Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2023 shares | |
Document Information [Line Items] | |
Entity Registrant Name | WESTERN COPPER AND GOLD CORPORATION |
Document Type | 40-F |
Entity Address, Postal Zip Code | V6E 3Z3 |
City Area Code | 604 |
Local Phone Number | 684-9497 |
Document Annual Report | true |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Amendment Flag | false |
Entity Interactive Data Current | Yes |
Entity Address, State or Province | BC |
Entity Address, City or Town | Vancouver |
Entity Address, Address Line One | 1200 - 1166 Alberni Street |
Entity Incorporation, State or Country Code | Z4 |
Entity Tax Identification Number | 98-0496216 |
Entity File Number | 1-35075 |
Document Fiscal Period Focus | FY |
Document Registration Statement | false |
Document Fiscal Year Focus | 2023 |
Entity Common Stock, Shares Outstanding | 166,091,245 |
Document Period End Date | Dec. 31, 2023 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Central Index Key | 0001364125 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Title of 12(b) Security | Common Shares, no par value |
Trading Symbol | WRN |
Security Exchange Name | NYSEAMER |
Auditor Firm ID | 271 |
Auditor Location | Vancouver, Canada |
Auditor Name | PricewaterhouseCoopers LLP |
ICFR Auditor Attestation Flag | false |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Postal Zip Code | 98104 |
City Area Code | 206 |
Local Phone Number | 903-5448 |
Contact Personnel Name | DL Services Inc |
Entity Address, State or Province | WA |
Entity Address, City or Town | Seattle |
Entity Address, Address Line One | 701 Fifth Avenue, Suite 6100 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
ASSETS | ||
Cash and cash equivalents | $ 25,971,261 | $ 1,341,267 |
Short-term investments | 5,064,904 | 21,368,455 |
Marketable securities | 1,030,880 | 410,080 |
Other assets | 1,282,915 | 1,441,814 |
CURRENT ASSETS | 33,349,960 | 24,561,616 |
Property, plant and equipment | 159,604 | 279,540 |
Right-of-use assets | 172,611 | 379,511 |
Exploration and evaluation assets | 110,236,198 | 89,161,878 |
ASSETS | 143,918,373 | 114,382,545 |
LIABILITIES | ||
Accounts payable and accrued liabilities | 4,276,310 | 4,222,346 |
Current portion of lease obligation | 185,515 | 245,673 |
CURRENT LIABILITIES | 4,461,825 | 4,468,019 |
Lease obligations | 12,298 | 172,308 |
LIABILITIES | 4,474,123 | 4,640,327 |
SHAREHOLDERS' EQUITY | ||
Share capital | 216,289,331 | 183,542,846 |
Contributed surplus | 38,084,656 | 37,790,810 |
Deficit | (114,929,737) | (111,591,438) |
SHAREHOLDERS' EQUITY | 139,444,250 | 109,742,218 |
LIABILITIES AND SHAREHOLDERS' EQUITY | $ 143,918,373 | $ 114,382,545 |
CONSOLIDATED STATEMENTS OF LOSS
CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income Statement | ||
Depreciation | $ 206,900 | $ 167,894 |
Filing and regulatory fees | 291,313 | 305,676 |
Office and administration | 609,616 | 656,264 |
Professional fees | 273,709 | 368,106 |
Share-based payments | 1,083,428 | 1,547,703 |
Shareholder communication and travel | 779,452 | 801,100 |
Wages and benefits | 1,890,820 | 1,785,624 |
CORPORATE EXPENSES | 5,135,238 | 5,632,367 |
Foreign exchange loss | 811 | 11,528 |
Interest income | (1,176,950) | (584,512) |
Flow-through premium recovery | 0 | (759,525) |
Unrealized loss (gain) on marketable securities | (620,800) | 694,320 |
LOSS AND COMPREHENSIVE LOSS | $ 3,338,299 | $ 4,994,178 |
Basic loss per share (in dollars per share) | $ 0.02 | $ 0.03 |
Diluted loss per share (in dollars per share) | $ 0.02 | $ 0.03 |
Weighted average number of common shares outstanding | 159,763,750 | 151,531,445 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash flows provided by (used in) | ||
Loss and comprehensive loss | $ (3,338,299) | $ (4,994,178) |
ITEMS NOT AFFECTING CASH | ||
Depreciation | 206,900 | 167,894 |
Finance costs | 25,504 | 37,696 |
Flow-through premium recovery | 0 | (759,525) |
Gain (loss) on marketable securities | (620,800) | 694,320 |
Share-based payments | 1,083,428 | 1,547,703 |
ITEMS NOT AFFECTING CASH | 695,032 | 1,688,088 |
Change in non-cash working capital items | 107,770 | (38,264) |
OPERATING ACTIVITIES | (2,535,497) | (3,344,354) |
FINANCING ACTIVITIES | ||
Private placement | 29,591,624 | 0 |
Private placement issuance costs | (305,253) | 0 |
Exercise of stock options | 2,025,000 | 133,165 |
Lease payments | (245,672) | (209,062) |
FINANCING ACTIVITIES | 31,065,699 | (75,897) |
INVESTING ACTIVITIES | ||
Redemption of short-term investments | 21,000,000 | 0 |
Purchase of short-term investments - don't use this element | (5,000,000) | (5,000,000) |
Mineral property expenditures | (19,900,208) | (20,647,152) |
Leasehold improvements | 0 | (279,540) |
INVESTING ACTIVITIES | (3,900,208) | (25,926,692) |
CHANGE IN CASH AND CASH EQUIVALENTS | 24,629,994 | (29,346,943) |
Cash and cash equivalents - Beginning | 1,341,267 | 30,688,210 |
CASH AND CASH EQUIVALENTS - ENDING | $ 25,971,261 | $ 1,341,267 |
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, 2021 | 151,426,125 | |||
Beginning Balance at Dec. 31, 2021 | $ 183,190,992 | $ 35,472,638 | $ (106,597,260) | $ 112,066,370 |
Exercise of stock options (shares) | 91,666 | |||
Exercise of stock options | 178,909 | (45,744) | $ 133,165 | |
Exercise of restricted share units (shares) | 79,698 | |||
Exercise of restricted share units | 172,945 | (172,945) | ||
Share-based payments | 2,536,861 | $ 2,536,861 | ||
Loss and comprehensive loss | (4,994,178) | $ (4,994,178) | ||
Ending Balance (shares) at Dec. 31, 2022 | 151,597,489 | |||
Ending Balance at Dec. 31, 2022 | 183,542,846 | 37,790,810 | (111,591,438) | $ 109,742,218 |
Private Placement (Shares) | 12,438,407 | |||
Private Placement | 29,591,624 | $ 29,591,624 | ||
Private placement issuance costs | (305,253) | $ (305,253) | ||
Exercise of stock options (shares) | 1,725,000 | |||
Exercise of stock options | 2,765,240 | (740,240) | $ 2,025,000 | |
Exercise of restricted share units (shares) | 330,349 | |||
Exercise of restricted share units | 694,874 | (694,874) | ||
Share-based payments | 1,728,960 | $ 1,728,960 | ||
Loss and comprehensive loss | (3,338,299) | $ (3,338,299) | ||
Ending Balance (shares) at Dec. 31, 2023 | 166,091,245 | |||
Ending Balance at Dec. 31, 2023 | $ 216,289,331 | $ 38,084,656 | $ (114,929,737) | $ 139,444,250 |
NATURE OF OPERATIONS
NATURE OF OPERATIONS | 12 Months Ended |
Dec. 31, 2023 | |
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 1200 - 1166 Alberni Street, Vancouver, British Columbia. While Western has been successful in raising sufficient capital to fund its operations in the past, the Company will need to raise additional funds to complete the development of the Casino Project. There can be no assurance that it will be able to raise such project financing in the future. |
BASIS OF PRESENTATION
BASIS OF PRESENTATION | 12 Months Ended |
Dec. 31, 2023 | |
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 accounting standards"). 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 28, 2024. b. Accounting estimates and judgments The preparation of financial statements in conformity with IFRS accounting standards 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 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 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 unit 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 during the year ended December 31, 2023 and 2022. Judgment is required in assessing whether a mineral property is in the exploration and evaluation phase and should be classified as an exploration and evaluation asset or if the exploration and evaluation phase has been completed and the mineral property should be reclassified as property and equipment. We determined that although a feasibility study for the Casino Project has been completed, the Company has not yet received the necessary licenses and permits required to consider the exploration and evaluation stage to have been completed. |
ACCOUNTING POLICY
ACCOUNTING POLICY | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
ACCOUNTING POLICY [Text Block] | 3. ACCOUNTING POLICY a. Summary of material accounting policies The Company's material 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, restricted share units ("RSUs") and deferred share units ("DSUs") 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) 1. 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 proceeds received is in excess of the carrying value of the related asset after impairment 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 we have taken steps to verify title to mineral properties in which we have an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee our title. Property title may be subject to unregistered prior agreements or transfers, and may be affected by undetected defects. 2. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance expense. The finance expense is charged to the statements of operations over the lease period. The right-of-use asset is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value of lease payments. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Company's incremental borrowing rate. 3. The Company's exploration and evaluation 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. 4. 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) 1. 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. The Company determines the classification of financial assets at initial recognition. Marketable securities are instruments held for trading and are classified as fair value through profit and loss ("FVTPL"). 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. 3. 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. |
ADOPTION OF NEW AND REVISED STA
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS | 12 Months Ended |
Dec. 31, 2023 | |
Adoption Of New And Revised Standards And Interpretations [Abstract] | |
ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS [Text Block] | 4. ADOPTION OF NEW AND REVISED STANDARDS AND INTERPRETATIONS In February 2021, the IASB issued amendments to IAS 1, Presentation of Financial Statements - IFRS Practice Statement 2 Making Materiality Judgements to provide guidance on applying materiality judgments to accounting policy disclosures. The amendments are effective for annual periods beginning on or after January 1, 2023, with early adoption permitted. These amendments do not have a material effect on our consolidated financial statements. Management reviewed the accounting policies and made updates to the information disclosed in Material accounting policies (2022: Significant accounting policies) in certain instances in line with the amendments. In October 2022, the IASB issued amendments to IAS 1, Presentation of Financial Statements - Classification of Liabilities as Current or Non-Current and Noncurrent Liabilities with Covenants. These amendments increase the disclosure required to enable users of financial statements to understand the risk that non-current liabilities with covenants could become repayable within 12 months. The amendments are effective January 1, 2024, with early adoption permitted. Retrospective application is required on adoption. We do not expect these amendments to have a material effect on our consolidated financial statements, however, we do expect an increase to the accounting information disclosed. As of December 31, 2023, there are no other IFRS or IFRIC interpretations with future effective dates that are expected to have a material impact on the Company. |
SHORT-TERM INVESTMENTS
SHORT-TERM INVESTMENTS | 12 Months Ended |
Dec. 31, 2023 | |
Short Term Investments [Abstract] | |
SHORT-TERM INVESTMENTS [Text Block] | 5. SHORT-TERM INVESTMENTS As at December 31, 2023 the Company had $5,000,000 (December 31, 2022 - $21,000,000) invested in Canadian dollar denominated guaranteed investment certificates ("GICs") plus total accrued interest of $64,904 (December 31, 2022 - $368,455). GICs are issued by Schedule 1 chartered banks in Canada. |
MARKETABLE SECURITIES
MARKETABLE SECURITIES | 12 Months Ended |
Dec. 31, 2023 | |
Available-for-sale financial assets [abstract] | |
MARKETABLE SECURITIES [Text Block] | 6. MARKETABLE SECURITIES As at December 31, 2023, the Company held marketable securities with an aggregate fair value of $1,030,880 (December 31, 2022 - $410,080), consisting of 2.5 million common shares of Northisle Copper and Gold Inc. with a fair value of $1,025,000 (December 31, 2022 - $400,000) and 168,000 common shares of Granite Creek Copper Ltd. with a fair value of $5,880 (December 31, 2022 - $10,080). 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). |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 12 Months Ended |
Dec. 31, 2023 | |
Exploration And Evaluation Assets [Abstract] | |
EXPLORATION AND EVALUATION ASSETS [Text Block] | 7. EXPLORATION AND EVALUATION ASSETS a. Casino (100% - Yukon, Canada) The Casino Project is a copper-gold porphyry deposit located in Yukon, Canada. The Casino Property is subject to a 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 Limited assigned to Osisko Gold all of its rights, title and interest in the 2.75% NSR. b. Exploration and evaluation expenditures Total $ DECEMBER 31, 2021 66,348,061 Claims maintenance 26,038 Engineering 3,619,508 Exploration and camp support 8,698,630 Permitting 8,176,200 Salary and wages 1,304,283 Share-based payments 989,158 DECEMBER 31, 2022 89,161,878 Claims maintenance 25,010 Engineering 390,903 Exploration and camp support 7,252,245 Permitting 11,033,794 Salary and wages 1,726,836 Share-based payments 645,532 DECEMBER 31, 2023 110,236,198 |
SHARE CAPITAL
SHARE CAPITAL | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of reserves within equity [abstract] | |
SHARE CAPITAL [Text Block] | 8. 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 December 12, 2023, Rio Tinto Canada ("Rio Tinto") subscribed for 3,468,208 common shares of the Company at a price of $1.73 per common share for gross proceeds of $6,000,000. The Company incurred $58,121 in costs associated with the private placement. On May 1, 2023, in connection with a strategic investment by Mitsubishi Materials Corporation ("Mitsubishi Materials"), Rio Tinto subscribed for 878,809 common shares of the Company at a price of $2.63 per common share for gross proceeds of $2,311,268. On April 14, 2023, as part of a strategic investment, Mitsubishi Materials purchased 8,091,390 common shares of the Company at a price of $2.63 per common share for gross proceeds of $21,280,356. The Company incurred $247,132 in costs associated with both private placements. |
WARRANTS
WARRANTS | 12 Months Ended |
Dec. 31, 2023 | |
Warrants [Abstract] | |
WARRANTS [Text Block] | 9. WARRANTS A summary of the Company's warrants outstanding, including changes for the periods then ended, is presented below: Number of warrants Weighted average exercise price $ DECEMBER 31, 2021 and DECEMBER 31, 2022 1,500,000 0.85 - - DECEMBER 31, 2023 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 1.16 DECEMBER 31, 2023 1,500,000 0.85 1.16 |
EQUITY INCENTIVE PLANS
EQUITY INCENTIVE PLANS | 12 Months Ended |
Dec. 31, 2023 | |
Equity Incentive Plans [Abstract] | |
EQUITY INCENTIVE PLANS [Text block] | 10. EQUITY INCENTIVE PLANS The Company has three equity incentive plans consisting of a stock option plan (the "Option Plan"), a restricted share unit plan (the "RSU Plan") and a deferred share unit plan (the "DSU Plan") (collectively the "Equity Incentive Plans"). Pursuant to the Company's annual general meeting held on June 17, 2021, it was approved that the maximum aggregate number of common shares issuable under the Equity Incentive Plans cannot exceed 10% of number of common shares issued and outstanding. a. Stock Options and Share-based payments Stock Options Under the Option Plan, 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, 2023, the Company could issue an additional 3,776,354 stock options under the terms of the stock option plan. A summary of the Company's stock options outstanding and the changes for the periods then ended, is presented below: Number of stock options Weighted average exercise price $ DECEMBER 31, 2021 6,035,000 1.28 Granted 2,181,000 2.03 Exercised (91,666 ) 1.45 DECEMBER 31, 2022 8,124,334 1.48 Granted 315,000 2.12 Exercised (1,725,000 ) 1.17 DECEMBER 31, 2023 6,714,334 1.59 During the year ended December 31, 2023, the Company recognized an expense in respect of stock options of $348,456, in the statement of loss and comprehensive loss (year ended December 31, 2022 - $735,909). During the year ended December 31, 2023, $391,057 was capitalized (year ended December 31, 2022 - $739,042) in the exploration and evaluation assets in relation to stock options. Stock options outstanding are as follows Stock options outstanding, by exercise price Number of Stock options Weighted average Average $ years $0.75 - $1.11 1,950,000 0.89 0.53 $1.41 - $1.66 1,958,334 1.63 1.60 $1.85 - $1.95 1,100,000 1.94 0.60 $2.10 - $2.22 1,706,000 2.12 3.18 DECEMBER 31, 2023 6,714,334 1.59 1.53 Average share price for options exercised during the year ended December 31, 2023, was $2.31 (year ended December 31, 2022 - $2.66). Of the total stock options outstanding, 6,059,662 were vested and exercisable at December 31, 2023. The weighted average exercise price of vested stock options is $1.54 and the average remaining contractual life is 1.30 years. Share-based payments During the year ended December 31, 2023, the Company granted 315,000 (Year ended December 31, 2022 - 2,181,000) stock options to employees, directors and consultants. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumptions and resulting fair values for the grant in the prior year are as follows: Inputs and assumptions Year ended Year ended Exercise price $2.12 $2.03 Market price $2.10 $2.03 Expected option term (years) 3.0 3.0 Expected stock price volatility 50.6% 58.6% Average risk-free interest rate 4.22% 1.46% Expected forfeiture rate - - Expected dividend yield - - FAIR VALUE PER OPTION GRANTED $0.79 $0.82 b. Restricted Share Units The Company granted restricted share units ("RSUs") in accordance with the RSU plan approved at the June 17, 2021 shareholders meeting. These RSUs vest in three equal tranches: Tranche one - on completion of 12 months from grant date, Tranche two - on completion of eighteen months from the grant date and Tranche three - on completion of twenty-four months from grant date. These RSUs are classified as equity-settled as these awards will be settled by issuing the shares and are valued at the market price of the Company shares on the date of grant. As at December 31, 2023, the Company could issue an additional 1,193,390 RSUs under the RSU Plan. A summary of the Company's RSUs outstanding and the changes for the periods then ended, is presented below: Number of shares DECEMBER 31, 2021 239,100 RSUs Granted 359,723 RSUs Converted to common shares (79,698 ) DECEMBER 31, 2022 519,125 RSUs Granted 553,200 RSUs Converted to common shares (330,349 ) RSUs Forfeited (110,400 ) DECEMBER 31, 2023 631,576 In relation to RSUs, the Company recognized an expense of $383,852 for the year ended December 31, 2023, (year ended December 31, 2022 - $521,154) in the statements of loss and comprehensive loss. During the year ended December 31, 2023, $254,475 was capitalized, (year ended December 31, 2022 - $250,116) in the exploration and evaluation assets. c. Deferred Share Units Only directors of the Company are eligible for deferred share units ("DSUs") and each DSU vests immediately and is redeemed upon a director ceasing to be a director of the Company. DSUs are classified as equity-settled as these awards will be settled by issuing the shares and are valued at the market price of the Company shares on the date of grant. As at December 31, 2023, the Company could issue an additional 1,481,911 DSUs under the DSU Plan. Number of shares DECEMBER 31, 2021 167,000 DSUs Granted 138,400 DECEMBER 31, 2022 305,400 DSUs Granted 167,200 DECEMBER 31 , 2023 472,600 In relation to DSUs, the Company recognized an expense of $351,120 during the year ended December 31, 2023, (year ended December 31, 2022 - $290,640) in the statements of loss and comprehensive loss. |
KEY MANAGEMENT COMPENSATION
KEY MANAGEMENT COMPENSATION | 12 Months Ended |
Dec. 31, 2023 | |
Key Management Compensation [Abstract] | |
KEY MANAGEMENT COMPENSATION [Text Block] | 11. KEY MANAGEMENT COMPENSATION The Company’s key management include its directors and officers. The remuneration of key management was as follows: For the year ended December 31, 2023 2022 $ $ Salaries and director fees 1,712,067 2,284,846 Share-based payments 1,417,844 2,309,506 KEY MANAGEMENT COMPENSATION 3,129,911 4,594,352 Share-based payments represent the fair value on grant date of stock options, RSUs and DSUs previously granted to directors and officers during the periods presented above. Salaries and share-based payments for certain officers are capitalized in exploration and evaluation assets and the balance is recognized in the statement of loss and comprehensive loss. |
DEPOSITS
DEPOSITS | 12 Months Ended |
Dec. 31, 2023 | |
Deposits [Abstract] | |
DEPOSITS [Text Block] | 12. DEPOSITS The Company holds a surety bonding arrangement with a third-party (the "Surety") in order to satisfy bonding requirements in the Yukon Territory. The total value of the Surety is $786,777 of which $ nil nil |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of operating segments [abstract] | |
SEGMENTED INFORMATION [Text Block] | 13. 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. |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 12 Months Ended |
Dec. 31, 2023 | |
Cash Flow Information [Abstract] | |
SUPPLEMENTAL CASH FLOW INFORMATION [Text Block] | 14. SUPPLEMENTAL CASH FLOW INFORMATION Non-cash working capital items For the year ended December 31, 2023 2022 $ $ Change in other assets (10,342 ) (69,873 ) Change in accrued interest 303,551 (294,816 ) Change in accounts payable and accrued liabilities related to operations (185,439 ) 326,425 CHANGE IN NON-CASH WORKING CAPITAL ITEMS 107,770 (38,264 ) |
INCOME TAXES
INCOME TAXES | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes paid (refund) [abstract] | |
INCOME TAXES [Text Block] | 15. 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, 2023 2022 Statutory tax rate 27.00% 27.00% Loss before taxes 3,338,299 4,994,178 Income tax recovery calculated at statutory rate 901,341 1,348,428 Non-deductible expenditures (297,619 ) (422,495 ) Flow-through premium - 205,072 Amounts expensed for tax purposes only 226,277 218,046 Unrecognized tax benefit (829,999 ) (1,349,051 ) INCOME TAX - - b. Deferred income tax asset and liabilities The significant components of the Company's net deferred income tax asset and liabilities are as follows: As at December 31, 2023 2022 $ $ Deferred tax assets: Operating losses carried forward 9,138,945 8,181,149 Share issuance costs 341,552 485,410 Other items 413,924 413,924 DEFERRED TAX ASSET 9,894,421 9,080,483 Deferred tax liabilities Mineral property interests 6,266,778 3,351,389 Marketable securities 86,721 2,913 DEFERRED TAX LIABILITY 6,353,499 3,354,302 UNRECOGNIZED DEFERRED INCOME TAX ASSET 3,540,922 5,726,181 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 $33.8 million as at December 31, 2023 (2022 - $30.3 million) and will expire between 2031 and 2043. |
CAPITAL MANAGEMENT
CAPITAL MANAGEMENT | 12 Months Ended |
Dec. 31, 2023 | |
Capital Management [Abstract] | |
CAPITAL MANAGEMENT [Text Block] | 16. CAPITAL MANAGEMENT The Company considers capital to be equity composed 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 period. Western has no debt and does not pay dividends. The Company is not subject to any externally imposed capital restrictions. |
FINANCIAL INSTRUMENT RISK
FINANCIAL INSTRUMENT RISK | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of detailed information about financial instruments [abstract] | |
FINANCIAL INSTRUMENT RISK [Text Block] | 17. 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 redeemable GICs, which are highly liquid investments and 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. Cash and cash equivalents and short-term investments are held with high quality financial institutions. Substantially all cash and cash equivalents and short-term investments held with financial institutions exceeds government-insured limits. We have established credit policies that seek to minimize our credit risk by entering into transactions with investment grade credit worthy and reputable financial institutions. The carrying amount of financial assets, other than marketable securities, recorded in the financial statements 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. A 10% fluctuation in value of its publicly traded marketable securities rate would have a minimal impact on the Company's loss and comprehensive loss. As at December 31, 2023, the carrying amounts of cash and cash equivalents, short-term investments, marketable securities 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). |
SUBSEQUENT EVENT
SUBSEQUENT EVENT | 12 Months Ended |
Dec. 31, 2023 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENT [Text Block] | 18. SUBSEQUENT EVENT On March 1, 2024, the Company completed its private placement with new appointed Chief Executive Officer Sandeep Singh. Mr. Singh purchased 2,222,222 common shares of the Company at a price of $1.35 per common share for gross proceeds of approximately $3,000,000. On March 25, 2024, the Company completed a private placement with Rio Tinto pursuant to Rio Tinto’s subscription rights as a result of the private placement completed on March 1, 2024. Rio Tinto acquired 239,528 common shares of the Company at a price of $1.35 per common share for gross proceeds of approximately $323,363. |
ACCOUNTING POLICY (Policies)
ACCOUNTING POLICY (Policies) | 12 Months Ended |
Dec. 31, 2023 | |
Summary Of Significant Accounting Policies [Abstract] | |
Basis of consolidation [Policy Text Block] | (i) The Company consolidates an entity when it has power over that entity, is exposed, or has rights, to variable returns from its involvement with that entity and has the ability to affect those returns through its power over that entity. The financial statements of subsidiaries are consolidated from the date that control commences until the date that control ceases. All significant intercompany transactions and balances are eliminated. The consolidated financial statements of the Company include Western Copper and Gold Corp., Casino Mining Corp., and Ravenwolf Resource Group Ltd. |
Presentation currency [Policy Text Block] | (ii) The Company's presentation currency is the Canadian dollar ("$"). 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, restricted share units ("RSUs") and deferred share units ("DSUs") 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) 1. 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 proceeds received is in excess of the carrying value of the related asset after impairment 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 we have taken steps to verify title to mineral properties in which we have an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee our title. Property title may be subject to unregistered prior agreements or transfers, and may be affected by undetected defects. 2. Leases are recognized as a right-of-use asset and a corresponding liability at the date at which the leased asset is available for use by the Company. Each lease payment is allocated between the liability and finance expense. The finance expense is charged to the statements of operations over the lease period. The right-of-use asset is depreciated over the shorter of the asset's useful life or the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value of lease payments. The lease payments are discounted using the interest rate implicit in the lease, if that rate can be determined, or the Company's incremental borrowing rate. 3. The Company's exploration and evaluation 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. 4. 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) 1. 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. The Company determines the classification of financial assets at initial recognition. Marketable securities are instruments held for trading and are classified as fair value through profit and loss ("FVTPL"). 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. 3. 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, 2023 | |
Exploration And Evaluation Assets [Abstract] | |
Disclosure of detailed information about exploration and evaluation expenditures [Table Text Block] | Total $ DECEMBER 31, 2021 66,348,061 Claims maintenance 26,038 Engineering 3,619,508 Exploration and camp support 8,698,630 Permitting 8,176,200 Salary and wages 1,304,283 Share-based payments 989,158 DECEMBER 31, 2022 89,161,878 Claims maintenance 25,010 Engineering 390,903 Exploration and camp support 7,252,245 Permitting 11,033,794 Salary and wages 1,726,836 Share-based payments 645,532 DECEMBER 31, 2023 110,236,198 |
WARRANTS (Tables)
WARRANTS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Warrants And Stock Options [Abstract] | |
Disclosure of detailed information about warrants, activity [Table Text Block] | Number of warrants Weighted average exercise price $ DECEMBER 31, 2021 and DECEMBER 31, 2022 1,500,000 0.85 - - DECEMBER 31, 2023 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 1.16 DECEMBER 31, 2023 1,500,000 0.85 1.16 |
EQUITY INCENTIVE PLANS (Tables)
EQUITY INCENTIVE PLANS (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Equity Incentive Plans [Abstract] | |
Disclosure of number and weighted average exercise prices of share options [Table Text Block] | Number of stock options Weighted average exercise price $ DECEMBER 31, 2021 6,035,000 1.28 Granted 2,181,000 2.03 Exercised (91,666 ) 1.45 DECEMBER 31, 2022 8,124,334 1.48 Granted 315,000 2.12 Exercised (1,725,000 ) 1.17 DECEMBER 31, 2023 6,714,334 1.59 |
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 - $1.11 1,950,000 0.89 0.53 $1.41 - $1.66 1,958,334 1.63 1.60 $1.85 - $1.95 1,100,000 1.94 0.60 $2.10 - $2.22 1,706,000 2.12 3.18 DECEMBER 31, 2023 6,714,334 1.59 1.53 |
Disclosure of detailed information about share options valuation assumptions [Table Text Block] | Inputs and assumptions Year ended Year ended Exercise price $2.12 $2.03 Market price $2.10 $2.03 Expected option term (years) 3.0 3.0 Expected stock price volatility 50.6% 58.6% Average risk-free interest rate 4.22% 1.46% Expected forfeiture rate - - Expected dividend yield - - FAIR VALUE PER OPTION GRANTED $0.79 $0.82 |
Disclosure of detailed information about number of restricted share units [Table Text Block] | Number of shares DECEMBER 31, 2021 239,100 RSUs Granted 359,723 RSUs Converted to common shares (79,698 ) DECEMBER 31, 2022 519,125 RSUs Granted 553,200 RSUs Converted to common shares (330,349 ) RSUs Forfeited (110,400 ) DECEMBER 31, 2023 631,576 |
Disclosure of detailed information about number of deferred share units [Table Text Block] | Number of shares DECEMBER 31, 2021 167,000 DSUs Granted 138,400 DECEMBER 31, 2022 305,400 DSUs Granted 167,200 DECEMBER 31 , 2023 472,600 |
KEY MANAGEMENT COMPENSATION (Ta
KEY MANAGEMENT COMPENSATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Key Management Compensation [Abstract] | |
Disclosure of detailed information about management compensation [Table Text Block] | For the year ended December 31, 2023 2022 $ $ Salaries and director fees 1,712,067 2,284,846 Share-based payments 1,417,844 2,309,506 KEY MANAGEMENT COMPENSATION 3,129,911 4,594,352 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Cash Flow Information [Abstract] | |
Disclosure of detailed information about non-cash working capital items [Table Text Block] | For the year ended December 31, 2023 2022 $ $ Change in other assets (10,342 ) (69,873 ) Change in accrued interest 303,551 (294,816 ) Change in accounts payable and accrued liabilities related to operations (185,439 ) 326,425 CHANGE IN NON-CASH WORKING CAPITAL ITEMS 107,770 (38,264 ) |
INCOME TAXES (Tables)
INCOME TAXES (Tables) | 12 Months Ended |
Dec. 31, 2023 | |
Income taxes paid (refund) [abstract] | |
Disclosure of detailed information about effective income tax recovery [Table Text Block] | For the year ended December 31, 2023 2022 Statutory tax rate 27.00% 27.00% Loss before taxes 3,338,299 4,994,178 Income tax recovery calculated at statutory rate 901,341 1,348,428 Non-deductible expenditures (297,619 ) (422,495 ) Flow-through premium - 205,072 Amounts expensed for tax purposes only 226,277 218,046 Unrecognized tax benefit (829,999 ) (1,349,051 ) INCOME TAX - - |
Disclosure of temporary difference, unused tax losses and unused tax credits [Table Text Block] | As at December 31, 2023 2022 $ $ Deferred tax assets: Operating losses carried forward 9,138,945 8,181,149 Share issuance costs 341,552 485,410 Other items 413,924 413,924 DEFERRED TAX ASSET 9,894,421 9,080,483 Deferred tax liabilities Mineral property interests 6,266,778 3,351,389 Marketable securities 86,721 2,913 DEFERRED TAX LIABILITY 6,353,499 3,354,302 UNRECOGNIZED DEFERRED INCOME TAX ASSET 3,540,922 5,726,181 |
SHORT-TERM INVESTMENTS (Narrati
SHORT-TERM INVESTMENTS (Narrative) (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Short-term investments [Line Items] | ||
Accrued interest | $ 64,904 | $ 368,455 |
Guaranteed investment certificates [Member] | ||
Short-term investments [Line Items] | ||
Short-term investments | $ 5,000,000 | $ 21,000,000 |
MARKETABLE SECURITIES (Narrativ
MARKETABLE SECURITIES (Narrative) (Details) - CAD ($) | Dec. 31, 2023 | Dec. 31, 2022 |
Disclosure of transactions between related parties [line items] | ||
Financial assets, at fair value | $ 1,030,880 | $ 410,080 |
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 | $ 1,025,000 | 400,000 |
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 | $ 5,880 | $ 10,080 |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) - Casino Project [Member] | Dec. 31, 2023 |
Disclosure of detailed information about property, plant and equipment [line items] | |
Exploration and evaluation asset, ownership percentage | 100% |
Net smelter returns royalty | 2.75% |
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, 2023 | Dec. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Exploration and evaluation assets, beginning of period | $ 89,161,878 | $ 66,348,061 |
Claims maintenance | 25,010 | 26,038 |
Engineering | 390,903 | 3,619,508 |
Exploration and camp support | 7,252,245 | 8,698,630 |
Permitting | 11,033,794 | 8,176,200 |
Salary and wages | 1,726,836 | 1,304,283 |
Share-based payments | 645,532 | 989,158 |
Exploration and evaluation assets, end of period | $ 110,236,198 | $ 89,161,878 |
SHARE CAPITAL (Narrative) (Deta
SHARE CAPITAL (Narrative) (Details) - CAD ($) | 12 Months Ended | ||||
Dec. 12, 2023 | May 01, 2023 | Apr. 14, 2023 | Dec. 31, 2023 | Dec. 31, 2022 | |
Disclosure of reserves within equity [line items] | |||||
Proceeds from issuing other equity instruments | $ 29,591,624 | $ 0 | |||
Private Placement [Member] | |||||
Disclosure of reserves within equity [line items] | |||||
Number of common shares sold | 3,468,208 | 878,809 | 8,091,390 | ||
Equity issuance, price per share | $ 1.73 | $ 2.63 | $ 2.63 | ||
Proceeds from issuing shares | $ 6,000,000 | $ 2,311,268 | $ 21,280,356 | ||
Equity offering costs | $ 58,121 | $ 247,132 |
WARRANTS - Disclosure of detail
WARRANTS - Disclosure of detailed information about warrants, activity (Details) | Dec. 31, 2023 CAD ($) Share | Dec. 31, 2022 CAD ($) Share |
Warrants And Stock Options [Abstract] | ||
Number of warrants outstanding at beginning of period | Share | 1,500,000 | 1,500,000 |
Weighted average exercise price of warrants outstanding at beginning of period | $ | $ 0.85 | $ 0.85 |
Number of warrants outstanding at end of period | Share | 1,500,000 | 1,500,000 |
Weighted average exercise price of warrants outstanding at end of period | $ | $ 0.85 | $ 0.85 |
WARRANTS - Disclosure of deta_2
WARRANTS - Disclosure of detailed information about warrants outstanding (Details) | Dec. 31, 2023 CAD ($) Share year | Dec. 31, 2022 CAD ($) Share | Dec. 31, 2021 CAD ($) Share |
Warrants And Stock Options [Line Items] | |||
Number of warrants | Share | 1,500,000 | 1,500,000 | 1,500,000 |
Weighted average exercise price | $ 0.85 | $ 0.85 | $ 0.85 |
Average remaining contractual life | year | 1.16 | ||
$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 | 1.16 |
EQUITY INCENTIVE PLANS (Narrati
EQUITY INCENTIVE PLANS (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2023 CAD ($) Share year $ / shares | Dec. 31, 2022 CAD ($) Share $ / shares | |
Equity Incentive Plans [Abstract] | ||
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 | 3,776,354 | |
Stock options recognized in statement of loss and comprehensive loss | $ | $ 348,456 | $ 735,909 |
Stock options exploration and evaluation assets | $ | $ 391,057 | $ 739,042 |
Average fair value of share price | $ / shares | $ 2.31 | $ 2.66 |
Number of share options exercisable in share-based payment arrangement | Share | 6,059,662 | |
Weighted average exercise price of share options exercisable in share-based payment arrangement | $ / shares | $ 1.54 | |
Weighted average remaining contractual life of exercisable share options (years) | year | 1.3 | |
Number of share options granted in share-based payment arrangement | Share | 315,000 | 2,181,000 |
Maximum RSUs authorized | Share | 1,193,390 | |
Expense recognized for RSUs | $ | $ 383,852 | $ 521,154 |
RSU expense capitalized in exploration and evaluation assets | $ | $ 254,475 | 250,116 |
Maximum DSUs authorised | Share | 1,481,911 | |
Expenses recognized for DSUs | $ | $ 351,120 | $ 290,640 |
EQUITY INCENTIVE PLANS - Disclo
EQUITY INCENTIVE PLANS - Disclosure of number and weighted average exercise prices of share options (Details) | 12 Months Ended | |
Dec. 31, 2023 Share $ / shares | Dec. 31, 2022 Share $ / shares | |
Equity Incentive Plans [Abstract] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 8,124,334 | 6,035,000 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ / shares | $ 1.48 | $ 1.28 |
Number of share options granted in share-based payment arrangement | Share | 315,000 | 2,181,000 |
Weighted average exercise price of share options granted in share-based payment arrangement | $ / shares | $ 2.12 | $ 2.03 |
Number of share options exercised in share-based payment arrangement | Share | (1,725,000) | (91,666) |
Weighted average exercise price of share options exercised in share-based payment arrangement | $ / shares | $ 1.17 | $ 1.45 |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 6,714,334 | 8,124,334 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ / shares | $ 1.59 | $ 1.48 |
EQUITY INCENTIVE PLANS - Disc_2
EQUITY INCENTIVE PLANS - Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) | 12 Months Ended | ||
Dec. 31, 2023 Share $ / shares | Dec. 31, 2022 Share $ / shares | Dec. 31, 2021 Share $ / shares | |
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 6,714,334 | 8,124,334 | 6,035,000 |
Weighted average exercise price | $ 1.59 | $ 1.48 | $ 1.28 |
Average remaining contractual life (years) | 1 year 6 months 10 days | ||
Range 1 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,950,000 | ||
Weighted average exercise price | $ 0.89 | ||
Average remaining contractual life (years) | 6 months 10 days | ||
Range 1 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 0.75 | ||
Range 1 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.11 | ||
Range 2 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,958,334 | ||
Weighted average exercise price | $ 1.63 | ||
Average remaining contractual life (years) | 1 year 7 months 6 days | ||
Range 2 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.41 | ||
Range 2 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.66 | ||
Range 3 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,100,000 | ||
Weighted average exercise price | $ 1.94 | ||
Average remaining contractual life (years) | 7 months 6 days | ||
Range 3 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.85 | ||
Range 3 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 1.95 | ||
Range 4 [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Number of stock options | Share | 1,706,000 | ||
Weighted average exercise price | $ 2.12 | ||
Average remaining contractual life (years) | 3 years 2 months 4 days | ||
Range 4 [Member] | Bottom of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 2.1 | ||
Range 4 [Member] | Top of range [Member] | |||
Disclosure of number and weighted average remaining contractual life of outstanding share options [line items] | |||
Exercise price of outstanding share options | $ 2.22 |
EQUITY INCENTIVE PLANS - Disc_3
EQUITY INCENTIVE PLANS - Disclosure of detailed information about share options valuation assumptions (Details) | 12 Months Ended | |
Dec. 31, 2023 CAD ($) year $ / shares | Dec. 31, 2022 CAD ($) year $ / shares | |
Equity Incentive Plans [Abstract] | ||
Exercise price | $ 2.12 | $ 2.03 |
Market price | $ | $ 2.1 | $ 2.03 |
Expected option term (years) | year | 3 | 3 |
Expected stock price volatility | 50.60% | 58.60% |
Average risk-free interest rate | 4.22% | 1.46% |
Expected forfeiture rate | 0% | 0% |
Expected dividend yield | 0% | 0% |
FAIR VALUE PER OPTION GRANTED | $ 0.79 | $ 0.82 |
EQUITY INCENTIVE PLANS - Disc_4
EQUITY INCENTIVE PLANS - Disclosure of outstanding restricted share units (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Incentive Plans [Abstract] | ||
Number of shares issued or issuable on vesting at beginning of period | 519,125 | 239,100 |
RSUs Granted | 553,200 | 359,723 |
RSUs Converted to common shares | (330,349) | (79,698) |
RSUs Forfeited | (110,400) | |
Number of shares issued or issuable on vesting at end of period | 631,576 | 519,125 |
EQUITY INCENTIVE PLANS - Disc_5
EQUITY INCENTIVE PLANS - Disclosure of outstanding deferred share units (Details) - shares | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Equity Incentive Plans [Abstract] | ||
Number of shares issuable at beginning of period | 305,400 | 167,000 |
DSUs Granted | 167,200 | 138,400 |
Number of shares issuable at end of period | 472,600 | 305,400 |
KEY MANAGEMENT COMPENSATION - D
KEY MANAGEMENT COMPENSATION - Disclosure of detailed information about management compensation (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Key Management Compensation [Abstract] | ||
Salaries and director fees | $ 1,712,067 | $ 2,284,846 |
Share-based payments | 1,417,844 | 2,309,506 |
KEY MANAGEMENT COMPENSATION | $ 3,129,911 | $ 4,594,352 |
DEPOSITS (Narrative) (Details)
DEPOSITS (Narrative) (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Deposits [Abstract] | ||
Surety bonding arrangement | $ 786,777 | |
Surety bonding arrangement, collateralized amount | ||
Fees associated with surety bonding arrangement | $ 15,736 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION - Disclosure of detailed information about non-cash working capital items (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Cash Flow Information [Abstract] | ||
Change in other assets | $ (10,342) | $ 69,873 |
Change in accrued interest | 303,551 | (294,816) |
Change in accounts payable and accrued liabilities related to operations | (185,439) | 326,425 |
CHANGE IN NON-CASH WORKING CAPITAL ITEMS | $ 107,770 | $ (38,264) |
INCOME TAXES (Narrative) (Detai
INCOME TAXES (Narrative) (Details) - CAD ($) $ in Millions | Dec. 31, 2023 | Dec. 31, 2022 |
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 | $ 33.8 | $ 30.3 |
INCOME TAXES - Disclosure of de
INCOME TAXES - Disclosure of detailed information about effective income tax recovery (Details) - CAD ($) | 12 Months Ended | |
Dec. 31, 2023 | Dec. 31, 2022 | |
Income taxes paid (refund) [abstract] | ||
Statutory tax rate | 27% | 27% |
Loss before taxes | $ 3,338,299 | $ 4,994,178 |
Income tax recovery calculated at statutory rate | 901,341 | 1,348,428 |
Non-deductible expenditures | (297,619) | (422,495) |
Flow-through premium | 0 | 205,072 |
Amounts expensed for tax purposes only | 226,277 | 218,046 |
Unrecognized tax benefit | (829,999) | (1,349,051) |
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, 2023 | Dec. 31, 2022 |
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | $ 9,894,421 | $ 9,080,483 |
Deferred tax liabilities | 6,353,499 | 3,354,302 |
UNRECOGNIZED DEFERRED INCOME TAX ASSET | 3,540,922 | 5,726,181 |
Operating losses carried forward [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | 9,138,945 | 8,181,149 |
Share issuance costs [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | 341,552 | 485,410 |
Other items [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax assets | 413,924 | 413,924 |
Mineral property interests [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax liabilities | 6,266,778 | 3,351,389 |
Marketable securities [Member] | ||
Disclosure Of Deferred Income Tax Line Items | ||
Deferred tax liabilities | $ 86,721 | $ 2,913 |
SUBSEQUENT EVENT (Narrative) (D
SUBSEQUENT EVENT (Narrative) (Details) - CAD ($) | 1 Months Ended | |
Mar. 01, 2024 | Mar. 25, 2024 | |
Private placement with new appointed Chief Executive Officer Sandeep Singh [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of common shares sold | 2,222,222 | |
Equity issuance, price per share | $ 1.35 | |
Proceeds from issuing shares | $ 3,000,000 | |
Private placement with Rio Tinto [Member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Number of common shares sold | 239,528 | |
Equity issuance, price per share | $ 1.35 | |
Proceeds from issuing shares | $ 323,363 |