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CAPITAL STOCK | 12 Months Ended
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Dec. 31, 2020
Disclosure of terms and conditions of share-based payment arrangement [abstract] |
CAPITAL STOCK [Text Block] | 13.CAPITAL STOCK Authorized As at December 31, 2020, the authorized share capital of the Company was an unlimited number of common and preferred shares without par value. Common Shares During the year ended December 31, 2020, the Company: Issued 1,967,800 common shares for gross proceeds of $2,156 pursuant to the exercise of stock options. Issued 52,000 common shares valued at $136 pursuant to the Kaukua Royalty acquisition (Note 9). Issued 103,271 common shares valued at $399 pursuant to the Frontline Royalty and other property interest acquisition (Note 9). During the year ended December 31, 2019, the Company Issued 1,790,300 shares for gross proceeds of $2,103 pursuant to the exercise of stock options. Issued 239,405 shares valued at $407 or $1.70 per share pursuant to a restricted share unit plan to employees of the Company. During the year ended December 31, 2019 there were 346,865 shares awarded with 70% (239,405) settled in shares and the remaining 30% (107,460) were settled in cash valued at $1.70 per share. Stock Options The Company adopted a stock option plan (the “Plan”) pursuant to the policies of the TSX-V. The maximum number of shares that may be reserved for issuance under the plan is limited to 10% of the issued common shares of the Company at any time. The vesting terms are determined at the time of the grant, subject to the terms of the plan. During the years ended December 31, 2020 and 2019, the change in stock options outstanding is as follows:
|  |  |  |  | Weighted Average |
|  | Number |  |  | Exercise Price |
Balance as at December 31, 2018 |  | 6,775,000 |  | $ | 1.16 |
Granted |  | 1,740,000 |  |  | 1.71 |
Exercised |  | (1,790,300 | ) |  | 1.18 |
Forfeited |  | (10,000 | ) |  | 1.45 |
Balance as at December 31, 2019 |  | 6,714,700 |  | $ | 1.30 |
Granted |  | 1,645,500 |  |  | 2.62 |
Exercised |  | (1,967,800 | ) |  | 1.10 |
Forfeited |  | (10,000 | ) |  | 1.70 |
Balance as at December 31, 2020 |  | 6,382,400 |  |  | 1.70 |
Number of options exercisable as at December 31, 2020 |  | 6,372,400 |  | $ | 1.70 |
The following table summarizes information about the stock options which were outstanding and exercisable at December 31, 2020:
Date Granted | Number of Options | Exercisable | Exercise Price $ | Expiry Date
October 18, 2016 | 832,500 | 832,500 | 1.30 | October 18, 2021
August 28, 2017 | 1,165,000 | 1,165,000 | 1.20 | August 28, 2022
July 10, 2018 | 1,339,000 | 1,339,000 | 1.30 | July 10, 2023
November 28, 2018 | 10,000 | 10,000 | 1.57 | November 28, 2023
December 14, 2018 | 20,000 | 20,000 | 1.42 | December 14, 2023
June 6, 2019 | 1,400,000 | 1,400,000 | 1.70 | June 6, 2024
November 18, 2019 | 30,000 | 30,000 | 1.80 | November 18, 2024
January 21, 2020 | 60,000 | 60,000 | 2.22 | January 21, 2025
April 22, 2020 | 20,000 | 20,000 | 2.50 | April 22, 2025
June 10, 2020* | 1,471,900 | 1,461,900 | 2.62 | June 10, 2025
October 5, 2020 | 34,000 | 34,000 | 3.50 | October 5, 2025
Total | 6,382,400 | 6,372,400 |  |
* Includes options granted for investor relations services that vest 25% every 4 months from the date of grant. The weighted average remaining useful life of exercisable stock options is 2.82 years (2019 - 3.10 years). Restricted share units In 2017, the Company introduced a long-term restricted share unit plan (“RSUs”). The RSUs entitle employees, directors, or officers to common shares of the Company upon vesting based on vesting terms determined by the Company’s Board of Directors at the time of grant. A total of 3,200,000 RSU’s are reserved for issuance under the plan and the number of shares issuable pursuant to all RSUs granted under this plan, together with any other compensation arrangement of the Company that provides for the issuance of shares, shall not exceed ten percent (10%) of the issued and outstanding shares at the grant date. During the years ended December 31, 2020 and 2019, the change in RSU's outstanding is as follows:
|  | Number |
Balance as at December 31, 2018 |  | 625,000 |
Granted |  | 333,500 |
Balance as at December 31, 2019 |  | 958,500 |
Vested |  | (312,500 | )
Granted |  | 430,000 |
Balance as at December 31, 2020 |  | 1,076,000 |
The following table summarizes information about the RSU’s which were outstanding at December 31, 2020:
Evaluation Date |  | December 31, 2019 |  |  | Granted |  |  | Vested |  |  | Expired/Cancelled |  |  | December 31, 2020 |
December 31, 2019 * |  | 312,500 |  |  | — |  |  | (156,250 | ) |  | (156,250 | ) |  | — |
December 31, 2020 ** |  | 312,500 |  |  | — |  |  | — |  |  | — |  |  | 312,500 |
December 31, 2021 |  | 312,500 |  |  | — |  |  | — |  |  | — |  |  | 312,500 |
November 18, 2022 |  | 21,000 |  |  | — |  |  | — |  |  | — |  |  | 21,000 |
December 31, 2022 |  | — |  |  | 430,000 |  |  | — |  |  | — |  |  | 430,000 |
Total |  | 958,500 |  |  | 430,000 |  |  | (156,250 | ) |  | (156,250 | ) |  | 1,076,000 |
* Based on the achievement of performance criteria as evaluated by the Compensation Committee. It was ascertained that 156,250 RSU's with an evaluation date of December 31, 2019 had vested based on pre-set performance criteria previously established on the grant date. The balance of 156,250 expired unvested. ** The number of RSU's that will be redeemed is based on the achievement of performance criteria as evaluated by the Compensation Committee. As at December 31, 2020, the RSU's with an evaluation date of December 31, 2020 have not yet been determined to have vested or expired. Share-based Payments During the year ended December 31, 2020, the Company recorded aggregate share-based payments of $3,121 (2019 - $2,423) as they relate to the fair value of stock options and RSU's vested during the period, the fair value of incentive stock grants, and the fair value of share-based compensation settled in cash. Share-based payments for the year ended December 31, 2020 and 2019 are allocated to expense accounts as follows:
|  | General and |  |  |  |  |  |  |
|  | Administrative |  |  | Project and Royalty |  |  |  |
Year ended December 31, 2020 |  | Expenses |  |  | Generation Costs |  |  | Total |
Stock options vested | $ | 1,241 |  | $ | 979 |  | $ | 2,220 |
RSU's vested |  | 695 |  |  | — |  |  | 695 |
RSU's settled with cash |  | 58 |  |  | 148 |  |  | 206 |
| $ | 1,994 |  | $ | 1,127 |  | $ | 3,121 |
|  | General and |  |  |  |  |  |  |
|  | Administrative |  |  | Project and Royalty |  |  |  |
Year ended December 31, 2019 |  | Expenses |  |  | Generation Costs |  |  | Total |
Fair value of stock options vested | $ | 832 |  | $ | 844 |  | $ | 1,676 |
RSU's vested |  | 157 |  |  | — |  |  | 157 |
Share-based compensation |  | 179 |  |  | 228 |  |  | 407 |
Share-based compensation settled in cash |  | 77 |  |  | 106 |  |  | 183 |
| $ | 1,245 |  | $ | 1,178 |  | $ | 2,423 |
The weighted average fair value of the stock options granted during the year ended December 31, 2020 was $1.35 per stock option (2019 - $0.97). The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:
|  | Year ended |  |  | Year ended |
|  | December 31, 2020 |  |  | December 31, 2019 |
Risk free interest rate |  | 0.42% |  |  | 1.34% |
Expected life (years) |  | 5 |  |  | 5 |
Expected volatility |  | 61.7% |  |  | 67.6% |
Dividend yield |  | 0% |  |  | 0% |
Warrants During the year ended December 31, 2020 and 2019, the change in warrants outstanding is as follows:
|  |  |  |  | Weighted Average |
|  | Number |  |  | Exercise Price |
Balance as at December 31, 2018 |  | 2,623,306 |  | $ | 2.00 |
Expired |  | (2,623,306 | ) |  | 2.00 |
Balance as at December 31, 2019 and 2020 |  | — |  | $ | — |

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