Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2022 | Jul. 27, 2022 | |
Document Information [Line Items] | ||
Registrant Name | THUNDER MOUNTAIN GOLD, INC. | |
Registrant CIK | 0000711034 | |
Fiscal Year End | --12-31 | |
SEC Form | 10-Q | |
Period End date | Jun. 30, 2022 | |
Document Quarterly Report | true | |
Tax Identification Number (TIN) | 91-1031015 | |
Number of common stock shares outstanding | 60,855,579 | |
Filer Category | Non-accelerated Filer | |
Current with reporting | Yes | |
Interactive Data Current | Yes | |
Shell Company | false | |
Small Business | true | |
Emerging Growth Company | false | |
Document Transition Report | false | |
Entity File Number | 001-08429 | |
Entity Incorporation, State or Country Code | NV | |
Entity Address, Address Line One | 11770 W President Dr. STE F | |
Entity Address, City or Town | Boise | |
Entity Address, State or Province | ID | |
Entity Address, Postal Zip Code | 83713-8986 | |
City Area Code | 208 | |
Local Phone Number | 658-1037 | |
Amendment Flag | false | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q2 | |
Exchangeotcqb [Member] | ||
Document Information [Line Items] | ||
Trading Symbol | THMG | |
Trading Exchange | NONE | |
Title of 12(g) Security | Common Stock, $0.001 par value | |
ExchangeTSXV | ||
Document Information [Line Items] | ||
Trading Symbol | THM | |
Trading Exchange | NONE | |
Title of 12(g) Security | Common Stock, $0.001 par value |
Consolidated Balance Sheets (Un
Consolidated Balance Sheets (Unaudited) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 886,167 | $ 1,156,622 |
Prepaid expenses, deposits and other assets | 59,879 | 18,390 |
Total current assets | 946,046 | 1,175,012 |
Property and Equipment: | ||
Land | 280,333 | 280,333 |
Equipment, net of accumulated depreciation of $181,390 and $180,500, respectively | 1,215 | 2,105 |
Total property and equipment | 281,548 | 282,438 |
Investment in BeMetals, at fair value | 899,696 | 1,520,684 |
Total assets | 2,127,290 | 2,978,134 |
Current liabilities: | ||
Accounts payable and other accrued liabilities | 51,423 | 11,495 |
Accrued related party liability | 156,685 | 166,685 |
Accrued interest payable to related parties | 67,698 | 80,177 |
Advance from BeMetals | 12,862 | 36,187 |
Deferred officer compensation | 1,041,500 | 1,041,500 |
Related parties notes payable | 28,768 | 66,768 |
Total current liabilities | 1,358,936 | 1,402,812 |
Accrued reclamation costs | 65,000 | 65,000 |
Total liabilities | 1,423,936 | 1,467,812 |
Commitments And Contingencies | ||
Stockholders' equity: | ||
Preferred stock; $0.0001 par value, 5,000,000 shares authorized; no shares issued or outstanding | 0 | 0 |
Common stock; $0.001 par value; 200,000,000 shares authorized, 60,855,579 shares issued and outstanding | 60,856 | 60,856 |
Additional paid-in capital | 6,564,947 | 6,406,606 |
Less: 11,700 shares of treasury stock, at cost | (24,200) | (24,200) |
Accumulated deficit | (6,071,951) | (5,106,642) |
Total Thunder Mountain Gold, Inc stockholders' equity | 529,652 | 1,336,620 |
Noncontrolling interest in Owyhee Gold Trust | 173,702 | 173,702 |
Total stockholders' equity | 703,354 | 1,510,322 |
Total liabilities and stockholders' equity | $ 2,127,290 | $ 2,978,134 |
Consolidated Balance Sheets (_2
Consolidated Balance Sheets (Unaudited) (Parentheticals) | Jun. 30, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares |
Statement of Financial Position [Abstract] | ||
Accumulated Depreciation | $ | $ 181,390 | $ 180,500 |
Preferred Stock, Par or Stated Value Per Share | (per share) | $ 0.0001 | $ 0.0001 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 |
Preferred Stock, Shares Issued | 0 | 0 |
Preferred Stock, Shares Outstanding | 0 | 0 |
Common Stock, Par or Stated Value Per Share | (per share) | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 |
Common Stock, Shares Issued | 60,855,579 | 60,855,579 |
Common Stock, Shares Outstanding | 60,855,579 | 60,855,579 |
Treasury Stock, Shares | 11,700 | 11,700 |
Consolidated Statements of Oper
Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | |
Revenues: | ||||
Gain on mineral interest | $ 0 | $ 0 | $ 0 | $ 250,000 |
Management service income | 75,000 | 75,000 | 150,000 | 150,000 |
Total revenues | 75,000 | 75,000 | 150,000 | 400,000 |
Operating expenses: | ||||
Exploration | 1,073 | 2,690 | 2,238 | 7,700 |
Legal and accounting | 14,545 | 32,697 | 85,092 | 54,507 |
Management and administrative | 130,707 | 112,171 | 406,199 | 224,353 |
Depreciation | 331 | 618 | 890 | 1,614 |
Total operating expenses | 146,656 | 148,176 | 494,419 | 288,174 |
Net operating income (loss) | (71,656) | (73,176) | (344,419) | 111,826 |
Other income (expense): | ||||
Unrealized gain (loss) on investment | (381,924) | 163,507 | (620,988) | (71,011) |
Gain on sale of investment | 0 | 92,685 | 0 | 92,685 |
Other income | 0 | 8,526 | 98 | 8,820 |
Total other income (expense) | (381,924) | 264,718 | (620,890) | 30,494 |
Net income (loss) | (453,580) | 191,542 | (965,309) | 142,320 |
Net Income (loss) - noncontrolling interest in Owyhee Gold Trust | 0 | 0 | 0 | 0 |
Net income (loss) - Thunder Mountain Gold, Inc. | $ (453,580) | $ 191,542 | $ (965,309) | $ 142,320 |
Net (loss) per common share-basic | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
Net (loss) per common share-diluted | $ (0.01) | $ 0 | $ (0.02) | $ 0 |
Weighted average common shares outstanding-basic | 60,855,579 | 60,145,579 | 60,855,579 | 60,145,579 |
Weighted average common shares outstanding-diluted | 60,855,579 | 62,233,399 | 60,855,579 | 62,472,624 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows (Unaudited) - USD ($) | 6 Months Ended | |
Jun. 30, 2022 | Jun. 30, 2021 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (965,309) | $ 142,320 |
Adjustments to reconcile net income to net cash used by operating activities: | ||
Depreciation | 890 | 1,614 |
Stock based compensation | 158,341 | 0 |
Gain on mineral interest | 0 | (250,000) |
Unrealized (gain) loss on investment | 620,988 | 71,011 |
Gain on sale of investment | 0 | (92,685) |
Change in: | ||
Prepaid expenses and other assets | (41,489) | (27,939) |
Accounts payable and other accrued liabilities | 29,928 | 15,876 |
Accrued interest payable to related parties | (12,479) | (192) |
Advance from BeMetals | (23,325) | 36,491 |
Net cash used by operating activities | (232,455) | (103,504) |
Cash flows from investing activities: | ||
Proceeds from sale of investment | 0 | 649,557 |
Proceeds from mineral interest | 0 | 250,000 |
Net cash provided by investing activities | 0 | 899,557 |
Cash flows from financing activities: | ||
Payments on related parties notes payable | (38,000) | (39,808) |
Net cash (used) by financing activities | (38,000) | (39,808) |
Net increase (decrease) in cash and cash equivalents | (270,455) | 756,245 |
Cash and cash equivalents, beginning of period | 1,156,622 | 274,155 |
Cash and cash equivalents, end of period | $ 886,167 | $ 1,030,400 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) | Common Stock [Member] | Additional Paid-In Capital [Member] | Treasury Stock [Member] | Accumulated Deficit [Member] | Non-Controlling Interest in OGT [Member] | Total |
Equity Balance at Dec. 31, 2020 | $ 60,146 | $ 6,336,316 | $ (24,200) | $ (4,534,846) | $ 173,702 | $ 2,011,118 |
Equity Balance (Shares) at Dec. 31, 2020 | 60,145,579 | |||||
Net income (loss) | 142,320 | 142,320 | ||||
Equity Balance at Jun. 30, 2021 | $ 60,146 | 6,336,316 | (24,200) | (4,392,526) | 173,702 | 2,153,438 |
Equity Balance (Shares) at Jun. 30, 2021 | 60,145,579 | |||||
Equity Balance at Mar. 31, 2021 | $ 60,146 | 6,336,316 | (24,200) | (4,584,069) | 173,702 | 1,961,895 |
Equity Balance (Shares) at Mar. 31, 2021 | 60,145,579 | |||||
Net income (loss) | 191,542 | 191,542 | ||||
Equity Balance at Jun. 30, 2021 | $ 60,146 | 6,336,316 | (24,200) | (4,392,526) | 173,702 | 2,153,438 |
Equity Balance (Shares) at Jun. 30, 2021 | 60,145,579 | |||||
Equity Balance at Dec. 31, 2021 | $ 60,856 | 6,406,606 | (24,200) | (5,106,642) | 173,702 | 1,510,322 |
Equity Balance (Shares) at Dec. 31, 2021 | 60,855,579 | |||||
Stock based compensation | 158,341 | 158,341 | ||||
Net income (loss) | (965,309) | (965,309) | ||||
Equity Balance at Jun. 30, 2022 | $ 60,856 | 6,564,947 | (24,200) | (6,071,951) | 173,702 | 703,354 |
Equity Balance (Shares) at Jun. 30, 2022 | 60,855,579 | |||||
Equity Balance at Mar. 31, 2022 | $ 60,856 | 6,564,947 | (24,200) | (5,618,371) | 173,702 | 1,156,934 |
Equity Balance (Shares) at Mar. 31, 2022 | 60,855,579 | |||||
Net income (loss) | (453,580) | (453,580) | ||||
Equity Balance at Jun. 30, 2022 | $ 60,856 | $ 6,564,947 | $ (24,200) | $ (6,071,951) | $ 173,702 | $ 703,354 |
Equity Balance (Shares) at Jun. 30, 2022 | 60,855,579 |
Summary of Significant Accounti
Summary of Significant Accounting Policies and Business Operations | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Summary of Significant Accounting Policies and Business Operations [Text Block] | 1. Summary of Significant Accounting Policies and Business Operations Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. On February 27, 2019, the Company entered into an Option Agreement, (the "BeMetals Option Agreement") with BeMetals Corporation. Under the terms of the BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the issued and outstanding shares of South Mountain Mines, Inc. ("SMMI") from Thunder Mountain Resources, Inc. ("TMRI"), both wholly owned subsidiaries of the Company. The original term of the agreement was for two years, but was extended on May 18, 2020 by three months. On September 14, 2021, the BeMetals Option Agreement was amended, extending the option period to December 31, 2022, due to the COVID-19 pandemic, and business conditions surrounding restricted international travel, and corresponding access to capital markets. During this term, BeMetals is required to conduct a preliminary economic assessment ("PEA"), completed by a mutually agreed third-party engineering firm. Over its term, this agreement requires issuance of 10,000,000 million shares of BMET stock to the Company by BeMetals, and cash payments to the Company of $1,350,000: $1,100,000 in cash and $250,000 in exchange for shares of the Company's common stock. In the event that BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. See Note 3 for further information. Basis of Presentation and Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has historically incurred losses, however, under the BeMetals Option Agreement (Note 3), the Company now has a recurring source of revenue, and its ability to continue as a going concern is no longer dependent on equity capital raises and borrowings. However, if necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements. The Company's plans for the long-term continuation as a going concern include operating on the cash flows and consideration payments provided under the BeMetals Option Agreement. COVID-19 In March 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention. Its rapid spread around the world and throughout the United States prompted many countries, including the United States, to institute restrictions on travel, public gatherings and certain business operations. These restrictions disrupted economic activity in Thunder Mountain Gold's business related to raising capital. As of June 30, 2022, the disruption did not materially impact the Company' financial statements. However, if the severity of the economic disruptions increase as the duration of the COVID-19 pandemic continues, the negative financial impact could be significantly greater in future periods. The effects of the continued outbreak of COVID-19 and related government responses could also include extended disruptions to supply chains and capital markets, reduced labor availability and a prolonged reduction in economic activity. These effects could have a variety of adverse impacts to the Company. As of June 30, 2022, there were no material adverse impacts to the Company' operations due to COVID-19. In addition, the economic disruptions caused by COVID-19 could also adversely impact the impairment risks for certain long-lived assets and other investments. Thunder Mountain Gold evaluated these impairment considerations and determined that no such impairments had occurred as of June 30, 2022. The effects of the continued outbreak of COVID-19 and related government responses could have disruptions to the "BeMetals Option Agreement". In the event, if BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. The COVID-19 outbreak could have a variety of adverse impacts to the Company, including their ability to continue operations of their exploration under the BeMetals Options Agreement. As of June 30, 2022, there were no material adverse impacts to the Company's BeMetals Options Agreement due to COVID-19. Principles of Consolidation The consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's consolidated financial statements reflect the other investor's 25% non-controlling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. Revenue Recognition Management service revenue is recognized when the Company has satisfied its performance obligation required under its management contract with BeMetals. Such obligation is satisfied over time as work is performed and the Company has a contractual right to payment. Income Taxes The Company recognizes deferred income tax liabilities or assets at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized. Cash and Cash Equivalents For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At June 30, 2022, the Company has one financial asset, investment in equity security, that is adjusted to fair value on a recurring basis for which the fair value is determined based on Level 1 inputs as the equity security is traded on a stock exchange. The Company has no financial liabilities that are adjusted to fair value on a recurring basis. Financial Instruments The Company's financial instruments include cash and cash equivalents, investment in BeMetal's equity security and related party notes payable, the carrying value of which approximates fair value based on the nature of those instruments. Investments The Company determines the appropriate classification of investments at the time of acquisition and re-evaluates such determinations at each reporting date. Equity securities that have a readily determined fair value are carried at fair value determined using Level 1 fair value measurement inputs with the change in fair value recognized as unrealized gain (loss) in the consolidated statement of operations each reporting period. Gains and losses on the sale of securities are recognized on a specific identification basis. Mineral Interests The Company capitalizes costs for acquiring mineral interests, and expenses costs to maintain mineral rights and leases as incurred. Exploration costs are expensed in the period in which they occur. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. If a mineral interest is abandoned or sold, its capitalized costs are charged to operations. Consideration received by the Company pursuant to joint ventures or purchase option agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received. Investments in Joint Ventures For companies and joint ventures where the Company holds more than 50% of the voting interests, but less than 100%, and has significant influence, the company or joint venture is consolidated, and other investor interests are presented as noncontrolling. See Note 3 regarding the Company's investment in Owyhee Gold Trust. Joint ventures in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting. Reclamation and Remediation The Company's operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company would record the fair value of an asset retirement obligation as a liability in the period in which the Company incurred a legal obligation for the retirement of tangible long-lived assets. A corresponding asset would also be recorded and depreciated over the life of the asset. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred, and they are reasonably estimable. Such costs are based on management's estimate of amounts expected to be incurred when the remediation work is performed. At June 30, 2022 and December 31, 2021, the Company had accrued $65,000 on its consolidated balance sheets relating to estimated mine closure and reclamation costs on its South Mountain Mines property. Share-Based Compensation Share-based payments to employees and directors, including grants of employee stock options, are measured at fair value and expensed in the consolidated statements of operations over the vesting period. Recent Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The update is to address issues identified because of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. The adoption of this standard did not impact the Company's consolidated financial statements. In November 2021, the FASB issues ASU 2021-10, Government Assistance (Topic 932), Disclosures by Business Entities About Government Assistance Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding. We do not include the impact of any potentially dilutive common stock equivalents in our basic earnings (loss) per share calculations. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the six months ended June 30, 2022 of 4,775,000 were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive due to the net loss for the period. Outstanding common stock equivalents consisting of 5,705,000 outstanding stock options for the three-month and six month periods ended June 30, 2021 were included in the calculating diluted weighted average shares outstanding. |
Mineral Interest Commitments
Mineral Interest Commitments | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Mineral Interest Commitments [Text Block] | 2. Mineral Interest Commitments The Company has two lease arrangements with landowners that own land parcels adjacent to the Company's South Mountain patented and unpatented mining claims. The leases were originally for a seven-year period, with annual payments of $20 per acre. The leases were renewed for an additional 10 years at $30 per acre paid annually; committed payments as of June 30, 2022, are listed in the table below. The leases have no work requirements. Annual Acree Lease (June) $ 3,390 Lowry Lease (October) 11,280 Total $ 14,670 The Company has 26 unpatented claims (533 acres) in the Trout Creek area and 21 unpatented claims in the South Mountain area. The claim fees are paid on these unpatented claims annually as follows: Target Area 2021 Trout Creek -State of Nevada $ 4,290 Trout Creek -Lander County, Nevada 324 South Mountain-State of Idaho 3,465 Total $ 8,079 |
South Mountain Project
South Mountain Project | 6 Months Ended |
Jun. 30, 2022 | |
Equity Method Investments [Abstract] | |
South Mountain Project [Text Block] | 3. South Mountain Project BeMetals Option Agreement: On February 27, 2019, the Company entered into an Option Agreement, (the "BeMetals Option Agreement") with BeMetals Corp., a British Columbia corporation ("BeMetals"), and BeMetals USA Corp., a Delaware corporation ("BMET USA"), a wholly owned subsidiary of BeMetals. Under the terms of the BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the issued and outstanding shares of SMMI from TMRI, both wholly owned subsidiaries of the Company. SMMI is the Company's subsidiary that holds the Company's investment in the South Mountain project mineral interest. The original term of the agreement is for two years with BeMetals completing a PEA completed by a mutually agreed third-party engineering firm. On May 18, 2020, the Company extended the BMET Option Agreement by three months from the existing BeMetals Option Agreement date, due to the COVID-19 pandemic, and business conditions surrounding restricted international travel, and corresponding access to capital markets. On September 14, 2021, the BeMetals Option Agreement was amended, effecting Tranche 6 with the addition of Tranches 7 and 8. The option period has been extended to December 31, 2022, unless agreed to be further extended by all parties. Pursuant to the amended BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the outstanding shares of SMMI from TMRI if the following obligations are satisfied: Tranche 1: cash payment of $100,000 to TMRI within 1 business day of delivery of voting support agreements from shareholders of THMG who hold or control shares carrying more than 50% of the voting rights attached to all outstanding THMG Shares. Payment was received on March 5, 2019 and is nonrefundable. Tranche 2: Tranche 2 conditions were completed on June 10, 2019, with the issuance of 10 million common shares of BMET USA to TMRI having a fair value of $1,883,875; and BMET USA's purchase of 2.5 million shares of THMG common stock at a price of $0.10 per share, for an aggregate purchase price of $250,000, on a private placement basis (received June 2019). Tranche 3: Cash payment of $250,000 on or before the 6-month anniversary of the Tranche 2. Payment was received on December 10, 2019. Tranche 4: Cash payment of $250,000 on or before the 15-month anniversary of the Tranche 2, was received on September 10, 2020, and was recognized as a gain on sale of mineral interest during the year ended December 31, 2020. Tranche 5: Cash payment of $250,000 on or before the 21-month anniversary of the Tranche 2, was received on March 5, 2021, and recognized as a gain on sale of mineral interest for the period ended March 31, 2021. Tranche 6: Cash payment of $250,000 on or before September 30, 2021, which was received on September 10, 2021, and fulfilled the cash option payment requirement per the original agreement. Tranche 7: Commencing from September 14, 2021, BeMetals shall fund and complete a surface drilling exploration program with a minimum of 7,000 feet. Including but not limited to corresponding sampling and analysis. Tranche 8: Upon BeMetal's intention to exercise their option, and completion of Tranches 1 through 7. An additional payment of an amount equal to the lesser of 50% of the market capitalization of BeMetals at the time, and the greater of either $10 million; or 20% of the net present value of the South Mountain Project as calculated in the PEA, and discounted at 8%. Less the sum of: US$850,000 being the total cash payments made by BMET USA. The Tranche 2 Shares Value $1,883,875. The aggregate value of the South Mountain Project Liabilities, excluding reclamation and environmental liabilities. BeMetals Management Service Income Concurrent with the BeMetals Option Agreement, BMET USA and SMMI entered a management contract whereby BeMetals will pay $25,000 monthly to SMMI for management services to enable BMET to perform exploration and development work with respect to the South Mountain Project. Management service income of $ 150,000 was recognized for the six months ended June 30, 2022, and 2021, respectively. Advance from BeMetals BeMetals provides funding to SMMI for ongoing project expenses, including office lease payments. Under the terms of the Option Agreement, SMMI's management provides BeMetals a request for funds monthly to cover the upcoming month's expenses. At June 30, 2022 and December 31, 2021, advances received from BeMetals that have not yet been spent totaled $12,862 and $36,187, respectively. SMMI Joint Venture - OGT, LLC The Company's wholly owned subsidiary SMMI is the sole manager of the South Mountain Project in its entirety through a separate Mining Lease with Option to Purchase ("Lease Option") with the Company's majority-owned subsidiary OGT. The Lease Option includes a capped $5 million less net returns royalties paid through the date of exercise. The Lease Option expires in November 2026. If SMMI exercises the option, the option payment of $5 million less advance royalties will be distributed 100% by OGT to OGT's minority member. Under the Lease Option, SMMI pays an advance $5,000 net returns royalty to OGT annually on November 4 which is distributed to OGT's minority member. |
Investment in BeMetals Corp
Investment in BeMetals Corp | 6 Months Ended |
Jun. 30, 2022 | |
Investments, Debt and Equity Securities [Abstract] | |
Investment in BeMetals Corp. [Text Block] | 4. Investment in BeMetals Corp. In June 2019 in connection with the BeMetals Option Agreement (see Note 3), the Company received 10,000,000 shares of BeMetals Corp. common stock that had a fair value of $1,883,875. On May 4, 2021, the Company sold 2,000,000 shares held in BeMetals Corp. for US $649,557 ($CAD 800,000). The shares of common stock were sold through Canaccord Genuity at a price of US $0.325 ($CAD 0.40). A foreign exchange gain of $9,147 was recognized on the sale as the funds were not transferred to the company until May 17, 2021. This gain is included in other income on the consolidated statement of operations. This sale met the requirements under the terms of the BeMetals Option Agreement. The fair value of the Company's shares in BeMetals is $899,696 at June 30, 2022, compared to the fair value of the investment of $1,520,684 at December 31, 2021. For the three and six months ended June 30, 2022, the Company had an unrealized loss of $381,924 and $620,988, respectfully. |
Property and Equipment
Property and Equipment | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment [Text Block] | 5. The Company's property and equipment are as follows: June 31 December 31, 2022 2021 Vehicles $ 22,441 22,441 Buildings 65,071 65,071 Construction Equipment 36,447 36,447 Mining Equipment 58,646 58,646 182,605 182,605 Accumulated Depreciation (181,390 ) (180,500 ) 1,215 2,105 Land 280,333 280,333 Total Property and Equipment $ 281,548 282,438 |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2022 | |
Related Party Transactions [Abstract] | |
Related Parties [Text Block] | 6. Board of Directors Compensation On March 16, 2022, the Company's Compensation Committee recommended that the Company's Board of Directors receive nominal compensation for their service. The Company's Board of Directors passed the resolution for Board members compensation total amount of compensation paid to the Board of Directors was $13,650. Notes Payable On June 30, 2022, the Company had a note payable balance of $28,768 due to Eric Jones. Mr. Jones is the Company's President and Chief Executive Officer. Mr. Jones received $38,000 in payments during the quarter ended June 30, 2022. The note, as amended, stopped accruing monthly interest on January 1, 2021. Mr. Jones had accrued interest payable at June 30, 2022 and December 31, 2021 of $47,698. James Collord, the Company's Vice President and Chief Operating Officer was paid $40,000, paying off the principal of the note payable balance of $39,808 as well as $192 of accrued interest during the six months ended June 30, 2021. On May 16, 2022 Mr. Collord received a payment of accrued interest of $12,479, and had accrued interest payable at June 30, 2022 and December 31, 2021 of $20,000 and $32,479, respectfully. Deferred Officer Compensation Three of the Company's officers began deferring compensation for services on April 1, 2015. On July 31, 2018, the Company stopped expensing and deferring compensation for the three Company officers in the interest of marketing the SMMI project. As part of the BeMetals agreement (Note 3), the Company resumed compensation for these officers on May 15, 2019. The officers deferred compensation balances at June 30, 2022 and December 31, 2021 represent the balances deferred prior to the BeMetals agreement and are as follows: Eric Jones, President and Chief Executive Officer - $420,000; Jim Collord, Vice President and Chief Operating Officer - $420,000; and Larry Thackery, Chief Financial Officer - $201,500. Accrued Related Party Liability The Company engaged Baird Hanson LLP ("Baird"), at the time a company owned by one of the Company's former directors, to provide legal services. The Company's director Joseph Baird retired from the Board of Directors of Thunder Mountain Gold, Inc., and from all other positions or offices with the Company effective April 11, 2022. Baird received $10,000 in payments during the quarter ended June 30, 2022. At June 30, 2022 and December 31, 2021, the balance due to Baird for prior years' legal services was $156,685 and $166,685, respectfully. On May 10, 2022, the Company agreed to facilitate the sale of 1,000,000 shares of the Company's common stock held by Joseph Baird, one of the Company's former directors and a shareholder. In anticipation of the sale, the Company received $10,000 for the sale of shares that had not yet transferred to the purchasers. The Company held funds in prepaid expense, deposits and other assets with a corresponding liability due to Mr. Baird of $10,000 classified in accounts payable and other accrued liabilities on its consolidated balance sheet at June 30, 2022. |
Stockholders' Equity
Stockholders' Equity | 6 Months Ended |
Jun. 30, 2022 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity [Text Block] | 7. Stockholders' Equity The Company's common stock has a par value of $0.001 with 200,000,000 shares authorized. The Company also has 5,000,000 authorized shares of preferred stock with a par value of $0.0001. |
Stock Options
Stock Options | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Stock Options [Text Block] | 8. Stock Options The Company has a Stock Incentive Plan (the "SIP") that provides for the grant of stock options, incentive stock options, stock appreciation rights, restricted stock awards, and incentive awards to eligible individuals including directors, executive officers and advisors that have furnished bona fide services to the Company not related to the sale of securities in a capital-raising transaction. On March 21, 2022, the Company granted 1,820,000 stock options to officers and The total amount of compensation cost recognized for share-based payment awards to nonemployees was $13,920. The Company has elected to recognize the effect of forfeitures in compensation cost when they occur. Previously recognized compensation cost for a nonemployee share-based payment award shall be reversed in the period that the award is forfeited. The options are exercisable on or before March 21, 2027 and have an exercise price of $0.09. The fair value of each option award was estimated on the date of the grant using the assumptions noted in the following table: March 21, 2022 Stock price $0.088 Exercise price $0.09 Expected volatility 188.9% Expected dividends - Expected terms (in years) 5.0 Risk-free rate 2.39% During the six months ended June 30, 2022 400,000 options expired. The following is a summary of the Company's options issued and outstanding under the SIP: Shares Weighted Outstanding and exercisable at December 31, 2020 5,705,000 $ 0.10 Exercised (710,000) 0.10 Expired (1,640,000) 0.10 Outstanding and exercisable at December 31, 2021 3,355,000 $ 0.10 Granted 1,820,000 0.09 Expired (400,000) 0.09 Outstanding and exercisable at June 30, 2022 4,775,000 $ 0.093 The average remaining contractual term of the options outstanding and exercisable at June 30, 2022 was 3.22 years. At June 30, 2022, options outstanding and exercisable had no aggregate intrinsic value based on the Company's stock price of $0.08 at June 30, 2022. |
Leases
Leases | 6 Months Ended |
Jun. 30, 2022 | |
Leases [Abstract] | |
Leases [Text Block] | 9. Leases The Company renewed its office operating lease on February 1, 2022 for 12 months, and do not anticipate the lease will be more than 12 months. Since the remaining lease term is one year or less the Company did not recognize a right to use asset and related lease liability on the balance sheet for the lease renewal. For the six months ended June 30, 2022 the Company paid $8,663 in lease payments, which was reimbursed by BeMetals under the terms of the Option Agreement. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events [Text Block] | 10. Subsequent Events On July 12, 2022, the Company's shareholders approved three proposals at their Annual Meeting. The shareholders elected the previous eight directors existing from 2021. The shareholders also ratified and reapproved the Stock Option Plan. The shareholders ratified and reapproved the appointment of Assure CPA, LLC as independent auditors. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies and Business Operations (Policies) | 6 Months Ended |
Jun. 30, 2022 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Business Operations [Policy Text Block] | Business Operations Thunder Mountain Gold, Inc. ("Thunder Mountain", "THMG", or "the Company") was originally incorporated under the laws of the State of Idaho on November 9, 1935, under the name of Montgomery Mines, Inc. In April 1978, the Montgomery Mines Corporation was obtained by a group of the Thunder Mountain property holders and changed its name to Thunder Mountain Gold, Inc., with the primary goal to further develop their holdings in the Thunder Mountain Mining District, located in Valley County, Idaho. Thunder Mountain Gold, Inc. takes its name from the Thunder Mountain Mining District, where its principal lode mining claims were located. For several years, the Company's activities were restricted to maintaining its property position and exploration activities. During 2005, the Company sold its holdings in the Thunder Mountain Mining District. During 2007, the Company acquired the South Mountain Mines property in southwest Idaho and initiated exploration activities on that property, which continue today. On February 27, 2019, the Company entered into an Option Agreement, (the "BeMetals Option Agreement") with BeMetals Corporation. Under the terms of the BeMetals Option Agreement, BMET USA will be entitled to purchase 100% of the issued and outstanding shares of South Mountain Mines, Inc. ("SMMI") from Thunder Mountain Resources, Inc. ("TMRI"), both wholly owned subsidiaries of the Company. The original term of the agreement was for two years, but was extended on May 18, 2020 by three months. On September 14, 2021, the BeMetals Option Agreement was amended, extending the option period to December 31, 2022, due to the COVID-19 pandemic, and business conditions surrounding restricted international travel, and corresponding access to capital markets. During this term, BeMetals is required to conduct a preliminary economic assessment ("PEA"), completed by a mutually agreed third-party engineering firm. Over its term, this agreement requires issuance of 10,000,000 million shares of BMET stock to the Company by BeMetals, and cash payments to the Company of $1,350,000: $1,100,000 in cash and $250,000 in exchange for shares of the Company's common stock. In the event that BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. See Note 3 for further information. |
Basis of Presentation and Going Concern [Policy Text Block] | Basis of Presentation and Going Concern The accompanying consolidated financial statements have been prepared under the assumption that the Company will continue as a going concern. The Company has historically incurred losses, however, under the BeMetals Option Agreement (Note 3), the Company now has a recurring source of revenue, and its ability to continue as a going concern is no longer dependent on equity capital raises and borrowings. However, if necessary, the Company continues to have the ability to raise additional capital in order to fund its future exploration and working capital requirements. The Company's plans for the long-term continuation as a going concern include operating on the cash flows and consideration payments provided under the BeMetals Option Agreement. |
COVID-19 [Policy Text Block] | COVID-19 In March 2020, COVID-19 was declared a pandemic by the World Health Organization and the Centers for Disease Control and Prevention. Its rapid spread around the world and throughout the United States prompted many countries, including the United States, to institute restrictions on travel, public gatherings and certain business operations. These restrictions disrupted economic activity in Thunder Mountain Gold's business related to raising capital. As of June 30, 2022, the disruption did not materially impact the Company' financial statements. However, if the severity of the economic disruptions increase as the duration of the COVID-19 pandemic continues, the negative financial impact could be significantly greater in future periods. The effects of the continued outbreak of COVID-19 and related government responses could also include extended disruptions to supply chains and capital markets, reduced labor availability and a prolonged reduction in economic activity. These effects could have a variety of adverse impacts to the Company. As of June 30, 2022, there were no material adverse impacts to the Company' operations due to COVID-19. In addition, the economic disruptions caused by COVID-19 could also adversely impact the impairment risks for certain long-lived assets and other investments. Thunder Mountain Gold evaluated these impairment considerations and determined that no such impairments had occurred as of June 30, 2022. The effects of the continued outbreak of COVID-19 and related government responses could have disruptions to the "BeMetals Option Agreement". In the event, if BeMetals decides not to proceed with the South Mountain Project, BeMetals will not be obligated to make any additional payments. The COVID-19 outbreak could have a variety of adverse impacts to the Company, including their ability to continue operations of their exploration under the BeMetals Options Agreement. As of June 30, 2022, there were no material adverse impacts to the Company's BeMetals Options Agreement due to COVID-19. |
Principles of Consolidation [Policy Text Block] | Principles of Consolidation The consolidated financial statements include the accounts of the Company; its wholly owned subsidiaries, Thunder Mountain Resources, Inc. ("TMRI") and South Mountain Mines, Inc. ("SMMI"); and a company in which the Company owns 75% and has majority control, Owyhee Gold Trust, LLC ("OGT"). The Company's consolidated financial statements reflect the other investor's 25% non-controlling, capped interest in OGT. Intercompany accounts are eliminated in consolidation. |
Accounting Estimates [Policy Text Block] | Accounting Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions include the carrying value of properties and mineral interests, environmental remediation liabilities, deferred tax assets, and stock-based compensation. Management's estimates and assumptions are based on historical experience and other assumptions believed to be reasonable under the circumstances. Actual results could differ from those estimates. |
Revenue Recognition [Policy Text Block] | Revenue Recognition Management service revenue is recognized when the Company has satisfied its performance obligation required under its management contract with BeMetals. Such obligation is satisfied over time as work is performed and the Company has a contractual right to payment. |
Income Taxes [Policy Text Block] | Income Taxes The Company recognizes deferred income tax liabilities or assets at the end of each period using the tax rate expected to be in effect when the taxes are actually paid or recovered. A valuation allowance is recognized on deferred tax assets when it is more likely than not that some or all of the deferred tax assets will not be realized. |
Cash and Cash Equivalents [Policy Text Block] | Cash and Cash Equivalents For the purposes of the balance sheet and statement of cash flows, the Company considers all highly liquid investments with a maturity of three months or less when purchased to be a cash equivalent. |
Fair Value Measurements [Policy Text Block] | Fair Value Measurements When required to measure assets or liabilities at fair value, the Company uses a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used. The Company determines the level within the fair value hierarchy in which the fair value measurements in their entirety fall. The categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. Level 1 uses quoted prices in active markets for identical assets or liabilities, Level 2 uses significant other observable inputs, and Level 3 uses significant unobservable inputs. The amount of the total gains or losses for the period are included in earnings that are attributable to the change in unrealized gains or losses relating to those assets and liabilities still held at the reporting date. At June 30, 2022, the Company has one financial asset, investment in equity security, that is adjusted to fair value on a recurring basis for which the fair value is determined based on Level 1 inputs as the equity security is traded on a stock exchange. The Company has no financial liabilities that are adjusted to fair value on a recurring basis. |
Financial Instruments [Policy Text Block] | Financial Instruments The Company's financial instruments include cash and cash equivalents, investment in BeMetal's equity security and related party notes payable, the carrying value of which approximates fair value based on the nature of those instruments. |
Investments [Policy Text Block] | Investments The Company determines the appropriate classification of investments at the time of acquisition and re-evaluates such determinations at each reporting date. Equity securities that have a readily determined fair value are carried at fair value determined using Level 1 fair value measurement inputs with the change in fair value recognized as unrealized gain (loss) in the consolidated statement of operations each reporting period. Gains and losses on the sale of securities are recognized on a specific identification basis. |
Mineral Interests [Policy Text Block] | Mineral Interests The Company capitalizes costs for acquiring mineral interests, and expenses costs to maintain mineral rights and leases as incurred. Exploration costs are expensed in the period in which they occur. Should a property reach the production stage, these capitalized costs would be amortized using the units-of-production method based on periodic estimates of ore reserves. Mineral interests are periodically assessed for impairment of value and any subsequent losses are charged to operations at the time of impairment. If a mineral interest is abandoned or sold, its capitalized costs are charged to operations. Consideration received by the Company pursuant to joint ventures or purchase option agreements is applied against the carrying value of the related mineral interest. When and if payments received exceed the carrying value, the excess amount is recognized as a gain in the consolidated statement of operations in the period the consideration is received. |
Investments in Joint Ventures [Policy Text Block] | Investments in Joint Ventures For companies and joint ventures where the Company holds more than 50% of the voting interests, but less than 100%, and has significant influence, the company or joint venture is consolidated, and other investor interests are presented as noncontrolling. See Note 3 regarding the Company's investment in Owyhee Gold Trust. Joint ventures in which the Company has the ability to exercise significant influence, but does not control, are accounted for under the equity method of accounting. |
Reclamation and Remediation [Policy Text Block] | Reclamation and Remediation The Company's operations have been, and are subject to, standards for mine reclamation that have been established by various governmental agencies. The Company would record the fair value of an asset retirement obligation as a liability in the period in which the Company incurred a legal obligation for the retirement of tangible long-lived assets. A corresponding asset would also be recorded and depreciated over the life of the asset. For non-operating properties, the Company accrues costs associated with environmental remediation obligations when it is probable that such costs will be incurred, and they are reasonably estimable. Such costs are based on management's estimate of amounts expected to be incurred when the remediation work is performed. At June 30, 2022 and December 31, 2021, the Company had accrued $65,000 on its consolidated balance sheets relating to estimated mine closure and reclamation costs on its South Mountain Mines property. |
Share-Based Compensation [Policy Text Block] | Share-Based Compensation Share-based payments to employees and directors, including grants of employee stock options, are measured at fair value and expensed in the consolidated statements of operations over the vesting period. |
Recent Accounting Pronouncements [Policy Text Block] | Recent Accounting Pronouncements Accounting Standards Updates Adopted In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2020-06 Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging-Contracts in Entity's Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity's Own Equity. The update is to address issues identified because of the complexity associated with applying generally accepted accounting principles for certain financial instruments with characteristics of liabilities and equity. The update is effective for fiscal years beginning after December 15, 2021, including interim periods within those fiscal years and with early adoption permitted. The adoption of this standard did not impact the Company's consolidated financial statements. In November 2021, the FASB issues ASU 2021-10, Government Assistance (Topic 932), Disclosures by Business Entities About Government Assistance Other accounting standards that have been issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the financial statements upon adoption. |
Net Income (Loss) Per Share [Policy Text Block] | Net Income (Loss) Per Share The Company is required to have dual presentation of basic earnings per share ("EPS") and diluted EPS. The Company calculates basic earnings (loss) per share by dividing net income or loss available to common stockholders by the weighted average number of common shares outstanding. We do not include the impact of any potentially dilutive common stock equivalents in our basic earnings (loss) per share calculations. Diluted earnings per share reflect potentially dilutive common stock equivalents, including options and warrants that could share in our earnings through the conversion to common shares, except where their inclusion would be anti-dilutive. For the six months ended June 30, 2022 of 4,775,000 were excluded from the calculation of diluted earnings per share as their effect would have been anti-dilutive due to the net loss for the period. Outstanding common stock equivalents consisting of 5,705,000 outstanding stock options for the three-month and six month periods ended June 30, 2021 were included in the calculating diluted weighted average shares outstanding. |
Mineral Interest Commitments (T
Mineral Interest Commitments (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of committed payments [Table Text Block] | Annual Acree Lease (June) $ 3,390 Lowry Lease (October) 11,280 Total $ 14,670 |
Schedule of claim fees paid on unpatented claims [Table Text Block] | Target Area 2021 Trout Creek -State of Nevada $ 4,290 Trout Creek -Lander County, Nevada 324 South Mountain-State of Idaho 3,465 Total $ 8,079 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property and equipment [Table Text Block] | June 31 December 31, 2022 2021 Vehicles $ 22,441 22,441 Buildings 65,071 65,071 Construction Equipment 36,447 36,447 Mining Equipment 58,646 58,646 182,605 182,605 Accumulated Depreciation (181,390 ) (180,500 ) 1,215 2,105 Land 280,333 280,333 Total Property and Equipment $ 281,548 282,438 |
Stock Options (Tables)
Stock Options (Tables) | 6 Months Ended |
Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of fair value assumptions [Table Text Block] | March 21, 2022 Stock price $0.088 Exercise price $0.09 Expected volatility 188.9% Expected dividends - Expected terms (in years) 5.0 Risk-free rate 2.39% |
Schedule of options issued and outstanding [Table Text Block] | Shares Weighted Outstanding and exercisable at December 31, 2020 5,705,000 $ 0.10 Exercised (710,000) 0.10 Expired (1,640,000) 0.10 Outstanding and exercisable at December 31, 2021 3,355,000 $ 0.10 Granted 1,820,000 0.09 Expired (400,000) 0.09 Outstanding and exercisable at June 30, 2022 4,775,000 $ 0.093 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies and Business Operations (Narrative) (Details) - USD ($) | 1 Months Ended | 6 Months Ended | 12 Months Ended |
Feb. 27, 2019 | Jun. 30, 2022 | Dec. 31, 2021 | |
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Accrued reclamation costs | $ 65,000 | $ 65,000 | |
Number of stock options excluded in diluted earning per share | 4,775,000 | 5,705,000 | |
Owyhee Gold Trust, LLC [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of ownership interest | 75% | ||
Ownership percentage by noncontrolling owners | 25% | ||
BeMetals Option Agreement [Member] | South Mountain Mines, Inc [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Percentage of ownership interest | 100% | ||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | |||
Organization Consolidation And Presentation Of Financial Statements [Line Items] | |||
Number of shares received | 10,000,000 | ||
Cash and equity proceeds from sale of subsidiary | $ 1,350,000 | ||
Cash received | 1,100,000 | ||
Shares exchanged for common stock | $ 250,000 |
Mineral Interest Commitments (N
Mineral Interest Commitments (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) a | |
Other Commitments [Line Items] | |
Lease contract | 7 years |
Annual committed lease payments per acre per original agreement | $ 20 |
Lease renewal term | 10 years |
Annual committed lease payments per acre | $ 30 |
Trout Creek [Member] | |
Other Commitments [Line Items] | |
Number of unpatented claims | 26 |
Area of land | a | 533 |
South Mountain [Member] | |
Other Commitments [Line Items] | |
Number of unpatented claims | 21 |
Mineral Interest Commitments -
Mineral Interest Commitments - Schedule of other commitments (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Other Commitments [Line Items] | |
Payments to Acquire Mineral Rights | $ 14,670 |
Acree Lease (June) [Member] | |
Other Commitments [Line Items] | |
Payments to Acquire Mineral Rights | 3,390 |
Lowry Lease (October) [Member] | |
Other Commitments [Line Items] | |
Payments to Acquire Mineral Rights | $ 11,280 |
Mineral Interest Commitments _2
Mineral Interest Commitments - Schedule of unpatented claims lease payments (Details) | 6 Months Ended |
Jun. 30, 2022 USD ($) | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | $ 8,079 |
Trout Creek [Member] | State of Nevada [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | 4,290 |
Trout Creek - Lander County [Member] | State of Nevada [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | 324 |
South Mountain [Member] | State of Idaho [Member] | |
Other Commitments [Line Items] | |
Unpatented claims lease payments | $ 3,465 |
South Mountain Project (Narrati
South Mountain Project (Narrative) (Details) | 1 Months Ended | 6 Months Ended | ||||||||||
Sep. 14, 2021 ft² | Sep. 10, 2021 USD ($) | Mar. 05, 2021 USD ($) | Sep. 10, 2020 USD ($) | Dec. 10, 2019 USD ($) | Jun. 10, 2019 USD ($) $ / shares shares | Mar. 05, 2019 USD ($) | Jun. 30, 2019 USD ($) shares | Feb. 27, 2019 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | |
SMMI Joint Venture - OGT, LLC [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Advanced payment on royalties | $ 5,000,000 | |||||||||||
Advance net returns on royalty | 5,000 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Cash received | $ 1,100,000 | |||||||||||
Number of common shares received | shares | 10,000,000 | |||||||||||
Fair value of common shares received | $ 1,883,875 | |||||||||||
Monthly payments for management services to perform exploration and development work | 25,000 | |||||||||||
Management service income | 150,000 | $ 150,000 | ||||||||||
Advances received | 12,862 | $ 36,187 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche One [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Percentage of ownership interest | 50% | |||||||||||
Cash received | $ 100,000 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Two [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Number of common shares received | shares | 10,000,000 | |||||||||||
Fair value of common shares received | $ 1,883,875 | $ 1,883,875 | ||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Two [Member] | Private Placement [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Number of common shares received | shares | 2,500,000 | |||||||||||
Fair value of common shares received | $ 250,000 | |||||||||||
Price per share | $ / shares | $ 0.1 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Three [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Cash received | $ 250,000 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Four [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Cash received | $ 250,000 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Five [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Cash received | $ 250,000 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Six [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Cash received | $ 250,000 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Seven [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Area of minimum drilling exploration program | ft² | 7,000 | |||||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | Tranche Eight [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Option agreement, description | An additional payment of an amount equal to the lesser of 50% of the market capitalization of BeMetals at the time, and the greater of either $10 million; or 20% of the net present value of the South Mountain Project as calculated in the PEA, and discounted at 8%. | |||||||||||
Cash received | $ 850,000 | |||||||||||
BeMetals Option Agreement [Member] | South Mountain Mines, Inc [Member] | ||||||||||||
South Mountain Project [Line Items] | ||||||||||||
Percentage of ownership interest | 100% |
Investment in BeMetals Corp (Na
Investment in BeMetals Corp (Narrative) (Details) $ / shares in Units, $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 6 Months Ended | ||||||
May 04, 2021 CAD ($) $ / shares shares | May 04, 2021 USD ($) shares | Jun. 30, 2019 USD ($) shares | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Jun. 30, 2022 USD ($) | Jun. 30, 2021 USD ($) | Dec. 31, 2021 USD ($) | May 04, 2021 $ / shares | |
Net Investment Income [Line Items] | |||||||||
Investment in BeMetals, at fair value | $ 899,696 | $ 899,696 | $ 1,520,684 | ||||||
Unrealized gain (loss) on investment | (381,924) | $ 163,507 | (620,988) | $ (71,011) | |||||
BeMetals USA Corp [Member] | |||||||||
Net Investment Income [Line Items] | |||||||||
Investment in BeMetals, at fair value | $ 899,696 | $ 899,696 | $ 1,520,684 | ||||||
Sale of stock, number of shares issued in transaction | shares | 2,000,000 | 2,000,000 | |||||||
Sale of stock, consideration received on transaction | $ 800,000 | $ 649,557 | |||||||
Sale of stock price per share | (per share) | $ 0.4 | $ 0.325 | |||||||
Foreign exchange gain (loss) | $ 9,147 | ||||||||
BeMetals Option Agreement [Member] | BeMetals USA Corp [Member] | |||||||||
Net Investment Income [Line Items] | |||||||||
Number of common shares received | shares | 10,000,000 | ||||||||
Fair value of common shares received | $ 1,883,875 |
Property and Equipment - Schedu
Property and Equipment - Schedule of property and equipment (Details) - USD ($) | Jun. 30, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 182,605 | $ 182,605 |
Accumulated Depreciation | (181,390) | (180,500) |
Property and Equipment Net, Excluding Land | 1,215 | 2,105 |
Land | 280,333 | 280,333 |
Total property and equipment | 281,548 | 282,438 |
Vehicles [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 22,441 | 22,441 |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 65,071 | 65,071 |
Construction Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | 36,447 | 36,447 |
Mining Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property and Equipment, Gross | $ 58,646 | $ 58,646 |
Related Parties (Narrative) (De
Related Parties (Narrative) (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||
May 10, 2022 | May 16, 2022 | Jun. 30, 2022 | Jun. 30, 2021 | Jun. 30, 2022 | Jun. 30, 2021 | Dec. 31, 2021 | |
Related Party Transaction [Line Items] | |||||||
Amount of compensation paid to the Board of Directors | $ 13,650 | ||||||
Related parties notes payable | $ 28,768 | 28,768 | $ 66,768 | ||||
Payments on related parties notes payable | 38,000 | $ 39,808 | |||||
Accrued interest payable to related parties | 67,698 | 67,698 | 80,177 | ||||
Deferred officer compensation | 1,041,500 | 1,041,500 | 1,041,500 | ||||
Legal and accounting | 14,545 | $ 32,697 | 85,092 | 54,507 | |||
Accounts payable and other accrued liabilities | 51,423 | 51,423 | 11,495 | ||||
Eric Jones [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related parties notes payable | 28,768 | 28,768 | |||||
Payments on related parties notes payable | 38,000 | ||||||
Accrued interest payable to related parties | 47,698 | 47,698 | 47,698 | ||||
Deferred officer compensation | 420,000 | 420,000 | 420,000 | ||||
James Collord [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Related parties notes payable | $ 39,808 | 39,808 | |||||
Payments of principal balance of notes payable | 40,000 | ||||||
Payment of accrued interest of notes payable | $ 12,479 | $ 192 | |||||
Accrued interest payable to related parties | 20,000 | 20,000 | 32,479 | ||||
Deferred officer compensation | 420,000 | 420,000 | 420,000 | ||||
Larry Thackery [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Deferred officer compensation | 201,500 | 201,500 | 201,500 | ||||
Baird Hanson LLP [Member] | |||||||
Related Party Transaction [Line Items] | |||||||
Payment of accrued interest of notes payable | 10,000 | ||||||
Sale of common stock | 1,000,000 | ||||||
Amount of sale of stock | $ 10,000 | ||||||
Legal and accounting | 156,685 | $ 166,685 | |||||
Accounts payable and other accrued liabilities | $ 10,000 | $ 10,000 |
Stockholders' Equity (Narrative
Stockholders' Equity (Narrative) (Details) | Jun. 30, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares |
Stockholders' Equity Note [Abstract] | |||
Common Stock, Par or Stated Value Per Share | (per share) | $ 0.001 | $ 0.001 | $ 0.001 |
Common Stock, Shares Authorized | 200,000,000 | 200,000,000 | 200,000,000 |
Preferred Stock, Shares Authorized | 5,000,000 | 5,000,000 | 5,000,000 |
Preferred Stock, Par or Stated Value Per Share | (per share) | $ 0.0001 | $ 0.0001 | $ 0.0001 |
Stock Options (Narrative) (Deta
Stock Options (Narrative) (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 21, 2022 USD ($) $ / shares $ / shares | Mar. 21, 2022 USD ($) $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock options granted to officers and directors | shares | 1,820,000 | 1,820,000 | ||
Stock options granted to directors, fair value | $ | $ 158,341 | $ 158,341 | ||
Compensation cost recognized for share-based payment awards to nonemployees | $ | $ 13,920 | |||
Exercise price | (per share) | $ 0.09 | $ 0.09 | ||
Options expired | shares | 400,000 | 1,640,000 | ||
Weighted average remaining contractual term | 3 years 2 months 19 days | |||
Exercise price of option | $ / shares | $ 0.1 | |||
Share Price | $ / shares | $ 0.088 | $ 0.088 | $ 0.08 |
Stock Options - Schedule of ass
Stock Options - Schedule of assumptions used to estimated the fair value of option award (Details) - $ / shares | 3 Months Ended | |
Mar. 21, 2022 | Jun. 30, 2022 | |
Share-based Payment Arrangement [Abstract] | ||
Stock price | $ 0.088 | $ 0.08 |
Exercise price | $ 0.09 | |
Expected volatility | 188.90% | |
Expected dividends | 0% | |
Expected terms (in years) | 5 years | |
Risk-free rate | 2.39% |
Stock Options - Schedule of sum
Stock Options - Schedule of summary of options issued and outstanding (Details) | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Mar. 21, 2022 $ / shares shares | Mar. 21, 2022 $ / shares shares | Jun. 30, 2022 $ / shares shares | Dec. 31, 2021 $ / shares shares | |
Share-based Payment Arrangement [Abstract] | ||||
Options Outstanding, at beginning | 3,355,000 | 3,355,000 | 3,355,000 | 5,705,000 |
Weighted Average Exercise Price, Outstanding at Beginning | $ / shares | $ 0.1 | $ 0.1 | $ 0.1 | |
Shares Granted | 1,820,000 | 1,820,000 | 1,820,000 | |
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price | (per share) | $ 0.09 | $ 0.09 | ||
Shares Exercised | (710,000) | |||
Weighted Average Exercise Price, Exercised | $ / shares | $ 0.1 | |||
Shares Expired | (400,000) | (1,640,000) | ||
Weighted Average Exercise Price, Expired | $ / shares | $ 0.09 | $ 0.1 | ||
Options Outstanding, at ending | 4,775,000 | 3,355,000 | ||
Weighted Average Exercise Price, Outstanding at Ending | $ / shares | $ 0.093 | $ 0.1 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) | 6 Months Ended |
Jun. 30, 2021 USD ($) | |
Leases [Abstract] | |
Lease payments | $ 8,663 |