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FEDERAL INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

FEDERAL INCOME TAXES.

Schedule of Components of Future Tax Assets and Liabilities

		December 31,
		2019			2018
		(thousands of dollars)
Deferred tax assets:
Non‑Current:
Net operating loss carryforwards		$	13,795		$	11,666
Mineral properties			11,682			10,301
Accrued vacation			22			22
Reclamation provision			—			149
Capital loss carryforwards			393			728
Restoration reserves			1,565			1,154
Capitalized transaction costs			1,162			1,168
Other			4,243			4,492
Deferred tax assets			32,862			29,680
Valuation allowance			(32,862)			(29,063)
Net deferred tax assets			—			617
Deferred tax liabilities:
Non‑Current:
Derivatives						(590)
Securities						(27)
Property, plant and equipment						—
Deferred tax liabilities			—			(617)
Net deferred tax asset (liability)		$	—		$	—

Schedule of Valuation Allowance by Tax Jurisdiction

		December 31,
		2019			2018
		(thousands of dollars)
United States		$	20,783		$	15,616
Canada			—			1,999
Australia			5,203			5,190
Turkey			6,876			6,258
Total valuation allowance		$	32,862		$	29,063

Schedule of Loss From Operations Before Income Taxes

		For the calendar year ended December 31,
		2019			2018
		(thousands of dollars)
United States		$	(10,430)		$	(17,285)
Canada			—			(21)
Australia			(6)			(9)
Turkey			(129)			(18,372)
		$	(10,565)		$	(35,687)

Schedule of Reconciliation of Expected Income Tax on Net Income at Statutory Rates

		Year ended December 31,
		2019			2018
		(thousands of dollars)
Net loss		$	(10,565)		$	(35,687)
Statutory tax rate			21	%		21	%
Tax recovery at statutory rate			(2,219)			(7,494)
State tax rate			(419)
Foreign tax rate			(5)			(801)
Change in US tax rates			(1,855)			1
Other adjustments			(101)			(1,076)
Capital loss carryforward adjustment			388			367
Operating loss carryforward adjustment			(964)			271
Alabama Graphite Corporation conversion to US entity			1,999			—
Operating loss Section 382 adjustment			—			49,303
Derivative tax adjustment			(590)			—
Nondeductible write‑offs			(55)			2
Change in valuation allowance			3,821			(40,573)
Income tax expense (recovery)		$	—		$	—

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance.

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