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Note 13 - Subsequent Events | 12 Months Ended
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Jun. 30, 2021
Notes to Financial Statements |
Subsequent Events [Text Block] | 13. Subsequent Events On August 16, 2021, the Company granted 10,000 shares of Common Stock to a new employee. The shares will vest in three equal annual installments. On August 24, 2021 the Company completed the purchase of 100% of the outstanding membership interests (the “Interests”) of Alaska Gold Torrent, LLC, an Alaska limited liability company ("AGT"), from CRH Funding II PTE. LTD, a Singapore private limited corporation ("CRH"). AGT holds rights to the Lucky Shot Mine and related mining claims (the “Lucky Shot Prospect”) about 75 miles north of near Anchorage, Alaska. CORE agreed to purchase the Interests for a total purchase price of up to $30 million. The purchase price includes an initial payment at closing of $5 million in cash and a secured promissory note payable by CORE (the "Promissory Note") in the original principal amount of $6.25 million, with a maturity date of February 28, 2022 ( the “Maturity Date”). The Promissory Note is secured by the Interests. If, prior to the Maturity Date, CORE completes a public offering of newly issued shares of CORE and obtains a listing of its shares on the NYSE American, CORE will pay the Promissory Note through the issuance to CRH of shares of CORE Common Stock, valued at ( x ) if available, the per share price in the public offering, or (y) the per share price representing a 10% discount to the 30 -day volume-weighted average share price as of the Maturity Date. If the public offering is not completed or the CORE Common Stock is not listed on the NYSE American on or before the Maturity Date, CORE will pay the Promissory Note in cash. On the date of closing, the Company paid CRH $3.8 million in cash (equal to $5 million, net of $1.3 tax withholding, and increased by approximately $01. million in working capital purchase price adjustments). The purchase price will be also be adjusted for any necessary post closing adjustments within 60 days of closing. In addition to the cash at closing and the Promissory Note, if production on the Lucky Shot Prospect meets two separate production thresholds, then CORE will pay CRH additional consideration. If the first production threshold of ( 1 ) an aggregate “mineral resource” equals 500,000 ounces of gold or ( 2 ) CORE produces and receives an aggregate of 30,000 ounces of gold (which includes any silver based on a 1:65 gold:silver ratio) is met, CORE will pay CRH $5 million in cash and $3.75 million in newly issued shares of common stock of CORE. If the second production threshold of ( 1 ) an aggregate “mineral resource” equals 1,000,000 ounces of gold or ( 2 ) CORE produces and receives an aggregate of 30,000 ounces of gold (which includes any silver based on a 1:65 gold:silver ratio) is met, CORE will pay CRH $5 million in cash and $5 million in newly issued shares of common stock of CORE. The shares of CORE common stock will be issued based on the 30 -day volume weighted average price for each of the thirty trading days immediately prior to the satisfaction of the relevant production goal. Pursuant to the transaction, during the 18 -month period following the closing, CORE shall spend at least $5 million toward the existence, location, quantity, quality or commercial value of mineral deposits in, under and upon the Lucky Shot Prospect (“Exploration Expenditures”), and prior to the 36 month anniversary of the closing date, CORE shall have spent at least $10 million on Exploration Expenditures. After CORE has complied with such Exploration Expenditure requirements and additional exploration, mining and development expenditures on the Lucky Shot Prospect equal at least $5 million (for an aggregate of at least $15 million when added to the required Exploration Expenditures described above), CORE is permitted to assign and be relieved of, its additional consideration payment obligations under the purchase agreement.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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