Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2018shares | |
Statement [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2018 |
Trading Symbol | wrn |
Entity Registrant Name | Western Copper & Gold Corp |
Entity Central Index Key | 0001364125 |
Current Fiscal Year End Date | --12-31 |
Entity Common Stock, Shares Outstanding | 100,784,001 |
Entity Current Reporting Status | Yes |
Document Fiscal Year Focus | 2018 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
ASSETS | ||
Cash and cash equivalents | $ 3,026,385 | $ 395,370 |
Short-term investments | 1,505,161 | 3,704,131 |
Marketable securities | 252,200 | 285,700 |
Other assets | 159,188 | 173,857 |
CURRENT ASSETS | 4,942,934 | 4,559,058 |
Exploration and evaluation assets | 41,946,079 | 40,650,547 |
ASSETS | 46,889,013 | 45,209,605 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 602,206 | 672,532 |
CURRENT LIABILITIES | 602,206 | 672,532 |
SHAREHOLDERS EQUITY | ||
Share capital | 111,891,213 | 108,021,796 |
Contributed surplus | 33,484,162 | 32,747,685 |
Deficit | (99,088,568) | (96,232,408) |
SHAREHOLDERS EQUITY | 46,286,807 | 44,537,073 |
LIABILITIES AND SHAREHOLDERS EQUITY | $ 46,889,013 | $ 45,209,605 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [Line Items] | ||
Filing and regulatory fees | $ 206,506 | $ 185,345 |
Office and administration | 262,325 | 230,451 |
Professional fees | 90,921 | 103,801 |
Rent and utilities | 112,626 | 112,259 |
Share-based payments | 574,974 | 319,103 |
Shareholder communication and travel | 561,067 | 514,565 |
Wages and benefits | 1,093,404 | 1,067,084 |
CORPORATE EXPENSES | 2,901,823 | 2,532,608 |
Foreign exchange loss | 4,421 | 6,909 |
Interest income | (83,584) | (46,728) |
Unrealized loss on marketable securities | 33,500 | 168,800 |
LOSS AND COMPREHENSIVE LOSS | $ 2,856,160 | $ 2,661,589 |
Basic and diluted loss per share | $ 0.03 | $ 0.03 |
Weighted average number of common shares outstanding | 99,886,747 | 95,856,191 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
OPERATING ACTIVITIES | ||
Loss and comprehensive loss | $ (2,856,160) | $ (2,661,589) |
ITEMS NOT AFFECTING CASH | ||
Share-based payments | 574,974 | 319,103 |
Unrealized loss on marketable securities | 33,500 | 168,800 |
Cash flows from (used in) operations before changes in working capital | 608,474 | 487,903 |
Change in non-cash working capital items | 120,156 | (110,544) |
OPERATING ACTIVITIES | (2,127,530) | (2,284,230) |
FINANCING ACTIVITIES | ||
Private placement proceeds | 3,340,826 | 0 |
Private placement issuance costs | (152,825) | 0 |
Exercise of stock options | 732,500 | 1,433,333 |
FINANCING ACTIVITIES | 3,920,501 | 1,433,333 |
INVESTING ACTIVITIES | ||
Redemption of short-term investments | 2,186,861 | 2,413,139 |
Mineral property expenditures | (1,348,817) | (1,778,562) |
INVESTING ACTIVITIES | 838,044 | 634,577 |
CHANGE IN CASH AND CASH EQUIVALENTS | 2,631,015 | (216,320) |
Cash and cash equivalents Beginning | 395,370 | 611,690 |
CASH AND CASH EQUIVALENTS - ENDING | $ 3,026,385 | $ 395,370 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - CAD ($) | Total | Share Capital [Member] | Contributed Surplus [Member] | Deficit [Member] |
Beginning Balance (shares) at Dec. 31, 2016 | 94,965,602 | |||
Beginning Balance at Dec. 31, 2016 | $ 45,377,232 | $ 105,963,093 | $ 32,984,958 | $ (93,570,819) |
Statement [Line Items] | ||||
Exercise of stock options (shares) | 1,688,333 | |||
Exercise of stock options | $ 1,433,333 | 1,433,333 | ||
Transfer of stock option value | 625,370 | (625,370) | ||
Share-based payments | 388,097 | 388,097 | ||
Loss and comprehensive loss | $ (2,661,589) | (2,661,589) | ||
Ending Balance (shares) at Dec. 31, 2017 | 96,653,935 | |||
Ending Balance at Dec. 31, 2017 | $ 44,537,073 | 108,021,796 | 32,747,685 | (96,232,408) |
Statement [Line Items] | ||||
Gross proceeds | $ 3,340,826 | 3,340,826 | ||
Gross proceeds (Shares) | 2,905,066 | |||
Issuance costs | $ (152,825) | (152,825) | ||
Allocation of warrant value | (319,000) | 319,000 | ||
Exercise of stock options (shares) | 1,225,000 | |||
Exercise of stock options | $ 732,500 | 732,500 | ||
Transfer of stock option value | 267,916 | (267,916) | ||
Share-based payments | 685,393 | 685,393 | ||
Loss and comprehensive loss | $ (2,856,160) | (2,856,160) | ||
Ending Balance (shares) at Dec. 31, 2018 | 100,784,001 | |||
Ending Balance at Dec. 31, 2018 | $ 46,286,807 | $ 111,891,213 | $ 33,484,162 | $ (99,088,568) |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
NATURE OF OPERATIONS [Text Block] | 1. NATURE OF OPERATIONS Western Copper and Gold Corporation (together with its subsidiaries, “Western” or the “Company”) is an exploration stage company that is directly engaged in exploration and development of the Casino mineral property located in Yukon, Canada (the “Casino Project”). The Company is incorporated in British Columbia, Canada. Its head office is located at 15 th The Company will need to raise additional funds to complete the development of the Casino Project. While Western has been successful in raising sufficient capital to fund its operations in the past, there can be no assurance that it will be able to do so in the future. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
BASIS OF PRESENTATION [Text Block] | 2. BASIS OF PRESENTATION a. Statement of compliance These financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The financial statements are prepared under the historical cost convention. These financial statements were approved for issue by the Company’s board of directors on March 14, 2019. b. Accounting estimates and judgments The preparation of financial statements in conformity with IFRS requires management to exercise judgement in the process of applying its accounting policies and to make estimates that affect the reported amounts of assets and liabilities and disclosures of contingent assets and contingent liabilities at the date of the financial statements and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates. Differences may be material. Judgment is required in assessing whether certain factors would be considered an indicator of impairment. We consider both internal and external information to determine whether there is an indicator of impairment present and accordingly, whether impairment testing is required. Where an impairment test is required, calculating the estimated recoverable amount of the cash generating units for non-current asset impairment tests requires management to make estimates and assumptions with respect to estimated recoverable reserves or resources, estimated future commodity prices, expected future operating and capital costs, and discount rates. Changes in any of the assumptions or estimates used in determining the recoverable amount could impact the impairment analysis. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
ACCOUNTING POLICIES [Text Block] | 3. ACCOUNTING POLICIES a. Change in accounting policy Effective January 1, 2018, the Company adopted the requirements of IFRS 9 - Financial Instruments (“IFRS 9”). IFRS 9 replaces IAS 39 - Financial Instruments: Recognition and Measurement (“IAS 39”). IFRS 9 utilizes a revised model for recognition and measurement of financial instruments and a single, forward-looking “expected loss” impairment model. The change had no impact on the carrying value of the Company’s financial instruments on the transition date. b. Summary of significant accounting policies The Company’s principal accounting policies are outlined below: (i) Basis of consolidation The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. The financial statements of other entities (e.g. subsidiaries) are included in the consolidated financial statements from the date that control commences until the date that control ceases. All significant intercompany transactions and balances are eliminated. The consolidated financial statements of the Company include Western Copper and Gold Corp., Casino Mining Corp., and Ravenwolf Resource Group Ltd. (ii) Presentation currency The Company’s presentation currency is the Canadian dollar (“$”). The functional currency of Western and its significant subsidiaries is the Canadian dollar. (iii) Foreign currency translation In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (“foreign currencies”) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in the statement of loss. (iv) Share-based payments The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. The fair value of stock options granted by the Company is treated as compensation costs in accordance with IFRS 2 - Share-based Payments If the stock options are exercised, the value attributable to the stock options is transferred to share capital. (v) Income taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the statement of loss. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to the previous year. Deferred taxes are recorded using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (i.e. timing differences). Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of loss in the period that the substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. (vi) Loss per share Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed in the same way as basic loss per share except that the weighted average number of shares outstanding is increased to include additional shares for the assumed exercise of all stock options and warrants, if dilutive (vii) Long-lived assets 1. Exploration and evaluation assets Direct costs related to the acquisition and exploration of mineral properties held or controlled by the Company are capitalized on an individual property basis until the property is put into production, sold, abandoned, or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. When a property is placed into commercial production, deferred costs will be depleted using the units-of-production method. The Company classifies its mineral properties as exploration and evaluation assets until technical feasibility and commercial viability of extracting a mineral resource are demonstrable. At this point, the exploration and evaluation assets are transferred to property and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as the extent of established mineral reserves, the results of feasibility and technical evaluations, and the status of mining leases or permits. Proceeds received from the sale of royalties, tax credits, or government assistance programs are recognized as a reduction in the carrying value of the related asset when the money is more likely than not to be received. If the applicable property has been written-off, the amount received is recorded as a credit in the statement of loss in the period in which the payment is more likely than not to be received. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. 2. Impairment The Company’s assets are reviewed for indication of impairment at each balance sheet date. If any such indication exists, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less costs of disposal and value in use (“VIU”). If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the statement of loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. Impairment is normally assessed at the level of cash-generating units, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. 3. Reversal of impairment An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. (viii) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less. (ix) Short-term investments Short-term investments are investments with an original maturity date greater than three months, but no more than one year from the date of acquisition. (x) Financial instruments 1. Classification and measurement Financial instruments are recognized when the Company becomes party to a contractual obligation. At initial recognition, the Company classifies its financial instruments as one the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”), or at amortized cost according to the financial instruments’ contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company’s intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Financial assets are measured at FVTOCI if they are held for the collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in OCI. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the statement of loss. Financial assets are measured at FVTPL if they do not qualify as financial assets at amortized cost or FVTOCI. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in the statement of loss. Financial liabilities are measured at amortised cost unless they are required to be measured at FVTPL. Until December 31, 2017, the Company classified its financial instruments as loans and receivables, financial assets at FVTPL and other financial liabilities in accordance with IAS 39. Effective January 1, 2018, the Company classifies its financial instruments as follows: Financial assets/liabilities Classification Cash and cash equivalents Amortized cost Short-term investments Amortized cost Marketable securities FVTPL Other assets Amortized cost Accounts payable and accrued liabilities Amortized cost 2. Impairment of financial assets At each reporting date, the Company assesses the expected credit loss associated with its financial assets carried at amortized cost and FVTOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Allowances are recognized as impairment gains or losses on the statement of loss. 3. Derecognition Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognized when, and only when, the Company’s obligations are discharged, cancelled or they expire. (xi) Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. c. Recent accounting pronouncements IFRS 16 - Leases is a new standard that will be effective for annual periods beginning January 1, 2019. It has not been applied in preparing these consolidated financial statements. IFRS 16 specifies how an issuer will recognize, measure, present and disclose leases. The standard provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less, or the underlying asset has an insignificant value. Lessors continue to classify leases as operating or finance, with IFRS 16’s approach to lessor accounting substantially unchanged from its predecessor, IAS 17. The Company does not expect the adoption of IFRS 16 to have a significant impact on its financial statements for the year ended December 31, 2019 because it does not have any material leases. |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
SHORT-TERM INVESTMENTS [Text Block] | 4. SHORT-TERM INVESTMENTS As at December 31, 2018, the Company had $1,505,161 (December 31, 2017 - $3,704,131) invested in Canadian dollar denominated guaranteed investment certificates, including accrued interest of $5,161 (December 31, 2017 - $17,270). |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
MARKETABLE SECURITIES [Text Block] | 5. MARKETABLE SECURITIES As at December 31, 2018, the Company held marketable securities with an aggregate market value of $252,200 (December 31, 2017 - $285,700), consisting of 2.5 million common shares of NorthIsle Copper and Gold Inc. with a market value of $237,500 (December 31, 2017 - $250,000) and 420,000 common shares of Copper North Mining Corp. with a market value of $14,700 (December 31, 2017 - $35,700). |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
EXPLORATION AND EVALUATION ASSETS [Text Block] | 6. EXPLORATION AND EVALUATION ASSETS a. Casino ( 100% - Yukon, Canada) The Company’s only exploration and evaluation asset is the wholly-owned Casino Project. The Casino Project, a large copper-gold porphyry deposit, is located in Yukon, Canada. All claims comprising the Casino Project are subject to a 2.75% net smelter returns royalty on the future sale of any metals and minerals derived therefrom. As part of a separate agreement, Western is required to make a payment of $1 million upon making a production decision on the Casino Project. b. Exploration and evaluation expenditures $ DECEMBER 31, 2016 38,722,318 Claims maintenance 10,605 Engineering 183,165 Permitting 1,317,578 Salary and wages 347,887 Share-based payments 68,994 DECEMBER 31, 2017 40,650,547 Claims maintenance 11,445 Engineering 213,630 Permitting 594,423 Salary and wages 365,615 Share-based payments 110,419 DECEMBER 31, 2018 41,946,079 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
SHARE CAPITAL [Text Block] | 7. SHARE CAPITAL a. Authorized share capital The Company is authorized to issue an unlimited number of common shares without par value and an unlimited number of preferred shares without par value. b. Financing On February 8, 2018, Western issued 2,905,066 units at a price of $1.15 per unit for aggregate gross proceeds of $3,340,826. Each unit consisted of one common share and half of a non-transferable warrant. Each whole warrant entitles the holder to purchase one additional common share at a price of $1.75 until February 8, 2020. Issuace costs related to the financing totaled $152,825. The fair value assigned to the warrants was calculated using the Black-Scholes option pricing model and the following inputs and assumptions: Warrants issued 1,452,533 Exercise price $ 1.75 Market price $ 1.10 Expected term (years) 2.0 Expected share price volatility 63.8% Average risk-free interest rate 1.83% Expected dividend yield - FAIR VALUE ASSIGNED $ 319,000 |
WARRANTS AND STOCK OPTIONS
WARRANTS AND STOCK OPTIONS | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
WARRANTS AND STOCK OPTIONS [Text Block] | 8. WARRANTS AND STOCK OPTIONS a. Warrants The Company issued 1,452,533 warrants on February 8, 2018. All outstanding warrants have an exercise price of $1.75 and a remaining contractual life of 1.11 years. Number of Weighted average warrants exercise price $ DECEMBER 31, 2017 - - Issued 1,452,533 1.75 DECEMBER 31, 2018 1,452,533 1.75 b. Stock options Based on the Company’s stock option plan, most recently approved by the Company’s shareholders at the annual general meeting held on May 30, 2018, Western may issue stock options for the purchase of up to 10% of issued capital. The exercise price of the stock options must be greater than, or equal to, the market value of the Company’s common shares on the last trading day immediately preceding the date of grant. Stock options vest over a two year period from the date of grant unless otherwise determined by the directors. The maximum stock option term is 10 years. At December 31, 2018, the Company could issue an additional 4,878,399 stock options under the terms of the stock option plan. A summary of the Company’s stock options outstanding and the changes for the years then ended, is presented below: Number of Weighted average stock options exercise price $ DECEMBER 31, 2016 5,971,668 0.79 Exercised (1,688,333 ) 0.85 DECEMBER 31, 2017 4,283,335 0.76 Granted 2,325,000 1.20 Exercised (1,225,000 ) 0.60 Forfeited (183,334 ) 1.16 DECEMBER 31, 2018 5,200,001 0.98 Stock options outstanding are as follows: Stock options outstanding, Number of Weighted average Average by exercise price Stock options exercise price remaining contractual life $ years $0.50 – 0.67 816,667 0.52 1.56 $0.88 658,334 0.88 0.53 $0.96 1,550,000 0.96 2.52 $1.20 2,175,000 1.20 4.14 DECEMBER 31, 2018 5,200,001 0.98 2.80 Of the total stock options outstanding, 3,025,001 were vested and exercisable at December 31, 2018. The weighted average exercise price of vested stock options is $0.82 and the average remaining contractual life is 1.83 years. |
SHARE-BASED PAYMENTS
SHARE-BASED PAYMENTS | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
SHARE-BASED PAYMENTS [Text Block] | 9. SHARE-BASED PAYMENTS The following is a summary of the fair value assigned to stock options granted by the Company in 2018. The fair value was calculated at the time of grant using the Black-Scholes option pricing model and the following inputs and assumptions. The Company did not grant stock options in 2017. Stock options granted 2,325,000 Exercise price $ 1.20 Market price $ 1.13 Expected option term (years) 3.0 Expected stock price volatility 59.9% Average risk-free interest rate 1.94% Expected forfeiture rate - Expected dividend yield - FAIR VALUE ASSIGNED $ 1,038,000 |
KEY MANAGEMENT COMPENSATION
KEY MANAGEMENT COMPENSATION | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
KEY MANAGEMENT COMPENSATION [Text Block] | 10. KEY MANAGEMENT COMPENSATION The Company’s related parties include its directors and officers, who are the key management of the Company. The remuneration of key management was as follows: For the year ended December 31, 2018 2017 $ $ Salaries and director fees 830,698 827,236 Share-based payments 501,900 290,069 KEY MANAGEMENT COMPENSATION 1,332,598 1,117,305 Share-based payments represent the fair value of stock options previously granted to directors and officers that was recognized in the Company's consolidated financial statements during the years presented above. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 11. SUPPLEMENTAL CASH FLOW INFORMATION For the year ended December 31, 2018 2017 $ $ Change in other assets 6,069 (47,474 ) Change in accrued interest 12,109 39,993 Change in accounts payable and accrued liabilities related 101,978 (103,063 ) to operations CHANGE IN NON-CASH WORKING CAPITAL ITEMS 120,156 (110,544 ) |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
SEGMENTED INFORMATION [Text Block] | 12. SEGMENTED INFORMATION The Company’s operations are in one segment: the acquisition, exploration, and future development of mineral resource properties. All interest income is earned in Canada and all assets are held in Canada. |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
INCOME TAXES [Text Block] | 13. INCOME TAXES a. Rate reconciliation The income tax expense or recovery reported by the Company differs from the amounts obtained by applying statutory rates to the loss and comprehensive loss. A reconciliation of the income tax provision computed at statutory rates to the reported income tax provision is provided below: For the year ended December 31, 2018 2017 Statutory tax rate 27.00% 26.00% Loss before taxes 2,856,161 2,661,589 Income tax recovery calculated at statutory rate 771,163 692,013 Non-deductible expenditures (200,062 ) (88,941 ) Other 8,253 27,136 Unrecognized tax benefit (579,354 ) (630,208 ) INCOME TAX - - b. Unrecognized deferred income tax asset Future potential tax deductions that are not used to offset deferred income tax liabilities are considered to be unrecognized deferred income tax assets. The significant components of the Company’s unrecognized deferred income tax asset are as follows: As at December 31, 2018 2017 $ $ Mineral property interests 1,212,247 1,173,590 Non-capital losses 4,848,123 4,312,706 Property and equipment 187,968 198,165 Other items 180,194 147,184 UNRECOGNIZED DEFERRED INCOME TAX ASSET 6,428,532 5,831,645 The Company estimates that the realization of income tax benefits related to these deferred income tax assets is uncertain and cannot be considered to be probable. Accordingly, no deferred income tax asset has been recorded. c. Non-capital losses The Company has incurred non-capital losses that may be carried forward and used to reduce taxable income of future years. These losses totaled $18 million as at December 31, 2018 (2017 - $16.0 million) and will expire between 2030 and 2038. The Company has $34.2 million in Canadian exploration and development expenditures (2017 - $32.9 million), and cumulative eligible capital and undepreciated capital cost balances totaling $1.24 million (2017 - $1.28 million). These amounts are available to reduce future taxable income and do not expire. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
CAPITAL MANAGEMENT [Text Block] | 14. CAPITAL MANAGEMENT The Company considers capital to be equity attributable to common shareholders, comprised of share capital, contributed surplus, and deficit. It is the Company’s objective to safeguard its ability to continue as a going concern so that it can continue to explore and develop mineral resource properties. The Company monitors its cash position and its short-term investments on a regular basis to determine whether sufficient funds are available to meet its short-term and long-term corporate objectives, and makes adjustments to its plans for changes in economic conditions, capital markets and the risk characteristics of the underlying assets. To maintain its objectives, the Company may attempt to issue new shares, seek debt financing, acquire or dispose of assets or change the timing of its planned exploration and development projects. There is no assurance that these initiatives will be successful. There was no change in the Company’s approach to capital management during the year. Western has no debt and does not pay dividends. The Company is not subject to any externally imposed capital requirement. |
FINANCIAL INSTRUMENT RISK
FINANCIAL INSTRUMENT RISK | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
FINANCIAL INSTRUMENT RISK [Text Block] | 15. FINANCIAL INSTRUMENT RISK The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework. The Company has exposure to liquidity, credit, and market risk from the use of financial instruments. Financial instruments consist of cash and cash equivalents, short-term investments, marketable securities, certain other assets, and accounts payable and accrued liabilities. a. Liquidity risk Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they come due. The Company uses cash forecasts to ensure that there is sufficient cash on hand to meet short- term business requirements. Cash is invested in highly liquid investments which are available to discharge obligations when they come due. The Company does not maintain a line of credit. b. Credit risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents and short-term investments. These financial instruments are at risk to the extent that the institutions issuing or holding them cannot redeem amounts when they are due or requested. To limit its credit risk, the Company uses a restrictive investment policy. It deposits cash and cash equivalents in Canadian chartered banks and purchases short-term investments that are guaranteed by Canadian governments or by Canadian chartered banks. The carrying amount of financial assets recorded in the financial statements, net of any allowance for losses, represents Western’s maximum exposure to credit risk. c. Market risk The Company is exposed to market risk because of the fluctuating values of its publicly traded marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Marketable securities are adjusted to fair value at each balance sheet date. |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Basis of consolidation [Policy Text Block] | (i) Basis of consolidation The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. The financial statements of other entities (e.g. subsidiaries) are included in the consolidated financial statements from the date that control commences until the date that control ceases. All significant intercompany transactions and balances are eliminated. The consolidated financial statements of the Company include Western Copper and Gold Corp., Casino Mining Corp., and Ravenwolf Resource Group Ltd. |
Presentation currency [Policy Text Block] | (ii) Presentation currency The Company’s presentation currency is the Canadian dollar (“$”). The functional currency of Western and its significant subsidiaries is the Canadian dollar. |
Foreign currency translation [Policy Text Block] | (iii) Foreign currency translation In preparing the financial statements of the individual entities, transactions in currencies other than the entity’s functional currency (“foreign currencies”) are recorded at the rates of exchange prevailing at the dates of the transactions. At each balance sheet date, monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. All gains and losses on translation of these foreign currency transactions are included in the statement of loss. |
Share-based payments [Policy Text Block] | (iv) Share-based payments The Company grants stock options to buy common shares of the Company to directors, officers, employees and consultants. The fair value of stock options granted by the Company is treated as compensation costs in accordance with IFRS 2 - Share-based Payments If the stock options are exercised, the value attributable to the stock options is transferred to share capital. |
Income taxes [Policy Text Block] | (v) Income taxes Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the statement of loss. Current tax expense is the expected tax payable on the taxable income for the period, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to the previous year. Deferred taxes are recorded using the liability method. Under the liability method, deferred tax assets and liabilities are recognized for future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases (i.e. timing differences). Deferred tax assets and liabilities are measured using the enacted or substantively enacted tax rates expected to apply when the asset is realized or the liability settled. The effect on deferred tax assets and liabilities of a change in tax rates is recognized in the statement of loss in the period that the substantive enactment occurs. A deferred tax asset is recognized to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. |
Loss per share [Policy Text Block] | (vi) Loss per share Basic loss per share is computed by dividing the net loss available to common shareholders by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed in the same way as basic loss per share except that the weighted average number of shares outstanding is increased to include additional shares for the assumed exercise of all stock options and warrants, if dilutive |
Long-lived assets [Policy Text Block] | (vii) Long-lived assets 1. Exploration and evaluation assets Direct costs related to the acquisition and exploration of mineral properties held or controlled by the Company are capitalized on an individual property basis until the property is put into production, sold, abandoned, or determined to be impaired. Administration costs and general exploration costs are expensed as incurred. When a property is placed into commercial production, deferred costs will be depleted using the units-of-production method. The Company classifies its mineral properties as exploration and evaluation assets until technical feasibility and commercial viability of extracting a mineral resource are demonstrable. At this point, the exploration and evaluation assets are transferred to property and equipment. The establishment of technical feasibility and commercial viability of a mineral property is assessed based on a combination of factors, such as the extent of established mineral reserves, the results of feasibility and technical evaluations, and the status of mining leases or permits. Proceeds received from the sale of royalties, tax credits, or government assistance programs are recognized as a reduction in the carrying value of the related asset when the money is more likely than not to be received. If the applicable property has been written-off, the amount received is recorded as a credit in the statement of loss in the period in which the payment is more likely than not to be received. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Such properties may be subject to prior agreements or transfers, or title may be affected by undetected defects. 2. Impairment The Company’s assets are reviewed for indication of impairment at each balance sheet date. If any such indication exists, an estimate of the recoverable amount is undertaken, being the higher of an asset’s fair value less costs of disposal and value in use (“VIU”). If the asset’s carrying amount exceeds its recoverable amount then an impairment loss is recognized in the statement of loss. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value of mineral assets is generally determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset, including any expansion prospects. VIU is determined as the present value of the estimated future cash flows expected to arise from the continued use of the asset in its present form and from its ultimate disposal. Impairment is normally assessed at the level of cash-generating units, which are identified as the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets. 3. Reversal of impairment An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of amortization, if no impairment loss had been recognized. |
Cash and cash equivalents [Policy Text Block] | (viii) Cash and cash equivalents Cash and cash equivalents consist of cash on hand, deposits in banks and highly liquid investments with an original maturity of three months or less. |
Short-term investments [Policy Text Block] | (ix) Short-term investments Short-term investments are investments with an original maturity date greater than three months, but no more than one year from the date of acquisition. |
Financial instruments [Policy Text Block] | (x) Financial instruments 1. Classification and measurement Financial instruments are recognized when the Company becomes party to a contractual obligation. At initial recognition, the Company classifies its financial instruments as one the following categories: at fair value through profit and loss (“FVTPL”), at fair value through other comprehensive income (“FVTOCI”), or at amortized cost according to the financial instruments’ contractual cash flow characteristics and the business models under which they are held. Financial assets are measured at amortized cost if they are held for the collection of contractual cash flows where those cash flows solely represent payments of principal and interest. The Company’s intent is to hold these financial assets in order to collect contractual cash flows and the contractual terms give rise to cash flows on specified dates that are solely payments of principal and interest on the principal amount outstanding. Financial assets are measured at FVTOCI if they are held for the collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in OCI. When the financial asset is derecognised, the cumulative gain or loss previously recognised in OCI is reclassified from equity to the statement of loss. Financial assets are measured at FVTPL if they do not qualify as financial assets at amortized cost or FVTOCI. The Company initially recognizes these financial assets at their fair value with subsequent changes to fair values recognized in the statement of loss. Financial liabilities are measured at amortised cost unless they are required to be measured at FVTPL. Until December 31, 2017, the Company classified its financial instruments as loans and receivables, financial assets at FVTPL and other financial liabilities in accordance with IAS 39. Effective January 1, 2018, the Company classifies its financial instruments as follows: Financial assets/liabilities Classification Cash and cash equivalents Amortized cost Short-term investments Amortized cost Marketable securities FVTPL Other assets Amortized cost Accounts payable and accrued liabilities Amortized cost 2. Impairment of financial assets At each reporting date, the Company assesses the expected credit loss associated with its financial assets carried at amortized cost and FVTOCI. The impairment methodology applied depends on whether there has been a significant increase in credit risk. Allowances are recognized as impairment gains or losses on the statement of loss. 3. Derecognition Financial assets are derecognized when the rights to receive cash flows from the financial assets have expired or have been transferred and the Company has transferred substantially all the risks and rewards of ownership. Financial liabilities are derecognized when, and only when, the Company’s obligations are discharged, cancelled or they expire. |
Provisions [Policy Text Block] | (xi) Provisions Provisions are recorded when a present legal or constructive obligation exists as a result of past events where it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation, and a reliable estimate of the amount of the obligation can be made. The amount recognized as a provision is the best estimate of the consideration required to settle the present obligation at the balance sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows. |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] | $ DECEMBER 31, 2016 38,722,318 Claims maintenance 10,605 Engineering 183,165 Permitting 1,317,578 Salary and wages 347,887 Share-based payments 68,994 DECEMBER 31, 2017 40,650,547 Claims maintenance 11,445 Engineering 213,630 Permitting 594,423 Salary and wages 365,615 Share-based payments 110,419 DECEMBER 31, 2018 41,946,079 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Disclosure of detailed information about warrants, valuation assumptions [Table Text Block] | Warrants issued 1,452,533 Exercise price $ 1.75 Market price $ 1.10 Expected term (years) 2.0 Expected share price volatility 63.8% Average risk-free interest rate 1.83% Expected dividend yield - FAIR VALUE ASSIGNED $ 319,000 |
WARRANTS AND STOCK OPTIONS (Tab
WARRANTS AND STOCK OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Disclosure of detailed information about warrants, activity [Table Text Block] | Number of Weighted average warrants exercise price $ DECEMBER 31, 2017 - - Issued 1,452,533 1.75 DECEMBER 31, 2018 1,452,533 1.75 |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Number of Weighted average stock options exercise price $ DECEMBER 31, 2016 5,971,668 0.79 Exercised (1,688,333 ) 0.85 DECEMBER 31, 2017 4,283,335 0.76 Granted 2,325,000 1.20 Exercised (1,225,000 ) 0.60 Forfeited (183,334 ) 1.16 DECEMBER 31, 2018 5,200,001 0.98 |
Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block] | Stock options outstanding, Number of Weighted average Average by exercise price Stock options exercise price remaining contractual life $ years $0.50 – 0.67 816,667 0.52 1.56 $0.88 658,334 0.88 0.53 $0.96 1,550,000 0.96 2.52 $1.20 2,175,000 1.20 4.14 DECEMBER 31, 2018 5,200,001 0.98 2.80 |
SHARE-BASED PAYMENTS (Tables)
SHARE-BASED PAYMENTS (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Disclosure of detailed information about share options valuation assumptions [Table Text Block] | Stock options granted 2,325,000 Exercise price $ 1.20 Market price $ 1.13 Expected option term (years) 3.0 Expected stock price volatility 59.9% Average risk-free interest rate 1.94% Expected forfeiture rate - Expected dividend yield - FAIR VALUE ASSIGNED $ 1,038,000 |
KEY MANAGEMENT COMPENSATION (Ta
KEY MANAGEMENT COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Disclosure of detailed information about management compensation [Table Text Block] | For the year ended December 31, 2018 2017 $ $ Salaries and director fees 830,698 827,236 Share-based payments 501,900 290,069 KEY MANAGEMENT COMPENSATION 1,332,598 1,117,305 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Disclosure of detailed information about non-cash working capital items [Table Text Block] | For the year ended December 31, 2018 2017 $ $ Change in other assets 6,069 (47,474 ) Change in accrued interest 12,109 39,993 Change in accounts payable and accrued liabilities related 101,978 (103,063 ) to operations CHANGE IN NON-CASH WORKING CAPITAL ITEMS 120,156 (110,544 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Disclosure of detailed information about effective income tax recovery [Table Text Block] | For the year ended December 31, 2018 2017 Statutory tax rate 27.00% 26.00% Loss before taxes 2,856,161 2,661,589 Income tax recovery calculated at statutory rate 771,163 692,013 Non-deductible expenditures (200,062 ) (88,941 ) Other 8,253 27,136 Unrecognized tax benefit (579,354 ) (630,208 ) INCOME TAX - - |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | As at December 31, 2018 2017 $ $ Mineral property interests 1,212,247 1,173,590 Non-capital losses 4,848,123 4,312,706 Property and equipment 187,968 198,165 Other items 180,194 147,184 UNRECOGNIZED DEFERRED INCOME TAX ASSET 6,428,532 5,831,645 |
SHORT-TERM INVESTMENTS (Narrati
SHORT-TERM INVESTMENTS (Narrative) (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statement [Line Items] | ||
Short-term investments | $ 1,505,161 | $ 3,704,131 |
Interest receivable | $ 5,161 | $ 17,270 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statement [Line Items] | ||
Financial assets, at fair value | $ 252,200 | $ 285,700 |
NorthIsle Copper and Gold Inc. [Member] | ||
Statement [Line Items] | ||
Number of equity instruments held | 2,500,000 | |
Financial assets, at fair value | $ 237,500 | 250,000 |
Copper North Mining Corp. [Member] | ||
Statement [Line Items] | ||
Number of equity instruments held | 420,000 | |
Financial assets, at fair value | $ 14,700 | $ 35,700 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) - Casino Project [Member] | 12 Months Ended |
Dec. 31, 2018 | |
Statement [Line Items] | |
Exploration and evaluation asset, ownership percentage | 100.00% |
Net smelter returns royalty | 2.75% |
Description of nature of obligation, contingent liabilities | As part of a separate agreement, Western is required to make a payment of $1 million upon making a production decision on the Casino Project. |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) - CAD ($) | Feb. 08, 2018 | Dec. 31, 2018 |
Statement [Line Items] | ||
Units issued during period | 2,905,066 | 2,905,066 |
Equity issuance, price per unit | $ 1.15 | |
Gross proceeds | $ 3,340,826 | $ 3,340,826 |
Weighted average exercise price of warrants granted in share-based payment arrangement | 1.75 | 1.75 |
Issuance costs | $ 152,825 | $ 152,825 |
WARRANTS AND STOCK OPTIONS (Nar
WARRANTS AND STOCK OPTIONS (Narrative) (Details) | Feb. 08, 2018 | Dec. 31, 2018CAD ($)yr | Dec. 31, 2017CAD ($) |
Statement [Line Items] | |||
Number of warrants granted in share-based payment arrangement | 1,452,533 | 1,452,533 | |
Weighted average exercise price of warrants outstanding in share-based payment arrangement | $ | $ 1.75 | $ 0 | |
Weighted average remaining contractual life of outstanding warrants | yr | 1.11 | ||
Description of limits for stock options | Based on the Company’s stock option plan, most recently approved by the Company’s shareholders at the annual general meeting held on May 30, 2018, Western may issue stock options for the purchase of up to 10% of issued capital. | ||
Description of vesting requirements for share-based payment arrangement | Stock options vest over a two year period from the date of grant unless otherwise determined by the directors. | ||
Description of maximum term of options granted for share-based payment arrangement | The maximum stock option term is 10 years | ||
Maximum stock options authorized | 4,878,399 | ||
Number of share options exercisable in share-based payment arrangement | 3,025,001 | ||
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ | $ 0.82 | ||
Weighted average remaining contractual life of exercisable share options (years) | yr | 1.83 |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 |
Unused tax losses [Member] | ||
Statement [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 18,000 | $ 16,000 |
Canadian exploration and development expenditures [Member] | ||
Statement [Line Items] | ||
Deferred tax assets | 34,200 | 32,900 |
Cumulative eligible capital and undepreciated capital cost [Member] | ||
Statement [Line Items] | ||
Deferred tax assets | $ 1,240 | $ 1,280 |
Disclosure of detailed informat
Disclosure of detailed information about exploration and evaluation expenditures (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [Line Items] | ||
Exploration and evaluation assets, beginning of period | $ 40,650,547 | $ 38,722,318 |
Claims maintenance | 11,445 | 10,605 |
Engineering | 213,630 | 183,165 |
Permitting | 594,423 | 1,317,578 |
Salary and wages | 365,615 | 347,887 |
Share-based payments | 110,419 | 68,994 |
Exploration and evaluation assets, end of period | $ 41,946,079 | $ 40,650,547 |
Disclosure of detailed inform_2
Disclosure of detailed information about warrants, valuation assumptions (Details) | Feb. 08, 2018CAD ($)yr | Dec. 31, 2018 |
Statement [Line Items] | ||
Number of warrants granted in share-based payment arrangement | 1,452,533 | 1,452,533 |
Exercise price | $ 1.75 | |
Market price | $ 1.10 | |
Expected term (years) | yr | 2 | |
Expected share price volatility | 63.80% | |
Average risk-free interest rate | 1.83% | |
Expected dividend yield | $ 0 | |
FAIR VALUE ASSIGNED | $ 319,000 |
Disclosure of detailed inform_3
Disclosure of detailed information about warrants, activity (Details) | Feb. 08, 2018CAD ($) | Dec. 31, 2018CAD ($) |
Statement [Line Items] | ||
Number of warrants outstanding at beginning of period | 0 | |
Weighted average exercise price of warrants outstanding at beginning of period | $ 0 | |
Number of warrants granted in share-based payment arrangement | 1,452,533 | 1,452,533 |
Weighted average exercise price of warrants granted in share-based payment arrangement | $ 1.75 | $ 1.75 |
Number of warrants outstanding at end of period | 1,452,533 | |
Weighted average exercise price of warrants outstanding at end of period | $ 1.75 |
Disclosure of number and weight
Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2018CAD ($) | Dec. 31, 2017CAD ($) | |
Statement [Line Items] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | 4,283,335 | 5,971,668 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 0.76 | $ 0.79 |
Number of share options granted in share-based payment arrangement | 2,325,000 | |
Weighted average exercise price of share options granted in share-based payment arrangement | $ 1.20 | |
Number of share options exercised in share-based payment arrangement | (1,225,000) | (1,688,333) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 0.60 | $ 0.85 |
Number of share options forfeited in share-based payment arrangement | (183,334) | |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ 1.16 | |
Number of share options outstanding in share-based payment arrangement at end of period | 5,200,001 | 4,283,335 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 0.98 | $ 0.76 |
Disclosure of number and weig_2
Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | Dec. 31, 2018CAD ($)yr | Dec. 31, 2017CAD ($) | Dec. 31, 2016CAD ($) |
Statement [Line Items] | |||
Number of stock options | 5,200,001 | 4,283,335 | 5,971,668 |
Weighted average exercise price | $ 0.98 | $ 0.76 | $ 0.79 |
Average remaining contractual life (years) | yr | 2.80 | ||
Range 1 [Member] | |||
Statement [Line Items] | |||
Number of stock options | 816,667 | ||
Weighted average exercise price | $ 0.52 | ||
Average remaining contractual life (years) | yr | 1.56 | ||
Range 1 [Member] | Bottom of range [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.50 | ||
Range 1 [Member] | Top of range [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | 0.67 | ||
Range 2 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.88 | ||
Number of stock options | 658,334 | ||
Weighted average exercise price | $ 0.88 | ||
Average remaining contractual life (years) | yr | 0.53 | ||
Range 3 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 0.96 | ||
Number of stock options | 1,550,000 | ||
Weighted average exercise price | $ 0.96 | ||
Average remaining contractual life (years) | yr | 2.52 | ||
Range 4 [Member] | |||
Statement [Line Items] | |||
Exercise price of outstanding share options | $ 1.20 | ||
Number of stock options | 2,175,000 | ||
Weighted average exercise price | $ 1.20 | ||
Average remaining contractual life (years) | yr | 4.14 |
Disclosure of detailed inform_4
Disclosure of detailed information about share options valuation assumptions (Details) | 12 Months Ended |
Dec. 31, 2018CAD ($)yr | |
Statement [Line Items] | |
Stock options granted | 2,325,000 |
Exercise price | $ 1.20 |
Market price | $ 1.13 |
Expected option term (years) | yr | 3 |
Expected stock price volatility | 59.90% |
Average risk-free interest rate | 1.94% |
Expected forfeiture rate | 0.00% |
Expected dividend yield | 0.00% |
FAIR VALUE ASSIGNED | $ 1,038,000 |
Disclosure of detailed inform_5
Disclosure of detailed information about management compensation (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [Line Items] | ||
Salaries and director fees | $ 830,698 | $ 827,236 |
Share-based payments | 501,900 | 290,069 |
KEY MANAGEMENT COMPENSATION | $ 1,332,598 | $ 1,117,305 |
Disclosure of detailed inform_6
Disclosure of detailed information about non-cash working capital items (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [Line Items] | ||
Change in other assets | $ 6,069 | $ (47,474) |
Change in accrued interest | 12,109 | 39,993 |
Change in accounts payable and accrued liabilities related to operations | 101,978 | (103,063) |
CHANGE IN NON-CASH WORKING CAPITAL ITEMS | $ 120,156 | $ (110,544) |
Disclosure of detailed inform_7
Disclosure of detailed information about effective income tax recovery (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Statement [Line Items] | ||
Statutory tax rate | 27.00% | 26.00% |
Loss before taxes | $ 2,856,161 | $ 2,661,589 |
Income tax recovery calculated at statutory rate | 771,163 | 692,013 |
Non-deductible expenditures | (200,062) | (88,941) |
Other | 8,253 | 27,136 |
Unrecognized tax benefit | (579,354) | (630,208) |
INCOME TAX | $ 0 | $ 0 |
Disclosure of temporary differe
Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - CAD ($) | Dec. 31, 2018 | Dec. 31, 2017 |
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | $ 6,428,532 | $ 5,831,645 |
Mineral property interests [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 1,212,247 | 1,173,590 |
Non-capital losses [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 4,848,123 | 4,312,706 |
Property and equipment [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 187,968 | 198,165 |
Other items [Member] | ||
Statement [Line Items] | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | $ 180,194 | $ 147,184 |