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Federal Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Components of Future Tax Assets and Liabilities | The Company’s future tax assets and liabilities at December 31, 2018 and 2017 include the following components:
|  | December 31, |
|  | 2018 |  |  | 2017 |
|  | (thousands of dollars) |
Deferred tax assets: |  |  |  |  |  |  |  |
Non-Current: |  |  |  |  |  |  |  |
Net operating loss carryforwards |  | $ | 11,666 |  |  | $ | 56,781 |
Mineral properties |  |  | 10,301 |  |  |  | 7,237 |
Accrued vacation |  |  | 22 |  |  |  | 17 |
Reclamation provision |  |  | 149 |  |  |  | 224 |
Capital loss carryforwards |  |  | 728 |  |  |  | 1,013 |
Restoration reserves |  |  | 1,154 |  |  |  | 980 |
Capitalized transaction costs |  |  | 1,168 |  |  |  | 912 |
Other |  |  | 4,492 |  |  |  | 4,123 |
Deferred tax assets |  |  | 29,680 |  |  |  | 71,287 |
Valuation allowance |  |  | (29,063 | ) |  |  | (68,121 | )
Net deferred tax assets |  |  | 617 |  |  |  | 3,166 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Non-Current: |  |  |  |  |  |  |  |
Derivatives |  |  | (590 | ) |  |  | (590 | )
Mineral properties, Turkey |  |  | - |  |  |  | (1,437 | )
Securities |  |  | (27 | ) |  |  | (106 | )
Property, plant and equipment |  |  | - |  |  |  | (1,033 | )
Deferred tax liabilities |  |  | (617 | ) |  |  | (3,166 | )
Net deferred tax asset (liability) |  | $ | - |  |  | $ | - |
Schedule of Valuation Allowance by Tax Jurisdiction | The composition of the valuation allowance by tax jurisdiction is summarized as follows:
|  | December 31, |
|  | 2018 |  |  | 2017 |
|  | (thousands of dollars) |
United States |  | $ | 15,616 |  |  | $ | 60,920 |
Canada |  |  | 1,999 |  |  |  | - |
Australia |  |  | 5,190 |  |  |  | 5,187 |
Turkey |  |  | 6,258 |  |  |  | 2,014 |
Total valuation allowance |  | $ | 29,063 |  |  | $ | 68,121 |
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, |
|  | 2018 |  |  | 2017 |
|  | (thousands of dollars) |
United States |  | $ | (17,285 | ) |  | $ | (18,782 | )
Canada |  |  | (21 | ) |  |  | - |
Australia |  |  | (9 | ) |  |  | (1 | )
Turkey |  |  | (18,372 | ) |  |  | (505 | )
|  | $ | (35,687 | ) |  | $ | (19,288 | )
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, |
|  | 2018 |  |  | 2017 |
|  | (thousands of dollars) |
Net loss |  | $ | (35,687 | ) |  | $ | (19,288 | )
Statutory tax rate |  |  | 21 | % |  |  | 34 | %
Tax recovery at statutory rate |  |  | (7,494 | ) |  |  | (6,558 | )
Foreign tax rate |  |  | (801 | ) |  |  | 71 |
Change in US tax rates |  |  | 1 |  |  |  | 37,233 |
Other adjustments |  |  | (1,076 | ) |  |  | - |
Capital loss carryforward adjustment |  |  | 367 |  |  |  | (44 | )
Operating loss carryforward adjustment |  |  | 271 |  |  |  | 710 |
Operating loss Section 382 adjustment |  |  | 49,303 |  |  |  | - |
Nondeductible write-offs |  |  | 2 |  |  |  | 15 |
Change in valuation allowance |  |  | (40,573 | ) |  |  | (31,427 | )
Income tax expense (recovery) |  | $ | - |  |  | $ | - |

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