Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Future Tax Assets and Liabilities

The Company’s future tax assets and liabilities at December 31, 2018 and 2017 include the following components:

	December 31,
	2018			2017
	(thousands of dollars)
Deferred tax assets:
Non-Current:
Net operating loss carryforwards	$	11,666		$	56,781
Mineral properties		10,301			7,237
Accrued vacation		22			17
Reclamation provision		149			224
Capital loss carryforwards		728			1,013
Restoration reserves		1,154			980
Capitalized transaction costs		1,168			912
Other		4,492			4,123
Deferred tax assets		29,680			71,287
Valuation allowance		(29,063	)		(68,121	)
Net deferred tax assets		617			3,166
Deferred tax liabilities:
Non-Current:
Derivatives		(590	)		(590	)
Mineral properties, Turkey		-			(1,437	)
Securities		(27	)		(106	)
Property, plant and equipment		-			(1,033	)
Deferred tax liabilities		(617	)		(3,166	)
Net deferred tax asset (liability)	$	-		$	-

Schedule of Valuation Allowance by Tax Jurisdiction

The composition of the valuation allowance by tax jurisdiction is summarized as follows:

	December 31,
	2018		2017
	(thousands of dollars)
United States	$	15,616	$	60,920
Canada		1,999		-
Australia		5,190		5,187
Turkey		6,258		2,014
Total valuation allowance	$	29,063	$	68,121

Schedule of Loss From Operations Before Income Taxes

For financial reporting purposes, loss from operations before income taxes consists of the following components:

	For the calendar year ended December 31,
	2018			2017
	(thousands of dollars)
United States	$	(17,285	)	$	(18,782	)
Canada		(21	)		-
Australia		(9	)		(1	)
Turkey		(18,372	)		(505	)
	$	(35,687	)	$	(19,288	)

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

A reconciliation of expected income tax on net income at statutory rates is as follows:

	Year ended December 31,
	2018			2017
	(thousands of dollars)
Net loss	$	(35,687	)	$	(19,288	)
Statutory tax rate		21	%		34	%
Tax recovery at statutory rate		(7,494	)		(6,558	)
Foreign tax rate		(801	)		71
Change in US tax rates		1			37,233
Other adjustments		(1,076	)		-
Capital loss carryforward adjustment		367			(44	)
Operating loss carryforward adjustment		271			710
Operating loss Section 382 adjustment		49,303			-
Nondeductible write-offs		2			15
Change in valuation allowance		(40,573	)		(31,427	)
Income tax expense (recovery)	$	-		$	-