Document and Entity Information |
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May 31, 2019 | |
Document and Entity Information [Abstract] | |
Entity Registrant Name | PLATINUM GROUP METALS LTD |
Entity Central Index Key | 0001095052 |
Current Fiscal Year End Date | --08-31 |
Document Type | 6-K |
Document Period End Date | May 31, 2019 |
Amendment Flag | false |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | Q3 |
Condensed Consolidated Interim Statements of Cash Flows - USD ($) $ in Thousands |
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May 31, 2018 |
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OPERATING ACTIVITIES | ||
Loss for the period | $ (13,137) | $ (37,605) |
Add items not affecting cash: | ||
Depreciation | 187 | 251 |
Interest expense | 7,331 | 14,938 |
Unrealized foreign exchange gain (loss) | 99 | (116) |
Loss on assets held for sale | 2,305 | |
Gain (Loss) on fair value of convertible debt derivatives | 839 | (2,687) |
(Gain) Loss on marketable securities | (609) | 692 |
Stock compensation expense | 521 | 62 |
Net change in non-cash working capital | 747 | 117 |
Net cash flows from (used in) operating activities | (4,022) | (22,043) |
FINANCING ACTIVITIES | ||
Share issuance - warrant exercise | 1,646 | 0 |
Proceeds from issuance of equity | 4,155 | 19,882 |
Equity issuance costs | (153) | (2,120) |
Cash received from sale of Maseve | 62,000 | |
Interest paid | (1,014) | |
Cash proceeds from debt | 10,000 | |
Debt principal repayments | (8,023) | (75,251) |
Cash received from Waterberg partners | 2,367 | |
Costs associated with the debt | (3) | (899) |
Net cash flows from (used in) financing activities | (11) | 12,598 |
INVESTING ACTIVITIES | ||
Proceeds from partial sale of interest in Waterberg | 17,190 | |
Restricted cash (Waterberg) | (5,000) | |
Cash received from sale of marketable securities | 7,951 | |
Expenditures from restricted cash (Waterberg) | 126 | 4,002 |
Fees paid on asset held for sale | (1,000) | |
Proceeds from the sale of concentrate | 2,016 | |
Waterberg exploration expenditures | (6,139) | (5,759) |
Net cash flows from (used in) investing activities | 1,938 | 11,449 |
Net decrease in cash and cash equivalents | (2,095) | (7,510) |
Effect of foreign exchange on cash and cash equivalents | 330 | (189) |
Cash and cash equivalents, beginning of period | 3,017 | 3,414 |
Cash and cash equivalents, end of period | $ 1,252 | $ 5,229 |
NATURE OF OPERATIONS AND GOING CONCERN |
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Notes to Financial Statements [Abstract] | |||||||||||||||||||||||||||||||||||||||||||
NATURE OF OPERATIONS AND GOING CONCERN [Text Block] |
Platinum Group Metals Ltd. (the “Company”) is a British Columbia, Canada, company formed by amalgamation on February 18, 2002. The Company’s shares are publicly listed on the Toronto Stock Exchange (“TSX”) in Canada and the NYSE American LLC (“NYSE American”) in the United States (formerly the NYSE MKT LLC). The Company’s address is Suite 838-1100 Melville Street, Vancouver, British Columbia, V6E 4A6. The Company is an exploration and development company conducting work on mineral properties it has staked or acquired by way of option agreements in the Republic of South Africa. These financial statements include the accounts of the Company and its subsidiaries. The Company’s subsidiaries (collectively with the Company, the “Group”) as at May 31, 2019 are as follows:
1 The Company controls and consolidates Mnombo Wethu Consultants (Pty) Limited (“Mnombo”) and Waterberg JV Resources (Pty) Ltd. for accounting purposes. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) applicable to a going concern which contemplates that the Company will be able to realize its assets and settle its liabilities in the normal course as they come due for the foreseeable future. The Company had a loss of $13.3 million during the nine-month period, negative working capital and has negative equity amounting to $26.6 million as at May 31, 2019. At May 31, 2019, the Company was indebted $43.0 million pursuant to the LMM Facility (as defined below). This debt is due October 31, 2019. Additional payments/interest are also due on the convertible debt (which can be paid with shares of the Company). The Company currently has limited financial resources and has no sources of operating income at present. The Company’s ability to continue operations in the normal course of business will therefore depend upon its ability to secure additional funding by methods that could include debt refinancing, equity financing, the exercise of warrants, sale of assets and strategic partnerships. Management believes the Company will be able to secure further funding as required. Nonetheless, there exist material uncertainties resulting in substantial doubt as to the ability of the Company to continue to meet its obligations as they come due and hence, the ultimate appropriateness of the use of accounting principals applicable to a going concern. These condensed consolidated financial statements do not include adjustments or disclosures that may result should the Company not be able to continue as a going concern. If the going concern assumption were not appropriate for these consolidated financial statements, then adjustments would be required to the carrying value of assets and liabilities, the expenses, the reported comprehensive loss and balance sheet classifications used that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. These adjustments could be material. |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES |
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES [Text Block] |
These condensed consolidated interim financial statements have been prepared in accordance with the International Accounting Standard 34, Interim Financial Reporting (“IAS 34”) using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). The Company’s significant accounting policies and critical accounting estimates applied in these interim financial statements are the same as those applied in Note 2 of the Company’s annual consolidated financial statements as at and for the year ended August 31, 2018, except for the adoption of IFRS 9, Financial Instruments, (“IFRS 9”) effective for fiscal periods beginning on or after January 1, 2018. Change in Accounting Policy – IFRS 9 The Company adopted all of the requirements of IFRS 9 as of September 1, 2018. IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”). IFRS 9 utilizes a revised model for recognition and measurement of financial instruments and a single, forward-looking “expected loss” impairment model. As the Company is not restating prior periods, management has recognized the effects of modified retrospective application at the beginning of the fiscal 2019 reporting period, which included the date of initial application. Therefore, on September 1, 2018 the adoption of IFRS 9 resulted in a decrease in deficit of $5.8 million with a corresponding increase in the carrying value of the Liberty loan for the same amount. See Note 5 for further details. The following is the Company’s new accounting policy for financial instruments since adoption of IFRS 9 on September 1, 2018: Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss at fair value through other comprehensive income (loss), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and the debt’s contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Measurement Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of comprehensive loss in the period in which they arise. Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve-month expected credit losses. The Company shall recognize in the consolidated statements of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. Derecognition of Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss. The original measurement categories under IAS 39 and the new measurement categories under IFRS 9 are summarized in the following table:
Presentation Currency The Company’s presentation currency is the United States Dollar (“USD”). All amounts in these financial statements are presented in thousands of USD unless otherwise noted. Foreign Exchange Rates Used The following exchange rates were used when preparing these consolidated financial statements:
Recently Issued Accounting Pronouncements The following new accounting standards, amendments and interpretations, that have not been early adopted in these consolidated financial statements, will or may have an effect on the Company’s future results and financial position:
The new standard is effective for annual periods beginning on or after January 1, 2019. As the Company’s year end is August, the first effective year will be fiscal 2020. The adoption of this standard will result in the recording of a lease asset and a corresponding lease liability on the statements of financial position. Based on the Company’s current leasing activity, the adjustment will not be significant. |
MARKETABLE SECURITIES |
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MARKETABLE SECURITIES [Text Block] |
As part of the consideration of the sale of the Maseve Mine, the Company was granted 4,524,279 common shares of Johannesburg Stock Exchange listed Royal Bafokeng Platinum Ltd. (“RBPlats”). While these marketable securities were owned by the Company they were designated as fair value through profit and loss (“FVTPL”) with changes in fair value recorded through profit or loss. On December 14, 2018, the Company sold these shares for $7.8 million and realized a gain of $609 in the current nine month period. |
EXPLORATION AND EVALUATION ASSETS |
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EXPLORATION AND EVALUATION ASSETS [Text Block] |
Since mid-2015, the Company’s only active exploration project has been the Waterberg Project located on the North Limb of the Western Bushveld Complex. Total capitalized exploration and evaluation expenditures for all exploration properties held by the Company are as follows:
Waterberg The Waterberg Project consists of adjacent, granted and applied-for prospecting rights and applied for mining rights with a combined active project area of approximately 99,244.79 ha, located on the Northern Limb of the Bushveld Complex, approximately 85 km north of the town of Mokopane (formerly Potgietersrus). The Waterberg Project is comprised of the former Waterberg JV Property and the Waterberg Extension Property. On August 8, 2017, PTM RSA transferred legal title of all Waterberg Project prospecting rights into Waterberg JV Co. upon receiving Section 11 approval of the 2nd Amendment (defined below). On September 21, 2017, Waterberg JV Co. issued shares to all existing Waterberg partners pro rata to their joint venture interests, resulting in the Company holding a 45.65% direct interest in Waterberg JV Co., the Japan Oil, Gas and Metals National Corporation ("JOGMEC") holding a 28.35% interest and Mnombo, as the Company’s Black Economic Empowerment (“BEE”) partner, holding 26%. Implats Transaction On November 6, 2017, the Company closed a transaction, originally announced on October 16, 2017, whereby Impala Platinum Holdings Ltd. ("Implats"):
Following an election to go to a 50.01% project interest as described above, Implats will have another 90 days to confirm the salient terms of a development and mining financing for the Waterberg Project, including a signed financing term sheet, subject only to final credit approval and documentation. After exercising the Purchase and Development Option, Implats will control Waterberg JV Co. Should Implats complete the increase of its interest in Waterberg JV Co. to 50.01% pursuant to the Purchase and Development Option, the Company would retain a 31.96% direct and indirect interest in Waterberg JV Co. and following completion of Implats’ earn-in spending all of the project partners would be required to participate pro-rata. The transaction agreements also provide for the transfer of equity and the issuance of additional equity to one or more broad based black empowerment partners, at fair value. If Implats does not elect to complete the Purchase and Development Option and the Development and Mining Financing, Implats will retain a 15.0% project interest and the Company will retain a 50.02% direct and indirect interest in the project.
Acquisition and Development of the Property In October 2009, PTM RSA, JOGMEC and Mnombo entered into a joint venture agreement with regard to the Waterberg Project (the “JOGMEC Agreement”). Under the terms of the JOGMEC Agreement, in April 2012, JOGMEC completed a $3.2 million work requirement to earn a 37% interest in the Waterberg JV property, leaving the Company with a 37% interest and Mnombo with a 26% interest. Following JOGMEC’s earn-in, the Company funded Mnombo’s 26% share of costs, totalling $1.12 million, until the earn-in phase of the joint venture ended in May 2012. On November 7, 2011, the Company entered an agreement with Mnombo to acquire 49.9% of the issued and outstanding shares of Mnombo in exchange for cash payments totalling R1.2 million and the Company’s agreement to pay for Mnombo’s 26% share of costs on the Waterberg JV property until the completion of a feasibility study. Mnombo’s share of expenditures prior to this agreement were covered by the Company and are still owed to the Company ($3.4 million). The portion of Mnombo not owned by the Company, calculated at $6.6 million at May 31, 2019 ($5.8 million – August 31, 2018), is accounted for as a non-controlling interest. On May 26, 2015, the Company announced a second amendment (the “2nd Amendment”) to the existing JOGMEC Agreement. Under the terms of the 2nd Amendment the Waterberg JV and Waterberg Extension properties are to be combined and contributed into the newly created operating company Waterberg JV Co. On August 4, 2017, the Company received Section 11 transfer approval from the South African Department of Mineral Resources (“DMR”) and title to all of the Waterberg prospecting rights held by the Company were transferred into Waterberg JV Co Under the 2nd Amendment, JOGMEC committed to fund $20 million in expenditures over a three-year period ending March 31, 2018. This funding requirement was completed as an amount of $8 million was funded by JOGMEC to March 31, 2016, which was followed by two $6 million tranches spent in each of the following two 12-month periods ending March 31, 2018. To May 31, 2019 an aggregate total of $67.9 million has been funded by all parties on exploration and engineering on the Waterberg Project. Up until the Waterberg property was held in the Waterberg JV Company, all costs incurred by other parties were treated as recoveries. |
LOANS PAYABLE |
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LOANS PAYABLE [Text Block] |
On November 20, 2015, the Company drew down a $40 million loan facility (the “LMM Facility”) pursuant to a credit agreement (the “LMM Credit Agreement”) entered into on November 2, 2015 with a significant shareholder, Liberty Metals & Mining Holdings, LLC (“LMM”), a subsidiary of Liberty Mutual Insurance. The LMM Facility bears interest at LIBOR plus 9.5% . LMM held the first lien position on (i) the shares of PTM (RSA) held by the Company and (ii) all current and future assets of the Company. Pursuant to the LMM Credit Agreement the Company also entered into a life of mine Production Payment Agreement (“PPA”) with LMM. During fiscal 2018 the Company made payments to Liberty totalling $23.1 million. These payments first settled the production payment termination accrual of $15 million. The remaining $8.1 million was then applied against the loan and accrued interest owing. On January 11, 2019 the Company repaid a further $8.0 million to Liberty from the proceeds for the sale of the RBPlats shares, (see Note 3 for further details). The Company owed Liberty approximately $43.0 million if the loan had been repaid at May 31, 2019. The Loan agreement has had multiple amendments. Under IAS 39, when an entity makes an amendment it must decide whether the modification was significant enough to constitute an extinguishment. If the modification was considered an extinguishment of the initial debt, the new modified debt is recorded at fair value and a gain/loss recognized in income for the difference between the carrying amount of the ‘old’ debt and the ‘new’ debt. This extinguishment accounting remains the same under IFRS 9. However, accounting under the newly adopted IFRS 9 differs where the change was not significant enough to be an extinguishment. Under IAS 39, modifications would not lead to an immediate income change because the entity would typically discount the cash flows of the modified debt at a revised effective interest rate. However, under IFRS 9, the cash flows under the modified debt should be rediscounted at the original effective interest rate. This leads to an immediate income charge on the date of the modification. Effective September 1, 2018 the Company adopted IFRS 9 which was applied to the Liberty loan retrospectively. The implementation of IFRS 9 resulted in an increase in the carrying value of $5.8 million with a corresponding decrease in deficit also being recognized. At May 31, 2019 the effective interest rate is 17.8% while the actual interest rate has remained at LIBOR plus 9.5% . The Liberty loan is due October 31, 2019 with no payments owed until October 31, 2019. The Company was not in default of any covenants on the LMM Facility at May 31, 2019. Brokerage Fees There are certain brokerage fees that will become due when the Company’s secured debt is repaid in full. As these fees are contingent on the repayment of secured debt, they are grouped with the debt as follows:
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CONVERTIBLE NOTES |
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CONVERTIBLE NOTES [Text Block] |
On June 30, 2017, the Company closed a private placement of $20 million aggregate principal amount of convertible senior subordinated notes (“Convertible Notes”) due 2022. The Convertible Notes bear interest at a rate of 6 7/8% per annum, payable semi-annually on January 1 and July 1 of each year, beginning on January 1, 2018, in cash or at the election of the Company, in common shares of the Company or a combination of cash and Common Shares, and will mature on July 1, 2022, unless earlier repurchased, redeemed or converted. An additional interest charge of 0.25% for the period January 1, 2018 to March 31, 2018, plus a further 0.25% for the period April 1, 2018 to July 1, 2018, was added to the coupon rate of the Convertible Notes at the Company’s election to not file a prospectus and a registration statement for the Convertible Notes with Canadian securities regulatory authorities and with the U.S. Securities and Exchange Commission. After July 1, 2018, at which time the Convertible Notes became freely tradable by holders other than affiliates, the Convertible Notes once again bear interest at the coupon rate of 6 7/8% per annum. Upon maturity the Convertible Notes are to be settled by the Company in cash. The Convertible Notes are convertible at any time prior to maturity at the option of the holder, and conversion may be settled, at the Company’s election, in cash, Common Shares, or a combination of cash and Common Shares. If any Convertible Notes are converted on or prior to the three and one half year anniversary of the issuance date, the holder of the Convertible Notes will also be entitled to receive an amount equal to the remaining interest payments on the converted notes to the three and one half year anniversary of the issuance date, discounted by 2%, payable in Common Shares. The initial conversion rate of the Convertible Notes will be 1,001.1112 Common Shares per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $0.9989 per Common Share, representing a conversion premium of approximately 15% above the NYSE American closing sale price for the Company’s Common Shares of $0.8686 per share on June 27, 2017. After giving effect to the December 13, 2018 share consolidation, the conversion rate is 100.1111 per US$1,000 which is equivalent to a conversion price of approximately $9.989 per common share. The Convertible Notes contain multiple embedded derivatives (the “Convertible Note Derivatives”) relating to the conversion and redemption options. The Convertible Note Derivatives were valued upon initial recognition at fair value using partial differential equation methods at $5,381 (see below). At inception, the debt portion of the Convertible Notes were reduced by the estimated fair value of the Convertible Note Derivatives of $5,381 and transaction costs relating to the Convertible Notes of $1,049 resulting in an opening balance of $13,570. The Convertible Notes are measured at amortized cost and will be accreted to maturity over the term using the effective interest method. On January 2, 2018, the Company issued 244,063 common shares in settlement of $691.11 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes. On July 3, 2018, the Company issued 757,924 common shares in settlement of $724.78 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes. On January 2, 2019 the Company issued 545,721 common shares in settlement of $687.16 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes. On July 1, 2019 the Company paid $687 of bi-annual interest payable on outstanding Convertible Notes. The components of the Convertible Notes are as follows:
Embedded Derivatives The Convertible Note Derivatives were valued upon initial recognition at a fair value of $5,381 using partial differential equation methods and is subsequently re-measured at fair value at each period-end through the consolidated statement of net loss and comprehensive loss. The fair value of the Convertible Note Derivatives was measured at $61 at August 31, 2018, then $162 at May 31, 2019 resulting in a loss of $101 for the period. Combined with the loss on the warrant derivative (Note 8) of $738, this results in a loss of $839. The assumptions used in the valuation model used at May 31, 2019 and August 31, 2018 include:
The Convertible Note derivative is classified as a level 2 financial instrument in the fair value hierarchy. |
SHARE CAPITAL |
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SHARE CAPITAL [Text Block] |
Unlimited common shares without par value.
On November 20, 2018 the Company announced a consolidation of its common shares on the basis of one new share for ten old shares (1:10), effective at 9:00 a.m. (New York time) on December 13, 2018. The Company’s consolidated common shares began trading on the Toronto Stock Exchange and NYSE American when the markets opened on December 17, 2018. The purpose of the consolidation was to increase the Company’s common share price to be in compliance with the NYSE American’s low selling price requirement. All share numbers in these financial statements are presented on a post consolidation basis. At May 31, 2019, the Company had 33,741,961 shares outstanding. Fiscal 2019 On February 4, 2019, the Company announced it had closed a non-brokered private placement of 3,124,059 shares at a price of US$1.33 per share for gross proceeds of $4.16 million. A 6% finders fee of $72 was paid on a portion of the private placement, with total issuance costs (including the finders fee) totalling $107. During the nine-month period ended May 31, 2019, the Company issued 968,770 shares upon the exercise of 968,770 warrants. On January 2, 2019 the Company issued 545,721 shares in settlement of $687.16 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes. Fiscal 2018 On May 11, 2018 the Company announced a private placement offering of 1,509,100 units at a price of US$1.50 per unit for gross proceeds of $2.3 million. Each unit consisted of one common share and one common share purchase warrant, with each common share purchase warrant allowing the holder to purchase a further common share at a price of US$1.70. The private placement was contingent on the closure of the public offering that closed May 15, 2018 outlined below. See note 8 for valuation of the warrants. On May 15, 2018 the Company announced it had closed a public offering of 11,745,386 units at a price of US$1.50 per unit for gross proceeds for $17.6 million. Each unit consisted of one common share and one common share purchase warrant, with each common share purchase warrant allowing the holder to purchase a further common share at a price of US$1.70. See note 8 for valuation of the warrants. Total unit issuance costs of $2.5 million were incurred for the private placement and public offering On January 2, 2018 and July 3, 2018, the Company issued 244,063 and 757,924 respectively in settlement of $691.11 and $724,78 of bi-annual interest payable on $19.99 million of outstanding Convertible Notes. See Note 6 for further details.
The Company has entered into Incentive Stock Option Agreements (“Agreements”) under the terms of its stock option plan with directors, officers, consultants and employees. Under the terms of the Agreements, the exercise price of each option is set, at a minimum, at the fair value of the common shares at the date of grant. Certain stock options of the Company are subject to vesting provisions, while others vest immediately. All exercise prices are denominated in Canadian Dollars. The following tables summarize the Company’s outstanding stock options:
During the nine months ended May 31, 2019 the Company granted 1,554,000 stock options. The stock options granted in the current period vest in four equal annual stages commencing on the date of the grant on April 9, 2019. The Company recorded $519 ($452 expensed and $67 capitalized to mineral properties) of compensation expense for the period ended May 31, 2019. During the nine months ended May 31, 2019, 46,300 share options expired while the Company cancelled a further 262,250 share options by mutual agreement.
During the year ended August 31, 2018 the Company did not grant any options.
The Company has established a deferred share unit (“DSU”) plan for non-executive directors. Each DSU has the same value as one Company common share. DSU’s must be retained until the director leaves the Board of Directors, at which time the DSU’s are paid. The DSU liability at May 31, 2019 is $17. During the nine month period ended May 31, 2019 an expense of $17 was recorded in relation to the outstanding DSU’s (May 31, 2018 - $Nil). At May 31, 2019, 150,809 DSU's have been issued with 11,478 fully vested.
The Company has established a restricted share unit (“RSU”) plan for certain employees of the Company. Each RSU has the same value as one Company common share. RSU’s vest over a three year period. The RSU liability at May 31, 2019 is $36. During the nine-month period ended May 31, 2019 an expense of $36 was recorded ($30 expensed and $6 capitalized) in relation to the outstanding RSU’s, (May 31, 2018 $Nil). At May 31, 2019, 223,443 RSU's have been issued. No RSU's had vested at May 31, 2019. |
WARRANT DERIVATIVE |
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WARRANT DERIVATIVE [Text Block] |
The exercise price of the Company’s outstanding warrants is denominated in US Dollars; however, the functional currency of PTM Canada (where the warrants are held) is the Canadian Dollar. Therefore, the warrants are required to be recognized and measured at fair value at each reporting period. Any changes in fair value from period to period are recorded as non-cash gain or loss in the consolidated statement of loss and comprehensive loss. The warrants were issued May 15, 2018 and were initially valued using the residual value method. An initial valuation of $1,171 was attributed to the warrants which included $157 of unit issuance costs being attributed to the value of the warrants. As the warrants are publicly traded on the TSX the value of the warrants at each period is estimated by using the warrant TSX closing price on the last day of trading in the applicable period. At May 31, 2019 the warrants were trading at US$0.01 (US$0.005 at August 31, 2018) resulting in a value of $2,457 being attributed to the warrants and loss of $738 being recognized in the current nine-month period. When combined with the gain on the embedded derivatives in the Convertible Notes (see Note 6) this results in a net loss of $839 on derivatives. |
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RELATED PARTY TRANSACTIONS [Text Block] |
Except for the LMM Facility, all amounts receivable and amounts payable owing to or from related parties are non-interest bearing with no specific terms of repayment. Transactions with related parties are in the normal course of business and are recorded at consideration established and agreed to by the parties. Transactions with related parties are as follows:
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CONTINGENCIES AND COMMITMENTS |
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CONTINGENCIES AND COMMITMENTS [Text Block] |
The Company’s remaining minimum payments under its office and equipment lease agreements in Canada and South Africa total approximately $1,044 to March 2022. Contractor payments are based on approximate costs to complete services remaining at Waterberg. From period end the Company’s aggregate commitments are as follows:
1The convertible note and related interest can be settled at the Company’s discretion in cash or shares Africa Wide Legal Action The Company reports that it is in receipt of a summons issued by Africa Wide whereby Africa Wide has instituted legal proceedings in South Africa against PTM RSA, RBPlats and Maseve in relation to the Maseve Sale Transaction. Africa Wide is seeking, at this very late date, to set aside or be paid increased value for, the closed Maseve Sale Transaction. Africa Wide held a 17.1% interest in Maseve prior to the Maseve Sale Transaction. RBPlats consulted with senior counsel, both during the negotiation of the Maseve Sale Transaction and in regard to the current Africa Wide legal proceedings. The Company has received legal advice to the effect that the Africa Wide action, as issued, is ill-conceived and is factually and legally defective. Tax Audit South Africa During the 2014, 2015 and 2016 fiscal years, PTM RSA claimed unrealized foreign exchange differences as income tax deductions in its South African corporate tax returns in the amount of Rand 1.4 billion. The exchange losses emanate from a Canadian dollar denominated shareholder loan advanced to PTM RSA and weakening of the Rand. Under applicable South African tax legislation, exchange losses can be claimed in the event that the shareholder loan is classified as a current liability as determined by IFRS. For the years in question, the intercompany debt was classified as current in PTM RSA’s audited financial statements. During 2018, the South African Revenue Service, or SARS, conducted an income tax audit of the 2014 to 2016 years of assessment and issued PTM RSA with a letter of audit findings on November 5, 2018. SARS proposed that the exchange losses be disallowed on the basis that SARS is not in agreement with the reclassification of the shareholder loan as a current liability. SARS also invited the Company to provide further information and arguments if we disagreed with the audit findings. On the advice of the Company’s legal and tax advisors, the Company is in strong disagreement with the proposed interpretation by SARS. The Company responded to the SARS letter on January 31, 2019 and again on April 5, 2019 following a request for additional information received on March 20, 2019. The Company also met with SARS, together with the Company’s advisors, on May 30, 2019 in order to address any remaining concerns that SARS may have. At present this matter is unresolved. Any tax assessment issued by SARS will be legally contested by PTM RSA. In the event that the exchange losses are disallowed by SARS, the Company estimates that for the years under review that PTM RSA’s exposure would be taxable income of approximately Rand 182 million and an income tax liability of approximately Rand 51 million (approximately $3.49 million at period end based on the daily exchange rates reported by the Bank of Canada on May 31, 2019). For fiscal years 2017 and 2018 the Company estimates that a further Rand 266 million in income could be subject to taxation at a rate of approximately 28% if our exchange losses are disallowed by SARS. SARS may apply interest and penalties to any amounts due, which could be substantial. The Company believe its accounting classification of the shareholder loan is correct and that no tax assessment is warranted; however, we cannot assure that SARS will not issue a reassessment or that we will be successful in legally contesting any such assessment. Any assessment could have a material adverse effect on the Company’s business and financial condition. |
SUPPLEMENTARY CASH FLOW INFORMATION |
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SUPPLEMENTARY CASH FLOW INFORMATION [Text Block] |
Net change in non-cash working capital:
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SEGMENTED REPORTING |
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SEGMENTED REPORTING [Text Block] |
Segmented information is provided on the basis of geographical segments as the Company manages its business and exploration activities through geographical regions – Canada and South Africa. The Chief Operating Decision Makers (“CODM”) reviews information from the below segments separately so the below segments are separated. This represents a change from prior years and comparative information has been represented to reflect the way the CODM currently reviews the information The Company evaluates performance of its operating and reportable segments as noted in the following table:
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SUBSEQUENT EVENTS |
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SUBSEQUENT EVENTS [Text Block] |
Warrant Exercise by HCI On June 20, 2019 HCI increased its ownership interest in the Company as a result of the exercise of certain common share purchase warrants to purchase 80,000 common shares at $1.70 per common share. Following the warrant exercise, HCI beneficially held 6,782,389 common shares of the Company, representing 20.05% of the Company’s issued and outstanding common shares. Private Placement by HCI On June 28, 2019 the Company closed a non-brokered private placement with HCI for gross proceeds of $1.3 million. In connection with the private placement, the Company issued an aggregate of 1,111,111 common shares to Deepkloof Limited, a subsidiary of HCI, at a price of US$1.17 per common share. On a non-diluted basis and after giving effect to the private placement, HCI’s ownership percentage has increased from 20.05% to 22.60% of the Company’s issued and outstanding common shares. The Company did not pay any finder’s fees in connection with the private placement. Lion Battery Technologies Inc. Subsequent to period end, on July 11, 2019, the Company, together with Anglo American Platinum Limited (“AAP”), launched a new venture through a jointly owned company, Lion Battery Technologies Inc. (“Lion”) to accelerate the development of next generation battery technology using platinum and palladium. AAP and the Company have agreed together to invest up to a total of $4.0 million, subject to certain conditions, in exchange for preferred shares of Lion at a price of $0.50 per share over approximately a three to four year period. AAP and the Company have each invested an initial $550,000 into Lion in exchange for 1,100,000 preferred shares each. In addition, the Company invested $4,000 as the original founder’s round into Lion in exchange for 400,000 common shares at a price of $0.01 per common share. Lion has entered into an agreement with Florida International University (“FIU”) to fund a $3.0 million research program over approximately a three year period utilizing platinum and palladium to unlock the potential of Lithium Air and Lithium Sulphur battery chemistries to increase their discharge capacities and cyclability. Under the agreement with FIU, Lion will have exclusive rights to all intellectual property developed and will lead all commercialisation efforts. Under the terms of the agreement with FIU, Lion will advance funding to FIU in four tranches. The first tranche totalling $1.0 million is to be funded by Lion to in mid July 2019. Lion is also required to pay FIU a one-time fee of $50,000 in mid July 2019. Three subsequent tranches of $666.667 each will be funded approximately every six months based on the attainment of research milestones by FIU. Investment into Lion by AAP and the Company in excess of the $3.05 million earmarked for FIU is to be utilized by Lion for general and administrative costs and for future commercialization efforts by Lion. If the Company should fail to contribute its share of a required subscription to Lion it would be in breach of its agreement with Lion and its interest in Lion may be subject to dilution. |
Summary of Significant Accounting Policies (Policies) |
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Change in Accounting Policy - IFRS 9 [Policy Text Block] | Change in Accounting Policy – IFRS 9 The Company adopted all of the requirements of IFRS 9 as of September 1, 2018. IFRS 9 replaces IAS 39 Financial Instruments: Recognition and Measurement (“IAS 39”). IFRS 9 utilizes a revised model for recognition and measurement of financial instruments and a single, forward-looking “expected loss” impairment model. As the Company is not restating prior periods, management has recognized the effects of modified retrospective application at the beginning of the fiscal 2019 reporting period, which included the date of initial application. Therefore, on September 1, 2018 the adoption of IFRS 9 resulted in a decrease in deficit of $5.8 million with a corresponding increase in the carrying value of the Liberty loan for the same amount. See Note 5 for further details. The following is the Company’s new accounting policy for financial instruments since adoption of IFRS 9 on September 1, 2018: Classification The Company classifies its financial instruments in the following categories: at fair value through profit and loss at fair value through other comprehensive income (loss), or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company’s business model for managing the financial assets and the debt’s contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or if the Company has opted to measure them at FVTPL. Measurement Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the consolidated statements of comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the consolidated statements of comprehensive loss in the period in which they arise. Impairment of financial assets at amortized cost The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve-month expected credit losses. The Company shall recognize in the consolidated statements of comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. Derecognition of Financial assets The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of comprehensive loss. The original measurement categories under IAS 39 and the new measurement categories under IFRS 9 are summarized in the following table:
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Presentation Currency [Policy Text Block] | Presentation Currency The Company’s presentation currency is the United States Dollar (“USD”). All amounts in these financial statements are presented in thousands of USD unless otherwise noted.
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Foreign Exchange Rates Used [Policy Text Block] | Foreign Exchange Rates Used The following exchange rates were used when preparing these consolidated financial statements:
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Recently Issued Accounting Pronouncements [Policy Text Block] | Recently Issued Accounting Pronouncements The following new accounting standards, amendments and interpretations, that have not been early adopted in these consolidated financial statements, will or may have an effect on the Company’s future results and financial position:
The new standard is effective for annual periods beginning on or after January 1, 2019. As the Company’s year end is August, the first effective year will be fiscal 2020. The adoption of this standard will result in the recording of a lease asset and a corresponding lease liability on the statements of financial position. Based on the Company’s current leasing activity, the adjustment will not be significant. |
NATURE OF OPERATIONS AND GOING CONCERN (Tables) |
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Disclosure of subsidiaries [Table Text Block] |
1 The Company controls and consolidates Mnombo Wethu Consultants (Pty) Limited (“Mnombo”) and Waterberg JV Resources (Pty) Ltd. for accounting purposes.
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BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables) |
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Disclosure of detailed information about foreign exchange rates used [Table Text Block] |
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EXPLORATION AND EVALUATION ASSETS (Tables) |
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Disclosure Of Detailed Information About Exploration And Evaluation Assets Explanatory [Table Text Block] |
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LOANS PAYABLE (Tables) |
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Disclosure Of Detailed Information About Brokerage Fees Explanatory [Table Text Block] |
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CONVERTIBLE NOTES (Tables) |
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Disclosure of components of the convertible notes [Table Text Block] |
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Disclosure Of Detailed Information About Valuation Assumptions For Embedded Derivatives [Table Text Block] |
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SHARE CAPITAL (Tables) |
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Disclosure of number and weighted average exercise prices of share options [Table Text Block] |
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Disclosure of number and weighted average remaining contractual life of outstanding share options [Table Text Block] |
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CONTINGENCIES AND COMMITMENTS (Tables) |
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Disclosure of detailed information about commitments [Table Text Block] |
1The convertible note and related interest can be settled at the Company’s discretion in cash or shares
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SUPPLEMENTARY CASH FLOW INFORMATION (Tables) |
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Disclosure of detailed information about non-cash working capital [Table Text Block] |
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SEGMENTED REPORTING (Tables) |
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Disclosure of operating segments [Table Text Block] |
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NATURE OF OPERATIONS AND GOING CONCERN (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||||
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May 31, 2019 |
Aug. 31, 2018 |
May 31, 2018 |
May 31, 2019 |
May 31, 2018 |
Aug. 31, 2017 |
Nov. 20, 2015 |
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Statements [Line Items] | |||||||
Loss for the year | $ 3,682 | $ 3,419 | $ 10,721 | $ 13,137 | $ 37,605 | ||
Negative equity | 26,638 | $ 19,530 | $ 14,976 | 26,638 | $ 14,976 | $ 23,266 | |
Approximations [Member] | |||||||
Statements [Line Items] | |||||||
Loss for the year | 13,300 | ||||||
Negative equity | 26,600 | 26,600 | |||||
LMM Facility [Member] | |||||||
Statements [Line Items] | |||||||
Borrowings | $ 43,000 | $ 43,000 | $ 40,000 |
BASIS OF PRESENTATION AND SIGNIFICANT ACCOUNTING POLICIES (Narrative) (Details) - USD ($) $ in Thousands |
May 31, 2019 |
Aug. 31, 2018 |
May 31, 2018 |
Aug. 31, 2017 |
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Statements [Line Items] | ||||||
Shareholders deficit | $ (26,638) | $ (19,530) | $ (14,976) | $ (23,266) | ||
Increase (decrease) due to changes in accounting policy [member] | ||||||
Statements [Line Items] | ||||||
Shareholders deficit | [1] | (5,781) | ||||
Approximations [Member] | ||||||
Statements [Line Items] | ||||||
Shareholders deficit | $ (26,600) | |||||
Approximations [Member] | Increase (decrease) due to changes in accounting policy [member] | ||||||
Statements [Line Items] | ||||||
Shareholders deficit | $ (5,800) | |||||
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MARKETABLE SECURITIES (Narrative) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | 12 Months Ended | ||
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Dec. 14, 2018 |
May 31, 2018 |
May 31, 2019 |
May 31, 2018 |
Aug. 31, 2018 |
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Statements [Line Items] | |||||
Gain on fair value of marketable securities | $ (692) | $ 609 | $ (692) | ||
RBPlats [Member] | |||||
Statements [Line Items] | |||||
Number of equity instruments received | 4,524,279 | ||||
Amount received on shares sold | $ 7,800 | ||||
Gain on fair value of marketable securities | $ 609 |
EXPLORATION AND EVALUATION ASSETS (Narrative) (Details) $ in Thousands, R in Millions |
1 Months Ended | 9 Months Ended | 12 Months Ended | 116 Months Ended | ||||||
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Nov. 06, 2017
USD ($)
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Nov. 07, 2011
ZAR (R)
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Sep. 21, 2017 |
Apr. 30, 2012
USD ($)
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May 31, 2019
USD ($)
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May 31, 2018
USD ($)
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Aug. 31, 2018
USD ($)
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Mar. 31, 2018
USD ($)
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Mar. 31, 2016
USD ($)
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May 31, 2019
USD ($)
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Statements [Line Items] | ||||||||||
Restricted Cash - Waterberg | $ 126 | |||||||||
Non-controlling interest | $ 14,329 | 11,152 | $ 14,329 | |||||||
Capital commitments | 72,888 | 72,888 | ||||||||
Payments for exploration and evaluation expenses | 6,139 | $ 5,759 | ||||||||
Waterberg Project [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership interest | 37.05% | 45.65% | 37.00% | |||||||
Purchase agreement amount | $ 17,200 | |||||||||
Decrease in proportion of ownership, interest sold | 8.60% | |||||||||
Amount committed towards pro rata share of remaining DFS costs | $ 5,000 | |||||||||
Restricted Cash - Waterberg | $ 5,000 | $ 100 | ||||||||
Payments for exploration and evaluation expenses | 67,900 | |||||||||
JOGMEC [Member] | Waterberg Project [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership and voting rights held by non-controlling interests | 21.95% | 28.35% | ||||||||
Purchase agreement amount | $ 12,800 | |||||||||
Decrease in proportion of ownership, interest sold | 6.40% | |||||||||
Acquisition of interest, work requirement | $ 3,200 | |||||||||
Acquisition of interest, work requirement, interest | 37.00% | |||||||||
Capital commitments | $ 20,000 | 20,000 | ||||||||
Proceeds from funds advanced for exploration and evaluation expenses | $ 6,000 | $ 8,000 | ||||||||
JOGMEC [Member] | Purchase and Development Option [Member] | Waterberg Project [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Decrease in proportion of ownership, interest sold | 12.195% | |||||||||
Mnombo Wethu Consultants (Pty) Limited [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership interest | 49.90% | 49.90% | 49.90% | 49.90% | ||||||
Purchase agreement amount | R | R 1.2 | |||||||||
Mnombo Wethu Consultants (Pty) Limited [Member] | Approximations [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Non-controlling interest | $ 6,600 | $ 5,800 | 6,600 | |||||||
Mnombo Wethu Consultants (Pty) Limited [Member] | Waterberg Project [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership and voting rights held by non-controlling interests | 26.00% | 26.00% | 26.00% | |||||||
Expense arising from exploration and evaluation of mineral resources | $ 1,120 | |||||||||
Expenses arising from exploration and evaluation of mineral resources owed to the company | $ 3,400 | $ 3,400 | ||||||||
Implats [Member] | Waterberg Project [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership, purchase agreement amount | 15.00% | |||||||||
Purchase agreement amount | $ 30,000 | |||||||||
Decrease in proportion of ownership, interest sold | 8.60% | |||||||||
Implats [Member] | Purchase and Development Option [Member] | Waterberg Project [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership, purchase agreement amount | 50.01% | |||||||||
Purchase agreement amount | $ 34,800 | |||||||||
Amount committed towards pro rata share of remaining DFS costs | $ 130,200 | |||||||||
Waterberg JV Co. [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership interest | 37.05% | 37.05% | ||||||||
Effective proportion of ownership interest in subsidiary | 50.02% | |||||||||
Waterberg JV Co. [Member] | Purchase and Development Option [Member] | ||||||||||
Statements [Line Items] | ||||||||||
Proportion of ownership interest | 31.96% |
LOANS PAYABLE (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended | ||||||
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Jan. 11, 2019 |
May 31, 2019 |
Aug. 31, 2018 |
May 31, 2018 |
Aug. 31, 2017 |
Nov. 20, 2015 |
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Statements [Line Items] | ||||||||
Shareholders deficit | $ (26,638) | $ (19,530) | $ (14,976) | $ (23,266) | ||||
Increase (decrease) due to changes in accounting policy [member] | ||||||||
Statements [Line Items] | ||||||||
Shareholders deficit | [1] | (5,781) | ||||||
Approximations [Member] | ||||||||
Statements [Line Items] | ||||||||
Shareholders deficit | (26,600) | |||||||
Approximations [Member] | Increase (decrease) due to changes in accounting policy [member] | ||||||||
Statements [Line Items] | ||||||||
Shareholders deficit | (5,800) | |||||||
LMM Facility [Member] | ||||||||
Statements [Line Items] | ||||||||
Borrowings | $ 43,000 | $ 40,000 | ||||||
Borrowings, interest rate basis | LMM Facility bears interest at LIBOR plus 9.5% | |||||||
Repayments of non-current borrowings and production payment termination accrual | 23,100 | |||||||
Payments of production payment termination accrual | 15,000 | |||||||
Repayments of non-current borrowings | $ 8,000 | $ 8,100 | ||||||
Borrowings, interest rate | 17.80% | |||||||
|
CONVERTIBLE NOTES (Narrative) (Details) - USD ($) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2019 |
Jan. 02, 2019 |
Jul. 03, 2018 |
Jan. 02, 2018 |
Jun. 30, 2017 |
May 31, 2019 |
Aug. 31, 2018 |
May 31, 2018 |
May 31, 2019 |
May 31, 2018 |
Aug. 31, 2018 |
Jul. 01, 2018 |
Mar. 31, 2018 |
|
Statements [Line Items] | |||||||||||||
Transaction costs | $ 3,000 | $ 899,000 | |||||||||||
Shares issued for interest on convertible note (Shares) | 757,924 | 545,721 | 244,063 | ||||||||||
Shares issued for interest on convertible note | $ 725,000 | $ 687,000 | $ 691,000 | ||||||||||
Loss on warrant derivative | 738,000 | ||||||||||||
Loss (Gain) on fair value embedded derivatives and warrants | $ (1,589,000) | $ (758,000) | $ 839,000 | $ (2,687,000) | |||||||||
Convertible Notes [Member] | |||||||||||||
Statements [Line Items] | |||||||||||||
Borrowings | $ 19,990,000 | $ 19,990,000 | $ 19,990,000 | $ 20,000,000 | |||||||||
Borrowings, interest rate | 6.875% | ||||||||||||
Borrowings, adjustment to interest rate basis | 0.25% | 0.25% | |||||||||||
Description of conversion of debt to equity | The initial conversion rate of the Convertible Notes will be 1,001.1112 Common Shares per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $0.9989 per Common Share, representing a conversion premium of approximately 15% above the NYSE American closing sale price for the Company's Common Shares of $0.8686 per share on June 27, 2017. After giving effect to the December 13, 2018 share consolidation, the conversion rate is 100.1111 per US$1,000 which is equivalent to a conversion price of approximately $9.989 per common share. | ||||||||||||
Convertible Note Derivatives | $ 5,381,000 | $ 162,000 | 61,000 | $ 162,000 | $ 61,000 | ||||||||
Transaction costs | 1,049,000 | 39,000 | 95,000 | ||||||||||
Value attributed to debt portion of convertible notes | $ 13,570,000 | $ 14,792,000 | $ 14,792,000 | ||||||||||
Shares issued for interest on convertible note (Shares) | 545,721 | 757,924 | 244,063 | ||||||||||
Shares issued for interest on convertible note | $ 687,000 | $ 687,160 | $ 724,780 | $ 691,110 | |||||||||
Loss (Gain) on fair value embedded derivatives and warrants | $ 101,000 |
SHARE CAPITAL (Narrative) (Details) |
1 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jul. 01, 2019
USD ($)
|
Feb. 04, 2019
USD ($)
$ / shares
shares
|
Jan. 02, 2019
USD ($)
shares
|
Jul. 03, 2018
USD ($)
shares
|
May 15, 2018
USD ($)
shares
|
May 11, 2018
USD ($)
shares
|
Jan. 02, 2018
USD ($)
shares
|
Nov. 20, 2018 |
Aug. 31, 2018
USD ($)
shares
|
May 31, 2019
USD ($)
Share
shares
|
May 31, 2018
USD ($)
shares
|
Aug. 31, 2018
USD ($)
shares
|
Aug. 31, 2017
shares
|
Jun. 30, 2017
USD ($)
|
|
Statements [Line Items] | ||||||||||||||
Consolidation of common shares | one new share for ten old shares (1:10) | |||||||||||||
Number of shares outstanding | shares | 29,103,411 | 33,741,961 | 28,345,487 | 29,103,411 | 14,846,938 | |||||||||
Increase (decrease) in number of share outstanding | shares | 3,124,059 | |||||||||||||
Equity issuance, Price per Share | $ / shares | $ 1.33 | |||||||||||||
Proceeds from issuance of equity | $ 4,160,000 | $ 4,155,000 | $ 19,882,000 | |||||||||||
Finders fee | 6.00% | |||||||||||||
Payments for private placement | $ 72,000 | |||||||||||||
Equity issuance costs | $ 107,000 | $ 153,000 | $ 2,120,000 | |||||||||||
Number of warrant exercised | shares | 968,770 | |||||||||||||
Units issued - financing (Shares) | shares | 11,745,386 | 1,509,100 | 13,254,486 | |||||||||||
Units issued, price per unit | $ 1.50 | $ 1.50 | ||||||||||||
Proceeds from units issued | 17,600,000 | 2,300,000 | ||||||||||||
Weighted average exercise price of warrants granted in share-based payment arrangement | 1.70 | $ 1.70 | ||||||||||||
Unit issuance costs | $ 2,500,000 | $ 1,979,000 | ||||||||||||
Shares issued for interest on convertible note (Shares) | shares | 757,924 | 545,721 | 244,063 | |||||||||||
Shares issued for interest on convertible note | $ 725,000 | $ 687,000 | $ 691,000 | |||||||||||
Number of share options granted in share-based payment arrangement | Share | 1,554,000 | |||||||||||||
Stock options compensation expense | $ 519,000 | |||||||||||||
Number of share options expired in share-based payment arrangement | Share | 46,300 | |||||||||||||
Number of share options cancelled in share-based payment arrangement | shares | 262,250 | |||||||||||||
Deferred share unit liability | $ 17,000 | |||||||||||||
Deferred share unit expense | $ 17,000 | |||||||||||||
Deferred share units issued | shares | 150,809 | |||||||||||||
Deferred share units fully vested | shares | 11,478 | |||||||||||||
Restricted share units liability | $ 36,000 | |||||||||||||
Aggregate restricted share units expense | 36,000 | |||||||||||||
Restricted share units expense | 30,000 | |||||||||||||
Restricted share units expense capitalized | $ 6,000 | |||||||||||||
Restricted share units issued | shares | 223,443 | |||||||||||||
Convertible Notes [Member] | ||||||||||||||
Statements [Line Items] | ||||||||||||||
Shares issued for interest on convertible note (Shares) | shares | 545,721 | 757,924 | 244,063 | |||||||||||
Shares issued for interest on convertible note | $ 687,000 | $ 687,160 | $ 724,780 | $ 691,110 | ||||||||||
Borrowings | $ 19,990,000 | $ 19,990,000 | $ 19,990,000 | $ 20,000,000 | ||||||||||
Expensed [Member] | ||||||||||||||
Statements [Line Items] | ||||||||||||||
Stock options compensation expense | $ 452,000 | |||||||||||||
Capitalized to mineral properties [Member] | ||||||||||||||
Statements [Line Items] | ||||||||||||||
Stock options compensation expense | $ 67,000 |
WARRANT DERIVATIVE (Narrative) (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
May 15, 2018 |
May 31, 2019 |
May 31, 2018 |
May 31, 2019 |
May 31, 2018 |
Aug. 31, 2018 |
|
Statements [Line Items] | ||||||
Warrants granted, value | $ 1,171 | |||||
Unit issuance costs attributed to warrants | $ 157 | |||||
Warrants, market price | $ 0.01 | $ 0.01 | $ 0.005 | |||
Warrants outstanding, value | $ 2,457 | |||||
Loss on warrant derivative | 738 | |||||
Loss (Gain) on fair value derivatives and warrants | $ (1,589) | $ (758) | $ 839 | $ (2,687) |
RELATED PARTY TRANSACTIONS (Narrative) (Details) - USD ($) $ in Thousands |
9 Months Ended | |||
---|---|---|---|---|
May 15, 2018 |
May 11, 2018 |
May 31, 2019 |
May 31, 2018 |
|
Statements [Line Items] | ||||
Director remuneration expense | $ 155 | $ 161 | ||
Units issued - financing (Shares) | 11,745,386 | 1,509,100 | 13,254,486 | |
West Kirkland Mining Inc [Member] | ||||
Statements [Line Items] | ||||
Revenue from rendering of services, related party transactions | $ 41 | $ 43 | ||
Hosken Consolidated Investments Limited [Member] | ||||
Statements [Line Items] | ||||
Units issued - financing (Shares) | 1,509,100 | |||
Description of nature of related party relationship | As of May 31, 2019, including shares purchased on the open market, HCI owned approximately 19.9% of the Company's outstanding common shares. | |||
Hosken Consolidated Investments Limited - additional transaction [Member] | ||||
Statements [Line Items] | ||||
Units issued - financing (Shares) | 2,490,900 |
CONTINGENCIES AND COMMITMENTS (Narrative) (Details) $ in Thousands, R in Millions |
9 Months Ended | 24 Months Ended | 36 Months Ended | ||
---|---|---|---|---|---|
May 31, 2019
USD ($)
|
May 31, 2019
ZAR (R)
|
Aug. 31, 2018
ZAR (R)
|
Aug. 31, 2016
ZAR (R)
|
May 31, 2019
ZAR (R)
|
|
Statements [Line Items] | |||||
Minimum operating lease payments recognized as expense | $ | $ 1,044 | ||||
Maseve Investments 11 (Pty) Ltd. [Member] | |||||
Statements [Line Items] | |||||
Proportion of ownership and voting rights held by non-controlling interests | 17.10% | 17.10% | |||
Tax Audit South Africa [Member] | |||||
Statements [Line Items] | |||||
Unrealized foreign exchange differences as income tax deductions | R 1,400 | ||||
Taxable income | R 266 | R 182 | |||
Income tax liability | $ 3,490 | R 51 | |||
Income taxation rate | 28.00% |
SUBSEQUENT EVENTS (Narrative) (Details) - USD ($) |
1 Months Ended | 9 Months Ended | ||||
---|---|---|---|---|---|---|
Jul. 11, 2019 |
Feb. 04, 2019 |
Jun. 28, 2019 |
Jun. 20, 2019 |
May 31, 2019 |
May 31, 2018 |
|
Statements [Line Items] | ||||||
Warrants exercised (Shares) | 968,770 | |||||
Proceeds from issuance of equity | $ 4,160,000 | $ 4,155,000 | $ 19,882,000 | |||
Increase (decrease) in number of share outstanding | 3,124,059 | |||||
Equity issuance, Price per Share | $ 1.33 | |||||
Hosken Consolidated Investments Limited [Member] | Event After Reporting Period [Member] | ||||||
Statements [Line Items] | ||||||
Warrants exercised (Shares) | 80,000 | |||||
Exercise price of warrants exercised | $ 1.70 | |||||
Shares held by non-controlling interests | 6,782,389 | |||||
Proportion of ownership percentage | 22.60% | 20.05% | ||||
Proceeds from issuance of equity | $ 1,300,000 | |||||
Increase (decrease) in number of share outstanding | 1,111,111 | |||||
Equity issuance, Price per Share | $ 1.17 | |||||
Lion Battery Technologies Inc [Member] | Event After Reporting Period [Member] | ||||||
Statements [Line Items] | ||||||
Maximum investment in new venture | $ 4,000,000 | |||||
Preferred stock price per share | $ 0.50 | |||||
Preferred stock received for investment, value | $ 550,000 | |||||
Preferred stock received for investment | 1,100,000 | |||||
Additional amount of common stock issued for investment | $ 4,000 | |||||
Additional number of common stock issued for investment | 400,000 | |||||
Additional common stock price per share | $ 0.01 | |||||
Florida International University [Member] | Event After Reporting Period [Member] | ||||||
Statements [Line Items] | ||||||
Amount funded to research program | $ 3,000,000 | |||||
First tranche amount to be funded | 1,000,000 | |||||
One time fee | 50,000 | |||||
Three subsequent tranches amount to be funded | 6,666,670 | |||||
Amount earmarked for general and administrative costs and for future commercialization | $ 3,050,000 |
Disclosure of subsidiaries (Details) |
9 Months Ended | 12 Months Ended | ||
---|---|---|---|---|
Nov. 06, 2017 |
Nov. 07, 2011 |
May 31, 2019 |
Aug. 31, 2018 |
|
Platinum Group Metals (RSA) (Pty) Ltd. [Member] | ||||
Statements [Line Items] | ||||
Proportion of ownership interest | 100.00% | 100.00% | ||
Mnombo Wethu Consultants (Pty) Limited [Member] | ||||
Statements [Line Items] | ||||
Proportion of ownership interest | 49.90% | 49.90% | 49.90% | 49.90% |
Waterberg JV Resources (Pty) Ltd. [Member] | ||||
Statements [Line Items] | ||||
Proportion of ownership interest | 37.05% | 37.05% |
Disclosure of detailed information about foreign exchange rates used (Details) |
9 Months Ended | ||
---|---|---|---|
May 31, 2019
Rand_USD
CAD_USD
|
May 31, 2018
Rand_USD
CAD_USD
|
Aug. 31, 2018
Rand_USD
CAD_USD
|
|
Rand/USD [Member] | |||
Statements [Line Items] | |||
Period-end rate | Rand_USD | 14.6127 | 14.6883 | |
Period average rate | Rand_USD | 14.2436 | 12.7354 | |
CAD/USD [Member] | |||
Statements [Line Items] | |||
Period-end rate | CAD_USD | 1.3527 | 1.3055 | |
Period average rate | CAD_USD | 1.3267 | 1.2665 |
Disclosure of detailed information about exploration and evaluation assets explanatory (Details) - USD ($) $ in Thousands |
9 Months Ended | 12 Months Ended |
---|---|---|
May 31, 2019 |
Aug. 31, 2018 |
|
Statements [Line Items] | ||
Exploration and evaluation assets, beginning of period | $ 29,406 | $ 22,900 |
Additions | 6,377 | 9,096 |
Foreign exchange movement | 121 | (2,590) |
Exploration and evaluation assets, end of period | $ 35,904 | $ 29,406 |
Disclosure of detailed information about brokerage fees explanatory (Details) $ in Thousands |
May 31, 2019
USD ($)
|
---|---|
Statements [Line Items] | |
Loan payable | $ 45,429 |
Brokerage Fees [Member] | |
Statements [Line Items] | |
Loan payable | 2,728 |
LMM Facility [Member] | |
Statements [Line Items] | |
Loan payable | $ 42,701 |
Disclosure of detailed information about borrowings (Details) - USD ($) $ in Thousands |
1 Months Ended | 9 Months Ended | 12 Months Ended | |
---|---|---|---|---|
Jun. 30, 2017 |
May 31, 2019 |
May 31, 2018 |
Aug. 31, 2018 |
|
Statements [Line Items] | ||||
Convertible Notes, beginning balance | $ 14,853 | |||
Transactions costs incurred | (3) | $ (899) | ||
Convertible Notes, ending balance | 16,110 | $ 14,853 | ||
Convertible Notes [Member] | ||||
Statements [Line Items] | ||||
Convertible Notes, beginning balance | 14,853 | $ 13,925 | 13,925 | |
Transactions costs incurred | $ (1,049) | (39) | (95) | |
Interest payments paid in cash | (687) | (1,416) | ||
Accretion and interest incurred during the period | 1,821 | 2,378 | ||
Debt portion of the Convertible Notes | 13,570 | 14,792 | ||
Embedded Derivatives balance | $ 5,381 | 162 | 61 | |
Convertible Notes, ending balance | $ 16,110 | $ 14,853 |
Disclosure of detailed information about valuation assumptions for embedded derivatives (Details) - $ / shares |
May 31, 2019 |
Aug. 31, 2018 |
---|---|---|
Statements [Line Items] | ||
Share Price | $ 1.30 | $ 1.00 |
Volatility | 72.43% | 72.43% |
Risk free rate | 2.17% | 2.71% |
Credit spread | 11.58% | 11.58% |
All-in rate | 13.75% | 14.30% |
Implied discount on share price | 0.00% | 0.00% |
Disclosure of number and weighted average exercise prices of share options (Details) |
9 Months Ended | 12 Months Ended |
---|---|---|
May 31, 2019
CAD ($)
Share
|
Aug. 31, 2018
CAD ($)
Share
|
|
Statements [Line Items] | ||
Number of share options outstanding in share-based payment arrangement at beginning of period | Share | 308,550 | 438,228 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at beginning of period | $ | $ 45.20 | $ 46.50 |
Number of share options forfeited in share-based payment arrangement | Share | (308,550) | (129,678) |
Weighted average exercise price of share options forfeited in share-based payment arrangement | $ | $ 45.20 | $ 41.50 |
Number of share options granted in share-based payment arrangement | Share | 1,554,000 | |
Weighted average exercise price of share options granted in share-based payment arrangement | $ | $ 2.61 | |
Number of share options outstanding in share-based payment arrangement at end of period | Share | 1,554,000 | 308,550 |
Weighted average exercise price of share options outstanding in share-based payment arrangement at end of period | $ | $ 2.61 | $ 45.20 |
Disclosure of number and weighted average remaining contractual life of outstanding share options (Details) |
May 31, 2019
CAD ($)
Share
Year
|
Aug. 31, 2018
Share
|
Aug. 31, 2017
Share
|
---|---|---|---|
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 1,554,000 | 308,550 | 438,228 |
Options outstanding 1 [Member] | |||
Statements [Line Items] | |||
Number of share options outstanding in share-based payment arrangement | 1,554,000 | ||
Number of share options exercisable in share-based payment arrangement | 388,500 | ||
Exercise price of outstanding share options | $ | $ 2.61 | ||
Weighted average remaining contractual life of outstanding share options | Year | 4.86 |
Disclosure of detailed information about commitments (Details) $ in Thousands |
May 31, 2019
USD ($)
|
---|---|
Statements [Line Items] | |
Capital commitments | $ 72,888 |
Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 48,857 |
1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 3,079 |
4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 20,952 |
More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Lease obligations [Member] | |
Statements [Line Items] | |
Capital commitments | 1,015 |
Lease obligations [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 410 |
Lease obligations [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 330 |
Lease obligations [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 275 |
Lease obligations [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Contractor payments [Member] | |
Statements [Line Items] | |
Capital commitments | 1,356 |
Contractor payments [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 1,356 |
Contractor payments [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Contractor payments [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Contractor payments [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
Convertible Note [Member] | |
Statements [Line Items] | |
Capital commitments | 24,800 |
Convertible Note [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 1,374 |
Convertible Note [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 2,749 |
Convertible Note [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 20,677 |
Convertible Note [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
LMM Facility [Member] | |
Statements [Line Items] | |
Capital commitments | 45,717 |
LMM Facility [Member] | Less than 1 Year [Member] | |
Statements [Line Items] | |
Capital commitments | 45,717 |
LMM Facility [Member] | 1 to 3 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
LMM Facility [Member] | 4 to 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | 0 |
LMM Facility [Member] | More than 5 Years [Member] | |
Statements [Line Items] | |
Capital commitments | $ 0 |
Disclosure of detailed information about non-cash working capital (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
May 31, 2019 |
May 31, 2018 |
|
Statements [Line Items] | ||
Amounts receivable, prepaid expenses and other assets | $ 500 | $ (275) |
Accounts payable and accrued liabilities | 247 | 392 |
Net change in non-cash working capital | $ 747 | $ 117 |
Disclosure of operating segments (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | |||
---|---|---|---|---|---|
May 31, 2019 |
May 31, 2018 |
May 31, 2019 |
May 31, 2018 |
Aug. 31, 2018 |
|
Statements [Line Items] | |||||
Assets | $ 38,321 | $ 38,321 | $ 41,849 | ||
Liabilities | 64,959 | 64,959 | 61,379 | ||
Comprehensive Loss (Income) for the year ended | 2,529 | $ 9,526 | 10,776 | $ 29,328 | |
Canada [Member] | |||||
Statements [Line Items] | |||||
Assets | 1,479 | 1,479 | 3,333 | ||
Liabilities | 63,443 | 63,443 | 58,396 | ||
Comprehensive Loss (Income) for the year ended | 10,197 | 15,035 | |||
South Africa [Member] | |||||
Statements [Line Items] | |||||
Assets | 36,842 | 36,842 | 38,516 | ||
Liabilities | $ 1,516 | 1,516 | $ 2,983 | ||
Comprehensive Loss (Income) for the year ended | $ 579 | $ 14,293 |