7 unchanged sentences
Properties of this Annual Report on Form 10-K.
−Removed: Livengood Gold Project Developments
−Removed: On March 8, 2023, the Company announced that the Board had approved a 2023 work program that advanced the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting, as well as advanced community engagement.
Livengood Gold Project Technical Report Summary
16 unchanged sentences
The Company has determined that the mineral resource estimate of August 20, 2021 remains current as of December 31, 2024.
−Removed: On January 22, 2024, the Company announced that it had completed a non-brokered private placement (the “Private Placement”) pursuant to which it issued common shares to existing major shareholders to raise gross proceeds of approximately $2.5 million.
−Removed: The Private Placement consisted of 3,807,911 common shares of the Company, representing approximately 1.9% of the 195.9 million common shares issued and outstanding prior to the completion of the Private Placement, at a price of $0.664 per common share, the closing price of the Company’s common shares on the NYSE American on January 12, 2024.
+Added: On March 4, 2025, the Company announced that it had completed a non-brokered private placement (the “Private Placement”) pursuant to which it issued common shares to existing major shareholders to raise gross proceeds of approximately $3.9 million.
+Added: The Private Placement consisted of 8,192,031 common shares of the Company, representing approximately 4.1% of the 199.7 million common shares issued and outstanding prior to the completion of the Private Placement, at a price of $0.4801 per common share, the closing price of the Company’s common shares on the NYSE American on February 25, 2025.
The Private Placement was taken up by current institutional shareholders of the Company, Paulson & Co.
−Removed: Inc., Sprott Asset Management USA, Inc., and Kopernik Global Investors, LLC on behalf of Heptagon plc Kopernik Global All-Cap Equity Fund.
−Removed: The Company intends to use the net proceeds of the Private Placement for general working capital purposes.
+Added: Inc., Electrum Strategic Opportunities Fund II L.P., and Kopernik Global Investors, LLC itself and affiliates.
+Added: The Company intends to use the net proceeds of the Private Placement for working capital and general administrative purposes, including advancing antimony metallurgical studies.
On March 12, 2025, the Company announced that the Board had approved a 2025 budget of $3.7 million and endorsed the associated 2025 work program to advance the Livengood Gold Project.
−Removed: The 2024 work program will advance the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting, as well as advance community engagement.
+Added: The 2025 work program will begin metallurgical studies to evaluate whether antimony might be recoverable from the massive stibnite veins contained within the deposit, as well as conducting community engagement and advancing the baseline environmental data collection in critical areas of hydrology and waste rock geochemical characterization needed to support future permitting.
The Company remains open to a strategic alliance to help support the future development of the Project while considering all other appropriate financing options.
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Share-based payment charges were $613,690 during the year ended December 31, 2024 compared to $415,186 during the year ended December 31, 2023.
−Removed: The $33,288 decrease in share-based payment charges during the year was mainly the result of equity compensation issued or granted to certain officers and employees of the Company at a lower issue price during the year ended December 31, 2023 as compared to the year ended December 31, 2022.
−Removed: The Company granted 526,984 deferred share units (“DSUs”) at an issue price of C$0.63 per DSU, 145,614 DSUs at an issue price of C$0.57 per DSU, and 240,000 incentive stock options at an issue price of C$0.63 per option during the year ended December 31, 2023 compared to 451,085 DSUs at an issue price of C$0.92 per DSU and 240,000 incentive stock options at an issue price of C$0.92 per option during the year ended December 31, 2022.
+Added: The $198,504 increase in share-based payment charges during the year was mainly the result of equity compensation issued or granted to certain contractors of the Company during the year ended December 31, 2024 as compared to the year ended December 31, 2023.
+Added: The Company granted 441,490 deferred share units (“DSUs”) at an issue price of C$0.94 per DSU, 240,000 incentive stock options at an issue price of C$0.94 per option, and 2,500,000 incentive stock options at an issue price of C$0.64 per option during the year ended December 31, 2024 compared to 526,984 DSUs at an issue price of C$0.63 per DSU, 145,614 DSUs at an issue price of C$0.92 per DSU, and 240,000 incentive stock options at an issue price of C$0.63 per option during the year ended December 31, 2023.
All DSUs granted in each of these years were fully vested upon issuance.
−Removed: All options vest one-third on the grant date, one-third on the first anniversary, and one-third on the second anniversary.
+Added: All options granted on May 23, 2023 and May 29, 2024 vest one-third on the grant date, one-third on the first anniversary, and one-third on the second anniversary.
+Added: Of the 2,500,000 options granted on December 2, 2024, 1,000,000 options vest immediately on the grant date.
+Added: The remaining 1,500,000 shall vest 500,000 on June 2, 2025 and 1,000,000 between December 2, 2025 and December 2, 2026, if certain market conditions are met.
At December 31, 2024, there was $384,387 of unrecognized compensation expense related to non-vested options outstanding.
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Wages and benefits
−Removed: Professional fees were $267,056 for the year ended December 31, 2023 compared to $226,439 for the year ended December 31, 2022.
−Removed: The increase of $40,617 is primarily due to increased legal fees of $54,660 partially offset by reduced audit and tax services due to timing of $12,849 and reduced XBRL costs of $1,194.
+Added: Excluding share-based payment charges of $519,249 and $329,515 for the years ended December 31, 2024 and 2023, respectively, consulting fees decreased to $232,896 for the year ended December 31, 2024 from $232,983 for the year ended December 31, 2023.
+Added: The decrease of $87 is primarily due to slightly reduced services.
+Added: Excluding share-based payment charges of $88,145 and $79,960 for the years ended December 31, 2024 and 2023, respectively, wages and benefits increased to $869,664 for the year ended December 31, 2024 from $741,529 for the year ended December 31, 2023.
+Added: The increase of $128,135 is primarily due to prior year-end payroll accrual reversals of $30,963 in the year ended December 31, 2024 compared to $113,314 in the year ended December 31, 2023 for an increase of $82,351, higher payroll-related benefits $26,777, higher labor costs $14,437, and slightly higher year-end payroll accruals of $5,763.
+Added: Excluding share-based payment charges of $6,296 and $5,711 for the years ended December 31, 2024 and 2023, respectively, investor relations increased to $53,179 for the year ended December 31, 2024 from $45,809 for the year ended December 31, 2023.
+Added: The increase of $7,370 is primarily due to increased participation in investor relations conferences.
+Added: Office and miscellaneous costs were $27,682 for the year ended December 31, 2024 compared to $31,899 for the year ended December 31, 2023.
+Added: The decrease of $4,217 is primarily due to decreased office supply consumption.
Travel costs were $33,516 for the year ended December 31, 2024 compared to $45,925 for the year ended December 31, 2023.
−Removed: The increase of $15,990 is primarily due to increased travel requirements.
−Removed: Excluding share-based payment charges of $5,711 and $8,428 for the years ended December 31, 2023 and 2022, respectively, investor relations decreased to $45,809 for the year ended December 31, 2023 from $57,163 for the year ended December 31, 2022.
−Removed: The decrease of $11,355 is primarily due to reduced participation in investor relations conferences.
−Removed: Excluding share-based payment charges of $79,960 and $117,994 for the years ended December 31, 2023 and 2022, respectively, wages and benefits decreased to $741,529 for the year ended December 31, 2023 from $796,084 for the year ended December 31, 2022.
−Removed: The decrease of $54,555 is primarily due to payroll-related benefit accruals as at December 31, 2023.
+Added: The decrease of $12,409 is primarily due to decreased travel requirements.
+Added: Professional fees were $241,059 for the year ended December 31, 2024 compared to $267,056 for the year ended December 31, 2023.
+Added: The decrease of $25,997 is primarily due to decreased legal fees of $35,678 partially offset by increased audit and tax services due to timing of $7,653, increased XBRL costs of $1,424, and increased general accounting costs of $604.
Excluding share-based payments, all other operating expense categories reflected only moderate changes period over period.
Other items amounted to other income of $190,322 during the year ended December 31, 2024 compared to other income of $88,532 during the year ended December 31, 2023.
−Removed: The Company had a foreign exchange loss of $30,754 during the year ended December 31, 2023 compared to a foreign exchange gain of $348,207 during the year ended December 31, 2022 as a result of the impact of exchange rates on certain of the Company’s U.S.
+Added: The Company had a foreign exchange gain of $106,386 during the year ended December 31, 2024 compared to a foreign exchange loss of $30,754 during the year ended December 31, 2023 as a result of the impact of exchange rates on certain of the Company’s U.S.
dollar cash balances.
5 unchanged sentences
As at December 31, 2024, the Company reported cash and cash equivalents of $992,487 compared to $1,687,690 at December 31, 2023.
−Removed: The decrease of approximately $3.2 million resulted mainly from planned expenditures on operating activities during the year ended December 31, 2023.
+Added: The decrease of approximately $0.7 million resulted mainly from net financing activities of $2.3 million partially offset by operating activities of $2.9 million and a negative foreign exchange impact of $0.1 million during the year ended December 31, 2024.
Our anticipated expenditures for year 2025 are approximately $3.7 million, including $690,457 for mineral property leases and $214,790 for mining claim government fees.
Total commitments for years 2025 through 2030 for mineral property leases and mining claim government fees are $4,259,129 and $1,288,740, respectively.
−Removed: Based on cash and cash equivalents on hand of $1,687,690 as of December 31, 2023 and estimated $2.2 million of net proceeds from the Private Placement, as at March 7, 2024, management believes that the Company has sufficient financial resources to maintain its operations for the next twelve months.
+Added: Based on cash and cash equivalents on hand of $992,487 as of December 31, 2024 and approximately $3.7 million of net proceeds from the Private Placement, as at March 11, 2025, management believes that the Company has sufficient financial resources to maintain its operations for the next twelve months.
+Added: Financing activities during the year ended December 31, 2024 included the Private Placement, pursuant to which the Company issued 3,807,911 common shares to existing major shareholders to raise gross proceeds of approximately $2.5 million.
The Company had no cash flows from financing activities during the year ended December 31, 2023.
−Removed: On January 22, 2024, the Company announced that it had completed the Private Placement pursuant to which it issued 3,807,911 common shares to existing major shareholders to raise gross proceeds of approximately $2.5 million.
−Removed: Financing activities during the year ended December 31, 2022 included the exercise of stock options.
−Removed: Proceeds of $290,290 were received on the issuance of 405,000 common shares.
The Company had no cash flows from investing activities during the years ended December 31, 2024 and December 31, 2023.
22 unchanged sentences
As these assets are all similar in nature (they represent mining claims or rights to mining claims all within the same area), they are viewed as one asset group for impairment testing purposes.
−Removed: The Company evaluates recoverability of its mineral property assets based on the undiscounted cash flows using the life of mine cash flows beginning
−Removed: with production as stated in the TRS for the Livengood Gold Project, which uses a life of mine of approximately 21 years.
+Added: The Company evaluates recoverability of its mineral property assets based on the undiscounted cash flows using the life of mine cash flows beginning with production as stated in the TRS for the Livengood Gold Project, which uses a life of mine of approximately 21 years.
The estimates used in the life of mine cash flows are subject to uncertainty, including as a result of the assumed gold price.
14 unchanged sentences
The Company uses the Black-Scholes option pricing model to determine the grant date fair value of the awards.
+Added: The fair value of performance leverage stock grants with market conditions is determined using a Monte Carlo simulation model.
Compensation expense is measured at the grant date and recognized over the requisite service period, which is generally the vesting period.
4 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.