Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2022 | Apr. 25, 2022 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Transition Report | false | |
Document Period End Date | Mar. 31, 2022 | |
Entity File Number | 001-9025 | |
Entity Registrant Name | VISTA GOLD CORP. | |
Entity Incorporation, State or Country Code | A1 | |
Entity Tax Identification Number | 98-0542444 | |
Entity Address, Address Line One | 7961 Shaffer Parkway, Suite 5 | |
Entity Address, City or Town | Littleton | |
Entity Address, State or Province | CO | |
Entity Address, Postal Zip Code | 80127 | |
City Area Code | 720 | |
Local Phone Number | 981-1185 | |
Title of 12(b) Security | Common Shares, no par value | |
Trading Symbol | VGZ | |
Security Exchange Name | NYSEAMER | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 118,031,100 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2022 | |
Document Fiscal Period Focus | Q1 | |
Entity Central Index Key | 0000783324 | |
Amendment Flag | false |
UNAUDITED CONDENSED CONSOLIDATE
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 12,484 | $ 12,757 |
Short-term investments (Note 3) | 373 | 384 |
Other current assets | 663 | 811 |
Total current assets | 13,520 | 13,952 |
Non-current assets: | ||
Mineral properties (Note 4) | 2,146 | 2,146 |
Plant and equipment, net (Note 5) | 224 | 233 |
Right-of-use assets | 8 | 12 |
Total non-current assets | 2,378 | 2,391 |
Total assets | 15,898 | 16,343 |
Current liabilities: | ||
Accounts payable | 722 | 566 |
Accrued liabilities and other | 820 | 839 |
Deferred option gain (Note 4) | 383 | |
Total current liabilities | 1,542 | 1,788 |
Non-current liabilities: | ||
Provision for environmental liability (Note 7) | 240 | 240 |
Other liabilities | 25 | 21 |
Total non-current liabilities | 265 | 261 |
Total liabilities | 1,807 | 2,049 |
Commitments and contingencies (Note 8) | ||
Shareholders' equity: | ||
Common shares, no par value - unlimited shares authorized; shares outstanding: 2022 - 117,981,100 and 2021 - 117,189,232 (Note 6) | 474,298 | 474,181 |
Accumulated deficit | (460,207) | (459,887) |
Total shareholders' equity | 14,091 | 14,294 |
Total liabilities and shareholders' equity | $ 15,898 | $ 16,343 |
UNAUDITED CONDENSED CONSOLIDA_2
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares | 3 Months Ended | 12 Months Ended |
Mar. 31, 2022 | Dec. 31, 2021 | |
Shareholders' equity: | ||
Common Shares, par value | $ 0 | $ 0 |
Common Stock, Shares Authorized, Unlimited [Fixed List] | Unlimited | Unlimited |
Common shares outstanding | 117,981,100 | 117,189,232 |
UNAUDITED CONDENSED CONSOLIDA_3
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Operating income/(expense): | ||
Gain on disposal of mineral property interests, net (Note 4) | $ 2,883 | |
Exploration, property evaluation and holding costs | (1,789) | $ (1,751) |
Corporate administration | (1,401) | (1,315) |
Depreciation and amortization | (14) | (11) |
Total operating expense | (321) | (3,077) |
Non-operating income/(expense): | ||
Loss on other investments | (30) | |
Interest income | 1 | 1 |
Other income | 7 | |
Total non-operating income/(expense) | 1 | (22) |
Loss before income taxes | (320) | (3,099) |
Net loss | $ (320) | $ (3,099) |
Basic: | ||
Weighted average number of shares outstanding (in shares) | 117,444,389 | 103,512,054 |
Net loss per share | $ 0 | $ (0.03) |
Diluted: | ||
Weighted average number of shares outstanding (in shares) | 117,444,389 | 103,512,054 |
Net loss per share | $ 0 | $ (0.03) |
UNAUDITED CONDENSED CONSOLIDA_4
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY - USD ($) $ in Thousands | Common Stock [Member] | Accumulated Deficit [Member] | Total |
Balances, beginning of period at Dec. 31, 2020 | $ 460,501 | $ (444,650) | $ 15,851 |
Balances, beginning of period (in shares) at Dec. 31, 2020 | 103,171,904 | ||
Shares issued, net of offering costs (Note 6) | $ 434 | 434 | |
Shares issued, net of offering costs (Note 6) (in shares) | 405,800 | ||
Shares issued (RSUs vested, net of shares withheld) (Note 6) | $ (194) | (194) | |
Shares issued (RSUs vested, net of shares withheld) (Note 6) (in shares) | 421,219 | ||
Stock-based compensation (Note 6) | $ 421 | 421 | |
Net loss | (3,099) | (3,099) | |
Balances, end of period at Mar. 31, 2021 | $ 461,162 | (447,749) | 13,413 |
Balances, end of period (in shares) at Mar. 31, 2021 | 103,998,923 | ||
Balances, beginning of period at Dec. 31, 2021 | $ 474,181 | (459,887) | 14,294 |
Balances, beginning of period (in shares) at Dec. 31, 2021 | 117,189,232 | ||
Shares issued, net of offering costs (Note 6) | $ (327) | (327) | |
Shares issued, net of offering costs (Note 6) (in shares) | 791,868 | ||
Stock-based compensation (Note 6) | $ 444 | 444 | |
Net loss | (320) | (320) | |
Balances, end of period at Mar. 31, 2022 | $ 474,298 | $ (460,207) | $ 14,091 |
Balances, end of period (in shares) at Mar. 31, 2022 | 117,981,100 |
UNAUDITED CONDENSED CONSOLIDA_5
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Cash flows from operating activities: | ||
Net loss | $ (320) | $ (3,099) |
Adjustments to reconcile net loss to net cash used in operations: | ||
Depreciation and amortization | 14 | 11 |
Stock-based compensation | 444 | 421 |
Gain on disposal of mineral property interests, net | (2,883) | |
Loss on other investments | 30 | |
Change in working capital account items: | ||
Other current assets | 148 | 120 |
Accounts payable, accrued liabilities and other | 145 | (8) |
Net cash used in operating activities | (2,452) | (2,525) |
Cash flows from investing activities: | ||
Disposition of short-term investments, net | 11 | 400 |
Additions to plant and equipment | (5) | |
Proceeds from option/sale agreements, net | 2,500 | 1,100 |
Net cash provided by investing activities | 2,506 | 1,500 |
Cash flows from financing activities: | ||
Proceeds from equity financing, net | 610 | |
Payment of taxes from withheld shares | (327) | (194) |
Net cash provided by/(used in) financing activities | (327) | 416 |
Net decrease in cash and cash equivalents | (273) | (609) |
Cash and cash equivalents, beginning of period | 12,757 | 7,762 |
Cash and cash equivalents, end of period | $ 12,484 | $ 7,153 |
Nature of Operations and Basis
Nature of Operations and Basis of Presentation | 3 Months Ended |
Mar. 31, 2022 | |
Nature of Operations and Basis of Presentation | |
Nature of Operations and Basis of Presentation | 1. Nature of Operations and Basis of Presentation Vista Gold Corp. and its subsidiaries (collectively, “Vista,” the “Company,” “we,” “our,” or “us”) operate in the gold mining industry. We are focused on evaluation, acquisition, exploration and advancement of gold exploration and potential development projects, which may lead to gold production or value adding strategic transactions such as earn-in right agreements, option agreements, leases to third parties, joint venture arrangements with other mining companies, or outright sales of assets for cash and/or other consideration. We look for opportunities to improve the value of our gold projects through exploration drilling and/or technical studies focused on optimizing previous engineering work. We do not currently generate cash flows from mining operations. The Company’s flagship asset is its 100% owned Mt Todd gold project (“Mt Todd” or the “Project”) in Northern Territory, Australia. Mt Todd is the largest undeveloped gold project in Australia. With the approval of the Mining Management Plan in June 2021, all major operating and environmental permits for Mt Todd have been received. Since acquiring Mt Todd in 2006, we have invested substantial financial resources to systematically explore, evaluate, engineer, permit and de-risk the Project. In February 2022, we completed a feasibility study for Mt Todd. In March 2022, we appointed CIBC Capital Markets as our strategic advisor to assist us in evaluating a broad range of alternatives for Mt Todd. The interim Condensed Consolidated Financial Statements (“interim statements”) of the Company are unaudited. In the opinion of management, all adjustments and disclosures necessary for a fair presentation of these interim statements have been included. The results reported in these interim statements are not necessarily indicative of the results that may be reported for the entire year. These interim statements should be read in conjunction with the Company’s Consolidated Financial Statements for the year ended December 31, 2021 as filed with the United States Securities and Exchange Commission and Canadian securities regulatory authorities on Form 10-K (the “2021 Financial Statements”). The year-end balance sheet data was derived from the Company’s audited financial statements and, in accordance with the instructions to Form 10-Q, certain information and footnote disclosures required by United States generally accepted accounting principles have been condensed or omitted. References to $ are to United States dollars and A$ are to Australian dollars. |
Significant Accounting Policies
Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | |
Significant Accounting Policies | 2. Significant Accounting Policies Mineral Properties Mineral property acquisition costs, including directly related costs, are capitalized when incurred. After acquisition of a mineral property, associated exploration and evaluation costs are expensed as incurred until development commences. Development costs to establish access to mineral reserves and other preparations leading to commercial production will be capitalized once: mineral reserves are established in accordance with subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended; and a decision is made by the Company to develop the mineral property. Capitalization of development costs will conclude upon commencement of sustainable production. Capitalized costs associated with a mineral property will be amortized using the units-of-production method over the estimated life of mineral reserves once sustainable production is achieved. If mineral properties are subsequently sold or abandoned, any unamortized costs will be charged to expense in that period. The recoverability of the carrying values of our mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of any of these projects will depend on, among other things, management’s ability to raise sufficient capital for these purposes. Proceeds received from option or sale agreements are ascribed to recovery of the carrying value of the related project until the carrying value reaches zero. Thereafter, any additional proceeds received are recognized as a contract liability (deferred option gain) until control has transferred to the buyer or the related contract terminates. We assess the carrying value of mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of gold and other commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, a write-down to the estimated fair value will then be reported in our Consolidated Statement of Income/(Loss) for the period. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. Other Other significant accounting policies are included in the 2021 Financial Statements. |
Short-term and Other Investment
Short-term and Other Investments | 3 Months Ended |
Mar. 31, 2022 | |
Short-term and Other Investments | |
Short-term and Other Investments | 3. Short-term and Other Investments Short-term investments As of March 31, 2022 and December 31, 2021, the amortized cost basis of our short-term investments was $373 and $384, respectively, which approximated fair value. Short-term investments were comprised of Australian government treasury securities, which had maturity dates on the date of purchase greater than 90 days but less than one year. Investments with maturity dates of 90 days or less were included in cash and cash equivalents. |
Mineral Properties
Mineral Properties | 3 Months Ended |
Mar. 31, 2022 | |
Mineral Properties | |
Mineral Properties | 4. Mineral Properties Mt Todd, Northern Territory, Australia The capitalized mineral property values are as follows: At March 31, 2022 At December 31, 2021 Mt Todd, Australia $ 2,146 $ 2,146 Vista acquired Mt Todd in March 2006. Transaction-related costs of $2,146 were capitalized as mineral properties. This amount included the purchase price and related transaction costs. Since 2006, the Company has systematically advanced the Project through exploration, metallurgical testing, engineering, environmental/operational permitting activities, and ongoing site management activities. Costs associated with these activities were charged to expense as incurred. See Note 8 for a discussion of commitments and contingencies associated with Mt Todd. Awak Mas, Sulawesi, Indonesia Vista held a net smelter return royalty (“NSR”) on the Awak Mas project in Indonesia. Previously, Vista and the holder of Awak Mas amended the original royalty agreement to allow the holder or a nominated party to make certain payments to Vista to cancel the original NSR. The holder of the Awak Mas royalty made the final $2,500 payment on January 28, 2022. The Company recognized a gain of $2,883 for this final payment, which included recognition of $383 that was carried as deferred option gain as of December 31, 2021. With this final payment, the Company has no remaining royalty interest in Awak Mas. |
Plant and Equipment
Plant and Equipment | 3 Months Ended |
Mar. 31, 2022 | |
Plant and Equipment | |
Plant and Equipment | 5. Plant and Equipment March 31, 2022 December 31, 2021 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia $ 5,364 $ 5,140 $ 224 $ 5,359 $ 5,126 $ 233 Corporate, United States 333 333 — 333 333 — Used mill equipment, Canada — — — — — — $ 5,697 $ 5,473 $ 224 $ 5,692 $ 5,459 $ 233 |
Common Shares
Common Shares | 3 Months Ended |
Mar. 31, 2022 | |
Common Shares | |
Common Shares | 6. Common Shares Equity Financings On July 12, 2021, we closed a public offering that resulted in issuing 12,272,730 common shares in the capital of the Company (each a “Common Share’) and 7,408,101 Common Share purchase warrants (each a “Warrant”) for net proceeds of $12,323. Each Warrant entitles the holder thereof to purchase one Common Share at a price of $1.25 per Common Share (subject to adjustment in certain circumstances) and is exercisable for a period of 36 months from the closing date. The relative fair values of the Common Shares and Warrants, which were classified as equity, were $11,426 and $2,074, respectively. The Company renewed its at-the-market offering agreement in December 2021 (the “ATM Agreement”) with H. C. Wainwright & Co. LLC (“Wainwright”) to provide balance sheet flexibility at a potentially lower cost than other means of equity issuances. Under the ATM Agreement the Company can, but is not obligated to, issue and sell Common Shares through Wainwright for aggregate gross proceeds of up to $10,000 (the “ATM Program”). During the three months ended March 31, 2022 and 2021 the Company sold nil and 405,800 Common Shares, respectively, under the ATM Program for net proceeds of $nil and $434, respectively. The entire $10,000 under the renewed ATM Program remained available as of March 31, 2022. Each sale under the ATM Agreement was made pursuant to an “at the market offering” as defined in Rule 415 under the United States Securities Act of 1933, as amended. Warrants Warrant activity is summarized in the following table. Weighted Weighted Average Average Warrants Exercise Price Remaining Life Outstanding Per Share (Years) As of December 31, 2020 — $ — — Issued 7,408,101 1.25 3.0 As of December 31, 2021 7,408,101 $ 1.25 2.5 As of March 31, 2022 7,408,101 $ 1.25 2.3 Stock-Based Compensation The Company’s stock-based compensation plans include: restricted share units (“RSUs”) issuable pursuant to the Company’s long-term equity incentive plan, deferred share units (“DSUs”) issuable pursuant to the Company’s deferred share unit plan (“DSU Plan”) and stock options (“Stock Options”) issuable under the Company’s stock option plan. Stock-based compensation may be issued to our directors, officers, employees and consultants. The maximum number of Common Shares that may be reserved for issuance under the combined stock-based compensation plans is a variable number equal to 10% of the issued and outstanding Common Shares on a non-diluted basis at any particular time. Vista also issued phantom units in 2018 to be settled in cash over a three-year term. Stock-based compensation and phantom units may be granted from time to time at the discretion of the Board of Directors of the Company (the “Board”), with vesting provisions as determined by the Board. Stock-based compensation expense was: Three Months Ended March 31, 2022 2021 RSUs $ 172 $ 206 DSUs 272 212 Stock Options — 3 $ 444 $ 421 Phantom units $ — $ 18 As of March 31, 2022, unrecognized compensation expense for RSUs was $632, which is expected to be recognized over a weighted average period of 1.7 years. Restricted Share Units The following table summarizes RSU activity: Weighted Average Number Grant-Date Fair of RSUs Value Per RSU Unvested - December 31, 2020 2,467,002 $ 0.42 Granted 891,000 0.76 Cancelled/forfeited (413,335) 0.48 Vested, net of shares withheld (946,328) 0.46 Unvested - December 31, 2021 1,998,339 $ 0.53 Granted 759,000 0.59 Cancelled/forfeited (361,460) 0.50 Vested, net of shares withheld (791,868) 0.47 Unvested - March 31, 2022 1,604,011 $ 0.60 During the three months ended March 31, 2022 and 2021, the Company withheld Common Shares with an equivalent value to meet employee withholding tax obligations of $327 and $194, respectively, that resulted upon vesting of RSUs during the period. Common Shares withheld are considered cancelled/forfeited. Deferred Share Units The DSU Plan provides for granting of DSUs to non-employee directors. DSUs vest immediately, however the Company will issue one Common Share for each DSU only after the non-employee director ceases to be a director of the Company. In March 2022, the Board granted 324,000 DSUs and the Company recognized $272 in DSU expense. In February 2021, the Board granted 204,000 DSUs and the Company recognized $212 in DSU expense. The following table summarizes DSU activity: Weighted Average Number of Grant-Date Fair DSUs Value per DSU Outstanding - December 31, 2020 726,000 $ 0.57 Granted 204,000 1.04 Outstanding - December 31, 2021 930,000 $ 0.68 Granted 324,000 0.84 Outstanding - March 31, 2022 1,254,000 $ 0.72 Stock Options The following table summarizes option activity for vested awards: Weighted Average Weighted Average Remaining Aggregate Number of Exercise Price Contractual Term Intrinsic Options Per Option (Years) Value Outstanding - December 31, 2020 1,367,000 $ 0.71 2.63 $ 507 Outstanding - December 31, 2021 1,367,000 $ 0.71 1.64 $ 38 Outstanding - March 31, 2022 1,367,000 $ 0.71 1.39 $ 466 Exercisable - March 31, 2022 1,367,000 $ 0.71 1.39 $ 466 Phantom Units The following table summarizes phantom units activity: Weighted Average Remaining Number of Vesting Term Phantom Units (Years) Unvested - December 31, 2020 72,000 0.5 Vested (72,000) Unvested - December 31, 2021 — — Unvested - March 31, 2022 — — |
Provision for Environmental Lia
Provision for Environmental Liability | 3 Months Ended |
Mar. 31, 2022 | |
Provision for Environmental Liability | |
Provision for Environmental Liability | 7. Provision for Environmental Liability Vista maintains a $240 provision for reclamation costs attributable to certain mining claims previously held by the Company should no other potentially responsible parties be identified. |
Commitments And Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies | |
Commitments And Contingencies | 8. Commitments and Contingencies Our exploration and development activities are subject to various laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. As such, future expenditures that may be required for compliance with these laws and regulations cannot be predicted. We conduct our operations in a manner designed to minimize effects on the environment and believe our operations are in compliance with applicable laws and regulations in all material respects. The Mt Todd site was not reclaimed by the predecessor owners when the mine closed in 2000. Liability for the reclamation of the environmental conditions at Mt Todd existing prior to the 2006 commencement of Vista’s involvement with the Project is presently the responsibility of the government of Northern Territory, Australia (the “NT Government”). After we provide notice to the NT Government that we intend to proceed with development, the Company will then assume these historical rehabilitation liabilities currently estimated by the NT Government at approximately A$73 million. Under an agreement with the Jawoyn Association with respect to Mt Todd, we have agreed to a gross proceeds royalty (“GPR”) ranging between 0.125% and 2.0%, depending on prevailing gold prices and foreign exchange rates and a 1.0% GPR not tied to gold price or foreign exchange rates. The combined GPR ranges from 1.125% to 3.0%. |
Geographic and Segment informat
Geographic and Segment information | 3 Months Ended |
Mar. 31, 2022 | |
Geographic and Segment information | |
Geographic And Segment Information | 9. Geographic and Segment Information The Company has one reportable operating segment. We evaluate, acquire, explore and advance gold exploration and potential development projects, which may lead to gold production or value adding strategic transactions. These activities are currently focused principally in Australia. We reported no revenues during the three months ended March 31, 2022 and 2021. Geographic location of mineral properties and plant and equipment is provided in Notes 4 and 5, respectively. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2022 | |
Significant Accounting Policies | |
Mineral Properties | Mineral Properties Mineral property acquisition costs, including directly related costs, are capitalized when incurred. After acquisition of a mineral property, associated exploration and evaluation costs are expensed as incurred until development commences. Development costs to establish access to mineral reserves and other preparations leading to commercial production will be capitalized once: mineral reserves are established in accordance with subpart 1300 of Regulation S-K under the Securities Exchange Act of 1934, as amended; and a decision is made by the Company to develop the mineral property. Capitalization of development costs will conclude upon commencement of sustainable production. Capitalized costs associated with a mineral property will be amortized using the units-of-production method over the estimated life of mineral reserves once sustainable production is achieved. If mineral properties are subsequently sold or abandoned, any unamortized costs will be charged to expense in that period. The recoverability of the carrying values of our mineral properties is dependent upon economic reserves being discovered or developed on the properties, permitting, financing, start-up, and commercial production from, or the sale/lease of, or other strategic transactions related to these properties. Development and/or start-up of any of these projects will depend on, among other things, management’s ability to raise sufficient capital for these purposes. Proceeds received from option or sale agreements are ascribed to recovery of the carrying value of the related project until the carrying value reaches zero. Thereafter, any additional proceeds received are recognized as a contract liability (deferred option gain) until control has transferred to the buyer or the related contract terminates. We assess the carrying value of mineral properties for impairment whenever information or circumstances indicate the potential for impairment. This would include events and circumstances such as our inability to obtain all the necessary permits, changes in the legal status of our mineral properties, government actions, the results of exploration activities and technical evaluations and changes in economic conditions, including the price of gold and other commodities or input prices. Such evaluations compare estimated future net cash flows with our carrying costs and future obligations on an undiscounted basis. If it is determined that the estimated future undiscounted cash flows are less than the carrying value of the property, a write-down to the estimated fair value will then be reported in our Consolidated Statement of Income/(Loss) for the period. Where estimates of future net cash flows are not determinable and where other conditions indicate the potential for impairment, management uses available market information and/or third-party valuation experts to assess if the carrying value can be recovered and to estimate fair value. |
Mineral Properties (Tables)
Mineral Properties (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Mineral Properties | |
Schedule of Mineral Properties | At March 31, 2022 At December 31, 2021 Mt Todd, Australia $ 2,146 $ 2,146 |
Plant and Equipment (Tables)
Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Plant and Equipment | |
Schedule Of Plant And Equipment | March 31, 2022 December 31, 2021 Accumulated Accumulated Cost Depreciation Net Cost Depreciation Net Mt Todd, Australia $ 5,364 $ 5,140 $ 224 $ 5,359 $ 5,126 $ 233 Corporate, United States 333 333 — 333 333 — Used mill equipment, Canada — — — — — — $ 5,697 $ 5,473 $ 224 $ 5,692 $ 5,459 $ 233 |
Common Shares (Tables)
Common Shares (Tables) | 3 Months Ended |
Mar. 31, 2022 | |
Common Shares | |
Summary of outstanding warrants | Warrant activity is summarized in the following table. Weighted Weighted Average Average Warrants Exercise Price Remaining Life Outstanding Per Share (Years) As of December 31, 2020 — $ — — Issued 7,408,101 1.25 3.0 As of December 31, 2021 7,408,101 $ 1.25 2.5 As of March 31, 2022 7,408,101 $ 1.25 2.3 |
Summary of stock-based compensation expense | Three Months Ended March 31, 2022 2021 RSUs $ 172 $ 206 DSUs 272 212 Stock Options — 3 $ 444 $ 421 Phantom units $ — $ 18 |
Summary of restricted stock unit activity | Weighted Average Number Grant-Date Fair of RSUs Value Per RSU Unvested - December 31, 2020 2,467,002 $ 0.42 Granted 891,000 0.76 Cancelled/forfeited (413,335) 0.48 Vested, net of shares withheld (946,328) 0.46 Unvested - December 31, 2021 1,998,339 $ 0.53 Granted 759,000 0.59 Cancelled/forfeited (361,460) 0.50 Vested, net of shares withheld (791,868) 0.47 Unvested - March 31, 2022 1,604,011 $ 0.60 |
Summary of deferred stock units | Weighted Average Number of Grant-Date Fair DSUs Value per DSU Outstanding - December 31, 2020 726,000 $ 0.57 Granted 204,000 1.04 Outstanding - December 31, 2021 930,000 $ 0.68 Granted 324,000 0.84 Outstanding - March 31, 2022 1,254,000 $ 0.72 |
Summary of option activity | Weighted Average Weighted Average Remaining Aggregate Number of Exercise Price Contractual Term Intrinsic Options Per Option (Years) Value Outstanding - December 31, 2020 1,367,000 $ 0.71 2.63 $ 507 Outstanding - December 31, 2021 1,367,000 $ 0.71 1.64 $ 38 Outstanding - March 31, 2022 1,367,000 $ 0.71 1.39 $ 466 Exercisable - March 31, 2022 1,367,000 $ 0.71 1.39 $ 466 |
Summary of phantom units | Weighted Average Remaining Number of Vesting Term Phantom Units (Years) Unvested - December 31, 2020 72,000 0.5 Vested (72,000) Unvested - December 31, 2021 — — Unvested - March 31, 2022 — — |
Nature of Operations and Basi_2
Nature of Operations and Basis of Presentation (Details) | 3 Months Ended |
Mar. 31, 2022 | |
Mt Todd, Australia | |
Property, Plant and Equipment [Line Items] | |
Percentage of ownership in project | 100.00% |
Short-term and Other Investme_2
Short-term and Other Investments (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Short-term investments | ||
Available-for-sale Debt Securities, Amortized Cost Basis | $ 373 | $ 384 |
Mineral Properties - Mt. Todd,
Mineral Properties - Mt. Todd, Northern Territory, Australia (Details) - USD ($) $ in Thousands | 1 Months Ended | ||
Mar. 31, 2006 | Mar. 31, 2022 | Dec. 31, 2021 | |
Property, Plant and Equipment [Line Items] | |||
Mineral Properties, Net | $ 2,146 | $ 2,146 | |
Mt Todd, Australia | |||
Property, Plant and Equipment [Line Items] | |||
Mineral Properties, Net | $ 2,146 | $ 2,146 | |
Acquisition Costs, Period Cost | $ 2,146 |
Mineral Properties - Awak Mas (
Mineral Properties - Awak Mas (Details) - USD ($) $ in Thousands | Jan. 28, 2022 | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | |||
Gain (Loss) On Disposal Of Mineral Property Interests, Net | $ 2,883 | ||
PT Masmindo Dwi Area | Awak Mas | |||
Property, Plant and Equipment [Line Items] | |||
NSR Cancellation Proceeds | $ 2,500 | ||
Disposal Group, Deferred Gain on Disposal | $ 383 | ||
Gain (Loss) On Disposal Of Mineral Property Interests, Net | $ 2,883 |
Plant and Equipment (Details)
Plant and Equipment (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Property, Plant and Equipment [Line Items] | ||
Cost | $ 5,697 | $ 5,692 |
Accumulated depreciation | 5,473 | 5,459 |
Net | 224 | 233 |
Mt Todd, Australia | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 5,364 | 5,359 |
Accumulated depreciation | 5,140 | 5,126 |
Net | 224 | 233 |
Corporate, United States | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 333 | 333 |
Accumulated depreciation | 333 | 333 |
Net | 0 | 0 |
Used mill equipment, Canada | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 0 | 0 |
Accumulated depreciation | 0 | 0 |
Net | $ 0 | $ 0 |
Common Shares - Equity Financin
Common Shares - Equity Financings (Details) - USD ($) $ / shares in Units, $ in Thousands | Jul. 12, 2021 | Jun. 30, 2020 | Mar. 31, 2022 | Mar. 31, 2021 |
Subsidiary, Sale of Stock [Line Items] | ||||
Proceeds from Issuance of Common Stock | $ 610 | |||
Warrants Not Settleable in Cash, Fair Value Disclosure | $ 2,074 | |||
Capital Units [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Stock Issued During Period, Shares, New Issues | 12,272,730 | |||
Proceeds from Issuance of Common Stock | $ 12,323 | |||
Warrants Issued | 7,408,101 | |||
Class of Warrant or Right, Exercisable Term | 36 months | |||
Class of Warrant or Right, Number of Securities Called by Each Warrant or Right | 1 | |||
Exercise Price Of Warrants Or Rights | $ 1.25 | |||
Common Stock, Fair Value Disclosure | $ 11,426 | |||
At-The-Market Offering Agreement [Member] | H. C. Wainwright And Co., LLC [Member] | ||||
Subsidiary, Sale of Stock [Line Items] | ||||
Threshold of aggregate sales proceeds | $ 10,000 | $ 10,000 | ||
Stock Issued During Period, Shares, New Issues | 0 | 405,800 | ||
Proceeds from Issuance of Common Stock | $ 0 | $ 434 |
Common Shares - Warrants (Detai
Common Shares - Warrants (Details) - Warrants [Member] - $ / shares | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Class of Warrant or Right [Line Items] | |||
Warrants outstanding (in shares) | 7,408,101 | 7,408,101 | 0 |
Warrants issued | 7,408,101 | ||
Weighted average exercise price of warrants outstanding (in dollars per share) | $ 1.25 | $ 1.25 | $ 0 |
Weighted average exercise price of warrants issued (in dollars per share) | $ 1.25 | ||
Weighted average remaining life, warrants issued | 3 years | ||
Weighted average remaining life, warrants outstanding | 2 years 3 months 18 days | 2 years 6 months | 0 years |
Common Shares - Stock-Based Com
Common Shares - Stock-Based Compensation (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Feb. 28, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Percentage of issued and outstanding Common Shares | 10.00% | ||||
Stock-based compensation expense | $ 444 | $ 421 | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 0 | 3 | |||
Restricted Stock Units (RSUs) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | 172 | 206 | |||
Deferred Stock Units (DSU) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 272 | $ 212 | 272 | 212 | |
Phantom Share Units (PSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period | 3 years | ||||
Stock-based compensation expense | $ 0 | $ 18 |
Common Shares - Unrecognized Co
Common Shares - Unrecognized Compensation (Details) - Restricted Stock Units (RSUs) [Member] $ in Thousands | 3 Months Ended |
Mar. 31, 2022USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense related to unvested awards | $ 632 |
Weighted average unrecognized compensation recognition period | 1 year 8 months 12 days |
Common Shares - Summary Of Rest
Common Shares - Summary Of Restricted Stock Units Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Payment of taxes from withheld shares | $ (327) | $ (194) | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Outstanding, Number of units, beginning of period (in shares) | 1,998,339 | 2,467,002 | 2,467,002 |
Granted, Number of units (in shares) | 759,000 | 891,000 | |
Cancelled/forfeited, Number of units (in shares) | (361,460) | (413,335) | |
Vested, net of shares withheld, Number of units (in shares) | (791,868) | (946,328) | |
Unvested, Number of units, end of period (in shares) | 1,604,011 | 1,998,339 | |
Outstanding, weighted average fair value, beginning of period (in dollars per share) | $ 0.53 | $ 0.42 | $ 0.42 |
Granted, Weighted average fair value (in dollars per share) | 0.59 | 0.76 | |
Cancelled/forfeited, Weighted average fair value (in dollars per share) | 0.50 | 0.48 | |
Vested, Weighted average fair value (in dollars per share) | 0.47 | 0.46 | |
Unvested, weighted average fair value, end of period (in dollars per share) | $ 0.60 | $ 0.53 | |
Payment of taxes from withheld shares | $ (327) | $ (194) |
Common Shares - Summary Of Defe
Common Shares - Summary Of Deferred Share Units Activity (Details) $ / shares in Units, $ in Thousands | 1 Months Ended | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022USD ($)$ / sharesshares | Feb. 28, 2021USD ($)shares | Mar. 31, 2022USD ($)$ / sharesshares | Mar. 31, 2021USD ($)$ / sharesshares | Dec. 31, 2021$ / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Allocated Share-based Compensation Expense | $ | $ 444 | $ 421 | |||
Deferred Stock Units (DSU) [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of common shares issues for each DSU (at end of board members' team). | 1 | ||||
Outstanding, Number of units, beginning of period (in shares) | shares | 930,000 | 726,000 | 726,000 | ||
Granted, Number of units (in shares) | shares | 324,000 | 204,000 | 324,000 | 204,000 | |
Unvested, Number of units, end of period (in shares) | shares | 1,254,000 | 1,254,000 | 930,000 | ||
Outstanding, weighted average fair value, beginning of period (in dollars per share) | $ / shares | $ 0.68 | $ 0.57 | $ 0.57 | ||
Granted, Weighted average fair value (in dollars per share) | $ / shares | 0.84 | 1.04 | |||
Unvested, weighted average fair value, end of period (in dollars per share) | $ / shares | $ 0.72 | $ 0.72 | $ 0.68 | ||
Allocated Share-based Compensation Expense | $ | $ 272 | $ 212 | $ 272 | $ 212 |
Common Shares - Summary Of Opti
Common Shares - Summary Of Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | |
Common Shares | |||
Number of options, beginning of period (in shares) | 1,367,000 | 1,367,000 | |
Number of options, end of period (in shares) | 1,367,000 | 1,367,000 | 1,367,000 |
Number of options, Exercisable (in shares) | 1,367,000 | ||
Weighted average exercise price per option, beginning of period (in dollars per share) | $ 0.71 | $ 0.71 | |
Weighted average exercise price per option, end of period (in dollars per share) | 0.71 | $ 0.71 | $ 0.71 |
Weighted average exercise price, Exercisable (in dollars per share) | $ 0.71 | ||
Weighted average remaining contractual term, Outstanding | 1 year 4 months 20 days | 1 year 7 months 20 days | 2 years 7 months 17 days |
Weighted average remaining contractual term, Exercisable | 1 year 4 months 20 days | ||
Aggregate intrinsic value, Outstanding, beginning of period (in dollars) | $ 38 | $ 507 | |
Aggregate intrinsic value, Outstanding, end of period (in dollars) | 466 | $ 38 | $ 507 |
Aggregate intrinsic value, Options, Exercisable | $ 466 |
Common Shares - Summary Of Phan
Common Shares - Summary Of Phantom Units Activity (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Liabilities, Current | $ 1,542 | $ 1,788 | ||
Stock-based compensation expense | 444 | $ 421 | ||
Phantom Share Units (PSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 0 | $ 18 | ||
Outstanding, Number of units, beginning of period (in shares) | 0 | 72,000 | 72,000 | |
Vested, net of shares withheld, Number of units (in shares) | (72,000) | |||
Unvested, Number of units, end of period (in shares) | 0 | 0 | 72,000 | |
Weighted average remaining contractual term | 0 years | 0 years | 6 months |
Provision for Environmental L_2
Provision for Environmental Liability (Details) - USD ($) $ in Thousands | Mar. 31, 2022 | Dec. 31, 2021 |
Provision for Environmental Liability | ||
Provision for environmental liability | $ 240 | $ 240 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - Mt Todd, Australia $ in Thousands | 3 Months Ended |
Mar. 31, 2022AUD ($) | |
Loss Contingencies [Line Items] | |
Percentage of ownership in project | 100.00% |
Scenario, Plan | |
Loss Contingencies [Line Items] | |
Mine Reclamation and Closing Liability, Noncurrent | $ 73 |
Scenario, Plan | Jawoyn Association Aboriginal Corporation | |
Loss Contingencies [Line Items] | |
Percentage of royalty on gold | 1.00% |
Scenario, Plan | Minimum | Jawoyn Association Aboriginal Corporation | |
Loss Contingencies [Line Items] | |
Gross Proceeds Royalty, Additional Contingent Gross Proceeds Royalty, Percent | 0.125% |
Gross Proceeds Royalty, Including Contingent Additional Gross Proceeds Royalty, Percent | 1.125% |
Scenario, Plan | Maximum | Jawoyn Association Aboriginal Corporation | |
Loss Contingencies [Line Items] | |
Gross Proceeds Royalty, Additional Contingent Gross Proceeds Royalty, Percent | 2.00% |
Gross Proceeds Royalty, Including Contingent Additional Gross Proceeds Royalty, Percent | 3.00% |
Geographic And Segment Inform_2
Geographic And Segment Information (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2022USD ($)segment | Mar. 31, 2021USD ($) | |
Geographic and Segment information | ||
Number of reportable segments | segment | 1 | |
Revenues | $ | $ 0 | $ 0 |