Cover
Cover | 6 Months Ended |
Jun. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jun. 30, 2021 |
Document Fiscal Period Focus | Q2 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --12-31 |
Entity File Number | 000-14740 |
Entity Registrant Name | North American Nickel Inc. |
Entity Central Index Key | 0000795800 |
Entity Address, Address Line One | c/o Bennett Jones LLP |
Entity Address, Address Line Two | 3400 — One First Canadian Place |
Entity Address, Address Line Three | P.O. Box 130 |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5X 1A4 |
Condensed Interim Consolidated
Condensed Interim Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
CURRENT ASSETS | ||
Cash | $ 1,936 | $ 308 |
Receivables and other current assets | 102 | 59 |
Due from related party | 214 | 55 |
TOTAL CURRENT ASSETS | 2,252 | 422 |
NON-CURRENT ASSETS | ||
Equipment | 12 | 21 |
Exploration and evaluation assets | 39,110 | 39,103 |
Advance | 50 | |
Investment | 112 | 48 |
TOTAL NON-CURRENT ASSETS | 39,234 | 39,222 |
TOTAL ASSETS | 41,486 | 39,644 |
LIABILITIES | ||
Trade payables and accrued liabilities | 610 | 362 |
Provision for restoration obligation | 267 | |
TOTAL LIABILITIES | 610 | 629 |
EQUITY | ||
Share capital - preferred | 591 | 591 |
Share capital | 91,827 | 89,627 |
Reserve | 3,205 | 2,096 |
Deficit | (54,747) | (53,299) |
TOTAL EQUITY | 40,876 | 39,015 |
TOTAL LIABILITIES AND EQUITY | 41,486 | 39,644 |
Preference shares [member] | ||
EQUITY | ||
Share capital | 591 | 591 |
Ordinary shares [member] | ||
EQUITY | ||
Share capital | $ 91,827 | $ 89,627 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
EXPENSES | ||||
General and administrative expenses | $ (394) | $ (359) | $ (656) | $ (664) |
Property investigation | (3) | (11) | (4) | (17) |
Amortization | (1) | (2) | (9) | (4) |
Share-based payments | (837) | (884) | ||
Total expenses | (398) | (372) | (1,506) | (1,569) |
OTHER ITEMS | ||||
Foreign exchange (loss) gain | (3) | 1 | (3) | |
Impairment for exploration and evaluation assets | (437) | (437) | ||
Equity loss on investment | (20) | (37) | ||
Other income (expense), net | (23) | (436) | (40) | (437) |
TOTAL COMPREHENSIVE LOSS FOR THE PERIOD | $ (421) | $ (808) | $ (1,546) | $ (2,006) |
Basic and diluted weighted average number of common shares outstanding | 119,726,930 | 88,690,791 | 116,503,880 | 88,690,791 |
Basic and diluted loss per share | $ 0 | $ (0.01) | $ (0.01) | $ (0.02) |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Ordinary shares [member] | Preference shares [member] | Reserve [Member] | Retained earnings [member] | Total |
Beginning balance, value at Dec. 31, 2019 | $ 89,006 | $ 591 | $ 4,175 | $ (54,341) | $ 39,431 |
Beginning balance, shares at Dec. 31, 2019 | 88,690,791 | ||||
IfrsStatementLineItems [Line Items] | |||||
Net and comprehensive loss | (2,006) | (2,006) | |||
Share capital issued through private placement | |||||
Share issue costs | |||||
Value allocated to warrants | |||||
Expired warrants | (2,572) | 2,572 | |||
Forfeited/expired options | (200) | 200 | |||
Share-based payments | 884 | 884 | |||
Ending balance, value at Jun. 30, 2020 | $ 89,006 | 591 | 2,287 | (53,575) | 38,309 |
Ending balance, shares at Jun. 30, 2020 | 88,690,791 | ||||
Beginning balance, value at Dec. 31, 2020 | $ 89,627 | 591 | 2,096 | (53,299) | 39,015 |
Beginning balance, shares at Dec. 31, 2020 | 109,833,648 | ||||
IfrsStatementLineItems [Line Items] | |||||
Net and comprehensive loss | (1,546) | (1,546) | |||
Share capital issued through private placement | $ 1,933 | 1,933 | |||
Share capital issued through private placement, shares | 8,290,665 | ||||
Share capital issued through exercise of warrants | $ 670 | 670 | |||
Share capital issued through exercise of warrants, shares | 6,325,019 | ||||
Share issue costs | $ (33) | (33) | |||
Value allocated to warrants | (614) | 614 | |||
Forfeited/expired options | (98) | 98 | |||
Exercised warrants | 244 | (244) | |||
Share-based payments | 837 | 837 | |||
Ending balance, value at Jun. 30, 2021 | $ 91,827 | $ 591 | $ 3,205 | $ (54,747) | $ 40,876 |
Ending balance, shares at Jun. 30, 2021 | 124,449,332 |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
OPERATING ACTIVITIES | ||
Loss for the period | $ (1,546) | $ (2,006) |
Items not affecting cash: | ||
Amortization | 9 | 4 |
Share-based payments | 837 | 884 |
Equity loss on investment | 37 | |
Write-off exploration and evaluation assets | 437 | |
Changes in working capital | (144) | 232 |
Net cash used in operating activities | (807) | (449) |
INVESTING ACTIVITIES | ||
Expenditures on exploration and evaluation assets | (84) | (563) |
Investment | (51) | |
Net cash provided by (used in) investing activities | (135) | (563) |
FINANCING ACTIVITIES | ||
Proceeds from issuance of common shares | 1,933 | |
Proceeds from exercise of warrants | 670 | |
Share issuance costs | (33) | |
Net cash provided by financing activities | 2,570 | |
Change in cash for the period | 1,628 | (1,012) |
Cash, beginning of the period | 308 | 1,098 |
Cash, end of the period | $ 1,936 | $ 86 |
NATURE AND CONTINUANCE OF OPERA
NATURE AND CONTINUANCE OF OPERATIONS | 6 Months Ended |
Jun. 30, 2021 | |
Nature And Continuance Of Operations | |
NATURE AND CONTINUANCE OF OPERATIONS | 1. NATURE AND CONTINUANCE OF OPERATIONS North American Nickel Inc. (the “Company”) was incorporated on September 23, 1983, under the laws of the Province of British Columbia, Canada. The primary mailing office is located at 3400 – 100 King Street West, PO Box 130, Toronto, Ontario, M5X 1A4 and the records office of the Company is located at 666 Burrard Street, Suite 2500, Vancouver BC V6C 2X8. The Company’s common shares trade on the TSX Venture Exchange (“TSXV”) under the symbol “NAN”. The Company’s principal business activity is the exploration and development of mineral properties in Greenland and Canada, as well as in Botswana through its participation in Premium Nickel Resources. The Company has not yet determined whether any of these properties contain ore reserves that are economically recoverable. The recoverability of carrying amounts shown for exploration and evaluation assets is dependent upon a number of factors including environmental risk, legal and political risk, the existence of economically recoverable mineral reserves, confirmation of the Company’s interests in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete exploration and development, and to attain sufficient net cash flow from future profitable production or disposition proceeds. These financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations and its ability to raise additional capital. To date, the Company has not generated profitable operations from its resource activities and will need to invest additional funds in carrying out its planned exploration, development and operational activities. These uncertainties cast substantial doubt about the Company’s ability to continue as a going concern. These financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. The exploration and evaluation properties in which the Company currently has an interest are in the exploration stage. As such, the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and cover administrative costs, the Company will use its existing working capital and raise additional amounts as needed. Although the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised in the future. The Company will continue to assess new properties and seek to acquire interests in additional properties if there is sufficient geologic or economic potential and if adequate financial resources are available to do so. The coronavirus COVID-19 declared as a global pandemic in March 2020 continued throughout the 2020 year and to date. This contagious disease outbreak, which continues to spread, and any related adverse public health developments, has adversely affected workforces, economies, and financial markets globally, potentially leading to an economic downturn. The Company is closely monitoring the impact of the pandemic on all aspects of its business but anticipates that COVID-19 may impact the Company’s ability to conduct fieldwork on projects. The consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on August 26, 2021. The discussion in notes to the financial statements is stated in Canadian dollars except amounts in tables are expressed in thousands of Canadian dollars. |
BASIS OF PREPARATION AND SIGNIF
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Basis Of Preparation And Significant Accounting Policies | |
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES | 2. BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (a) Statement of Compliance These condensed interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”), including IAS 34 Interim Financial Statements. The condensed interim consolidated financial statements do not include all of the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s audited annual financial statements for the year ended December 31, 2020. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2021 could result in restatement of these condensed interim consolidated financial statements. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) (b) Basis of Preparation These condensed interim consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. The significant accounting policies used in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended December 31, 2020. (c) Basis of consolidation These condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, North American Nickel (US) Inc. which was incorporated in the State of Delaware on May 22, 2015. Consolidation is required when the Company is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. |
CHANGES IN ACCOUNTING POLICIES
CHANGES IN ACCOUNTING POLICIES | 6 Months Ended |
Jun. 30, 2021 | |
Changes In Accounting Policies | |
CHANGES IN ACCOUNTING POLICIES | 3. CHANGES IN ACCOUNTING POLICIES Accounting standards and amendments issued but not yet effective Certain accounting standards or amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s financial statements. IAS 16 - “Property, Plant and Equipment” The IASB issued an amendment to IAS 16, Property, Plant and Equipment to prohibit the deducting from property, plant and equipment amounts received from selling items produced while preparing an asset for its intended use. Instead, sales proceeds and its related costs must be recognized in profit or loss. The amendment will require companies to distinguish between costs associated with producing and selling items before the item of property, plant and equipment is available for use and costs associated with making the item of property, plant and equipment available for its intended use. The amendment is effective for annual periods beginning on or after January 1, 2022, with earlier application permitted. The amendment is not currently applicable. IAS 1 – “Presentation of Financial Statements” The IASB issued an amendment to IAS 1, Presentation of Financial Statements to clarify one of the requirements under the standard for classifying a liability as non-current in nature, specifically the requirement for an entity to have the right to defer settlement of the liability for at least 12 months after the reporting period. The amendment includes: (i) specifying that an entity’s right to defer settlement must exist at the end of the reporting period; (ii) clarifying that classification is unaffected by management’s intentions or expectations about whether the entity will exercise its right to defer settlement; (iii) clarifying how lending conditions affect classification; and (iv) clarifying requirements for classifying liabilities an entity will or may settle by issuing its own equity instruments. An assessment will be performed prior to the effective date of January 1, 2023 to determine the impact to the Company’s financial statements. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) |
RECEIVABLES AND OTHER CURRENT A
RECEIVABLES AND OTHER CURRENT ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Trade and other current receivables [abstract] | |
RECEIVABLES AND OTHER CURRENT ASSETS | 4. RECEIVABLES AND OTHER CURRENT ASSETS A summary of the receivables and other current assets as of June 30, 2021 is detailed in the table below: SCHEDULE OF RECEIVABLES AND OTHER CURRENT ASSETS (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Sales taxes receivable 35 23 Other current assets (prepaid expenses and amounts receivable) 67 36 Total 102 59 |
EXPLORATION AND EVALUATION ASSE
EXPLORATION AND EVALUATION ASSETS | 6 Months Ended |
Jun. 30, 2021 | |
Exploration And Evaluation Assets | |
EXPLORATION AND EVALUATION ASSETS | 5. EXPLORATION AND EVALUATION ASSETS SCHEDULE OF EXPLORATION AND EVALUATION ASSETS (All amounts in table are expressed in thousands of Canadian dollars) Canada Greenland Post Creek Property Halcyon Property Quetico Claims Lingman Lake Maniitsoq Property Total Acquisition Balance, December 31, 2020 308 238 42 14 46 648 Acquisition costs – cash 5 4 - - - 9 Balance, June 30, 2021 313 242 42 14 46 657 Exploration Balance, December 31, 2020 1,529 252 142 13 36,519 38,455 Administration - - - - 7 7 Property maintenance 1 1 1 - 17 20 Camp operations - - - - (95 ) (95 ) Drilling - - - - 21 21 Geology 5 5 10 - 24 44 Geophysics - - 1 - - 1 Helicopter charter aircraft - Infrastructure - Write-off - 6 6 12 - (26 ) (2 ) Balance, June 30, 2021 1,535 258 154 13 36,493 38,453 Total, June 30, 2021 1,848 500 196 27 36,539 39,110 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) Canada Greenland Post Creek Property Halcyon Property Quetico Claims Enid Creek Lingman Lake Maniitsoq Property Total Acquisition Balance, December 31, 2019 298 230 42 83 14 42 709 Acquisition costs – cash 5 4 - - - 4 13 Balance, June 30, 2020 303 234 42 83 14 46 722 Exploration Balance, December 31, 2019 1,498 233 39 33 13 36,108 37,924 Administration - - - - - 8 8 Property maintenance 6 5 - - - 17 28 Drilling - - 6 166 - - 172 Geology 10 6 46 83 - 51 196 Geophysics 1 1 21 72 - 3 98 Helicopter charter aircraft - - - - - - - Infrastructure - - - - - - - Write-off - - - (437 ) - - (437 ) 17 12 73 (116 ) - 79 65 Balance, June 30 ,2020 1,515 245 112 (83 ) 13 36,187 37,989 Total, June 30, 2020 1,818 479 154 - 27 36,233 38,711 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) The following is a description of the Company’s exploration and evaluation assets and the related spending commitments: Post Creek On December 23, 2009 and as last amended on March 12, 2013, the Company completed the required consideration and acquired the rights to a mineral claim known as the Post Creek Property located within the Sudbury Mining District of Ontario. Commencing August 1, 2015, the Company is obligated to pay advances on net smelter return royalties (“NSR”) of $ 10,000 5,000 5,000 During the six months period ended June 30, 2021, the Company incurred $ 10,746 21,927 Halcyon On June 30, 2015, the Company completed the required consideration of the option agreement and acquired rights to a mineral claim known as the Halcyon Property located within the Sudbury Mining District of Ontario, subject to certain NSR and advance royalty payments. Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $ 8,000 4,000 4,000 During the six months period ended June 30, 2021, the Company incurred $ 9,746 16,254 Quetico On April 26, 2018, the Company acquired the right to certain mineral claims known as Quetico located within the Sudbury Mining District of Ontario. The Company incurred total acquisition and exploration related costs of $ 64,256 The Company had no minimum required exploration commitment for the years ended December 31, 2020, 2019 and 2018 as it is not required to file any geoscience assessment work between the initial recording of a mining claim and the first anniversary date of the mining claim and claim anniversary dates were adjusted as a result of the COVID-19 pandemic. In April 2020, the Company applied for a one year exclusion under a COVID-19 relief program offered by the Ontario Ministry of Energy, Northern Development and Mines, thus adjusting the claim anniversary dates to April and May of 2021. The COVID-19 relief program was offered again commencing in 2021, and the Company has applied an additional one year exclusion. By the second anniversary of the recording of a claim and by each anniversary thereafter, a minimum of $400 worth of exploration activity per claim unit must be reported to the Provincial Recording Office. 324,000 39,835 21,948 During the six months period ended June 30, 2021, the Company incurred $ 11,668 72,444 Loveland Nickel (Enid Creek) Property On September 25, 2019, the Company entered into earn in agreement to acquire a 100% 1% 1,525,000 300,000 25,000 300,000 51,000 4,500,000 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) As of December 31, 2020, the Company incurred an aggregate exploration and acquisition expenditures of $ 437,897 Lingman Lake Property During the year ended December 31, 2019, the Company staked certain mineral claims known as Lingman Lake located northwest of Thunder Bay, Ontario. During the six months period ended June 30, 2021, the Company incurred total acquisition and related costs of $ Nil Nil Maniitsoq The Company has been granted certain exploration licenses, by the Bureau of Minerals and Petroleum (“BMP”) of Greenland for exclusive exploration rights of an area comprising the Maniitsoq Property, located near Ininngui, Greenland. The Maniitsoq Property is subject to a 2.5% 1% 2,000,000 60 At the expiration of the first license period, the Company may apply for a second license period (years 6-10), and the Company may apply for a further 3 3 The Company may terminate the licenses at any time, however any unfulfilled obligations according to the licenses will remain in force, regardless of the termination. Future required minimum exploration expenditures will be adjusted each year on the basis of the change to the Danish Consumer Price Index. On January 7, 2021, the Company announced that it has received notification from the Greenland government that surplus assessment credits from exploration conducted on the Company’s exclusive mineral exploration licenses located on the southwest coast of Greenland have been extended by one year. Mineral licenses that received one-year credit extension include exploration license 2011/54, exploration license 2012/28 and exploration license 2018/21. During the six months period ended June 30, 2021, the Company spent in aggregate of $ 69,169 83,191 During the year ended December 31, 2020, the Company has recorded a $ 267,000 172,394 94,606 Further details on the licenses comprising the Maniitsoq Property and related expenditures are outlined below: Sulussugut License (2011/54) (All references to amounts in Danish Kroners, “DKK”) Effective August 15, 2011, the Company was granted an exploration license (the “Sulussugut License”) by the BMP of Greenland for exclusive exploration rights of an area located near Sulussugut, Greenland. The Company paid a license fee of $ 5,742 31,400 5 7,982 40,400 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2021. To December 31, 2015, under the terms of a preliminary license, the Company completed the exploration requirements of an estimated minimum of DKK 83,809,340 15,808,386 26,115,831 56,262,968 The Company had no minimum required exploration commitment for the year ended December 31, 2020 and available credits of DKK 283,945,553 58,776,729 865,100 179,076 The credits available from each year may be carried forward for 3 years plus 1 year extension and expire between December 31, 2022 to December 2024. The Company has no exploration commitment for 2021 year. During the six months period ended June 30, 2021, the Company spent a total of $ 49,445 66,139 To December 31, 2020 and 2019, the Company has completed all obligations with respect to required reduction of the area of the license. Ininngui License (2012/28) Effective March 4, 2012, the Company was granted an exploration license (the “Ininngui License”) by the BMP of Greenland for exclusive exploration rights of an area located near Ininngui, Greenland. The Company paid a license fee of $ 5,755 32,200 The Ininngui License was valid for an initial 5 years until December 31, 2016, with December 31, 2012 being the first year. The license was extended for a further 5 years, until December 31, 2021, with December 31, 2017 being the first year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2022. The Ininngui License is contiguous with the Sulussugut License. Should the Company not incur the minimum exploration expenditures on the license in any one year from years 2-5, the Company may pay 50% The Company had no minimum required exploration commitment for the year ended December 31, 2020. As of December 31, 2020, the Company has spent $ 5,199,578 30,424,551 6,297,882 The credits available from each year may be carried forward for 3 years plus 1 year extension and expire between December 31, 2022 to December 2024. The Company has no exploration commitment for 2021 year. During the six months period ended June 30, 2021, the Company spent a total of $ 14,306 13,491 Carbonatite License (2018/21) Effective May 4, 2018, the Company was granted an exploration license (the “Carbonatite License”) by the BMP of Greenland for exclusive exploration rights of an area located near Maniitsoq in West Greenland. The Company paid a license fee of $ 6,523 31,000 The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2020 being the third year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2023. The Company has no minimum required exploration obligation for the year ended December 31, 2020. As of December 31, 2020, the Company has spent $ 1,504,317 10,544,473 2,182,706 The credit available from each year may be carried forward 3 years plus 1 year extension and expire between December 31, 2023 to December 2024. The Company has no exploration commitment for 2021 year. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) During the six months period ended June 30, 2021, the Company spent a total of $ 5,022 3,561 West Greenland Prospecting License (2020/05) On February 18, 2020, the Company was granted new prospective license No. 2020/05, by the BMP of Greenland for a period of 5 years ending December 31, 2024. 4,301 21,900 During the six months period ended June 30, 2021, the Company spent a total of $ 396 4,301 |
TRADE PAYABLES AND ACCRUED LIAB
TRADE PAYABLES AND ACCRUED LIABILITIES | 6 Months Ended |
Jun. 30, 2021 | |
Trade and other current payables [abstract] | |
TRADE PAYABLES AND ACCRUED LIABILITIES | 6. TRADE PAYABLES AND ACCRUED LIABILITIES SUMMARY OF TRADE PAYABLES AND ACCRUED LIABILITIES (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Trade payables 529 290 Amounts due to related parties (Note 9) 78 28 Accrued liabilities 3 44 Trade payables and accrued liabilities 610 362 |
SHARE CAPITAL, WARRANTS AND OPT
SHARE CAPITAL, WARRANTS AND OPTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Share Capital Warrants And Options | |
SHARE CAPITAL, WARRANTS AND OPTIONS | 7. SHARE CAPITAL, WARRANTS AND OPTIONS The authorized capital of the Company comprises an unlimited number of common shares without par value and 100,000,000 a) Common shares issued and outstanding 2021 On April 20, 2021 the Company closed a non-brokered private placement consisting of an aggregate of 8,290,665 0.24 1,989,760 Each full Warrant entitles the holder to acquire one common share of the Company within twenty-four (24) months following its issuance date, at a price of $0.35. The warrants are subject to an acceleration clause such that if the closing market price of the common shares on the TSX-V is greater than $0.60 per common share for a period of 10 consecutive trading days at any time after the four-month anniversary of the closing of the placement, the Company may, at its option, accelerate the warrant expiry date to within 30 days. In connection with the private placement, the Company has paid eligible finders (the “Finders”): (i) cash commission equal to 6% of the gross proceeds raised from subscribers introduced to the Company by such Finders, being an aggregate of $ 57,190 238,289 0.35 The Company allocated a $ 580,187 33,351 2 0% 0.29% 163% Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) During the six months period ended June 30, 2021, the Company issued 6,325,019 669,547 As at June 30, 2021, the Company has 124,449,332 88,690,791 2020 On August 13, 2020, the Company closed the first tranche of its non-brokered private placement equity financing consisting of 15,481,077 0.07 1,083,675 5,661,780 0.07 396,325 Each warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.09 for a period of 24 months from its date of issuance. The warrants are subject to an acceleration clause such that if the closing market price of the common shares on the TSX-V is greater than $0.12 per common share for a period of 10 consecutive trading days at any time after the four-month anniversary of the closing of the placement, the Company may, at its option, accelerate the warrant expiry date to within 30 days. In connection with the non-brokered private financing, the Company incurred total share issuance costs of $ 124,222 588,154 0.09 The Company allocated a $ 716,055 18,547 2 0% 0.28% 0.31% 158% 158.53% As at December 31, 2020 the Company had 109,833,648 b) Preferred shares issued and outstanding As at June 30, 2021 and June 30, 2020, there are 590,931 The rights and restrictions of the preferred shares are as follows: i) dividends shall be paid at the discretion of the directors; ii) the holders of the preferred shares are not entitled to vote except at meetings of the holders of the preferred shares, where they are entitled to one iii) the shares are convertible at any time after 6 10 iv) the number of the common shares to be received on conversion of the preferred shares is to be determined by dividing the conversion value of the share, $ 1 9.00 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) c) Warrants A summary of common share purchase warrants activity during the six months period ended June 30, 2021 is as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS June 30, 2021 December 31, 2020 Number Outstanding Weighted Average Exercise Price ($) Number Outstanding Weighted Average Exercise Price ($) Outstanding, beginning of the period 25,715,742 0.11 15,651,397 0.96 Issued 4,383,620 0.35 21,731,011 0.09 Exercised (6,325,019 ) 0.11 - - Cancelled / expired - - (11,666,666 ) 1.20 Outstanding, end of the period 23,774,343 0.16 25,715,742 0.11 At June 30, 2021, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS Warrants Outstanding Expiry Date Exercise Price ($) Weighted Average remaining contractual life (years) 3,359,133 December 18, 2021 0.25 0.07 12,488,781 1 August 13, 2022 0.09 0.59 3,542,809 1 August 31, 2022 0.09 0.17 4,383,620 April 16, 2023 0.35 0.33 23,774,343 1.16 1 The warrants are subject to an acceleration clause such that if the volume-weighted average trading price of the Company’s common shares on the TSX-V exceeds $ 0.12 10 d) Stock options The Company adopted a Stock Option Plan (the “Plan”), providing the authority to grant options to directors, officers, employees and consultants enabling them to acquire up to 10% 10 A summary of option activity under the Plan during the six months period ended June 30, 2021, is as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS June 30, 2021 December 31, 2020 Number Outstanding Weighted Average Number Outstanding Weighted Average Outstanding, beginning of the period 7,978,725 0.17 2,130,550 1.51 Issued 3,185,000 0.32 7,850,000 0.15 Cancelled / expired (603,100 ) 0.33 (2,001,825 ) 1.51 Outstanding, end of the period 10,560,625 0.21 7,978,725 0.17 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) During the six months period ended June 30, 2021, the Company granted an aggregate total of 3,185,000 5 0.32 837,444 During the six months period ended June 30, 2020, the Company granted 6,650,000 five 0.16 884,247 The fair value of stock options granted and vested during the years ended June 30, 2021 was calculated using the following assumptions: SCHEDULE OF INPUTS TO OPTION PRICING MODEL June 30, 2021 June 30, 2020 Expected dividend yield 0 % 0 % Expected share price volatility 127.83 % 121.55 % Risk free interest rate 0.93 % 1.21 % Expected life of options 5 5 Details of options outstanding as at June 30, 2021 are as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS Options Outstanding Options Exercisable Expiry Date Exercise Price ($) Weighted average remaining contractual life (years) 40,625 40,625 February 21, 2022 1.20 0.00 35,000 35,000 February 28, 2023 1.20 0.00 6,100,000 6,100,000 February 24, 2025 0.16 2.11 1,200,000 1,200,000 August 19, 2025 0.09 0.47 3,185,000 3,185,000 February 25, 2026 0.32 1.41 10,560,625 10,560,625 3.99 e) Reserve The reserve records items recognized as stock-based compensation expense and other share-based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. Amounts recorded for forfeited or expired unexercised options and warrants are transferred to deficit. During the six months period ended June 30, 2021, the Company transferred $ 97,953 199,971 244,357 Nil During the six months period year ended June 30, 2021, the Company recorded $ 837,444 884,247 |
INVESTMENT IN PREMIUM NICKEL RE
INVESTMENT IN PREMIUM NICKEL RESOURCES INC. | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
INVESTMENT IN PREMIUM NICKEL RESOURCES INC. | 8. INVESTMENT IN PREMIUM NICKEL RESOURCES INC. On September 30, 2019, the Company entered into a Memorandum of Understanding (“MOU”) with Premium Nickel Resources Inc. (“Premium Nickel”). Pursuant to the MOU, the Company and Premium Nickel set forth their interests in negotiating and acquiring the business and assets of BCL Limited, a private company with operations in Botswana that is currently in liquidation. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) Concurrent with the MOU, the Company initially subscribed for 2,400,000 0.01 24,000 The Company’s initial investment included a provision that gives the Company the right to nominate two directors to the board of directors of Premium Nickel. The Company’s initial investment also included Premium Nickel issuing the Company a non-transferable share purchase warrant (the “Warrant”), which entitles the Company to purchase common shares of Premium Nickel, for up to 15% of the capital of Premium Nickel upon payment of US $10 million prior to the fifth anniversary of the date of issue. To December 31, 2020, the Company subscribed for a further 4,657,711 154,164 9.94% 10.87% On January 14, 2021, the Company invested a further $ 50,400 251,000 100,400 50,000 As at June 30, 2021, the Company had representation on the board, participate in the policy-making process, material transactions between the Company and Premium Nickel, interchange of managerial personnel, provision of essential technical information and operating involvement. Accordingly, the Company determined that it has significant influence in Premium Nickel and has used equity accounting of the investment. Premium Nickel’s financial information at June 30, 2021 was net assets of $ 1,616,813 367,836 36,563 Details of the Company’s investment at June 30, 2021 is as follows: SCHEDULE OF INVESTMENT Investment Balance, December 31, 2020 48 Reallocation of advance 50 Investment 51 Share of loss of Premium Nickel (37 ) Balance, June 30, 2021 112 On January 1, 2020, the Company entered into a Management and Technical Services Agreement (“the Services Agreement”) with Premium Nickel whereby the Company will provide certain technical, corporate, administrative and clerical, office and other services to Premium Nickel during the due diligence stage of the contemplated arrangement. The Company will charge Premium Nickel for expenses incurred and has the right to charge a 2% administrative fee on third party expenses. The Company will invoice Premium Nickel on a monthly basis and payment shall be made by Premium Nickel no later than 15 days after receipt of such invoice. The term of the Service Agreement is for an initial period of 3 years and can be renewed for an additional 1 year period. The Service Agreement can be terminated within 30 days notice, for non-performance, by the Company giving 6 months notice or Premium Nickel within 90 days provided the Company no longer owns at least 10% of the outstanding common shares of Premium Nickel. If Premium Nickel defaults on making payments, the outstanding balance shall be treated as a loan to Premium Nickel, to be evidenced by a promissory note. The promissory note will be payable upon demand and bear interest at a rate equal to the then current lending rate plus 1%, calculated from the date of default. Subsequent payment by Premium Nickel will be first applied to accrued interest and then principle of the invoice. 844,379 454,336 16,888 793,017 336,533 214,195 132,324 214,195 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) |
RELATED PARTY TRANSACTIONS
RELATED PARTY TRANSACTIONS | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of transactions between related parties [abstract] | |
RELATED PARTY TRANSACTIONS | 9. RELATED PARTY TRANSACTIONS The following amounts due to related parties are included in trade payables and accrued liabilities (Note 6): SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES, INCLUDED IN TRADE PAYABLES AND ACCRUED LIABILITIES (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Directors and officers of the Company 75 21 Related company 3 7 Total 78 28 These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. The following amount due from related party and advance represent as well as investment in Premium Nickel a private company incorporated in Ontario, in which certain directors and officers of the Company also hold offices and minority investments. (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Due from related party 214 55 Advance - 50 Investment 112 48 Total 326 153 (a) Related party transactions Sentient Executive GP IV Limited (“Sentient”) and Contemporary Amperex Technology Limited (“CATL”) have historically subscribed to private placements of the Company. As of June 30, 2021, Sentient beneficially owns 36,980,982 33.66% As of June 30, 2021, CATL beneficially owns 22,944,444 20.89% During the six months period ended June 30, 2021, the Company recorded $ 28,574 62,822 (b) Key management personnel are defined as members of the Board of Directors and senior officers. Key management compensation was: SCHEDULE OF KEY MANAGEMENT COMPENSATION (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 June 30, 2020 Geological consulting fees – expensed - 5 Management fees – expensed 386 249 Salaries - expensed - 81 Share-based payments 621 671 Total 1,007 1,006 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) |
SUPPLEMENTAL CASH FLOW INFORMAT
SUPPLEMENTAL CASH FLOW INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Information | |
SUPPLEMENTAL CASH FLOW INFORMATION | 10. SUPPLEMENTAL CASH FLOW INFORMATION Changes in working capital for the six months period ended June 30, 2021 and 2020 are as follows: SCHEDULE OF CHANGES IN WORKING CAPITAL (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 June 30, 2020 (Increase) decrease in accounts receivables (171 ) 49 (Increase) in prepaid expenses (31 ) - Increase (decrease) in trade payables and accrued liabilities 58 183 Total changes in working capital (144 ) 232 During the six months period ended June 30, 2021, the Company: i) transferred $ 97,953 ii) Transferred $ 244,357 iii) recorded $ 96,430 iv) Reclassed $ 50,000 During the year ended June 30, 2020, the Company: i) transferred $ 2,771,485 ii) recorded $ 49,094 iii) Recorded $ 106,343 |
COMMITMENTS AND CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of contingent liabilities [abstract] | |
COMMITMENTS AND CONTINGENCIES | 11. COMMITMENTS AND CONTINGENCIES The Company has certain commitments to meet the minimum expenditures requirements on its exploration and evaluation assets. Further, the Company has a site restoration obligation with respect to its Greenland exploration and evaluation asset. Effective July 1, 2014, the Company had changes to management and entered into the following agreements for services with directors of the Company and a company in which a director has an interest: i) Directors’ fees: $ 2,000 3,000 2,500 ii) Management fees: $ 30,951 16,907 Effectively on June 1, 2018, the Company changed the terms with Keith Morrison, the CEO, from direct employment to contracted consultant and entered into a service agreement with his company. Each of the agreements shall be continuous and may only be terminated by mutual agreement of the parties, subject to the provisions that in the event there is a change of effective control of the Company, the party shall have the right to terminate the agreement, within sixty thirty Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) |
SEGMENTED INFORMATION
SEGMENTED INFORMATION | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of geographical areas [abstract] | |
SEGMENTED INFORMATION | 12. SEGMENTED INFORMATION The Company operates in one two SCHEDULE OF GEOGRAPHIC SEGMENTS (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Equipment Canada 5 6 Greenland 7 15 Total 12 21 June 30, 2021 December 31, 2020 Exploration and evaluation assets Canada 2,571 2,538 Greenland 36,539 36,565 Total 39,110 39,103 |
GENERAL AND ADMINISTRATIVE EXPE
GENERAL AND ADMINISTRATIVE EXPENSES | 6 Months Ended |
Jun. 30, 2021 | |
General And Administrative Expenses | |
GENERAL AND ADMINISTRATIVE EXPENSES | 13. GENERAL AND ADMINISTRATIVE EXPENSES Details of the general and administrative expenses by nature are presented in the following table: SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES (All amounts in table are expressed in thousands of Canadian dollars) Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Consulting fees 144 36 220 84 Professional fees 20 46 33 81 Management fees 135 140 261 256 Investor relations 46 11 62 14 Filing fees 14 12 28 21 Salaries and benefits - 93 - 168 General office expenses 35 21 52 40 Total 394 359 656 664 |
SUBSEQUENT EVENTS
SUBSEQUENT EVENTS | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
SUBSEQUENT EVENTS | 14. SUBSEQUENT EVENTS Further to Note 8, on August 26, 2021, the Company agreed to acquire an additional 358,996 341,046 10% |
BASIS OF PREPARATION AND SIGN_2
BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended |
Jun. 30, 2021 | |
Basis Of Preparation And Significant Accounting Policies | |
Statement of Compliance | (a) Statement of Compliance These condensed interim consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”), including IAS 34 Interim Financial Statements. The condensed interim consolidated financial statements do not include all of the information and disclosures required in the annual financial statements, and should be read in conjunction with the Company’s audited annual financial statements for the year ended December 31, 2020. Any subsequent changes to IFRS that are reflected in the Company’s consolidated financial statements for the year ended December 31, 2021 could result in restatement of these condensed interim consolidated financial statements. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) |
Basis of Preparation | (b) Basis of Preparation These condensed interim consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in the process of applying the Company’s accounting policies. The significant accounting policies used in the preparation of these condensed interim consolidated financial statements are consistent with those used in the preparation of the annual consolidated financial statements for the year ended December 31, 2020. |
Basis of consolidation | (c) Basis of consolidation These condensed interim consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, North American Nickel (US) Inc. which was incorporated in the State of Delaware on May 22, 2015. Consolidation is required when the Company is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. All intercompany transactions, balances, income and expenses are eliminated upon consolidation. |
RECEIVABLES AND OTHER CURRENT_2
RECEIVABLES AND OTHER CURRENT ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Trade and other current receivables [abstract] | |
SCHEDULE OF RECEIVABLES AND OTHER CURRENT ASSETS | A summary of the receivables and other current assets as of June 30, 2021 is detailed in the table below: SCHEDULE OF RECEIVABLES AND OTHER CURRENT ASSETS (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Sales taxes receivable 35 23 Other current assets (prepaid expenses and amounts receivable) 67 36 Total 102 59 |
EXPLORATION AND EVALUATION AS_2
EXPLORATION AND EVALUATION ASSETS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Exploration And Evaluation Assets | |
SCHEDULE OF EXPLORATION AND EVALUATION ASSETS | SCHEDULE OF EXPLORATION AND EVALUATION ASSETS (All amounts in table are expressed in thousands of Canadian dollars) Canada Greenland Post Creek Property Halcyon Property Quetico Claims Lingman Lake Maniitsoq Property Total Acquisition Balance, December 31, 2020 308 238 42 14 46 648 Acquisition costs – cash 5 4 - - - 9 Balance, June 30, 2021 313 242 42 14 46 657 Exploration Balance, December 31, 2020 1,529 252 142 13 36,519 38,455 Administration - - - - 7 7 Property maintenance 1 1 1 - 17 20 Camp operations - - - - (95 ) (95 ) Drilling - - - - 21 21 Geology 5 5 10 - 24 44 Geophysics - - 1 - - 1 Helicopter charter aircraft - Infrastructure - Write-off - 6 6 12 - (26 ) (2 ) Balance, June 30, 2021 1,535 258 154 13 36,493 38,453 Total, June 30, 2021 1,848 500 196 27 36,539 39,110 Notes to the Condensed Interim Consolidated Financial Statements For the six months ended June 30, 2021 (Expressed in Canadian dollars) Canada Greenland Post Creek Property Halcyon Property Quetico Claims Enid Creek Lingman Lake Maniitsoq Property Total Acquisition Balance, December 31, 2019 298 230 42 83 14 42 709 Acquisition costs – cash 5 4 - - - 4 13 Balance, June 30, 2020 303 234 42 83 14 46 722 Exploration Balance, December 31, 2019 1,498 233 39 33 13 36,108 37,924 Administration - - - - - 8 8 Property maintenance 6 5 - - - 17 28 Drilling - - 6 166 - - 172 Geology 10 6 46 83 - 51 196 Geophysics 1 1 21 72 - 3 98 Helicopter charter aircraft - - - - - - - Infrastructure - - - - - - - Write-off - - - (437 ) - - (437 ) 17 12 73 (116 ) - 79 65 Balance, June 30 ,2020 1,515 245 112 (83 ) 13 36,187 37,989 Total, June 30, 2020 1,818 479 154 - 27 36,233 38,711 |
TRADE PAYABLES AND ACCRUED LI_2
TRADE PAYABLES AND ACCRUED LIABILITIES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Trade and other current payables [abstract] | |
SUMMARY OF TRADE PAYABLES AND ACCRUED LIABILITIES | SUMMARY OF TRADE PAYABLES AND ACCRUED LIABILITIES (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Trade payables 529 290 Amounts due to related parties (Note 9) 78 28 Accrued liabilities 3 44 Trade payables and accrued liabilities 610 362 |
SHARE CAPITAL, WARRANTS AND O_2
SHARE CAPITAL, WARRANTS AND OPTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Share Capital Warrants And Options | |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS | A summary of common share purchase warrants activity during the six months period ended June 30, 2021 is as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS June 30, 2021 December 31, 2020 Number Outstanding Weighted Average Exercise Price ($) Number Outstanding Weighted Average Exercise Price ($) Outstanding, beginning of the period 25,715,742 0.11 15,651,397 0.96 Issued 4,383,620 0.35 21,731,011 0.09 Exercised (6,325,019 ) 0.11 - - Cancelled / expired - - (11,666,666 ) 1.20 Outstanding, end of the period 23,774,343 0.16 25,715,742 0.11 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS | At June 30, 2021, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS Warrants Outstanding Expiry Date Exercise Price ($) Weighted Average remaining contractual life (years) 3,359,133 December 18, 2021 0.25 0.07 12,488,781 1 August 13, 2022 0.09 0.59 3,542,809 1 August 31, 2022 0.09 0.17 4,383,620 April 16, 2023 0.35 0.33 23,774,343 1.16 1 The warrants are subject to an acceleration clause such that if the volume-weighted average trading price of the Company’s common shares on the TSX-V exceeds $ 0.12 10 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS | A summary of option activity under the Plan during the six months period ended June 30, 2021, is as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS June 30, 2021 December 31, 2020 Number Outstanding Weighted Average Number Outstanding Weighted Average Outstanding, beginning of the period 7,978,725 0.17 2,130,550 1.51 Issued 3,185,000 0.32 7,850,000 0.15 Cancelled / expired (603,100 ) 0.33 (2,001,825 ) 1.51 Outstanding, end of the period 10,560,625 0.21 7,978,725 0.17 |
SCHEDULE OF INPUTS TO OPTION PRICING MODEL | The fair value of stock options granted and vested during the years ended June 30, 2021 was calculated using the following assumptions: SCHEDULE OF INPUTS TO OPTION PRICING MODEL June 30, 2021 June 30, 2020 Expected dividend yield 0 % 0 % Expected share price volatility 127.83 % 121.55 % Risk free interest rate 0.93 % 1.21 % Expected life of options 5 5 |
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS | Details of options outstanding as at June 30, 2021 are as follows: SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS Options Outstanding Options Exercisable Expiry Date Exercise Price ($) Weighted average remaining contractual life (years) 40,625 40,625 February 21, 2022 1.20 0.00 35,000 35,000 February 28, 2023 1.20 0.00 6,100,000 6,100,000 February 24, 2025 0.16 2.11 1,200,000 1,200,000 August 19, 2025 0.09 0.47 3,185,000 3,185,000 February 25, 2026 0.32 1.41 10,560,625 10,560,625 3.99 |
INVESTMENT IN PREMIUM NICKEL _2
INVESTMENT IN PREMIUM NICKEL RESOURCES INC. (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of detailed information about investment property [abstract] | |
SCHEDULE OF INVESTMENT | Details of the Company’s investment at June 30, 2021 is as follows: SCHEDULE OF INVESTMENT Investment Balance, December 31, 2020 48 Reallocation of advance 50 Investment 51 Share of loss of Premium Nickel (37 ) Balance, June 30, 2021 112 |
RELATED PARTY TRANSACTIONS (Tab
RELATED PARTY TRANSACTIONS (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of transactions between related parties [abstract] | |
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES, INCLUDED IN TRADE PAYABLES AND ACCRUED LIABILITIES | The following amounts due to related parties are included in trade payables and accrued liabilities (Note 6): SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES, INCLUDED IN TRADE PAYABLES AND ACCRUED LIABILITIES (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Directors and officers of the Company 75 21 Related company 3 7 Total 78 28 These amounts are unsecured, non-interest bearing and have no fixed terms of repayment. The following amount due from related party and advance represent as well as investment in Premium Nickel a private company incorporated in Ontario, in which certain directors and officers of the Company also hold offices and minority investments. (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Due from related party 214 55 Advance - 50 Investment 112 48 Total 326 153 |
SCHEDULE OF KEY MANAGEMENT COMPENSATION | Key management compensation was: SCHEDULE OF KEY MANAGEMENT COMPENSATION (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 June 30, 2020 Geological consulting fees – expensed - 5 Management fees – expensed 386 249 Salaries - expensed - 81 Share-based payments 621 671 Total 1,007 1,006 |
SUPPLEMENTAL CASH FLOW INFORM_2
SUPPLEMENTAL CASH FLOW INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Supplemental Cash Flow Information | |
SCHEDULE OF CHANGES IN WORKING CAPITAL | Changes in working capital for the six months period ended June 30, 2021 and 2020 are as follows: SCHEDULE OF CHANGES IN WORKING CAPITAL (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 June 30, 2020 (Increase) decrease in accounts receivables (171 ) 49 (Increase) in prepaid expenses (31 ) - Increase (decrease) in trade payables and accrued liabilities 58 183 Total changes in working capital (144 ) 232 |
SEGMENTED INFORMATION (Tables)
SEGMENTED INFORMATION (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
Disclosure of geographical areas [abstract] | |
SCHEDULE OF GEOGRAPHIC SEGMENTS | SCHEDULE OF GEOGRAPHIC SEGMENTS (All amounts in table are expressed in thousands of Canadian dollars) June 30, 2021 December 31, 2020 Equipment Canada 5 6 Greenland 7 15 Total 12 21 June 30, 2021 December 31, 2020 Exploration and evaluation assets Canada 2,571 2,538 Greenland 36,539 36,565 Total 39,110 39,103 |
GENERAL AND ADMINISTRATIVE EX_2
GENERAL AND ADMINISTRATIVE EXPENSES (Tables) | 6 Months Ended |
Jun. 30, 2021 | |
General And Administrative Expenses | |
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES | Details of the general and administrative expenses by nature are presented in the following table: SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES (All amounts in table are expressed in thousands of Canadian dollars) Three Months Ended Six Months Ended June 30, 2021 June 30, 2020 June 30, 2021 June 30, 2020 Consulting fees 144 36 220 84 Professional fees 20 46 33 81 Management fees 135 140 261 256 Investor relations 46 11 62 14 Filing fees 14 12 28 21 Salaries and benefits - 93 - 168 General office expenses 35 21 52 40 Total 394 359 656 664 |
SCHEDULE OF RECEIVABLES AND OTH
SCHEDULE OF RECEIVABLES AND OTHER CURRENT ASSETS (Details) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Trade and other current receivables [abstract] | ||
Sales taxes receivable | $ 35 | $ 23 |
Other current assets (prepaid expenses and amounts receivable) | 67 | 36 |
Total | $ 102 | $ 59 |
SCHEDULE OF EXPLORATION AND EVA
SCHEDULE OF EXPLORATION AND EVALUATION ASSETS (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
IfrsStatementLineItems [Line Items] | ||
Balance at the end of the period | $ 39,110 | $ 38,711 |
CANADA | Post Creek Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the end of the period | 1,848 | 1,818 |
CANADA | Halcyon Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the end of the period | 500 | 479 |
CANADA | Quetico Claims [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the end of the period | 196 | 154 |
CANADA | Loveland (Enid Creek) Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the end of the period | ||
GREENLAND | Lingman Lake [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the end of the period | 27 | 27 |
GREENLAND | Maniitsoq Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the end of the period | 36,539 | 36,233 |
Exploration And Evaluation Assets Arising From Acquisition [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 648 | 709 |
Acquisition costs - cash | 9 | 13 |
Balance at the end of the period | 657 | 722 |
Exploration And Evaluation Assets Arising From Acquisition [Member] | CANADA | Post Creek Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 308 | 298 |
Acquisition costs - cash | 5 | 5 |
Balance at the end of the period | 313 | 303 |
Exploration And Evaluation Assets Arising From Acquisition [Member] | CANADA | Halcyon Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 238 | 230 |
Acquisition costs - cash | 4 | 4 |
Balance at the end of the period | 242 | 234 |
Exploration And Evaluation Assets Arising From Acquisition [Member] | CANADA | Quetico Claims [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 42 | |
Acquisition costs - cash | ||
Balance at the end of the period | 42 | |
Exploration And Evaluation Assets Arising From Acquisition [Member] | GREENLAND | Quetico Claims [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 42 | |
Acquisition costs - cash | ||
Balance at the end of the period | 42 | |
Exploration And Evaluation Assets Arising From Acquisition [Member] | GREENLAND | Lingman Lake [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 14 | 14 |
Acquisition costs - cash | ||
Balance at the end of the period | 14 | 14 |
Exploration And Evaluation Assets Arising From Acquisition [Member] | GREENLAND | Maniitsoq Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 46 | 42 |
Acquisition costs - cash | 4 | |
Balance at the end of the period | 46 | 46 |
Exploration And Evaluation Assets Arising From Acquisition [Member] | GREENLAND | Loveland (Enid Creek) Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 83 | |
Acquisition costs - cash | ||
Balance at the end of the period | 83 | |
Exploration And Evaluation Assets Arising From Exploration [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 38,455 | 37,924 |
Administration | 7 | 8 |
Property maintenance | 20 | 28 |
Camp operations | (95) | |
Drilling | 21 | 172 |
Geology | 44 | 196 |
Geophysics | 1 | 98 |
Helicopter charter aircraft (recovery) | ||
Infrastructure | ||
Write-off | (437) | |
Increase in exploration and evaluation assets | (2) | 65 |
Balance at the end of the period | 38,453 | 37,989 |
Exploration And Evaluation Assets Arising From Exploration [Member] | CANADA | Post Creek Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 1,529 | 1,498 |
Administration | ||
Property maintenance | 1 | 6 |
Camp operations | ||
Drilling | ||
Geology | 5 | 10 |
Geophysics | 1 | |
Helicopter charter aircraft (recovery) | ||
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | 6 | 17 |
Balance at the end of the period | 1,535 | 1,515 |
Exploration And Evaluation Assets Arising From Exploration [Member] | CANADA | Halcyon Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 252 | 233 |
Administration | ||
Property maintenance | 1 | 5 |
Camp operations | ||
Drilling | ||
Geology | 5 | 6 |
Geophysics | 1 | |
Helicopter charter aircraft (recovery) | ||
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | 6 | 12 |
Balance at the end of the period | 258 | 245 |
Exploration And Evaluation Assets Arising From Exploration [Member] | CANADA | Quetico Claims [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 39 | |
Administration | ||
Property maintenance | ||
Drilling | 6 | |
Geology | 46 | |
Geophysics | 21 | |
Helicopter charter aircraft (recovery) | ||
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | 73 | |
Balance at the end of the period | 112 | |
Exploration And Evaluation Assets Arising From Exploration [Member] | GREENLAND | Quetico Claims [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 142 | |
Administration | ||
Property maintenance | 1 | |
Camp operations | ||
Drilling | ||
Geology | 10 | |
Geophysics | 1 | |
Increase in exploration and evaluation assets | 12 | |
Balance at the end of the period | 154 | |
Exploration And Evaluation Assets Arising From Exploration [Member] | GREENLAND | Lingman Lake [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 13 | 13 |
Administration | ||
Property maintenance | ||
Camp operations | ||
Drilling | ||
Geology | ||
Geophysics | ||
Helicopter charter aircraft (recovery) | ||
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | ||
Balance at the end of the period | 13 | 13 |
Exploration And Evaluation Assets Arising From Exploration [Member] | GREENLAND | Maniitsoq Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 36,519 | 36,108 |
Administration | 7 | 8 |
Property maintenance | 17 | 17 |
Camp operations | (95) | |
Drilling | 21 | |
Geology | 24 | 51 |
Geophysics | 3 | |
Helicopter charter aircraft (recovery) | ||
Infrastructure | ||
Write-off | ||
Increase in exploration and evaluation assets | (26) | 79 |
Balance at the end of the period | $ 36,493 | 36,187 |
Exploration And Evaluation Assets Arising From Exploration [Member] | GREENLAND | Loveland (Enid Creek) Property [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Balance at the beginning of the period | 33 | |
Administration | ||
Property maintenance | ||
Drilling | 166 | |
Geology | 83 | |
Geophysics | 72 | |
Helicopter charter aircraft (recovery) | ||
Infrastructure | ||
Write-off | (437) | |
Increase in exploration and evaluation assets | (116) | |
Balance at the end of the period | $ (83) |
EXPLORATION AND EVALUATION AS_3
EXPLORATION AND EVALUATION ASSETS (Details Narrative) | Feb. 18, 2020CAD ($) | Feb. 18, 2020DKK (kr) | Sep. 25, 2019CAD ($)shares | May 04, 2018CAD ($) | May 04, 2018DKK (kr) | Apr. 11, 2016 | Aug. 01, 2015CAD ($) | Mar. 04, 2012CAD ($) | Mar. 04, 2012DKK (kr) | Aug. 15, 2011CAD ($) | Aug. 15, 2011DKK (kr) | Jun. 30, 2021CAD ($) | Jun. 30, 2020CAD ($) | Dec. 31, 2020CAD ($) | Dec. 31, 2020DKK (kr) | Dec. 31, 2019CAD ($)shares | Dec. 31, 2018CAD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2016DKK (kr) | Dec. 31, 2015CAD ($) | Dec. 31, 2015DKK (kr) |
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Acquisition and exploration related cost | $ 84,000 | $ 563,000 | |||||||||||||||||||
Quetico East [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Proceed from debt | 39,835 | ||||||||||||||||||||
Quetico West [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Proceed from debt | 21,948 | ||||||||||||||||||||
Post Creek Property [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Advances payable annually on net smelter return royalties | $ 10,000 | ||||||||||||||||||||
Payments made in advance | 5,000 | 5,000 | |||||||||||||||||||
Exploration and license related expenditures | 10,746 | 21,927 | |||||||||||||||||||
Halcyon Property [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Advances payable annually on net smelter return royalties | $ 8,000 | ||||||||||||||||||||
Payments made in advance | 4,000 | 4,000 | |||||||||||||||||||
Exploration and license related expenditures | 9,746 | 16,254 | |||||||||||||||||||
Quetico Property [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Exploration and license related expenditures | 11,668 | 72,444 | |||||||||||||||||||
Acquisition and exploration related cost | $ 64,256 | ||||||||||||||||||||
Exploration claim description | By the second anniversary of the recording of a claim and by each anniversary thereafter, a minimum of $400 worth of exploration activity per claim unit must be reported to the Provincial Recording Office. | By the second anniversary of the recording of a claim and by each anniversary thereafter, a minimum of $400 worth of exploration activity per claim unit must be reported to the Provincial Recording Office. | |||||||||||||||||||
Quetico Property [Member] | Prior to April 26, 2021 [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Total annual work requirement cost | 324,000 | ||||||||||||||||||||
Loveland (Enid Creek) Property [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Acquisition and exploration related cost | $ 437,897 | ||||||||||||||||||||
Percentage of interest in property to be acquired on basis of option agreement | 100.00% | ||||||||||||||||||||
Acquisition costs | $ 1,525,000 | ||||||||||||||||||||
Issuance of common shares | shares | 300,000 | 300,000 | |||||||||||||||||||
Payment to acquire property | $ 25,000 | ||||||||||||||||||||
Common shares fair value | $ 51,000 | ||||||||||||||||||||
Loveland (Enid Creek) Property [Member] | NSR [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Percentage of interest in property to be acquired on basis of option agreement | 1.00% | ||||||||||||||||||||
Loveland (Enid Creek) Property [Member] | September 25, 2024 [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Acquisition and exploration related cost | 4,500,000 | ||||||||||||||||||||
Lingman Lake Property [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Acquisition and exploration related cost | |||||||||||||||||||||
Maniitsoq Property [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Exploration and license related expenditures | $ 69,169 | 83,191 | |||||||||||||||||||
Percentage of net smelter return royalties | 2.50% | ||||||||||||||||||||
Percentage of net smelter return royalties after reduction | 1.00% | ||||||||||||||||||||
Payment required to reduce net smelter return royalties | $ 2,000,000 | ||||||||||||||||||||
Number of days from decision to commence commercial production to reduce net smelter return royalties | 60 days | ||||||||||||||||||||
License period description | At the expiration of the first license period, the Company may apply for a second license period (years 6-10), and the Company may apply for a further 3-year license for years 11 to 13. Thereafter, the Company may apply for additional 3-year licenses for years 14 to 16, 17 to 19 and 20 to 22. The Company will be required to pay additional license fees and will be obligated to incur minimum eligible exploration expenses for such years. | ||||||||||||||||||||
Period of additional license application for years 11-13 | 3 years | ||||||||||||||||||||
Period of additional license application after year 13 | 3 years | ||||||||||||||||||||
Restoration obligations | 267,000 | ||||||||||||||||||||
Actual cleanup costs | $ 172,394 | ||||||||||||||||||||
Reversal of excess provision | 94,606 | ||||||||||||||||||||
Sulussugut License [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Exploration and license related expenditures | $ 49,445 | 66,139 | |||||||||||||||||||
License period description | The credits available from each year may be carried forward for 3 years plus 1 year extension and expire between December 31, 2022 to December 2024. The Company has no exploration commitment for 2021 year. | ||||||||||||||||||||
License fee paid | $ 5,742 | kr 31,400 | $ 7,982 | kr 40,400 | |||||||||||||||||
Period of additional license application after first period | 5 years | ||||||||||||||||||||
Exploration requirement | $ 15,808,386 | kr 83,809,340 | |||||||||||||||||||
Exploration cost | 56,262,968 | $ 26,115,831 | |||||||||||||||||||
Total carried credits | 58,776,729 | kr 283,945,553 | |||||||||||||||||||
Approved exploration expenditures | 179,076 | 865,100 | |||||||||||||||||||
Ininngui License [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Exploration and license related expenditures | $ 14,306 | 13,491 | |||||||||||||||||||
License period description | The Ininngui License was valid for an initial 5 years until December 31, 2016, with December 31, 2012 being the first year. The license was extended for a further 5 years, until December 31, 2021, with December 31, 2017 being the first year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2022. | The Ininngui License was valid for an initial 5 years until December 31, 2016, with December 31, 2012 being the first year. The license was extended for a further 5 years, until December 31, 2021, with December 31, 2017 being the first year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2022. | The credits available from each year may be carried forward for 3 years plus 1 year extension and expire between December 31, 2022 to December 2024. The Company has no exploration commitment for 2021 year. | ||||||||||||||||||
License fee paid | $ 5,755 | kr 32,200 | |||||||||||||||||||
Exploration cost | 5,199,578 | ||||||||||||||||||||
Total carried credits | $ 6,297,882 | kr 30,424,551 | |||||||||||||||||||
Minimum exploration expenditures and actual spend on exploration costs payable in cash, description | the minimum exploration expenditures on the license in any one year from years 2-5, the Company may pay 50% of the difference in cash to BMP as full compensation for that year. This procedure may not be used for more than 2 consecutive calendar years and as at December 31, 2020, the Company has not used the procedure for the license. | the minimum exploration expenditures on the license in any one year from years 2-5, the Company may pay 50% of the difference in cash to BMP as full compensation for that year. This procedure may not be used for more than 2 consecutive calendar years and as at December 31, 2020, the Company has not used the procedure for the license. | |||||||||||||||||||
Percentage of difference between minimum exploration expenditures and actual spend on exploration costs payable in cash | 50.00% | 50.00% | |||||||||||||||||||
Carbonatite License [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Exploration and license related expenditures | $ 5,022 | 3,561 | |||||||||||||||||||
License period description | The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2020 being the third year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2023. | The Carbonatite License is valid for 5 years until December 31, 2022, with December 31, 2020 being the third year. During the year ended December 31, 2020, the Company received one year period license extension, which provides for renewal period until 2023. | The credit available from each year may be carried forward 3 years plus 1 year extension and expire between December 31, 2023 to December 2024. The Company has no exploration commitment for 2021 year. | ||||||||||||||||||
License fee paid | $ 6,523 | kr 31,000 | |||||||||||||||||||
Exploration cost | $ 1,504,317 | ||||||||||||||||||||
Total carried credits | kr | kr 10,544,473 | ||||||||||||||||||||
Carbonatite License [Member] | Danish krone [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Total carried credits | $ 2,182,706 | ||||||||||||||||||||
West Greenland Prospecting License [Member] | |||||||||||||||||||||
SEC Schedule, 12-29, Real Estate Companies, Investment in Mortgage Loans on Real Estate [Line Items] | |||||||||||||||||||||
Exploration and license related expenditures | $ 396 | $ 4,301 | |||||||||||||||||||
License period description | the Company was granted new prospective license No. 2020/05, by the BMP of Greenland for a period of 5 years ending December 31, 2024. | the Company was granted new prospective license No. 2020/05, by the BMP of Greenland for a period of 5 years ending December 31, 2024. | |||||||||||||||||||
License fee paid | $ 4,301 | kr 21,900 |
SUMMARY OF TRADE PAYABLES AND A
SUMMARY OF TRADE PAYABLES AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
Trade and other current payables [abstract] | ||
Trade payables | $ 529 | $ 290 |
Amounts due to related parties (Note 9) | 78 | 28 |
Accrued liabilities | 3 | 44 |
Trade payables and accrued liabilities | $ 610 | $ 362 |
SCHEDULE OF NUMBER AND WEIGHTED
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF WARRANTS (Details) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | |
Condensed Cash Flow Statements, Captions [Line Items] | ||
Outstanding at end of the period | 23,774,343 | |
Post-consolidation Basis [Member] | ||
Condensed Cash Flow Statements, Captions [Line Items] | ||
Outstanding at beginning of the period | 25,715,742 | 15,651,397 |
Weighted Average Exercise Price, Outstanding at beginning of year | $ / shares | $ 0.11 | $ 0.96 |
Issued | 4,383,620 | 21,731,011 |
Weighted Average Exercise Price, Issued | $ / shares | $ 0.35 | $ 0.09 |
Exercised | (6,325,019) | |
Weighted Average Exercise Price, Exercised | $ / shares | $ 0.11 | |
Cancelled / expired | (11,666,666) | |
Weighted Average Exercise Price, Cancelled / expired | $ / shares | $ 1.20 | |
Outstanding at end of the period | 23,774,343 | 25,715,742 |
Weighted Average Exercise Price, Outstanding at end of year | $ / shares | $ 0.16 | $ 0.11 |
SCHEDULE OF NUMBER AND WEIGHT_2
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS (Details) | 6 Months Ended | |
Jun. 30, 2021shares$ / shares | ||
IfrsStatementLineItems [Line Items] | ||
Warrants outstanding | 23,774,343 | |
Weighted average remaining contractual life (years) | 1 year 1 month 28 days | |
Warrants Expiring December 18, 2021 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Warrants outstanding | 3,359,133 | |
Exercise price | $ / shares | $ 0.25 | |
Weighted average remaining contractual life (years) | 25 days | |
Warrants Expiring August 13, 2022 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Warrants outstanding | 12,488,781 | [1] |
Exercise price | $ / shares | $ 0.09 | |
Weighted average remaining contractual life (years) | 7 months 2 days | |
Warrants Expiring August 31, 2022 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Warrants outstanding | 3,542,809 | [1] |
Exercise price | $ / shares | $ 0.09 | |
Weighted average remaining contractual life (years) | 2 months 1 day | |
Warrants Expiring April 16, 2023 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Warrants outstanding | 4,383,620 | |
Exercise price | $ / shares | $ 0.35 | |
Weighted average remaining contractual life (years) | 3 months 29 days | |
[1] | The warrants are subject to an acceleration clause such that if the volume-weighted average trading price of the Company’s common shares on the TSX-V exceeds $ 0.12 10 |
SCHEDULE OF NUMBER AND WEIGHT_3
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING WARRANTS (Details) (Parenthetical) - Warrants [Member] | 6 Months Ended |
Jun. 30, 2021$ / shares | |
IfrsStatementLineItems [Line Items] | |
Exercise price of warrant | $ 0.12 |
Trading days | 10 days |
SCHEDULE OF NUMBER AND WEIGHT_4
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE EXERCISE PRICES OF SHARE OPTIONS (Details) - Stock Option Plan [Member] | 6 Months Ended | 12 Months Ended | |
Jun. 30, 2021shares$ / shares | Jun. 30, 2020shares | Dec. 31, 2020shares$ / shares | |
IfrsStatementLineItems [Line Items] | |||
Issued | 3,185,000 | 6,650,000 | |
Post-consolidation Basis [Member] | |||
IfrsStatementLineItems [Line Items] | |||
Outstanding, beginning of the period | 7,978,725 | 2,130,550 | 2,130,550 |
Weighted Average Exercise Price, Outstanding at beginning of the period | $ / shares | $ 0.17 | $ 1.51 | |
Issued | 3,185,000 | 7,850,000 | |
Weighted Average Exercise Price, Issued | $ / shares | $ 0.32 | $ 0.15 | |
Cancelled / expired | (603,100) | (2,001,825) | |
Weighted Average Exercise Price, Cancelled / expired | $ / shares | $ 0.33 | $ 1.51 | |
Outstanding, end of the period | 10,560,625 | 7,978,725 | |
Weighted Average Exercise Price, Outstanding at end of the period | $ / shares | $ 0.21 | $ 0.17 |
SCHEDULE OF INPUTS TO OPTION PR
SCHEDULE OF INPUTS TO OPTION PRICING MODEL (Details) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Share Capital Warrants And Options | ||
Expected dividend yield | 0.00% | 0.00% |
Expected share price volatility | 127.83% | 121.55% |
Risk free interest rate | 0.93% | 1.21% |
Expected life of options | 5 years | 5 years |
SCHEDULE OF NUMBER AND WEIGHT_5
SCHEDULE OF NUMBER AND WEIGHTED AVERAGE REMAINING CONTRACTUAL LIFE OF OUTSTANDING SHARE OPTIONS (Details) - Post-consolidation Basis [Member] | 6 Months Ended |
Jun. 30, 2021shares$ / shares | |
Options expiring February 21, 2022 [member] | |
IfrsStatementLineItems [Line Items] | |
Options outstanding | 40,625 |
Options exercisable | 40,625 |
Exercise price | $ / shares | $ 1.20 |
Weighted average remaining contractual life (years) | 0 years |
Options expiring February 28, 2023 [member] | |
IfrsStatementLineItems [Line Items] | |
Options outstanding | 35,000 |
Options exercisable | 35,000 |
Exercise price | $ / shares | $ 1.20 |
Weighted average remaining contractual life (years) | 0 years |
Options expiring February 24, 2025 [member] | |
IfrsStatementLineItems [Line Items] | |
Options outstanding | 6,100,000 |
Options exercisable | 6,100,000 |
Exercise price | $ / shares | $ 0.16 |
Weighted average remaining contractual life (years) | 2 years 1 month 9 days |
Options expiring August 19, 2025 [member] | |
IfrsStatementLineItems [Line Items] | |
Options outstanding | 1,200,000 |
Options exercisable | 1,200,000 |
Exercise price | $ / shares | $ 0.09 |
Weighted average remaining contractual life (years) | 5 months 19 days |
Options expiring February 25, 2026 [member] | |
IfrsStatementLineItems [Line Items] | |
Options outstanding | 3,185,000 |
Options exercisable | 3,185,000 |
Exercise price | $ / shares | $ 0.32 |
Weighted average remaining contractual life (years) | 1 year 4 months 28 days |
Stock Option Plan [Member] | |
IfrsStatementLineItems [Line Items] | |
Options outstanding | 10,560,625 |
Options exercisable | 10,560,625 |
Weighted average remaining contractual life (years) | 3 years 11 months 26 days |
SHARE CAPITAL, WARRANTS AND O_3
SHARE CAPITAL, WARRANTS AND OPTIONS (Details Narrative) | Aug. 31, 2020CAD ($)$ / sharesshares | Aug. 13, 2020CAD ($)$ / sharesshares | Apr. 20, 2021CAD ($)$ / sharesshares | Jun. 30, 2021CAD ($)sharesInteger$ / shares | Jun. 30, 2020CAD ($)shares$ / shares | Mar. 23, 2021shares | Dec. 31, 2020shares |
IfrsStatementLineItems [Line Items] | |||||||
Expected dividend yield | 0.00% | 0.00% | |||||
Risk-free interest rate | 0.93% | 1.21% | |||||
Expected volatility | 127.83% | 121.55% | |||||
Share capital issued through exercise of warrants | $ | $ 670,000 | ||||||
Common stock, share issued | shares | 251,000 | ||||||
Expense from share-based payment transactions on grant of options | $ | 837,444 | $ 884,247 | |||||
Transfer to deficit for expired options and warrants | $ | 97,953 | 199,971 | |||||
Transfer to common share capital for expired warrants | $ | $ 244,357 | ||||||
Stock Option Plan [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Period of options granted | 5 years | 5 years | |||||
Number of stock option granted | shares | 3,185,000 | 6,650,000 | |||||
Stock options exercisable price per share | $ / shares | $ 0.32 | $ 0.16 | |||||
Top of range [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of votes per share at meeting of holders of preference shares | Integer | 1 | ||||||
Period from date of issuance when shares become convertible | 6 months | ||||||
Period of notice to convert shares | 10 days | ||||||
Percentage of beneficially owns, issued and outstanding | 10.00% | ||||||
Period of options granted | 10 years | ||||||
Non Brokered Private Placement [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of units issued | shares | 8,290,665 | ||||||
Price of unit issued | $ / shares | $ 0.24 | ||||||
Total gross proceeds | $ | $ 1,989,760 | ||||||
Warrant description | Each warrant will entitle the holder to acquire one common share of the Company at an exercise price of $0.09 for a period of 24 months from its date of issuance. The warrants are subject to an acceleration clause such that if the closing market price of the common shares on the TSX-V is greater than $0.12 per common share for a period of 10 consecutive trading days at any time after the four-month anniversary of the closing of the placement, the Company may, at its option, accelerate the warrant expiry date to within 30 days. | Each full Warrant entitles the holder to acquire one common share of the Company within twenty-four (24) months following its issuance date, at a price of $0.35. The warrants are subject to an acceleration clause such that if the closing market price of the common shares on the TSX-V is greater than $0.60 per common share for a period of 10 consecutive trading days at any time after the four-month anniversary of the closing of the placement, the Company may, at its option, accelerate the warrant expiry date to within 30 days. | |||||
Share issuance costs in cash | $ | $ 124,222 | $ 57,190 | |||||
Finder's fee paid in common share purchase warrant | shares | 588,154 | 238,289 | |||||
Exercise price of warrant | $ / shares | $ 0.09 | $ 0.35 | |||||
Fair value of warrants issued | $ | $ 716,055 | $ 580,187 | |||||
Expected life | 2 years | 2 years | |||||
Expected dividend yield | 0.00% | 0.00% | |||||
Risk-free interest rate | 0.29% | ||||||
Expected volatility | 163.00% | ||||||
Non Brokered Private Placement [Member] | Top of range [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Risk-free interest rate | 0.28% | ||||||
Expected volatility | 158.00% | ||||||
Non Brokered Private Placement [Member] | Bottom of range [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Risk-free interest rate | 0.31% | ||||||
Expected volatility | 158.53% | ||||||
Non Brokered Private Placement [Member] | First Tranche [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of units issued | shares | 15,481,077 | ||||||
Price of unit issued | $ / shares | $ 0.07 | ||||||
Total gross proceeds | $ | $ 1,083,675 | ||||||
Non Brokered Private Placement [Member] | Second And Final Tranche [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Number of units issued | shares | 5,661,780 | ||||||
Price of unit issued | $ / shares | $ 0.07 | ||||||
Total gross proceeds | $ | $ 396,325 | ||||||
Non Brokered Private Placement [Member] | Agent S Warrants [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Fair value of warrants issued | $ | $ 18,547 | $ 33,351 | |||||
Series 1 Convertible Preferred Shares [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Authorized capital | shares | 100,000,000 | ||||||
Ordinary shares [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Share capital issued through exercise of warrants, shares | shares | 6,325,019 | ||||||
Share capital issued through exercise of warrants | $ | $ 669,547 | ||||||
Common stock, share issued | shares | 124,449,332 | 88,690,791 | 109,833,648 | ||||
Shares outstanding | shares | 124,449,332 | 88,690,791 | 109,833,648 | ||||
Series 1 Preferred Shares [Member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Shares outstanding | shares | 590,931 | 590,931 | |||||
Preference shares [member] | |||||||
IfrsStatementLineItems [Line Items] | |||||||
Conversion value of share | $ / shares | $ 1 | ||||||
Factor by which number of shares on conversion is calculated | $ / shares | $ 9 |
SCHEDULE OF INVESTMENT (Details
SCHEDULE OF INVESTMENT (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2021CAD ($) | |
Disclosure of detailed information about investment property [abstract] | |
Balance, December 31, 2020 | $ 48 |
Reallocation of advance | 50 |
Investment | 51 |
Share of loss of Premium Nickel | (37) |
Balance, June 30, 2021 | $ 112 |
INVESTMENT IN PREMIUM NICKEL _3
INVESTMENT IN PREMIUM NICKEL RESOURCES INC. (Details Narrative) - CAD ($) | Dec. 31, 2020 | Jan. 02, 2020 | Aug. 31, 2021 | Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | Dec. 31, 2020 | Aug. 26, 2021 | Mar. 23, 2021 | Jan. 14, 2021 |
IfrsStatementLineItems [Line Items] | |||||||||||
Investment amount | $ 100,400 | ||||||||||
Common shares issued | 251,000 | ||||||||||
Investment in advance | $ 50,000 | ||||||||||
Net assets | $ 39,644,000 | $ 41,486,000 | $ 41,486,000 | 39,644,000 | |||||||
Total comprehensive loss | (421,000) | $ (808,000) | (1,546,000) | $ (2,006,000) | |||||||
Equity loss | 20,000 | 37,000 | |||||||||
Service fees | 20,000 | 46,000 | 33,000 | 81,000 | |||||||
Administrative fees | 35,000 | $ 21,000 | 52,000 | $ 40,000 | |||||||
Due from related party | $ 55,000 | $ 214,000 | $ 214,000 | 55,000 | |||||||
Non Adjusting Event [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Ownership percentage | 10.00% | ||||||||||
Premium Nickel Resources [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Investment advance | $ 50,400 | ||||||||||
Premium Nickel Resources [member] | Non Adjusting Event [Member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Funds received for service | $ 214,195 | ||||||||||
Memorandum of Understanding [member] | Premium Nickel Resources [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of units subscribed | 2,400,000 | ||||||||||
Share price | $ 0.01 | $ 0.01 | |||||||||
Investment amount | $ 24,000 | $ 24,000 | |||||||||
Investment description | The Company’s initial investment included a provision that gives the Company the right to nominate two directors to the board of directors of Premium Nickel. The Company’s initial investment also included Premium Nickel issuing the Company a non-transferable share purchase warrant (the “Warrant”), which entitles the Company to purchase common shares of Premium Nickel, for up to 15% of the capital of Premium Nickel upon payment of US $10 million prior to the fifth anniversary of the date of issue. | ||||||||||
Ownership percentage | 9.94% | 10.87% | 9.94% | 10.87% | |||||||
Net assets | $ 1,616,813 | $ 1,616,813 | |||||||||
Total comprehensive loss | 367,836 | ||||||||||
Equity loss | 36,563 | ||||||||||
Memorandum of Understanding [member] | Premium Nickel Resources [member] | Common Shares [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Number of units subscribed | 4,657,711 | ||||||||||
Investment amount | $ 154,164 | $ 154,164 | |||||||||
Management and Technical Services Agreement [Member] | Premium Nickel Resources [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Agreement description | the Company entered into a Management and Technical Services Agreement (“the Services Agreement”) with Premium Nickel whereby the Company will provide certain technical, corporate, administrative and clerical, office and other services to Premium Nickel during the due diligence stage of the contemplated arrangement. The Company will charge Premium Nickel for expenses incurred and has the right to charge a 2% administrative fee on third party expenses. The Company will invoice Premium Nickel on a monthly basis and payment shall be made by Premium Nickel no later than 15 days after receipt of such invoice. The term of the Service Agreement is for an initial period of 3 years and can be renewed for an additional 1 year period. The Service Agreement can be terminated within 30 days notice, for non-performance, by the Company giving 6 months notice or Premium Nickel within 90 days provided the Company no longer owns at least 10% of the outstanding common shares of Premium Nickel. If Premium Nickel defaults on making payments, the outstanding balance shall be treated as a loan to Premium Nickel, to be evidenced by a promissory note. The promissory note will be payable upon demand and bear interest at a rate equal to the then current lending rate plus 1%, calculated from the date of default. Subsequent payment by Premium Nickel will be first applied to accrued interest and then principle of the invoice. | ||||||||||
Service Agreement [Member] | Premium Nickel Resources [member] | |||||||||||
IfrsStatementLineItems [Line Items] | |||||||||||
Service fees | 844,379 | $ 454,336 | |||||||||
Administrative fees | 16,888 | ||||||||||
Funds received for service | 793,017 | 336,533 | |||||||||
Due from related party | $ 214,195 | $ 132,324 | $ 214,195 | $ 132,324 |
SCHEDULE OF AMOUNTS DUE TO RELA
SCHEDULE OF AMOUNTS DUE TO RELATED PARTIES, INCLUDED IN TRADE PAYABLES AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Amounts due to related party | $ 78 | $ 28 |
Due from related party | 214 | 55 |
Advance | 50 | |
Investment | 112 | 48 |
Total | 326 | 153 |
Directors and Officers of the Company [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Amounts due to related party | 75 | 21 |
Related Company [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Amounts due to related party | $ 3 | $ 7 |
SCHEDULE OF KEY MANAGEMENT COMP
SCHEDULE OF KEY MANAGEMENT COMPENSATION (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Disclosure of transactions between related parties [abstract] | ||
Geological consulting fees – expensed | $ 5 | |
Management fees – expensed | 386 | 249 |
Salaries - expensed | 81 | |
Share-based payments | 621 | 671 |
Total | $ 1,007 | $ 1,006 |
RELATED PARTY TRANSACTIONS (Det
RELATED PARTY TRANSACTIONS (Details Narrative) - CAD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Sentient [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of common shares beneficially owned | 36,980,982 | |
Number of common shares beneficially owned, percentage | 33.66% | |
Contemporary Amperex Technology Limited [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Number of common shares beneficially owned | 22,944,444 | |
Number of common shares beneficially owned, percentage | 20.89% | |
Former Chairman as Consultant [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Fees charged by a legal firm | $ 28,574 | $ 62,822 |
SCHEDULE OF CHANGES IN WORKING
SCHEDULE OF CHANGES IN WORKING CAPITAL (Details) - CAD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Information | ||
(Increase) decrease in accounts receivables | $ (171) | $ 49 |
(Increase) in prepaid expenses | (31) | |
Increase (decrease) in trade payables and accrued liabilities | 58 | 183 |
Total changes in working capital | $ (144) | $ 232 |
SUPPLEMENTAL CASH FLOW INFORM_3
SUPPLEMENTAL CASH FLOW INFORMATION (Details Narrative) - CAD ($) | 6 Months Ended | |
Jun. 30, 2021 | Jun. 30, 2020 | |
Supplemental Cash Flow Information | ||
Amount transferred from reserve to deficit | $ 97,953 | $ 2,771,485 |
Amount reserve to common share capital | 244,357 | |
Accrued exploration and evaluation expenditures | 96,430 | 49,094 |
Advance to investment | $ 50,000 | $ 106,343 |
COMMITMENTS AND CONTINGENCIES (
COMMITMENTS AND CONTINGENCIES (Details Narrative) - CAD ($) | Jul. 01, 2014 | Jun. 30, 2021 |
IfrsStatementLineItems [Line Items] | ||
Agreement termination period from the date of effective control change | 60 days | |
Payment period | 30 days | |
June 2018 up to December 31, 2019 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Management fees, per month | $ 30,951 | |
January 1, 2020 [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Management fees, per month | $ 16,907 | |
Independent Directors [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Director fees, stipend per month | $ 2,000 | |
Chairman Of Board [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Director fees, stipend per month | 3,000 | |
Committee Chairmen [Member] | ||
IfrsStatementLineItems [Line Items] | ||
Director fees, stipend per month | $ 2,500 |
SCHEDULE OF GEOGRAPHIC SEGMENTS
SCHEDULE OF GEOGRAPHIC SEGMENTS (Details) - CAD ($) $ in Thousands | Jun. 30, 2021 | Dec. 31, 2020 |
IfrsStatementLineItems [Line Items] | ||
Equipment | $ 12 | $ 21 |
Exploration and evaluation assets | 39,110 | 39,103 |
CANADA | ||
IfrsStatementLineItems [Line Items] | ||
Equipment | 5 | 6 |
Exploration and evaluation assets | 2,571 | 2,538 |
GREENLAND | ||
IfrsStatementLineItems [Line Items] | ||
Equipment | 7 | 15 |
Exploration and evaluation assets | $ 36,539 | $ 36,565 |
SEGMENTED INFORMATION (Details
SEGMENTED INFORMATION (Details Narrative) | 6 Months Ended |
Jun. 30, 2021Integer | |
Disclosure of geographical areas [abstract] | |
Number of reportable operating segments | 1 |
Number of geographic segments | 2 |
SCHEDULE OF GENERAL AND ADMINIS
SCHEDULE OF GENERAL AND ADMINISTRATIVE EXPENSES (Details) - CAD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2021 | Jun. 30, 2020 | Jun. 30, 2021 | Jun. 30, 2020 | |
General And Administrative Expenses | ||||
Consulting fees | $ 144 | $ 36 | $ 220 | $ 84 |
Professional fees | 20 | 46 | 33 | 81 |
Management fees | 135 | 140 | 261 | 256 |
Investor relations | 46 | 11 | 62 | 14 |
Filing fees | 14 | 12 | 28 | 21 |
Salaries and benefits | 93 | 168 | ||
General office expenses | 35 | 21 | 52 | 40 |
Total | $ 394 | $ 359 | $ 656 | $ 664 |
SUBSEQUENT EVENTS (Details Narr
SUBSEQUENT EVENTS (Details Narrative) - Non Adjusting Event [Member] | 1 Months Ended |
Aug. 26, 2021CAD ($)shares | |
IfrsStatementLineItems [Line Items] | |
Equity method investment, shares owned | shares | 358,996 |
Payment to acquire interest | $ | $ 341,046 |
Ownership percentage | 10.00% |