Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | Western Copper & Gold Corp |
Entity Central Index Key | 0001364125 |
Entity Current Reporting Status | Yes |
Current Fiscal Year End Date | --12-31 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2020 |
Entity Common Stock, Shares Outstanding | 135,597,635 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Flag | false |
Entity Interactive Data Current | Yes |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 28,647,190 | $ 1,641,721 |
Marketable securities | 736,960 | 160,500 |
Other assets | 677,905 | 281,517 |
CURRENT ASSETS | 30,062,055 | 2,083,738 |
Exploration and evaluation assets | 53,748,013 | 48,375,025 |
ASSETS | 83,810,068 | 50,458,763 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 1,181,866 | 372,790 |
Flow-through premium liability | 1,408 | 89,775 |
CURRENT LIABILITIES | 1,183,274 | 462,565 |
SHAREHOLDERS' EQUITY | ||
Share capital | 150,897,421 | 116,908,713 |
Contributed surplus | 34,617,746 | 33,942,501 |
Deficit | (102,888,373) | (100,855,016) |
SHAREHOLDERS' EQUITY | 82,626,794 | 49,996,198 |
LIABILITIES AND SHAREHOLDERS' EQUITY | $ 83,810,068 | $ 50,458,763 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income Statement | ||
Filing and regulatory fees | $ 204,967 | $ 191,666 |
Office and administration | 230,577 | 239,525 |
Professional fees | 150,210 | 90,529 |
Rent and utilities | 120,178 | 114,890 |
Share-based payments | 557,101 | 406,399 |
Shareholder communication and travel | 306,227 | 452,382 |
Wages and benefits | 1,175,802 | 1,000,905 |
CORPORATE EXPENSES | 2,745,062 | 2,496,296 |
Foreign exchange loss | 7,237 | 3,753 |
Interest income | (14,115) | (57,866) |
Flow-through premium recovery | (128,367) | (767,435) |
Unrealized loss on marketable securities | (576,460) | 91,700 |
LOSS AND COMPREHENSIVE LOSS | $ 2,033,357 | $ 1,766,448 |
Basic and diluted loss per share (in dollars per share) | $ 0.02 | $ 0.02 |
Weighted average number of common shares outstanding (in shares) | 114,929,140 | 104,201,483 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash flows provided by (used in) | ||
Loss and comprehensive loss | $ (2,033,357) | $ (1,766,448) |
ITEMS NOT AFFECTING CASH | ||
Share-based payments | 557,101 | 406,399 |
Unrealized loss on marketable securities | (576,460) | 91,700 |
Flow-through premium recovery | (128,367) | (767,435) |
ITEMS NOT AFFECTING CASH | (147,726) | (269,336) |
Change in non-cash working capital items | (188,509) | (1,736) |
OPERATING ACTIVITIES | (2,369,592) | (2,037,520) |
FINANCING ACTIVITIES | ||
Proceeds from issuing other equity instruments | 6,430,000 | 3,354,300 |
Private placement issuance costs | (179,147) | (341,660) |
Exercise of stock options | 854,834 | 72,000 |
Equity offering | 28,751,035 | |
Equity offering costs | (1,170,636) | |
FINANCING ACTIVITIES | 34,686,086 | 3,084,640 |
INVESTING ACTIVITIES | ||
Redemption of short-term investments | 1,500,000 | |
Mineral property expenditures | (5,311,025) | (3,892,871) |
Acquisition of mineral claims | (38,913) | |
INVESTING ACTIVITIES | (5,311,025) | (2,431,784) |
CHANGE IN CASH AND CASH EQUIVALENTS | 27,005,469 | (1,384,664) |
Cash and cash equivalents - Beginning | 1,641,721 | 3,026,385 |
CASH AND CASH EQUIVALENTS - ENDING | $ 28,647,190 | $ 1,641,721 |
CONSOLIDATED STATEMENTS OF CHAN
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS EQUITY - CAD ($) | Share Capital [Member] | Contributed Surplus [Member] | Deficit [Member] | Total |
Beginning Balance (shares) at Dec. 31, 2018 | 100,784,001 | |||
Beginning Balance at Dec. 31, 2018 | $ 111,891,213 | $ 33,484,162 | $ (99,088,568) | $ 46,286,807 |
Shares issued - Acquisition of mineral claims (Shares) | 3,000,000 | |||
Shares issued - Acquisition of mineral claims | 2,760,000 | $ 2,760,000 | ||
Gross proceeds (Shares) | 3,727,000 | |||
Gross proceeds | 3,354,300 | $ 3,354,300 | ||
Issuance costs | (341,660) | (341,660) | ||
Flow-through premium | (857,210) | $ (857,210) | ||
Exercise of stock options (shares) | 125,000 | |||
Exercise of stock options | 72,000 | $ 72,000 | ||
Transfer of stock option value | 30,070 | (30,070) | ||
Share-based payments | 488,409 | 488,409 | ||
Loss and comprehensive loss | (1,766,448) | $ (1,766,448) | ||
Ending Balance (shares) at Dec. 31, 2019 | 107,636,001 | |||
Ending Balance at Dec. 31, 2019 | 116,908,713 | 33,942,501 | (100,855,016) | $ 49,996,198 |
Gross proceeds (Shares) | 3,000,000 | |||
Gross proceeds | 1,950,000 | $ 1,950,000 | ||
Issuance costs | (104,490) | $ (104,490) | ||
Allocation of warrant value | (351,000) | 351,000 | ||
Gross proceeds (shares) | 4,000,000 | |||
Gross proceeds | 4,480,000 | $ 4,480,000 | ||
Flow-through premium | (40,000) | (40,000) | ||
Issuance costs | (74,657) | $ (74,657) | ||
Equity offering (shares) | 19,828,300 | |||
Equity offering | 28,751,035 | $ 28,751,035 | ||
Equity offering costs | (1,803,636) | $ (1,803,636) | ||
Exercise of stock options (shares) | 1,133,334 | |||
Exercise of stock options | 854,834 | $ 854,834 | ||
Transfer of stock option value | 326,622 | (326,622) | ||
Share-based payments | 650,867 | 650,867 | ||
Loss and comprehensive loss | (2,033,357) | $ (2,033,357) | ||
Ending Balance (shares) at Dec. 31, 2020 | 135,597,635 | |||
Ending Balance at Dec. 31, 2020 | $ 150,897,421 | $ 34,617,746 | $ (102,888,373) | $ 82,626,794 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Nature Of Business [Abstract] | |
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. COVID-19 In March 2020 the World Health Organization declared coronavirus COVID-19 a global pandemic. The contagious disease outbreak, which has continued to spread, and any related adverse public health developments, has adversely affected workforces, economies and financial markets globally, potentially leading to an economic downturn. It is not possible for the Company to predict the duration or magnitude of the adverse results of the outbreak and its effects on the Company's business or ability to raise funds. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2020 | |
Basis Of Presentation [Abstract] | |
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 as issued by the International Accounting Standards Board ("IFRS") . 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 26, 2021. 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 year. 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 for the exploration and evaluation assets. 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. Management did not identify any impairment indicators for the year ended December 31, 2020 and December 31, 2019. |
ACCOUNTING POLICIES
ACCOUNTING POLICIES | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
ACCOUNTING POLICIES [Text Block] | 3. ACCOUNTING POLICIES Summary of significant accounting policies The Company's principal accounting policies are outlined below: (i) 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 subsidiaries are consolidated 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) The Company's presentation currency is the Canadian dollar ("$"). The functional currency of Western and its significant subsidiaries is the Canadian dollar. (iii) 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, foreign currency denominated 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) 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 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) Canadian income tax legislation permits an enterprise to issue securities, referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related qualifying resource expenditures. The Company accounts for flow-through premium, i.e. the price paid for the flow-through shares in excess of the market value of the shares without flow-through features is credited to other liabilities. Flow-through premium is recognized in other income when qualifying expenditures are incurred. (vii) 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 (viii) 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 proceeds are 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. The Company’s assets are reviewed for indication of impairment at each balance sheet date in accordance with IFRS 6 – Exploration for and evaluation of mineral resources. If any such indication exists, an estimate of the recoverable amount is undertaken. Recoverable amount is 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. 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. (ix) 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. (x) 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. 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. 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. 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 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. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2020 | |
Available-for-sale financial assets [abstract] | |
MARKETABLE SECURITIES [Text Block] | 4. MARKETABLE SECURITIES As at December 31, 2020, the Company held marketable securities with an aggregate market value of $736,960 (December 31, 2019 - $160,500), consisting of 2.5 million common shares of NorthIsle Copper and Gold Inc. with a market value of $700,000 (December 31, 2019 - $150,000) and 168,000 common shares of Granite Creek Copper Ltd. with a market value of $36,960 (December 31, 2019 - $10,500). |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Dec. 31, 2020 | |
Exploration And Evaluation Assets [Abstract] | |
EXPLORATION AND EVALUATION ASSETS [Text Block] | 5. EXPLORATION AND EVALUATION ASSETS a. Casino (100% - Yukon, Canada) The Casino Project is a copper-gold porphyry deposit located in Yukon, Canada. On August 28, 2019, the Company acquired the mineral claims that comprise the Canadian Creek Property from Cariboo Rose Resources Ltd ("Cariboo Rose"). The Canadian Creek Property lies directly adjacent to the Casino Project. The total consideration paid to Cariboo Rose consisted of 3 million common shares of the Company valued at $2,760,000. The Company also incurred $38,913 in closing costs. Certain portions of the Casino property remain subject to certain royalties. The surviving royalties and agreements are as follows: 2.75% NSR on the claims comprising the Casino project in favour of Osisko Gold Royalties Ltd. (“Osisko Gold”) pursuant to the Royalty Assignment and Assumption Agreement dated July 31, 2017 when 8248567 Canada assigned to Osisko Gold all of its rights, title and interest in the 2.75% NSR. 5% Net Profits Interest (the “NPI”), as defined in the Casino B Option Agreement, remains in effect on the Casino B Claims and $1 million payment is required to be made to the original optionor within 30 days of achieving a commercial production decision. 5% Net Profit Interest Royalty (the “NPI Royalty”) presently held by Archer-Cathro and Associates on the ANA claims pursuant to the NPI Royalty Agreement dated December 4, 1990 (the “NPI Royalty Agreement”) among Big Creek Resources Ltd., Rinsey Mines Ltd., and Renoble Holdings Inc. b. Exploration and evaluation expenditures Total $ DECEMBER 31, 2018 41,946,079 Acquisition costs 2,798,913 Claims maintenance 4,963 Engineering 93,307 Exploration and camp support 3,003,005 Permitting 185,845 Salary and wages 260,903 Share-based payments 82,010 DECEMBER 31, 2019 48,375,025 Claims maintenance 25,597 Engineering 168,002 Exploration and camp support 4,693,598 Permitting 128,968 Salary and wages 263,057 Share-based payments 93,766 DECEMBER 31, 2020 53,748,013 |
FLOW THROUGH PREMIUM LIABILITY
FLOW THROUGH PREMIUM LIABILITY | 12 Months Ended |
Dec. 31, 2020 | |
Flow Through Premium Liability [Abstract] | |
FLOW THROUGH PREMIUM LIABILITY [Text Block] | 6. FLOW THROUGH PREMIUM LIABILITY The flow-through premium liability balance as at December 31, 2020 of $1,408 (December 31, 2019 -$89,775) The Company is committed to incurring on or before December 31, 2021 qualifying Canadian exploration expenses as defined under the Income Act, Canada ("Qualifying CEE") in the amount of $4,480,000 with respect to the flow-through share financing completed on June 1, 2020. None of the Qualifying CEE will be available to the Company for future deduction from taxable income. As at December 31, 2020, the Company had incurred approximately $4,322,278 of Qualifying CEE and accordingly, recognized flow-through premium recoveries of $128,367 during the year ended December 31, 2020 ($767,435 during the year ended December 31, 2019). As at December 31, 2020 the Company has a remaining commitment to incur Qualifying CEE of $157,722. On May 17, 2019, the Company completed a flow-through share offering and recorded a flow-through premium liability of $857,210 and committed to incur Qualifying CEE in the amount of $3,354,300. As at December 31, 2020, the Company had incurred all committed expenditures and no longer had a flow-through premium liability associated with this flow-through share offering. |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reserves within equity [abstract] | |
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. Acquisition of mineral claims On August 28, 2019, Western acquired the 311 mineral claims that comprise the Canadian Creek Property from Cariboo Rose. The Company issued 3 million common shares to Cariboo Rose valued at $0.92 per common share for an aggregate value of $2,760,000. c. Financing On November 24, 2020, Western completed an offering of common shares of the Company (the "Offering"). The Company sold 19,828,300 common shares at a price of $1.45 per common share for gross proceeds of $28,751,035. The Company incurred $1,803,636 in costs associated with the Offering. On June 1, 2020, Western completed a non-brokered private placement of flow-through common shares (the "FT Shares"). The Company issued a total of 4,000,000 FT Shares at a price of $1.12 per FT Share for aggregate gross proceeds of $4,480,000. Issuance costs related to the private placement totaled $74,656. A flow through premium liability of $40,000 was recognized. Refer note 6. On February 28, 2020, Western issued 3,000,000 units at a price of $0.65 per unit for aggregate gross proceeds of $1,950,000. 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 $0.85 until February 28, 2025. Issuance costs related to the financing totaled $104,490. The fair value assigned to the warrants was calculated using the Black-Scholes option pricing model and the following inputs and assumptions: Warrants issued 1,500,000 Exercise price $ 0.85 Market price $ 0.73 Expected term (years) 5.0 Expected share price volatility 61.3% Average risk-free interest rate 1.07% Expected dividend yield — FAIR VALUE ASSIGNED $ 351,000 On May 17, 2019, Western completed a brokered private placement of flow-through common shares (the "FT Shares"). The Company issued a total of 3,727,000 FT Shares, comprised of (i) 3,333,333 FT Shares pursuant to the base offering and (ii) 393,667 FT Shares pursuant to the agent's exercise of its option, at a price of $0.90 per FT Share for aggregate gross proceeds of $3,354,300. Issuance costs related to the private placement totaled $341,660. A flow-through premium liability was recorded in the amount of $857,210 (note 6). |
WARRANTS AND STOCK OPTIONS
WARRANTS AND STOCK OPTIONS | 12 Months Ended |
Dec. 31, 2020 | |
Warrants And Stock Options [Abstract] | |
WARRANTS AND STOCK OPTIONS [Text Block] | 8. WARRANTS AND STOCK OPTIONS a. Warrants A summary of the Company's warrants outstanding, including changes for the years then ended, is presented below: Number of warrants Weighted average exercise price $ DECEMBER 31, 2018 and 2019 1,452,533 1.75 Issued 1,500,000 0.85 Expired (1,452,533 ) 1.75 DECEMBER 31, 2020 1,500,000 0.85 Warrants outstanding are as follows: Warrant outstanding, by exercise price Number of warrants Weighted average Average $ years $0.85 1,500,000 0.85 4.16 DECEMBER 31, 2020 1,500,000 0.85 4.16 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, 2020, the Company could issue an additional 6,484,763 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 stock options Weighted average exercise price $ DECEMBER 31, 2018 5,200,001 0.98 Granted 2,075,000 0.87 Exercised (125,000 ) 0.58 Expired (850,000 ) 0.90 Forfeited (150,000 ) 1.20 DECEMBER 31, 2019 6,150,001 0.96 Granted 2,350,000 1.59 Exercised (1,133,334 ) 0.75 Cancelled (100,000 ) 0.90 Forfeited (66,667 ) 1.66 Expired (100,000 ) 0.67 DECEMBER 31, 2020 7,075,000 1.19 During the year ended December 31, 2020, the average fair market value of Company's share price was $1.23 (December 31, 2019 - $0.87). Stock options outstanding are as follows: Stock options outstanding, by exercise price Number of Stock options Weighted average Average $ years $ 0.75 - $0.90 1,950,000 0.87 3.43 $0.96 1,100,000 0.96 0.70 $1.11 - $1.20 2,000,000 1.19 2.37 $1.41 200,000 1.41 4.86 $1.66 1,825,000 1.66 4.57 DECEMBER 31, 2020 7,075,000 1.19 3.04 Of the total stock options outstanding, 4,191,661 were vested and exercisable at December 31, 2020. The weighted average exercise price of vested stock options is $1.04 and the average remaining contractual life is 2.16 years. Share-based payments The following is a summary of stock options granted by the Company in 2020 and 2019 and fair value assigned to each grant. The fair value was calculated at the time of grant using the Black-Scholes option pricing model and the following inputs and assumptions. November 9, July 27, June 11, June 18, April 23, Inputs and assumptions 2020 2020 2020 2019 2019 Stock options granted 200,000 1,950,000 200,000 1,675,000 400,000 Exercise price $ 1.41 $ 1.66 $ 1.11 $ 0.90 $ 0.75 Market price $ 1.41 $ 1.61 $ 1.11 $ 0.78 $ 0.72 Expected option term (years) 3.0 3.0 3.0 3.0 3.0 Expected stock price volatility 58.0% 56.6% 49.7% 51.8% 51.6% Average risk-free interest rate 0.31% 0.29% 0.27% 1.36% 1.56% Expected forfeiture rate — — — — — Expected dividend yield — — — — — FAIR VALUE ASSIGNED $ 109,000 $ 1,159,000 $ 75,000 $ 409,000 $ 100,000 |
KEY MANAGEMENT COMPENSATION
KEY MANAGEMENT COMPENSATION | 12 Months Ended |
Dec. 31, 2020 | |
Key Management Compensation [Abstract] | |
KEY MANAGEMENT COMPENSATION [Text Block] | 9. 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, 2020 2019 $ $ Salaries and director fees 968,769 832,566 Share-based payments 520,255 367,133 KEY MANAGEMENT COMPENSATION 1,489,024 1,199,699 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. During the year ended December 31, 2020, a director of the Company was indirectly paid $270,000 for marketing and financial advisory services. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 10. SUPPLEMENTAL CASH FLOW INFORMATION a. Non-cash working capital items For the year ended December 31, 2020 2019 $ $ Change in other assets (329,382 ) (3,298 ) Change in accrued interest — 5,161 Change in accounts payable and accrued liabilities related to operations 140,819 (3,599 ) CHANGE IN NON-CASH WORKING CAPITAL ITEMS (188,509 ) (1,736 ) b. Non-cash investing activities During the year ended December 31, 2019, the Company issued 3 million common shares with a fair market value of $2,760,000 with respect to its acquisition of the Canadian Creek property. |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION [Text Block] | 11. 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, 2020 | |
Income taxes paid (refund) [abstract] | |
INCOME TAXES [Text Block] | 12. 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, 2020 2019 Statutory tax rate 27.00% 27.00% Loss before taxes 2,033,357 1,766,447 Income tax recovery calculated at statutory rate 549,006 476,941 Non-deductible expenditures (151,318 ) (114,950 ) Flow-through premium 34,659 207,207 Other 149,972 26,702 Unrecognized tax benefit (582,319 ) (595,900 ) 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, 2020 2019 $ $ Mineral property interests 62,618 400,811 Non-capital losses 5,991,583 5,437,407 Property and equipment 190,701 189,043 Cumulative Eligible Capital 147,184 147,184 Other items 564,935 98,556 UNRECOGNIZED DEFERRED INCOME TAX ASSET 6,957,021 6,273,001 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 $22.1 million as at December 31, 2020 (2019 - $20.1 million) and will expire between 2030 and 2040. The Company has $38.1 million in Canadian exploration and development expenditures (2019 - $34.8 million), and cumulative eligible capital and undepreciated capital cost balances totaling $1.25 million (2019 - $1.25 million). These amounts are available to reduce future taxable income and do not expire. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2020 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT [Text Block] | 13. 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 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. |
FINANCIAL INSTRUMENT RISK
FINANCIAL INSTRUMENT RISK | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENT RISK [Text Block] | 14. 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, marketable securities, certain other assets, and accounts payable and accrued liabilities. 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. Credit risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and cash equivalents. 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. 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. 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. As at December 31, 2020 and 2019, the carrying amounts of cash and cash equivalents, certain other assets, and accounts payable and accrued liabilities are considered to be reasonable approximations of their fair values due to the short-term nature of these instruments. The fair value of the marketable securities is determined by reference to published price quotations in an active market (classified as level 1 in the fair value hierarchy). |
ACCOUNTING POLICIES (Policies)
ACCOUNTING POLICIES (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of consolidation [Policy Text Block] | (i) 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 subsidiaries are consolidated 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) 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) 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, foreign currency denominated 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) 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 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. |
Flow-through shares [Policy Text Block] | (vi) Canadian income tax legislation permits an enterprise to issue securities, referred to as flow-through shares, whereby the investor can claim the tax deductions arising from the renunciation of the related qualifying resource expenditures. The Company accounts for flow-through premium, i.e. the price paid for the flow-through shares in excess of the market value of the shares without flow-through features is credited to other liabilities. Flow-through premium is recognized in other income when qualifying expenditures are incurred. |
Loss per share [Policy Text Block] | (vii) 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] | (viii) 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 proceeds are 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. The Company’s assets are reviewed for indication of impairment at each balance sheet date in accordance with IFRS 6 – Exploration for and evaluation of mineral resources. If any such indication exists, an estimate of the recoverable amount is undertaken. Recoverable amount is 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. 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] | (ix) 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. |
Financial instruments [Policy Text Block] | (x) 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. 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. 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. 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 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, 2020 | |
Exploration And Evaluation Assets [Abstract] | |
Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] | Total $ DECEMBER 31, 2018 41,946,079 Acquisition costs 2,798,913 Claims maintenance 4,963 Engineering 93,307 Exploration and camp support 3,003,005 Permitting 185,845 Salary and wages 260,903 Share-based payments 82,010 DECEMBER 31, 2019 48,375,025 Claims maintenance 25,597 Engineering 168,002 Exploration and camp support 4,693,598 Permitting 128,968 Salary and wages 263,057 Share-based payments 93,766 DECEMBER 31, 2020 53,748,013 |
SHARE CAPITAL (Tables)
SHARE CAPITAL (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure of reserves within equity [abstract] | |
Disclosure of detailed information about warrants, valuation assumptions [Table Text Block] | Warrants issued 1,500,000 Exercise price $ 0.85 Market price $ 0.73 Expected term (years) 5.0 Expected share price volatility 61.3% Average risk-free interest rate 1.07% Expected dividend yield — FAIR VALUE ASSIGNED $ 351,000 |
WARRANTS AND STOCK OPTIONS (Tab
WARRANTS AND STOCK OPTIONS (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Warrants And Stock Options [Abstract] | |
Disclosure of detailed information about warrants, activity [Table Text Block] | Number of warrants Weighted average exercise price $ DECEMBER 31, 2018 and 2019 1,452,533 1.75 Issued 1,500,000 0.85 Expired (1,452,533 ) 1.75 DECEMBER 31, 2020 1,500,000 0.85 |
Disclosure of detailed information about warrants outstanding [Table Text Block] | Warrant outstanding, by exercise price Number of warrants Weighted average Average $ years $0.85 1,500,000 0.85 4.16 DECEMBER 31, 2020 1,500,000 0.85 4.16 |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Number of stock options Weighted average exercise price $ DECEMBER 31, 2018 5,200,001 0.98 Granted 2,075,000 0.87 Exercised (125,000 ) 0.58 Expired (850,000 ) 0.90 Forfeited (150,000 ) 1.20 DECEMBER 31, 2019 6,150,001 0.96 Granted 2,350,000 1.59 Exercised (1,133,334 ) 0.75 Cancelled (100,000 ) 0.90 Forfeited (66,667 ) 1.66 Expired (100,000 ) 0.67 DECEMBER 31, 2020 7,075,000 1.19 |
Disclosure of stock options outstanding by exercise price [Table Text Block] | Stock options outstanding, by exercise price Number of Stock options Weighted average Average $ years $ 0.75 - $0.90 1,950,000 0.87 3.43 $0.96 1,100,000 0.96 0.70 $1.11 - $1.20 2,000,000 1.19 2.37 $1.41 200,000 1.41 4.86 $1.66 1,825,000 1.66 4.57 DECEMBER 31, 2020 7,075,000 1.19 3.04 |
Disclosure of detailed information about share options valuation assumptions [Table Text Block] | November 9, July 27, June 11, June 18, April 23, Inputs and assumptions 2020 2020 2020 2019 2019 Stock options granted 200,000 1,950,000 200,000 1,675,000 400,000 Exercise price $ 1.41 $ 1.66 $ 1.11 $ 0.90 $ 0.75 Market price $ 1.41 $ 1.61 $ 1.11 $ 0.78 $ 0.72 Expected option term (years) 3.0 3.0 3.0 3.0 3.0 Expected stock price volatility 58.0% 56.6% 49.7% 51.8% 51.6% Average risk-free interest rate 0.31% 0.29% 0.27% 1.36% 1.56% Expected forfeiture rate — — — — — Expected dividend yield — — — — — FAIR VALUE ASSIGNED $ 109,000 $ 1,159,000 $ 75,000 $ 409,000 $ 100,000 |
KEY MANAGEMENT COMPENSATION (Ta
KEY MANAGEMENT COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Key Management Compensation [Abstract] | |
Disclosure of detailed information about management compensation [Table Text Block] | For the year ended December 31, 2020 2019 $ $ Salaries and director fees 968,769 832,566 Share-based payments 520,255 367,133 KEY MANAGEMENT COMPENSATION 1,489,024 1,199,699 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Cash Flow Information [Abstract] | |
Disclosure of detailed information about non-cash working capital items [Table Text Block] | For the year ended December 31, 2020 2019 $ $ Change in other assets (329,382 ) (3,298 ) Change in accrued interest — 5,161 Change in accounts payable and accrued liabilities related to operations 140,819 (3,599 ) CHANGE IN NON-CASH WORKING CAPITAL ITEMS (188,509 ) (1,736 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income taxes paid (refund) [abstract] | |
Disclosure of detailed information about effective income tax recovery [Table Text Block] | For the year ended December 31, 2020 2019 Statutory tax rate 27.00% 27.00% Loss before taxes 2,033,357 1,766,447 Income tax recovery calculated at statutory rate 549,006 476,941 Non-deductible expenditures (151,318 ) (114,950 ) Flow-through premium 34,659 207,207 Other 149,972 26,702 Unrecognized tax benefit (582,319 ) (595,900 ) INCOME TAX — — |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | As at December 31, 2020 2019 $ $ Mineral property interests 62,618 400,811 Non-capital losses 5,991,583 5,437,407 Property and equipment 190,701 189,043 Cumulative Eligible Capital 147,184 147,184 Other items 564,935 98,556 UNRECOGNIZED DEFERRED INCOME TAX ASSET 6,957,021 6,273,001 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of transactions between related parties [line items] | ||
Financial assets, at fair value | $ 736,960 | $ 160,500 |
NorthIsle Copper and Gold Inc. [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of equity instruments held | 2,500,000 | |
Financial assets, at fair value | $ 700,000 | 150,000 |
Granite Creek Copper Ltd [Member] | ||
Disclosure of transactions between related parties [line items] | ||
Number of equity instruments held | 168,000 | |
Financial assets, at fair value | $ 36,960 | $ 10,500 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) - CAD ($) | 1 Months Ended | 12 Months Ended | |
Aug. 28, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Shares issued - Acquisition of mineral claims (Shares) | 3,000,000 | ||
Shares issued - Acquisition of mineral claims | $ 2,760,000 | ||
Acquisition of mineral claims | $ 38,913 | ||
Canadian Creek Property [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Shares issued - Acquisition of mineral claims (Shares) | 3,000,000 | ||
Shares issued - Acquisition of mineral claims | $ 2,760,000 | ||
Acquisition of mineral claims | $ 38,913 | ||
Description of nature of obligation, contingent liabilities | 5% Net Profit Interest Royalty (the “NPI Royalty”) presently held by Archer-Cathro and Associates on the ANA claims pursuant to the NPI Royalty Agreement dated December 4, 1990 (the “NPI Royalty Agreement”) among Big Creek Resources Ltd., Rinsey Mines Ltd., and Renoble Holdings Inc. | ||
Casino Project [Member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Exploration and evaluation asset, ownership percentage | 100.00% | ||
Net smelter returns royalty | 2.75% | ||
Description of nature of obligation, contingent liabilities | 5% Net Profits Interest (the “NPI”), as defined in the Casino B Option Agreement, remains in effect on the Casino B Claims and $1 million payment is required to be made to the original optionor within 30 days of achieving a commercial production decision |
EXPLORATION AND EVALUATION AS_4
EXPLORATION AND EVALUATION ASSETS - Disclosure of detailed information about exploration and evaluation expenditures (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation assets, beginning of period | $ 48,375,025 | $ 41,946,079 |
Acquisition costs | 2,798,913 | |
Claims maintenance | 25,597 | 4,963 |
Engineering | 168,002 | 93,307 |
Exploration and camp support | 4,693,598 | 3,003,005 |
Permitting | 128,968 | 185,845 |
Salary and wages | 263,057 | 260,903 |
Share-based payments | 93,766 | 82,010 |
Exploration and evaluation assets, end of period | $ 53,748,013 | $ 48,375,025 |
FLOW THROUGH PREMIUM LIABILITY
FLOW THROUGH PREMIUM LIABILITY (Narrative) (Details) - CAD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | May 17, 2017 | |
Flow Through Premium Liability [Abstract] | |||
Flow-through premium liability | $ 1,408 | $ 89,775 | $ 857,210 |
Exploration expenses under flow through share financing | 4,480,000 | ||
Qualifying Canadian exploration expenses incurred | 4,322,278 | ||
Flow-through premium recovery | 128,367 | $ 767,435 | |
Remaining commitment incur Qualifying CEE | $ 157,722 | $ 3,354,300 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) | 1 Months Ended | 12 Months Ended | |||||
Nov. 24, 2020CAD ($)$ / sharesshares | Jun. 01, 2020CAD ($)$ / sharesshares | Feb. 28, 2020CAD ($)$ / sharesshares | Aug. 28, 2019CAD ($)$ / sharesshares | May 17, 2019CAD ($)$ / sharesshares | Dec. 31, 2020CAD ($)shares | Dec. 31, 2019CAD ($)shares | |
Disclosure of reserves within equity [line items] | |||||||
Shares issued - Acquisition of mineral claims (Shares) | shares | 3,000,000 | ||||||
Shares issued - Acquisition of mineral claims | $ 2,760,000 | ||||||
Number of common shares sold | shares | 19,828,300 | ||||||
Number of FT shares issued | shares | 4,000,000 | ||||||
Number of units issued | shares | 3,000,000 | ||||||
Equity issuance, price per unit | $ / shares | $ 0.65 | ||||||
Proceeds from issuing other equity instruments | $ 1,950,000 | $ 6,430,000 | 3,354,300 | ||||
Weighted average exercise price of warrants granted in share-based payment arrangement | 0.85 | 0.85 | |||||
Equity offering costs | $ 104,490 | 1,170,636 | |||||
Flow-through premium | $ 40,000 | $ 857,210 | |||||
Canadian Creek Property [Member] | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of mineral claims acquired | 311 | ||||||
Shares issued - Acquisition of mineral claims (Shares) | shares | 3,000,000 | ||||||
Acquisition value per share | $ / shares | $ 0.92 | ||||||
Shares issued - Acquisition of mineral claims | $ 2,760,000 | ||||||
Offering [Member] | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of common shares sold | shares | 19,828,300 | ||||||
Equity issuance, price per share | $ / shares | $ 1.45 | ||||||
Proceeds from issuing shares | $ 28,751,035 | ||||||
Equity offering costs | $ 1,803,636 | ||||||
Non Brokered Private Placement [Member] | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of FT shares issued | shares | 4,000,000 | ||||||
Equity issuance, price per share | $ / shares | $ 1.12 | ||||||
Proceeds from issuing shares | $ 4,480,000 | ||||||
Equity offering costs | 74,656 | ||||||
Flow-through premium | $ 40,000 | ||||||
Brokered private placement [Member] | |||||||
Disclosure of reserves within equity [line items] | |||||||
Number of flow-through common shares issued | shares | 3,727,000 | ||||||
Proceeds from issuing shares | $ 3,354,300 | ||||||
Number of shares issued pursuant to base offering | shares | 3,333,333 | ||||||
Number of flow-through shares issued pursuant to agent's exercise of option | shares | 393,667 | ||||||
Equity issuance, price per unit | $ / shares | $ 0.90 | ||||||
Equity offering costs | $ 341,660 | ||||||
Flow-through premium | $ 857,210 |
SHARE CAPITAL - Disclosure of d
SHARE CAPITAL - Disclosure of detailed information about warrants, valuation assumptions (Details) | 12 Months Ended |
Dec. 31, 2020CAD ($)Share | |
Disclosure of reserves within equity [abstract] | |
Warrants issued | 1,500,000 |
Exercise price | $ 0.85 |
Market price | $ 0.73 |
Expected term (years) | 5 |
Expected share price volatility | 61.30% |
Average risk-free interest rate | 1.07% |
Expected dividend yield | $ 0 |
FAIR VALUE ASSIGNED | $ 351,000 |
WARRANTS AND STOCK OPTIONS (Nar
WARRANTS AND STOCK OPTIONS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2020Shareyear$ / shares | Dec. 31, 2019$ / shares | |
Warrants And Stock Options [Abstract] | ||
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 | Share | 6,484,763 | |
Average fair value of share price | $ / shares | $ 1.23 | $ 0.87 |
Number of share options exercisable in share-based payment arrangement | Share | 4,191,661 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 1.04 | |
Weighted average remaining contractual life of exercisable share options (years) | year | 2.16 |
WARRANTS AND STOCK OPTIONS - Di
WARRANTS AND STOCK OPTIONS - Disclosure of detailed information about warrants, activity (Details) | 1 Months Ended | 12 Months Ended |
Feb. 28, 2020CAD ($) | Dec. 31, 2020CAD ($)Share | |
Warrants And Stock Options [Abstract] | ||
Number of warrants outstanding at beginning of period | Share | 1,452,533 | |
Weighted average exercise price of warrants outstanding at beginning of period | $ 1.75 | |
Number of warrants granted in share-based payment arrangement | 1,500,000 | |
Weighted average exercise price of warrants granted in share-based payment arrangement | $ 0.85 | $ 0.85 |
Number of warrants expired in share based payment arrangement | Share | (1,452,533) | |
Weighted average exercise price of warrants expired in share based payment arrangement | $ 1.75 | |
Number of warrants outstanding at end of period | Share | 1,500,000 | |
Weighted average exercise price of warrants outstanding at end of period | $ 0.85 |
WARRANTS AND STOCK OPTIONS - _2
WARRANTS AND STOCK OPTIONS - Disclosure of detailed information about warrants outstanding (Details) | Dec. 31, 2020CAD ($)Shareyear | Dec. 31, 2019CAD ($)Share | Dec. 31, 2018CAD ($)Share |
Warrants And Stock Options [Line Items] | |||
Number of warrants | Share | 1,500,000 | 1,452,533 | 1,452,533 |
Weighted average exercise price | $ 0.85 | $ 1.75 | $ 1.75 |
Average remaining contractual life | year | 4.16 | ||
$0.85 [Member] | |||
Warrants And Stock Options [Line Items] | |||
Warrant outstanding, by exercise price | $ 0.85 | ||
Number of warrants | Share | 1,500,000 | ||
Weighted average exercise price | $ 0.85 | ||
Average remaining contractual life | year | 4.16 |
WARRANTS AND STOCK OPTIONS - _3
WARRANTS AND STOCK OPTIONS - Disclosure of number and weighted average exercise prices of share options (Details) | Nov. 09, 2020shares | Jul. 27, 2020shares | Jun. 11, 2020shares | Jun. 18, 2019shares | Apr. 23, 2019shares | Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares |
Warrants And Stock Options [Abstract] | |||||||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 6,150,001 | 5,200,001 | |||||
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ 0.96 | $ 0.98 | |||||
Number of share options granted in share-based payment arrangement | 200,000 | 1,950,000 | 200,000 | 1,675,000 | 400,000 | 2,350,000 | 2,075,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ 1.59 | $ 0.87 | |||||
Number of share options exercised in share-based payment arrangement | Share | (1,133,334) | (125,000) | |||||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ 0.75 | $ 0.58 | |||||
Number of share options expired in share-based payment arrangement | Share | (100,000) | (850,000) | |||||
Weighted average exercise price of share options expired in share-based payment arrangement | $ 0.67 | $ 0.90 | |||||
Number of share options cancelled in share based payment arrangement | Share | (100,000) | ||||||
Weighted average exercise price of share options cancelled in share based payment arrangement | $ 0.90 | ||||||
Number of share options forfeited in share-based payment arrangement | Share | (66,667) | (150,000) | |||||
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ 1.66 | $ 1.20 | |||||
Number of share options outstanding in share-based payment arrangement at end of period | Share | 7,075,000 | 6,150,001 | |||||
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ 1.19 | $ 0.96 |
WARRANTS AND STOCK OPTIONS - _4
WARRANTS AND STOCK OPTIONS - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2020Share$ / shares | Dec. 31, 2019Share$ / shares | Dec. 31, 2018Share$ / shares | |
Warrants And Stock Options [Line Items] | |||
Number of stock options | Share | 7,075,000 | 6,150,001 | 5,200,001 |
Weighted average exercise price | $ 1.19 | $ 0.96 | $ 0.98 |
Average remaining contractual life (years) | 3 years 14 days | ||
Range 1 [Member] | |||
Warrants And Stock Options [Line Items] | |||
Number of stock options | Share | 1,950,000 | ||
Weighted average exercise price | $ 0.87 | ||
Average remaining contractual life (years) | 3 years 5 months 4 days | ||
Range 1 [Member] | Bottom of range [Member] | |||
Warrants And Stock Options [Line Items] | |||
Exercise price of outstanding share options | $ 0.75 | ||
Range 1 [Member] | Top of range [Member] | |||
Warrants And Stock Options [Line Items] | |||
Exercise price of outstanding share options | 0.90 | ||
Range 2 [Member] | |||
Warrants And Stock Options [Line Items] | |||
Exercise price of outstanding share options | $ 0.96 | ||
Number of stock options | Share | 1,100,000 | ||
Weighted average exercise price | $ 0.96 | ||
Average remaining contractual life (years) | 8 months 12 days | ||
Range 3 [Member] | |||
Warrants And Stock Options [Line Items] | |||
Number of stock options | Share | 2,000,000 | ||
Weighted average exercise price | $ 1.19 | ||
Average remaining contractual life (years) | 2 years 4 months 13 days | ||
Range 3 [Member] | Bottom of range [Member] | |||
Warrants And Stock Options [Line Items] | |||
Exercise price of outstanding share options | $ 1.11 | ||
Range 3 [Member] | Top of range [Member] | |||
Warrants And Stock Options [Line Items] | |||
Exercise price of outstanding share options | 1.20 | ||
Range 4 [Member] | |||
Warrants And Stock Options [Line Items] | |||
Exercise price of outstanding share options | $ 1.41 | ||
Number of stock options | Share | 200,000 | ||
Weighted average exercise price | $ 1.41 | ||
Average remaining contractual life (years) | 4 years 10 months 9 days | ||
Range 5 [Member] | |||
Warrants And Stock Options [Line Items] | |||
Exercise price of outstanding share options | $ 1.66 | ||
Number of stock options | Share | 1,825,000 | ||
Weighted average exercise price | $ 1.66 | ||
Average remaining contractual life (years) | 4 years 6 months 25 days |
WARRANTS AND STOCK OPTIONS - _5
WARRANTS AND STOCK OPTIONS - Disclosure of detailed information about share options valuation assumptions (Details) | Nov. 09, 2020CAD ($)sharesyear$ / shares | Jul. 27, 2020CAD ($)sharesyear$ / shares | Jun. 11, 2020CAD ($)sharesyear$ / shares | Jun. 18, 2019CAD ($)sharesyear$ / shares | Apr. 23, 2019CAD ($)sharesyear$ / shares | Dec. 31, 2020Share | Dec. 31, 2019Share |
Warrants And Stock Options [Abstract] | |||||||
Stock options granted | 200,000 | 1,950,000 | 200,000 | 1,675,000 | 400,000 | 2,350,000 | 2,075,000 |
Exercise price | $ / shares | $ 1.41 | $ 1.66 | $ 1.11 | $ 0.90 | $ 0.75 | ||
Market price | $ 1.41 | $ 1.61 | $ 1.11 | $ 0.78 | $ 0.72 | ||
Expected option term (years) | year | 3 | 3 | 3 | 3 | 3 | ||
Expected stock price volatility | 58.00% | 56.60% | 49.70% | 51.80% | 51.60% | ||
Average risk-free interest rate | 0.31% | 0.29% | 0.27% | 1.36% | 1.56% | ||
Expected forfeiture rate | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | ||
FAIR VALUE ASSIGNED | $ 109,000 | $ 1,159,000 | $ 75,000 | $ 409,000 | $ 100,000 |
KEY MANAGEMENT COMPENSATION (Na
KEY MANAGEMENT COMPENSATION (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2020CAD ($) | |
Key Management Compensation [Abstract] | |
Marketing and financial advisory services by director | $ 270,000 |
KEY MANAGEMENT COMPENSATION - D
KEY MANAGEMENT COMPENSATION - Disclosure of detailed information about management compensation (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Key Management Compensation [Abstract] | ||
Salaries and director fees | $ 968,769 | $ 832,566 |
Share-based payments | 520,255 | 367,133 |
KEY MANAGEMENT COMPENSATION | $ 1,489,024 | $ 1,199,699 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Narrative) (Details) - CAD ($) | 1 Months Ended | 12 Months Ended |
Aug. 28, 2019 | Dec. 31, 2019 | |
Disclosure Of Cash Flow Information Line Items | ||
Shares issued - Acquisition of mineral claims (Shares) | 3,000,000 | |
Shares issued - Acquisition of mineral claims | $ 2,760,000 | |
Canadian Creek Property [Member] | ||
Disclosure Of Cash Flow Information Line Items | ||
Shares issued - Acquisition of mineral claims (Shares) | 3,000,000 | |
Shares issued - Acquisition of mineral claims | $ 2,760,000 |
SUPPLEMENTAL CASH FLOW INFORM_4
SUPPLEMENTAL CASH FLOW INFORMATION - Disclosure of detailed information about non-cash working capital items (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash Flow Information [Abstract] | ||
Change in other assets | $ (329,382) | $ (3,298) |
Change in accrued interest | 0 | 5,161 |
Change in accounts payable and accrued liabilities related to operations | 140,819 | (3,599) |
CHANGE IN NON-CASH WORKING CAPITAL ITEMS | $ (188,509) | $ (1,736) |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - CAD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Unused tax 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 | $ 22,100 | $ 20,100 |
Canadian exploration and development expenditures [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | 38,100 | 34,800 |
Cumulative eligible capital and undepreciated capital cost [Member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred tax assets | $ 1,250 | $ 1,250 |
INCOME TAXES - Disclosure of de
INCOME TAXES - Disclosure of detailed information about effective income tax recovery (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Income taxes paid (refund) [abstract] | ||
Statutory tax rate | 27.00% | 27.00% |
Loss before taxes | $ 2,033,357 | $ 1,766,447 |
Income tax recovery calculated at statutory rate | 549,006 | 476,941 |
Non-deductible expenditures | (151,318) | (114,950) |
Flow-through premium | 34,659 | 207,207 |
Other | 149,972 | 26,702 |
Unrecognized tax benefit | (582,319) | (595,900) |
INCOME TAX | $ 0 | $ 0 |
INCOME TAXES - Disclosure of te
INCOME TAXES - Disclosure of temporary difference, unused tax losses and unused tax credits (Details) - CAD ($) | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure Of Deferred Income Tax Line Items | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | $ 6,957,021 | $ 6,273,001 |
Mineral property interests [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 62,618 | 400,811 |
Non-capital losses [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 5,991,583 | 5,437,407 |
Property and equipment [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 190,701 | 189,043 |
Cumulative Eligible Capital [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 147,184 | 147,184 |
Other items [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
UNRECOGNIZED DEFERRED INCOME TAX ASSET | $ 564,935 | $ 98,556 |