2022 Q4 Form 10-Q Financial Statement
#000110465922117181 Filed on November 10, 2022
Income Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
Revenue | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Cost Of Revenue | |||
YoY Change | |||
Gross Profit | |||
YoY Change | |||
Gross Profit Margin | |||
Selling, General & Admin | $1.418M | $1.104M | $927.2K |
YoY Change | -77.54% | 19.12% | -0.3% |
% of Gross Profit | |||
Research & Development | $5.633M | $4.590M | $6.021M |
YoY Change | -75.21% | -23.77% | -8.36% |
% of Gross Profit | |||
Depreciation & Amortization | $19.64K | $15.32K | $49.50K |
YoY Change | -117.72% | -69.05% | -29.29% |
% of Gross Profit | |||
Operating Expenses | $10.74M | $5.943M | $7.004M |
YoY Change | -74.0% | -15.15% | -7.6% |
Operating Profit | -$5.938M | -$6.988M | |
YoY Change | -15.03% | ||
Interest Expense | $214.1K | $183.8K | $483.8K |
YoY Change | -95.99% | -62.0% | -100.3% |
% of Operating Profit | |||
Other Income/Expense, Net | $75.00K | $183.8K | $0.00 |
YoY Change | |||
Pretax Income | -$10.46M | -$5.754M | -$6.520M |
YoY Change | -70.91% | -11.74% | -96.19% |
Income Tax | |||
% Of Pretax Income | |||
Net Earnings | -$10.46M | -$5.754M | -$6.520M |
YoY Change | -70.91% | -11.74% | -96.19% |
Net Earnings / Revenue | |||
Basic Earnings Per Share | -$0.09 | -$0.11 | |
Diluted Earnings Per Share | -$0.17 | $0.09 | -$114.2K |
COMMON SHARES | |||
Basic Shares Outstanding | 62.99M | 62.99M | 57.08M |
Diluted Shares Outstanding | 62.99M | 57.08M |
Balance Sheet
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
SHORT-TERM ASSETS | |||
Cash & Short-Term Investments | $22.67M | $29.39M | $56.08M |
YoY Change | -52.63% | -47.59% | 64.95% |
Cash & Equivalents | $22.70M | $29.39M | $56.08M |
Short-Term Investments | $23.24M | $50.72M | |
Other Short-Term Assets | $614.9K | $958.1K | $835.9K |
YoY Change | -35.02% | 14.62% | 67.17% |
Inventory | |||
Prepaid Expenses | $614.9K | $958.0K | |
Receivables | $280.2K | $120.8K | $77.93K |
Other Receivables | $0.00 | $0.00 | $0.00 |
Total Short-Term Assets | $23.56M | $30.47M | $57.00M |
YoY Change | -51.99% | -46.54% | 65.21% |
LONG-TERM ASSETS | |||
Property, Plant & Equipment | $295.0K | $221.7K | $72.42M |
YoY Change | 78.5% | -99.69% | 0.3% |
Goodwill | |||
YoY Change | |||
Intangibles | |||
YoY Change | |||
Long-Term Investments | |||
YoY Change | |||
Other Assets | $3.000M | $3.000M | $3.000M |
YoY Change | 0.0% | 0.0% | |
Total Long-Term Assets | $75.88M | $75.81M | $75.42M |
YoY Change | 0.62% | 0.52% | 4.46% |
TOTAL ASSETS | |||
Total Short-Term Assets | $23.56M | $30.47M | $57.00M |
Total Long-Term Assets | $75.88M | $75.81M | $75.42M |
Total Assets | $99.45M | $106.3M | $132.4M |
YoY Change | -20.12% | -19.74% | 24.1% |
SHORT-TERM LIABILITIES | |||
YoY Change | |||
Accounts Payable | $2.742M | $2.742M | $4.101M |
YoY Change | -3.41% | -33.15% | -6.79% |
Accrued Expenses | $70.45K | $84.36K | |
YoY Change | 0.66% | ||
Deferred Revenue | |||
YoY Change | |||
Short-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | |||
Long-Term Debt Due | $117.6K | ||
YoY Change | -41.23% | ||
Total Short-Term Liabilities | $12.40M | $8.583M | $7.590M |
YoY Change | 115.96% | 13.08% | 35.54% |
LONG-TERM LIABILITIES | |||
Long-Term Debt | $0.00 | $0.00 | $0.00 |
YoY Change | -100.0% | ||
Other Long-Term Liabilities | $1.212M | $2.120M | $3.906M |
YoY Change | -83.06% | -45.73% | -86.8% |
Total Long-Term Liabilities | $1.212M | $2.120M | $3.906M |
YoY Change | -83.06% | -45.73% | -89.93% |
TOTAL LIABILITIES | |||
Total Short-Term Liabilities | $12.40M | $8.583M | $7.590M |
Total Long-Term Liabilities | $1.212M | $2.120M | $3.906M |
Total Liabilities | $13.61M | $10.70M | $11.50M |
YoY Change | 5.56% | -6.9% | -74.11% |
SHAREHOLDERS EQUITY | |||
Retained Earnings | -$561.9M | -$551.5M | |
YoY Change | 5.38% | ||
Common Stock | $615.6M | $615.4M | |
YoY Change | 0.03% | ||
Preferred Stock | |||
YoY Change | |||
Treasury Stock (at cost) | |||
YoY Change | |||
Treasury Stock Shares | |||
Shareholders Equity | $85.83M | $95.58M | $120.9M |
YoY Change | |||
Total Liabilities & Shareholders Equity | $99.45M | $106.3M | $132.4M |
YoY Change | -20.12% | -19.74% | 24.1% |
Cashflow Statement
Concept | 2022 Q4 | 2022 Q3 | 2021 Q3 |
---|---|---|---|
OPERATING ACTIVITIES | |||
Net Income | -$10.46M | -$5.754M | -$6.520M |
YoY Change | -70.91% | -11.74% | -96.19% |
Depreciation, Depletion And Amortization | $19.64K | $15.32K | $49.50K |
YoY Change | -117.72% | -69.05% | -29.29% |
Cash From Operating Activities | -$6.597M | -$6.406M | -$6.385M |
YoY Change | -20.85% | 0.33% | 2.49% |
INVESTING ACTIVITIES | |||
Capital Expenditures | $126.9K | -$290.0K | -$250.5K |
YoY Change | -417.15% | 15.8% | -13.63% |
Acquisitions | |||
YoY Change | |||
Other Investing Activities | $0.00 | $4.410K | $3.600K |
YoY Change | -100.0% | 22.5% | -92.8% |
Cash From Investing Activities | -$126.8K | -$285.6K | -$246.9K |
YoY Change | 72.87% | 15.7% | 2.86% |
FINANCING ACTIVITIES | |||
Cash Dividend Paid | |||
YoY Change | |||
Common Stock Issuance & Retirement, Net | $57.51M | ||
YoY Change | 3243.72% | ||
Debt Paid & Issued, Net | |||
YoY Change | |||
Cash From Financing Activities | 0.000 | 0.000 | 54.20M |
YoY Change | -100.0% | -100.0% | 3225.13% |
NET CHANGE | |||
Cash From Operating Activities | -6.597M | -6.406M | -6.385M |
Cash From Investing Activities | -126.8K | -285.6K | -246.9K |
Cash From Financing Activities | 0.000 | 0.000 | 54.20M |
Net Change In Cash | -6.724M | -6.692M | 47.57M |
YoY Change | -18.27% | -114.07% | -1082.8% |
FREE CASH FLOW | |||
Cash From Operating Activities | -$6.597M | -$6.406M | -$6.385M |
Capital Expenditures | $126.9K | -$290.0K | -$250.5K |
Free Cash Flow | -$6.724M | -$6.116M | -$6.135M |
YoY Change | -18.93% | -0.3% | 3.28% |
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Net Income Loss
NetIncomeLoss
|
-25546209 | ||
CY2022Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.09 | |
CY2021Q3 | us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.11 | |
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.29 | ||
us-gaap |
Earnings Per Share Basic
EarningsPerShareBasic
|
-0.49 | ||
CY2022Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
62987859 | |
CY2021Q3 | us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
57079291 | |
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
62982688 | ||
us-gaap |
Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
|
51694189 | ||
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
57630826 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
1929352 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
4167 | |
CY2021Q1 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
296874 | |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-4716577 | |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
55144642 | |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
726451 | |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
|
31154648 | |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Employee Stock Purchase Plan
StockIssuedDuringPeriodValueEmployeeStockPurchasePlan
|
17758 | |
CY2021Q2 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
157015 | |
CY2021Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-14327211 | |
CY2021Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
72873303 | |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
368989 | |
CY2021Q3 | us-gaap |
Stock Issued During Period Value New Issues
StockIssuedDuringPeriodValueNewIssues
|
57500005 | |
CY2021Q3 | us-gaap |
Adjustments To Additional Paid In Capital Stock Issued Issuance Costs
AdjustmentsToAdditionalPaidInCapitalStockIssuedIssuanceCosts
|
3243184 | |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Conversion Of Convertible Securities Net Of Adjustments
StockIssuedDuringPeriodValueConversionOfConvertibleSecuritiesNetOfAdjustments
|
28858 | |
CY2021Q3 | us-gaap |
Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
|
11939 | |
CY2021Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6502421 | |
CY2021Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
121037489 | |
CY2021Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
111600595 | |
CY2022Q1 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
676249 | |
CY2022Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6244894 | |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
106031950 | |
CY2022Q2 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
826400 | |
CY2022Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-6257371 | |
CY2022Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
100600979 | |
CY2022Q3 | us-gaap |
Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
|
732236 | |
CY2022Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
-5754326 | |
CY2022Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
95578889 | |
us-gaap |
Profit Loss
ProfitLoss
|
-18256591 | ||
us-gaap |
Profit Loss
ProfitLoss
|
-25546209 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
2234885 | ||
us-gaap |
Share Based Compensation
ShareBasedCompensation
|
3024792 | ||
us-gaap |
Depreciation
Depreciation
|
41654 | ||
us-gaap |
Depreciation
Depreciation
|
39961 | ||
us-gaap |
Accretion Expense
AccretionExpense
|
362545 | ||
us-gaap |
Environmental Remediation Expense
EnvironmentalRemediationExpense
|
898146 | ||
us-gaap |
Environmental Remediation Expense
EnvironmentalRemediationExpense
|
8640432 | ||
us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
-4286 | ||
us-gaap |
Foreign Currency Transaction Gain Loss Unrealized
ForeignCurrencyTransactionGainLossUnrealized
|
-916146 | ||
us-gaap |
Gain Loss On Sale Of Property Plant Equipment
GainLossOnSaleOfPropertyPlantEquipment
|
49173 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-159186 | ||
us-gaap |
Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
|
-41930 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
11768 | ||
us-gaap |
Increase Decrease In Prepaid Expense
IncreaseDecreaseInPrepaidExpense
|
188875 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
-116024 | ||
us-gaap |
Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
|
355394 | ||
us-gaap |
Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
|
2920780 | ||
us-gaap |
Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
|
1650163 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-18116945 | ||
us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
-20422078 | ||
us-gaap |
Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
|
290039 | ||
us-gaap |
Payments To Acquire Mineral Rights
PaymentsToAcquireMineralRights
|
250470 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
98125 | ||
us-gaap |
Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
|
27746 | ||
us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
49173 | ||
ppta |
Payments To Acquire Surety Bond
PaymentsToAcquireSuretyBond
|
3000000 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-338991 | ||
us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-3278216 | ||
us-gaap |
Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
|
57500005 | ||
us-gaap |
Payments Of Stock Issuance Costs
PaymentsOfStockIssuanceCosts
|
3243184 | ||
us-gaap |
Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
|
487753 | ||
us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
54744574 | ||
us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-4286 | ||
us-gaap |
Effect Of Exchange Rate On Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
EffectOfExchangeRateOnCashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
|
-29 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-18460222 | ||
us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
31044251 | ||
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
47852846 | |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
25037766 | |
CY2022Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
29392624 | |
CY2021Q3 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
56082017 | |
us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
142487 | ||
CY2022Q3 | us-gaap |
Cash
Cash
|
6153131 | |
CY2021Q3 | us-gaap |
Cash
Cash
|
5357190 | |
CY2022Q3 | us-gaap |
Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
|
17131902 | |
CY2021Q3 | us-gaap |
Interest Bearing Deposits In Banks
InterestBearingDepositsInBanks
|
29246600 | |
CY2022Q3 | us-gaap |
Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
|
6107591 | |
CY2021Q3 | us-gaap |
Time Deposits At Carrying Value
TimeDepositsAtCarryingValue
|
21478227 | |
CY2022Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
29392624 | |
CY2021Q3 | us-gaap |
Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
|
56082017 | |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<p style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-weight:bold;text-align:justify;margin:0pt 0pt 10pt 0pt;"><span style="display:inline-block;text-align:left;text-indent:0pt;width:36pt;"><b style="font-family:'Times New Roman','Times','serif';font-size:10pt;font-style:normal;font-weight:bold;">1.</b></span>Nature of Operations and Basis of Presentation</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">Perpetua Resources Corp. (the “Corporation”, the “Company”, “Perpetua Resources” or “Perpetua”) was incorporated on February 22, 2011 under the Business Corporation Act (British Columbia) (the “BCBCA”). The Company was organized to hold shares in wholly owned subsidiaries that locate, acquire, develop and restore mineral properties located principally in the Stibnite – Yellow Pine mining district in Valley County, Idaho, USA. The Company’s principal asset is 100% ownership in subsidiaries that control the Stibnite Gold Project (“Stibnite Gold Project” or the “Project”). The Company currently operates in one segment, mineral exploration in the United States.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">The unaudited condensed consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and include the accounts of Perpetua Resources Corp. and its wholly owned subsidiaries, Perpetua Resources Idaho, Inc. and Idaho Gold Resource Company, LLC. Intercompany transactions and balances have been eliminated. </p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">The unaudited condensed consolidated financial statements do not include all disclosures required of annual consolidated financial statements and, accordingly, should be read in conjunction with our annual financial statements for the year ended December 31, 2021. Operating results for the nine months ended September 30, 2022 may not be indicative of results expected for the full year ending December 31, 2022. Management estimates that the Company’s 2022 effective tax rate will be 0% due to the Company’s cumulative loss position, historical net operating losses (“NOLs”), and other available evidence related to the Company’s ability to generate taxable income. Accordingly, there is no income tax provision or benefit for the nine month period ended September 30, 2022.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of the results for the interim periods reported.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">It is management’s opinion, based on the Corporation’s current capital resources and liquidity that the Corporation will have sufficient assets to discharge its liabilities as they become due, to continue to advance the Stibnite Gold Project for at least 12 months from the date these third quarter 2022 financial statements are issued, and to meet its administrative and overhead requirements for the same period. Future financings to fund additional permitting efforts and construction are anticipated through efforts to raise additional equity, new debt, or project specific debt; pursue government funding opportunities; and/or other means. Our continued operations are dependent on our ability to obtain additional financing prior to the second half of 2023 or alter the timing of controllable expenditures in early 2023 to the extent needed to maintain adequate liquidity to progress critical permitting efforts and maintain environmental baseline data. However, there can be no assurance that we will be successful in our efforts to raise additional capital on terms favorable to us, or at all, or our ability to adequately reduce expenses, if necessary, to maintain sufficient liquidity or capital resources.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 10pt 36pt;">The Company’s latest liquidity forecast indicates that available cash resources are expected to be exhausted by early fourth quarter 2023. Absent additional financing as outlined above, the Company would no longer be able to meet its ongoing obligations or progress critical permitting efforts. Management has prepared and approved an alternative liquidity forecast that, if necessary and initiated beginning in 2023, would alter the timing of controllable expenditures not related to the Company’s ASAOC obligation or progressing toward the final Record of Decision, which would preserve available liquidity into the first quarter of 2024. This alternative liquidity forecast alleviates substantial doubt about the Company’s ability to continue as a going concern.</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 10pt 36pt;"><i style="font-style:italic;">Loss per share</i></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">Basic loss per share is computed by dividing the net loss by the weighted average number of shares outstanding during the reporting period. Diluted loss per share is computed similar to basic loss per share except that the weighted average shares outstanding are increased to include additional shares for the assumed exercise of share purchase options and warrants, if dilutive. The Company’s potential dilutive shares of common stock include outstanding share purchase options, restricted share units, performance share units, deferred share units and warrants. Potentially dilutive shares as of September 30, 2022 and 2021, are as follows:</p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;"><span style="margin-left:0pt;visibility:hidden;"></span></p><table style="border-collapse:collapse;font-size:16pt;height:max-content;margin-left:auto;margin-right:auto;padding-left:0pt;padding-right:0pt;width:80%;"><tr style="height:1pt;"><td style="vertical-align:bottom;width:75.23%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;"></span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;"></span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;"></span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;"></span></p></div></div></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;"><div style="height:1pt;overflow:hidden;overflow-wrap:break-word;position:relative;"><div style="bottom:0pt;position:absolute;width:100%;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:1pt;visibility:hidden;"></span></p></div></div></td></tr><tr><td style="vertical-align:bottom;width:75.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;"></span></p></td><td colspan="3" style="vertical-align:bottom;white-space:nowrap;width:22.91%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">September 30, </b></p></td></tr><tr><td style="vertical-align:bottom;width:75.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="font-size:8pt;visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2022</b></p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:8pt;text-align:center;margin:0pt;"><b style="font-weight:bold;">2021</b></p></td></tr><tr><td style="vertical-align:bottom;width:75.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Share purchase options</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 1,960,150</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 2,570,900</p></td></tr><tr><td style="vertical-align:bottom;width:75.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Share units</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"><span style="visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 791,440</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> —</p></td></tr><tr><td style="vertical-align:bottom;width:75.23%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Warrants</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 200,000</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;background:#cceeff;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;background:#cceeff;border-bottom:1px solid #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 200,000</p></td></tr><tr><td style="vertical-align:bottom;width:75.23%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;">Balance</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt;"> </p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 2,951,590</p></td><td style="vertical-align:bottom;white-space:nowrap;width:1.85%;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt;"><span style="visibility:hidden;"></span></p></td><td style="vertical-align:bottom;white-space:nowrap;width:10.53%;border-bottom:3px double #000000;margin:0pt;padding:0pt;"><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:right;margin:0pt 3pt 0pt 0pt;"> 2,770,900</p></td></tr></table><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;margin:0pt 0pt 0pt 36pt;"><span style="margin-left:0pt;visibility:hidden;"></span></p><p style="font-family:'Times New Roman','Times','serif';font-size:10pt;text-align:justify;margin:0pt 0pt 0pt 36pt;">All potentially dilutive shares were excluded from the calculation of diluted loss per share as their exercise and conversion would be anti-dilutive.</p> | ||
us-gaap |
Number Of Operating Segments
NumberOfOperatingSegments
|
1 | ||
us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0 | ||
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
0 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2951590 | ||
us-gaap |
Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
|
2770900 | ||
CY2022Q3 | us-gaap |
Mineral Properties Net
MineralPropertiesNet
|
72494373 | |
CY2021Q4 | us-gaap |
Mineral Properties Net
MineralPropertiesNet
|
72204334 | |
ppta |
Percentage Of Net Smelter Returns Royalty
PercentageOfNetSmelterReturnsRoyalty
|
0.017 | ||
ppta |
Annual Payments Due Under Option Agreements
AnnualPaymentsDueUnderOptionAgreements
|
180000 | ||
CY2013Q2 | ppta |
Share Purchase Warrants Issued
SharePurchaseWarrantsIssued
|
200000 | |
CY2013Q2 | ppta |
Gross Proceeds From Warrants
GrossProceedsFromWarrants
|
350000 | |
CY2013Q2 | us-gaap |
Class Of Warrant Or Right Number Of Securities Called By Warrants Or Rights
ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights
|
200000 | |
CY2013Q2 | us-gaap |
Class Of Warrant Or Right Exercise Price Of Warrants Or Rights1
ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1
|
12.30 | |
CY2013Q2 | ppta |
Warrant Derivative Percentage Of Which Warrants Are Exercisable
WarrantDerivativePercentageOfWhichWarrantsAreExercisable
|
1 | |
CY2013Q2 | ppta |
Warrant Derivative Threshold Share Price For Conversion Of Warrants
WarrantDerivativeThresholdSharePriceForConversionOfWarrants
|
32.30 | |
CY2013Q2 | ppta |
Warrant Derivative Threshold Consecutive Trading Days For Conversion Of Warrants
WarrantDerivativeThresholdConsecutiveTradingDaysForConversionOfWarrants
|
P30D | |
CY2022Q3 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
0 | |
CY2021Q4 | us-gaap |
Convertible Notes Payable Current
ConvertibleNotesPayableCurrent
|
0 | |
us-gaap |
Common Stock Shares Authorized Unlimited
CommonStockSharesAuthorizedUnlimited
|
Unlimited | ||
CY2021 | us-gaap |
Common Stock Shares Authorized Unlimited
CommonStockSharesAuthorizedUnlimited
|
Unlimited | |
CY2022Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
732236 | |
CY2021Q3 | us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
368989 | |
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
2234885 | ||
us-gaap |
Sharebased Compensation Arrangement By Sharebased Payment Award Compensation Cost1
SharebasedCompensationArrangementBySharebasedPaymentAwardCompensationCost1
|
3024792 | ||
us-gaap |
Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
|
1500000 | ||
CY2022Q3 | us-gaap |
Class Of Warrant Or Right Outstanding
ClassOfWarrantOrRightOutstanding
|
200000 | |
CY2021Q1 | us-gaap |
Environmental Costs Recognized Capitalized
EnvironmentalCostsRecognizedCapitalized
|
7473805 | |
CY2021Q1 | us-gaap |
Environmental Remediation Expense
EnvironmentalRemediationExpense
|
7473805 | |
CY2021Q4 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
9888200 | |
CY2020Q4 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
0 | |
us-gaap |
Environmental Remediation Expense
EnvironmentalRemediationExpense
|
898146 | ||
us-gaap |
Environmental Remediation Expense
EnvironmentalRemediationExpense
|
8640432 | ||
us-gaap |
Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
|
2920780 | ||
us-gaap |
Accrual For Environmental Loss Contingencies Payments1
AccrualForEnvironmentalLossContingenciesPayments1
|
1650163 | ||
CY2022Q3 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
7865566 | |
CY2021Q3 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
6990269 | |
CY2022Q3 | us-gaap |
Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
|
5756965 | |
CY2021Q3 | us-gaap |
Accrued Environmental Loss Contingencies Current
AccruedEnvironmentalLossContingenciesCurrent
|
3251622 | |
CY2022Q3 | us-gaap |
Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
|
2108601 | |
CY2021Q3 | us-gaap |
Accrued Environmental Loss Contingencies Noncurrent
AccruedEnvironmentalLossContingenciesNoncurrent
|
3738647 | |
CY2022Q3 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
7865566 | |
CY2021Q3 | us-gaap |
Accrual For Environmental Loss Contingencies
AccrualForEnvironmentalLossContingencies
|
6990269 | |
CY2022Q3 | us-gaap |
Security Deposit
SecurityDeposit
|
7500000 | |
CY2021Q1 | ppta |
Payment Of Cash Collateral
PaymentOfCashCollateral
|
3000000.0 | |
CY2022Q3 | us-gaap |
Off Balance Sheet Credit Loss Liability
OffBalanceSheetCreditLossLiability
|
0 |