLE NOTES - Disclosure
CONVERTIBLE NOTES - Disclosure of detailed information about convertible notes (Details) | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2019USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2018USD ($) | |
Convertible Notes [Line Items] | ||||
Balance | $ 721,000 | |||
Interest payments | $ (13,012) | |||
Balance | $ 500,000 | $ 721,000 | ||
Convertible Notes [Member] | ||||
Convertible Notes [Line Items] | ||||
Balance | 721,000 | |||
Cash received | 973,000 | |||
Transaction costs | (11,000) | |||
Derivative liability | (343,000) | |||
Fair value of convertible debt component at date of issue | 619,000 | |||
Settlement of convertible notes | (522,000) | |||
Interest payments | (57,000) | |||
Interest expense and accretion | 260,000 | 102,000 | ||
Balance | $ 402,000 | $ 721,000 |
DERIVATIVE LIABILITIES - Disclo
DERIVATIVE LIABILITIES - Disclosure of detailed information about derivative liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Derivative Liabilities [Abstract] | |||
Derivative liabilities, beginning balance | $ 572 | $ 587 | |
Derivative related to convertible notes | 343 | ||
Change in fair value estimates | (105) | (358) | $ (351) |
Fair value of warrants issued on conversion | (291) | ||
Derivative liabilities, ending balance | $ 176 | $ 572 | $ 587 |
SHARE-BASED COMPENSATION - Disc
SHARE-BASED COMPENSATION - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2019CAD ($)Share | Dec. 31, 2018CAD ($)Share | |
Disclosure Of Share Based Compensation [Abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 14,860,000 | 16,050,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ | $ 0.09 | $ 0.16 |
Number of share options granted in share-based payment arrangement | Share | 3,450,000 | 2,570,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ | $ 0.065 | $ 0.060 |
Number of share options expired in share-based payment arrangement | Share | (3,815,000) | (3,760,000) |
Weighted average exercise price of share options expired in share-based payment arrangement | $ | $ (0.10) | $ 0.16 |
Number of share options exercised in share-based payment arrangement | Share | (400,000) | 0 |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ | $ (0.06) | $ 0 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 14,095,000 | 14,860,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ | $ 0.08 | $ 0.09 |
Number of share options exercisable in share-based payment arrangement | Share | 13,695,000 | 14,860,000 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ | $ 0.08 | $ 0.09 |
SHARE-BASED COMPENSATION - Di_2
SHARE-BASED COMPENSATION - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | Dec. 31, 2019CAD ($)Share | Dec. 31, 2018Share | Dec. 31, 2017Share |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | 14,095,000 | 14,860,000 | 16,050,000 |
Expire June 25, 2019 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.10 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 2,815,000 | |
Expire December 31, 2019 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.05 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 1,000,000 | |
Expire March 26, 2020 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.05 | ||
Number of share options outstanding in share-based payment arrangement | 200,000 | 200,000 | |
Expire July 16, 2020 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.13 | ||
Number of share options outstanding in share-based payment arrangement | 2,380,000 | 2,380,000 | |
Expire April 14, 2021 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.065 | ||
Number of share options outstanding in share-based payment arrangement | 2,795,000 | 2,995,000 | |
Expire June 23, 2022 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.095 | ||
Number of share options outstanding in share-based payment arrangement | 2,900,000 | 2,900,000 | |
Expire September 20, 2023 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.06 | ||
Number of share options outstanding in share-based payment arrangement | 2,370,000 | 2,570,000 | |
Expire June 21, 2024 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.065 | ||
Number of share options outstanding in share-based payment arrangement | 2,950,000 | 0 | |
Expire August 8, 2024 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ | $ 0.06 | ||
Number of share options outstanding in share-based payment arrangement | 500,000 | 0 |
SHARE-BASED COMPENSATION - Di_3
SHARE-BASED COMPENSATION - Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2019CAD ($)Year | Dec. 31, 2018CAD ($)Year | Dec. 31, 2017CAD ($)Year | |
Disclosure Of Share Based Compensation [Abstract] | |||
Weighted average share price | $ | $ 0.65 | $ 0.05 | $ 0.06 |
Risk-free interest rate | 1.40% | 1.32% | 0.60% |
Expected share price volatility | 103.00% | 103.00% | 85.00% |
Expected option life in years | Year | 5 | 5 | 5 |
Forfeiture rate | 0.00% | 0.00% | 0.00% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
SHARE-BASED COMPENSATION - Addi
SHARE-BASED COMPENSATION - Additional information about share-based payment arrangements (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | $ 117 | $ 91 | $ 169 |
Consultants [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | 38 | 22 | 55 |
Directors and officers [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | 60 | 53 | 88 |
Employees [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | $ 19 | $ 16 | $ 26 |
SHARE-BASED COMPENSATION - Di_4
SHARE-BASED COMPENSATION - Disclosure of detailed information about warrants outstanding (Details) | Dec. 31, 2019USD ($)Share | Dec. 31, 2019CAD ($)Share | Dec. 31, 2018Share |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants outstanding in share-based payment arrangement | 11,769,230 | 11,769,230 | 19,000,000 |
Expire October 3, 2019 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of warrants outstanding in share-based payment arrangement | $ | $ 0.16 | ||
Number of warrants outstanding in share-based payment arrangement | 0 | 0 | 19,000,000 |
Expire August 28, 2022 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of warrants outstanding in share-based payment arrangement | $ | $ 0.05 | ||
Number of warrants outstanding in share-based payment arrangement | 11,000,000 | 11,000,000 | 0 |
Expire September 20, 2022 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Weighted average exercise price of warrants outstanding in share-based payment arrangement | $ | $ 0.065 | ||
Number of warrants outstanding in share-based payment arrangement | 769,230 | 769,230 | 0 |
RELATED PARTY TRANSACTIONS - Di
RELATED PARTY TRANSACTIONS - Disclosure of information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Related party transactions [abstract] | |||
Salaries | $ 410 | $ 432 | $ 431 |
Directors' fees | 36 | 36 | 36 |
Share-based payments | 60 | 53 | 88 |
Key management personnel compensation | $ 506 | $ 521 | $ 555 |
DEFERRED INCOME TAXES - Disclos
DEFERRED INCOME TAXES - Disclosure of detailed information about effective income tax expense recovery (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Major components of tax expense (income) [abstract] | |||
The loss for the year | $ (1,711) | $ (1,419) | $ (1,273) |
Canadian statutory tax rate | 27.00% | 27.00% | 26.00% |
Income tax benefit computed at statutory rates | $ (462) | $ (383) | $ (331) |
Foreign tax rates different from statutory rates | 31 | 14 | (32) |
Other | 2 | 89 | 0 |
The rate difference between current and deferred taxes | 0 | 0 | 4,317 |
Foreign exchange gains or losses | 55 | 225 | (425) |
Permanent differences | 5 | (43) | (33) |
Change in unused tax losses and tax offsets | 369 | 98 | (3,496) |
Current tax expense (income) | $ 0 | $ 0 | $ 0 |
DEFERRED INCOME TAXES - Discl_2
DEFERRED INCOME TAXES - Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | $ 15,437 | $ 15,068 | $ 14,972 |
Non-capital losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | 9,796 | 9,405 | 9,255 |
Capital loss [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | 2,257 | 2,273 | 2,337 |
Tax value over book value of mineral properties [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | 3,331 | 3,335 | 3,352 |
Tax value over book value of equipment [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | 12 | 12 | 12 |
Tax value over book value of investments and share issue costs [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | $ 41 | $ 43 | $ 16 |
DEFERRED INCOME TAXES - Discl_3
DEFERRED INCOME TAXES - Disclosure of detailed information about deferred tax assets expiration (Details) - Unused non-capital losses [Member] $ in Thousands | Dec. 31, 2019USD ($) |
Canada [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | $ 20,084 |
Canada [Member] | Expire 2020 - 2026 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | 538 |
Canada [Member] | Expire 2027 - 2037 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | 19,546 |
United States [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | 21,015 |
United States [Member] | Expire 2020 - 2026 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | 713 |
United States [Member] | Expire 2027 - 2037 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | $ 20,302 |