20-F/A

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 20-F/A

Amendment No. 1

o	REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
x	ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2017
OR
o	TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
o	SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

Commission file number: 000-14740

North American Nickel Inc.

(Exact name of Registrant as specified in its charter)

Province of British Columbia, Canada

(Jurisdiction of incorporation or organization)

1055 West Hastings Street, Vancouver, BC, Canada, V6E 2E9

(Address of principal executive offices)

Securities registered or to be registered pursuant to Section 12(b) of the Act.

Title of each class	Name of each exchange on which registered
None	None

Securities registered or to be registered pursuant to Section 12(g) of the Act. Common Shares, no par value

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act.  None

Indicate the number of outstanding shares of each of the issuer’s classes of capital or common shares as of the close of the period covered by the annual report:

555,189,098 inclusive of the conversion of the outstanding Series 1 Convertible Preferred Shares

Indicate by check mark if the registrant is a well-known seasoned issuer.

o Yes   x No

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.

o Yes   x No

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

x Yes   o No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large accelerated filer o Accelerated filer o Non-accelerated filer x Emerging growth company o

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. o

† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark which financial statement item the registrant has elected to follow.

x Item 17   o Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.

o Yes   x No

Explanatory Note

This Amendment No. 1 to the Annual Report on Form 20-F of North American Nickel Inc. for the year ended 31 December 2017 (the “2017 20-F”), which was filed with the Securities and Exchange Commission on 25 April 2018, is being filed solely to furnish Exhibit 101 in accordance with Rule 405 of Regulation S-T. Exhibit 101, which contains interactive data files in eXtensible Business Reporting Language (XBRL), was not previously filed with the 2017 20-F due to the 30-day grace period for initial interactive data submission. Provided under Rule 405(a)(2)(ii) of Regulation S-T.

Except as described above, this Amendment No. 1 does not, and does not purport to, amend, update or restate any information set forth in the 2017 20-F or reflect any events that occurred subsequent to the filing of the 2017 20-F on 25 April 2018.

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Exhibits

Documents filed as exhibits to this Amendment No. 1 to Form 20-F:

Exhibit Number	Description
101.INS*	XBRL Instance Document
101.SCH*	XBRL Taxonomy Extension Schema Linkbase Document
101.CAL*	XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF*	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB*	XBRL Taxonomy Extension Label Linkbase Document
101.PRE*	XBRL Taxonomy Extension Presentation Linkbase Document

*      In accordance with Rule 402 of Regulation S-T, the information in these exhibits shall not be deemed to be “filed” for purposes of Section 18 of the Exchange Act, or otherwise subject to the liability of that section, and shall not be incorporated by reference into any registration statement or other document filed under the Securities Act, or the Exchange Act, except as shall be expressly set forth by specific reference in such filing.

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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Amendment No. 1 to the Annual Report on Form 20-F on its behalf.

	NORTH AMERICAN NICKEL INC
Date: April 30, 2018	By:	/s/ Keith Morrison
	Name: Keith Morrison
	Title: CEO as duly authorized signatory

4

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Document and Entity Information	12 Months Ended
	Dec. 31, 2017 shares
Document and Entity Information [Abstract]
Entity Registrant Name	North American Nickel Inc.
Entity Central Index Key	0000795800
Document Type	20-F/A
Document Period End Date	Dec. 31, 2017
Amendment Flag	false
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Voluntary Filers	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding	555,189,098
Document Fiscal Year Focus	2017
Document Fiscal Period Focus	FY

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Consolidated Statements of Financial Position - CAD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CURRENT ASSETS
Cash and cash equivalents	$ 398	$ 630
Short term investments	2,500	2,700
Receivables and other current assets	242	142
TOTAL CURRENT ASSETS	3,140	3,472
NONCURRENT ASSETS
Property, plant and equipment	49	54
Exploration and evaluation assets	50,494	38,342
Reclamation of deposit	14	14
TOTAL NON-CURRENT ASSETS	50,557	38,410
TOTAL ASSETS	53,697	41,882
CURRENT LIABILITIES
Trade payables and accrued liabilities	969	181
TOTAL CURRENT LIABILITIES	969	181
TOTAL LIABILITIES	969	181
EQUITY
Reserve	5,089	2,767
Deficit	(26,550)	(23,972)
TOTAL EQUITY	52,728	41,701
TOTAL LIABILITIES AND EQUITY	53,697	41,882
Preferred
EQUITY
Share capital	591	591
Common
EQUITY
Share capital	$ 73,598	$ 62,315

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Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
EXPENSES
General and administrative expenses	$ (2,375)	$ (2,021)	$ (1,789)
Property investigation and port development		(15)	(164)
Amortization	(25)	(42)	(73)
Share-based payments	(504)	(309)	(258)
Total expenses	(2,904)	(2,387)	(2,284)
OTHER ITEMS
Interest income	32	28	37
Finance fee		(95)
Interest on capital contribution loan		(265)
Foreign exchange loss	(7)	(158)	(142)
Other income (expense), net	25	(490)	(105)
TOTAL COMPREHENSIVE LOSS FOR THE YEAR	$ (2,879)	$ (2,877)	$ (2,389)
Basic and diluted weighted average number of common shares outstanding	465,929,638	269,778,932	188,384,506
Basic and diluted loss per share	$ (0.01)	$ (0.01)	$ (0.01)

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Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands	Common Share capital issued through prospectus Share capital	Common Share capital issued through prospectus	Common Private placement Share capital	Common Private placement	Common Share capital	Common	Preferred Share capital	Preferred	Share capital issued through prospectus	Private placement	Reserve	Deficit	Total
BALANCE at Dec. 31, 2014					$ 42,677		$ 591				$ 5,200	$ (21,715)	$ 26,753
BALANCE (in shares) at Dec. 31, 2014						169,964,679
Net and comprehensive loss												(2,389)	(2,389)
Fair value of finance fee			$ 6,392							$ 6,392
Share capital issued (in shares)				29,054,079
Stock options exercised					172						(57)		115
Stock options exercised (in shares)						1,149,000
Warrants exercised					1,567								1,567
Warrants exercised (in shares)						7,461,748
Share issue costs					(234)						18		(216)
Forfeited/expired stock options											(284)	284
Share-based payments											258		258
BALANCE at Dec. 31, 2015					50,574		591				5,135	(23,820)	32,480
BALANCE (in shares) at Dec. 31, 2015						207,629,506		590,931
Net and comprehensive loss												(2,877)	(2,877)
Fair value of finance fee			12,000							12,000
Share capital issued (in shares)				160,000,000
Shares issued for fee on loan					95								95
Shares issued for fee on loan (in shares)						952,380
Capital contribution interest on loan											265		265
Capital contribution reallocation on loan settlement					265						(265)		265
Share issue costs					(619)						48		(571)
Forfeited/expired stock options											(912)	912
Expired warrants											(1,813)	1,813
Share-based payments											309		309
BALANCE at Dec. 31, 2016					62,315		591				2,767	(23,972)	41,701
BALANCE (in shares) at Dec. 31, 2016						368,581,886		590,931
Net and comprehensive loss												(2,879)	(2,879)
Fair value of finance fee	$ 10,877		$ 3,074						$ 10,877	$ 3,074
Share capital issued (in shares)		145,030,833		40,982,448
Shares issued for fee on loan													95
Share issue costs					(588)						39		(549)
Value allocated to warrants issued					(2,080)						2,080
Forfeited/expired stock options											(283)	283
Expired warrants											(18)	18
Share-based payments											504		504
BALANCE at Dec. 31, 2017					$ 73,598		$ 591				$ 5,089	$ (26,550)	$ 52,728
BALANCE (in shares) at Dec. 31, 2017						554,598,167		590,931

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Consolidated Statements of Cash Flows - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
OPERATING ACTIVITIES
Loss for the year	$ (2,879)	$ (2,877)	$ (2,389)
Items not affecting cash:
Amortization	25	42	73
Share based payments	504	309	258
Interest income	(16)	(28)	(37)
Changes in working capital	(95)	(52)	(168)
Other:
Interest received	32	30	65
Finance fee		95
Interest expense on loan		265
Net cash used in operating activities	(2,429)	(2,216)	(2,198)
INVESTING ACTIVITIES
Expenditures on exploration and evaluation assets	(11,385)	(8,604)	(9,023)
Prior year payables for exploration and evaluation assets		(87)
Reclamation deposit		(14)
Short-term investments	200	(400)	3,700
Purchase of equipment	(20)	(3)	(138)
Net cash used in investing activities	(11,205)	(9,108)	(5,461)
FINANCING ACTIVITIES
Proceeds from issuance of common shares	13,951	12,000	6,392
Direct financing costs	(549)	(571)	(216)
Proceeds from exercise of warrants			1,567
Proceeds from exercise of options			115
Net cash provided by financing activities	13,402	11,429	7,858
Change in cash equivalents for the year	(232)	105	199
Cash and cash equivalents, beginning of the year	630	525	326
Cash and cash equivalents, at the end of the year	$ 398	$ 630	$ 525

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NATURE AND CONTINUANCE OF OPERATIONS

12 Months Ended

Dec. 31, 2017

NATURE AND CONTINUANCE OF OPERATIONS

NATURE AND CONTINUANCE OF OPERATIONS

1.NATURE AND CONTINUANCE OF OPERATIONS

North American Nickel Inc. (the “Company”) was incorporated on September 23, 1983, under the laws of the Province of British Columbia, Canada. The head office and principal address is located at 3400 — 100 King Street West, PO Box 130, Toronto, Ontario, M5X 1A4 and the records office of the Company is located at PO Box 63623 Capilano, North Vancouver, British Columbia, Canada, V7P 3P1. The Company’s common shares trade on the TSX Venture Exchange (“TSXV”) under the symbol “NAN”.

The Company’s principal business activity is the exploration and development of mineral properties in Greenland, Canada and United States.  The Company has not yet determined whether any of these properties contain ore reserves that are economically recoverable. The recoverability of carrying amounts shown for exploration and evaluation assets is dependent upon a number of factors including environmental risk, legal and political risk, the existence of economically recoverable mineral reserves, confirmation of the Company’s interests in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete exploration and development, and to attain sufficient net cash flow from future profitable production or disposition proceeds.

These consolidated financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations.  The ability of the Company to continue operations as a going concern is ultimately dependent upon achieving profitable operations.  To date, the Company has not generated profitable operations from its resource activities and will need to invest additional funds in carrying out its planned exploration, development and operational activities. These uncertainties cast substantial doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern.

The exploration and evaluation properties in which the Company currently has an interest are in the exploration stage. As such, the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and cover administrative costs, the Company will use its existing working capital and raise additional amounts as needed. Although the Company has been successful in its past fundraising activities, there is no assurance as to the success of future fundraising efforts or as to the sufficiency of funds raised in the future. The Company will continue to assess new properties and seek to acquire interests in additional properties if there is sufficient geologic or economic potential and if adequate financial resources are available to do so.

The consolidated financial statements were approved and authorized for issuance by the Board of Directors of the Company on April 24, 2018.

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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

12 Months Ended

Dec. 31, 2017

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

2.BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

      (a)   Statement of Compliance

The Company’s consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”).

(b)Basis of Preparation

These consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates.  It also requires management to exercise judgment in the process of applying the Company’s accounting policies.  These areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.

(c) Basis of consolidation

These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, North American Nickel (US) Inc. which was incorporated in the State of Delaware on May 22, 2015. Consolidation is required when the Company is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.  All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

(d) Foreign currency translation

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the statement of comprehensive loss in the period in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income in the statement of comprehensive loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss.

(e) Exploration and evaluation assets

Exploration and evaluation assets include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are initially capitalized. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in profit or loss.

Government tax credits received are generally recorded as a reduction to the cumulative costs incurred and capitalized on the related property.

Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts, events and circumstances suggest that the carrying amount exceeds the recoverable amount.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within equipment.

Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

The Company may occasionally enter into farm-out arrangements, whereby it will transfer part of an interest, as consideration, for an agreement by the farmee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. The Company does not record any expenditures made by the farmee on its behalf. Any cash consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess consideration accounted for in profit.

When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to the statement of comprehensive loss/income.

(f) Restoration and environmental obligations

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to exploration and evaluation assets along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The restoration asset will be depreciated on the same basis as other mining assets.

The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to exploration and evaluation assets with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates.

Changes in the net present value, excluding changes in the Company’s estimates of reclamation costs, are charged to profit and loss for the period.

The costs of restoration projects included in the provision are recorded against the provision as incurred. The costs to prevent and control environmental impacts at specific properties are capitalized in accordance with the Company’s accounting policy for exploration and evaluation assets.

(g) Impairment of assets

Impairment tests on intangible assets with indefinite useful economic lives are undertaken annually at the financial year-end. Other non-financial assets, including exploration and evaluation assets, are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly.

Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset’s cash-generating unit, which is the lowest group of assets in which the asset belongs and for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets.

An impairment loss is charged to the profit or loss, except to the extent the loss reverses gains previously recognized in other comprehensive loss/income.

(h) Financial instruments

The Company classifies its financial instruments in the following categories: at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale and financial liabilities. The classification depends on the purpose for which the financial instruments were acquired. Management determines the classification of its financial instruments at initial recognition.

Financial assets are classified at fair value through profit or loss when they are either held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying value being included in profit or loss.

The Company has classified cash, short-term investments and receivables as loans and receivables.  Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortized cost. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets.

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Company’s intention to hold these investments to maturity. They are subsequently measured at amortized cost. Held-to-maturity investments are included in non-current assets, except for those which are expected to mature within 12 months after the end of the reporting period.

Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale or are not suitable to be classified as financial assets at fair value through profit or loss, loans and receivables or held-to-maturity investments and are subsequently measured at fair value. These are included in current assets. Unrealized gains and losses are recognized in other comprehensive income, except for impairment losses and foreign exchange gains and losses.

The Company has classified its trade payables as other financial liabilities.  Subsequent to initial recognition, trades payable are measured at amortized cost using the effective interest rate method.

Regular purchases and sales of financial assets are recognized on the trade-date — the date on which the Company commits to purchase the asset.

Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

At each reporting date, the Company assesses whether there is objective evidence that a financial instrument has been impaired.  In the case of available-for-sale financial instruments, a significant and prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen.

(i) Loss per share

The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per common share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the period.

Basic loss per common share is calculated using the weighted average number of common shares outstanding during the period and does not include outstanding options and warrants. Dilutive loss per common share is not presented differently from basic loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive.

(j) Income taxes

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it arises in a business combination, or from items recognized directly in equity or other comprehensive loss/income.

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company operates and generates taxable income.

Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred income tax is provided using the asset and liability method of temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax assets and deferred income tax liabilities are offset, only if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

(k) Share-based payments

Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is recognized over the vesting period. Performance vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether these non-vesting and market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.

Where the terms and conditions of options are modified, the increase in the fair value of the options, measured immediately before and after the modification, is also recognized over the remaining vesting period.

Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received. Amounts related to the issuance of shares are recorded as a reduction of share capital.

When the value of goods and services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

All equity-settled share-based payments are reflected in share-based payments reserve, until exercised. Upon exercise shares are issued from treasury and the amount reflected in share-based payments reserve is credited to share capital along with any consideration paid.

(l) Share capital

The Company’s common shares, preferred shares and share warrants shares are classified as equity instruments.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.

Proceeds received on the issuance of units, consisting of common shares and warrants are allocated to share capital.

(m) Equipment

Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to the statement of income and comprehensive income during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss.

Depreciation and amortization are calculated on a straight-line method to charge the cost, less residual value, of the assets to their residual values over their estimated useful lives. The depreciation and amortization rate applicable to each category of equipment is as follows:

Equipment	Depreciation rate
Exploration equipment	20	%
Computer software	50	%
Computer equipment	55	%

New standards adopted during the year ended December 31, 2017:

IAS 7 “Statement of Cash Flows”

Disclosures related to financing activities were amended to require disclosures about changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. This amendment is effective for years beginning on or after January 1, 2017. The adoption of these amendments did not result in any impact to the Company’s financial statements.

IAS 12 “Income Taxes”

Deferred tax was amended to clarify (i) the requirements for recognizing deferred tax assets on unrealized losses; (ii) deferred tax where an asset is measured at a fair value below the asset’s tax base, and (iii) certain other aspects of accounting for deferred tax assets. This amendment is effective for years beginning on or after January 1, 2017. The Company has not yet assessed the impact of this standard.  The adoption of these amendments did not result in any impact to the Company’s financial statements.

Standards, Interpretations and Amendments Not Yet Effective:

IFRS 9 “Financial Instruments” (IFRS 9)

IFRS 9 addresses classification and measurement of financial assets. It replaces the multiple category and measurement models in IAS 39 for debt instruments with a new mixed measurement model having only two categories: amortized cost and fair value through profit and loss. IFRS 9 also replaces the models for measuring equity instruments. Such instruments are either recognized at fair value through profit or loss or at fair value through other comprehensive income. Where equity instruments are measured at fair value through other comprehensive income, dividends are recognized in the statement of earnings to the extent that they do not clearly represent a return of investment; however, other gains and losses (including impairments) associated with such instruments remain in accumulated comprehensive income indefinitely. Requirements for financial liabilities were added to IFRS 9 in October 2010 and they largely carried forward existing requirements in IAS 39 except that fair value changes due to credit risk for liabilities designated at fair value through profit and loss are generally recorded in other comprehensive income. This standard is effective for annual periods beginning on or after January 1, 2018. The Company has not yet assessed the impact of this standard.

IFRS 15 “Revenue from Contracts with Customers”

IFRS 15 was issued in May 2014 to replace IAS 18, Revenue, IAS 11, Construction Contracts, and related interpretations on revenue.  IFRS 15 establishes principles to address the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.  IFRS 15 will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple element arrangements.  Companies can elect to use either a full or modified retrospective approach when adopting this standard and it is effective for annual periods beginning on or after January 1, 2018.  The Company has not yet assessed the impact of this standard.

IFRS 16 “Leases”

IFRS 16 replaces current guidance in IAS 17.  Under IAS 17, lessees were required to make a distinction between a finance lease (on the balance sheet) and an operating lease (off balance sheet).  IFRS 16 now requires lessees to recognize a lease liability reflecting future lease payments and a “right-of-use asset” for virtually all lease contracts.  The IASB has included an optional exemption for certain short-term leases and leases of low value assets, however this exemption can only be applied by lessees.  The standard applies to annual periods beginning on or after January 1, 2019, with earlier application permitted if IFRS 15, Revenue from Contracts with Customers, is also applied.  The Company has not yet assessed the impact of this standard.

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CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

12 Months Ended

Dec. 31, 2017

CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS

3.CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS

The preparation of the consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that can affect reported amounts of assets, liabilities revenues and expenses and the accompanying disclosures. Estimates and assumptions are continuously evaluated and are based on management’s historical experience and on other assumptions believed to be reasonable under the circumstances. However, different judgments, estimates and assumptions could result in outcomes that require a material adjustment to the carrying amount of assets or liabilities affected in future periods.

The areas involving a higher degree of judgement or complexity, or areas where assumptions and estimates are significant to the financial statements are:

(a) Recoverability of Exploration and Evaluation Assets

The ultimate recoverability of the exploration and evaluation assets of $50,494 carrying value at December 31, 2017, is dependent upon the Company’s ability to obtain the necessary financing and permits to complete the development and commence profitable production at the Manniitsoq Project, or alternatively, upon the Company’s ability to dispose of its interest therein on an advantageous basis. A review of the indicators of potential impairment is carried out at least at each period end.

Management undertakes a periodic review of these assets to determine whether any indication of impairment exists. Where an indicator of impairment exists, a formal estimate of the recoverable amount of the assets is made.  An impairment loss is recognized when the carrying value of the assets is higher than the recoverable amount and when mineral license tenements are relinquished or have lapsed. In undertaking this review, management of the Company is required to make significant estimates of, among other things, discount rates, commodity prices, availability of financing, future operating and capital costs and all aspects of project advancement. These estimates are subject to various risks and uncertainties, which may ultimately have an effect on the expected recoverability of the carrying values of the assets.

(b) Restoration Provisions

Management’s best estimates regarding the restoration provisions are based on the current economic environment.  Changes in estimates of contamination, restoration standards and restoration activities result in changes to provisions from period to period.  Actual restoration provisions will ultimately depend on future market prices for future restoration obligations.  Management has determined that the Company does not have any significant restoration obligations as at December 31, 2017.

(c) Valuation of Share-Based Compensation

The Company estimates the fair value of convertible securities such as warrants and options using the Black-Scholes Option Pricing Model which requires significant estimation around assumptions and inputs such as expected term to maturity, expected volatility and expected forfeiture rates. The accounting policies in Note 2(k) and Note 10 of the financial statements contain further details of significant assumptions applied to these areas of estimation.

(d) Going Concern

Financial statements are prepared on a going concern basis unless management either intends to liquidate the Company or to cease trading, or has no realistic alternative to do so.  Assessment of the Company’s ability to continue as a going concern requires the consideration of all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period.  This information includes estimates of future cash flows and other factors, the outcome of which is uncertain.  When management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast substantial doubt upon the Company’s ability to continue as a going concern those uncertainties are disclosed.

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SHORT-TERM INVESTMENTS

12 Months Ended

Dec. 31, 2017

SHORT-TERM INVESTMENTS

SHORT-TERM INVESTMENTS

4. SHORT-TERM INVESTMENTS

Short-term investments are comprised of a highly liquid Canadian dollar denominated guaranteed investment certificate with an initial term to maturity greater than ninety days, but not more than one year, that is readily convertible to a contracted amount of cash. The counter-party is a Canadian financial institution.  During the year ended December 31, 2017, the instrument was yielding an annual interest rate range of 1.10% (December 31, 2016 - 1.10% - 1.20%).

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RECEIVABLES AND OTHER CURRENT ASSETS

12 Months Ended

Dec. 31, 2017

RECEIVABLES AND OTHER CURRENT ASSETS

RECEIVABLES AND OTHER CURRENT ASSETS

5.RECEIVABLES AND OTHER CURRENT ASSETS

A summary of the receivables and other current assets as of December 31, 2017 is detailed in the table below:

	December 31, 2017	December 31, 2016
Sales taxes receivable	143	17
Interest receivable	16	9
Other current assets	83	116
	242	142

Other current assets is comprised of prepaid expenses.

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PROPERTY, PLANT AND EQUIPMENT

12 Months Ended

Dec. 31, 2017

PROPERTY, PLANT AND EQUIPMENT

PROPERTY, PLANT AND EQUIPMENT

6.PROPERTY, PLANT AND EQUIPMENT

The table below sets out costs and accumulated depreciation as at December 31, 2017 and 2016:

	Exploration Equipment	Computer Equipment	Computer Software	Total
Cost
Balance – December 31, 2015	47	7	136	190
Additions	—	3	—	3
Balance – December 31, 2016	47	10	136	193
Additions	20	—	—	20
Balance – December 31, 2017	67	10	136	213
Accumulated Depreciation
Balance – December 31, 2015	28	4	65	97
Depreciation	4	3	35	42
Balance – December 31, 2016	32	7	100	139
Depreciation	6	1	18	25
Balance – December 31, 2017	38	8	118	164
Carrying Amount
As at December 31, 2015	19	3	71	93
As at December 31, 2016	15	3	36	54
As at December 31, 2017	29	2	18	49

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EXPLORATION AND EVALUATION ASSETS

12 Months Ended

Dec. 31, 2017

EXPLORATION AND EVALUATION ASSETS

EXPLORATION AND EVALUATION ASSETS

7.EXPLORATION AND EVALUATION ASSETS

	Canada		US	Greenland
	Post Creek Property	Halcyon Property	Section 35 Property	Maniitsoq Property		Total
Acquisition
Balance, December 31, 2016	268	206	3	20		497
Acquisition costs – cash	10	8	3	16		37
Balance, December 31, 2017	278	214	6	36		534
Exploration
Balance, December 31, 2016	1,085	173	—	36,587		37,845
Administration	2	—	—	516		518
Camp operations	—	—	—	3,004		3,004
Corporate social responsibility	—	—	—	37		37
Drilling expenses	—	—	—	3,337		3,337
Environment, health and safety	—	—	—	99		99
Geology	48	14	—	691		753
Geophysics	2	—	—	1,014		1,016
Infrastructure	—	—	—	255		255
Helicopter charter aircraft	—	—	—	3,058		3,058
Property maintenance	—	—	—	7		7
Technical studies	1	—	—	30		31
	53	14	—	12,048		12,115
Balance, December 31, 2017	1,138	187	—	48,635		49,960
Total, December 31, 2017	1,416	401	6	48,671		50,494
	Canada		US	Greenland
	Post Creek Property	Halcyon Property	Section 35 Property	Maniitsoq Property		Total
Acquisition
Balance, December 31, 2015	258	198	—	11		467
Acquisition costs – cash	10	8	3	9		30
Balance, December 31, 2016	268	206	3	20		497
Exploration
Balance, December 31, 2015	1,005	148	—	28,083		29,236
Administration	—	—	—	132		132
Corporate social responsibility	—	—	—	63		63
Drilling expenses	1	—	—	1,799		1,800
Environment, health and safety	—	—	—	2		2
Camp operations	—	—	—	2,160		2,160
Helicopter charter aircraft	—	—	—	2,472		2,472
Geology	78	25	—	858		961
Geophysics	—	—	—	954		954
Remote sensing	—	—	—	68		68
Technical studies (recovery)	1	—	—	(4	)	(3	)
	80	25	—	8,504		8,609
Balance, December 31,2016	1,085	173	—	36,587		37,845
Total, December 31, 2016	1,353	379	3	36,607		38,342

The following is a description of the Company’s exploration and evaluation assets and the related spending commitments:

Post Creek

On December 23, 2009, the Company executed a letter of intent whereby the Company has an option to acquire a mineral claim known as the Post Creek Property located within the Sudbury Mining District of Ontario.

On April 5, 2010 and as amended on March 12, 2013, the Company entered into an option agreement to acquire a 100% interest in the Post Creek Property, subject to certain net smelter return royalties (“NSR”) and advance royalty payments. To December 31, 2015, the Company has completed the required consideration and acquired its interest in the Post Creek Property. Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $10 per annum, totalling $10 during the year ended December 31, 2017 (December 31, 2016 - $10), the total of which will be deducted from any payments to be made under the NSR.

During the year ended December 31, 2017, the Company incurred exploration expenditures totalling $53 (December 31, 2016 - $80) on the Post Creek Property.

Halcyon

On April 5, 2010 and as amended on March 12, 2013, the Company entered into an option agreement to acquire rights to Halcyon Property, subject to certain NSR and advance royalty payments. To December 31, 2015, the Company has completed the required consideration and acquired its interest in the Halcyon Property.  Commencing August 1, 2015, the Company is obligated to pay advances on the NSR of $8 per annum, totalling $8 during the year ended December 31, 2017, (December 31, 2016 - $8), the total of which will be deducted from any payments to be made under the NSR arrangement.

During the year ended December 31, 2017, the Company incurred $14 (December 31, 2016 - $25) in exploration and license related expenditures on the Halcyon Property.

Section 35 Property

On January 4, 2016, the Company entered into a 10 year Metallic Minerals Lease (the “Lease”) with the Michigan Department of Natural Resources for an area covering approximately 320 acres. The terms of the Lease require an annual rental fee at a rate of US $3.00 per acre for years 1-5 and at a rate of US $6.00 per acre for years 6-10. The Company shall pay a minimum royalty at a rate of US $10.00 per acre for the 11th year onwards, with an increase of an additional US $5.00 per acre per year up to a maximum of US $55.00 per acre per year. A production royalty of between 2% - 2.5% is payable from production of minerals and/or mineral products from an established mining operation area. The Company paid the first year rental fee and the required reclamation deposit of $14 (US $10,000). The Department of Natural Resources shall annually review the level of the reclamation deposit and shall require the amount to be increased or decreased to reflect changes in the cost of future reclamation of the leased premises.

During the year ended December 31, 2017, the Company spent a total of $3 (December 31, 2016 - $3) in license related expenditures on the Section 35 Property.

Maniitsoq

The Company has been granted certain exploration licenses, by the Bureau of Minerals and Petroleum (“BMP”) of Greenland for exclusive exploration rights of an area comprising the Maniitsoq Property, located near Ininngui, Greenland. The Property is subject to a 2.5% NSR. The Company can reduce the NSR to 1% by paying $2,000 on or before 60 days from the decision to commence commercial production.

At the expiration of the first license period, the Company may apply for a second license period (years 6-10), and the Company may apply for a further 3-year license for years 11 to 13. Thereafter, the Company may apply for additional 3-year licenses for years 14 to 16, 17 to 19 and 20 to 22. The Company will be required to pay additional license fees and will be obligated to incur minimum eligible exploration expenses for such years.

The Company may terminate the licenses at any time; however any unfulfilled obligations according to the licenses will remain in force, regardless of the termination.

Future required minimum exploration expenditures will be adjusted each year on the basis of the change to the Danish Consumer Price Index.

During the year ended December 31, 2017, the Company spent an aggregate of $12,064 (December 31, 2016 - $8,513) in exploration and license related expenditures on the Maniitsoq Property, which is comprised of the Sulussugut and Ininngui Licenses. Further details on the licenses and related expenditures are outlined below.

Sulussugut License

(All references to amounts in Danish Kroners, “DKK” are in thousands of DKK)

Effective August 15, 2011, the Company was granted an exploration license (the “Sulussugut License”) by the BMP of Greenland for exclusive exploration rights of an area located near Sulussugut, Greenland. The Company paid a license fee of $6 (DKK 31) upon granting of the Sulussugut License. The application for another 5 year term on the Sulussugut License was submitted to the Greenland Mineral Licence & Safety Authority which was effective on April 11, 2016, with December 31, 2017 being the seventh year. During the year ended December 31, 2016, the Company paid a license fee of $8 (DKK 40) which provides for renewal of the Sulussugut License until 2020.

To December 31, 2015, under the terms of a preliminary license, the Company completed the exploration requirements of an estimated minimum of DKK 83,809 (approximately $15,808) between the years ended December 31, 2011 to 2015 by incurring $26,116 on the Sulussugut License.  The accumulated exploration credits held at the end to December 31, 2015, of DKK 100,304 can be carried forward until 2019. Under the terms of the second license period, the Company had no minimum required exploration for the year ended December 31, 2016. As of December 31, 2017, the Company has spent $44,937 on exploration costs for the Sulussugut License.

To December 31, 2017 and 2016, the Company has completed all obligations with respect to required reduction of the area of the license.

During the year ended December 31, 2017, the Company had approved exploration expenditures of DKK 85,094 (approximately $16,746) which results in the total carried credits for the Sulussugut License at DKK 246,507 (approximately $48,513).

During the year ended December 31, 2017, the Company spent a total of $11,079 (December 31, 2016 - $7,755) in exploration and license related expenditures on the Sulussugut License.

Ininngui License

Effective March 4, 2012, the Company was granted an exploration license (the “Ininngui License”) by the BMP of Greenland for exclusive exploration rights of an area located near Ininngui, Greenland. The Company paid a license fee of $6 (DKK 32) upon granting of the Ininngui License. The Ininngui License was valid for 5 years until December 31, 2016, with December 31, 2012 being the first year. The Ininngui License is contiguous with the Sulussugut License.

To December 31, 2016, the Company’s expenditures exceeded the minimum requirement and the Company has a surplus of DKK 15,677 (approximately $3,044) and the Company was granted a credit for the excess, which may be used towards future expense requirements on the Ininngui License until the following years; year 2018 - DKK 2,276, year 2019 - DKK 6,790 and year 2020 - DKK 9,367, should the Company be granted an extension on the exploration license.

The required minimum exploration expenditures on the Ininngui License for year 5, ending December 31, 2016 was DKK 2,715 (approximately $535).  As of December 31, 2017, the Company has spent $3,698 on exploration costs for the Ininngui License.

Should the Company not incur the minimum exploration expenditures on the license in any one year from years 2-5, the Company may pay 50% of the difference in cash to BMP as full compensation for that year. This procedure may not be used for more than 2 consecutive calendar years and as at December 31, 2017, the Company has not used the procedure for the license.

During the year ended December 31, 2017, the Company spent a total of $985 (December 31, 2016 - $758) in exploration and license related expenditures on the Ininngui License.

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TRADE PAYABLES AND ACCRUED LIABILITIES

12 Months Ended

Dec. 31, 2017

TRADE PAYABLES AND ACCRUED LIABILITIES

TRADE PAYABLES AND ACCRUED LIABILITIES

8.TRADE PAYABLES AND ACCRUED LIABILITIES

	December 31, 2017	December 31, 2016
Trade payables	813	133
Amounts due to related parties (Note 11)	42	2
Accrued liabilities	114	46
	969	181

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LOAN PAYABLE

12 Months Ended

Dec. 31, 2017

LOAN PAYABLE

LOAN PAYABLE

9.LOAN PAYABLE

On April 22, 2016, the Company issued a term note to Sentient Executive GP IV Limited (“Sentient”) and received a loan of $4,500 (the “Loan”). The Loan was due on April 30, 2017 and was made on an interest free basis. Sentient is a significant shareholder of the Company.

Following the guidance of IFRS 13 “Fair Value Measurements” and IAS 39 “Financial Instruments: Recognition and Measurement,” the Company discounted the Loan at an interest rate of 15% per annum, being the estimated market rate. Accordingly, upon issuance, the Company recorded an amount of $265 to reserves, which was to be amortized as interest expense over the term of the Loan.

Under the terms of the Loan, Sentient had the right, at its option, to require early pre-payment in the event that, during the term of the Loan, the Company successfully completed an issuance of common shares to third parties for gross proceeds of not less than $2,000. In the event the maximum offering amount is raised, being $12,000, Sentient was required to be repaid the full loan of $4,500. During the year ended December 31, 2016, the Company closed private placements (Note 10), which triggered full repayment of the Loan. The Company repaid the Loan and, accordingly, the full amount of $265 was reallocated to share capital on settlement and recorded on the statement of comprehensive loss as interest expense.

The Company also issued Sentient 952,380 common shares, at a fair value of $95, as a finance fee for advancing the Loan.

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SHARE CAPITAL, WARRANTS AND OPTIONS

12 Months Ended

Dec. 31, 2017

SHARE CAPITAL, WARRANTS AND OPTIONS

SHARE CAPITAL, WARRANTS AND OPTIONS

10.SHARE CAPITAL, WARRANTS AND OPTIONS

The authorized capital of the Company comprises an unlimited number of common shares without par value and 100,000,000 Series 1 convertible preferred shares without par value.

a)Common shares issued and outstanding

2017

On June 8, 2017, the Company closed a brokered placement, through a prospectus, of units for total gross proceeds of $10,877. The Company issued 145,030,833 units at a price of $0.075 per unit. Each unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each warrant entitles the holder to acquire one common share at an exercise price of $0.12 until June 8, 2019. The Company paid share issuance costs of $533 and also issued 1,965,093 agent’s warrants, exercisable at $0.075 per warrant until June 8, 2019. The Company allocated a $1,500 fair value to the warrants issued in conjunction with the private placement and $61 to agent’s warrants.  The fair value of warrants was determined on a pro-rata basis using the Black-Scholes Option Pricing Model with the following assumptions; expected life of 2 years, expected dividend yield of 0%, a risk-free interest rate of 0.71% and an expected volatility of 98.60%. The Company also granted the agent an overallotment option for a period of 30 days, which expired unexercised. The fair value of overallotment option of $39 was recorded as a share issuance cost and was determined on a pro-rata basis using the Black-Scholes Option Pricing Model with the following assumptions; expected life of 30 days, expected dividend yield of 0%, a risk-free interest rate of 0.71% and an expected volatility of 66.6%.

On August 15, 2017, the Company closed a non-brokered private placement of units for total proceeds of $3,074.  The Company issued 40,982,448 units at a price of $0.075 per unit. Each unit consists of one common share in the capital of the Company and one-half of one common share purchase warrant. Each warrant entitles the holder thereof to acquire one common share at an exercise price of $0.12 until August 15, 2019.  The Company allocated a $519 fair value to the warrants issued from the private placement.  Direct financing costs totalled $16 resulting in net proceeds to the Company of $3,058. The fair value of warrants was determined on a pro-rata basis using the Black-Scholes Option Pricing Model with the following assumptions; expected life of 2 years, expected dividend yield of 0%, a risk-free interest rate of 1.23% and an expected volatility of 98.64%.

2016

On April 28, 2016, the Company issued 952,380 common shares at a fair value of $95 as a finance fee.

On July 21, 2016, the Company closed a private placement of 92,668,907 units at a price of $0.075 per unit for gross proceeds of $6,950. Each unit consists of one common share of the Company and one half of one common share purchase warrant. Each whole warrant entitles the purchaser to purchase an additional common share at a price of $0.12 per share until July 21, 2018. Share issuance costs of $571 were incurred in connection with the private placement. The Company also issued 1,203,695 agent’s warrants, exercisable at $0.075 per warrant until July 21, 2018. The Company allocated a fair value of $48 to the agent’s warrants under the Black-Scholes Option Pricing Model with the following assumptions: expected life of 2 years, expected dividend yield of 0%, a risk-free interest rate of 0.57% and an expected volatility of 91.06%.  The Company also granted the agent an overallotment option, which expired unexercised.

On September 12, 2016, the Company closed a private placement and issued 67,331,093 units at a price of $0.075 per unit for gross proceeds of $5,050. Each unit consists of one common share of the Company and one half of one common share purchase warrant. Each whole warrant entitles the purchaser to purchase an additional common share at a price of $0.12 per share until September 12, 2018.

2015

During the year ended December 31, 2015, the Company issued 1,149,000 common shares for stock options exercised at $0.10 per share for proceeds of $115. The Company reallocated $57 from share-based payments reserve to share capital upon exercise.

The Company issued 7,461,748 common shares for warrant exercises at $0.21 per share for proceeds of $1,567.

On July 20, 2015, the Company closed a private placement of 29,054,079 units at a price of $0.22 per unit for proceeds of $6,392. Each unit consisted of one common share of the Company and one half of one common share purchase warrant. Each whole warrant entitled the purchaser to purchase an additional common share at a price of $0.30 per share until July 20, 2017. Share issuance costs of $216 were incurred in connection with the private placement.  The Company also issued 251,370 broker’s warrants, exercisable at $0.30 per warrant until July 20, 2017. The Company allocated a fair value of $18 to the broker’s warrants under the Black-Scholes Option Pricing Model with the following assumptions: expected life of 2 years, expected dividend yield of 0%, a risk-free interest rate of 0.42% and an expected volatility of 89.61%.

b)Preferred shares issued and outstanding

As at December 31, 2017, December 31, 2016 and December 31, 2015, there are 590,931 series 1 preferred shares outstanding.

The rights and restrictions of the preferred shares are as follows:

i)dividends shall be paid at the discretion of the directors;

ii)the holders of the preferred shares are not entitled to vote except at meetings of the holders of the preferred shares, where they are entitled to one vote for each preferred share held;

iii)the shares are convertible at any time after 6 months from the date of issuance, upon the holder serving the Company with 10 days written notice; and

iv)the number of the common shares to be received on conversion of the preferred shares is to be determined by dividing the conversion value of the share, $1 per share, by $0.90.

c)Warrants

A summary of common share purchase warrants activity during the years ended December 31, 2017, December 31, 2016 and December 31, 2015 is as follows:

	December 31, 2017			December 31, 2016			December 31, 2015
	Number Outstanding		Weighted Average Exercise Price ($)	Number Outstanding		Weighted Average Exercise Price ($)	Number Outstanding		Weighted Average Exercise Price ($)
Outstanding, beginning of year	95,982,036		0.15	27,738,344		0.49	25,137,030		0.47
Issued	94,971,721		0.12	81,203,692		0.12	14,778,344		0.12
Cancelled / Expired	(14,778,344	)	0.30	(12,960,000	)	0.71	(4,715,282	)	0.21
Exercised	—		—	—		—	(7,461,748	)	0.21
Outstanding, end of year	176,175,413		0.12	95,982,036		0.15	27,738,344		0.49

At December 31, 2017, the Company had outstanding common share purchase warrants exercisable to acquire common shares of the Company as follows:

Warrants Outstanding	Expiry Date	Exercise Price ($)	Weighted Average remaining contractual life (years)
46,334,451	Jul 21, 20181	0.12	0.15
1,203,695	Jul 21, 2018	0.075	0.00
33,665,546	Sep 12, 20181	0.12	0.13
72,515,414	June 8, 2019	0.12	0.59
1,965,083	June 8, 2019	0.075	0.02
20,491,224	August 15, 2019	0.12	0.19
176,175,413			1.08

1  The warrants are subject to an acceleration clause such that if the volume-weighted average trading price of the Company’s common shares on the TSX-V exceeds $0.18 per common share for a period of 10 consecutive trading days at any date before the expiration date of such warrants, the Company may, at its option, accelerate the warrant expiry date to within 30 days. To December 31, 2017, the Company’s common shares have not met the criterion for acceleration.

d)Stock options

The Company adopted a Stock Option Plan (the “Plan”), providing the authority to grant options to directors, officers, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the Plan, the exercise price of each option equals the market price or a discounted price of the Company’s stock as calculated on the date of grant. The options can be granted for a maximum term of 10 years.

A summary of option activity under the Plan during the years ended December 31, 2017, December 31, 2016 and December 31, 2015 is as follows:

	December 31, 2017			December 31, 2016			December 31, 2015
	Number Outstanding		Weighted Average Exercise Price	Number Outstanding		Weighted Average Exercise Price	Number Outstanding		Weighted Average Exercise Price
Outstanding, beginning of year	12,823,000		0.30	9,872,500		0.37	12,548,000		0.31
Issued	9,137,500		0.12	6,058,000		0.21	1,350,000		0.25
Cancelled / Expired	(1,240,000	)	0.24	(3,107,500	)	0.34	(2,876,500	)	0.11
Exercised	—		—	—		—	(1,149,000	)	0.10
Outstanding, end of year	20,720,500		0.23	12,823,000		0.30	9,872,500		0.37

During the year ended December 31, 2017, the Company granted 9,137,500 incentive stock options to employees, directors and consultants with a maximum term of 5 years. All stock options vest immediately and are exercisable at $0.12 per common share.  The Company calculates the fair value of all stock options using the Black-Scholes Option Pricing Model. The fair value of this grant amounted to $504 and was recorded as a share-based payments expense.

During the year ended December 31, 2016, the Company granted 6,058,000 incentive stock options to employees, directors and consultants with a maximum term of 5 years. The granting of these options resulted in a share-based payments expense of $278.

During the year ended December 31, 2016, the Company recorded a further $31 in stock-based compensation for previously issued stock options that vested during the year.

During the year ended December 31, 2015, the Company granted 1,350,000 incentive stock options to employees, directors and consultants with a maximum term of 5 years. Of the total, 200,000 options granted to a consultant vest 25% every 3 months and all other options vested immediately.  The granting of these options resulted in a stock-based compensation expense of $232. The Company recorded a further $26 in stock-based compensation for previously issued stock options that vested during the year.

The fair value of stock options granted and vested during the years ended December 31, 2017, December 31, 2016 and December 31, 2015 was calculated using the following assumptions:

	December 31, 2017	December 31, 2016	December 31, 2015
Expected dividend yield	0%	0%	0%
Expected share price volatility	66.6% - 100.6%	111% - 113%	157.9% - 170.5%
Risk free interest rate	1.17% – 1.80%	0.68% – 0.79%	0.64% - 0.79%
Expected life of options	5 years	5 years	5years

Details of options outstanding as at December 31, 2017 are as follows:

Options Outstanding	Options Exercisable	Expiry Date		Exercise Price ($)	Weighted average remaining contractual life (years)
150,000	150,000	Jan 15, 2018	*	0.15	0.00
200,000	200,000	Apr 22, 2018		0.15	0.00
150,000	150,000	Jul 29, 2018		0.20	0.00
200,000	200,000	Sep 30, 2018		0.37	0.01
2,440,000	2,440,000	Jul 9, 2019		0.62	0.18
200,000	200,000	Aug 27, 2019		0.37	0.02
100,000	100,000	Sep 26, 2019		0.26	0.01
350,000	350,000	Nov 5, 2019		0.21	0.03
1,000,000	1,000,000	Dec 19, 2019		0.22	0.09
900,000	900,000	Feb 3, 2020		0.275	0.09
450,000	450,000	Oct 5, 2020		0.20	0.06
5,443,000	5,443,000	Jan 28, 2021		0.21	0.81
8,137,500	8,137,500	Feb 21, 2022		0.12	1.63
1,000,000	1,000,000	Dec 20, 2022		0.12	0.24
20,720,500	20,720,500				3.17

*  Subsequently expired, unexercised.

e)Reserve

The reserve records items recognized as stock-based compensation expense and other share-based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. Amounts recorded for forfeited or expired unexercised options and warrants are transferred to deficit. During the year ended December 31, 2017 the Company recorded $504 of share-based payments to reserve, (December 31, 2016 - $309) (December 31, 2015 - $276). During the year ended December 31, 2017, the Company transferred $301 (December 31, 2016 - $2,725) (December 31, 2015 - $284) to deficit for expired options and warrants.

During the year ended December 31, 2016, the Company initially recorded an amount of $265 to the reserve, which was amortized as interest expense over the term of the Loan and reallocated to share capital upon settlement.

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RELATED PARTY TRANSACTIONS

12 Months Ended

Dec. 31, 2017

RELATED PARTY TRANSACTIONS

RELATED PARTY TRANSACTIONS

11.RELATED PARTY TRANSACTIONS

The following amounts due to related parties are included in trade payables and accrued liabilities (Note 8):

	December 31, 2017	December 31, 2016
Directors and officers of the Company	42	2
Total	42	2

These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

(b)Related party transactions

On August 15, 2017, Sentient subscribed for a total of 38,666,666 units under the private placement equity financing transaction described in Note 10 for a total net proceeds of $2,900.  As part of the subscription, Sentient was granted 19,333,333 common share purchase warrants exercisable at $0.12 until August 15, 2019.

On June 8, 2017, Sentient acquired 94,666,666 units in the equity financing as described in Note 10 for net proceeds of $7,100.  As part of the Offering, Sentient was granted 47,333,333 common share purchase warrants exercisable at $0.12 until June 8, 2019.

As of December 31, 2017, Sentient beneficially owns 356,476,487 common shares constituting approximately 64.27% of the currently issued and outstanding Common Shares.

During the year ended December 31, 2017, the Company recorded $244 (2016 - $347) (2015 - $217) in fees charged by a legal firm in which the Company’s chairman is a consultant.

During the year ended December 31, 2017, the Company recorded $Nil (2016 - $16) (2015 - $35)  in rent and utilities expense to VMS Ventures Inc. a company that was a significant shareholder and related through common directors, which was included in general and administrative expense.

During the year ended December 31, 2016, the Company issued 952,380 common shares to Sentient for a fee for advancing the loan of $4,500 at a fair value of $95.  The Company discounted the loan with the interest not being charged by Sentient using an interest rate of 15% per annum and an amount of $265 was booked to capital contribution reserve.

During the year ended December 31, 2015, the Company recorded $217 in fees charged by a legal firm in which the Company’s chairman is a consultant. The fees have been allocated as $182 in legal fees and $35 in share issuance costs.

During the year ended December 31, 2016, Sentient acquired 120,428,939 (2015 – 25,448,503) common shares. The common shares were acquired as to 952,380 common shares (2015 – Nil) at a fair value of $95 (2015 – $Nil) as a finance fee and 119,476,559 (2015 – 25,448,503) common shares as part of the private placements at a price of $8,960 (2015 - $5,124).

(c)Key management personnel are defined as members of the Board of Directors and senior officers.

Key management compensation was:

	December 31, 2017	December 31, 2016	December 31, 2015
Geological consulting fees – expensed	35	6	72
Geological consulting fees – capitalized	178	44	94
Management fees – expensed	749	756	547
Salaries – expensed	128	103	77
Share-based payments	358	186	36
Total	1,448	1,095	826

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SUPPLEMENTAL CASH FLOW INFORMATION

12 Months Ended

Dec. 31, 2017

SUPPLEMENTAL CASH FLOW INFORMATION

SUPPLEMENTAL CASH FLOW INFORMATION

12.SUPPLEMENTAL CASH FLOW INFORMATION

Changes in working capital for the years ended December 31, 2017, 2016 and 2015 are as follows:

	December 31, 2017		December 31, 2016		December 31, 2015
(Increase) decrease in accounts receivables and current assets	(162	)	36		(9	)
Increase (decrease) in prepaid expenses	46		(73	)	21
Increase (decrease) in trade payables and accrued liabilities	21		(15	)	(180	)
Total changes in working capital	(95	)	(52	)	(168	)

During the year ended December 31, 2017, the Company:

i)transferred $301 from reserve to deficit;

ii)recorded $39 in fair value of options to share issuance costs;

iii)recorded $2,080 in fair value of agent’s warrants to share issuance costs; and

iv)recorded $767 in accrued exploration and evaluation expenditures.

During the year ended December 31, 2016, the Company:

i)recorded $265 to reserves, which was subsequently reallocated to share capital and amortized as interest expense over the term of the Loan;

ii)transferred $2,725 from reserve to deficit;

iii)recorded $48 in fair value of agent’s warrants to share issuance costs; and

iv)recorded $34 in accrued exploration and evaluation expenditures.

During the year ended December 31, 2015, the Company:

i)transferred $284 from reserve to deficit; and

ii)recorded $86 in accrued exploration and evaluation expenditures.

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COMMITMENTS AND CONTINGENCIES

12 Months Ended

Dec. 31, 2017

COMMITMENTS AND CONTINGENCIES

COMMITMENTS AND CONTINGENCIES

13.COMMITMENTS AND CONTINGENCIES

The Company has certain commitments to meet the minimum expenditures requirements on its mineral exploration assets it has interest in.

Effective July 1, 2014, the Company had changes to management and entered into the following agreements for services with directors of the Company and a company in which a director has an interest:

i)Management fees: $27 per month effective December 2014.

ii)Directors’ fees: $2 stipend per month for independent directors and $3 stipend per month for the chairman of the board.

Each of the agreements shall be continuous and may only be terminated by mutual agreement of the parties, subject to the provisions that in the event there is a change of effective control of the Company, the party shall have the right to terminate the agreement, within sixty days from the date of such change of effective control, upon written notice to the Company. Within thirty days from the date of delivery of such notice, the Company shall forward to the party the amount of money due and owing to the party hereunder to the extent accrued to the effective date of termination.

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RISK MANAGEMENT

12 Months Ended

Dec. 31, 2017

RISK MANAGEMENT

RISK MANAGEMENT

14.RISK MANAGEMENT

The Company’s exposure to market risk includes, but is not limited to, the following risks:

Interest Rate Risk

Interest rate risk is the risk that the future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Convertible Debentures with Sentient no longer bear interest and therefore are not subject to changes in interest payments. The short term investments are held at highly-rated financial institutions and earn guaranteed fixed interest rate and thus are not subject to significant changes in interest payments.

Foreign Currency Exchange Rate Risk

Currency risk is risk that the fair value of future cash flows will fluctuate because of changes in foreign currency exchange rates.  In addition, the value of cash and cash equivalents and other financial assets and liabilities denominated in foreign currencies can fluctuate with changes in currency exchange rates.

The Company operates in Canada and Greenland and undertakes transactions denominated in foreign currencies such as United States dollar, Euros and Danish Krones, and consequently is exposed to exchange rate risks.  Exchange risks are managed by matching levels of foreign currency balances and related obligations and by maintaining operating cash accounts in non-Canadian dollar currencies.  The rate published by the Bank of Canada at the close of business on December 31, 2017 was 1.2550 USD to CAD, 0.6649 EUR to CAD and 0.2018 DKK to CAD.

The Company’s Canadian dollar equivalent of financial assets and liabilities that are denominated in Danish Krones consist of accounts payable of $571 (2016 - $23) and $56 in USD currency (2016 - $Nil).

Credit Risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The credit risk is primarily associated with liquid financial assets. The Company limits exposure to credit risk on liquid financial assets by holding cash and cash equivalents and short term investments at highly-rated financial institutions.

Price Risk

The Company is exposed to price risk with respect to commodity prices. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. To mitigate price risk, the Company closely monitors commodity prices of precious metals and the stock market to determine the appropriate course of action to be taken by the Company.

Liquidity Risk

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset.  The Company manages the liquidity risk inherent in these financial obligations by regularly monitoring actual cash flows to annual budget which forecast cash needs and expected cash availability to meet future obligations.  The financing transactions completed during the year ended December 31, 2017 improved the liquidity position of the Company.

The Company will defer discretionary expenditures, as required, in order to manage and conserve cash required for current liabilities.

The following table shows the Company’s contractual obligations as at December 31, 2017:

As at December 31, 2017	Less than 1 year	1 - 2 years	2 - 5 years	Total
Trade and accrued liabilities	969	—	—	969
	969	—	—	969

Capital Risk Management

The Company manages its capital to ensure that it will be able to continue as a going concern, so that adequate funds are available or are scheduled to be raised to carry out the Company’s exploration program and to meet its ongoing administrative and operating costs and obligations. This is achieved by the Board of Directors’ review and ultimate approval of budgets that are achievable within existing resources, and the timely matching and release of the next stage of expenditures with the resources made available from capital raisings and debt funding from related or other parties.  In doing so, the Company may issue new shares, restructure or issue new debt.

The Company is not subject to any externally imposed capital requirements imposed by a regulator or a lending institution.

In the management of capital, the Company includes the components of equity, loans and borrowings, other current liabilities, net of cash and cash equivalents.

	As at December 31,
	2017		2016
Equity	52,728		41,701
Current liabilities	969		181
	53,697		41,882
Cash and cash equivalents	(398	)	(630	)
Short term investments	(2,500	)	(2,700	)
	50,799		38,552

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FINANCIAL INSTRUMENTS

12 Months Ended

Dec. 31, 2017

FINANCIAL INSTRUMENTS

FINANCIAL INSTRUMENTS

15.FINANCIAL INSTRUMENTS

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.  The fair value hierarchy establishes six levels to classify the inputs to valuation techniques used to measure the fair value.

The six levels of the fair value hierarchy are:

Level 1 — Unadjusted quoted prices in active markets for identical assets or liabilities

Level 2 — Inputs other than quoted prices that are observable either directly or indirectly

Level 3 — Inputs that are not based on observable market data

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SEGMENTED INFORMATION

12 Months Ended

Dec. 31, 2017

SEGMENTED INFORMATION

SEGMENTED INFORMATION

16.SEGMENTED INFORMATION

The Company operates in one reportable operating segment being that of the acquisition, exploration and development of mineral properties in three geographic segments being Canada, Greenland and United States (Note 7).  The Company’s geographic segments are as follows:

	December 31, 2017	December 31, 2016
Equipment
Canada	19	39
Greenland	30	15
Total	49	54

	December 31, 2017	December 31, 2016
Exploration and evaluation assets
Canada	1,817	1,732
Greenland	48,671	36,607
United States	6	3
Total	50,494	38,342

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INCOME TAXES

12 Months Ended

Dec. 31, 2017

INCOME TAXES

INCOME TAXES

17.INCOME TAXES

A reconciliation of the expected income tax recovery to the actual income tax recovery is as follows:

	Year ended December 31, 2017			Year ended December 31, 2016
Net loss	$	(2,879	)	$	(2,877	)
Statutory tax rate	26.0		%	26.0		%
Expected income tax recovery at the statutory tax rate	(749		)	(748		)
Permanent differences and other	(2		)	(80		)
Change in valuation allowance	751			828
Net deferred Income tax recovery	$	—		$	—

The significant components of the Company’s deferred income tax assets and liabilities are as follows:

	December 31, 2017			December 31, 2016
Exploration and evaluation assets	$	18		$	14
Loss carry-forwards	3,048			2,366
Share issuance costs	237			175
Cumulative eligible capital	32			32
Equipment	93			91
	3,428			2,678
Valuation allowance	(3,428		)	(2,678		)
Net deferred tax asset	$	—		$	—

The tax pools relating to these deductible temporary differences expire as follows:

	Canadian non-capital losses		Canadian net-capital losses		Canadian resource pools		Canadian share issue costs
2030	$	696	$	—	$	—	$	—
2031	517		—		—		—
2032	645		—		—		—
2033	847		—		—		—
2034	1,484		—		—		—
2035	2,141		—		—		—
2036	2,712		—		—		—
2037	2,622
No expiry	—		57		50,575		912
	$	11,664	$	57	$	50,575	$	912

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SUBSEQUENT EVENT

12 Months Ended

Dec. 31, 2017

SUBSEQUENT EVENT

SUBSEQUENT EVENT

18.SUBSEQUENT EVENT

The Company entered into agreements to complete a non-brokered private placement of up to 233,333,333 units at a price of $0.075 cents unit for gross proceeds of $17.5 million. Each unit will consist of one common share and one-half of one common share purchase warrant of the Company. Each warrant will entitle the holder to acquire one common share of the Company at $0.12 on the date that is 24 months following its issuance date.

On April 19, 2018, the Company announced closing of the non-brokered private placement and raised an aggregate gross proceeds of $17.5 million through the issuance of 233,333,333 units at a price of $0.075 per unit.

On March 1, 2018, the Company granted incentive stock options to certain directors, officers, employees and consultants of the Company to purchase up to 5,725,000 common shares in the capital of the Company.  All options are exercisable for a period of five years at an exercise price of $0.12 per share.

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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Policies)

12 Months Ended

Dec. 31, 2017

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

Statement of Compliance

      (a)    Statement of Compliance

The Company’s consolidated financial statements were prepared in accordance with International Financial Reporting Standards (“IFRS”).

Basis of Preparation

(b)Basis of Preparation

These consolidated financial statements have been prepared under the historical cost convention, modified by the revaluation of any financial assets and financial liabilities where applicable. The preparation of financial statements in conformity with IFRS requires the use of certain critical accounting estimates.  It also requires management to exercise judgment in the process of applying the Company’s accounting policies.  These areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements, are disclosed in Note 3.

Basis of consolidation

(c) Basis of consolidation

These consolidated financial statements include the financial statements of the Company and its wholly-owned subsidiary, North American Nickel (US) Inc. which was incorporated in the State of Delaware on May 22, 2015. Consolidation is required when the Company is exposed, or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee.  All intercompany transactions, balances, income and expenses are eliminated upon consolidation.

Foreign currency translation

(d) Foreign currency translation

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the period-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Non-monetary items measured at fair value are reported at the exchange rate at the date when fair values were determined.

Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss in the statement of comprehensive loss in the period in which they arise, except where deferred in equity as a qualifying cash flow or net investment hedge.

Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income in the statement of comprehensive loss to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income. Where the non-monetary gain or loss is recognized in profit or loss, the exchange component is also recognized in profit or loss.

Exploration and evaluation assets

(e) Exploration and evaluation assets

Exploration and evaluation assets include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are initially capitalized. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in profit or loss.

Government tax credits received are generally recorded as a reduction to the cumulative costs incurred and capitalized on the related property.

Exploration and evaluation assets are assessed for impairment if (i) sufficient data exists to determine technical feasibility and commercial viability, and (ii) facts, events and circumstances suggest that the carrying amount exceeds the recoverable amount.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within equipment.

Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

The Company may occasionally enter into farm-out arrangements, whereby it will transfer part of an interest, as consideration, for an agreement by the farmee to meet certain exploration and evaluation expenditures which would have otherwise been undertaken by the Company. The Company does not record any expenditures made by the farmee on its behalf. Any cash consideration received from the agreement is credited against the costs previously capitalized to the mineral interest given up by the Company, with any excess consideration accounted for in profit.

When a project is deemed to no longer have commercially viable prospects to the Company, exploration and evaluation expenditures in respect of that project are deemed to be impaired. As a result, those exploration and evaluation expenditure costs, in excess of estimated recoveries, are written off to the statement of comprehensive loss/income.

Restoration and environmental obligations

(f) Restoration and environmental obligations

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to exploration and evaluation assets along with a corresponding increase in the restoration provision in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The restoration asset will be depreciated on the same basis as other mining assets.

The Company’s estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to exploration and evaluation assets with a corresponding entry to the restoration provision. The Company’s estimates are reviewed annually for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates.

Changes in the net present value, excluding changes in the Company’s estimates of reclamation costs, are charged to profit and loss for the period.

The costs of restoration projects included in the provision are recorded against the provision as incurred. The costs to prevent and control environmental impacts at specific properties are capitalized in accordance with the Company’s accounting policy for exploration and evaluation assets.

Impairment of assets

(g) Impairment of assets

Impairment tests on intangible assets with indefinite useful economic lives are undertaken annually at the financial year-end. Other non-financial assets, including exploration and evaluation assets, are subject to impairment tests whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly.

Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset’s cash-generating unit, which is the lowest group of assets in which the asset belongs and for which there are separately identifiable cash inflows that are largely independent of the cash inflows from other assets.

An impairment loss is charged to the profit or loss, except to the extent the loss reverses gains previously recognized in other comprehensive loss/income.

Financial instruments

(h) Financial instruments

The Company classifies its financial instruments in the following categories: at fair value through profit or loss, loans and receivables, held-to-maturity investments, available-for-sale and financial liabilities. The classification depends on the purpose for which the financial instruments were acquired. Management determines the classification of its financial instruments at initial recognition.

Financial assets are classified at fair value through profit or loss when they are either held for trading for the purpose of short-term profit taking, derivatives not held for hedging purposes, or when they are designated as such to avoid an accounting mismatch or to enable performance evaluation where a group of financial assets is managed by key management personnel on a fair value basis in accordance with a documented risk management or investment strategy. Such assets are subsequently measured at fair value with changes in carrying value being included in profit or loss.

The Company has classified cash, short-term investments and receivables as loans and receivables.  Loans and receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market and are subsequently measured at amortized cost. They are included in current assets, except for maturities greater than 12 months after the end of the reporting period. These are classified as non-current assets.

Held-to-maturity investments are non-derivative financial assets that have fixed maturities and fixed or determinable payments, and it is the Company’s intention to hold these investments to maturity. They are subsequently measured at amortized cost. Held-to-maturity investments are included in non-current assets, except for those which are expected to mature within 12 months after the end of the reporting period.

Available-for-sale financial assets are non-derivative financial assets that are designated as available-for-sale or are not suitable to be classified as financial assets at fair value through profit or loss, loans and receivables or held-to-maturity investments and are subsequently measured at fair value. These are included in current assets. Unrealized gains and losses are recognized in other comprehensive income, except for impairment losses and foreign exchange gains and losses.

The Company has classified its trade payables as other financial liabilities.  Subsequent to initial recognition, trades payable are measured at amortized cost using the effective interest rate method.

Regular purchases and sales of financial assets are recognized on the trade-date — the date on which the Company commits to purchase the asset.

Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred and the Company has transferred substantially all risks and rewards of ownership.

At each reporting date, the Company assesses whether there is objective evidence that a financial instrument has been impaired.  In the case of available-for-sale financial instruments, a significant and prolonged decline in the value of the instrument is considered to determine whether an impairment has arisen.

Loss per share

(i) Loss per share

The Company uses the treasury stock method to compute the dilutive effect of options, warrants and similar instruments. Under this method, the dilutive effect on loss per common share is recognized on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds would be used to purchase common shares at the average market price during the period.

Basic loss per common share is calculated using the weighted average number of common shares outstanding during the period and does not include outstanding options and warrants. Dilutive loss per common share is not presented differently from basic loss per share as the conversion of outstanding stock options and warrants into common shares would be anti-dilutive.

Income taxes

(j) Income taxes

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in net income except to the extent that it arises in a business combination, or from items recognized directly in equity or other comprehensive loss/income.

Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date, in the countries where the Company operates and generates taxable income.

Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in profit or loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate.

Deferred income tax is provided using the asset and liability method of temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes.

The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable profit will be available to allow all or part of the deferred income tax asset to be utilized.

Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Deferred income tax assets and deferred income tax liabilities are offset, only if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority.

Share-based payments

(k) Share-based payments

Where equity-settled share options are awarded to employees, the fair value of the options at the date of grant is recognized over the vesting period. Performance vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether these non-vesting and market vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied.

Where the terms and conditions of options are modified, the increase in the fair value of the options, measured immediately before and after the modification, is also recognized over the remaining vesting period.

Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received. Amounts related to the issuance of shares are recorded as a reduction of share capital.

When the value of goods and services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for the effects of non-transferability, exercise restrictions, and behavioural considerations.

All equity-settled share-based payments are reflected in share-based payments reserve, until exercised. Upon exercise shares are issued from treasury and the amount reflected in share-based payments reserve is credited to share capital along with any consideration paid.

Share capital

(l) Share capital

The Company’s common shares, preferred shares and share warrants shares are classified as equity instruments.

Incremental costs directly attributable to the issue of new shares or options are shown in equity as a deduction from the proceeds.

Proceeds received on the issuance of units, consisting of common shares and warrants are allocated to share capital.

Equipment

(m) Equipment

Equipment is stated at historical cost less accumulated depreciation and accumulated impairment losses.

Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of a significant replaced part is derecognized. All other repairs and maintenance are charged to the statement of income and comprehensive income during the financial period in which they are incurred. Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognized in profit or loss.

Depreciation and amortization are calculated on a straight-line method to charge the cost, less residual value, of the assets to their residual values over their estimated useful lives. The depreciation and amortization rate applicable to each category of equipment is as follows:

Equipment	Depreciation rate
Exploration equipment	20	%
Computer software	50	%
Computer equipment	55	%

New standards adopted during the year ended December 31, 2017

New standards adopted during the year ended December 31, 2017:

IAS 7 “Statement of Cash Flows”

Disclosures related to financing activities were amended to require disclosures about changes in liabilities arising from financing activities, including both changes arising from cash flows and non-cash changes. This amendment is effective for years beginning on or after January 1, 2017. The adoption of these amendments did not result in any impact to the Company’s financial statements.

IAS 12 “Income Taxes”

Deferred tax was amended to clarify (i) the requirements for recognizing deferred tax assets on unrealized losses; (ii) deferred tax where an asset is measured at a fair value below the asset’s tax base, and (iii) certain other aspects of accounting for deferred tax assets. This amendment is effective for years beginning on or after January 1, 2017. The Company has not yet assessed the impact of this standard.  The adoption of these amendments did not result in any impact to the Company’s financial statements.

Standards, Interpretations and Amendments Not Yet Effective

Standards, Interpretations and Amendments Not Yet Effective:

IFRS 9 “Financial Instruments” (IFRS 9)

IFRS 9 addresses classification and measurement of financial assets. It replaces the multiple category and measurement models in IAS 39 for debt instruments with a new mixed measurement model having only two categories: amortized cost and fair value through profit and loss. IFRS 9 also replaces the models for measuring equity instruments. Such instruments are either recognized at fair value through profit or loss or at fair value through other comprehensive income. Where equity instruments are measured at fair value through other comprehensive income, dividends are recognized in the statement of earnings to the extent that they do not clearly represent a return of investment; however, other gains and losses (including impairments) associated with such instruments remain in accumulated comprehensive income indefinitely. Requirements for financial liabilities were added to IFRS 9 in October 2010 and they largely carried forward existing requirements in IAS 39 except that fair value changes due to credit risk for liabilities designated at fair value through profit and loss are generally recorded in other comprehensive income. This standard is effective for annual periods beginning on or after January 1, 2018. The Company has not yet assessed the impact of this standard.

IFRS 15 “Revenue from Contracts with Customers”

IFRS 15 was issued in May 2014 to replace IAS 18, Revenue, IAS 11, Construction Contracts, and related interpretations on revenue.  IFRS 15 establishes principles to address the nature, amount, timing and uncertainty of revenue and cash flows arising from an entity’s contracts with customers.  IFRS 15 will also result in enhanced disclosures about revenue, provide guidance for transactions that were not previously addressed comprehensively and improve guidance for multiple element arrangements.  Companies can elect to use either a full or modified retrospective approach when adopting this standard and it is effective for annual periods beginning on or after January 1, 2018.  The Company has not yet assessed the impact of this standard.

IFRS 16 “Leases”

IFRS 16 replaces current guidance in IAS 17.  Under IAS 17, lessees were required to make a distinction between a finance lease (on the balance sheet) and an operating lease (off balance sheet).  IFRS 16 now requires lessees to recognize a lease liability reflecting future lease payments and a “right-of-use asset” for virtually all lease contracts.  The IASB has included an optional exemption for certain short-term leases and leases of low value assets, however this exemption can only be applied by lessees.  The standard applies to annual periods beginning on or after January 1, 2019, with earlier application permitted if IFRS 15, Revenue from Contracts with Customers, is also applied.  The Company has not yet assessed the impact of this standard.

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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2017

BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES

Schedule of depreciation and amortization

Equipment	Depreciation rate
Exploration equipment	20	%
Computer software	50	%
Computer equipment	55	%

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RECEIVABLES AND OTHER CURRENT ASSETS (Tables)

12 Months Ended

Dec. 31, 2017

RECEIVABLES AND OTHER CURRENT ASSETS

Schedule of receivables and other current assets

	December 31, 2017	December 31, 2016
Sales taxes receivable	143	17
Interest receivable	16	9
Other current assets	83	116
	242	142

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PROPERTY, PLANT AND EQUIPMENT (Tables)

12 Months Ended

Dec. 31, 2017

PROPERTY, PLANT AND EQUIPMENT

Summary of Property, Plant And Equipment

	Exploration Equipment	Computer Equipment	Computer Software	Total
Cost
Balance – December 31, 2015	47	7	136	190
Additions	—	3	—	3
Balance – December 31, 2016	47	10	136	193
Additions	20	—	—	20
Balance – December 31, 2017	67	10	136	213
Accumulated Depreciation
Balance – December 31, 2015	28	4	65	97
Depreciation	4	3	35	42
Balance – December 31, 2016	32	7	100	139
Depreciation	6	1	18	25
Balance – December 31, 2017	38	8	118	164
Carrying Amount
As at December 31, 2015	19	3	71	93
As at December 31, 2016	15	3	36	54
As at December 31, 2017	29	2	18	49

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EXPLORATION AND EVALUATION ASSETS (Tables)

12 Months Ended

Dec. 31, 2017

EXPLORATION AND EVALUATION ASSETS

Schedule of exploration and evaluation assets

	Canada		US	Greenland
	Post Creek Property	Halcyon Property	Section 35 Property	Maniitsoq Property		Total
Acquisition
Balance, December 31, 2016	268	206	3	20		497
Acquisition costs – cash	10	8	3	16		37
Balance, December 31, 2017	278	214	6	36		534
Exploration
Balance, December 31, 2016	1,085	173	—	36,587		37,845
Administration	2	—	—	516		518
Camp operations	—	—	—	3,004		3,004
Corporate social responsibility	—	—	—	37		37
Drilling expenses	—	—	—	3,337		3,337
Environment, health and safety	—	—	—	99		99
Geology	48	14	—	691		753
Geophysics	2	—	—	1,014		1,016
Infrastructure	—	—	—	255		255
Helicopter charter aircraft	—	—	—	3,058		3,058
Property maintenance	—	—	—	7		7
Technical studies	1	—	—	30		31
	53	14	—	12,048		12,115
Balance, December 31, 2017	1,138	187	—	48,635		49,960
Total, December 31, 2017	1,416	401	6	48,671		50,494
	Canada		US	Greenland
	Post Creek Property	Halcyon Property	Section 35 Property	Maniitsoq Property		Total
Acquisition
Balance, December 31, 2015	258	198	—	11		467
Acquisition costs – cash	10	8	3	9		30
Balance, December 31, 2016	268	206	3	20		497
Exploration
Balance, December 31, 2015	1,005	148	—	28,083		29,236
Administration	—	—	—	132		132
Corporate social responsibility	—	—	—	63		63
Drilling expenses	1	—	—	1,799		1,800
Environment, health and safety	—	—	—	2		2
Camp operations	—	—	—	2,160		2,160
Helicopter charter aircraft	—	—	—	2,472		2,472
Geology	78	25	—	858		961
Geophysics	—	—	—	954		954
Remote sensing	—	—	—	68		68
Technical studies (recovery)	1	—	—	(4	)	(3	)
	80	25	—	8,504		8,609
Balance, December 31,2016	1,085	173	—	36,587		37,845
Total, December 31, 2016	1,353	379	3	36,607		38,342

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TRADE PAYABLES AND ACCRUED LIABILITIES (Tables)

12 Months Ended

Dec. 31, 2017

TRADE PAYABLES AND ACCRUED LIABILITIES

Summary of trade payables and accrued liabilities

	December 31, 2017	December 31, 2016
Trade payables	813	133
Amounts due to related parties (Note 11)	42	2
Accrued liabilities	114	46
	969	181

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SHARE CAPITAL, WARRANTS AND OPTIONS (Tables)

12 Months Ended

Dec. 31, 2017

SHARE CAPITAL, WARRANTS AND OPTIONS

Schedule of number and weighted average exercise prices of warrants

	December 31, 2017			December 31, 2016			December 31, 2015
	Number Outstanding		Weighted Average Exercise Price ($)	Number Outstanding		Weighted Average Exercise Price ($)	Number Outstanding		Weighted Average Exercise Price ($)
Outstanding, beginning of year	95,982,036		0.15	27,738,344		0.49	25,137,030		0.47
Issued	94,971,721		0.12	81,203,692		0.12	14,778,344		0.12
Cancelled / Expired	(14,778,344	)	0.30	(12,960,000	)	0.71	(4,715,282	)	0.21
Exercised	—		—	—		—	(7,461,748	)	0.21
Outstanding, end of year	176,175,413		0.12	95,982,036		0.15	27,738,344		0.49

Schedule of number and weighted average remaining contractual life of outstanding warrants

Warrants Outstanding	Expiry Date	Exercise Price ($)	Weighted Average remaining contractual life (years)
46,334,451	Jul 21, 20181	0.12	0.15
1,203,695	Jul 21, 2018	0.075	0.00
33,665,546	Sep 12, 20181	0.12	0.13
72,515,414	June 8, 2019	0.12	0.59
1,965,083	June 8, 2019	0.075	0.02
20,491,224	August 15, 2019	0.12	0.19
176,175,413			1.08

1  The warrants are subject to an acceleration clause such that if the volume-weighted average trading price of the Company’s common shares on the TSX-V exceeds $0.18 per common share for a period of 10 consecutive trading days at any date before the expiration date of such warrants, the Company may, at its option, accelerate the warrant expiry date to within 30 days. To December 31, 2017, the Company’s common shares have not met the criterion for acceleration.

Schedule of number and weighted average exercise prices of share options

	December 31, 2017			December 31, 2016			December 31, 2015
	Number Outstanding		Weighted Average Exercise Price	Number Outstanding		Weighted Average Exercise Price	Number Outstanding		Weighted Average Exercise Price
Outstanding, beginning of year	12,823,000		0.30	9,872,500		0.37	12,548,000		0.31
Issued	9,137,500		0.12	6,058,000		0.21	1,350,000		0.25
Cancelled / Expired	(1,240,000	)	0.24	(3,107,500	)	0.34	(2,876,500	)	0.11
Exercised	—		—	—		—	(1,149,000	)	0.10
Outstanding, end of year	20,720,500		0.23	12,823,000		0.30	9,872,500		0.37

Schedule of inputs to option pricing model

	December 31, 2017	December 31, 2016	December 31, 2015
Expected dividend yield	0%	0%	0%
Expected share price volatility	66.6% - 100.6%	111% - 113%	157.9% - 170.5%
Risk free interest rate	1.17% – 1.80%	0.68% – 0.79%	0.64% - 0.79%
Expected life of options	5 years	5 years	5years

Schedule of number and weighted average remaining contractual life of outstanding share options

Options Outstanding	Options Exercisable	Expiry Date		Exercise Price ($)	Weighted average remaining contractual life (years)
150,000	150,000	Jan 15, 2018	*	0.15	0.00
200,000	200,000	Apr 22, 2018		0.15	0.00
150,000	150,000	Jul 29, 2018		0.20	0.00
200,000	200,000	Sep 30, 2018		0.37	0.01
2,440,000	2,440,000	Jul 9, 2019		0.62	0.18
200,000	200,000	Aug 27, 2019		0.37	0.02
100,000	100,000	Sep 26, 2019		0.26	0.01
350,000	350,000	Nov 5, 2019		0.21	0.03
1,000,000	1,000,000	Dec 19, 2019		0.22	0.09
900,000	900,000	Feb 3, 2020		0.275	0.09
450,000	450,000	Oct 5, 2020		0.20	0.06
5,443,000	5,443,000	Jan 28, 2021		0.21	0.81
8,137,500	8,137,500	Feb 21, 2022		0.12	1.63
1,000,000	1,000,000	Dec 20, 2022		0.12	0.24
20,720,500	20,720,500				3.17

*  Subsequently expired, unexercised.

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RELATED PARTY TRANSACTIONS (Tables)

12 Months Ended

Dec. 31, 2017

RELATED PARTY TRANSACTIONS

Schedule of amounts due to related parties, included in trade payables and accrued liabilities

	December 31, 2017	December 31, 2016
Directors and officers of the Company	42	2
Total	42	2

Schedule of key management compensation

	December 31, 2017	December 31, 2016	December 31, 2015
Geological consulting fees – expensed	35	6	72
Geological consulting fees – capitalized	178	44	94
Management fees – expensed	749	756	547
Salaries – expensed	128	103	77
Share-based payments	358	186	36
Total	1,448	1,095	826

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SUPPLEMENTAL CASH FLOW INFORMATION (Tables)

12 Months Ended

Dec. 31, 2017

SUPPLEMENTAL CASH FLOW INFORMATION

Schedule of changes in working capital

	December 31, 2017		December 31, 2016		December 31, 2015
(Increase) decrease in accounts receivables and current assets	(162	)	36		(9	)
Increase (decrease) in prepaid expenses	46		(73	)	21
Increase (decrease) in trade payables and accrued liabilities	21		(15	)	(180	)
Total changes in working capital	(95	)	(52	)	(168	)

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RISK MANAGEMENT (TABLES)

12 Months Ended

Dec. 31, 2017

RISK MANAGEMENT

Schedule of contractual obligations

As at December 31, 2017	Less than 1 year	1 - 2 years	2 - 5 years	Total
Trade and accrued liabilities	969	—	—	969
	969	—	—	969

Components of equity, loans and borrowings, and other current liabilities, net of cash and cash equivalents

	As at December 31,
	2017		2016
Equity	52,728		41,701
Current liabilities	969		181
	53,697		41,882
Cash and cash equivalents	(398	)	(630	)
Short term investments	(2,500	)	(2,700	)
	50,799		38,552

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SEGMENTED INFORMATION (Tables)

12 Months Ended

Dec. 31, 2017

SEGMENTED INFORMATION

Schedule of geographic segments

	December 31, 2017	December 31, 2016
Equipment
Canada	19	39
Greenland	30	15
Total	49	54

	December 31, 2017	December 31, 2016
Exploration and evaluation assets
Canada	1,817	1,732
Greenland	48,671	36,607
United States	6	3
Total	50,494	38,342

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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

INCOME TAXES

Schedule of reconciliation of the expected income tax recovery to the actual income tax recovery

	Year ended December 31, 2017			Year ended December 31, 2016
Net loss	$	(2,879	)	$	(2,877	)
Statutory tax rate	26.0		%	26.0		%
Expected income tax recovery at the statutory tax rate	(749		)	(748		)
Permanent differences and other	(2		)	(80		)
Change in valuation allowance	751			828
Net deferred Income tax recovery	$	—		$	—

Schedule of significant components of the Company's deferred income tax assets and liabilities

	December 31, 2017			December 31, 2016
Exploration and evaluation assets	$	18		$	14
Loss carry-forwards	3,048			2,366
Share issuance costs	237			175
Cumulative eligible capital	32			32
Equipment	93			91
	3,428			2,678
Valuation allowance	(3,428		)	(2,678		)
Net deferred tax asset	$	—		$	—

Schedule of tax pools relating to the deductible temporary differences and their expirations

	Canadian non-capital losses		Canadian net-capital losses		Canadian resource pools		Canadian share issue costs
2030	$	696	$	—	$	—	$	—
2031	517		—		—		—
2032	645		—		—		—
2033	847		—		—		—
2034	1,484		—		—		—
2035	2,141		—		—		—
2036	2,712		—		—		—
2037	2,622
No expiry	—		57		50,575		912
	$	11,664	$	57	$	50,575	$	912

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BASIS OF PREPARATION AND SIGNIFICANT ACCOUNTING POLICIES - Depreciation and amortization rates (Details)	12 Months Ended
	Dec. 31, 2017
Exploration equipment
Equipment
Depreciation and amortization rate (as a percent)	20.00%
Computer Software
Equipment
Depreciation and amortization rate (as a percent)	50.00%
Computer Equipment
Equipment
Depreciation and amortization rate (as a percent)	55.00%

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CRITICAL ACCOUNTING JUDGEMENTS, ESTIMATES AND ASSUMPTIONS (Details) - CAD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
CRITICAL ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS
Exploration and evaluation assets	$ 50,494	$ 38,342

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SHORT-TERM INVESTMENTS (Details)	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
SHORT-TERM INVESTMENTS
Annual interest rate (as a percent)	1.10%
Minimum
SHORT-TERM INVESTMENTS
Annual interest rate (as a percent)		1.10%
Maximum
SHORT-TERM INVESTMENTS
Annual interest rate (as a percent)		1.20%

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RECEIVABLES AND OTHER CURRENT ASSETS (Details) - CAD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
RECEIVABLES AND OTHER CURRENT ASSETS
Sales taxes receivable	$ 143	$ 17
Interest receivable	16	9
Other current assets	83	116
Total	$ 242	$ 142

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PROPERTY, PLANT AND EQUIPMENT (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	$ 54	$ 93
Property, plant and equipment at end of period	49	54
Exploration Equipment
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	15	19
Property, plant and equipment at end of period	29	15
Computer Equipment
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	3	3
Property, plant and equipment at end of period	2	3
Computer Software
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	36	71
Property, plant and equipment at end of period	18	36
Cost
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	193	190
Additions	20	3
Property, plant and equipment at end of period	213	193
Cost | Exploration Equipment
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	47	47
Additions	20
Property, plant and equipment at end of period	67	47
Cost | Computer Equipment
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	10	7
Additions		3
Property, plant and equipment at end of period	10	10
Cost | Computer Software
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	136	136
Property, plant and equipment at end of period	136	136
Accumulated Depreciation
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	139	97
Depreciation	25	42
Property, plant and equipment at end of period	164	139
Accumulated Depreciation | Exploration Equipment
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	32	28
Depreciation	6	4
Property, plant and equipment at end of period	38	32
Accumulated Depreciation | Computer Equipment
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	7	4
Depreciation	1	3
Property, plant and equipment at end of period	8	7
Accumulated Depreciation | Computer Software
Changes in property, plant and equipment
Property, plant and equipment at beginning of period	100	65
Depreciation	18	35
Property, plant and equipment at end of period	$ 118	$ 100

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EXPLORATION AND EVALUATION ASSETS (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Exploration and evaluation assets [member]
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	$ 38,342
Balance at the end of the year	50,494	$ 38,342
Exploration and evaluation assets arising from acquisition
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	497	467
Acquisition costs - cash	37	30
Balance at the end of the year	534	497
Exploration and evaluation assets arising from exploration
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	37,845	29,236
Administration	518	132
Camp operations	3,004	2,160
Corporate social responsibility	37	63
Drilling expenses	3,337	1,800
Environment, health and safety	99	2
Geology	753	961
Geophysics	1,016	954
Infrastructure	255
Helicopter charter aircraft	3,058	2,472
Property maintenance	7
Remote sensing		68
Technical studies (recovery)	31	(3)
Increase in exploration and evaluation assets	12,115	8,609
Balance at the end of the year	49,960	37,845
Canada | Exploration and evaluation assets [member] | Post Creek Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	1,353
Balance at the end of the year	1,416	1,353
Canada | Exploration and evaluation assets [member] | Halcyon Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	379
Balance at the end of the year	401	379
Canada | Exploration and evaluation assets arising from acquisition | Post Creek Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	268	258
Acquisition costs - cash	10	10
Balance at the end of the year	278	268
Canada | Exploration and evaluation assets arising from acquisition | Halcyon Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	206	198
Acquisition costs - cash	8	8
Balance at the end of the year	214	206
Canada | Exploration and evaluation assets arising from exploration | Post Creek Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	1,085	1,005
Administration	2
Drilling expenses		1
Geology	48	78
Geophysics	2
Technical studies (recovery)	1	1
Increase in exploration and evaluation assets	53	80
Balance at the end of the year	1,138	1,085
Canada | Exploration and evaluation assets arising from exploration | Halcyon Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	173	148
Geology	14	25
Increase in exploration and evaluation assets	14	25
Balance at the end of the year	187	173
United States | Exploration and evaluation assets [member] | Section 35 Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	3
Balance at the end of the year	6	3
United States | Exploration and evaluation assets arising from acquisition | Section 35 Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	3
Acquisition costs - cash	3	3
Balance at the end of the year	6	3
Greenland | Exploration and evaluation assets [member] | Maniitsoq Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	36,607
Balance at the end of the year	48,671	36,607
Greenland | Exploration and evaluation assets arising from acquisition | Maniitsoq Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	20	11
Acquisition costs - cash	16	9
Balance at the end of the year	36	20
Greenland | Exploration and evaluation assets arising from exploration | Maniitsoq Property
Disclosure of exploration and evaluation assets
Balance at the beginning of the year	36,587	28,083
Administration	516	132
Camp operations	3,004	2,160
Corporate social responsibility	37	63
Drilling expenses	3,337	1,799
Environment, health and safety	99	2
Geology	691	858
Geophysics	1,014	954
Infrastructure	255
Helicopter charter aircraft	3,058	2,472
Property maintenance	7
Remote sensing		68
Technical studies (recovery)	30	(4)
Increase in exploration and evaluation assets	12,048	8,504
Balance at the end of the year	$ 48,635	$ 36,587

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EXPLORATION AND EVALUATION ASSETS - Exploration and evaluation assets and the related spending commitments (Details) kr in Thousands, $ in Thousands, $ in Thousands							12 Months Ended						60 Months Ended
	Apr. 11, 2016	Jan. 04, 2016 USD ($) a $ / a	Mar. 04, 2012 DKK (kr)	Mar. 04, 2012 CAD ($)	Aug. 15, 2011 DKK (kr)	Aug. 15, 2011 CAD ($)	Dec. 31, 2017 DKK (kr)	Dec. 31, 2017 CAD ($)	Dec. 31, 2016 DKK (kr)	Dec. 31, 2016 CAD ($)	Dec. 31, 2015 DKK (kr)	Dec. 31, 2015 CAD ($)	Dec. 31, 2015 CAD ($)	Jan. 04, 2016 CAD ($) a $ / a	Dec. 31, 2015 CAD ($)	Apr. 05, 2010
Disclosure of exploration and evaluation assets
Reclamation deposit								$ 14		$ 14
Post Creek Property
Disclosure of exploration and evaluation assets
Percentage of interest in property to be acquired on basis of option agreement																100.00%
Advances payable annually on net smelter return royalties								10		10					$ 10
Exploration and license related expenditures								53		80
Halcyon Property
Disclosure of exploration and evaluation assets
Advances payable annually on net smelter return royalties								8		8					$ 8
Exploration and license related expenditures								14		25
Section 35 Property
Disclosure of exploration and evaluation assets
Exploration and license related expenditures								3		3
Length of metallic minerals lease		10 years
Area covered by metallic minerals lease | a		320												320
Reclamation deposit		$ 10,000												$ 14
Maniitsoq Property
Disclosure of exploration and evaluation assets
Exploration and license related expenditures								$ 12,064		8,513
Percentage of net smelter return royalties							2.50%	2.50%
Percentage of net smelter return royalties after reduction							1.00%	1.00%
Payment required to reduce net smelter return royalties								$ 2,000
Number of days from decision to commence commercial production to reduce net smelter return royalties							60 days	60 days
Period of additional license application for years 11-13							3 years	3 years
Period of additional license application after year 13							3 years	3 years
Sulussugut License
Disclosure of exploration and evaluation assets
Exploration and license related expenditures								$ 11,079		7,755
License fee paid					kr 31	$ 6			kr 40	8
Period of additional license application after first period	5 years
Exploration requirement										0	kr 83,809	$ 15,808	$ 26,116
Exploration cost								44,937
Accumulated exploration credits | kr											kr 100,304
Approved exploration expenditures							kr 85,094	16,746
Total carried credits							kr 246,507	48,513
Ininngui License
Disclosure of exploration and evaluation assets
Exploration and license related expenditures								985		$ 758
License fee paid			kr 32	$ 6
Period of additional license application after first period									5 years	5 years
Exploration requirement									kr 15,677	$ 3,044
Exploration cost								$ 3,698
Percentage of difference between minimum exploration expenditures and actual spend on exploration costs payable in cash							50.00%	50.00%
Minimum | Section 35 Property
Disclosure of exploration and evaluation assets
Percentage of production royalty payable		2.00%												2.00%
Minimum | Ininngui License
Disclosure of exploration and evaluation assets
Exploration and license related expenditures									kr 2,715	$ 535
Period of license									5 years	5 years
Number of consecutive years for which alternative compensation calculation may be used							2 days	2 days
Maximum | Section 35 Property
Disclosure of exploration and evaluation assets
Percentage of production royalty payable		2.50%												2.50%
Years 1-5 | Section 35 Property
Disclosure of exploration and evaluation assets
Annual rental fee | $ / a		3.00												3.00
Years 6-10 | Section 35 Property
Disclosure of exploration and evaluation assets
Annual rental fee | $ / a		6.00												6.00
Year 11 onwards | Section 35 Property
Disclosure of exploration and evaluation assets
Additional annual rental fee | $ / a		5.00												5.00
Year 11 onwards | Minimum | Section 35 Property
Disclosure of exploration and evaluation assets
Annual rental fee | $ / a		10.00												10.00
Year 11 onwards | Maximum | Section 35 Property
Disclosure of exploration and evaluation assets
Annual rental fee | $ / a		55.00												55.00
2018 | Ininngui License
Disclosure of exploration and evaluation assets
Exploration requirement | kr									kr 2,276
2019 | Ininngui License
Disclosure of exploration and evaluation assets
Exploration requirement | kr									6,790
2020 | Ininngui License
Disclosure of exploration and evaluation assets
Exploration requirement | kr									kr 9,367

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TRADE PAYABLES AND ACCRUED LIABILITIES (Details) - CAD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
TRADE PAYABLES AND ACCRUED LIABILITIES
Trade payables	$ 813	$ 133
Amounts due to related parties (Note 11)	42	2
Accrued liabilities	114	46
Trade payables and accrued liabilities	$ 969	$ 181

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LOAN PAYABLE (Details) - CAD ($) $ in Thousands		12 Months Ended
	Apr. 22, 2016	Dec. 31, 2017	Dec. 31, 2016
LOAN PAYABLE
Loan received from Sentient	$ 4,500
Loan discount rate (as a percent)	15.00%
Capital contribution interest on loan	$ 265		$ 265
Minimum proceeds of issuance of common shares that ears Sentient right to pre-payment	2,000
Maximum offering amount raised that requires full payment of Sentient loan	$ 12,000
Capital contribution reallocation on loan settlement			265
Shares issued for fee on loan		$ 95	$ 95
Shares issued for fee on loan (in shares)		952,380

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SHARE CAPITAL, WARRANTS AND OPTIONS - Common shares issued and outstanding (Details)							12 Months Ended
	Aug. 15, 2017 CAD ($) EquityInstruments $ / shares shares	Jun. 08, 2017 CAD ($) EquityInstruments Y $ / shares shares	Sep. 12, 2016 CAD ($) EquityInstruments $ / shares shares	Jul. 21, 2016 CAD ($) EquityInstruments $ / shares shares	Apr. 28, 2016 CAD ($) shares	Jul. 20, 2015 CAD ($) EquityInstruments $ / shares shares	Dec. 31, 2016 CAD ($) EquityInstruments	Dec. 31, 2015 CAD ($) EquityInstruments $ / shares shares	Dec. 31, 2017 EquityInstruments $ / shares shares
Issue of equity
Par value per share | $ / shares									$ 0
Number of warrants issued | EquityInstruments							81,203,692	14,778,344	94,971,721
Direct financing costs							$ 95,000
Proceeds from exercise of stock options								$ 115,000
Reallocated from share-based payments								$ 115,000
Weighted average exercise price of warrants exercised | $ / shares								$ 0.21
Proceeds from exercise of warrants								$ 1,567,000
Common shares issued as finance fee
Issue of equity
Number of units issued | shares					952,380
Fair value of finance fee					$ 95,000
Common shares issued for stock options exercised
Issue of equity
Number of units issued | shares								1,149,000
Stock options exercised								$ 0.10
Proceeds from exercise of stock options								115,000
Common shares issued for stock options exercised | Reserve of share-based payments
Issue of equity
Reallocated from share-based payments								$ (57,000)
Common shares issued for warrants exercised
Issue of equity
Number of units issued | shares								7,461,748
Weighted average exercise price of warrants exercised | $ / shares								$ 0.21
Proceeds from exercise of warrants								$ 1,567,000
Preferred
Issue of equity
Authorized capital | shares									100,000,000
Common | Brokered private placement
Issue of equity
Total gross proceeds		$ 10,877,000	$ 5,050,000	$ 6,950,000		$ 6,392,000
Number of units issued | shares		145,030,833	67,331,093	92,668,907		29,054,079
Price of unit issued | $ / shares		$ 0.075	$ 0.075	$ 0.075		$ 0.22
Number of common shares in unit | shares		1	1	1		1
Number of common share purchase warrants in unit | EquityInstruments		0.5	0.5	0.5		0.5
Number of common shares to be acquired through exercise of warrant | shares		1
Exercise price of warrant | $ / shares		$ 0.12	$ 0.12	$ 0.12		$ 0.30
Payments for share issuance costs		$ 533,000		$ 571,000		$ 216,000
Fair value of warrants issued		$ 1,500,000
Expected warrant life		2 years
Expected dividend yield		0.00%
Risk free interest rate		0.71%
Expected volatility		98.60%
Common | Agent's warrants
Issue of equity
Exercise price of warrant | $ / shares		$ 0.075		$ 0.075		$ 0.30
Number of warrants issued | EquityInstruments		1,965,093		1,203,695		251,370
Fair value of warrants issued		$ 61,000		$ 48,000		$ 18,000
Expected warrant life				2 years		2 years
Expected dividend yield				0.00%		0.00%
Risk free interest rate				0.57%		0.42%
Expected volatility				91.06%		89.61%
Common | Overallotment Option
Issue of equity
Period of options granted		30 days
Fair value of options granted		$ 39,000
Option, expected life | Y		30
Option, expected dividend yield		0.00%
Option, risk-free interest rate		0.71%
Option, expected volatility		66.60%
Common | Non-brokered private placement
Issue of equity
Total gross proceeds	$ 3,074,000
Number of units issued | shares	40,982,448
Price of unit issued | $ / shares	$ 0.075
Number of common shares in unit | shares	1
Number of common share purchase warrants in unit | EquityInstruments	0.5
Number of common shares to be acquired through exercise of warrant | shares	1
Exercise price of warrant | $ / shares	$ 0.12
Fair value of warrants issued	$ 519,000
Expected warrant life	2 years
Expected dividend yield	0.00%
Risk free interest rate	1.23%
Expected volatility	98.64%
Direct financing costs	$ 16,000
Net proceeds from issuance	$ 3,058,000

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SHARE CAPITAL, WARRANTS AND OPTIONS - Preferred shares issued and outstanding (Details) - Preferred	12 Months Ended
	Dec. 31, 2017 Vote $ / shares shares	Dec. 31, 2016 shares	Dec. 31, 2015 shares
Common shares and Preferred shares issued and outstanding
Number of shares outstanding | shares	590,931	590,931	590,931
Number of votes per share at meeting of holders of preference shares | Vote	1
Period from date of issuance when shares become convertible	6 months
Period of notice to convert shares	10 days
Conversion value of share	$ 1
Factor by which number of shares on conversion is calculated	$ 0.90

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SHARE CAPITAL, WARRANTS AND OPTIONS - Common shares purchase warrants activity (Details)	12 Months Ended
	Dec. 31, 2017 EquityInstruments $ / shares	Dec. 31, 2016 EquityInstruments $ / shares	Dec. 31, 2015 EquityInstruments $ / shares
SHARE CAPITAL, WARRANTS AND OPTIONS
Outstanding at beginning of year | EquityInstruments	95,982,036	27,738,344	25,137,030
Issued | EquityInstruments	94,971,721	81,203,692	14,778,344
Cancelled / Expired | EquityInstruments	(14,778,344)	(12,960,000)	(4,715,282)
Exercised | EquityInstruments			(7,461,748)
Outstanding at end of year | EquityInstruments	176,175,413	95,982,036	27,738,344
Weighted Average Exercise Price, Outstanding at beginning of year | $ / shares	$ 0.15	$ 0.49	$ 0.47
Weighted Average Exercise Price, Issued | $ / shares	0.12	0.12	0.12
Weighted Average Exercise Price, Cancelled / Expired | $ / shares	0.30	0.71	0.21
Weighted Average Exercise Price, Exercised | $ / shares			0.21
Weighted Average Exercise Price, Outstanding at end of year | $ / shares	$ 0.12	$ 0.15	$ 0.49

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SHARE CAPITAL, WARRANTS AND OPTIONS - Common shares purchase warrants exercisable(Details)	12 Months Ended
	Dec. 31, 2017 EquityInstruments $ / shares	Dec. 31, 2016 EquityInstruments	Dec. 31, 2015 EquityInstruments	Dec. 31, 2014 EquityInstruments
Disclosure of warrants outstanding
Warrants outstanding | EquityInstruments	176,175,413	95,982,036	27,738,344	25,137,030
Weighted average remaining contractual life (years)	1 year 29 days
Volume-weighted average trading price of common shares on TSX-V triggering acceleration clause | $ / shares	$ 0.18
Period of consecutive trading days for which volume-weighted average trading price of common shares on TSX-V needs to exceed triggering level	10 days
Period of acceleration of warrant expiry date when triggering condition is met	30 days
Jul 21, 2018 One
Disclosure of warrants outstanding
Warrants outstanding | EquityInstruments	46,334,451
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life (years)	1 month 24 days
Jul 21, 2018 Two
Disclosure of warrants outstanding
Warrants outstanding | EquityInstruments	1,203,695
Exercise price | $ / shares	$ 0.075
Weighted average remaining contractual life (years)	0 years
Sep 12, 2018
Disclosure of warrants outstanding
Warrants outstanding | EquityInstruments	33,665,546
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life (years)	1 month 17 days
Jun 8, 2019 One
Disclosure of warrants outstanding
Warrants outstanding | EquityInstruments	72,515,414
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life (years)	7 months 2 days
Jun 8, 2019 Two
Disclosure of warrants outstanding
Warrants outstanding | EquityInstruments	1,965,083
Exercise price | $ / shares	$ 0.075
Weighted average remaining contractual life (years)	7 days
August 15, 2019
Disclosure of warrants outstanding
Warrants outstanding | EquityInstruments	20,491,224
Exercise price | $ / shares	$ 0.12
Weighted average remaining contractual life (years)	2 months 9 days

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SHARE CAPITAL, WARRANTS AND OPTIONS - Stock options activity (Details)	12 Months Ended
	Dec. 31, 2017 CAD ($) Option Y	Dec. 31, 2016 CAD ($) Option Y	Dec. 31, 2015 CAD ($) Option Y
Stock options activity
Outstanding at end of year | Option	20,720,500
Stock Option Plan
Stock options activity
Outstanding at beginning of year | Option	12,823,000	9,872,500	12,548,000
Issued | Option	9,137,500	6,058,000	1,350,000
Cancelled / Expired | Option	(1,240,000)	(3,107,500)	(2,876,500)
Exercised | Option			(1,149,000)
Outstanding at end of year | Option	20,720,500	12,823,000	9,872,500
Weighted Average Exercise Price, Outstanding at beginning of year | $	$ 0.30	$ 0.37	$ 0.31
Weighted Average Exercise Price, Issued | $	0.12	0.21	0.25
Weighted Average Exercise Price, Cancelled / Expired | $	0.24	0.34	0.11
Weighted Average Exercise Price, Exercised | $			0.10
Weighted Average Exercise Price, Outstanding at end of year | $	0.23	0.30	0.37
Expense from share-based payment transactions on grant of options | $	$ 504,000	278,000	232,000
Expense from share-based payment transactions on vesting of options | $		$ 31,000	$ 26,000
Option, expected dividend yield	0.00%	0.00%	0.00%
Expected life of options | Y	5	5	5
Options granted to consultant
Stock options activity
Issued | Option			200,000
Percentage of options vesting			25.00%
Period of time when options vest			3 months
Minimum | Stock Option Plan
Stock options activity
Expected share price volatility	66.60%	111.00%	157.90%
Option, risk-free interest rate	1.17%	0.68%	0.64%
Maximum | Stock Option Plan
Stock options activity
Percentage of issued and outstanding common stock that can be acquired by directors, officers, employees and consultants	10.00%
Term of options can be granted	10 years
Term of options granted	5 years	5 years	5 years
Expected share price volatility	100.60%	113.00%	170.50%
Option, risk-free interest rate	1.80%	0.79%	0.79%

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SHARE CAPITAL, WARRANTS AND OPTIONS - Options outstanding (Details)	Dec. 31, 2017 CAD ($) Option Y	Dec. 31, 2016 Option	Dec. 31, 2015 Option	Dec. 31, 2014 Option
Disclosure of stock options outstanding
Options outstanding	20,720,500
Options exercisable	20,720,500
Weighted average remaining contractual life | Y	3.17
Stock Option Plan
Disclosure of stock options outstanding
Options outstanding	20,720,500	12,823,000	9,872,500	12,548,000
Jan 15, 2018
Disclosure of stock options outstanding
Options outstanding	150,000
Options exercisable	150,000
Exercise price | $	$ 0.15
Weighted average remaining contractual life | Y	0.00
Apr 22, 2018
Disclosure of stock options outstanding
Options outstanding	200,000
Options exercisable	200,000
Exercise price | $	$ 0.15
Weighted average remaining contractual life | Y	0.00
Jul 29, 2018
Disclosure of stock options outstanding
Options outstanding	150,000
Options exercisable	150,000
Exercise price | $	$ 0.20
Weighted average remaining contractual life | Y	0.00
Sep 30, 2018
Disclosure of stock options outstanding
Options outstanding	200,000
Options exercisable	200,000
Exercise price | $	$ 0.37
Weighted average remaining contractual life | Y	0.01
Jul 9, 2019
Disclosure of stock options outstanding
Options outstanding	2,440,000
Options exercisable	2,440,000
Exercise price | $	$ 0.62
Weighted average remaining contractual life | Y	0.18
Aug 27, 2019
Disclosure of stock options outstanding
Options outstanding	200,000
Options exercisable	200,000
Exercise price | $	$ 0.37
Weighted average remaining contractual life | Y	0.02
Sep 26, 2019
Disclosure of stock options outstanding
Options outstanding	100,000
Options exercisable	100,000
Exercise price | $	$ 0.26
Weighted average remaining contractual life | Y	0.01
Nov 5, 2019
Disclosure of stock options outstanding
Options outstanding	350,000
Options exercisable	350,000
Exercise price | $	$ 0.21
Weighted average remaining contractual life | Y	0.03
Dec 19, 2019
Disclosure of stock options outstanding
Options outstanding	1,000,000
Options exercisable	1,000,000
Exercise price | $	$ 0.22
Weighted average remaining contractual life | Y	0.09
Feb 3, 2020
Disclosure of stock options outstanding
Options outstanding	900,000
Options exercisable	900,000
Exercise price | $	$ 0.275
Weighted average remaining contractual life | Y	0.09
Oct 5, 2020
Disclosure of stock options outstanding
Options outstanding	450,000
Options exercisable	450,000
Exercise price | $	$ 0.20
Weighted average remaining contractual life | Y	0.06
Jan 28, 2021
Disclosure of stock options outstanding
Options outstanding	5,443,000
Options exercisable	5,443,000
Exercise price | $	$ 0.21
Weighted average remaining contractual life | Y	0.81
Feb 21,2022
Disclosure of stock options outstanding
Options outstanding	8,137,500
Options exercisable	8,137,500
Exercise price | $	$ 0.12
Weighted average remaining contractual life | Y	1.63
Dec 20, 2022
Disclosure of stock options outstanding
Options outstanding	1,000,000
Options exercisable	1,000,000
Exercise price | $	$ 0.12
Weighted average remaining contractual life | Y	0.24

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SHARE CAPITAL, WARRANTS AND OPTIONS - Reserve (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Reserve
Share-based payments recorded to reserve	$ 504	$ 309	$ 258
Amount recorded initially to reserve and reallocated to share capital		265
Reserve
Reserve
Share-based payments recorded to reserve	504	309	258
Share-based payments recorded to reserve			276
Transfer to deficit for expired options and warrants	$ 301	2,725	$ 284
Amount recorded initially to reserve and reallocated to share capital		$ (265)

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RELATED PARTY TRANSACTIONS (Details) - CAD ($) $ / shares in Units, $ in Thousands				12 Months Ended
	Aug. 15, 2017	Jun. 08, 2017	Apr. 22, 2016	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Disclosure of transactions between related parties [line items]
Amounts due to related party				$ 42	$ 2
Common shares issued				952,380
Loan advanced by related party			$ 4,500
Fair value of loan advanced				$ 95	95
Interest rate (as a percent)			15.00%
Amount booked to capital contribution reserve			$ 265		265
Share issuance costs				549	571	$ 216
Directors and officers of the Company
Disclosure of transactions between related parties [line items]
Amounts due to related party				42	2
Fees charged by a legal firm				244	347	217
Rent and utilities expense to VMS Ventures Inc.				$ 0	$ 16	35
Legal fees						182
Share issuance costs						$ 35
Sentient
Disclosure of transactions between related parties [line items]
Common shares beneficially owned (in shares)				356,476,487
Common shares beneficially owned (as a percent)				64.27%
Common shares issued					952,380
Loan advanced by related party					$ 4,500
Fair value of loan advanced					$ 95
Interest rate (as a percent)					15.00%
Amount booked to capital contribution reserve					$ 265
Private placement
Disclosure of transactions between related parties [line items]
Units subscribed (in shares)					120,428,939	25,448,503
Common shares acquired by related party (in shares)					952,380	0
Common shares acquired by related party value					$ 95	$ 0
Common shares acquired by related party as finance fee (in shares)					119,476,559	25,448,503
Common shares acquired by related party as finance fee, fair value					$ 8,960	$ 5,124
Non-brokered private placement | Sentient
Disclosure of transactions between related parties [line items]
Units subscribed (in shares)	38,666,666
Net proceeds from units subscribed by related party	$ 2,900
Common share purchase warrants granted (in shares)	19,333,333
Common share purchase warrants granted, exercise price (in dollars per share)	$ 0.12
Brokered private placement | Sentient
Disclosure of transactions between related parties [line items]
Units subscribed (in shares)		94,666,666
Net proceeds from units subscribed by related party		$ 7,100
Common share purchase warrants granted (in shares)		47,333,333
Common share purchase warrants granted, exercise price (in dollars per share)		$ 0.12

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RELATED PARTY TRANSACTIONS - Key management compensation (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
RELATED PARTY TRANSACTIONS
Geological consulting fees - expensed	$ 35	$ 6	$ 72
Geological consulting fees - capitalized	178	44	94
Management fees - expensed	749	756	547
Salaries - expensed	128	103	77
Share-based payments	358	186	36
Total	$ 1,448	$ 1,095	$ 826

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SUPPLEMENTAL CASH FLOW INFORMATION (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015
Changes in working capital
(Increase) decrease in accounts receivables and current assets	$ (162)	$ 36	$ (9)
Increase (decrease) in prepaid expenses	46	(73)	21
Increase (decrease) in trade payables and accrued liabilities	21	(15)	(180)
Total changes in working capital	(95)	(52)	(168)
Additional cash flow disclosures
Amount transferred from reserve to deficit	301	2,725	284
Share issuance costs, fair value of options	39
Share issuance costs, fair value of warrants	2,080	48
Accrued exploration and evaluation expenditures	$ 767	34	$ 86
Capital contribution reallocation on loan settlement		$ 265

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COMMITMENTS AND CONTINGENCIES (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 CAD ($)
COMMITMENTS AND CONTINGENCIES
Monthly management fee	$ 27
Agreement termination period from the date of effective control change	60 days
Payment period	30 days
Independent directors
COMMITMENTS AND CONTINGENCIES
Monthly stipend	$ 2
Chairman of the board
COMMITMENTS AND CONTINGENCIES
Monthly stipend	$ 3

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RISK MANAGEMENT - Foreign currency exchange rate risk (Details) kr in Thousands, $ in Thousands	Dec. 31, 2017 USD ($) $ / $ € / $ kr / $	Dec. 31, 2017 DKK (kr) $ / $ € / $ kr / $	Dec. 31, 2016 USD ($)	Dec. 31, 2016 DKK (kr)
Foreign currency exchange risk
Accounts payable	$ 56	kr 571	$ 0	kr 23
USD
Foreign currency exchange risk
Closing foreign exchange rate | $ / $	1.2550	1.2550
EUR
Foreign currency exchange risk
Closing foreign exchange rate | € / $	0.6649	0.6649
DKK
Foreign currency exchange risk
Closing foreign exchange rate | kr / $	0.2018	0.2018

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RISK MANAGEMENT - Liquidity risk (Details) $ in Thousands	Dec. 31, 2017 CAD ($)
Liquidity Risk
Nonderivative financial liabilities	$ 969
Trade and accrued liabilities
Liquidity Risk
Nonderivative financial liabilities	969
Less than 1 year
Liquidity Risk
Nonderivative financial liabilities	969
Less than 1 year | Trade and accrued liabilities
Liquidity Risk
Nonderivative financial liabilities	$ 969

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RISK MANAGEMENT - Capital risk management (Details) - CAD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016	Dec. 31, 2015	Dec. 31, 2014
Capital Risk Management
Equity	$ 52,728	$ 41,701	$ 32,480	$ 26,753
Current liabilities	969	181
TOTAL LIABILITIES AND EQUITY	53,697	41,882
Cash and cash equivalents	(398)	(630)	$ (525)	$ (326)
Short term investments	(2,500)	(2,700)
Equity and liabilities, net of cash, cash equivalents, and short term investments	$ 50,799	$ 38,552

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SEGMENTED INFORMATION (Details) $ in Thousands	12 Months Ended
	Dec. 31, 2017 CAD ($) segment	Dec. 31, 2016 CAD ($)	Dec. 31, 2015 CAD ($)
SEGMENTED INFORMATION
Number of reportable operating segments | segment	1
Number of geographic segments | segment	3
Equipment	$ 49	$ 54	$ 93
Exploration and evaluation assets	50,494	38,342
Canada
SEGMENTED INFORMATION
Equipment	19	39
Exploration and evaluation assets	1,817	1,732
Greenland
SEGMENTED INFORMATION
Equipment	30	15
Exploration and evaluation assets	48,671	36,607
United States
SEGMENTED INFORMATION
Exploration and evaluation assets	$ 6	$ 3

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INCOME TAXES - Reconciliation of the expected income tax recovery to the actual income tax recovery (Details) - CAD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2017	Dec. 31, 2016
Reconciliation of the expected income tax recovery to the actual income tax recovery
Net loss	$ (2,879)	$ (2,877)
Statutory tax rate	26.00%	26.00%
Expected income tax recovery at the statutory tax rate	$ (749)	$ (748)
Permanent differences and other	(2)	(80)
Change in valuation allowance	$ 751	$ 828

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INCOME TAXES - Significant components of deferred income tax assets and liabilities (Details) - CAD ($) $ in Thousands	Dec. 31, 2017	Dec. 31, 2016
Significant components of the Company's deferred income tax assets and liabilities
Deferred tax	$ 3,428	$ 2,678
Valuation allowance	(3,428)	(2,678)
Exploration and evaluation assets
Significant components of the Company's deferred income tax assets and liabilities
Deferred tax	18	14
Loss carry-forwards
Significant components of the Company's deferred income tax assets and liabilities
Deferred tax	3,048	2,366
Share issuance costs
Significant components of the Company's deferred income tax assets and liabilities
Deferred tax	237	175
Cumulative eligible capital
Significant components of the Company's deferred income tax assets and liabilities
Deferred tax	32	32
Equipment
Significant components of the Company's deferred income tax assets and liabilities
Deferred tax	$ 93	$ 91

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INCOME TAXES - Tax pools relating to deductible temporary differences and their expirations (Details) $ in Thousands	Dec. 31, 2017 CAD ($)
Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	$ 11,664
Canadian net-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	57
Canadian resource pools
Tax pools relating to deductible temporary differences and their expirations
Total	50,575
Canadian share issuance costs
Tax pools relating to deductible temporary differences and their expirations
Total	912
2030 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	696
2031 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	517
2032 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	645
2033 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	847
2034 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	1,484
2035 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	2,141
2036 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	2,712
2037 | Canadian non-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	2,622
No expiry | Canadian net-capital losses
Tax pools relating to deductible temporary differences and their expirations
Total	57
No expiry | Canadian resource pools
Tax pools relating to deductible temporary differences and their expirations
Total	50,575
No expiry | Canadian share issuance costs
Tax pools relating to deductible temporary differences and their expirations
Total	$ 912

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SUBSEQUENT EVENT (Details)			12 Months Ended
	Apr. 19, 2018 CAD ($) $ / shares shares	Mar. 01, 2018 CAD ($) Option	Dec. 31, 2017 Option	Dec. 31, 2016 Option	Dec. 31, 2015 Option
Stock Option Plan
SUBSEQUENT EVENT
Number of shares granted | Option			9,137,500	6,058,000	1,350,000
Maximum | Stock Option Plan
SUBSEQUENT EVENT
Exercisable period (in years)			5 years	5 years	5 years
Major share transaction | Non-brokered private placement
SUBSEQUENT EVENT
Units issued (in shares)	233,333,333
Units issue price (in dollars per unit) | $ / shares	$ 0.075
Gross proceeds from issue of units | $	$ 17,500,000
Number of common share per unit (in shares)	1
Number of common share purchase warrant per unit (in shares)	0.5
Number of shares that the warrants entitle (in shares)	1
Common share purchase warrant, price per warrant | $ / shares	$ 0.12
Warrant exercise period	24 months
Major share transaction | Stock Option Plan
SUBSEQUENT EVENT
Exercisable period (in years)		5 years
Exercise price | $		$ 0.12
Major share transaction | Maximum | Stock Option Plan
SUBSEQUENT EVENT
Number of shares granted | Option		5,725,000