Document and Entity Information
Document and Entity Information | 12 Months Ended |
Aug. 31, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | AVALON ADVANCED MATERIALS INC. |
Entity Central Index Key | 0001362898 |
Document Period End Date | Aug. 31, 2020 |
Document Type | 20-F |
Amendment Flag | false |
Current Fiscal Year End Date | --08-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 348,413,157 |
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 | false |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 |
Current Assets | ||
Cash and cash equivalents | $ 1,295,723 | $ 1,881,841 |
Other receivables | 263,141 | 337,573 |
Prepaid expenses and deposits | 118,536 | 140,720 |
Asset held for sale | 2,605,147 | |
Total Current Assets | 1,677,400 | 4,965,281 |
Non-Current Assets | ||
Exploration and evaluation assets | 12,083,199 | 17,065,203 |
Property, plant and equipment | 102,836,885 | 101,981,838 |
Total Non-Current Assets | 114,920,084 | 119,047,041 |
Total Assets | 116,597,484 | 124,012,322 |
Current Liabilities | ||
Accounts payable | 153,743 | 151,318 |
Accrued liabilities | 574,383 | 922,474 |
Deferred flow-through share premium | 136,800 | 47,481 |
Deferred asset sale proceeds | 3,200,000 | |
Current portion of lease obligation | 178,893 | |
Total Current Liabilities | 1,043,819 | 4,321,273 |
Non-Current Liabilities | ||
Lease obligation | 688,574 | |
Convertible note payable | 175,000 | |
Convertible redeemable preferred shares | 958,125 | |
Derivative liabilities | 59,827 | 27,069 |
Site closure and reclamation provisions | 303,600 | 303,600 |
Total Non-current Liabilities | 1,052,001 | 1,463,794 |
Total Liabilities | 2,095,820 | 5,785,067 |
Shareholders' Equity | ||
Share Capital | 179,329,547 | 177,802,700 |
Reserve for Warrants | 4,336,481 | 4,330,037 |
Reserve for Share Based Payments | 17,333,864 | 17,225,482 |
Reserve for Brokers' Compensation Warrants | 286,000 | 286,000 |
Accumulated Deficit | (86,784,228) | (81,416,964) |
Total Shareholders Equity | 114,501,664 | 118,227,255 |
Total Liabilities and Shareholders Equity | $ 116,597,484 | $ 124,012,322 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Revenue | |||
Interest | $ 24,787 | $ 42,819 | $ 61,777 |
Management fees | 109,351 | 10,204 | |
Total revenue | 134,138 | 53,023 | 61,777 |
Expenses | |||
Corporate and administrative | 1,828,971 | 2,415,003 | 2,724,759 |
Impairment loss on exploration and evaluation assets | 5,587,210 | 639,034 | |
General exploration | 127,353 | 11,861 | 17,269 |
Depreciation | 163,292 | 20,617 | 18,538 |
Share based compensation | 99,033 | 78,844 | 149,286 |
Interest on lease obligation | 43,530 | ||
Foreign exchange loss | 622 | 1,435 | 2,705 |
Financing transaction costs | 177,503 | 634,912 | |
Increase in fair value of convertible redeemable preferred shares | 39,375 | 376,688 | 535,500 |
Increase (Decrease) in fair value of derivative liabilities | 32,758 | (126,951) | (562,216) |
Total Expenses | 7,922,144 | 3,594,034 | 3,520,753 |
Net Loss before the Undernoted item | (7,788,006) | (3,541,011) | (3,458,976) |
Gain on Sale of Property, Plant and Equipment | 2,373,261 | ||
Net Loss before Income Taxes | (5,414,745) | (3,541,011) | (3,458,976) |
Deferred Income Tax Recoveries | 47,481 | 154,676 | 218,232 |
Net Loss and Total Comprehensive Loss for the year | $ (5,367,264) | $ (3,386,335) | $ (3,240,744) |
Loss per Share - Basic and Diluted (in dollars per share) | $ (0.016) | $ (0.012) | $ (0.015) |
Weighted Average Number of Common Shares Outstanding - Basic and Diluted (in shares) | 334,332,582 | 275,760,316 | 215,152,381 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) | Share Capital [Member] | Warrants [Member] | Share Based Payments [Member] | Brokers Compensation Warrants [Member] | Accumulated Deficit [Member] | Total |
Beginning Balance at Aug. 31, 2017 | $ 169,593,205 | $ 4,258,213 | $ 16,955,411 | $ 294,166 | $ (74,789,885) | $ 116,311,110 |
Beginning Balance (Shares) at Aug. 31, 2017 | 196,735,521 | |||||
Statements [Line Items] | ||||||
Equity offerings | $ 1,875,886 | 77,290 | 1,953,176 | |||
Equity offerings (Shares) | 17,652,400 | |||||
Conversion of redeemable preferred shares | $ 2,189,250 | 2,189,250 | ||||
Conversion of redeemable preferred shares (Shares) | 22,280,507 | |||||
Exercise of options | $ 5,500 | 5,500 | ||||
Exercise of options (Shares) | 50,000 | |||||
Reserve transferred on exercise of options | $ 2,137 | (2,137) | ||||
Exercise of compensation warrants | $ 33,000 | 33,000 | ||||
Exercise of compensation warrants (Shares) | 300,000 | |||||
Reserve transferred on exercise of compensation warrants | $ 26,671 | (26,671) | ||||
Compensation warrants issued on equity offerings | 18,505 | 18,505 | ||||
Share based compensation | 176,836 | 176,836 | ||||
Share issuance costs - cash | (107,282) | (5,138) | (112,420) | |||
Share issuance costs - compensation warrants issued | (17,570) | (935) | (18,505) | |||
Net loss for the year | (3,240,744) | (3,240,744) | ||||
Ending Balance at Aug. 31, 2018 | $ 173,600,797 | 4,329,430 | 17,130,110 | 286,000 | (78,030,629) | 117,315,708 |
Ending Balance (Shares) at Aug. 31, 2018 | 237,018,428 | |||||
Statements [Line Items] | ||||||
Equity offerings | $ 918,725 | 7,525 | 926,250 | |||
Equity offerings (Shares) | 15,375,000 | |||||
Conversion of redeemable preferred shares | $ 2,773,313 | 2,773,313 | ||||
Conversion of redeemable preferred shares (Shares) | 53,337,055 | |||||
Conversion of note payable | $ 425,000 | 425,000 | ||||
Conversion of note payable (Shares) | 7,721,966 | |||||
Exercise of warrants | $ 120,000 | 120,000 | ||||
Exercise of warrants (Shares) | 1,000,000 | |||||
Reserve transferred on exercise of warrants | $ 6,657 | (6,657) | ||||
Exercise of options | $ 20,000 | 20,000 | ||||
Exercise of options (Shares) | 200,000 | |||||
Reserve transferred on exercise of options | $ 1,850 | (1,850) | ||||
Share based compensation | 97,222 | 97,222 | ||||
Share issuance costs - cash | (63,642) | (261) | (63,903) | |||
Net loss for the year | (3,386,335) | (3,386,335) | ||||
Ending Balance at Aug. 31, 2019 | $ 177,802,700 | 4,330,037 | 17,225,482 | 286,000 | (81,416,964) | 118,227,255 |
Ending Balance (Shares) at Aug. 31, 2019 | 314,652,449 | |||||
Statements [Line Items] | ||||||
Equity offerings | $ 396,000 | 7,200 | 403,200 | |||
Equity offerings (Shares) | 6,000,000 | |||||
Conversion of redeemable preferred shares | $ 997,499 | 997,499 | ||||
Conversion of redeemable preferred shares (Shares) | 23,706,725 | |||||
Conversion of note payable | $ 175,000 | 175,000 | ||||
Conversion of note payable (Shares) | 4,053,983 | |||||
Share based compensation | 108,382 | 108,382 | ||||
Share issuance costs - cash | $ (41,652) | (756) | (42,408) | |||
Net loss for the year | (5,367,264) | (5,367,264) | ||||
Ending Balance at Aug. 31, 2020 | $ 179,329,547 | $ 4,336,481 | $ 17,333,864 | $ 286,000 | $ (86,784,228) | $ 114,501,664 |
Ending Balance (Shares) at Aug. 31, 2020 | 348,413,157 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Operating Activities | |||
Cash paid to employees | $ (1,399,003) | $ (1,159,131) | $ (1,381,833) |
Cash paid to suppliers | (661,150) | (1,165,017) | (1,262,306) |
Interest received | 24,787 | 42,819 | 61,777 |
Management fees received | 114,742 | ||
Cash Used by Operating Activities | (1,920,624) | (2,281,329) | (2,582,362) |
Financing Activities | |||
Net proceeds from equity offerings | 507,100 | 955,379 | 2,025,843 |
Net proceeds from issuance of preferred shares | 2,084,792 | ||
Net proceeds from issuance of note payable | 466,696 | ||
Proceeds from exercise of warrants | 120,000 | ||
Proceeds from exercise of stock options | 20,000 | 5,500 | |
Proceeds from exercise of brokers' compensation warrants | 33,000 | ||
Lease payments | (207,063) | ||
Cash Provided by Financing Activities | 300,037 | 1,562,075 | 4,149,135 |
Investing Activities | |||
Exploration and evaluation assets | (713,783) | (766,825) | (2,041,084) |
Property, plant and equipment | (29,534) | (149,702) | (277,501) |
Net proceeds from sale of property, plant and equipment | 1,778,408 | 3,200,000 | |
Cash Provided (Used) by Investing Activities | 1,035,091 | 2,283,473 | (2,318,585) |
Change in Cash and Cash Equivalents | (585,496) | 1,564,219 | (751,812) |
Foreign Exchange Effect on Cash | (622) | (1,435) | (2,705) |
Cash and Cash Equivalents - beginning of year | 1,881,841 | 319,057 | 1,073,574 |
Cash and Cash Equivalents - end of year | $ 1,295,723 | $ 1,881,841 | $ 319,057 |
Nature of Operations and Going
Nature of Operations and Going Concern Uncertainty | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of going concern [Abstract] | |
Nature of Operations and Going Concern Uncertainty [Text Block] | 1. Nature of Operations and Going Concern Uncertainty Avalon Advanced Materials Inc. ("Avalon") is a publicly listed company incorporated in Canada and continued under the Canada Business Corporations Act Avalon, together with its subsidiaries (collectively, the "Company") is principally engaged in the acquisition, exploration, evaluation and development of specialty metal and mineral properties, located principally in Canada. To date, the Company has not earned any significant revenues. The realization of amounts shown for its development asset - the Nechalacho Rare Earth Elements Project (the "Nechalacho REE Project") and its exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves (where not already identified), the ability of the Company to obtain the necessary financing to develop these assets, and future profitable production or proceeds of disposition from these assets. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to a going concern, which assumes the Company will continue to meet its obligations and discharge its liabilities in the normal course of business for the foreseeable future. Different bases of measurement may be appropriate when a company is not expected to continue operations for the foreseeable future. The Company is in the exploration and development stage and raises funds in the equity markets to conduct its business activities. The Company has incurred losses in the current and prior years, with a net loss of $5,367,264 the year ended August 31, 2020 (the "Year") and an accumulated deficit of $86,784,228 as at August 31, 2020. The Company's cash and cash equivalents balance at August 31, 2020 was $1,295,723, and the working capital was $633,581. Excluding the deferred flow-through share premium of $136,800, the Company's adjusted working capital as at August 31, 2020 was $770,381 (calculated by adding back the deferred flow-through share premium of $136,800 to the working capital of $633,581). The outbreak of the novel strain of coronavirus, specifically identified as "COVID-19", has resulted in governments worldwide enacting emergency measures to combat the spread of the virus. These measures, which include the implementation of travel bans, self-imposed quarantine periods and social distancing, have caused material disruption to businesses globally resulting in an economic slowdown. Global equity markets have experienced significant volatility and weakness. Governments and central banks have reacted with significant monetary and fiscal interventions designed to stabilize economic conditions. The duration and impact of the COVID-19 outbreak is unknown at this time, as is the efficacy of the government and central bank interventions. It is not possible to reliably estimate the length and severity of these developments, and the impact on the Company's ability to raise capital, its financial results or its financial condition. Given the continuation of weak investor sentiment and capital market conditions in the junior resource sector, there exists an uncertainty as to the Company's ability to raise additional funds on favorable terms. These conditions indicate the existence of a material uncertainty that raises substantial doubt about the Company's ability to continue as a going concern. As at August 31, 2020, the Company is required to incur additional Canadian exploration expenses ("CEE") of $539,400 by December 31, 2021. The Company's expenditures on discretionary exploration and development activities have some scope for flexibility in terms of amount and timing, which can be adjusted accordingly. Management intends to finance these expenditures over the next twelve months with funds currently on hand, and through planned equity financings. These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary should the going concern assumption be inappropriate, and those adjustments could be material. These consolidated financial statements have been reviewed and approved by the Company's Audit Committee and the Board of Directors on November 27, 2020. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Aug. 31, 2020 | |
Basis of Presentation [Abstract] | |
Basis of Presentation [Text Block] | 2. Basis of Presentation a) Statement of Compliance and Basis of Presentation These consolidated financial statements have been prepared on a going concern basis using the historical cost basis, except for certain financial instruments which are measured at fair value in accordance with the policies disclosed in Note 3. b) Basis of Consolidation |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Summary of Significant Accounting Policies [Text Block] | 3. Summary of Significant Accounting Policies The principal accounting policies followed by the Company are summarized as follows: a) Foreign Currency Transactions Functional and Presentation Currency Items included in the consolidated financial statements of the Company and each of its subsidiaries (the "Group") are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the Company and its subsidiaries is the Canadian dollar ("$"). The consolidated financial statements of the Group are presented in Canadian dollars. Transactions and Balances In preparing the financial statements of the individual entities, transactions in currencies other than the entity's functional currency (i.e. foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, monetary assets and liabilities are translated using the foreign exchange rates prevailing at the end of each reporting period. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the historical rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in foreign exchange loss (gain) in the consolidated statement of comprehensive loss. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders' equity. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in profit or loss as part of the gain or loss on sale. At the present time, the functional currency of the Company and its subsidiaries is the Canadian dollar and hence this does not currently apply to the Company. b) Share Based Payments Equity-settled share based payments to employees (including directors and senior executives) and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value of the share-based payment is measured by reference to the fair value of the equity instrument granted, which in turn is determined using the Black-Scholes option-pricing model on the date of the grant, with management's assumptions for the risk-free rate, dividend yield, volatility factors of the expected market price of the Company's common shares, exercise price, current market price of the underlying equity to be settled with, expected forfeitures and the life of the options. The fair value of the equity-settled share based payments is recognized over the vesting period in which the service conditions are fulfilled, ending on the date in which the grantee becomes fully entitled to the award, based on the Company's estimate of equity instruments that will eventually vest, and is either expensed or capitalized to exploration and evaluation assets or property, plant and equipment, with a corresponding increase in equity. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the Company obtains the goods or the counterparty renders the service. c) Leases On September 1, 2019, the Company adopted IFRS 16, "Leases" ("IFRS 16") using the modified retrospective approach. The Company assesses at the inception of a contract whether that contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease component, the Company then recognizes a right-of-use ("ROU") asset and a lease obligation at the lease commencement date. The ROU assets are initially measured based on the initial amount of the lease obligation adjusted for initial direct costs incurred, lease payments made prior to inception, estimated costs to dismantle, remove or restore the asset and less any lease incentives received. ROU assets are subsequently measured at cost and are depreciated on a straight line basis over the shorter of the lease term and the useful life. The Company elects to apply the practical expedient not to recognize ROU assets and lease obligations for short-term (12 months or less) leases of all asset classes and also elects to apply the practical expedient not to recognize ROU assets and lease obligations for leases of low value (less than $US5,000) assets. The lease payments associated with either short-term leases or leases of low-value underlying assets are recognized as an expense on a straight-line basis over the lease term. d) Income Taxes Current Income Taxes Tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statements of comprehensive loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred Income Taxes Deferred tax assets and liabilities represent income taxes expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the Company's consolidated financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax assets also represent income taxes expected to be recoverable on unclaimed losses carried forward. Deferred taxes are calculated using the asset and liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, with some exceptions described below. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be used. Neither deferred tax liabilities, nor deferred tax assets, are recognized as a result of temporary differences that arise from the initial recognition of goodwill or a transaction, other than a business combination, that affects neither accounting profit nor taxable profit. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax asset and liabilities are measured as of the date of the consolidated statement of financial position using the enacted or substantively enacted tax rates that are expected to be in effect when the differences reverse or when unclaimed losses are utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and adjusted to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of all or part of the asset to be utilized. To the extent that an asset not previously recognized fulfils the criteria for asset recognition, a deferred tax asset is recognized. Deferred tax is recognized in the consolidated statements of comprehensive loss, unless it relates to items recognized directly in equity, in which case the deferred tax related to those items is also recognized directly in equity. e) Flow-through Shares The Company has, from time to time, issued flow-through shares to finance a portion of its exploration and development programs. Pursuant to the terms of the related flow-through share agreements, the Company has agreed to incur eligible flow-through expenditures and renounce the tax deductions associated with these qualifying expenditures to the subscribers. The Company recognizes a proportion of the excess of cash consideration received over the market price of the Company's shares at the date of the announcement of the flow-through share financing ("Flow-through Share Premium") through the consolidated statement of comprehensive loss as a reduction of deferred income tax expense, with a corresponding reduction to the deferred flow-through share premium liability as the eligible flow-through expenditures are incurred. The Flow-through Share Premium is recorded in the consolidated statement of financial position as a deferred flow-through share premium liability when the flow-through shares are issued. When a unit comprised of a flow-through share with an attached share purchase warrant is issued, the Company has adopted the fair value approach with respect to the measurement of the three components (share, warrant and Flow-through Share Premium) of such unit and use the relative fair value method to allocate the proceeds to each of the three components of the unit. f) Loss per Share The basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. The diluted loss per share reflects the potential dilution of common share equivalents, such as outstanding stock options and share purchase warrants, in the weighted average number of common shares outstanding during the year, if dilutive. The "treasury stock method" is used for the assumed proceeds upon the exercise of the options and warrants that are used to purchase common shares at the average market price during the year. g) Other Comprehensive Income (Loss) Other Comprehensive income (loss) is the change in the Company's net assets that results from transactions, events and circumstances that are not related to the Company's shares and that are not included in net profit or loss. Such items include unrealized gains or losses on available-for-sale investments, gains or losses on certain hedging derivative instruments and foreign currency gains or losses related to translation of the financial statements of foreign operations. The Company's comprehensive income (loss) and components of other comprehensive income are presented in the consolidated statements of comprehensive loss and the consolidated statements of changes in equity. h) Cash and Cash Equivalents Cash and cash equivalents include bank deposits and highly liquid short-term money market investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, such as bankers' acceptance notes, treasury bills and guaranteed investment certificates ("GICs"). i) Exploration and Evaluation Assets These assets relate to mineral rights acquired and exploration and evaluation expenditures incurred in respect to resource projects that are in the exploration and evaluation stage. Exploration and evaluation expenditures include costs which are directly attributable to acquisition, surveying, geological, geochemical, geophysical, exploratory drilling, land maintenance, sampling, and assessing technical feasibility and commercial viability. These expenditures are capitalized as exploration and evaluation assets until the technical feasibility and commercial viability of extracting the mineral resource of a project are demonstrable. During the exploration period, exploration and evaluation assets are not amortized. Exploration and evaluation assets are allocated to cash generating units ("CGUs") for the purpose of assessing such assets for impairment and each project is identified as a separate CGU. At each financial statement reporting date, the Company assesses whether there is any indication of impairment. Indicators of impairment include, but are not limited to: i) ii) iii) iv) In circumstances where indicators of impairment exist, an impairment test is performed to determine if the carrying amount of a specific project exceeds its estimated recoverable amount. The estimated recoverable amount is the greater of fair value less costs of disposal, and value in use (which is discounted expected future cash flows). If the estimated recoverable amount of the project is less than its carrying amount, the carrying amount of the project is reduced to its estimated recoverable amount, and an impairment loss is recognized immediately in the consolidated statement of comprehensive loss. Once the technical feasibility and commercial viability of extracting a mineral resource of a project are demonstrable, the relevant exploration and evaluation asset is assessed for impairment, and any impairment loss is recognized, prior to the balance being reclassified as a development asset in property, plant and equipment. The determination of the demonstration of technical feasibility and commercial viability is subject to a significant degree of judgment and assessment of all relevant factors. In general, technical feasibility may be demonstrable once a positive feasibility study is completed. When determining the commercial viability of a project, in addition to the receipt of a feasibility study, the Company also considers factors such as the existence of markets and/or long term contracts for the product, and the ability to obtain the relevant operating permits. All subsequent expenditures to ready the property for production are capitalized within development assets, other than those costs related to the construction of property, plant and equipment. Development assets are not depreciated until construction is complete and the assets are available for their intended use. Once production has commenced, all costs included in development assets are reclassified to mining properties. Exploration and evaluation expenditures incurred prior to the Company obtaining the right to explore the property are recorded as an expense in the period in which they are incurred. j) Property, plant and equipment Property, plant and equipment ("PPE") are stated at cost less any accumulated depreciation and accumulated impairment losses. The cost of an item of PPE consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Depreciation is provided over the estimated useful lives of the Company's assets on the following basis and rates per annum: An item of PPE is derecognized upon disposal, when classified as held for sale (when assets' carrying amounts will be recovered principally through a sale transaction rather than through continuing use), or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized immediately in the consolidated statement of comprehensive loss. The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for PPE and any changes arising from this assessment are applied by the Company prospectively as a change in estimate. Where an item of PPE comprises major components with different useful lives, the components are accounted for as separate items of PPE. Expenditures incurred to replace a component of an item of PPE that is accounted for separately, including major inspection and overhaul expenditures, are capitalized. k) Impairment of Non-Financial Assets At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets with finite lives at the CGU level to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant CGU is estimated in order to determine the extent of the impairment loss, if any. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Company's CGUs are typically its significant individual exploration and evaluation assets, development projects or mines. In certain circumstances, when the recoverable amount of an individual asset can be determined, impairment assessment is performed at the individual asset level. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified. The recoverable amount of an asset is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount, and an impairment loss is recognized immediately in profit or loss. At the end of each reporting period, the Company assesses whether there is any indication that impairment losses that were recognized in prior periods may no longer exist or have decreased. If such an indication exists, the estimated recoverable amount of the asset (or CGU) is revised and the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. l) Financial Instruments On September 1, 2018, the Company adopted IFRS 9, "Financial Instruments" ("IFRS 9") which replaces IAS 39, "Financial Instruments: Recognition and Measurement" ("IAS 39"). The retrospective adoption of IFRS 9 had no material impact to the Company's consolidated financial statements. Classification and Measurement Under IFRS 9, financial assets are initially classified and subsequently measured at amortized cost, fair value through other comprehensive income ("FVOCI"); or fair value through profit or loss "FVTPL". A financial asset is measured at either amortized cost or FVTPL based on the business model in which the financial asset is managed and its contractual cash flow characteristics, unless the financial asset is required or designated to be classified and measured at FVTPL or FVOCI. On initial recognition of an equity instrument investment, the Company may irrevocably elect to measure the investment at FVOCI on an investment-by-investment basis, where the changes in the fair value of equity instruments are permanently recognized in other comprehensive income and will not be reclassified to profit or loss. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (which generally include derivative liabilities or other financial liabilities which are held for trading), or the Company has irrevocably designated them at FVTPL on initial recognition. Financial assets and financial liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability, and are subsequently carried at amortized cost using the effective interest rate method, less any impairment. The changes in the fair value that are attributable to changes in the Company's own credit risk of financial liabilities elected at FVTPL are permanently recognized in other comprehensive income and will not be reclassified to profit or loss. Financial assets and financial liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the statement profit or loss, and are subsequently measured at fair value. Any realized and unrealized gains and losses arising from the changes in fair value are included in the statement of profit or loss in the period in which they arise. Financial assets at FVOCI are initially recognized at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset, and are subsequently carried at fair value, with any unrealized gains and losses arising from the changes in fair value being included in other comprehensive income or loss. When debt financial assets are derecognized, the cumulative gains and losses previously recognized in other comprehensive income are reclassified to profit or loss. The changes in the fair value of equity instrument investments elected at FVOCI are permanently recognized in other comprehensive income and will not be reclassified to profit or loss. The following table shows the original categories under IAS 39 and the new categories under IFRS 9 for each class of the Company's financial assets and financial liabilities: Classification and Measurement Category Financial Instrument IAS 39 IFRS 9 Cash and cash equivalents Loans and receivables at amortized cost Amortized cost Other receivables Loans and receivables at amortized cost Amortized cost Accounts payable Other financial liabilities at amortized cost Amortized cost Accrued liabilities Other financial liabilities at amortized cost Amortized cost Convertible note payable FVTPL FVTPL Convertible redeemable preferred shares FVTPL FVTPL Derivative liabilities FVTPL FVTPL Impairment of Financial Assets IFRS replaces the "incurred loss" model in IAS 39 with a single forward-looking expected credit loss ("ECL") impairment model, which is based on changes in credit quality since initial recognition. The new impairment model is applied, at each reporting date, to financial assets measured at amortized costs or those measured at FVOCI (except for equity instrument investments). Any impairment losses recognized are charged to profit or loss, with the offsetting credit reducing the carrying amount of the financial assets that are measure at amortized cost. For financial assets measured at FVOCI, the impairment loss will be credited to other comprehensive income or loss. There were no adjustments to the carrying amounts of the Company's financial instruments on the date of transition as a result of the transition from IAS 39 to IFRS 9. m) Site Closure and Reclamation Provision The Company's mining exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. These environmental regulations are continually changing and are generally becoming more restrictive. The Company has made, and intends to make in the future, expenditures to comply with such laws and regulations or constructive obligations. Provision for site closure costs is recorded at the time an environmental disturbance occurs, and is measured at the Company's best estimate of the expected value of future cash flows required to reclaim the disturbance upon site closure, discounted to their net present value. The net present value is determined using a pre-tax discount rate that is specific to the liability. The estimated net present value is re-measured at the end of each reporting period, or when changes in circumstances occur and/or new material information becomes available. Increases or decreases to the provision arise due to changes in legal, constructive or regulatory requirements, the extent of environmental remediation required and cost estimates. The net present value of the estimated costs of these changes is recorded in the period in which the change is identified and quantifiable. Upon initial recognition of site closure provision there is a corresponding increase to the carrying amounts of related assets and the cost is amortized as an expense on a units-of-production basis over the life of the related assets. The value of the provision is progressively increased over the life of the operation as the effect of discounting unwinds and such increase is recognized as an interest expense. n) Other Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the provision. The increase in the provision due to the passage of time is recognized as an interest expense. o) Government Grants Government grants are recognized as other receivables on the statements of financial position when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognized in profit or loss on a systematic basis over the periods in which the company recognizes as expenses the related costs for which the grants are intended to compensate and are recorded as a reduction of such expenses. Grants that are for the development and exploration of the Company's resource properties for which the related expenditures are capitalized are recorded as a reduction of the carrying amount of the related assets. p) Related Party Disclosure Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions that are in the normal course of business and have commercial substance are measured at fair value. q) Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. In determining the Company's segment structure, consideration is given to the similar operational and political risks to which the Company's current operations within the same business and regulatory environment are exposed. The Company's current operations comprise a single reporting operating segment engaged in the acquisition, exploration, evaluation and development of rare metal and mineral properties located principally in Canada. r) Critical Accounting Judgments and Estimation Uncertainties The preparation of the consolidated financial statements in conformity with IFRS requires that the Company's management make critical judgments, estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the related notes thereto. Actual results may differ from those estimates. Estimates and assumptions are reviewed on an on-going basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates are accounted for prospectively. The Company has identified the following significant areas where critical accounting judgments, estimates and assumptions are made and where actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods. Further details of the nature of these assumptions and conditions may be found in the relevant notes to the consolidated financial statements. Key Sources of Estimation Uncertainty Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the financial results or the financial positions reported in future periods are included in the following notes: Recoverability of Exploration and Evaluation Assets, Development Assets and Property, Plant and Equipment The Company assesses its long-lived assets, specifically all exploration and evaluation assets, development assets and PPE at each reporting date to determine whether any indication of impairment exists. Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is the higher of the fair value less costs of disposal and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, foreign exchange rates, years to commencement of production, future capital requirements, exploration potential and operating performance. Determination of Reserve and Resource Estimates Mineral reserves and resources are estimates of the amount of ore that can be economically and legally extracted from the Company's exploration and development properties. The estimation of recoverable reserves is based upon factors such as estimates of commodity prices, production costs, production techniques, future capital requirements and foreign exchange rates, along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or resource estimates may impact the carrying value of exploration and evaluation assets, development assets, PPE, site closure and reclamation provision and amortization expense. Fair Value of Share Based Payments and Warrants The Company follows IFRS 2, Share-based Payment, Site Closure and Reclamation Provision The Company's accounting policy for the recognition of a site closure and reclamation obligation requires significant estimates and assumptions such as: requirements of the relevant legal and regulatory framework, the magnitude of possible disturbance and the timing thereof, extent and costs of required closure and rehabilitation activity, and discount rate. These uncertainties may result in future actual expenditures differing from the amounts currently provided. Site closure and reclamation provision recognized is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs are recognized in the Statement of Financial Position by adjusting both the site closure and reclamation asset and provision. Property, Plant and Equipment - Estimated Useful Lives Management estimates the useful lives of PPE based on the period during which the assets are expected to be available for use. The amounts and timing of recorded expenses for depreciation of PPE for any period are affected by these estimated useful lives. The estimates are reviewed at least annually and are updated if expectations change as a result of physical wear and tear, technical or commercial obsolescence and legal or other limits to use. It is possible that changes in these factors may cause significant changes in the estimated useful lives of the Company's PPE in the future. Critical Judgments Information about critical judgments in applying accounting policies that have most significant effect on the consolidated financial statements are as follows: Capitalization of Exploration and Evaluation Costs Exploration and evaluation costs incurred during the year are recorded at cost. Capitalized costs include costs directly attributable to exploration and evaluation activities, including salaries and benefits of employees who are directly engaged in the exploration and evaluation activities. Administrative and other overhead costs are expensed. Exploration and evaluation costs incurred that have been determined to have future economic benefits and can be economically recoverable are capitalized. In making this judgment, management assesses various sources of information including but not limited to the geologic and metallurgic information, history of conversion of mineral deposits to proven and probable mineral reserves, |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents [Text Block] | 4. Cash and Cash Equivalents Cash and cash equivalents are comprised of the following August 31, 2020 August 31, 2019 Cash held in bank accounts $ 263,225 $ 748,636 Guaranteed investment certificates 1,032,498 1,133,205 $ 1,295,723 $ 1,881,841 |
Asset Held for Sale
Asset Held for Sale | 12 Months Ended |
Aug. 31, 2020 | |
Available-for-sale financial assets [abstract] | |
Asset Held for Sale [Text Block] | 5. Asset Held for Sale In June 2019, the Company entered into an agreement, under which an unrelated third party would acquire ownership of the near-surface mineral resources principally in the T-Zone and Tardiff Zones of the Nechalacho REE Project above a depth of 150 metres above sea level for a total cash consideration of $5.0 million as described in Note 7a while the Company retains ownership of the deeper resources in the Basal Zone that were the subject of its 2013 feasibility study. The sale was completed during the Year. The Company had transferred the carrying cost relating to the near-surface mineral resources of $2,605,147 from the total carrying cost of the Nechalacho REE Project included in Property, Plant and Equipment to Asset Held for Sale as at August 31, 2019, and recognized a net gain on sale of $2,373,261 during the Year. |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Exploration And Evaluation Assets [Abstract] | |
Exploration and Evaluation Assets [Text Block] | 6. Exploration and Evaluation Assets September 1, Impairment August 31, 2018 Expenditures Loss 2019 Separation Rapids Lithium Project (a) $ 11,010,950 $ 511,188 $ — $ 11,522,138 East Kemptville Tin-Indium Project (b) 5,827,524 315,087 (639,034 ) 5,503,577 Other (c) 35,760 3,728 — 39,488 $ 16,874,234 $ 830,003 $ (639,034 ) $ 17,065,203 September 1, Impairment August 31, 2019 Expenditures Loss 2020 Separation Rapids Lithium Project (a) $ 11,522,138 $ 503,191 $ — $ 12,025,329 East Kemptville Tin-Indium Project (b) 5,503,577 83,633 (5,587,210 ) — Other (c) 39,488 18,382 — 57,870 $ 17,065,203 $ 605,206 $ (5,587,210 ) $ 12,083,199 The Company owns a 100% interest in certain mineral claims and a mining lease in the Kenora area of Ontario. b) The Company held a special exploration licence (the "Special Licence") to search and prospect for all minerals except for coal, salt, potash and uranium within four claims in the East Kemptville area of Yarmouth, Nova Scotia. The Special Licence had a term of three years which began February 2, 2015 and was renewable for an additional two one-year periods, which extended the Special Licence until February 1, 2020, which has since been converted to a regular exploration licence. The Company completed a preliminary economic assessment during fiscal 2018 with a development model of utilizing the existing tailings management area ("TMA") and had been in negotiation with the surface rights owner to secure full tenure to the project site. Agreement in principle was reached in Fiscal 2019, however, the surface rights owner subsequently refused to sign the agreement after putting on hold any new work on TMAs on all of its closed minesites. Not having access to the existing unused tailings ponds severely limits the possibilities for economic re-development of the site. This realization coupled with the continuing difficulties in getting surface access to the project site, caused the Company to decide to withdraw its lease application and to write off the costs incurred to-date of $5,587,210 as an impairment loss during the Year. The Company also had a number of regular exploration licences covering certain claims in the same proximity to the claims covered under the special exploration licence. During the year ended August 31, 2019, the Company decided not to renew these peripheral exploration licences, and accordingly the costs incurred to-date of $639,034 on the mineral claims under the exploration licences had been written off as an impairment loss during the year ended August 31, 2019. c) The Company has a 100% interest in a mining lease in the Warren Township Anorthosite Project, located near Foleyet, Ontario, a 100% interest in several claims in the Lilypad Cesium-Tantalum Property, located 150 km northeast of Pickle Lake, Ontario, a 2.0% NSR interest in certain claims of the East Cedartree Gold Property located near Kenora, Ontario, and a 2.4% NSR interest in the Wolf Mountain Platinum-Palladium Project located near Thunder Bay, Ontario. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Property, Plant and Equipment [Text Block] | 7. Property, Plant and Equipment Nechalacho REE Project (a) Airstrip Office, Computer and Office Equipment (b) Land and Building Exploration Equipment Leasehold Improvements Total Cost As at September 1, 2018 $ 103,878,349 $ 646,860 $ 220,048 $ 90,905 $ 695,532 $ 94,594 $ 105,626,288 Additions 201,097 — — — — 7,020 208,117 Transfer to asset held for sale (2,605,147 ) — — — — — (2,605,147 ) Disposals — — (18,911 ) — — — (18,911 ) As at August 31, 2019 101,474,299 646,860 201,137 90,905 695,532 101,614 103,210,347 Additions 30,340 — 18,575 — 1,300 5,140 55,355 IFRS 16 adjustments — — 1,045,810 — — — 1,045,810 Disposals — — (30,283 ) — — — (30,283 ) As at August 31, 2020 $ 101,504,639 $ 646,860 $ 1,235,239 $ 90,905 $ 696,832 $ 106,754 $ 104,281,229 Accumulated Depreciation As at September 1, 2018 $ — $ 265,446 $ 179,986 $ 10,367 $ 643,185 $ 94,594 $ 1,193,578 Depreciation expense — 20,624 12,714 4,191 15,705 108 53,342 Disposals — — (18,411 ) — — — (18,411 ) As at August 31, 2019 — 286,070 174,289 14,558 658,890 94,702 1,228,509 Depreciation expense Disposals — 18,974 210,352 4,191 11,025 1,576 246,118 Disposals — — (30,283 ) — — — (30,283 ) As at August 31, 2020 $ — $ 305,044 $ 354,358 $ 18,749 $ 669,915 $ 96,278 $ 1,444,344 Net Book Value As at August 31, 2019 $ 101,474,299 $ 360,790 $ 26,848 $ 76,347 $ 36,642 $ 6,912 $ 101,981,838 As at August 31, 2020 $ 101,504,639 $ 341,816 $ 880,881 $ 72,156 $ 26,917 $ 10,476 $ 102,836,885 a) Nechalacho REE Project, Northwest Territories The Company owns a 100% The property is subject to an underlying 2.5% net smelter returns ("NSR") royalty agreement which can be bought back at the principal amount of $150,000 compounded annually at the average Canadian prime rate from May 2, 1982 to the buyback date, and which currently approximates $1.6 million (the "2.5% NSR Royalty"). During the year ended August 31, 2012, the Company entered into an accommodation agreement (the "Accommodation Agreement") with the Deninu K'ue First Nation ("DKFN"). The DKFN is one of three Akaitcho bands who have used, occupied and have constitutionally protected aboriginal rights with respect to the lands on which the Nechalacho Deposit in the Northwest Territories is located. The Accommodation Agreement provides for business and employment opportunities for the DKFN related to the Nechalacho Deposit and associated facilities in the Northwest Territories and contains measures to mitigate environmental and cultural impacts that may result from the project development. The Accommodation Agreement also commits the DKFN to supporting timely completion of the environmental assessment, permitting and development processes of the Nechalacho REE Project, and provides for the DKFN to participate in the project economics. $5.0 (the "3.0% NSR Royalty") $2.0 . This agreement also grants the third party an option to purchase the Company's option in the 2.5% NSR Royalty for an inflation adjusted fixed amount estimated at $1.5 million as at the agreement date, provided that, upon exercising the option, it extinguishes this royalty. As the sale was completed during the Year, the Company had transferred the carrying cost relating to the near-surface mineral resources of $2,605,147 $3.2 $1.8 million $10,204 At August 31, 2020, the amount of the net assets of the Company is more than its market capitalization, IAS 36 - Impairment of Assets b) Depreciation of $121,093 (net of $74,997 in rent forgiveness receivable under the Canada Emergency Commercial Rent Assistance program) was recognized relating to the ROU asset during the Year (2019 - $ Nil Nil |
Deferred Flow-Through Share Pre
Deferred Flow-Through Share Premium | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Deferred Flow Through Share Premium [Abstract] | |
Deferred Flow-Through Share Premium [Text Block] | 8. Deferred Flow-Through Share Premium A summary of the changes in the deferred flow-through share premium amount is set out below: Balance - September 1, 2018 $ 52,157 Increase relating to flow-through common shares issued 150,000 Decrease relating to CEE incurred (154,676 ) Balance - August 31, 2019 47,481 Increase relating to flow-through common shares issued 136,800 Decrease relating to CEE incurred (47,481 ) Balance - August 31, 2020 $ 136,800 |
Lease Obligation
Lease Obligation | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of maturity analysis of operating lease payments [abstract] | |
Lease Obligation [Text Block] | 9. Lease Obligation As at August 31, 2020, the Company had the following future commitment relating to the lease contract for its office premises: 2021 $ 218,252 2022 222,556 2023 229,181 2024 233,563 2025 63,280 Total future lease payments as at August 31, 2020 966,832 Amounts representing interest 99,365 Present value of future lease payments 867,467 Current portion of lease obligation 178,893 Non-current portion of lease obligation $ 688,574 |
Convertible Note Payable
Convertible Note Payable | 12 Months Ended |
Aug. 31, 2020 | |
Convertible Note Payable [Abstract] | |
Convertible Note Payable [Text Block] | 10. Convertible Note Payable On November 30, 2018, the Company issued a convertible note payable in the amount of $500,000 to an entity managed by the Lind Partners ("Lind") (the "Note"). $100,000 $600,000 at issuance. Lind was entitled to convert any outstanding amount of the face value of the Note into common shares commencing on May 26, 2019 at a conversion price equal to the higher of (a) 80% of the five day trailing value weighted average price ("VWAP") of the common shares prior to the date of conversion, and (b) the five day trailing VWAP of the shares prior to the date of conversion, less the maximum discount allowable in accordance with TSX rules. The Company had floor price protection such that if any conversion results in an effective conversion price of less than $0.05 per share, then the Company had the right to instead repay the amount that was subject to that conversion for a 5% premium. The Company also had the right to repurchase the Note at the outstanding face value at any time. A summary of the changes in the convertible note payable amount is set out below: Balance - September 1, 2018 $ — Issued 500,000 Interest 100,000 Converted to common shares (425,000 ) Balance - August 31, 2019 175,000 Converted to common shares (175,000 ) Balance - August 31, 2020 $ — |
Convertible Redeemable Preferre
Convertible Redeemable Preferred Shares | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Convertible Redeemable Preferred Shares [Abstract] | |
Convertible Redeemable Preferred Shares [Text Block] | 11. Convertible Redeemable Preferred Shares In March 2017, the Company entered into a preferred share purchase agreement (the "A1 Agreement") with an entity managed by Lind and issued 500 Series A1 Preferred Shares (the "A1 Preferred Shares") at a price of $5,000 per share for gross proceeds of $2,500,000. Pursuant to Canadian securities laws, the securities issuable under this private placement were subject to a hold period, which expired on July 11, 2017 (the "Hold Period"). The A1 Preferred Shares did not carry a dividend and had a redemption value that started at $5,000 per share and increases by $250 per share each quarter over a 24 months period ending on March 10, 2019, to a cap of $6,750 per share. The A1 Preferred Shares could be converted by Lind into common shares of the Company at a price per common share equal to 85% of the five-day volume weighted average price ("VWAP") of the common shares on the TSX immediately prior to the date that notice of conversion was given (the "Conversion Option"). In conjunction with this private placement, Lind received a commitment fee of $125,000 and 6,900,000 common share purchase warrants (the "A1 Warrants"). Each A1 Warrant entitles the holder to purchase one common share of the Company at a price of $0.23 per common share until March 10, 2022. Lind had the basic right to convert 25 A1 Preferred Shares into common shares of the Company on a monthly basis, subject to certain conversion limits set out in the A1 Agreement, however Lind was permitted to convert up to 100 A1 Preferred Shares on a monthly basis in the event such amount did not exceed 20% of the Company's 20-day traded volume of common shares on the TSX immediately prior to the date of delivery of a conversion notice. Lind was also entitled to accelerate its conversion right to the full amount of the redemption value applicable at such time, or demand repayment of the applicable redemption value per share in cash (the "Put Option"), upon the occurrence of certain events as set out in the A1 Agreement (most of which are beyond the Company's control) (the "Redemption Events"). The triggering Redemption Events include certain key financial and non-financial conditions, which included change of control, insolvency and liquidity conditions etc. as defined in the A1 Agreement. These Redemption Events also limited the Company from obtaining other debt or preferred share financings that were not junior to the A1 Preferred Shares other than certain project-related financings, as well as other at-the-market, equity lines or credit type of common share offerings, or convertible security financings where the price of the common share was not fixed at predetermined price. In addition, if the Redemption Event was a change of control event, the redemption amount would be equal to 110% of the applicable redemption amount at that time. The Company had the right to redeem all of the outstanding A1 Preferred Shares at any time after the Hold Period at a 5% premium to the redemption value (the "Call Option"). The Company also had floor price protection such that if any conversion results in an effective conversion price of less than $0.10 per common share, then the Company had the right to deny the conversion and instead redeem the A1 Preferred Shares that were subject to that conversion for the redemption amount in cash plus a 5% premium. At any time while any A1 Preferred Shares are outstanding, Lind had the option of subscribing for up to an additional 165 Series A2 Preferred Shares at a price of $5,000 per share and under the same terms and conditions as the initial financing, subject to certain triggering events and subject to the prior approval of the TSX ("Series A2 Option"). Lind would also receive a certain number of Series A2 warrants ("A2 Warrants") if it had exercised the Series A2 Option. The number of A2 Warrants to be issued and the exercise price of A2 Warrants would be calculated by using similar formulas used in determining the number and the exercise price of the A1 Warrants. In December 2017, the Company entered into a preferred share purchase agreement (the "B1 Agreement") with Lind and issued 300 Series B1 Preferred Shares (the "B1 Preferred Shares") at a price of $5,000 per share for gross proceeds of $1,500,000 in January 2018. Pursuant to Canadian securities laws, the securities issuable under this private placement were subject to a hold period, which expired on May 16, 2018 (the "B1 Hold Period"). In conjunction with this private placement, Lind received a commitment fee of $75,000 and 6,250,000 common share purchase warrants (the "B1 Warrants"). Each B1 Warrant entitles the holder to purchase one common share of the Company at a price of $0.15 per common share until January 15, 2023. Other than the exercise price and expiry date, the B1 Warrants bear the similar terms and conditions as the A1 Warrants. The B1 Agreement was subject to essentially the same terms and conditions as the A1 Agreement and the B1 Preferred Shares had the same essential features of the A1 Preferred Shares including the rate and amount of the increase in the redemption value, the conversion option, put option and call option etc. After the B1 Hold Period, Lind had the basic right to convert 15 B1 Preferred Shares into common shares of the Company on a monthly basis, subject to certain conversion limits set out in the B1 Agreement, however Lind was permitted to convert up to 60 B1 Preferred Shares on a monthly basis in the event such amount does not exceed 20% of the Company's 20-day traded volume of common shares on the TSX immediately prior to the date of delivery of a conversion notice. At any time while any B1 Preferred Shares are outstanding, Lind had the option of subscribing for up to an additional 100 Series B2 Preferred Shares at a price of $5,000 per share and under the same terms and conditions as the initial B1 financing, subject to certain triggering events and subject to the prior approval of the TSX ("Series B2 Option"). Lind would also receive a certain number of Series B2 warrants ("B2 Warrants") if it had exercised the Series B2 Option. The number of B2 Warrants to be issued and the exercise price of the B2 Warrants would be calculated by using similar formulas used in determining the number and the exercise price of the B1 Warrants. In June 2018, the Company entered into a preferred share purchase agreement (the "C1 Agreement") and issued 150 Series C1 Preferred Shares (the "C1 Preferred Shares") at a price of $5,000 per share for gross proceeds of $750,000. Pursuant to Canadian securities laws, the securities issuable under this private placement were subject to a hold period, which expired on October 30, 2018 (the "C1 Hold Period"). In conjunction with this private placement, Lind received a commitment fee of $37,500 and 3,750,000 common share purchase warrants (the "C1 Warrants"). Each C1 Warrant entitles the holder to purchase one common share of the Company at a price of $0.125 per common share until June 29, 2023. Other than the exercise price and expiry date, the C1 Warrants bear the similar terms and conditions as the A1 Warrants. The C1 Agreement was subject to essentially the same terms and conditions as the A1 Agreement and the C1 Preferred Shares had the same essential features of the A1 Preferred Shares including the rate and amount of the increase in the redemption value, the conversion option, put option and call option etc. After the C1 Hold Period, Lind had the basic right to convert 10 C1 Preferred Shares into common shares of the Company on a monthly basis, subject to certain conversion limits set out in the C1 Agreement, however Lind was permitted to convert up to 30 C1 Preferred Shares on a monthly basis in the event such amount does not exceed 20% of the Company's 20-day traded volume of common shares on the TSX immediately prior to the date of delivery of a conversion notice. At any time while any C1 Preferred Shares are outstanding, Lind had the option of subscribing for up to an additional 50 Series C2 Preferred Shares at a price of $5,000 per share and under the same terms and conditions as the initial C1 financing, subject to certain triggering events and subject to the prior approval of the TSX ("Series C2 Option"). Lind would also receive a certain number of Series C2 warrants ("C2 Warrants") if it had exercised the Series C2 Option. The number of C2 Warrants to be issued and the exercise price of the C2 Warrants would be calculated by using similar formulas used in determining the number and the exercise price of the C1 Warrants. A summary of the changes in the convertible redeemable preferred shares amount is set out below: Number Amount A1 Preferred Shares Balance - September 1, 2018 180 $ 1,181,250 Increase in fair value — 80,063 Converted to common shares (180 ) (1,261,313 ) Balance - August 31, 2019 and August 31, 2020 — $ — B1 Preferred Shares Balance - September 1, 2018 240 $ 1,386,000 Increase in fair value — 175,875 Converted to common shares (155 ) (981,750 ) Balance - August 31, 2019 85 580,125 Increase in fair value — 18,375 Converted to common shares (85 ) (598,500 ) Balance - August 31, 2020 — $ — C1 Preferred Shares Balance - September 1, 2018 150 $ 787,500 Increase in fair value — 120,750 Converted to common shares (90 ) (530,250 ) Balance - August 31, 2019 60 378,000 Increase in fair value — 21,000 Converted to common shares (60 ) (399,000 ) Balance - August 31, 2020 — $ — — $ — |
Derivative Liabilities
Derivative Liabilities | 12 Months Ended |
Aug. 31, 2020 | |
Derivative Liabilities [Abstract] | |
Derivative Liabilities [Text Block] | 12. Derivative Liabilities The derivative liabilities consist of the warrants denominated in foreign currency, and certain warrants with exercise prices that are subject to adjustment from time to time in the event of certain common share rights offering (collectively referred to as "liability classified warrants"). The following table summarizes information concerning the derivative liabilities as at the beginning and end of the respective reporting periods: Number of Warrants Amount Warrants denominated in foreign currency Balance - September 1, 2018 6,466,513 $ 54 Decrease in fair value — (53 ) Balance - August 31, 2019 and August 31, 2020 6,466,513 $ 1 Other warrants subject to potential price adjustment Balance - September 1, 2018 16,900,000 $ 109,767 Issued 4,575,000 44,199 Decrease in fair value — (126,898 ) Balance - August 31, 2019 21,475,000 27,068 Increase in fair value — 32,758 Balance - August 31, 2020 21,475,000 $ 59,826 Total derivative liabilities $ 59,827 |
Site Closure and Reclamation Pr
Site Closure and Reclamation Provision | 12 Months Ended |
Aug. 31, 2020 | |
Site Closure And Reclamation Provision [Abstract] | |
Site Closure and Reclamation Provision [Text Block] | 13. Site Closure and Reclamation Provision As at August 31, 2019 and 2020, the estimated closure costs to reclaim the Company's Nechalacho exploration camp site at Thor Lake, the Separation Rapids and the Warren Township exploration sites are $250,000, $40,000 and $13,600 respectively. The closure costs for the Nechalacho exploration camp site are expected to be incurred approximately 20 years after the commencement of commercial production. The expected undiscounted future cash flow is estimated to be $539,000 for the Nechalacho exploration camp site, assuming an annual inflation rate of 3%. |
Share Capital
Share Capital | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Share Capital [Text Block] | 14. Share Capital a) Authorized b) Common Shares Common shares issued during the years ended August 31, 2018, 2019 and 2020 are as follows: i) In conjunction with this private placement, the Company paid finder's fees of $34,560, incurred other issuance costs of $10,192 and issued 288,000 non-transferrable compensation warrants, with each compensation warrant being exercisable to acquire one common share of the Company at a price of $0.15 until November 3, 2019. The total fair values of these compensation warrants were estimated at $14,030 using the Black-Scholes pricing model. ii) In connection with the December 2017 Private Placement, the Company paid finders' fees of $19,140, incurred other issuance costs of $9,322 and issued 132,000 non-transferrable finder's compensation warrants. Each compensation warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.15 per share until December 22, 2019. The fair values of these compensation warrants were estimated at $4,475 using the Black-Scholes pricing model. The excess of the cash consideration received over the market price of the Company's shares at the date of the announcement of the flow-through share financing totaling $112,122 was recorded as a deferred flow-through share premium liability on the consolidated statement of financial position on December 29, 2017. iii) The fair value of the warrant component of the New FT Unit was estimated at $0.0040 and the fair value of the flow-through feature of the New FT Unit was estimated at $0.0250. Using the relative fair value method, the New FT Unit price of $0.10 was allocated between the share component, the warrant component and the flow-through feature as follows: $0.0746, $0.0035, and $0.0219, respectively. iv) Of the Unit price of $0.07, $0.069 was allocated to the common share component of the Unit and the balance of $0.001 was allocated to the warrant component of the Unit. These values were allocated on a pro rata basis based on the closing trading price of the Company's common shares on the TSX on the closing date of the private placement, which was $0.065, and the estimated fair value of a whole warrant of $0.003. The fair value of the warrant was estimated using the Black-Scholes pricing model. v) vi) The fair value of the warrant component of the FT Unit was estimated at $0.0011 and the fair value of the flow-through feature of the FT Unit was estimated at $0.0225. Using the relative fair value method, the FT Unit price of $0.09 was allocated between the share component, the warrant component and the flow-through feature as follows: $0.0660, $0.0012, and $0.0228, respectively. c) Warrants The following table reconciles the equity classified warrants outstanding to purchase common shares of the Company at the beginning and end of the respective years: Weighted Number Average of Warrants Exercise Price Balance - September 1, 2017 9,990,000 (1) $ 0.169 Issued pursuant to equity offerings (note 14b(i) (iii)) 6,550,000 0.135 Expired (9,960,000 ) 0.168 Balance - August 31, 2018 6,580,000 (1) 0.136 Issued pursuant to equity offerings (note 14b(iv)) 2,687,500 0.120 Exercised (1,000,000 ) 0.120 Expired (10,000 ) 0.490 Balance - August 31, 2019 8,257,500 (1) 0.132 Issued pursuant to equity offerings (note 14b(vi)) 3,000,000 0.120 Expired (6,060,000 ) 0.136 Balance - August 31, 2020 5,197,500 (1) $ 0.120 (1) The outstanding equity classified warrants have a weighted average remaining contract life of 1.2 years. Subsequent to the Year, the expiry dates for the remaining outstanding warrants (each with an exercise price of $0.12 per share) issued in the November 2018 Private Placement were extended. The expiry date has been extended from November 1, 2020 to November 1, 2021 for 1,900,000 warrants, and the expiry date for the remaining 287,500 warrants has been extended from November 23, 2020 to November 23, 2021. All other terms and conditions of these warrants remain unchanged. The warrants reserve, included as a component of the consolidated statement of changes in equity, relates to equity settled instruments issued by the Company to various stakeholders. The Company also has the following liability classified warrants outstanding as at August 31, 2020: i) ii) iii) iv) v) The Company is also required to issue 20,000 warrants to the Northwest Territory Métis Nation in two equal installments of 10,000 warrants upon the Nechalacho REE Project meeting certain milestones. d) Share Based Payments The shareholders have approved a Stock Option Plan (the "Plan") that provides for the issue of up to 10% of the number of issued and outstanding common shares of the Company to eligible employees, directors and service providers of the Company. The Plan authorizes the granting of options to purchase common shares of the Company at a price equal to or greater than the closing price of the shares on either the trading day prior to the grant or the day of the grant. The options generally vest over a period of one to four years, and generally have a term of two to five years (but can have a maximum term of up to 10 years). The following table reconciles the stock options outstanding at the beginning and end of the respective years: Weighted Number Average of Options Exercise Price Balance - September 1, 2017 10,335,000 $ 0.37 Granted 2,345,000 0.12 Exercised (50,000 ) 0.11 Expired (1,215,000 ) 0.91 Forfeited (70,000 ) 0.44 Balance - August 31, 2018 11,345,000 0.26 Granted 3,020,000 0.10 Exercised (200,000 ) 0.10 Expired (3,875,000 ) 0.43 Forfeited (893,750 ) 0.17 Balance - August 31, 2019 9,396,250 0.16 Granted 7,680,000 0.08 Expired (3,241,250 ) 0.21 Forfeited (290,000 ) 0.10 Balance - August 31, 2020 13,545,000 $ 0.10 As at August 31, 2020, there were 5,416,250 options vested (August 31, 2019 - 6,147,500, August 31, 2018 - 7,816,250) with an average exercise price of $0.12 per share (August 31, 2019 - $0.17, August 31, 2018 - $0.31), that were exercisable. No stock option was exercised during the Year. During the year ended August 31, 2019, an aggregate of 200,000 (2018 - 50,000) stock options were exercised at the weighted average exercise price of $0.10 (2018 - $0.11) per share, and the weighted average closing market share price on the date preceding the date of exercise was $0.075 (2018 - $0.13) per share. The share based payments reserve, included as a component of the consolidated statement of changes in equity, relates to equity settled compensation options issued by the Company to its directors, officers, employees and consultants. The estimated fair value of options earned during the Year was $108,382 (2019 - $97,222, 2018 - $176,836), of which $297 (2019 - $4,484, 2018 - $1,825) was capitalized to property, plant and equipment, $6,768 (2019 - $13,894, 2018 - $25,129) was capitalized as exploration and evaluation assets, $2,284 (2019 - $Nil, 2018 - $596) was charged to operations as general exploration expenses with the balance of $99,033 (2019 - $78,844, 2018 - $149,286) charged to operations as share based compensation expense. The fair value of each option granted is estimated at the time of grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of subjective assumptions, including expected life of the option award, share price volatility and other assumptions. The expected life of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. Expected volatility is based on the historic volatility of the Company's shares. These assumptions involve inherent uncertainties and the application of management judgment. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those options expected to vest. The weighted average assumptions for grants during the years ended August 31, 2020, August 31, 2019 and August 31, 2018 are as follows: August 31, August 31, August 31, 2020 2019 2018 Exercise price $0.08 $0.10 $0.12 Closing market price on day preceding date of grant $0.05 $0.08 $0.12 Risk-free interest rate 1.00 % 1.80 % 1.88 % Expected life (years) 3.6 3.3 3.1 Expected volatility 80 % 63 % 59 % Expected dividend yield Nil Nil Nil Grant date fair value $0.02 $0.03 $0.05 Forfeiture rate 14 % 15 % 15 % The following table summarizes information concerning outstanding and exercisable options as at August 31, 2020: Weighted Average Number of Options Remaining Exercise Price Range Outstanding Exercisable Contractual Life $0.25 - $0.25 300,000 300,000 0.8 years $0.20 - $0.24 90,000 67,500 1.0 years $0.15 - $0.19 880,000 697,500 1.5 years $0.11 - $0.14 2,715,000 2,075,000 1.7 years $0.08 - $0.10 9,560,000 2,276,250 3.3 years 13,545,000 5,416,250 e) Brokers' Compensation Warrants The following table summarizes information concerning outstanding brokers' compensation warrants as at August 31, 2018, August 31, 2019 and August 31, 2020: Number of Weighted Compensation Average Warrants Exercise Price Balance - September 1, 2017 1,292,727 $ 0.16 Issued pursuant to equity offering (note 14b(i)(ii)) 420,000 0.15 Exercised (300,000 ) 0.11 Expired (180,000 ) 0.18 Balance - August 31, 2018 1,232,727 0.17 Expired (812,727 ) 0.18 Balance - August 31, 2019 420,000 0.15 Expired (420,000 ) 0.15 Balance - August 31, 2020 — $ — |
Corporate and Administrative Ex
Corporate and Administrative Expenses | 12 Months Ended |
Aug. 31, 2020 | |
Selling, general and administrative expense [abstract] | |
Corporate and Administrative Expenses [Text Block] | 15. Corporate and Administrative Expenses Corporate and administrative expenses for the years ended August 31, 2020, 2019 and 2018 consist of the following: August 31, 2020 August 31, 2019 August 31, 2018 Salaries and benefits (1) $ 1,007,016 $ 1,433,624 $ 1,387,249 Directors' fees (2) 12,060 63,800 78,850 Consulting and professional fees 373,912 231,814 398,244 Office, insurance and other expenses 229,874 174,227 286,460 Occupancy — 343,673 317,305 Shareholders' communications and filing fees 145,590 135,237 159,060 Travel and related costs 60,519 32,628 97,591 $ 1,828,971 $ 2,415,003 $ 2,724,759 (1) Nil (2) These figures are net of the CEWS of $8,677 (2019 - $ Nil Nil |
Capital Management
Capital Management | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Capital Management [Abstract] | |
Capital Management [Text Block] | 16. Capital Management Capital of the Company consists of the components of shareholders' equity, convertible note payable, convertible and redeemable preferred shares, warrants denominated in foreign currency and warrants with exercise prices that are subject to adjustment from time to time in the event of certain common share rights offering. (i) (ii) (iii) The Company manages its capital structure and makes adjustments to it based on the funds available to the Company in light of changes in general economic conditions, the Company's short term working capital requirements, and its planned exploration and development program expenditure requirements. As the Company is in the development stage, its principal source of capital is typically from the issuance of share capital. In order to achieve its objectives, the Company expects to spend its existing working capital and raise additional funds as required. The Company does not have any externally imposed capital requirements. There were no significant changes to the Company's approach to capital management during the year ended August 31, 2020. |
Related Party Disclosures
Related Party Disclosures | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Related Party Disclosures [Text Block] | 17. Related Party Disclosures Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation and are not disclosed in this note. Details of the transactions between the Company and other related parties are disclosed below: a) There have been no material trading transactions with related parties during each of the years ended August 31, 2020, 2019 and 2018, other than the participation by certain related parties in certain equity offerings as listed below: i) ii) b) The remuneration of directors and other key members of the Company's senior management team during the years ended August 31, 2020, August 31, 2019 and August 31, 2018 are as follows: August 31, 2020 August 31, 2019 August 31, 2018 Salaries, benefits and directors' fees (1) $ 1,114,485 $ 1,551,593 $ 1,692,551 Share based compensation ( 2 ) 75,252 70,992 118,991 $ 1,189,737 $ 1,622,585 $ 1,811,542 (1) (2) Unpaid directors' fees and salaries included in accrued liabilities and owing to the directors and members of the Company's senior management team totaled $188,800 as at August 31, 2020 (August 31, 2019 - $566,685, August 31, 2018 - $137,500). |
Financial Instruments
Financial Instruments | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Financial Instruments [Text Block] | 18. Financial Instruments IFRS 7 establishes a fair value hierarchy that reflects the significance of inputs used in making fair value measurements as follows: Level 1 quoted prices in active markets for identical assets or liabilities; Level 2 inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. from derived prices); and Level 3 inputs for the asset or liability that are not based upon observable market data. Assets are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The fair values of the Company's warrants denominated in a currency that is not the functional currency of the Company and the warrants with exercise prices that are subject to adjustment from time to time are based on Level 2 inputs that are observable for the liability such as interest rate, dividend yield and historical volatility. The fair value of the Convertible Note Payable was based on Level 3 inputs including the applicable face value of the Note. The Company had the right to buy back the Note at any time for the outstanding face value, as such the fair value of the Note was the outstanding face value of the Note. The fair values of the Company's A1, B1 and C1 Preferred Shares were based on Level 3 inputs, including applicable redemption amounts and redemption premiums. The Company had the right to redeem the A1, B1 and C1 Preferred Shares at any time and therefore the fair value of the A1, B1 and C1 Preferred Shares was the amount the Company had to pay to redeem the A1, B1 and C1 Preferred Shares, which was the redemption amount as specified in the purchase agreements plus 5% redemption premium. Fair Values Except as disclosed elsewhere in these consolidated financial statements, the carrying amounts for the Company's financial instruments approximate their fair values because of the short-term nature of these items. The Company's risk exposures and the impact on the Company's financial instruments are summarized below: Credit risk The Company is not exposed to any significant credit risk as at August 31, 2020. The Company's cash and cash equivalents are either on deposit with two major Canadian Chartered banking groups in Canada or invested in bankers' acceptance notes or guaranteed investment certificates issued by a major Canadian Chartered banking group. The Company's receivables primarily consist of Goods and Services Tax/Harmonized Sales Tax receivable, government grants and refundable security deposits with various federal and provincial governments and are therefore not subject to significant credit risk. Liquidity risk Liquidity risk is the risk that an entity will not be able to meet its financial obligations as they come due. The Company has in place a planning and budgeting process to assist in determining the funds that are required to support the Company's normal operating requirements on an on-going basis and its plans for exploration and development expenditures. The Company ensures that there are sufficient funds to meet its short-term requirements, taking into account its anticipated cash flows from operations and its holdings of cash and cash equivalents. As at August 31, 2020, the Company has current assets of $1,677,400 and current liabilities of $1,043,819. The Company's working capital as at August 31, 2020 was $633,581. Excluding the deferred flow-through share premium of $136,800, the Company's adjusted working capital as at August 31, 2020 was $770,381, (calculated by adding back the deferred flow-through share premium of $136,800 to the working capital of $633,581). As the de-recognition of the deferred flow-through share premium will not require the future out flow of resources by the Company, it is management's belief that the adjusted working capital figure provides useful information in assessing the Company's liquidity risk. Repayments due by period as of August 31, 2020: Within 1-3 4-5 Over 1 Year Years Years 5 Years Total Accounts payable and accrued liabilities $ 728,126 $ — $ — $ — $ 728,126 Lease obligation 218,253 451,736 296,844 — 966,833 $ 946,379 $ 451,736 $ 296,844 $ — $ 1,694,959 Market risk i) ii) iii) Sensitivity analysis |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Aug. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information [Text Block] | 19. Supplemental Cash Flow Information Non-cash financing and investing transactions not reflected in the Consolidated Statements of Cash Flows for the years ended August 31, 2020, August 31, 2019 and August 31, 2018 are as follows: August 31, 2020 August 31, 2019 August 31, 2018 Share based compensation capitalized as property, plant and equipment (note 14d) $ 297 $ 4,484 $ 1,825 Share based compensation capitalized as exploration and evaluation assets (note 14d) 6,768 13,894 25,129 Depreciation expense capitalized as property, plant and equipment — 23,383 37,513 Depreciation expense capitalized as exploration and evaluation assets 7,829 9,342 8,867 Property, plant and equipment acquired under lease arrangement 1,045,810 — — $ 1,060,704 $ 51,103 $ 73,334 |
Income Taxes
Income Taxes | 12 Months Ended |
Aug. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Income Taxes [Text Block] | 20. Income Taxes a) Provision for Income Taxes The following table reconciles the income tax provision from the expected income tax amount based on the statutory rates to the amount recognized in the statements of comprehensive loss: August 31, 2020 August 31, 2019 August 31, 2018 Net loss for the year before income taxes $ 5,414,745 $ 3,541,011 $ 3,458,976 Combined Canadian federal and provincial tax rate 25.0% 25.0% 25.1% Expected income tax recovery at statutory rates 1,353,686 885,253 868,203 Share based compensation (25,329 ) (19,711 ) (37,620 ) Non-deductible financing transaction costs (— ) (20,074 ) (89,678 ) Other non-deductible expenses (3,012 ) (736 ) (2,864 ) CEE incurred applied to flow-through shares (55,395 ) (179,086 ) (476,559 ) Amortization of flow-through share premium 47,481 154,676 218,232 Non-taxable (non-deductible) change in fair value warrants of financial instruments (18,033 ) (62,434 ) 6,706 Losses and other deductions for which no benefit has been recognized (1,251,917 ) (603,212 ) (268,188 ) Deferred income tax recoveries $ 47,481 $ 154,676 $ 218,232 b) Income Tax Effect of Temporary Differences Recognized August 31, 2020 August 31, 2019 Deferred income tax assets Exploration and evaluation assets $ 6,281,863 $ 4,721,336 Scientific research and experimental developmental expenditures 4,294,187 5,424,332 10,576,050 10,145,668 Deferred income tax liabilities Property plant and equipment (10,576,050 ) (10,145,668 ) (1) Net deferred income tax assets $ — $ — (1) c) Income Tax Temporary Differences Not Recognized August 31, 2020 August 31, 2019 Non-capital loss carryforwards $ 35,733,583 $ 35,630,141 Scientific research and experimental developmental expenditures 10,191,008 5,670,428 Share issuance costs 291,203 458,359 Capital loss carry forwards 2,294,535 2,294,535 Lease obligation 867,467 — Deductible temporary differences not recognized $ 49,377,796 $ 44,053,463 The Company also has non-refundable investment tax credit carry forwards of $5,687,308 (2019 - $5,701,467), which has not been recognized as a deferred income tax asset. d) Non-Capital Losses The Company has non-capital losses carried forward of approximately $34,066,000 (2019 - $33,963,000, 2018 - $31,793,000) available to reduce future years' Canadian taxable income. These losses will expire as follows: 2026 $ 156,000 2027 232,000 2028 847,000 2029 914,000 2030 1,584,000 2031 3,050,000 2032 3,601,000 2033 4,151,000 2034 4,211,000 2035 4,397,000 2036 3,008,000 2037 2,805,000 2038 2,837,000 2039 2,170,000 2040 103,000 The Company also has net operating losses of approximately $1,668,000 (2019 - $1,668,000, 2018 - $1,668,000) to reduce future years' U.S. taxable income. These losses will expire as follows: 2031 $ 5,000 2032 2,000 2033 3,000 2034 1,658,000 e) Capital Losses |
Loss per Share
Loss per Share | 12 Months Ended |
Aug. 31, 2019 | |
Earnings per share [abstract] | |
Loss per Share [Text Block] | 21. Loss per Share The weighted average number of common shares for the purposes of diluted loss per share reconciles to the weighted average number of common shares used in the calculation of basic loss per share as follows: August 31, August 31, August 31, 2020 2019 2018 Weighted average number of common shares used in the calculation of basic loss per share 334,332,582 275,760,316 215,152,381 Diluted impact of convertible note payable — — — Diluted impact of convertible redeemable preferred shares — — — Diluted impact of warrants — — — Diluted impact of stock options — — — Weighted average number of common shares used in the calculation of diluted loss per share 334,332,582 275,760,316 215,152,381 The loss used to calculate the basic and diluted loss per common share for the year ended August 31, 2020 was $5,367,264 (2019 - $3,386,335, 2018 - $3,240,744). As at August 31, 2020, the Company had 33,139,013 (2019 - 36,619,013, 2018 - 31,179,240) warrants and 13,545,000 (2019 - 9,396,250, 2018 - 11,345,000) stock options outstanding. These warrants and options could potentially dilute earnings per share in the future, but have not been included in the diluted loss per share calculation because they were antidilutive for the years ended August 31, 2020, August 31, 2019 and August 31, 2018. |
Commitments
Commitments | 12 Months Ended |
Aug. 31, 2020 | |
Capital commitments [abstract] | |
Commitments [Text Block] | 22. Commitments As at August 31, 2020, pursuant to the subscription agreements entered into for the August 2020 private placement the Company is required to incur additional CEE of $539,400 by December 31, 2021. |
Events After the Reporting Peri
Events After the Reporting Period | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Events After the Reporting Period [Text Block] | 23. Events After the Reporting Period Subsequent to the year ended August 31, 2020, the Company: a) b) c) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Foreign Currency Transactions [Policy Text Block] | a) Foreign Currency Transactions Functional and Presentation Currency Items included in the consolidated financial statements of the Company and each of its subsidiaries (the "Group") are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the Company and its subsidiaries is the Canadian dollar ("$"). The consolidated financial statements of the Group are presented in Canadian dollars. Transactions and Balances In preparing the financial statements of the individual entities, transactions in currencies other than the entity's functional currency (i.e. foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, monetary assets and liabilities are translated using the foreign exchange rates prevailing at the end of each reporting period. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the historical rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in foreign exchange loss (gain) in the consolidated statement of comprehensive loss. On consolidation, exchange differences arising from the translation of the net investment in foreign operations, and of borrowings and other currency instruments designated as hedges of such investments, are taken to shareholders' equity. When a foreign operation is partially disposed of or sold, exchange differences that were recorded in equity are recognized in profit or loss as part of the gain or loss on sale. At the present time, the functional currency of the Company and its subsidiaries is the Canadian dollar and hence this does not currently apply to the Company. |
Share Based Payments [Policy Text Block] | b) Share Based Payments Equity-settled share based payments to employees (including directors and senior executives) and others providing similar services are measured at the fair value of the equity instruments at the grant date. The fair value of the share-based payment is measured by reference to the fair value of the equity instrument granted, which in turn is determined using the Black-Scholes option-pricing model on the date of the grant, with management's assumptions for the risk-free rate, dividend yield, volatility factors of the expected market price of the Company's common shares, exercise price, current market price of the underlying equity to be settled with, expected forfeitures and the life of the options. The fair value of the equity-settled share based payments is recognized over the vesting period in which the service conditions are fulfilled, ending on the date in which the grantee becomes fully entitled to the award, based on the Company's estimate of equity instruments that will eventually vest, and is either expensed or capitalized to exploration and evaluation assets or property, plant and equipment, with a corresponding increase in equity. Equity-settled share-based payment transactions with parties other than employees are measured at the fair value of the goods or services received, except where that fair value cannot be estimated reliably, in which case they are measured at the fair value of the equity instruments granted, measured at the date the Company obtains the goods or the counterparty renders the service. |
Leases [Policy Text Block] | c) Leases On September 1, 2019, the Company adopted IFRS 16, "Leases" ("IFRS 16") using the modified retrospective approach. The Company assesses at the inception of a contract whether that contract is, or contains, a lease based on whether the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. For contracts that contain a lease component, the Company then recognizes a right-of-use ("ROU") asset and a lease obligation at the lease commencement date. Lease obligations are initially measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease obligations are subsequently measured at amortized cost using the effective interest method. The ROU assets are initially measured based on the initial amount of the lease obligation adjusted for initial direct costs incurred, lease payments made prior to inception, estimated costs to dismantle, remove or restore the asset and less any lease incentives received. ROU assets are subsequently measured at cost and are depreciated on a straight line basis over the shorter of the lease term and the useful life. The Company elects to apply the practical expedient not to recognize ROU assets and lease obligations for short-term (12 months or less) leases of all asset classes and also elects to apply the practical expedient not to recognize ROU assets and lease obligations for leases of low value (less than $US5,000) assets. The lease payments associated with either short-term leases or leases of low-value underlying assets are recognized as an expense on a straight-line basis over the lease term. |
Income Taxes [Policy Text Block] | d) Income Taxes Current Income Taxes Tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the consolidated statements of comprehensive loss because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The Company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred Income Taxes Deferred tax assets and liabilities represent income taxes expected to be payable or recoverable on differences between the carrying amount of assets and liabilities in the Company's consolidated financial statements and the corresponding tax basis used in the computation of taxable profit. Deferred tax assets also represent income taxes expected to be recoverable on unclaimed losses carried forward. Deferred taxes are calculated using the asset and liability method. Deferred tax liabilities are generally recognized for all taxable temporary differences, with some exceptions described below. Deferred tax assets are recognized to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be used. Neither deferred tax liabilities, nor deferred tax assets, are recognized as a result of temporary differences that arise from the initial recognition of goodwill or a transaction, other than a business combination, that affects neither accounting profit nor taxable profit. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset the current tax assets against the current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Deferred tax asset and liabilities are measured as of the date of the consolidated statement of financial position using the enacted or substantively enacted tax rates that are expected to be in effect when the differences reverse or when unclaimed losses are utilized. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and adjusted to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of all or part of the asset to be utilized. To the extent that an asset not previously recognized fulfils the criteria for asset recognition, a deferred tax asset is recognized. Deferred tax is recognized in the consolidated statements of comprehensive loss, unless it relates to items recognized directly in equity, in which case the deferred tax related to those items is also recognized directly in equity. |
Flow-through Shares [Policy Text Block] | e) Flow-through Shares The Company has, from time to time, issued flow-through shares to finance a portion of its exploration and development programs. Pursuant to the terms of the related flow-through share agreements, the Company has agreed to incur eligible flow-through expenditures and renounce the tax deductions associated with these qualifying expenditures to the subscribers. The Company recognizes a proportion of the excess of cash consideration received over the market price of the Company's shares at the date of the announcement of the flow-through share financing ("Flow-through Share Premium") through the consolidated statement of comprehensive loss as a reduction of deferred income tax expense, with a corresponding reduction to the deferred flow-through share premium liability as the eligible flow-through expenditures are incurred. The Flow-through Share Premium is recorded in the consolidated statement of financial position as a deferred flow-through share premium liability when the flow-through shares are issued. When a unit comprised of a flow-through share with an attached share purchase warrant is issued, the Company has adopted the fair value approach with respect to the measurement of the three components (share, warrant and Flow-through Share Premium) of such unit and use the relative fair value method to allocate the proceeds to each of the three components of the unit. |
Loss per Share [Policy Text Block] | f) Loss per Share The basic loss per share is computed by dividing the net loss by the weighted average number of common shares outstanding during the year. The diluted loss per share reflects the potential dilution of common share equivalents, such as outstanding stock options and share purchase warrants, in the weighted average number of common shares outstanding during the year, if dilutive. The "treasury stock method" is used for the assumed proceeds upon the exercise of the options and warrants that are used to purchase common shares at the average market price during the year. |
Other Comprehensive Income (Loss) [Policy Text Block] | g) Other Comprehensive Income (Loss) Other Comprehensive income (loss) is the change in the Company's net assets that results from transactions, events and circumstances that are not related to the Company's shares and that are not included in net profit or loss. Such items include unrealized gains or losses on available-for-sale investments, gains or losses on certain hedging derivative instruments and foreign currency gains or losses related to translation of the financial statements of foreign operations. The Company's comprehensive income (loss) and components of other comprehensive income are presented in the consolidated statements of comprehensive loss and the consolidated statements of changes in equity. |
Cash and Cash Equivalents [Policy Text Block] | h) Cash and Cash Equivalents Cash and cash equivalents include bank deposits and highly liquid short-term money market investments that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value, such as bankers' acceptance notes, treasury bills and guaranteed investment certificates ("GICs"). |
Exploration and Evaluation Assets [Policy Text Block] | i) Exploration and Evaluation Assets These assets relate to mineral rights acquired and exploration and evaluation expenditures incurred in respect to resource projects that are in the exploration and evaluation stage. Exploration and evaluation expenditures include costs which are directly attributable to acquisition, surveying, geological, geochemical, geophysical, exploratory drilling, land maintenance, sampling, and assessing technical feasibility and commercial viability. These expenditures are capitalized as exploration and evaluation assets until the technical feasibility and commercial viability of extracting the mineral resource of a project are demonstrable. During the exploration period, exploration and evaluation assets are not amortized. Exploration and evaluation assets are allocated to cash generating units ("CGUs") for the purpose of assessing such assets for impairment and each project is identified as a separate CGU. At each financial statement reporting date, the Company assesses whether there is any indication of impairment. Indicators of impairment include, but are not limited to: i) ii) Substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; iii) iv) In circumstances where indicators of impairment exist, an impairment test is performed to determine if the carrying amount of a specific project exceeds its estimated recoverable amount. The estimated recoverable amount is the greater of fair value less costs of disposal, and value in use (which is discounted expected future cash flows). If the estimated recoverable amount of the project is less than its carrying amount, the carrying amount of the project is reduced to its estimated recoverable amount, and an impairment loss is recognized immediately in the consolidated statement of comprehensive loss. Once the technical feasibility and commercial viability of extracting a mineral resource of a project are demonstrable, the relevant exploration and evaluation asset is assessed for impairment, and any impairment loss is recognized, prior to the balance being reclassified as a development asset in property, plant and equipment. The determination of the demonstration of technical feasibility and commercial viability is subject to a significant degree of judgment and assessment of all relevant factors. In general, technical feasibility may be demonstrable once a positive feasibility study is completed. When determining the commercial viability of a project, in addition to the receipt of a feasibility study, the Company also considers factors such as the existence of markets and/or long term contracts for the product, and the ability to obtain the relevant operating permits. All subsequent expenditures to ready the property for production are capitalized within development assets, other than those costs related to the construction of property, plant and equipment. Development assets are not depreciated until construction is complete and the assets are available for their intended use. Once production has commenced, all costs included in development assets are reclassified to mining properties. Exploration and evaluation expenditures incurred prior to the Company obtaining the right to explore the property are recorded as an expense in the period in which they are incurred. |
Property, plant and equipment [Policy Text Block] | j) Property, plant and equipment Property, plant and equipment ("PPE") are stated at cost less any accumulated depreciation and accumulated impairment losses. The cost of an item of PPE consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. Depreciation is provided over the estimated useful lives of the Company's assets on the following basis and rates per annum: Leased office premises - straight line basis over the shorter of the term of the lease and useful life An item of PPE is derecognized upon disposal, when classified as held for sale (when assets' carrying amounts will be recovered principally through a sale transaction rather than through continuing use), or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized immediately in the consolidated statement of comprehensive loss. The Company conducts an annual assessment of the residual balances, useful lives and depreciation methods being used for PPE and any changes arising from this assessment are applied by the Company prospectively as a change in estimate. Where an item of PPE comprises major components with different useful lives, the components are accounted for as separate items of PPE. Expenditures incurred to replace a component of an item of PPE that is accounted for separately, including major inspection and overhaul expenditures, are capitalized. |
Impairment of Non-Financial Assets [Policy Text Block] | k) Impairment of Non-Financial Assets At the end of each reporting period, the Company reviews the carrying amounts of its non-financial assets with finite lives at the CGU level to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the relevant CGU is estimated in order to determine the extent of the impairment loss, if any. A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The Company's CGUs are typically its significant individual exploration and evaluation assets, development projects or mines. In certain circumstances, when the recoverable amount of an individual asset can be determined, impairment assessment is performed at the individual asset level. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual CGUs, or otherwise they are allocated to the smallest group of CGUs for which a reasonable and consistent allocation basis can be identified. The recoverable amount of an asset is the higher of fair value less costs of disposal and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount, and an impairment loss is recognized immediately in profit or loss. At the end of each reporting period, the Company assesses whether there is any indication that impairment losses that were recognized in prior periods may no longer exist or have decreased. If such an indication exists, the estimated recoverable amount of the asset (or CGU) is revised and the carrying amount of the asset (or CGU) is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss. |
Financial Instruments [Policy Text Block] | l) Financial Instruments On September 1, 2018, the Company adopted IFRS 9, "Financial Instruments" ("IFRS 9") which replaces IAS 39, "Financial Instruments: Recognition and Measurement" ("IAS 39"). The retrospective adoption of IFRS 9 had no material impact to the Company's consolidated financial statements. Classification and Measurement Under IFRS 9, financial assets are initially classified and subsequently measured at amortized cost, fair value through other comprehensive income ("FVOCI"); or fair value through profit or loss "FVTPL". A financial asset is measured at either amortized cost or FVTPL based on the business model in which the financial asset is managed and its contractual cash flow characteristics, unless the financial asset is required or designated to be classified and measured at FVTPL or FVOCI. On initial recognition of an equity instrument investment, the Company may irrevocably elect to measure the investment at FVOCI on an investment-by-investment basis, where the changes in the fair value of equity instruments are permanently recognized in other comprehensive income and will not be reclassified to profit or loss. IFRS 9 largely retains the existing requirements in IAS 39 for the classification and measurement of financial liabilities. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (which generally include derivative liabilities or other financial liabilities which are held for trading), or the Company has irrevocably designated them at FVTPL on initial recognition. Financial assets and financial liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs that are directly attributable to the acquisition or issuance of the financial asset or financial liability, and are subsequently carried at amortized cost using the effective interest rate method, less any impairment. The changes in the fair value that are attributable to changes in the Company's own credit risk of financial liabilities elected at FVTPL are permanently recognized in other comprehensive income and will not be reclassified to profit or loss. Financial assets and financial liabilities at FVTPL are initially recognized at fair value and transaction costs are expensed in the statement profit or loss, and are subsequently measured at fair value. Any realized and unrealized gains and losses arising from the changes in fair value are included in the statement of profit or loss in the period in which they arise. Financial assets at FVOCI are initially recognized at fair value plus transaction costs that are directly attributable to the acquisition of the financial asset, and are subsequently carried at fair value, with any unrealized gains and losses arising from the changes in fair value being included in other comprehensive income or loss. When debt financial assets are derecognized, the cumulative gains and losses previously recognized in other comprehensive income are reclassified to profit or loss. The changes in the fair value of equity instrument investments elected at FVOCI are permanently recognized in other comprehensive income and will not be reclassified to profit or loss. The following table shows the original categories under IAS 39 and the new categories under IFRS 9 for each class of the Company's financial assets and financial liabilities: Classification and Measurement Category Financial Instrument IAS 39 IFRS 9 Cash and cash equivalents Loans and receivables at amortized cost Amortized cost Other receivables Loans and receivables at amortized cost Amortized cost Accounts payable Other financial liabilities at amortized cost Amortized cost Accrued liabilities Other financial liabilities at amortized cost Amortized cost Convertible note payable FVTPL FVTPL Convertible redeemable preferred shares FVTPL FVTPL Derivative liabilities FVTPL FVTPL Impairment of Financial Assets IFRS replaces the "incurred loss" model in IAS 39 with a single forward-looking expected credit loss ("ECL") impairment model, which is based on changes in credit quality since initial recognition. The new impairment model is applied, at each reporting date, to financial assets measured at amortized costs or those measured at FVOCI (except for equity instrument investments). Any impairment losses recognized are charged to profit or loss, with the offsetting credit reducing the carrying amount of the financial assets that are measure at amortized cost. For financial assets measured at FVOCI, the impairment loss will be credited to other comprehensive income or loss. There were no adjustments to the carrying amounts of the Company's financial instruments on the date of transition as a result of the transition from IAS 39 to IFRS 9. |
Site Closure and Reclamation Provision [Policy Text Block] | m) Site Closure and Reclamation Provision The Company's mining exploration activities are subject to various governmental laws and regulations relating to the protection of the environment. These environmental regulations are continually changing and are generally becoming more restrictive. The Company has made, and intends to make in the future, expenditures to comply with such laws and regulations or constructive obligations. Provision for site closure costs is recorded at the time an environmental disturbance occurs, and is measured at the Company's best estimate of the expected value of future cash flows required to reclaim the disturbance upon site closure, discounted to their net present value. The net present value is determined using a pre-tax discount rate that is specific to the liability. The estimated net present value is re-measured at the end of each reporting period, or when changes in circumstances occur and/or new material information becomes available. Increases or decreases to the provision arise due to changes in legal, constructive or regulatory requirements, the extent of environmental remediation required and cost estimates. The net present value of the estimated costs of these changes is recorded in the period in which the change is identified and quantifiable. Upon initial recognition of site closure provision there is a corresponding increase to the carrying amounts of related assets and the cost is amortized as an expense on a units-of-production basis over the life of the related assets. The value of the provision is progressively increased over the life of the operation as the effect of discounting unwinds and such increase is recognized as an interest expense. |
Other Provisions [Policy Text Block] | n) Other Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the provision. The increase in the provision due to the passage of time is recognized as an interest expense. |
Government Grants [Policy Text Block] | o) Government Grants Government grants are recognized as other receivables on the statements of financial position when there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognized in profit or loss on a systematic basis over the periods in which the company recognizes as expenses the related costs for which the grants are intended to compensate and are recorded as a reduction of such expenses. Grants that are for the development and exploration of the Company's resource properties for which the related expenditures are capitalized are recorded as a reduction of the carrying amount of the related assets. Funding amounts received in advance of expenses incurred are deferred and are recorded as accrued liabilities on the statements of financial position. |
Related Party Disclosure [Policy Text Block] | p) Related Party Disclosure Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions that are in the normal course of business and have commercial substance are measured at fair value. |
Segment Reporting [Policy Text Block] | q) Segment Reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses. In determining the Company's segment structure, consideration is given to the similar operational and political risks to which the Company's current operations within the same business and regulatory environment are exposed. The Company's current operations comprise a single reporting operating segment engaged in the acquisition, exploration, evaluation and development of rare metal and mineral properties located principally in Canada. |
Critical Accounting Judgments and Estimation Uncertainties [Policy Text Block] | r) Critical Accounting Judgments and Estimation Uncertainties The preparation of the consolidated financial statements in conformity with IFRS requires that the Company's management make critical judgments, estimates and assumptions about future events that affect the amounts reported in the consolidated financial statements and the related notes thereto. Actual results may differ from those estimates. Estimates and assumptions are reviewed on an on-going basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates are accounted for prospectively. The Company has identified the following significant areas where critical accounting judgments, estimates and assumptions are made and where actual results may differ from these estimates under different assumptions and conditions and may materially affect financial results or the financial position reported in future periods. Further details of the nature of these assumptions and conditions may be found in the relevant notes to the consolidated financial statements. Key Sources of Estimation Uncertainty Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment to the financial results or the financial positions reported in future periods are included in the following notes: Recoverability of Exploration and Evaluation Assets, Development Assets and Property, Plant and Equipment The Company assesses its long-lived assets, specifically all exploration and evaluation assets, development assets and PPE at each reporting date to determine whether any indication of impairment exists. Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is the higher of the fair value less costs of disposal and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, foreign exchange rates, years to commencement of production, future capital requirements, exploration potential and operating performance. Determination of Reserve and Resource Estimates Mineral reserves and resources are estimates of the amount of ore that can be economically and legally extracted from the Company's exploration and development properties. The estimation of recoverable reserves is based upon factors such as estimates of commodity prices, production costs, production techniques, future capital requirements and foreign exchange rates, along with geological assumptions and judgments made in estimating the size and grade of the ore body. Changes in the reserve or resource estimates may impact the carrying value of exploration and evaluation assets, development assets, PPE, site closure and reclamation provision and amortization expense. Fair Value of Share Based Payments and Warrants The Company follows IFRS 2, Share-based Payment, Site Closure and Reclamation Provision The Company's accounting policy for the recognition of a site closure and reclamation obligation requires significant estimates and assumptions such as: requirements of the relevant legal and regulatory framework, the magnitude of possible disturbance and the timing thereof, extent and costs of required closure and rehabilitation activity, and discount rate. These uncertainties may result in future actual expenditures differing from the amounts currently provided. Site closure and reclamation provision recognized is periodically reviewed and updated based on the facts and circumstances available at the time. Changes to the estimated future costs are recognized in the Statement of Financial Position by adjusting both the site closure and reclamation asset and provision. Property, Plant and Equipment - Estimated Useful Lives Management estimates the useful lives of PPE based on the period during which the assets are expected to be available for use. The amounts and timing of recorded expenses for depreciation of PPE for any period are affected by these estimated useful lives. The estimates are reviewed at least annually and are updated if expectations change as a result of physical wear and tear, technical or commercial obsolescence and legal or other limits to use. It is possible that changes in these factors may cause significant changes in the estimated useful lives of the Company's PPE in the future. Critical Judgments Information about critical judgments in applying accounting policies that have most significant effect on the consolidated financial statements are as follows: Capitalization of Exploration and Evaluation Costs Exploration and evaluation costs incurred during the year are recorded at cost. Capitalized costs include costs directly attributable to exploration and evaluation activities, including salaries and benefits of employees who are directly engaged in the exploration and evaluation activities. Administrative and other overhead costs are expensed. Exploration and evaluation costs incurred that have been determined to have future economic benefits and can be economically recoverable are capitalized. In making this judgment, management assesses various sources of information including but not limited to the geologic and metallurgic information, history of conversion of mineral deposits to proven and probable mineral reserves, scoping and feasibility studies, proximity of operating facilities, operating management expertise and existing permits. |
New Accounting Standards Recently Adopted [Policy Text Block] | s) New Accounting Standards Recently Adopted IFRS 16, Leases As described in 3(c) above, the Company adopted IFRS 16 effective September 1, 2019 using the modified retrospective approach and accordingly the information presented for fiscal 2019 has not been restated. On initial application, the Company recognized a ROU asset (included in property, plant and equipment) and a corresponding lease obligation relating to a lease for its office premises in Toronto, which had previously been classified as an operating lease under IAS 17 - Leases The following table reconciles the Company's operating lease obligation on August 31, 2019, as previously disclosed in the Company's consolidated financial statements, to the lease obligation recognized on initial application of IFRS 16 on September 1, 2019. Operating lease commitments as at August 31, 2019 $ 1,156,911 Increase in lease payments relating to the operating cost of the office lease 31,794 Discounted using the estimated incremental borrowing rate (142,895 ) Lease obligation recognized on September 1, 2019 $ 1,045,810 The adoption of IFRS 16 had the following impact on the Company's consolidated statement of comprehensive loss for the Year: Increase in depreciation expense $ 196,090 Increase in interest on lease obligation 43,530 Decrease in corporate and administrative expenses (207,063 ) Total increase in expenses, decrease in net income and comprehensive income $ 32,557 The adoption of IFRS 16 had no net impact on the Company's consolidated statement of cash flows for the Year, but had increased the cash used by financing activities by $207,063, which was offset by the same amount of decrease for the cash used by operating activities. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of voluntary change in accounting policy [abstract] | |
Disclosure of detailed information about estimated useful life or depreciation rate [Table Text Block] | Leased office premises - straight line basis over the shorter of the term of the lease and useful life |
Disclosure of detailed information about operating lease obligation [Table Text Block] | Operating lease commitments as at August 31, 2019 $ 1,156,911 Increase in lease payments relating to the operating cost of the office lease 31,794 Discounted using the estimated incremental borrowing rate (142,895 ) Lease obligation recognized on September 1, 2019 $ 1,045,810 |
Disclosure of detailed information about consolidated statement of comprehensive loss [Table Text Block] | Increase in depreciation expense $ 196,090 Increase in interest on lease obligation 43,530 Decrease in corporate and administrative expenses (207,063 ) Total increase in expenses, decrease in net income and comprehensive income $ 32,557 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Cash And Cash Equivalents [Abstract] | |
Disclosure of detailed information about cash and cash equivalents [Table Text Block] | August 31, 2020 August 31, 2019 Cash held in bank accounts $ 263,225 $ 748,636 Guaranteed investment certificates 1,032,498 1,133,205 $ 1,295,723 $ 1,881,841 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Exploration And Evaluation Assets [Abstract] | |
Disclosure of detailed information about exploration and evaluation assets [Table Text Block] | September 1, Impairment August 31, 2018 Expenditures Loss 2019 Separation Rapids Lithium Project (a) $ 11,010,950 $ 511,188 $ — $ 11,522,138 East Kemptville Tin-Indium Project (b) 5,827,524 315,087 (639,034 ) 5,503,577 Other (c) 35,760 3,728 — 39,488 $ 16,874,234 $ 830,003 $ (639,034 ) $ 17,065,203 September 1, Impairment August 31, 2019 Expenditures Loss 2020 Separation Rapids Lithium Project (a) $ 11,522,138 $ 503,191 $ — $ 12,025,329 East Kemptville Tin-Indium Project (b) 5,503,577 83,633 (5,587,210 ) — Other (c) 39,488 18,382 — 57,870 $ 17,065,203 $ 605,206 $ (5,587,210 ) $ 12,083,199 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Disclosure of detailed information about property, plant and equipment [Table Text Block] | Nechalacho REE Project (a) Airstrip Office, Computer and Office Equipment (b) Land and Building Exploration Equipment Leasehold Improvements Total Cost As at September 1, 2018 $ 103,878,349 $ 646,860 $ 220,048 $ 90,905 $ 695,532 $ 94,594 $ 105,626,288 Additions 201,097 — — — — 7,020 208,117 Transfer to asset held for sale (2,605,147 ) — — — — — (2,605,147 ) Disposals — — (18,911 ) — — — (18,911 ) As at August 31, 2019 101,474,299 646,860 201,137 90,905 695,532 101,614 103,210,347 Additions 30,340 — 18,575 — 1,300 5,140 55,355 IFRS 16 adjustments — — 1,045,810 — — — 1,045,810 Disposals — — (30,283 ) — — — (30,283 ) As at August 31, 2020 $ 101,504,639 $ 646,860 $ 1,235,239 $ 90,905 $ 696,832 $ 106,754 $ 104,281,229 Accumulated Depreciation As at September 1, 2018 $ — $ 265,446 $ 179,986 $ 10,367 $ 643,185 $ 94,594 $ 1,193,578 Depreciation expense — 20,624 12,714 4,191 15,705 108 53,342 Disposals — — (18,411 ) — — — (18,411 ) As at August 31, 2019 — 286,070 174,289 14,558 658,890 94,702 1,228,509 Depreciation expense Disposals — 18,974 210,352 4,191 11,025 1,576 246,118 Disposals — — (30,283 ) — — — (30,283 ) As at August 31, 2020 $ — $ 305,044 $ 354,358 $ 18,749 $ 669,915 $ 96,278 $ 1,444,344 Net Book Value As at August 31, 2019 $ 101,474,299 $ 360,790 $ 26,848 $ 76,347 $ 36,642 $ 6,912 $ 101,981,838 As at August 31, 2020 $ 101,504,639 $ 341,816 $ 880,881 $ 72,156 $ 26,917 $ 10,476 $ 102,836,885 |
Deferred Flow-Through Share P_2
Deferred Flow-Through Share Premium (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Deferred Flow Through Share Premium [Abstract] | |
Disclosure of detailed information about deferred flow-through share premium [Table Text Block] | Balance - September 1, 2018 $ 52,157 Increase relating to flow-through common shares issued 150,000 Decrease relating to CEE incurred (154,676 ) Balance - August 31, 2019 47,481 Increase relating to flow-through common shares issued 136,800 Decrease relating to CEE incurred (47,481 ) Balance - August 31, 2020 $ 136,800 |
Lease Obligation (Tables)
Lease Obligation (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of maturity analysis of operating lease payments [abstract] | |
Disclosure of maturity analysis of operating lease payments [Table Text Block] | 2021 $ 218,252 2022 222,556 2023 229,181 2024 233,563 2025 63,280 Total future lease payments as at August 31, 2020 966,832 Amounts representing interest 99,365 Present value of future lease payments 867,467 Current portion of lease obligation 178,893 Non-current portion of lease obligation $ 688,574 |
Convertible Note Payable (Table
Convertible Note Payable (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Convertible Note Payable [Abstract] | |
Disclosure of detailed information about convertible note payable [Table Text Block] | Balance - September 1, 2018 $ — Issued 500,000 Interest 100,000 Converted to common shares (425,000 ) Balance - August 31, 2019 175,000 Converted to common shares (175,000 ) Balance - August 31, 2020 $ — |
Convertible Redeemable Prefer_2
Convertible Redeemable Preferred Shares (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure Of Convertible Redeemable Preferred Shares [Abstract] | |
Disclosure of detailed information about convertible redeemable preferred shares [Table Text Block] | Number Amount A1 Preferred Shares Balance - September 1, 2018 180 $ 1,181,250 Increase in fair value — 80,063 Converted to common shares (180 ) (1,261,313 ) Balance - August 31, 2019 and August 31, 2020 — $ — B1 Preferred Shares Balance - September 1, 2018 240 $ 1,386,000 Increase in fair value — 175,875 Converted to common shares (155 ) (981,750 ) Balance - August 31, 2019 85 580,125 Increase in fair value — 18,375 Converted to common shares (85 ) (598,500 ) Balance - August 31, 2020 — $ — C1 Preferred Shares Balance - September 1, 2018 150 $ 787,500 Increase in fair value — 120,750 Converted to common shares (90 ) (530,250 ) Balance - August 31, 2019 60 378,000 Increase in fair value — 21,000 Converted to common shares (60 ) (399,000 ) Balance - August 31, 2020 — $ — — $ — |
Derivative Liabilities (Tables)
Derivative Liabilities (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Derivative Liabilities [Abstract] | |
Disclosure of detailed information about derivative liabilities [Table Text Block] | Number of Warrants Amount Warrants denominated in foreign currency Balance - September 1, 2018 6,466,513 $ 54 Decrease in fair value — (53 ) Balance - August 31, 2019 and August 31, 2020 6,466,513 $ 1 Other warrants subject to potential price adjustment Balance - September 1, 2018 16,900,000 $ 109,767 Issued 4,575,000 44,199 Decrease in fair value — (126,898 ) Balance - August 31, 2019 21,475,000 27,068 Increase in fair value — 32,758 Balance - August 31, 2020 21,475,000 $ 59,826 Total derivative liabilities $ 59,827 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of classes of share capital [abstract] | |
Disclosure of number and weighted average exercise prices of warrants [Table Text Block] | Number Weighted Average of Warrants Exercise Price Balance - September 1, 2017 9,990,000 (1) $ 0.169 Issued pursuant to equity offerings (note 14b(i) (iii)) (6,550,000 ) 0.135 Expired (9,960,000 ) 0.168 Balance - August 31, 2018 6,580,000 (1) 0.136 Issued pursuant to equity offerings (note 14b(vi)) 2,687,500 0.120 Exercised (1,000,000 ) 0.120 Expired (10,000 ) 0.490 Balance - August 31, 2019 8,257,500 (1) 0.132 Issued pursuant to equity offerings (note 14b(vi)) 3,000,000 0.120 Expired (6,060,000 ) 0.136 Balance - August 31, 2020 5,197,500 (1) $ 0.120 |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Weighted Number Average of Options Exercise Price Balance - September 1, 2017 10,335,000 $ 0.37 Granted 2,345,000 0.12 Exercised (50,000 ) 0.11 Expired (1,215,000 ) 0.91 Forfeited (70,000 ) 0.44 Balance - August 31, 2018 11,345,000 0.26 Granted 3,020,000 0.10 Exercised (200,000 ) 0.10 Expired (3,875,000 ) 0.43 Forfeited (893,750 ) 0.17 Balance - August 31, 2019 9,396,250 0.16 Granted 7,680,000 0.08 Expired (3,241,250 ) 0.21 Forfeited (290,000 ) 0.10 Balance - August 31, 2020 13,545,000 $ 0.10 |
Disclosure of detailed information about options, valuation assumptions [Table Text Block] | August 31, August 31, August 31, 2020 2019 2018 Exercise price $0.08 $0.10 $0.12 Closing market price on day preceding date of grant $0.05 $0.08 $0.12 Risk-free interest rate 1.00 % 1.80 % 1.88 % Expected life (years) 3.6 3.3 3.1 Expected volatility 80 % 63 % 59 % Expected dividend yield Nil Nil Nil Grant date fair value $0.02 $0.03 $0.05 Forfeiture rate 14 % 15 % 15 % |
Disclosure of range of exercise prices of outstanding share options [Table Text Block] | Weighted Average Number of Options Remaining Exercise Price Range Outstanding Exercisable Contractual Life $0.25 - $0.25 300,000 300,000 0.8 years $0.20 - $0.24 90,000 67,500 1.0 years $0.15 - $ 0.19 880,000 697,500 1.5 years $0.11 - $0.14 2,715,000 2,075,000 1.7 years $0.08 - $0.10 9,560,000 2,276,250 3.3 13,545,000 5,416,250 |
Disclosure of number and weighted average exercise prices of brokers compensation warrants [Table Text Block] | Number of Weighted Compensation Average Warrants Exercise Price Balance - September 1, 2017 1,292,727 $ 0.16 Issued pursuant to equity offering (note 14b(i)(ii)) 420,000 0.15 Exercised (300,000 ) 0.11 Expired (180,000 ) 0.18 Balance - August 31, 2018 1,232,727 0.17 Expired ( ) 0.18 Balance - August 31, 2019 420,000 0.15 Expired (420,000 ) 0.15 Balance - August 31, 2020 — $ — |
Corporate and Administrative _2
Corporate and Administrative Expenses (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Selling, general and administrative expense [abstract] | |
Disclosure of expenses by nature [Table Text Block] | August 31, 2020 August 31, 2019 August 31, 2018 Salaries and benefits (1) $ 1,007,016 $ 1,433,624 $ 1,387,249 Directors' fees (2) 12,060 63,800 78,850 Consulting and professional fees 373,912 231,814 398,244 Office, insurance and other expenses 229,874 174,227 286,460 Occupancy — 343,673 317,305 Shareholders' communications and filing fees 145,590 135,237 159,060 Travel and related costs 60,519 32,628 97,591 $ 1,828,971 $ 2,415,003 $ 2,724,759 (1) Nil (2) These figures are net of the CEWS of $8,677 (2019 - $ Nil Nil |
Related Party Disclosures (Tabl
Related Party Disclosures (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of transactions between related parties [abstract] | |
Disclosure of information about key management personnel [Table Text Block] | August 31, 2020 August 31, 2019 August 31, 2018 Salaries, benefits and directors' fees (1) $ 1,114,485 $ 1,551,593 $ 1,692,551 Share based compensation ( 2 ) 75,252 70,992 118,991 $ 1,189,737 $ 1,622,585 $ 1,811,542 (1) (2) |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
Disclosure of liquidity risk [Table Text Block] | Within 1-3 4-5 Over 1 Year Years Years 5 Years Total Accounts payable and accrued liabilities $ 728,126 $ — $ — $ — $ 728,126 Lease obligation 218,253 451,736 296,844 — 966,833 $ 946,379 $ 451,736 $ 296,844 $ — $ 1,694,959 |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Disclosure of detailed information about non cash financing and investing transactions [Table Text Block] | August 31, 2020 August 31, 2019 August 31, 2018 Share based compensation capitalized as property, plant and equipment (note 14d) $ 297 $ 4,484 $ 1,825 Share based compensation capitalized as exploration and evaluation assets (note 14d) 6,768 13,894 25,129 Depreciation expense capitalized as property, plant and equipment — 23,383 37,513 Depreciation expense capitalized as exploration and evaluation assets 7,829 9,342 8,867 Property, plant and equipment acquired under lease arrangement 1,045,810 — — $ 1,060,704 $ 51,103 $ 73,334 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Major components of tax expense (income) [abstract] | |
Disclosure of detailed information about effective income tax expense recovery [Table Text Block] | August 31, 2020 August 31, 2019 August 31, 2018 Net loss for the year before income taxes $ 5,414,745 $ 3,541,011 $ 3,458,976 Combined Canadian federal and provincial tax rate 25.0% 25.0% 25.1% Expected income tax recovery at statutory rates 1,353,686 885,253 868,203 Share based compensation (25,329 ) (19,711 ) (37,620 ) Non-deductible financing transaction costs (— ) (20,074 ) (89,678 ) Other non-deductible expenses (3,012 ) (736 ) (2,864 ) CEE incurred applied to flow-through shares (55,395 ) (179,086 ) (476,559 ) Amortization of flow-through share premium 47,481 154,676 218,232 Non-taxable (non-deductible) change in fair value warrants of financial instruments (18,033 ) (62,434 ) 6,706 Losses and other deductions for which no benefit has been recognized (1,251,917 ) (603,212 ) (268,188 ) Deferred income tax recoveries $ 47,481 $ 154,676 $ 218,232 |
Disclosure of deferred taxes [Table Text Block] | August 31, 2020 August 31, 2019 Deferred income tax assets Exploration and evaluation assets $ 6,281,863 $ 4,721,336 Scientific research and experimental developmental expenditures 4,294,187 5,424,332 10,576,050 10,145,668 Deferred income tax liabilities Property plant and equipment (10,576,050 ) (10,145,668 ) (1) Net deferred income tax assets $ — $ — (1) |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | August 31, 2020 August 31, 2019 Non-capital loss carryforwards $ 35,733,583 $ 35,630,141 Scientific research and experimental developmental expenditures 10,191,008 5,670,428 Share issuance costs 291,203 458,359 Capital loss carry forwards 2,294,535 2,294,535 Lease obligation 867,467 — Deductible temporary differences not recognized $ 49,377,796 $ 44,053,463 |
Disclosure of detailed information about non-capital losses [Table Text Block] | 2026 $ 156,000 2027 232,000 2028 847,000 2029 914,000 2030 1,584,000 2031 3,050,000 2032 3,601,000 2033 4,151,000 2034 4,211,000 2035 4,397,000 2036 3,008,000 2037 2,805,000 2038 2,837,000 2039 2,170,000 2040 103,000 |
Disclosure of detailed information about operating losses [Table Text Block] | 2031 $ 5,000 2032 2,000 2033 3,000 2034 1,658,000 |
Loss per Share (Tables)
Loss per Share (Tables) | 12 Months Ended |
Aug. 31, 2020 | |
Earnings per share [abstract] | |
Earnings per share [Table Text Block] | August 31, August 31, August 31, 2020 2019 2018 Weighted average number of common shares used in the calculation of basic loss per share 334,332,582 275,760,316 215,152,381 Diluted impact of convertible note payable — — — Diluted impact of convertible redeemable preferred shares — — — Diluted impact of warrants — — — Diluted impact of stock options — — — Weighted average number of common shares used in the calculation of diluted loss per share 334,332,582 275,760,316 215,152,381 |
Nature of Operations and Goin_2
Nature of Operations and Going Concern Uncertainty (Narrative) (Details) - CAD ($) | 12 Months Ended | |||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2017 | |
Nature Of Operations And Going Concern Uncertainty [Line Items] | ||||
Net loss | $ (5,367,264) | |||
Accumulated Deficit | (86,784,228) | $ (81,416,964) | ||
Cash and cash equivalents | 1,295,723 | 1,881,841 | $ 319,057 | $ 1,073,574 |
Working capital | 633,581 | |||
Deferred flow-through share premium | 136,800 | $ 47,481 | $ 52,157 | |
Adjusted working capital | 770,381 | |||
Canadian exploration expenses [Member] | ||||
Nature Of Operations And Going Concern Uncertainty [Line Items] | ||||
Capital commitments | $ 539,400 |
Basis of Presentation (Narrativ
Basis of Presentation (Narrative) (Details) - NWT Rare Earths Ltd [Member] | 12 Months Ended |
Aug. 31, 2020 | |
Basis Of Presentation [Line Items] | |
Proportion of ownership interest in subsidiary | 50.00% |
Proportion of ownership interest held by non controlling interests | 50.00% |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Disclosure of voluntary change in accounting policy [line items] | ||
Lessee accounts for leases of low-value assets | The Company elects to apply the practical expedient not to recognize ROU assets and lease obligations for short-term (12 months or less) leases of all asset classes and also elects to apply the practical expedient not to recognize ROU assets and lease obligations for leases of low value (less than $US5,000) assets. | |
Lease payments | $ 207,063 | |
IFRS 16, Leases [Member] | ||
Disclosure of voluntary change in accounting policy [line items] | ||
Recorded ROU asset and lease obligation | $ 1,045,810 | |
Estimated weighted average incremental borrowing rate | 5.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Disclosure of detailed information about estimated useful life or depreciation rate (Details) | 12 Months Ended |
Aug. 31, 2020 | |
Airstrip [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 8% on a declining balance basis |
Building [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | straight line basis over its estimated useful life |
Computer and office equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 25% to 33 1/3% on a declining balance basis |
Exploration equipment [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | 30% on a declining balance basis |
Leased office premises [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | straight line basis over the shorter of the term of the lease and useful life |
Leasehold improvements [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives or depreciation rates, property, plant and equipment | straight line basis over the shorter of the term of the lease and useful life |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Disclosure of lease obligation recognized on initial application of IFRS 16 (Details) - CAD ($) | 12 Months Ended | |
Aug. 31, 2019 | Aug. 31, 2020 | |
Disclosure of voluntary change in accounting policy [line items] | ||
Lease obligation recognized | $ 867,467 | |
IFRS 16, Leases [Member] | ||
Disclosure of voluntary change in accounting policy [line items] | ||
Operating lease commitments as at August 31, 2019 | $ 1,156,911 | |
Increase in lease payments relating to the operating cost of the office lease | 31,794 | |
Incremental borrowing rate applied to lease liabilities | (142,895) | |
Lease obligation recognized | $ 1,045,810 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Disclosure of impact on consolidated statement of comprehensive loss by adoption of IFRS 16 (Details) - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Disclosure of voluntary change in accounting policy [line items] | |||
Depreciation expense | $ 163,292 | $ 20,617 | $ 18,538 |
Increase in interest on lease obligation | 43,530 | ||
Total increase in expenses, decrease in net income and comprehensive income | 7,922,144 | $ 3,594,034 | $ 3,520,753 |
IFRS 16, Leases [Member] | |||
Disclosure of voluntary change in accounting policy [line items] | |||
Depreciation expense | 196,090 | ||
Increase in interest on lease obligation | 43,530 | ||
Decrease in corporate and administrative expenses | (207,063) | ||
Total increase in expenses, decrease in net income and comprehensive income | $ 32,557 |
Cash and Cash Equivalents - Dis
Cash and Cash Equivalents - Disclosure of detailed information about cash and cash equivalents (Details) - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | Aug. 31, 2017 |
Disclosure Of Cash And Cash Equivalents [Abstract] | ||||
Cash held in bank accounts | $ 263,225 | $ 748,636 | ||
Guaranteed investment certificates | 1,032,498 | 1,133,205 | ||
Cash and cash equivalents | $ 1,295,723 | $ 1,881,841 | $ 319,057 | $ 1,073,574 |
Asset Held for Sale (Narrative)
Asset Held for Sale (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Available-for-sale financial assets [abstract] | ||
Cash consideration for the disposition of assets held for sale | $ 5,000,000 | |
Asset held for sale | $ 2,605,147 | |
Amount of recognized net gain on sale | $ 2,373,261 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Impairment Loss | $ 5,587,210 | $ 639,034 |
Separation Rapids Lithium Project [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Ownership percentage of mineral properties | 100.00% | |
Impairment Loss | $ 0 | 0 |
East Kemptville Tin-Indium Project [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Impairment Loss | $ 5,587,210 | $ 639,034 |
Warren Township Anorthosite Project [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Ownership percentage of mineral properties | 100.00% | |
Lilypad Cesium-Tantalum Property [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Ownership percentage of mineral properties | 100.00% | |
East Cedartree Gold Property [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Net smelter royalty percentage | 2.00% | |
Wolf Mountain Platinum-Palladium Project [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Net smelter royalty percentage | 2.40% |
Exploration and Evaluation As_4
Exploration and Evaluation Assets - Disclosure of detailed information about exploration and evaluation assets (Details) - CAD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Exploration and evaluation assets, beginning of period | $ 17,065,203 | $ 16,874,234 |
Expenditures | 605,206 | 830,003 |
Impairment Loss | (5,587,210) | (639,034) |
Exploration and evaluation assets, end of period | 12,083,199 | 17,065,203 |
Separation Rapids Lithium Project [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Exploration and evaluation assets, beginning of period | 11,522,138 | 11,010,950 |
Expenditures | 503,191 | 511,188 |
Impairment Loss | 0 | 0 |
Exploration and evaluation assets, end of period | 12,025,329 | 11,522,138 |
East Kemptville Tin-Indium Project [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Exploration and evaluation assets, beginning of period | 5,503,577 | 5,827,524 |
Expenditures | 83,633 | 315,087 |
Impairment Loss | (5,587,210) | (639,034) |
Exploration and evaluation assets, end of period | 0 | 5,503,577 |
Other [Member] | ||
Disclosure Of Detailed Information About Exploration And Evaluation Assets [Line Items] | ||
Exploration and evaluation assets, beginning of period | 39,488 | 35,760 |
Expenditures | 18,382 | 3,728 |
Impairment Loss | 0 | 0 |
Exploration and evaluation assets, end of period | $ 57,870 | $ 39,488 |
Property, Plant and Equipment_2
Property, Plant and Equipment (Narrative) (Details) - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | May 02, 1982 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Cash consideration for the disposition of assets held for sale | $ 5,000,000 | ||
Proceeds from sale of property, plant and equipment | 1,778,408 | $ 3,200,000 | |
Amount of recognized net gain on sale | 2,373,261 | ||
Asset held for sale | 2,605,147 | ||
Revenue management fees | 109,351 | 10,204 | |
Depreciation | 121,093 | ||
Rent forgiveness receivable | 74,997 | ||
Carrying balance of ROU asset | $ 849,720 | ||
Nechalacho REE Project [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Ownership percentage of mineral properties | 100.00% | ||
Net smelter royalty percentage | 2.50% | ||
Net smelter royalty, repurchase price | $ 1,600,000 | $ 150,000 | |
Nechalacho REE Project [Member] | Agreement with unrelated third party [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Net smelter royalty percentage | 3.00% | ||
Net smelter royalty, repurchase price | $ 1,500,000 | ||
Option to extend waiver of royalty in perpetuity | 2,000,000 | ||
Proceeds from sale of property, plant and equipment | $ 1,800,000 | $ 3,200,000 |
Property, Plant and Equipment -
Property, Plant and Equipment - Disclosure of detailed information about property, plant and equipment (Details) - CAD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | $ 101,981,838 | |
Property, plant and equipment at end of period | 102,836,885 | $ 101,981,838 |
Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 103,210,347 | 105,626,288 |
Additions | 55,355 | 208,117 |
Transfer to asset held for sale | (2,605,147) | |
IFRS 16 adjustments | 1,045,810 | |
Disposals | (30,283) | (18,911) |
Property, plant and equipment at end of period | 104,281,229 | 103,210,347 |
Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 1,228,509 | 1,193,578 |
Depreciation expense | 246,118 | 53,342 |
Disposals | (30,283) | (18,411) |
Property, plant and equipment at end of period | 1,444,344 | 1,228,509 |
Nechalacho REE Project [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 101,474,299 | |
Property, plant and equipment at end of period | 101,504,639 | 101,474,299 |
Nechalacho REE Project [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 101,474,299 | 103,878,349 |
Additions | 30,340 | 201,097 |
Transfer to asset held for sale | (2,605,147) | |
IFRS 16 adjustments | 0 | |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 101,504,639 | 101,474,299 |
Nechalacho REE Project [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 0 | 0 |
Depreciation expense | 0 | 0 |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 0 | 0 |
Airstrip [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 360,790 | |
Property, plant and equipment at end of period | 341,816 | 360,790 |
Airstrip [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 646,860 | 646,860 |
Additions | 0 | 0 |
Transfer to asset held for sale | 0 | |
IFRS 16 adjustments | 0 | |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 646,860 | 646,860 |
Airstrip [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 286,070 | 265,446 |
Depreciation expense | 18,974 | 20,624 |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 305,044 | 286,070 |
Office, Computer and Office Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 26,848 | |
Property, plant and equipment at end of period | 880,881 | 26,848 |
Office, Computer and Office Equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 201,137 | 220,048 |
Additions | 18,575 | 0 |
Transfer to asset held for sale | 0 | |
IFRS 16 adjustments | 1,045,810 | |
Disposals | (30,283) | (18,911) |
Property, plant and equipment at end of period | 1,235,239 | 201,137 |
Office, Computer and Office Equipment [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 174,289 | 179,986 |
Depreciation expense | 210,352 | 12,714 |
Disposals | (30,283) | (18,411) |
Property, plant and equipment at end of period | 354,358 | 174,289 |
Land and Building [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 76,347 | |
Property, plant and equipment at end of period | 72,156 | 76,347 |
Land and Building [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 90,905 | 90,905 |
Additions | 0 | 0 |
Transfer to asset held for sale | 0 | |
IFRS 16 adjustments | 0 | |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 90,905 | 90,905 |
Land and Building [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 14,558 | 10,367 |
Depreciation expense | 4,191 | 4,191 |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 18,749 | 14,558 |
Exploration Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 36,642 | |
Property, plant and equipment at end of period | 26,917 | 36,642 |
Exploration Equipment [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 695,532 | 695,532 |
Additions | 1,300 | 0 |
Transfer to asset held for sale | 0 | |
IFRS 16 adjustments | 0 | |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 696,832 | 695,532 |
Exploration Equipment [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 658,890 | 643,185 |
Depreciation expense | 11,025 | 15,705 |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | 669,915 | 658,890 |
Leasehold Improvements [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 6,912 | |
Property, plant and equipment at end of period | 10,476 | 6,912 |
Leasehold Improvements [Member] | Cost [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 101,614 | 94,594 |
Additions | 5,140 | 7,020 |
Transfer to asset held for sale | 0 | |
IFRS 16 adjustments | 0 | |
Disposals | 0 | |
Property, plant and equipment at end of period | 106,754 | 101,614 |
Leasehold Improvements [Member] | Accumulated Depreciation [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Property, plant and equipment at beginning of period | 94,702 | 94,594 |
Depreciation expense | 1,576 | 108 |
Disposals | 0 | 0 |
Property, plant and equipment at end of period | $ 96,278 | $ 94,702 |
Deferred Flow-Through Share P_3
Deferred Flow-Through Share Premium - Disclosure of detailed information about deferred flow-through share premium (Details) - CAD ($) | 12 Months Ended | |
Aug. 31, 2020 | Aug. 31, 2019 | |
Disclosure Of Deferred Flow Through Share Premium [Abstract] | ||
Deferred flow-through share premium, beginning of period | $ 47,481 | $ 52,157 |
Increase relating to flow-through common shares issued | 136,800 | 150,000 |
Decrease relating to CEE incurred | (47,481) | (154,676) |
Deferred flow-through share premium, end of period | $ 136,800 | $ 47,481 |
Lease Obligation - Disclosure o
Lease Obligation - Disclosure of maturity analysis of operating lease payments (Details) | Aug. 31, 2020CAD ($) |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments | $ 966,832 |
Amounts representing interest | 99,365 |
Present value of future lease payments | 867,467 |
Current portion of lease obligation | 178,893 |
Non-current portion of lease obligation | 688,574 |
2021 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments | 218,252 |
2022 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments | 222,556 |
2023 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments | 229,181 |
2024 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments | 233,563 |
2025 [Member] | |
Disclosure of maturity analysis of operating lease payments [line items] | |
Future lease payments | $ 63,280 |
Convertible Note Payable (Narra
Convertible Note Payable (Narrative) (Details) - CAD ($) | 1 Months Ended | 12 Months Ended |
Nov. 30, 2018 | Aug. 31, 2019 | |
Convertible Note Payable [Abstract] | ||
Convertible note payable issued to Lind Partners ("Lind") (the "Note") | $ 500,000 | $ 500,000 |
Accrued interest | 100,000 | |
Debt issuance face amount | $ 600,000 | |
Description of conversion of debt to equity | Lind was entitled to convert any outstanding amount of the face value of the Note into common shares commencing on May 26, 2019 at a conversion price equal to the higher of (a) 80% of the five day trailing value weighted average price ("VWAP") of the common shares prior to the date of conversion, and (b) the five day trailing VWAP of the shares prior to the date of conversion, less the maximum discount allowable in accordance with TSX rules. The Company had floor price protection such that if any conversion results in an effective conversion price of less than $0.05 per share, then the Company had the right to instead repay the amount that was subject to that conversion for a 5% premium. The Company also had the right to repurchase the Note at the outstanding face value at any time. |
Convertible Note Payable - Disc
Convertible Note Payable - Disclosure of detailed information about changes in the convertible note payable (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | |
Nov. 30, 2018 | Aug. 31, 2020 | Aug. 31, 2019 | |
Convertible Note Payable [Abstract] | |||
Beginning balance, convertible note payable | $ 175,000 | $ 0 | |
Issued | $ 500,000 | 500,000 | |
Interest | 100,000 | ||
Converted to common shares | (175,000) | (425,000) | |
Ending balance, convertible note payable | $ 0 | $ 175,000 |
Convertible Redeemable Prefer_3
Convertible Redeemable Preferred Shares (Narrative) (Details) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018CAD ($)Warrant$ / sharesshares | Dec. 31, 2017CAD ($)Warrant$ / sharesshares | Mar. 31, 2017CAD ($)Warrant$ / sharesshares | Aug. 31, 2020Warrant$ / shares | Aug. 31, 2019Warrant$ / shares | Aug. 31, 2018CAD ($)Warrant$ / shares | |
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Proceeds from issue of preference shares | $ | $ 2,084,792 | |||||
Payments for finder/broker fees, commissions and commitment fees | $ | $ 37,500 | $ 75,000 | $ 125,000 | |||
Number of warrants issued | Warrant | 3,000,000 | 2,687,500 | 6,550,000 | |||
Weighted average exercise price of warrants issued | $ 0.120 | $ 0.120 | $ 0.135 | |||
Series A1 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Increase (decrease) in number of shares outstanding | shares | 500 | |||||
Equity issuance, price per share | $ 5,000 | |||||
Proceeds from issue of preference shares | $ | $ 2,500,000 | |||||
Preferred shares, redemption value | $ | 5,000 | |||||
Preferred shares, redemption value, increase per quarter | $ | 250 | |||||
Series A1 Preferred Shares [Member] | Top of range [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Preferred shares, redemption value | $ | $ 6,750 | |||||
A1 Warrants [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Number of warrants issued | Warrant | 6,900,000 | |||||
Weighted average exercise price of warrants issued | $ 0.23 | |||||
Series A2 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Equity issuance, price per share | $ 5,000 | |||||
Number of shares authorised | shares | 165 | |||||
Series B1 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Increase (decrease) in number of shares outstanding | shares | 300 | |||||
Equity issuance, price per share | $ 5,000 | |||||
Proceeds from issue of preference shares | $ | $ 1,500,000 | |||||
B1 Warrants [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Number of warrants issued | Warrant | 6,250,000 | |||||
Weighted average exercise price of warrants issued | $ 0.15 | |||||
Series B2 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Equity issuance, price per share | $ 5,000 | |||||
Number of shares authorised | shares | 100 | |||||
Series C1 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Increase (decrease) in number of shares outstanding | shares | 150 | |||||
Equity issuance, price per share | $ 5,000 | |||||
Proceeds from issue of preference shares | $ | $ 750,000 | |||||
C1 Warrants [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Number of warrants issued | Warrant | 3,750,000 | |||||
Weighted average exercise price of warrants issued | $ 0.125 | |||||
Series C2 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Equity issuance, price per share | $ 5,000 | |||||
Number of shares authorised | shares | 50 |
Convertible Redeemable Prefer_4
Convertible Redeemable Preferred Shares - Disclosure of detailed information about convertible redeemable preferred shares (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | ||||
Jun. 30, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Convertible redeemable preferred shares, beginning of period | $ 958,125 | |||||
Increase in fair value of convertible redeemable preferred shares | 39,375 | $ 376,688 | $ 535,500 | |||
Converted to common shares | $ (997,499) | (2,773,313) | $ (2,189,250) | |||
Convertible redeemable preferred shares, end of period | $ 958,125 | |||||
Series A1 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Beginning Balance (Shares) | 0 | 180 | ||||
Convertible redeemable preferred shares, beginning of period | $ 0 | $ 1,181,250 | ||||
Increase (decrease) in number of shares outstanding | 500 | |||||
Increase in fair value of convertible redeemable preferred shares | $ 80,063 | |||||
Converted to common shares (Shares) | (180) | |||||
Converted to common shares | $ (1,261,313) | |||||
Ending Balance (Shares) | 0 | 0 | 180 | |||
Convertible redeemable preferred shares, end of period | $ 0 | $ 0 | $ 1,181,250 | |||
Series B1 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Beginning Balance (Shares) | 85 | 240 | ||||
Convertible redeemable preferred shares, beginning of period | $ 580,125 | $ 1,386,000 | ||||
Increase (decrease) in number of shares outstanding | 300 | |||||
Increase in fair value of convertible redeemable preferred shares | $ 18,375 | $ 175,875 | ||||
Converted to common shares (Shares) | (85) | (155) | ||||
Converted to common shares | $ (598,500) | $ (981,750) | ||||
Ending Balance (Shares) | 0 | 85 | 240 | |||
Convertible redeemable preferred shares, end of period | $ 0 | $ 580,125 | $ 1,386,000 | |||
Series C1 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Beginning Balance (Shares) | 60 | 150 | ||||
Convertible redeemable preferred shares, beginning of period | $ 378,000 | $ 787,500 | ||||
Increase (decrease) in number of shares outstanding | 150 | |||||
Increase in fair value of convertible redeemable preferred shares | $ 21,000 | $ 120,750 | ||||
Converted to common shares (Shares) | (60) | (90) | ||||
Converted to common shares | $ (399,000) | $ (530,250) | ||||
Ending Balance (Shares) | 0 | 60 | 150 | |||
Convertible redeemable preferred shares, end of period | $ 0 | $ 378,000 | $ 787,500 | |||
A1, B1 and C1 Preferred Shares [Member] | ||||||
Convertible Redeemable Preferred Shares [Line Items] | ||||||
Ending Balance (Shares) | 0 | |||||
Convertible redeemable preferred shares, end of period | $ 0 |
Derivative Liabilities - Disclo
Derivative Liabilities - Disclosure of detailed information about derivative liabilities (Details) | 12 Months Ended | ||
Aug. 31, 2020CAD ($)Warrant | Aug. 31, 2019CAD ($)Warrant | Aug. 31, 2018CAD ($)Warrant | |
Disclosure Of Detailed Information About Derivative Liabilities [Line Items] | |||
Number of warrants outstanding at beginning of period | Warrant | 8,257,500 | 6,580,000 | 9,990,000 |
Derivative liabilities, beginning of period | $ 27,069 | ||
Number of warrants issued pursuant to equity offerings | Warrant | 3,000,000 | 2,687,500 | 6,550,000 |
Increase (Decrease) in fair value | $ 32,758 | $ (126,951) | $ (562,216) |
Number of warrants outstanding at end of period | Warrant | 5,197,500 | 8,257,500 | 6,580,000 |
Derivative liabilities, end of period | $ 59,827 | $ 27,069 | |
Warrants Denominated in Foreign Currency [Member] | |||
Disclosure Of Detailed Information About Derivative Liabilities [Line Items] | |||
Number of warrants outstanding at beginning of period | Warrant | 6,466,513 | 6,466,513 | |
Derivative liabilities, beginning of period | $ 1 | $ 54 | |
Increase (Decrease) in fair value | $ (53) | ||
Number of warrants outstanding at end of period | Warrant | 6,466,513 | 6,466,513 | 6,466,513 |
Derivative liabilities, end of period | $ 1 | $ 1 | $ 54 |
Other warrants subject to potential price adjustment [Member] | |||
Disclosure Of Detailed Information About Derivative Liabilities [Line Items] | |||
Number of warrants outstanding at beginning of period | Warrant | 21,475,000 | 16,900,000 | |
Derivative liabilities, beginning of period | $ 27,068 | $ 109,767 | |
Number of warrants issued pursuant to equity offerings | Warrant | 4,575,000 | ||
Fair value of warrants issued | $ 44,199 | ||
Increase (Decrease) in fair value | $ 32,758 | $ (126,898) | |
Number of warrants outstanding at end of period | Warrant | 21,475,000 | 21,475,000 | 16,900,000 |
Derivative liabilities, end of period | $ 59,826 | $ 27,068 | $ 109,767 |
Site Closure and Reclamation _2
Site Closure and Reclamation Provision (Narrative) (Details) - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 |
Site Closure And Reclamation Provision [Line Items] | ||
Site closure and reclamation provisions | $ 303,600 | $ 303,600 |
Site closure and reclamation provisions, expected undiscounted future cash flow | $ 539,000 | |
Expected inflation rate | 3.00% | |
Thor Lake [Member] | ||
Site Closure And Reclamation Provision [Line Items] | ||
Site closure and reclamation provisions | $ 250,000 | 250,000 |
Separation Rapids [Member] | ||
Site Closure And Reclamation Provision [Line Items] | ||
Site closure and reclamation provisions | 40,000 | 40,000 |
Warren Township [Member] | ||
Site Closure And Reclamation Provision [Line Items] | ||
Site closure and reclamation provisions | $ 13,600 | $ 13,600 |
Share Capital (Narrative) (Deta
Share Capital (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||||||||
Aug. 31, 2020CAD ($)ShareWarrantYear$ / sharesshares | Dec. 31, 2018CAD ($)$ / sharesshares | Nov. 30, 2018CAD ($)Share$ / shares | Jul. 31, 2018CAD ($)Share$ / shares | Jun. 30, 2018CAD ($)Warrant$ / shares | Dec. 31, 2017CAD ($)ShareWarrant$ / sharesshares | Nov. 30, 2017CAD ($)Share$ / sharesshares | Mar. 31, 2017CAD ($)Warrant$ / shares | Aug. 31, 2020CAD ($)ShareWarrantYear$ / sharesshares | Aug. 31, 2019CAD ($)ShareWarrant$ / shares | Aug. 31, 2018CAD ($)ShareWarrant$ / shares | Aug. 31, 2020USD ($)ShareWarrantYearshares | Aug. 31, 2017Warrant | |
Disclosure of classes of share capital [line items] | |||||||||||||
Payments for finder/broker fees, commissions and commitment fees | $ | $ 37,500 | $ 75,000 | $ 125,000 | ||||||||||
Number of warrants issued pursuant to equity offerings | Warrant | 3,000,000 | 2,687,500 | 6,550,000 | ||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.120 | $ 0.120 | $ 0.135 | ||||||||||
Deferred flow-through share premium | $ | $ 136,800 | $ 136,800 | $ 47,481 | $ 52,157 | |||||||||
Deferred Income Tax Recoveries | $ | $ 47,481 | $ 154,676 | $ 218,232 | ||||||||||
Applicable tax rate | 25.00% | 25.00% | 25.10% | ||||||||||
Number of warrants outstanding | Warrant | 5,197,500 | 5,197,500 | 8,257,500 | 6,580,000 | 5,197,500 | 9,990,000 | |||||||
Weighted average remaining contractual life of outstanding warrants | Year | 1.2 | 1.2 | 1.2 | ||||||||||
Warrants required to be issued | Warrant | 20,000 | 20,000 | 20,000 | ||||||||||
Warrants required to be issued, warrants per installment | Warrant | 10,000 | 10,000 | 10,000 | ||||||||||
Share options authorised as a percentage of number of issued and outstanding common shares | 10.00% | 10.00% | 10.00% | ||||||||||
Number of share options exercisable in share-based payment arrangement | Share | 5,416,250 | 5,416,250 | 6,147,500 | 7,816,250 | 5,416,250 | ||||||||
Exercisable options, weighted average exercise price | $ | $ 0.12 | $ 0.12 | $ 0.17 | $ 0.31 | |||||||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 0.10 | $ 0.11 | |||||||||||
Weighted average closing market share price of share options exercised in share-based payment arrangement | $ | $ 0.075 | $ 0.13 | |||||||||||
Estimated fair value of options earned | $ | 108,382 | 97,222 | 176,836 | ||||||||||
Estimated fair value of options earned capitalized to property, plant and equipment | $ | 297 | $ 4,484 | $ 1,825 | ||||||||||
Number of share options exercised in share-based payment arrangement | Share | 200,000 | 50,000 | |||||||||||
Estimated fair value of options earned capitalized as exploration and evaluation assets | $ | 6,768 | $ 13,894 | $ 25,129 | ||||||||||
Estimated fair value of options earned charged to operations as general exploration expenses | $ | 2,284 | 0 | 596 | ||||||||||
Estimated fair value of options earned charged to operations as share based compensation expense | $ | $ 99,033 | $ 78,844 | $ 149,286 | ||||||||||
Preferred shares [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of shares authorised | shares | 25,000,000 | 25,000,000 | 25,000,000 | ||||||||||
Number of shares issued | shares | 950 | 950 | 950 | ||||||||||
A1 Warrants [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued pursuant to equity offerings | Warrant | 6,900,000 | ||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.23 | ||||||||||||
Number of warrants outstanding | Warrant | 6,900,000 | 6,900,000 | 6,900,000 | ||||||||||
Weighted average exercise price of warrants outstanding | $ | $ 0.23 | $ 0.23 | |||||||||||
B1 Warrants [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued pursuant to equity offerings | Warrant | 6,250,000 | ||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.15 | ||||||||||||
Number of warrants outstanding | Warrant | 6,250,000 | 6,250,000 | 6,250,000 | ||||||||||
Weighted average exercise price of warrants outstanding | $ | $ 0.15 | $ 0.15 | |||||||||||
C1 Warrants [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued pursuant to equity offerings | Warrant | 3,750,000 | ||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.125 | ||||||||||||
Number of warrants outstanding | Warrant | 3,750,000 | 3,750,000 | 3,750,000 | ||||||||||
Weighted average exercise price of warrants outstanding | $ | $ 0.125 | $ 0.125 | |||||||||||
US$ Warrants [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants outstanding | Warrant | 6,466,513 | 6,466,513 | 6,466,513 | ||||||||||
Weighted average exercise price of warrants outstanding | $ | $ 0.5223 | ||||||||||||
US$ Warrants [Member] | Bottom of range [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Weighted average exercise price of warrants outstanding | $ | $ 0.5095 | ||||||||||||
Warrants [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants outstanding | Warrant | 4,575,000 | 4,575,000 | 4,575,000 | ||||||||||
Weighted average exercise price of warrants outstanding | $ | $ 0.07 | $ 0.07 | |||||||||||
November 2017 Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Increase (decrease) in number of shares outstanding | shares | 3,215,000 | ||||||||||||
Equity issuance, price per share | $ 0.145 | ||||||||||||
Proceeds from issuing shares | $ | $ 1,042,175 | ||||||||||||
Payments for finder/broker fees, commissions and commitment fees | $ | 34,560 | ||||||||||||
Payments for other issuance costs | $ | $ 10,192 | ||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.16 | ||||||||||||
Deferred flow-through share premium | $ | $ 32,150 | ||||||||||||
Number of units issued in an equity offering | Share | 4,800,000 | ||||||||||||
Equity Issuance, Price per Unit | $ 0.12 | ||||||||||||
Unit Price allocated to the share component | 0.112 | ||||||||||||
Unit Price allocated to the warrant component | 0.008 | ||||||||||||
Share price | 0.135 | ||||||||||||
Fair value of warrants issued, value per warrant | $ 0.0193 | ||||||||||||
November 2017 Private Placement [Member] | Mr. Donald Bubar [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Increase (decrease) in number of shares outstanding | shares | 200,000 | ||||||||||||
November 2017 Private Placement [Member] | Certain directors and officers [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Increase (decrease) in number of shares outstanding | shares | 305,000 | ||||||||||||
November 2017 Private Placement [Member] | Non-transferrable compensation warrants [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of warrants issued pursuant to equity offerings | Share | 288,000 | ||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.15 | ||||||||||||
Fair value of warrants issued | $ | $ 14,030 | ||||||||||||
December 2017 Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Increase (decrease) in number of shares outstanding | shares | 3,737,400 | ||||||||||||
Equity issuance, price per share | $ 0.145 | ||||||||||||
Proceeds from issuing shares | $ | $ 541,923 | ||||||||||||
Payments for finder/broker fees, commissions and commitment fees | $ | 19,140 | ||||||||||||
Payments for other issuance costs | $ | $ 9,322 | ||||||||||||
Number of warrants issued pursuant to equity offerings | Share | 132,000 | ||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.15 | ||||||||||||
Fair value of warrants issued | $ | $ 4,475 | ||||||||||||
Deferred flow-through share premium | $ | $ 112,122 | ||||||||||||
July 2018 Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Proceeds from issuance of units | $ | $ 590,000 | ||||||||||||
July 2018 Private Placement [Member] | FT Unit [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Deferred flow-through share premium | $ | $ 76,650 | ||||||||||||
Number of units issued in an equity offering | Share | 3,500,000 | ||||||||||||
Equity Issuance, Price per Unit | $ 0.10 | ||||||||||||
Fair value of the warrant component of the Unit | $ | $ 0.0040 | ||||||||||||
Fair value of flow-through feature of the Flow-Through Unit | $ | $ 0.0250 | ||||||||||||
Flow-Through Unit price allocated to share component | $ 0.0746 | ||||||||||||
Flow-Through Unit price allocated to warrant component | 0.0035 | ||||||||||||
Flow-Through Unit price allocated to flow-through feature | 0.0219 | ||||||||||||
Canadian exploration expenses amount to be renounced per Flow-Through Unit | $ 0.0999 | ||||||||||||
Applicable tax rate | 25.00% | ||||||||||||
July 2018 Private Placement [Member] | Non-FT Unit [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.12 | ||||||||||||
Fair value of warrants issued | $ | $ 0.0119 | ||||||||||||
Number of units issued in an equity offering | Share | 2,400,000 | ||||||||||||
Equity Issuance, Price per Unit | $ 0.10 | ||||||||||||
Unit Price allocated to the share component | 0.0889 | ||||||||||||
Unit Price allocated to the warrant component | 0.0111 | ||||||||||||
Share price | $ 0.095 | ||||||||||||
November 2018 Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.12 | ||||||||||||
Fair value of warrants issued | $ | $ 0.003 | ||||||||||||
Number of units issued in an equity offering | Share | 5,375,000 | ||||||||||||
Proceeds from issuance of units | $ | $ 376,250 | ||||||||||||
Unit Price allocated to the share component | $ 0.069 | ||||||||||||
Unit Price allocated to the warrant component | 0.001 | ||||||||||||
Share price | 0.065 | ||||||||||||
Share price necessary to reduce expiry date of warrants issued | $ 0.16 | ||||||||||||
November 2018 Private Placement [Member] | Mr. Donald Bubar [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number of units issued in an equity offering | Share | 1,000,000 | ||||||||||||
Equity Issuance, Price per Unit | $ 0.07 | ||||||||||||
December 2018 Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Increase (decrease) in number of shares outstanding | shares | 10,000,000 | ||||||||||||
Equity issuance, price per share | $ 0.07 | ||||||||||||
Proceeds from issuing shares | $ | $ 700,000 | ||||||||||||
Deferred flow-through share premium | $ | $ 150,000 | ||||||||||||
August 2020 Private Placement [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Weighted average exercise price of warrants issued pursuant to equity offerings | $ 0.12 | ||||||||||||
August 2020 Private Placement [Member] | FT Unit [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Deferred flow-through share premium | $ | $ 136,800 | $ 136,800 | |||||||||||
Number of units issued in an equity offering | Share | 6,000,000 | ||||||||||||
Equity Issuance, Price per Unit | $ 0.09 | ||||||||||||
Proceeds from issuance of units | $ | $ 540,000 | ||||||||||||
Fair value of the warrant component of the Unit | $ | 0.0011 | ||||||||||||
Fair value of flow-through feature of the Flow-Through Unit | $ | $ 0.0225 | ||||||||||||
Flow-Through Unit price allocated to share component | $ 0.0660 | ||||||||||||
Flow-Through Unit price allocated to warrant component | 0.0012 | ||||||||||||
Flow-Through Unit price allocated to flow-through feature | 0.0228 | ||||||||||||
Canadian exploration expenses amount to be renounced per Flow-Through Unit | $ 0.0899 | ||||||||||||
Applicable tax rate | 25.00% | ||||||||||||
Expire November 1, 2021 [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Exercise price of extended warrants | $ 0.12 | $ 0.12 | |||||||||||
Number of warrants extended | Warrant | 1,900,000 | ||||||||||||
Expire November 23, 2021 [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Exercise price of extended warrants | $ 0.12 | $ 0.12 | |||||||||||
Number of warrants extended | Warrant | 287,500 |
Share Capital - Disclosure of n
Share Capital - Disclosure of number and weighted average exercise prices of warrants (Details) | 12 Months Ended | ||
Aug. 31, 2020Warrant$ / shares | Aug. 31, 2019Warrant$ / shares | Aug. 31, 2018Warrant$ / shares | |
Disclosure of classes of share capital [abstract] | |||
Number of warrants outstanding at beginning of period | Warrant | 8,257,500 | 6,580,000 | 9,990,000 |
Weighted average exercise price of warrants outstanding at beginning of period | $ / shares | $ 0.132 | $ 0.136 | $ 0.169 |
Number of warrants issued pursuant to equity offerings | Warrant | 3,000,000 | 2,687,500 | 6,550,000 |
Weighted average exercise price of warrants issued pursuant to equity offerings | $ / shares | $ 0.120 | $ 0.120 | $ 0.135 |
Number of warrants exercised | Warrant | (1,000,000) | ||
Weighted average exercise price of warrants exercised | $ / shares | $ 0.120 | ||
Number of warrants expired | Warrant | (6,060,000) | (10,000) | (9,960,000) |
Weighted average exercise price of warrants expired | $ / shares | $ 0.136 | $ 0.490 | $ 0.168 |
Number of warrants outstanding at end of period | Warrant | 5,197,500 | 8,257,500 | 6,580,000 |
Weighted average exercise price of warrants outstanding at end of period | $ / shares | $ 0.120 | $ 0.132 | $ 0.136 |
Share Capital - Disclosure of_2
Share Capital - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | ||
Aug. 31, 2020Share$ / shares | Aug. 31, 2019Share$ / shares | Aug. 31, 2018Share$ / shares | |
Disclosure of classes of share capital [abstract] | |||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 9,396,250 | 11,345,000 | 10,335,000 |
Weighted average exercise price of share options outstanding at beginning of period | $ / shares | $ 0.16 | $ 0.26 | $ 0.37 |
Number of share options granted in share-based payment arrangement | Share | 7,680,000 | 3,020,000 | 2,345,000 |
Weighted average exercise price of share options granted | $ / shares | $ 0.08 | $ 0.10 | $ 0.12 |
Number of share options exercised in share-based payment arrangement | Share | (200,000) | (50,000) | |
Weighted average exercise price of share options exercised | $ / shares | $ 0.10 | $ 0.11 | |
Number of share options expired in share-based payment arrangement | Share | (3,241,250) | (3,875,000) | (1,215,000) |
Weighted average exercise price of share options expired | $ / shares | $ 0.21 | $ 0.43 | $ 0.91 |
Number of share options forfeited in share-based payment arrangement | Share | (290,000) | (893,750) | (70,000) |
Weighted average exercise price of share options forfeited | $ / shares | $ 0.10 | $ 0.17 | $ 0.44 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 13,545,000 | 9,396,250 | 11,345,000 |
Weighted average exercise price of share options outstanding at end of period | $ / shares | $ 0.10 | $ 0.16 | $ 0.26 |
Share Capital - Disclosure of d
Share Capital - Disclosure of detailed information about options, valuation assumptions (Details) | 12 Months Ended | ||
Aug. 31, 2020CAD ($)Year$ / shares | Aug. 31, 2019CAD ($)Year$ / shares | Aug. 31, 2018CAD ($)Year$ / shares | |
Disclosure of classes of share capital [abstract] | |||
Exercise price | $ / shares | $ 0.08 | $ 0.10 | $ 0.12 |
Closing market price on day preceding date of grant | $ | $ 0.05 | $ 0.08 | $ 0.12 |
Risk-free interest rate | 1.00% | 1.80% | 1.88% |
Expected life (years) | Year | 3.6 | 3.3 | 3.1 |
Expected volatility | 80.00% | 63.00% | 59.00% |
Expected dividend yield | $ | $ 0 | $ 0 | $ 0 |
Grant date fair value | $ / shares | $ 0.02 | $ 0.03 | $ 0.05 |
Forfeiture rate | 14.00% | 15.00% | 15.00% |
Share Capital - Disclosure of r
Share Capital - Disclosure of range of exercise prices of outstanding share options (Details) | 12 Months Ended | |||
Aug. 31, 2020Share$ / shares | Aug. 31, 2019Share | Aug. 31, 2018Share | Aug. 31, 2017Share | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of Options Outstanding | 13,545,000 | 9,396,250 | 11,345,000 | 10,335,000 |
Number of Options Exercisable | 5,416,250 | 6,147,500 | 7,816,250 | |
Exercise Price Range 1 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of Options Outstanding | 300,000 | |||
Number of Options Exercisable | 300,000 | |||
Weighted average remaining contractual life of outstanding share options | 9 months 18 days | |||
Exercise Price Range 1 [Member] | Bottom of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.25 | |||
Exercise Price Range 1 [Member] | Top of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.25 | |||
Exercise Price Range 2 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of Options Outstanding | 90,000 | |||
Number of Options Exercisable | 67,500 | |||
Weighted average remaining contractual life of outstanding share options | 1 year | |||
Exercise Price Range 2 [Member] | Bottom of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.20 | |||
Exercise Price Range 2 [Member] | Top of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.24 | |||
Exercise Price Range 3 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of Options Outstanding | 880,000 | |||
Number of Options Exercisable | 697,500 | |||
Weighted average remaining contractual life of outstanding share options | 1 year 6 months | |||
Exercise Price Range 3 [Member] | Bottom of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.15 | |||
Exercise Price Range 3 [Member] | Top of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.19 | |||
Exercise Price Range 4 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of Options Outstanding | 2,715,000 | |||
Number of Options Exercisable | 2,075,000 | |||
Weighted average remaining contractual life of outstanding share options | 1 year 8 months 12 days | |||
Exercise Price Range 4 [Member] | Bottom of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.11 | |||
Exercise Price Range 4 [Member] | Top of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.14 | |||
Exercise Price Range 5 [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Number of Options Outstanding | 9,560,000 | |||
Number of Options Exercisable | 2,276,250 | |||
Weighted average remaining contractual life of outstanding share options | 3 years 3 months 18 days | |||
Exercise Price Range 5 [Member] | Bottom of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.08 | |||
Exercise Price Range 5 [Member] | Top of range [Member] | ||||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | ||||
Exercise Price Of Outstanding Share Options 2019 | $ / shares | $ 0.10 |
Share Capital - Disclosure of_3
Share Capital - Disclosure of number and weighted average exercise prices of brokers compensation warrants (Details) - Brokers Compensation Warrants [Member] | 12 Months Ended | ||
Aug. 31, 2020CAD ($)Share | Aug. 31, 2019CAD ($)Share | Aug. 31, 2018CAD ($)Share | |
Disclosure of classes of share capital [line items] | |||
Number of warrants outstanding in share-based payment arrangement at beginning of period | Share | 420,000 | 1,232,727 | 1,292,727 |
Weighted average exercise price of warrants outstanding in share-based payment arrangement at beginning of period | $ | $ 0.15 | $ 0.17 | $ 0.16 |
Number of warrants granted in share-based payment arrangement | Share | 420,000 | ||
Weighted average exercise price of warrants granted in share-based payment arrangement | $ | $ 0.15 | ||
Number of warrants exercised in share-based payment arrangement | Share | (300,000) | ||
Weighted average exercise price of warrants exercised in share-based payment arrangement | $ | $ 0.11 | ||
Number of warrants expired in share-based payment arrangement | Share | (420,000) | (812,727) | (180,000) |
Weighted average exercise price of warrants expired in share-based payment arrangement | $ | $ 0.15 | $ 0.18 | $ 0.18 |
Number of warrants outstanding in share-based payment arrangement at end of period | Share | 0 | 420,000 | 1,232,727 |
Weighted average exercise price of warrants outstanding in share-based payment arrangement at end of period | $ | $ 0 | $ 0.15 | $ 0.17 |
Corporate and Administrative _3
Corporate and Administrative Expenses (Narrative) (Details) - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Corporate And Administrative Expenses [Line Items] | |||
Salaries and benefits | $ 1,007,016 | $ 1,433,624 | $ 1,387,249 |
Employees salaries, benefits and share based compensation | 1,074,999 | 1,485,977 | 1,463,258 |
Director's fees | 12,060 | 63,800 | 78,850 |
Canada Emergency Wage Subsidy [Member] | |||
Corporate And Administrative Expenses [Line Items] | |||
Salaries and benefits | 176,294 | 0 | |
Director's fees | $ 8,677 |
Corporate and Administrative _4
Corporate and Administrative Expenses - Disclosure of expenses by nature (Details) - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Selling, general and administrative expense [abstract] | |||
Salaries and benefits | $ 1,007,016 | $ 1,433,624 | $ 1,387,249 |
Director's fees | 12,060 | 63,800 | 78,850 |
Consulting and professional fees | 373,912 | 231,814 | 398,244 |
Office, insurance and other expenses | 229,874 | 174,227 | 286,460 |
Occupancy | 0 | 343,673 | 317,305 |
Shareholders communications and filing fees | 145,590 | 135,237 | 159,060 |
Travel and related costs | 60,519 | 32,628 | 97,591 |
Corporate and administrative expenses | $ 1,828,971 | $ 2,415,003 | $ 2,724,759 |
Related Party Disclosures (Narr
Related Party Disclosures (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||
Nov. 30, 2018Share$ / shares | Nov. 30, 2017Share$ / sharesshares | Aug. 31, 2020CAD ($) | Aug. 31, 2019CAD ($) | Aug. 31, 2018CAD ($) | |
Disclosure of transactions between related parties [line items] | |||||
Salaries, benefits and directors fees | $ | $ 1,114,485 | $ 1,551,593 | $ 1,692,551 | ||
Unpaid directors' fees and salaries included in accrued liabilities | $ | 188,800 | 566,685 | 137,500 | ||
November 2017 Private Placement [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Increase (decrease) in number of shares outstanding | 3,215,000 | ||||
Equity issuance, price per share | $ / shares | $ 0.145 | ||||
Number of units issued in an equity offering | Share | 4,800,000 | ||||
Equity Issuance, Price per Unit | $ / shares | $ 0.12 | ||||
November 2017 Private Placement [Member] | Mr. Donald Bubar [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Increase (decrease) in number of shares outstanding | 200,000 | ||||
November 2017 Private Placement [Member] | Mark Wiseman [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Increase (decrease) in number of shares outstanding | 55,000 | ||||
November 2017 Private Placement [Member] | Patricia Mohr [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Increase (decrease) in number of shares outstanding | 50,000 | ||||
November 2018 Private Placement [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Number of units issued in an equity offering | Share | 5,375,000 | ||||
November 2018 Private Placement [Member] | Mr. Donald Bubar [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Number of units issued in an equity offering | Share | 1,000,000 | ||||
Equity Issuance, Price per Unit | $ / shares | $ 0.07 | ||||
Capitalized to exploration and evaluation assets and PPE [Member] | |||||
Disclosure of transactions between related parties [line items] | |||||
Salaries, benefits and directors fees | $ | $ 199,915 | $ 343,246 | $ 577,224 |
Related Party Disclosures - Dis
Related Party Disclosures - Disclosure of information about key management personnel (Details) - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Disclosure of transactions between related parties [abstract] | |||
Salaries, benefits and directors fees | $ 1,114,485 | $ 1,551,593 | $ 1,692,551 |
Share based compensation | 75,252 | 70,992 | 118,991 |
Compensation of key management personnel | $ 1,189,737 | $ 1,622,585 | $ 1,811,542 |
Financial Instruments (Narrativ
Financial Instruments (Narrative) (Details) | 12 Months Ended | ||||
Aug. 31, 2020USD ($) | Aug. 31, 2020CAD ($) | Aug. 31, 2019CAD ($) | Aug. 31, 2018CAD ($) | Aug. 31, 2017CAD ($) | |
Disclosure of detailed information about financial instruments [abstract] | |||||
Preferred shares, redemption premium | 5.00% | ||||
Total Current Assets | $ 1,677,400 | $ 4,965,281 | |||
Total Current Liabilities | 1,043,819 | 4,321,273 | |||
Working capital | 633,581 | ||||
Deferred flow-through share premium | 136,800 | 47,481 | $ 52,157 | ||
Adjusted working capital | 770,381 | ||||
Cash and cash equivalents | $ 1,295,723 | $ 1,881,841 | $ 319,057 | $ 1,073,574 | |
Anticipated on-going expenditures to be transacted in US dollars for the next twelve month period | $ 160,000 |
Financial Instruments - Disclos
Financial Instruments - Disclosure of liquidity risk (Details) | Aug. 31, 2020CAD ($) |
Disclosure of detailed information about financial instruments [line items] | |
Accounts payable and accrued liabilities | $ 728,126 |
Lease obligation | 966,833 |
Financial liabilities | 1,694,959 |
Within 1 Year [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Accounts payable and accrued liabilities | 728,126 |
Lease obligation | 218,253 |
Financial liabilities | 946,379 |
1-3 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligation | 451,736 |
Financial liabilities | 451,736 |
4-5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligation | 296,844 |
Financial liabilities | 296,844 |
Over 5 Years [Member] | |
Disclosure of detailed information about financial instruments [line items] | |
Accounts payable and accrued liabilities | 0 |
Lease obligation | 0 |
Financial liabilities | $ 0 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Disclosure of detailed information about non cash financing and investing transactions (Details) - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Supplemental Cash Flow Information [Abstract] | |||
Share based compensation capitalized as property, plant and equipment | $ 297 | $ 4,484 | $ 1,825 |
Share based compensation capitalized as exploration and evaluation assets | 6,768 | 13,894 | 25,129 |
Depreciation expense capitalized as property, plant and equipment | 0 | 23,383 | 37,513 |
Depreciation expense capitalized as exploration and evaluation assets | 7,829 | 9,342 | 8,867 |
Property, plant and equipment acquired under lease arrangement | 1,045,810 | 0 | 0 |
Non-cash financing and investing transactions | $ 1,060,704 | $ 51,103 | $ 73,334 |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 |
Non-refundable investment tax credit carry forwards [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax credits for which no deferred tax asset recognised | $ 5,687,308 | $ 5,701,467 | |
Non-capital losses carried forward [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 34,066,000 | 33,963,000 | $ 31,793,000 |
Net operating losses [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 1,668,000 | 1,668,000 | 1,668,000 |
Capital losses carried forward [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 2,295,000 | $ 2,295,000 | $ 2,295,000 |
Income Taxes - Disclosure of de
Income Taxes - Disclosure of detailed information about effective income tax expense recovery (Details) - CAD ($) | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Major components of tax expense (income) [abstract] | |||
Net loss for the year before income taxes | $ 5,414,745 | $ 3,541,011 | $ 3,458,976 |
Combined Canadian federal and provincial tax rate | 25.00% | 25.00% | 25.10% |
Expected income tax recovery at statutory rates | $ 1,353,686 | $ 885,253 | $ 868,203 |
Share based compensation | (25,329) | (19,711) | (37,620) |
Non-deductible financing transaction costs | 0 | (20,074) | (89,678) |
Other non-deductible expenses | (3,012) | (736) | (2,864) |
CEE incurred applied to flow-through shares | (55,395) | (179,086) | (476,559) |
Amortization of flow-through share premium | 47,481 | 154,676 | 218,232 |
Non-taxable (non-deductible) change in fair value warrants of financial instruments | (18,033) | (62,434) | 6,706 |
Losses and other deductions for which no benefit has been recognized | (1,251,917) | (603,212) | (268,188) |
Deferred income tax recoveries | $ 47,481 | $ 154,676 | $ 218,232 |
Income Taxes - Disclosure of _2
Income Taxes - Disclosure of deferred taxes (Details) - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 |
Components of deferred tax assets and liabilities [Line Items] | ||
Deferred income tax assets | $ 10,576,050 | $ 10,145,668 |
Net deferred income tax assets | 0 | 0 |
Exploration equipment [Member] | ||
Components of deferred tax assets and liabilities [Line Items] | ||
Deferred income tax assets | 6,281,863 | 4,721,336 |
Scientific research and experimental developmental expenditures [Member] | ||
Components of deferred tax assets and liabilities [Line Items] | ||
Deferred income tax assets | 4,294,187 | 5,424,332 |
Property plant and equipment [Member] | ||
Components of deferred tax assets and liabilities [Line Items] | ||
Deferred income tax liabilities | $ (10,576,050) | $ (10,145,668) |
Income Taxes - Disclosure of te
Income Taxes - Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences not recognized | $ 49,377,796 | $ 44,053,463 |
Non-capital loss carryforwards [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences not recognized | 35,733,583 | 35,630,141 |
Scientific research and experimental developmental expenditures [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences not recognized | 10,191,008 | 5,670,428 |
Share issuance costs [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences not recognized | 291,203 | 458,359 |
Capital loss carry forwards [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences not recognized | 2,294,535 | 2,294,535 |
Lease obligation [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deductible temporary differences not recognized | $ 867,467 | $ 0 |
Income Taxes - Disclosure of _3
Income Taxes - Disclosure of detailed information about non-capital losses (Details) - Non-capital losses carried forward [Member] - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 34,066,000 | $ 33,963,000 | $ 31,793,000 |
2026 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 156,000 | ||
2027 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 232,000 | ||
2028 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 847,000 | ||
2029 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 914,000 | ||
2030 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 1,584,000 | ||
2031 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 3,050,000 | ||
2032 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 3,601,000 | ||
2033 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 4,151,000 | ||
2034 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 4,211,000 | ||
2035 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 4,397,000 | ||
2036 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 3,008,000 | ||
2037 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 2,805,000 | ||
2038 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 2,837,000 | ||
2039 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 2,170,000 | ||
2040 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 103,000 |
Income Taxes - Disclosure of _4
Income Taxes - Disclosure of detailed information about operating losses (Details) - Net operating losses [Member] - CAD ($) | Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 1,668,000 | $ 1,668,000 | $ 1,668,000 |
2031 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 5,000 | ||
2032 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 2,000 | ||
2033 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | 3,000 | ||
2034 [Member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 1,658,000 |
Loss per Share (Narrative) (Det
Loss per Share (Narrative) (Details) | 12 Months Ended | |||
Aug. 31, 2020CAD ($)Share | Aug. 31, 2019CAD ($)Share | Aug. 31, 2018CAD ($)Share | Aug. 31, 2017Share | |
Earnings per share [abstract] | ||||
Net Loss and Total Comprehensive Loss for the year | $ | $ 5,367,264 | $ 3,386,335 | $ 3,240,744 | |
Number of warrants outstanding | 33,139,013 | 36,619,013 | 31,179,240 | |
Number of share options outstanding in share-based payment arrangement | 13,545,000 | 9,396,250 | 11,345,000 | 10,335,000 |
Loss per Share - Disclosure of
Loss per Share - Disclosure of detailed information about Loss per Share (Details) - shares | 12 Months Ended | ||
Aug. 31, 2020 | Aug. 31, 2019 | Aug. 31, 2018 | |
Earnings per share [abstract] | |||
Weighted average number of common shares used in the calculation of basic loss per share | 334,332,582 | 275,760,316 | 215,152,381 |
Dilutive Effect Of Convertible Note Payable On Number Of Ordinary Shares | 0 | 0 | 0 |
Diluted impact of convertible redeemable preferred shares | 0 | 0 | 0 |
Diluted impact of warrants | 0 | 0 | 0 |
Diluted impact of stock options | 0 | 0 | 0 |
Weighted average number of common shares used in the calculation of diluted loss per share | 334,332,582 | 275,760,316 | 215,152,381 |
Commitments (Narrative) (Detail
Commitments (Narrative) (Details) | Aug. 31, 2020CAD ($) |
Canadian exploration expenses [Member] | |
Disclosure of contingent liabilities [line items] | |
Capital commitments | $ 539,400 |
Events After the Reporting Pe_2
Events After the Reporting Period (Narrative) (Details) | 12 Months Ended | ||
Aug. 31, 2020ShareWarrantYear$ / shares | Aug. 31, 2019ShareYear$ / shares | Aug. 31, 2018ShareYear$ / shares | |
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of share options granted in share-based payment arrangement | Share | 7,680,000 | 3,020,000 | 2,345,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.08 | $ 0.10 | $ 0.12 |
Expected life (years) | Year | 3.6 | 3.3 | 3.1 |
Number of share options cancelled | Share | 290,000 | 893,750 | 70,000 |
Weighted average exercise price of share options forfeited | $ 0.10 | $ 0.17 | $ 0.44 |
Events After Reporting Period [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Number of share options granted in share-based payment arrangement | Share | 350,000 | ||
Weighted average exercise price of share options granted in share-based payment arrangement | $ 0.08 | ||
Expected life (years) | Year | 4.1 | ||
Number of warrants extended | Warrant | 2,187,500 | ||
Exercise price of extended warrants | $ 0.12 | ||
Number of share options cancelled | Share | 200,000 | ||
Weighted average exercise price of share options forfeited | $ 0.08 |