Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document and Entity Information [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2020 |
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 | 218,715,610 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Interactive Data Current | Yes |
Entity Ex Transition Period | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 701 | $ 1,812 |
Other receivables | 3 | 3 |
Marketable securities | 641 | 165 |
Prepaid and deposit | 5 | 4 |
Total current assets | 1,350 | 1,984 |
Non-current assets: | ||
Mineral properties | 28,236 | 28,679 |
Reclamation bonds | 34 | 34 |
Total noncurrent assets | 28,270 | 28,713 |
Total Assets | 29,620 | 30,697 |
Current liabilities: | ||
Accounts payable and accrued liabilities | 222 | 112 |
Convertible notes | 402 | |
Derivative liabilities - convertible | 150 | |
Total current liabilities | 222 | 664 |
Non-current liability | ||
Derivative liabilities - warrants | 51 | 26 |
Total Liabilities | 273 | 690 |
Shareholders' Equity | ||
Share capital | 101,553 | 101,424 |
Contributed surplus | 19,406 | 19,212 |
Deficit | (91,612) | (90,629) |
Shareholders' Equity | 29,347 | 30,007 |
Total Liabilities and Shareholders' Equity | $ 29,620 | $ 30,697 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General administrative expenses | |||
General office | $ 61 | $ 53 | $ 74 |
Insurance | 47 | 63 | 46 |
Investor relations and corporate development | 86 | 217 | 75 |
Professional fees | 71 | 102 | 162 |
Rent | 108 | 123 | 114 |
Salaries and benefits | 713 | 823 | 838 |
Transfer agent and regulatory | 44 | 66 | 38 |
Travel | 13 | 29 | 50 |
Total general administrative expenses | (1,143) | (1,476) | (1,397) |
Fair value gain on derivative liabilities | 90 | 105 | 358 |
Foreign exchange gain (loss) | 20 | (43) | 11 |
General exploration | (167) | (26) | |
Loss on settlement of convertible notes | (26) | (13) | |
Unrealized gain (loss) on marketable securities | 476 | 9 | (130) |
Interest expense and other | (58) | (150) | (170) |
Share-based compensation | (175) | (117) | (91) |
Total other gains (losses) | 160 | (235) | (22) |
Loss and comprehensive loss for the year | $ (983) | $ (1,711) | $ (1,419) |
Loss per share - basic and diluted (in dollars per share) | $ 0 | $ (0.01) | $ (0.01) |
Weighted average number of common shares outstanding (in shares) | 218,117,528 | 208,688,604 | 200,969,314 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Operating activities | |||
Net loss for the year | $ 983 | $ 1,711 | $ 1,419 |
Items not involving cash: | |||
Fair value gain on derivative liabilities | (90) | (105) | (358) |
Loss on settlement of convertible notes | 26 | 13 | |
Interest and convertible accretion | 72 | 260 | 141 |
Unrealized (gain) loss on marketable securities | (476) | (9) | 130 |
Share-based compensation | 175 | 117 | 91 |
Cash flows from (used in) operations before changes in working capital | (1,276) | (1,435) | (1,415) |
Changes in non-cash working capital | |||
Other receivable | (1) | 1 | |
Prepaid and deposit | (1) | 24 | |
Accounts payable and accrued liabilities | 96 | (185) | 202 |
Cash used in operating activities | (1,181) | (1,621) | (1,188) |
Financing activities | |||
Shares issued for cash | 19 | 132 | |
Convertible notes | (381) | 973 | |
Loan | (311) | (295) | |
Related party loan payable | (218) | 210 | |
Cash provided by financing activities | (362) | (397) | 888 |
Investing activities | |||
Expenditures on mineral properties | (1,411) | (1,899) | (1,518) |
Net proceeds from water rights sale | 1,868 | 5,685 | 313 |
Reclamation bonds | 28 | 2 | |
Cash provided by in investing activities | 457 | 3,814 | (1,203) |
Effect of foreign exchange on cash | (25) | (31) | (25) |
(Decrease) increase in cash and cash equivalents | (1,111) | 1,765 | (1,528) |
Cash and cash equivalents, beginning of year | 1,812 | 47 | 1,575 |
Cash and cash equivalents, end of year | 701 | 1,812 | 47 |
Supplemental cash flow information | |||
Exploration expenditures included in accounts payable | 41 | 27 | 95 |
Interest paid in cash | $ 76 | 46 | $ 45 |
Shares issued for interest | $ 45 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Common Shares [Member] | Share - based payment reserve [Member] | Deficit [Member] | Total |
Beginning Balance (shares) at Dec. 31, 2017 | 200,969,314 | |||
Beginning 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 for convertible notes (Shares) | 12,846,296 | |||
Shares issued for 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 |
Shares issued for convertible notes (Shares) | 1,000,000 | |||
Shares issued for convertible notes | $ 94 | 35 | 129 | |
Shares issued for stock options exercised (shares) | 500,000 | |||
Shares issued for stock options exercised | $ 35 | (16) | 19 | |
Share-based compensation | 175 | 175 | ||
Net loss for the year | (983) | (983) | ||
Ending Balance (shares) at Dec. 31, 2020 | 218,715,610 | |||
Ending Balance at Dec. 31, 2020 | $ 101,553 | $ 19,406 | $ (91,612) | $ 29,347 |
NATURE OF OPERATIONS AND LIQUID
NATURE OF OPERATIONS AND LIQUIDITY RISK | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Nature Of Operations And Liquidity Risk [Abstract] | |
NATURE OF OPERATIONS AND LIQUIDITY [Text Block] | 1. Quaterra Resources Inc. (together with its subsidiaries, " Quaterra Company TSXV The Company acquires its mineral properties through option or lease agreements and capitalizes 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 depends on 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 realize its assets and discharge its liabilities in the normal course of business. As of December 31, 2020, the Company had a working capital of $1,128,000. Along with the proceeds from its ongoing water rights sale (note 15(a)), the Company believes that it has sufficient funds to sustain its operations for at least the next 12 months. |
SIGNIFICANT ACCOUNTING POLICIES
SIGNIFICANT ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
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 as issued by the International Accounting Standards Board ("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 control 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. There is no significant estimation uncertainty in relation to estimates included in the Company's financial statements. 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") are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the period-end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in the statement of loss. 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 mineral properties' carrying value 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). 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. Impairment indicators are considered to exist 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, 2020, 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. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Marketable Securities [Abstract] | |
MARKETABLE SECURITIES [Text Block] | 3. At December 31, 2020, the Company held 1,942,795 common shares (2019 - 1,942,795) of Grande Portage Resources Ltd. resulting from the sale of the Company's 35% interest in the Herbert Gold project on July 29, 2016. During 2020, a $476,000 gain (2019 - $9,000) was recognized in the consolidated statement of loss and comprehensive loss. As of December 31, 2020, the shares had a fair value of $641,000 (2019 - $165,000). |
MINERAL PROPERTIES
MINERAL PROPERTIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
MINERAL PROPERTIES [Text Block] | 4. The Company owns a 100% interest in the MacArthur and Yerington properties. It has an option to earn a 100% interest in the Bear, Wassuk, and Butte Valley properties in Nevada and 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, 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 Assay & labs — — — — — — 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 Property maintenance 159 73 193 255 61 201 942 Geological & mapping 4 — — — 3 — 7 Geophysical & survey — — — — 66 — 66 Assay & labs 3 — — — — — 3 Environmental — 167 — — — — 167 Overhead and community — 10 — — 58 — 68 Technical study 158 — — — 14 — 172 324 250 193 255 202 201 1,425 Proceeds from water rights sale — (1,868 ) — — — — (1,868 ) Balance, December 31, 2020 18,828 3,569 1,460 1,470 2,522 387 28,236 a) The Company earned its 100% interest in the MacArthur property by making payments of $2,200,000 over ten years. The property is subject to a 2% net smelter return royalty (" NSR b) 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 December 19, 2019, the Company announced two separate agreements to sell certain primary groundwater rights associated with its Yerington property to Desert Pearl Farms LLC (" Desert Pearl The proceeds were recognized as a reduction in the carrying value of the Yerington property in 2020. On September 17, 2018, the Company announced the first purchase and sale agreement to sell certain primary groundwater rights associated with its Yerington property to Desert Pearl for $6,260,000. The Company closed the sale on March 3, 2019, for a final value of $6,020,000 after adjusting for a small correction to one of the original permits. Total net proceeds of $5,685,000 and $313,000 were recognized as a reduction in the carrying value of the Yerington property in 2019 and 2018, respectively. c) 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 over 11 years ($4,836,290 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: $1,458,774 March 20, 2013 to December 31, 2015 (paid); $1,363,258 due in 2016 (paid); $895,258 due in 2017 (paid); $688,000 due in 2018 (paid); $193,000 due in 2020 (paid); $193,000 each due in 2021 and 2022; $201,000 due in 2023, and $50,000 in 2024. d) The Company has an option, as further amended, to earn a 100% interest in certain unpatented mining claims in Lyon County, Nevada, over ten years and is required to make $1,405,000 in cash payments ($1,155,000 paid) and incur a work commitment of $50,000 (nil incurred) by August 1, 2021. The final option payment of $250,000 is due by August 1, 2021. 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) 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 must fund a minimum of $500,000 each year with excess funding in any one year carried forward. The Company has met the annual work commitments to December 31, 2020. The Company can terminate the agreement at its discretion. f) 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: $20,000 due 2019 (paid); $80,000 due in 2020 (paid); $100,000 due in 2021; $150,000 due in 2022; and $250,000 each due in 2023 and 2024. |
CONVERTIBLE NOTES
CONVERTIBLE NOTES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About Convertible Notes [Abstract] | |
CONVERTIBLE NOTES [Text Block] | 5. On August 28, 2018, and September 20, 2018, the Company completed non-brokered private placements in tranches of convertible debentures for gross proceeds of $550,000 and CAD 550,000 each. The convertible debentures bore simple interest at a rate of 10% per annum, payable in arrears with maturities on August 28, 2022, and September 20, 2022, respectively. Interest was payable in cash or shares at the noteholders' option, subject to regulatory approvals in the case of share payments. The principal amount was convertible into units 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. Each unit consisted of one common share and one warrant of the Company exercisable at $0.05 or CAD 0.065 per share, expiring August 28, 2022, and September 20, 2022. The convertible notes were secured against the assets of the Company. In August 2019, $550,000 and CAD 50,000 notes were converted into units, comprising 11,769,230 shares and 11,769,230 warrants. Of the interest due, $44,507 was paid by issuing 1,077,066 common shares and $13,012 interest was paid in cash. In July and August 2020, CAD 100,000 notes were converted into units at CAD 0.10, comprising 1,000,000 common share and 1,000,000 warrants. On August 28, 2020, the Company repaid the remaining CAD 400,000 and the related accrued interest of CAD 99,233 in cash. The share capital for the CAD 100,000 conversion was valued as $94,000 using the Company's closing share price on the conversion dates. Interest and accretion expense for the convertible notes was $72,000 during 2020 (2019 - $260,000). The conversion feature was a derivative liability based on the fact the conversion into units could result in a variable number of shares to be issued. (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 Interest expense and accretion 72 Settlement of convertible notes (398 ) Interest payment (76 ) Balance, December 31, 2020 $ — |
DERIVATIVE LIABILITIES
DERIVATIVE LIABILITIES | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Derivative Liabilities [Abstract] | |
DERIVATIVE LIABILITIES [Text Block] | 6. The Company has certain outstanding share purchase warrants that are exercisable in a different currency from the Company's functional currency. These warrants are classified as derivative liabilities and carried at fair value and revalued at each reporting date. On December 31, 2020, the derivative liabilities were revalued using the weighted average assumptions: volatility of 106%, the weighted expected term of two years, a discount rate of 0.36% and a dividend yield of 0%. (In thousands of U.S. Dollars) Derivative 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 Change in fair value estimates (90 ) Fair value of warrants issued on conversion (35 ) Balance, December 31, 2020 $ 51 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
SHARE CAPITAL [Text Block] | 7. The Company is authorized to issue an unlimited number of common shares without par value. In August 2020 and 2019, the Company issued 1,000,000 and 12,846,296 common shares, respectively, on converting certain of the convertible notes (note 5). 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, 2020 | |
Disclosure Of Share Based Compensation [Abstract] | |
SHARE-BASED COMPENSATION [Text Block] | 8. a) 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, 2020 December 31, 2019 Weighted Average Number of Weighted Average Number of Exercise Price Options Exercise Price Options (CAD) (CAD) Outstanding, beginning of year 14,495,000 0.08 14,860,000 0.09 Granted 3,175,000 0.08 3,450,000 0.065 Expired (2,480,000 ) (0.13 ) (3,415,000 ) (0.10 ) Exercised (500,000 ) (0.05 ) (400,000 ) (0.0625 ) Outstanding, end of year 14,690,000 0.07 14,495,000 0.08 Exercisable, end of year 14,490,000 0.07 14,095,000 0.08 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, 2020 December 31, 2019 December 31, 2019* 0.05 — 400,000 March 26, 2020 0.05 — 200,000 July 16, 2020 0.13 — 2,380,000 April 14, 2021 0.065 2,795,000 2,795,000 June 23, 2022 0.095 2,900,000 2,900,000 September 20, 2023 0.06 2,370,000 2,370,000 June 21, 2024 0.065 2,950,000 2,950,000 August 8, 2024 0.06 500,000 500,000 June 20, 2025 0.08 3,175,000 — 14,690,000 14,495,000 *400,000 stock options exercised at CAD 0.05 per share on December 31, 2019; shares were issued on January 3, 2020, due to the holiday season. The Company used the following assumptions in the Black-Scholes option pricing model: Year ended December 31, 2020 2019 2018 Weighted average share price CAD 0.07 CAD 0.065 CAD 0.05 Risk-free interest rate 0.36% 1.40% 1.32% Expected share price volatility 100% 103% 103% 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) 2020 2019 2018 Consultants $ 63 $ 38 $ 22 Directors and officers 85 60 53 Employees 27 19 16 $ 175 $ 117 $ 91 b) December 31, 2020 December 31, 2019 Number of Weighted Average Number of Weighted Average Warrants Exercise Price Warrants Exercise Price Outstanding, beginning of year 11,769,230 $ 0.05 19,000,000 $ 0.16 Issued 1,000,000 0.05 11,769,230 0.05 Expired — — (19,000,000 ) (0.16 ) Outstanding, end of year 12,769,230 $ 0.05 11,769,230 $ 0.05 The following table summarizes warrants outstanding as of December 31, 2020 and 2019: Expiry date Exercise price December 31, 2020 December 31, 2019 August 28, 2022 $ 0.05 11,000,000 11,000,000 August 28, 2022 CAD 0.065 1,000,000 — September 20, 2022 CAD 0.065 769,230 769,230 12,769,230 11,769,230 |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
RELATED PARTY TRANSACTIONS [Text Block] | 9. a) Year ended December 31, (In thousands of U.S. Dollars) 2020 2019 2018 Salaries $ 391 $ 410 $ 432 Directors' fees 35 36 36 Share-based payments 85 60 53 $ 511 $ 506 $ 521 b) Manex Advocate |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Segmented Information [Abstract] | |
SEGMENTED INFORMATION [Text Block] | 10. The Company has one business segment, the exploration of mineral properties. As of December 31, 2020, and 2019, all the Company's significant non-current assets are located in the United States. |
COMMITMENTS
COMMITMENTS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Commitments [Abstract] | |
COMMITMENTS [Text Block] | 11. To acquire certain mineral property interests 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, 2020 | |
Major components of tax expense (income) [abstract] | |
DEFERRED INCOME TAXES [Text Block] | 12. A reconciliation of income tax provision computed at Canadian statutory rates to the reported income tax provision is provided as follows: 2020 2019 2018 The loss for the year $ (983 ) $ (1,711 ) $ (1,419 ) Canadian statutory tax rate 27% 27% 27% Income tax benefit computed at statutory rates (265 ) (462 ) (383 ) Foreign tax rates different from statutory rates 8 31 14 Other (26 ) 2 89 Foreign exchange gains or losses (180 ) 55 225 Permanent differences 19 5 (43 ) Change in unused tax losses and tax offsets 444 369 98 $ — $ — $ — 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: 2020 2019 2018 Non-capital losses $ 8,597 $ 9,796 $ 9,405 Capital loss 2,303 2,257 2,273 Tax value over book value of mineral properties 4,995 3,331 3,335 Tax value over book value of equipment 12 12 12 Tax value over (under) book value of investments and share issue costs (59 ) 41 43 Unrecognized deductible temporary differences $ 15,848 $ 15,437 $ 15,068 The Company's unused non-capital losses expire as follows: Canada United States 2020 - 2026 $ 549 $ — 2027 - 2040 20,718 19,595 Total $ 21,266 $ 19,595 The Company's unused capital losses of $17,100,000 are available to carry forward indefinitely. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Capital Management [Abstract] | |
CAPITAL MANAGEMENT [Text Block] | 13. 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, 2020. The Company is not subject to any externally imposed capital requirements. |
FINANCIAL INSTRUMENT RISKS
FINANCIAL INSTRUMENT RISKS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Financial Instrument Risk [Abstract] | |
FINANCIAL INSTRUMENT RISKS [Text Block] | 14. The board of directors has overall responsibility for establishing 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 derivative liabilities. a) Liquidity risk is the risk that the Company will not 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) 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; therefore, it is exposed to currency risk from transactions denominated in CAD. Currently, the Company does not have any foreign exchange hedge programs and manages its operational CAD requirements through spot purchases in the foreign exchange markets. Based on CAD financial assets and liabilities' magnitude, the Company does not have material sensitivity to CAD to USD exchange rates. c) 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 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) 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, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS [Text Block] | 15. a) b) c) |
SIGNIFICANT ACCOUNTING POLICI_2
SIGNIFICANT ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
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 control 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. There is no significant estimation uncertainty in relation to estimates included in the Company's financial statements. |
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") are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the period-end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in the statement of loss. |
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 mineral properties' carrying value 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). |
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. Impairment indicators are considered to exist 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, 2020, 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. |
MINERAL PROPERTIES (Tables)
MINERAL PROPERTIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about the 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, 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 Assay & labs — — — — — — 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 Property maintenance 159 73 193 255 61 201 942 Geological & mapping 4 — — — 3 — 7 Geophysical & survey — — — — 66 — 66 Assay & labs 3 — — — — — 3 Environmental — 167 — — — — 167 Overhead and community — 10 — — 58 — 68 Technical study 158 — — — 14 — 172 324 250 193 255 202 201 1,425 Proceeds from water rights sale — (1,868 ) — — — — (1,868 ) Balance, December 31, 2020 18,828 3,569 1,460 1,470 2,522 387 28,236 |
CONVERTIBLE NOTES (Tables)
CONVERTIBLE NOTES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Detailed Information About 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 Interest expense and accretion 72 Settlement of convertible notes (398 ) Interest payment (76 ) Balance, December 31, 2020 $ — |
DERIVATIVE LIABILITIES (Tables)
DERIVATIVE LIABILITIES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Derivative Liabilities [Abstract] | |
Disclosure of detailed information about derivative liabilities [Table Text Block] | (In thousands of U.S. Dollars) Derivative 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 Change in fair value estimates (90 ) Fair value of warrants issued on conversion (35 ) Balance, December 31, 2020 $ 51 |
SHARE-BASED COMPENSATION (Table
SHARE-BASED COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Share Based Compensation [Abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | December 31, 2020 December 31, 2019 Weighted Average Number of Weighted Average Number of Exercise Price Options Exercise Price Options (CAD) (CAD) Outstanding, beginning of year 14,495,000 0.08 14,860,000 0.09 Granted 3,175,000 0.08 3,450,000 0.065 Expired (2,480,000 ) (0.13 ) (3,415,000 ) (0.10 ) Exercised (500,000 ) (0.05 ) (400,000 ) (0.0625 ) Outstanding, end of year 14,690,000 0.07 14,495,000 0.08 Exercisable, end of year 14,490,000 0.07 14,095,000 0.08 |
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, 2020 December 31, 2019 December 31, 2019* 0.05 — 400,000 March 26, 2020 0.05 — 200,000 July 16, 2020 0.13 — 2,380,000 April 14, 2021 0.065 2,795,000 2,795,000 June 23, 2022 0.095 2,900,000 2,900,000 September 20, 2023 0.06 2,370,000 2,370,000 June 21, 2024 0.065 2,950,000 2,950,000 August 8, 2024 0.06 500,000 500,000 June 20, 2025 0.08 3,175,000 — 14,690,000 14,495,000 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | Year ended December 31, 2020 2019 2018 Weighted average share price CAD 0.07 CAD 0.065 CAD 0.05 Risk-free interest rate 0.36% 1.40% 1.32% Expected share price volatility 100% 103% 103% Expected option life in years 5.0 5.0 5.0 Forfeiture rate 0% 0% 0% Expected dividend yield 0% 0% 0% |
Disclosure of additional information about share-based payment arrangements [Table Text Block] | Year ended December 31, (In thousands of U.S. Dollars) 2020 2019 2018 Consultants $ 63 $ 38 $ 22 Directors and officers 85 60 53 Employees 27 19 16 $ 175 $ 117 $ 91 |
Disclosure of number and weighted average remaining contractual life of outstanding share purchase warrants [Table Text Block] | December 31, 2020 December 31, 2019 Number of Weighted Average Number of Weighted Average Warrants Exercise Price Warrants Exercise Price Outstanding, beginning of year 11,769,230 $ 0.05 19,000,000 $ 0.16 Issued 1,000,000 0.05 11,769,230 0.05 Expired — — (19,000,000 ) (0.16 ) Outstanding, end of year 12,769,230 $ 0.05 11,769,230 $ 0.05 |
Disclosure of detailed information about warrants outstanding [Table Text Block] | Expiry date Exercise price December 31, 2020 December 31, 2019 August 28, 2022 $ 0.05 11,000,000 11,000,000 August 28, 2022 CAD 0.065 1,000,000 — September 20, 2022 CAD 0.065 769,230 769,230 12,769,230 11,769,230 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Related party transactions [abstract] | |
Disclosure of information about key management personnel [Table Text Block] | Year ended December 31, (In thousands of U.S. Dollars) 2020 2019 2018 Salaries $ 391 $ 410 $ 432 Directors' fees 35 36 36 Share-based payments 85 60 53 $ 511 $ 506 $ 521 |
DEFERRED INCOME TAXES (Tables)
DEFERRED INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense (recovery) [Table Text Block] | 2020 2019 2018 The loss for the year $ (983 ) $ (1,711 ) $ (1,419 ) Canadian statutory tax rate 27% 27% 27% Income tax benefit computed at statutory rates (265 ) (462 ) (383 ) Foreign tax rates different from statutory rates 8 31 14 Other (26 ) 2 89 Foreign exchange gains or losses (180 ) 55 225 Permanent differences 19 5 (43 ) Change in unused tax losses and tax offsets 444 369 98 $ — $ — $ — |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] [Table Text Block] | 2020 2019 2018 Non-capital losses $ 8,597 $ 9,796 $ 9,405 Capital loss 2,303 2,257 2,273 Tax value over book value of mineral properties 4,995 3,331 3,335 Tax value over book value of equipment 12 12 12 Tax value over (under) book value of investments and share issue costs (59 ) 41 43 Unrecognized deductible temporary differences $ 15,848 $ 15,437 $ 15,068 |
Disclosure of detailed information about deferred tax assets expiration [Table Text Block] | Canada United States 2020 - 2026 $ 549 $ — 2027 - 2040 20,718 19,595 Total $ 21,266 $ 19,595 |
NATURE OF OPERATIONS AND LIQU_2
NATURE OF OPERATIONS AND LIQUIDITY RISK (Narrative) (Details) | Dec. 31, 2020USD ($) |
Disclosure Of Nature Of Operations And Liquidity Risk [Abstract] | |
Working capital | $ 1,128,000 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jul. 29, 2016 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Marketable Securities [Line Items] | ||||
Unrealized gain (loss) on marketable securities | $ 476 | $ 9 | $ (130) | |
Marketable securities | $ 641 | $ 165 | ||
Grande Portage Resources Ltd. [Member] | ||||
Disclosure Of Marketable Securities [Line Items] | ||||
Equity instruments held, shares | 1,942,795 | 1,942,795 | ||
Herbert Gold property [Member] | ||||
Disclosure Of Marketable Securities [Line Items] | ||||
Proportion of voting rights in subsidiary sold | 35.00% |
MINERAL PROPERTIES (Narrative)
MINERAL PROPERTIES (Narrative) (Details) - USD ($) | Mar. 03, 2019 | Jul. 31, 2020 | Sep. 17, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2020 | Dec. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | Dec. 31, 2021 | Apr. 01, 2021 | Dec. 03, 2019 | Aug. 22, 2019 |
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, 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 | $ 500,000 | ||||||||||||||||
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 | |||||||||||||||
Sales price of certain water rights | $ 6,020,000 | $ 6,260,000 | |||||||||||||||
Proceeds from sale of certain water rights | $ 1,868,117 | $ 5,685,000 | $ 313,000 | ||||||||||||||
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 | $ 193,000 | $ 688,000 | $ 895,258 | $ 1,363,258 | $ 1,458,774 | $ 4,836,290 | |||||||||||
Option agreement, obligated cash payments | $ 5,423,290 | $ 5,423,290 | |||||||||||||||
Bear, Nevada [Member] | Subsequent event [Member] | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Option agreement, obligated cash payments | $ 50,000 | $ 201,000 | $ 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 | $ 1,155,000 | ||||||||||||||||
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 | 1,405,000 | 1,405,000 | |||||||||||||||
Option agreement, obligated work commitment | 50,000 | 50,000 | |||||||||||||||
Work commitment incurred | $ 0 | $ 0 | |||||||||||||||
Wassuk, Nevada [Member] | Subsequent event [Member] | |||||||||||||||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||||||||||||||
Option agreement, obligated cash payments | $ 250,000 | ||||||||||||||||
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 | $ 2,522,000 | ||||||||||||||||
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% | |||||||||||||||
Purchase of exploration and evaluation assets | $ 80,000 | $ 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 event [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 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | $ 28,679 | $ 32,533 | $ 31,295 |
Additions | 1,425 | 1,831 | 1,551 |
Proceeds from water rights sale | 1,868 | 5,685 | 313 |
Exploration and evaluation assets, end of period | 28,236 | 28,679 | 32,533 |
Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 942 | 829 | 1,035 |
Geological mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 7 | 99 | 121 |
Geophysical survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 66 | 386 | 138 |
Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 3 | 5 | 0 |
Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 167 | 189 | 202 |
Field support and overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 68 | 193 | |
Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 55 | ||
Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Technical study [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 172 | 130 | |
MacArthur, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 18,504 | 18,218 | 17,888 |
Additions | 324 | 286 | 330 |
Proceeds from water rights sale | 0 | 0 | 0 |
Exploration and evaluation assets, end of period | 18,828 | 18,504 | 18,218 |
MacArthur, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 159 | 159 | 150 |
MacArthur, Nevada [Member] | Geological mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 4 | 17 | 66 |
MacArthur, Nevada [Member] | Geophysical survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 113 |
MacArthur, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 3 | 0 | 0 |
MacArthur, Nevada [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
MacArthur, Nevada [Member] | Field support and overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
MacArthur, Nevada [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 1 | ||
MacArthur, Nevada [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
MacArthur, Nevada [Member] | Technical study [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 158 | 110 | |
Yerington Pit, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 5,187 | 10,578 | 10,572 |
Additions | 250 | 294 | 319 |
Proceeds from water rights sale | (1,868) | (5,685) | (313) |
Exploration and evaluation assets, end of period | 3,569 | 5,187 | 10,578 |
Yerington Pit, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 73 | 90 | 52 |
Yerington Pit, Nevada [Member] | Geological mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 45 |
Yerington Pit, Nevada [Member] | Geophysical survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 13 |
Yerington Pit, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Yerington Pit, Nevada [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 167 | 189 | 196 |
Yerington Pit, Nevada [Member] | Field support and overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 10 | 15 | |
Yerington Pit, Nevada [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 13 | ||
Yerington Pit, Nevada [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Yerington Pit, Nevada [Member] | Technical study [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Bear, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 1,267 | 1,012 | 320 |
Additions | 193 | 255 | 692 |
Proceeds from water rights sale | 0 | 0 | 0 |
Exploration and evaluation assets, end of period | 1,460 | 1,267 | 1,012 |
Bear, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 193 | 238 | 692 |
Bear, Nevada [Member] | Geological mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 17 | 0 |
Bear, Nevada [Member] | Geophysical survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Bear, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Bear, Nevada [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Bear, Nevada [Member] | Field support and overhead [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 | ||
Bear, Nevada [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Bear, Nevada [Member] | Technical study [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Wassuk, Nevada [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 1,215 | 1,105 | 1,004 |
Additions | 255 | 110 | 101 |
Proceeds from water rights sale | 0 | 0 | 0 |
Exploration and evaluation assets, end of period | 1,470 | 1,215 | 1,105 |
Wassuk, Nevada [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 255 | 110 | 101 |
Wassuk, Nevada [Member] | Geological mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Wassuk, Nevada [Member] | Geophysical survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Wassuk, Nevada [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Wassuk, Nevada [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Wassuk, Nevada [Member] | Field support and overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 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] | Technical study [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | |
Groundhog, Alaska [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 2,320 | 1,620 | 1,511 |
Additions | 202 | 700 | 109 |
Proceeds from water rights sale | 0 | 0 | 0 |
Exploration and evaluation assets, end of period | 2,522 | 2,320 | 1,620 |
Groundhog, Alaska [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 61 | 64 | 40 |
Groundhog, Alaska [Member] | Geological mapping [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 3 | 65 | 10 |
Groundhog, Alaska [Member] | Geophysical survey [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 66 | 368 | 12 |
Groundhog, Alaska [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 5 | |
Groundhog, Alaska [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 6 |
Groundhog, Alaska [Member] | Field support and overhead [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 58 | 178 | |
Groundhog, Alaska [Member] | Other [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 41 | ||
Groundhog, Alaska [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | ||
Groundhog, Alaska [Member] | Technical study [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 14 | 20 | |
Butte Valley [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation assets, beginning of period | 186 | 0 | 0 |
Additions | 201 | 186 | 0 |
Proceeds from water rights sale | 0 | ||
Exploration and evaluation assets, end of period | 387 | 186 | 0 |
Butte Valley [Member] | Property maintenance [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 201 | 168 | 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 | 0 | 18 | 0 |
Butte Valley [Member] | Assay & labs [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Butte Valley [Member] | Environmental [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | 0 | 0 | 0 |
Butte Valley [Member] | Field support and overhead [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 | ||
Butte Valley [Member] | Technical consultant [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | $ 0 | ||
Butte Valley [Member] | Technical study [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Additions | $ 0 | $ 0 |
CONVERTIBLE NOTES (Narrative) (
CONVERTIBLE NOTES (Narrative) (Details) | 1 Months Ended | 2 Months Ended | 12 Months Ended | |||||||||
Aug. 31, 2019CAD ($)shares | Aug. 31, 2019USD ($)shares | Sep. 20, 2018CAD ($) | Aug. 28, 2018USD ($) | Aug. 31, 2020CAD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018CAD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($) | |
Disclosure Of Detailed Information About Convertible Notes [Abstract] | ||||||||||||
Convertible notes proceeds | $ 550,000 | $ 550,000 | ||||||||||
Debt instrument interest rate | 10.00% | 10.00% | ||||||||||
Convertible debt, conversion price for first twelve months | $ 0.065 | $ 0.05 | ||||||||||
Convertible debt, conversion price after first twelve months | 0.10 | $ 0.075 | ||||||||||
Weighted average exercise price of warrants granted in share-based payment arrangement | $ 0.065 | $ 0.05 | ||||||||||
Debt conversion converted instruments amount | $ 50,000 | $ 550,000 | $ 100,000 | |||||||||
Debt instruments convertible conversion price | $ / shares | $ 0.10 | |||||||||||
Number of common stock issued for conversion of convertible debt | shares | 11,769,230 | 11,769,230 | 1,000,000 | |||||||||
Number of warrants issued for conversion of convertible debt | shares | 11,769,230 | 11,769,230 | 1,000,000 | |||||||||
Stock issued for conversion of interest | $ | $ 44,507 | |||||||||||
Number of stock issued for conversion of interest | shares | 1,077,066 | 1,077,066 | ||||||||||
Repayment of debt | $ | $ 400,000 | |||||||||||
Interest paid | $ 13,012 | $ 99,233 | ||||||||||
Amount of share capital for conversion | $ 100,000 | $ 94,000 | ||||||||||
Interest expense and accretion | $ | $ 72,000 | $ 260,000 |
CONVERTIBLE NOTES - Disclosure
CONVERTIBLE NOTES - Disclosure of detailed information about convertible notes (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Convertible Notes [Line Items] | |||
Interest expense and accretion | $ 72,000 | $ 260,000 | |
Convertible Notes [Member] | |||
Convertible Notes [Line Items] | |||
Balance | 402,000 | 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 | (398,000) | (522,000) | |
Interest payments | (76,000) | (57,000) | |
Interest expense and accretion | 72,000 | 260,000 | 102,000 |
Balance | $ 0 | $ 402,000 | $ 721,000 |
DERIVATIVE LIABILITIES (Narrati
DERIVATIVE LIABILITIES (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Derivative Liabilities [Line Items] | |
Expected volatility, warrants outstanding | 106.00% |
Expected term, warrants outstanding | 2 years |
Expected discount rate, warrants outstanding | 0.36% |
Expected dividend yield, warrants outstanding | 0.00% |
DERIVATIVE LIABILITIES - Disclo
DERIVATIVE LIABILITIES - Disclosure of detailed information about derivative liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Derivative Liabilities [Abstract] | |||
Derivative liabilities, beginning balance | $ 176 | $ 572 | $ 587 |
Derivative related to convertible notes | 343 | ||
Change in fair value estimates | (90) | (105) | (358) |
Fair value of warrants issued on conversion | (35) | (291) | |
Derivative liabilities, ending balance | $ 51 | $ 176 | $ 572 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||
Aug. 31, 2020shares | Aug. 31, 2019shares | Jan. 21, 2019CAD ($)$ / sharesshares | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
Disclosure of classes of share capital [abstract] | |||||
Number of shares issued on conversion of convertible notes | 1,000,000 | 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 | $ 150,000 | $ 19 | $ 132 |
SHARE-BASED COMPENSATION (Narra
SHARE-BASED COMPENSATION (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
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 | shares | 500,000 | 400,000 |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 0.05 | $ 0.0625 |
Expire December 31, 2019 [Member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Number of share options exercised in share-based payment arrangement | shares | 400,000 | |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 0.05 |
SHARE-BASED COMPENSATION - Disc
SHARE-BASED COMPENSATION - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure Of Share Based Compensation [Abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | shares | 14,495,000 | 14,860,000 |
Number of share options granted in share-based payment arrangement | shares | 3,175,000 | 3,450,000 |
Number of share options expired in share-based payment arrangement | shares | (2,480,000) | (3,415,000) |
Number of share options exercised in share-based payment arrangement | shares | (500,000) | (400,000) |
Number of share options outstanding in share-based payment arrangement at end of period | shares | 14,690,000 | 14,495,000 |
Number of share options exercisable in share-based payment arrangement | shares | 14,490,000 | 14,095,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 0.08 | $ 0.09 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | 0.08 | 0.065 |
Weighted average exercise price of share options expired in share-based payment arrangement | $ / shares | (0.13) | (0.10) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | (0.05) | (0.0625) |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | 0.07 | 0.08 |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 0.07 | $ 0.08 |
SHARE-BASED COMPENSATION - Di_2
SHARE-BASED COMPENSATION - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares | Dec. 31, 2018shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of share options outstanding in share-based payment arrangement | 14,690,000 | 14,495,000 | 14,860,000 |
Expire December 31, 2019 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 0.05 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 400,000 | |
Expire March 26, 2020 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 0.05 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 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 | $ / shares | $ 0.13 | ||
Number of share options outstanding in share-based payment arrangement | 0 | 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 | $ / shares | $ 0.065 | ||
Number of share options outstanding in share-based payment arrangement | 2,795,000 | 2,795,000 | |
Expire June 23, 2022 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 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 | $ / shares | $ 0.06 | ||
Number of share options outstanding in share-based payment arrangement | 2,370,000 | 2,370,000 | |
Expire June 21, 2024 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 0.065 | ||
Number of share options outstanding in share-based payment arrangement | 2,950,000 | 2,950,000 | |
Expire August 8, 2024 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 0.06 | ||
Number of share options outstanding in share-based payment arrangement | 500,000 | 500,000 | |
Expiry June 20, 2025 [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Exercise price of outstanding share options | $ / shares | $ 0.08 | ||
Number of share options outstanding in share-based payment arrangement | 3,175,000 | 0 |
SHARE-BASED COMPENSATION - Di_3
SHARE-BASED COMPENSATION - Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | ||
Dec. 31, 2020yr$ / shares | Dec. 31, 2019yr$ / shares | Dec. 31, 2018yr$ / shares | |
Disclosure Of Share Based Compensation [Abstract] | |||
Weighted average share price | $ / shares | $ 0.07 | $ 0.065 | $ 0.05 |
Riskfree interestrate | 0.36% | 1.40% | 1.32% |
Expected share price volatility | 100.00% | 103.00% | 103.00% |
Expected option life in years | yr | 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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | $ 175 | $ 117 | $ 91 |
Consultants [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | 63 | 38 | 22 |
Directors and officers [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | 85 | 60 | 53 |
Employees [Member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Share-based payments | $ 27 | $ 19 | $ 16 |
SHARE-BASED COMPENSATION - Di_4
SHARE-BASED COMPENSATION - Disclosure of number and weighted average exercise prices of share purchase warrants (Details) | 12 Months Ended | |
Dec. 31, 2020shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure Of Share Based Compensation [Abstract] | ||
Outstanding, beginning of year | shares | 11,769,230 | 19,000,000 |
Issued | shares | 1,000,000 | 11,769,230 |
Expired | shares | 0 | (19,000,000) |
Outstanding, end of year | shares | 12,769,230 | 11,769,230 |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 0.05 | $ 0.16 |
Issued | $ / shares | 0.05 | 0.05 |
Expired | $ / shares | 0 | (0.16) |
Weighted average exercise price of other equity instruments outstanding in share-based payment arrangement at end of period | $ / shares | $ 0.05 | $ 0.05 |
SHARE-BASED COMPENSATION - Di_5
SHARE-BASED COMPENSATION - Disclosure of detailed information about warrants outstanding (Details) | Dec. 31, 2020CAD ($)shares | Dec. 31, 2020USD ($)shares | Dec. 31, 2019shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Number of warrants outstanding in share-based payment arrangement | 12,769,230 | 12,769,230 | 11,769,230 |
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 | 11,000,000 |
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 | $ | $ 0.065 | ||
Number of warrants outstanding in share-based payment arrangement | 1,000,000 | 1,000,000 | 0 |
Expire September 22, 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 | 769,230 |
RELATED PARTY TRANSACTIONS (Nar
RELATED PARTY TRANSACTIONS (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020CAD ($) | |
Manex Resource Group [Member] | |
Disclosure of transactions between related parties [line items] | |
Related party transactions, monthly amount | $ 7,500 |
Advocate Services Ltd [Member] | |
Disclosure of transactions between related parties [line items] | |
Related party transactions, monthly amount | $ 5,000 |
RELATED PARTY TRANSACTIONS - Di
RELATED PARTY TRANSACTIONS - Disclosure of information about key management personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Related party transactions [abstract] | |||
Salaries | $ 391 | $ 410 | $ 432 |
Directors' fees | 35 | 36 | 36 |
Share-based compensation | 85 | 60 | 53 |
Key management personnel compensation | $ 511 | $ 506 | $ 521 |
DEFERRED INCOME TAXES (Narrativ
DEFERRED INCOME TAXES (Narrative) (Details) | Dec. 31, 2020USD ($) |
Unused capital losses [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | $ 17,100,000 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
The loss for the year | $ (983) | $ (1,711) | $ (1,419) |
Canadian statutory tax rate | 27.00% | 27.00% | 27.00% |
Income tax benefit computed at statutory rates | $ (265) | $ (462) | $ (383) |
Foreign tax rates different from statutory rates | 8 | 31 | 14 |
Other | (26) | 2 | 89 |
Foreign exchange gains or losses | (180) | 55 | 225 |
Permanent differences | 19 | 5 | (43) |
Change in unused tax losses and tax offsets | 444 | 369 | 98 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | $ 15,848 | $ 15,437 | $ 15,068 |
Non-capital losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | 8,597 | 9,796 | 9,405 |
Capital loss [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unrecognized deductible temporary differences | 2,303 | 2,257 | 2,273 |
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 | 4,995 | 3,331 | 3,335 |
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 (under) 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 | $ (59) | $ 41 | $ 43 |
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, 2020USD ($) |
Canada [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | $ 21,266 |
Canada [Member] | Expire 2020 - 2026 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | 549 |
Canada [Member] | Expire 2027 - 2040 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | 20,718 |
United States [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | 19,595 |
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 | 0 |
United States [Member] | Expire 2027 - 2040 [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Carryforward of unused tax losses | $ 19,595 |
SUBSEQUENT EVENTS (Narrative) (
SUBSEQUENT EVENTS (Narrative) (Details) $ in Thousands | Mar. 05, 2021USD ($) | Jan. 02, 2021CAD ($)Share | Aug. 31, 2021USD ($) | Feb. 24, 2021USD ($) | Dec. 31, 2020shares | Dec. 31, 2019shares |
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of share options exercised in share-based payment arrangement | shares | 500,000 | 400,000 | ||||
Subsequent event [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Number of share options exercised in share-based payment arrangement | Share | 2,310,000 | |||||
Proceeds from exercise of options | $ 157,500 | |||||
Subsequent event [Member] | Purchase and sale agreement [Member] | ||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||
Sales price of certain water rights | $ 2,910,000 | |||||
Proceeds from sale of certain water rights | $ 1,000,000 | |||||
Amount of sales price of certain water rights to be received upon closing | $ 1,910,000 |