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Note 17 - Segmented Note | 12 Months Ended
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Dec. 31, 2024
Segment Reporting [Abstract] |
Segmented Note | 17. Segmented Note The Company engages in exploration and development for gold ore and associated minerals in Alaska. The Company also holds a 30% membership interest in Peak Gold, JV which achieved production in 2024. The reportable segments are those operations whose operating results are reviewed by the chief operating decision maker ("CODM") to make decisions about resources to be allocated. The Company's CODM is the President and Chief Executive Officer and is responsible for the management of the Company. An operating segment is a component of an entity that engages in business activities, Operating results are reviewed with respect to resource allocation and for which discrete financial information is available. Inter-segment transactions are recorded at amounts that reflect normal third-party terms and conditions, with inter-segment profits eliminated from the cost base of the segment incurring the charge. In order to determine reportable operating segments, management reviewed various factors, including if the reportable segment's profit or loss exceeded 10% of the greater of the combined reported profit of all operating segments not reporting a loss or the combined reported loss of all operating segments not reporting a profit. In addition, the operating segments assets constitute greater than 10% of the combined assets of all the operating segments. The Company has identified two operating segments: (i) Peak Gold, JV and (ii) Exploration. The Company's general corporate administration are included within "Corporate and other reconciling items" to reconcile the reportable segments to the consolidated financial statements. The Company's CODM reviews the results of the Company's exploration projects based on the expenditures associated with the exploration in the regions where the Company's mineral claims are located. The Peak Gold JV, engages in business activities from which the Company recognizes operating income or loss. The CODM uses financial information of the Peak Gold JV, in his evaluation of the performance of the Peak Gold JV and can make decisions regarding resource allocations within the Company.
Fiscal Year Ended December 31, 2024 |  | Exploration |  |  | Peak Gold JV |  |  | Corporate and other reconciling items |  |  | Consolidated |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Claim rental expense |  | $ | (589,461 | ) |  | $ | — |  |  | $ | — |  |  | $ | (589,461 | )
Exploration expense |  |  |  |  |  |  |  |  |  |  |  |
Johnson Tract |  |  | (4,059,505 | ) |  |  | — |  |  |  | — |  |  |  | (4,059,505 | )
Lucky Shot |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Depreciation expense |  |  | (112,184 | ) |  |  | — |  |  |  | (9,692 | ) |  |  | (121,876 | )
Accretion expense |  |  | (9,542 | ) |  |  | — |  |  |  | — |  |  |  | (9,542 | )
General and administrative expense |  |  | (325,500 | ) |  |  | — |  |  |  | (10,285,771 | ) |  |  | (10,611,271 | )
Total expenses |  |  | (5,096,192 | ) |  |  | — |  |  |  | (10,295,463 | ) |  |  | (15,391,655 | )
Income/(loss) from equity investment in Peak Gold, LLC |  |  | — |  |  |  | 41,669,216 |  |  |  | — |  |  |  | 41,669,216 |
Total income/(expense) from operations |  |  | (5,096,192 | ) |  |  | 41,669,216 |  |  |  | (10,295,463 | ) |  |  | 26,277,561 |
OTHER INCOME/(EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | 28,327 |  |  |  | — |  |  |  | 324,542 |  |  |  | 352,869 |
Interest expense |  |  | — |  |  |  | — |  |  |  | (11,731,622 | ) |  |  | (11,731,622 | )
Gain/(loss) on derivative contracts |  |  | — |  |  |  | (54,150,141 | ) |  |  | — |  |  |  | (54,150,141 | )
Gain/(loss) on Spot sales |  |  | — |  |  |  | 1,209,293 |  |  |  | — |  |  |  | 1,209,293 |
Unrealized gain/(loss) on marketable securities |  |  | — |  |  |  | — |  |  |  | (199,018 | ) |  |  | (199,018 | )
Other income |  |  | — |  |  |  | 127,366 |  |  |  | — |  |  |  | 127,366 |
Total other income/(expense) |  |  | 28,327 |  |  |  | (52,813,482 | ) |  |  | (11,606,098 | ) |  |  | (64,391,253 | )
INCOME/(LOSS) BEFORE INCOME TAXES |  | $ | (5,067,865 | ) |  | $ | (11,144,266 | ) |  | $ | (21,901,561 | ) |  | $ | (38,113,692 | )
Total Assets |  |  | 51,908,779 |  |  |  | 60,706,964 |  |  |  | 21,276,520 |  |  |  | 133,892,263 |
Total Liabilities |  |  | (2,143,570 | ) |  |  | (57,692,107 | ) |  |  | (72,783,941 | ) |  |  | (132,619,618 | )
Net Assets |  | $ | 49,765,209 |  |  | $ | 3,014,857 |  |  | $ | (51,507,421 | ) |  |  | 1,272,645 |
Six Months Ended December 31, 2023 |  | Exploration |  |  | Peak Gold JV |  |  | Corporate and other reconciling items |  |  | Consolidated |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Claim rental expense |  | $ | (255,121 | ) |  | $ | — |  |  | $ | — |  |  | $ | (255,121 | )
Exploration expense |  |  |  |  |  |  |  |  |  |  |  |
Johnson Tract |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Lucky Shot |  |  | (1,815,822 | ) |  |  | — |  |  |  | — |  |  |  | (1,815,822 | )
Depreciation expense |  |  | (47,775 | ) |  |  | — |  |  |  | (4,845 | ) |  |  | (52,620 | )
Accretion expense |  |  | (6,284 | ) |  |  | — |  |  |  | — |  |  |  | (6,284 | )
Impairment from loss, net of recovery |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
General and administrative expense |  |  | (181,180 | ) |  |  | — |  |  |  | (6,571,730 | ) |  |  | (6,752,910 | )
Total expenses |  |  | (2,306,182 | ) |  |  | — |  |  |  | (6,576,576 | ) |  |  | (8,882,757 | )
Income/(loss) from equity investment in Peak Gold, LLC |  |  | — |  |  |  | (6,315,595 | ) |  |  | — |  |  |  | (6,315,595 | )
Total income/(expense) from operations |  |  | (2,306,182 | ) |  |  | (6,315,595 | ) |  |  | (6,576,576 | ) |  |  | (15,198,352 | )
OTHER INCOME/(EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | — |  |  |  | — |  |  |  | 68,662 |  |  |  | 68,662 |
Insurance recoveries |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Interest expense |  |  | — |  |  |  | — |  |  |  | (2,358,920 | ) |  |  | (2,358,920 | )
Gain/(loss) on derivative contracts |  |  | — |  |  |  | (23,417,781 | ) |  |  | — |  |  |  | (23,417,781 | )
Other income |  |  | 140,083 |  |  |  | — |  |  |  | — |  |  |  | 140,083 |
Total other income/(expense) |  |  | 140,083 |  |  |  | (23,417,781 | ) |  |  | (2,290,258 | ) |  |  | (25,567,956 | )
INCOME/(LOSS) BEFORE INCOME TAXES |  | $ | (2,166,099 | ) |  | $ | (29,733,376 | ) |  | $ | (8,866,834 | ) |  | $ | (40,766,308 | )
Total Assets |  |  | 13,676,037 |  |  |  | 28,245,465 |  |  |  | 16,670,126 |  |  |  | 58,591,628 |
Total Liabilities |  |  | (1,421,161 | ) |  |  | (23,417,781 | ) |  |  | (48,297,231 | ) |  |  | (73,136,173 | )
Net Assets |  | $ | 12,254,876 |  |  | $ | 4,827,684 |  |  | $ | (31,627,105 | ) |  |  | (14,544,545 | )
Fiscal Year Ended June 30, 2023 |  | Exploration |  |  | Peak Gold JV |  |  | Corporate and other reconciling items |  |  | Consolidated |
EXPENSES: |  |  |  |  |  |  |  |  |  |  |  |
Claim rental expense |  | $ | (526,279 | ) |  | $ | — |  |  | $ | — |  |  | $ | (526,279 | )
Exploration expense |  |  |  |  |  |  |  |  |  |  |  |
Johnson Tract |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Lucky Shot |  |  | (7,878,863 | ) |  |  | — |  |  |  | — |  |  |  | (7,878,863 | )
Depreciation expense |  |  | (128,211 | ) |  |  | — |  |  |  | (8,290 | ) |  |  | (136,501 | )
Accretion expense |  |  | (11,860 | ) |  |  | — |  |  |  | — |  |  |  | (11,860 | )
Impairment from loss, net of recovery |  |  | (7,111 | ) |  |  | — |  |  |  | — |  |  |  | (7,111 | )
General and administrative expense |  |  | (545,734 | ) |  |  | — |  |  |  | (8,545,393 | ) |  |  | (9,091,127 | )
Total expenses |  |  | (9,098,058 | ) |  |  | — |  |  |  | (8,553,683 | ) |  |  | (17,651,741 | )
Income/(loss) from equity investment in Peak Gold, LLC |  |  | — |  |  |  | (21,120,000 | ) |  |  | — |  |  |  | (21,120,000 | )
Total income/(expense) from operations |  |  | (9,098,058 | ) |  |  | (21,120,000 | ) |  |  | (8,553,683 | ) |  |  | (38,771,741 | )
OTHER INCOME/(EXPENSE): |  |  |  |  |  |  |  |  |  |  |  |
Interest income |  |  | — |  |  |  | — |  |  |  | 29,651 |  |  |  | 29,651 |
Interest expense |  |  | — |  |  |  | — |  |  |  | (1,959,666 | ) |  |  | (1,959,666 | )
Gain/(loss) on derivative contracts |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Other income |  |  | 622,155 |  |  |  | — |  |  |  | — |  |  |  | 622,155 |
Insurance recoveries |  |  | 338,301 |  |  |  | — |  |  |  | — |  |  |  | 338,301 |
Total other income/(expense) |  |  | 960,456 |  |  |  | — |  |  |  | (1,930,015 | ) |  |  | (969,559 | )
INCOME/(LOSS) BEFORE INCOME TAXES |  | $ | (8,137,602 | ) |  | $ | (21,120,000 | ) |  | $ | (10,483,698 | ) |  | $ | (39,741,300 | )
Total Assets |  |  | 13,519,290 |  |  |  | — |  |  |  | 12,143,449 |  |  |  | 25,662,739 |
Total Liabilities |  |  | (2,142,059 | ) |  |  | — |  |  |  | (28,294,118 | ) |  |  | (30,436,177 | )
Net Assets |  | $ | 11,377,231 |  |  | $ | — |  |  | $ | (16,150,669 | ) |  |  | (4,773,438 | )

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