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Note 8 - Investment in Peak Gold, LLC
 12 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Equity Method Investments and Joint Ventures Disclosure [Text Block]
8.
Investment in Peak Gold, LLC
 
The Company recorded its investment at the historical book value of the assets contributed to the Joint Venture Company which was approximately
$1.4
million.  As of June
30,
2021,
 the Company has contributed approximately
$15.7
 million to the Joint Venture Company.  KG Mining acquired
70%
of the Joint Venture Company on September
30,
2020
in connection with the Kinross Transactions.  As of June
30,
2021,
 the Company held a
30.0%
 membership interest in the Joint Venture Company.
 
 
The following table is a roll-forward of our investment in the Joint Venture Company from
January 8, 2015 (
inception) to
June 30, 2021:
 
   
Investment
  
   
in Peak Gold, LLC
  
Investment balance at June 30, 2014
   $
—
  
Investment in Peak Gold, LLC, at inception January 8, 2015    
1,433,886
  
Loss from equity investment in Peak Gold, LLC    
(1,433,886
 )
Investment balance at June 30, 2015
   $
—
  
Investment in Peak Gold, LLC
    
—
  
Loss from equity investment in Peak Gold, LLC
    
—
  
Investment balance at June 30, 2016   $
—
  
Investment in Peak Gold, LLC    
—
  
Loss from equity investment in Peak Gold, LLC    
—
  
Investment balance at June 30, 2017   $
—
  
Investment in Peak Gold, LLC    
2,580,000
  
Loss from equity investment in Peak Gold, LLC    
(2,580,000
 )
Investment balance at June 30, 2018   $
—
  
Investment in Peak Gold, LLC
    
4,140,000
  
Loss from equity investment in Peak Gold, LLC
    
(4,140,000
 )
Investment balance at June 30, 2019
   $
—
  
Investment in Peak Gold, LLC    
3,720,000
  
Loss from equity investment in Peak Gold, LLC    
(3,720,000
 )
Investment balance at June 30, 2020   $
—
  
Investment in Peak Gold, LLC    
3,861,252
  
Loss from equity investment in Peak Gold, LLC    
(3,861,252
 )
Investment balance at June 30, 2021   $
—
  
 
In conjunction with the CORE Transactions, and Kinross assuming the role of manager of the Joint Venture Company, the Joint Venture Company converted its method of accounting from US GAAP to International Financial Reporting Standards (“IFRS”) and changed its fiscal year end from
June 30 
to
December 31,
effective for the quarter ended
December 31, 2020. 
The condensed financial statements presented below have been converted from IFRS to US GAAP for presentation purposes for the fiscal year ended
2021.
  
 
The following table presents the condensed balance sheets for the Joint Venture Company as of 
June 30, 2021 
and 
2020
in accordance with US GAAP:
 
   
June 30, 2021
    
June 30, 2020
  
ASSETS
                
Current assets
  
$
2,836,411
    
$
495,766
  
Non-current assets
    
2,127,343
      
1,612,625
  
TOTAL ASSETS
  
$
4,963,754
    
$
2,108,391
  
                 
LIABILITIES AND MEMBERS'EQUITY
                
Current liabilities
  
$
3,138,804
    
$
320,091
  
    Non-current liabilities    
387,102
      
—
  
TOTAL LIABILITIES
   $
3,525,906
     $
320,091
  
                 
MEMBERS' EQUITY
    
1,437,848
      
1,788,300
  
TOTAL LIABILITIES AND MEMBERS' EQUITY
  
$
4,963,754
    
$
2,108,391
  
 
 
The following table presents the condensed results of operations for the Joint Venture Company for the year ended 
June 30, 2021 
and 
2020,
and for the period from inception through
June 30, 2021 
in accordance with US GAAP: 
   
Year Ended
    
Year Ended
    
Period from Inception January 8, 2015 to
  
   
June 30, 2021
    
June 30, 2020
    
June 30, 2021
  
                         
EXPENSES:
                        
Exploration expense
   $
11,190,248
     $
3,462,091
     $
48,876,763
  
General and administrative
    
1,618,045
      
1,986,665
      
10,991,006
  
Total expenses
    
12,808,293
      
5,448,756
      
59,867,769
  
NET LOSS
   $
12,808,293
     $
5,448,756
     $
59,867,769
  
 
The Company's share of the Joint Venture Company's results of operations for the year ended
 
June 30, 2021 
was a loss of
$4.0
 million. The Company's share in the results of operations for the year ended
June 30, 2020 
was a loss of 
$3.2
  million.  The Peak Gold, LLC loss does
not
include any provisions related to income taxes as Peak Gold, LLC is treated as a partnership for income tax purposes. As of 
June 30, 2021 
and
June 30, 2020,
the Company's share of the Joint Venture Company's inception-to-date cumulative loss of
$38.7
 million and
$34.7
million, respectively, exceeds the sum of the historical book value of our initial investment in Peak Gold, LLC, of
$1.4
million and our subsequent contributions of
$14.3
million. Therefore, the investment in Peak Gold, LLC had a balance of
zero
as of 
June 30, 2021. 
The investment also had a balance of
zero
 at 
June 30, 2020.
The Company is currently
not
obligated to make additional capital contributions to the Joint Venture Company and therefore only records losses up to the point of its cumulative investment which is
$15.7
 million. The portion of the cumulative loss that exceeds the Company's investment will be suspended and recognized against earnings, if any, from the Company's investment in the Joint Venture Company in future periods. The suspended losses for the period from inception to 
June 
30,
2021
 are
$23.0
 million.