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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2017
Income Tax Disclosure [Abstract] |
Schedule of Components of Future Tax Assets and Liabilities | The Company’s future tax assets and liabilities at December 31, 2017 and 2016 include the following components:
|  | December 31, |
|  | 2017 |  |  | 2016 |
|  | (thousands of dollars) |
Deferred tax assets: |  |  |  |  |  |  |  |
Non-Current: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 56,781 |  |  | $ | 85,995 |
Mineral properties |  |  | 7,237 |  |  |  | 10,152 |
Accrued vacation |  |  | 17 |  |  |  | 29 |
Reclamation provision |  |  | 224 |  |  |  | 41 |
Capital loss carryforwards |  |  | 1,013 |  |  |  | 618 |
Restoration reserves |  |  | 980 |  |  |  | 1,623 |
Capitalized transaction costs |  |  | 912 |  |  |  | 1,140 |
Other |  |  | 4,123 |  |  |  | 4,072 |
Deferred tax assets |  |  | 71,287 |  |  |  | 103,670 |
Valuation allowance |  |  | (68,121 | ) |  |  | (99,548 | )
Net deferred tax assets |  |  | 3,166 |  |  |  | 4,122 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Non-Current: |  |  |  |  |  |  |  |
Derivatives |  |  | (590 | ) |  |  | (956 | )
Mineral properties, Turkey |  |  | (1,437 | ) |  |  | (1,489 | )
Securities |  |  | (106 | ) |  |  | - |
Property, plant and equipment |  |  | (1,033 | ) |  |  | (1,677 | )
Deferred tax liabilities |  |  | (3,166 | ) |  |  | (4,122 | )
Net deferred tax asset (liability) |  | $ | - |  |  | $ | - |
Schedule of Valuation Allowance by Tax Jurisdiction | The composition of our valuation allowance by tax jurisdiction is summarized as follows:
|  | December 31, |
|  | 2017 |  |  | 2016 |
|  | (thousands of dollars) |
United States |  | $ | 60,920 |  |  | $ | 92,448 |
Australia |  |  | 5,187 |  |  |  | 5,187 |
Turkey |  |  | 2,014 |  |  |  | 1,913 |
Total valuation allowance |  | $ | 68,121 |  |  | $ | 99,548 |
Schedule of Loss From Operations Before Income Taxes | For financial reporting purposes, loss from operations before income taxes consists of the following components:
|  | For the calendar year ended December 31, |
|  | 2017 |  |  | 2016 |
|  | (thousands of dollars) |
United States |  | $ | (18,782 | ) |  | $ | (18,798 | )
Australia |  |  | (1 | ) |  |  | (158 | )
Turkey |  |  | (505 | ) |  |  | (649 | )
|  | $ | (19,288 | ) |  | $ | (19,605 | )
Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates | A reconciliation of expected income tax on net income at statutory rates is as follows:
|  | Year ended December 31, |
|  | 2017 |  |  | 2016 |
|  | (thousands of dollars) |
Net loss |  | $ | (19,288 | ) |  | $ | (19,605 | )
Statutory tax rate |  |  | 34 | % |  |  | 34 | %
Tax recovery at statutory rate |  |  | (6,558 | ) |  |  | (6,666 | )
Foreign tax rate |  |  | 71 |  |  |  | 2,073 |
Change in US tax rates |  |  | 37,233 |  |  |  | - |
Mineral property adjustments |  |  | - |  |  |  | (6,709 | )
Capital loss carryforward adjustment |  |  | (44 | ) |  |  | - |
Operating loss carryforward adjustment |  |  | 710 |  |  |  | 6,707 |
Nondeductible write-offs |  |  | 15 |  |  |  | 1,250 |
Change in valuation allowance |  |  | (31,427 | ) |  |  | 3,345 |
Income tax expense (recovery) |  | $ | - |  |  | $ | - |

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