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Note 10 - Commitments and Contingencies
 12 Months Ended
Jun. 30, 2021
Notes to Financial Statements  
Commitments and Contingencies Disclosure [Text Block]
10.
Commitments and Contingencies
 
Tetlin Lease
. The Tetlin Lease had an initial 
ten
-year term beginning 
July 2008 
which was extended for an additional 
ten
 years to 
July 15, 2028, 
and for so long thereafter as the Joint Venture Company initiates and continues to conduct mining operations on the Tetlin Lease.
 
Pursuant to the terms of the Tetlin Lease, the Joint Venture Company was required to spend 
$350,000
 per year until 
July 
15,
 
2018
 in exploration costs. The Company's exploration expenditures through the 
2011
 exploration program have satisfied this requirement because exploration funds spent in any year in excess of 
$350,000
 are credited toward future years' exploration cost requirements. Additionally, should the Joint Venture Company derive revenues from the properties covered under the Tetlin Lease, the Joint Venture Company is required to pay the Tetlin Tribal Council a production royalty ranging from
3.0%
 to 
5.0%,
 depending on the type of metal produced and the year of production. The Company previously paid the Tetlin Tribal Council 
$225,000
 in exchange for reducing the production royalty payable to them by 
0.75%.
 These payments lowered the production royalty to a range of
2.25%
 to 
4.25%.
 The Tetlin Tribal Council had the option to increase their production royalty by (i) 
0.25%
 by payment to the Joint Venture Company of 
$150,000,
 (ii) 
0.50%
 by payment to the Joint Venture Company of 
$300,000,
 or (iii) 
0.75%
 by payment to the Joint Venture Company of 
$450,000.
 The Tetlin Tribal Council exercised the option to increase its production royalty by
0.75%
by payment to the Joint Venture Company of
$450,000
 on
December 30, 2020. 
In lieu of a cash payment, the
$450,000
will be credited against future production royalty and advance minimum royalty payments due by the Joint Venture Company to the Tetlin Tribal Council under the lease once production begins.  The exercise of this option by the tribe did
not
have an accounting impact to the Company.  Until such time as production royalties begin, the Joint Venture Company must pay the Tetlin Tribal Council an advance minimum royalty of 
$50,000
 per year. On 
July 
15,
 
2012,
 the advance minimum royalty increased to 
$75,000
 per year, and subsequent years are escalated by an inflation adjustment.  
 
Gold Exploration.
 The Company's Triple Z, Tok/Tetlin, Eagle, Bush, West Fork, Shamrock and Noah claims are all located on state of Alaska lands.  The Company released the Bush and West Fork claims in
November 2020. 
The annual claim rentals on these projects vary based on the age of the claims, and are due and payable in full by 
November 
30
 of each year. Annual claims rentals for the 
2020
-
2021
 assessment year totaled 
$349,955.
 The Company paid the current year claim rentals in
November 2020 
and recorded the payment within prepaid assets.  The associated rental expense is amortized over the rental claim period,
September 1 -
August 31 
of each year.  As of
June 30, 2021,
the Joint Venture Company had met the annual labor requirements for the state of Alaska acreage for the next 
four
 years, which is the maximum time allowable by Alaska law.  The Company obtained
100%
ownership of these claims in conjunction with the Separation Agreement (described in Note
1
).
 
Royal Gold Royalties
. Initially, the Joint Venture Company was obligated to pay Royal Gold (i) an overriding royalty of 
3.0%
 should the Joint Venture Company derive revenues from the Tetlin Lease, the Additional Properties and certain other properties and (ii) an overriding royalty of 
2.0%
 should the Joint Venture Company derive revenues from certain other properties.  In conjunction with the Separation Agreement, the Joint Venture Company granted a new
28.0%
net smelter returns silver royalty on all silver produced from a defined area within the Tetlin Lease and transferred an additional
1.0%
net smelter returns royalty on the state mining claims to Royal Gold.  Therefore, Royal Gold currently holds a
3.0%
overriding royalty on the Tetlin Lease and the state mining claims that were transferred to the Company in conjunction with the Separation Agreement.
 
Retention Agreements.
 In
February 2019,
the Company entered into Retention Agreements with its then Chief Executive Officer, Brad Juneau, its Chief Financial Officer, Leah Gaines, and
one
other employee providing for payments in an aggregate amount of
$1,500,000
upon the occurrence of certain conditions. The Retention Agreements are triggered upon a change of control (as defined in the applicable Retention Agreement), provided that the recipient is employed by the Company when the change of control occurs. On
February 6, 2020,
the Company entered into amendments to the Retention Agreements to extend the term of the change of control period from
August 6, 2020
until
August 6, 2025.
Mr. Juneau and Ms. Gaines will receive a payment of
$1,000,000
and
$250,000,
respectively, upon a change of control that takes place prior to
August 6, 2025.
On
June 10, 2020,
the Company entered into a Retention Payment Agreement with Rick Van Nieuwenhuyse, the Company's President and Chief Executive Officer, providing for a payment in an amount of
$350,000
upon the occurrence of certain conditions. The Retention Payment Agreement is triggered upon a change of control (as defined in the Retention Payment Agreement) which occurs on or prior to
August 6, 2025,
provided that Mr. Van Nieuwenhuyse is employed by the Company when the change of control occurs.
 
Short Term Incentive Plan
. The Compensation Committee adopted a Short-Term Incentive Plan (the “STIP”) effective as of
June 10, 2020,
for the benefit of Mr. Van Nieuwenhuyse. Pursuant to the terms of the STIP, the Compensation Committee will establish performance goals each year and evaluate the extent to which, if any, Mr. Van Nieuwenhuyse meets such goals. The STIP provides for a payout equal to
25.0%
of Mr. Van Nieuwenhuyse's annual base salary if the minimum performance target established by the Compensation Committee is met,
100.0%
of his annual base salary if all performance goals are met, and up to
200.0%
of his annual base salary if the maximum performance target is met. Amounts due under the STIP will be payable
50.0%
in cash and
50.0%
in the form of restricted stock granted under the Equity Plan, vesting in
two
equal annual installments on the
first
and
second
anniversaries of the grant date, and subject to the terms of the Equity Plan.  In addition, in the event of a Change of Control (as defined in the Equity Plan) during the term of the STIP, the Compensation Committee, in its sole and absolute discretion,
may
make a payment to Mr. Van Nieuwenhuyse in an amount up to
200.0%
of his annual base salary, payable in cash, shares of Common Stock of the Company under the Equity Plan or a combination of both, as determined by the Compensation Committee,
not
later than
30
days following such Change of Control.  In conjunction with STIP plan, in
December 2020,
Mr. Van Nieuwenhuyse received a
$350,000
cash bonus and
23,333
restricted shares of Common Stock, which vest on
January 1, 2022.