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Income Taxes | 12 Months Ended
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Dec. 31, 2019
Disclosure of detailed information about property, plant and equipment [abstract] |
Income Taxes | 16. INCOME TAXES A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows: (All amounts in tables are expressed in thousands of Canadian dollars)
|  | Year ended December 31, 2019 |  |  | Year ended December 31, 2018 |
Net loss |  | $ | (28,859 | ) |  | $ | (3,022 | )
Statutory tax rate |  |  | 27 | % |  |  | 27 | %
Expected income tax recovery at the statutory tax rate |  |  | (7,792 | ) |  |  | (816 | )
Permanent differences and other |  |  | 7,063 |  |  |  | 62 |
Effect of change in tax rates |  |  | - |  |  |  | (132 | )
Change in valuation allowance |  |  | 729 |  |  |  | 886 |
Net deferred income tax recovery |  | $ | - |  |  | $ | - |
The significant components of the Company’s deferred income tax assets and liabilities are as follows:
|  | Year ended December 31, 2019 |  |  | Year ended December 31, 2018 |
Exploration and evaluation assets |  | $ | 98 |  |  | $ | 65 |
Loss carry-forwards |  |  | 4,484 |  |  |  | 3,823 |
Share issuance costs |  |  | 261 |  |  |  | 293 |
Cumulative eligible capital |  |  | - |  |  |  | 34 |
Equipment |  |  | 200 |  |  |  | 98 |
|  |  | 5,042 |  |  |  | 4,313 |
Valuation allowance |  |  | (5,042 | ) |  |  | (4,313 | )
Net deferred tax asset |  | $ | - |  |  | $ | - |
The tax pools relating to these deductible temporary differences expire as follows:
|  | Canadian non-capital losses |  |  | Canadian net-capital losses |  |  | Canadian resource pools |  |  | Canadian share issue costs |
2030 |  | $ | 696 |  |  | $ | - |  |  | $ | - |  |  | $ | - |
2031 |  |  | 517 |  |  |  | - |  |  |  | - |  |  |  | - |
2032 |  |  | 645 |  |  |  | - |  |  |  | - |  |  |  | - |
2033 |  |  | 847 |  |  |  | - |  |  |  | - |  |  |  | - |
2034 |  |  | 1,484 |  |  |  | - |  |  |  | - |  |  |  | - |
2035 |  |  | 2,141 |  |  |  | - |  |  |  | - |  |  |  | - |
2036 |  |  | 2,213 |  |  |  | - |  |  |  | - |  |  |  | - |
2037 |  |  | 2,637 |  |  |  | - |  |  |  | - |  |  |  | - |
2038 |  |  | 2,656 |  |  |  | - |  |  |  | - |  |  |  | - |
2039 |  |  | 2,715 |  |  |  | - |  |  |  | - |  |  |  | - |
No expiry |  |  | - |  |  |  | 57 |  |  |  | 50,575 |  |  |  | 912 |
|  | $ | 16,551 |  |  | $ | 57 |  |  | $ | 50,575 |  |  | $ | 912 |
Flow-through shares Flow-through common shares require the Company to spend an amount equivalent to the proceeds of the issued flow-through common shares on Canadian qualifying exploration expenditures. The Company may be required to indemnify the holders of such shares for any tax and other costs payable by them in the event the Company has not made the required exploration expenditures. During the year ended December 31, 2019, the Company received $400,440 from the issue of flow-through shares and has incurred $1,238 of eligible expenditures during the year ended December 31, 2019. Under the IFRS framework, the increase to share capital when flow-through shares are issued is measured based on the current market price of common shares. The incremental proceeds, or “premium”, are recorded as deferred income. As at December 31, 2019, the Company has renounced $399,202 of the proceeds from flow-through shares and is committed to expend the proceeds on qualifying exploration expenditures.

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