Federal Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Components of Future Tax Assets and Liabilities

The Company’s future tax assets and liabilities at December 31, 2017 and 2016 include the following components:

	December 31,
	2017			2016
	(thousands of dollars)
Deferred tax assets:
Non-Current:
Net operating loss carryforwards	$	56,781		$	85,995
Mineral properties		7,237			10,152
Accrued vacation		17			29
Reclamation provision		224			41
Capital loss carryforwards		1,013			618
Restoration reserves		980			1,623
Capitalized transaction costs		912			1,140
Other		4,123			4,072
Deferred tax assets		71,287			103,670
Valuation allowance		(68,121	)		(99,548	)
Net deferred tax assets		3,166			4,122
Deferred tax liabilities:
Non-Current:
Derivatives		(590	)		(956	)
Mineral properties, Turkey		(1,437	)		(1,489	)
Securities		(106	)		-
Property, plant and equipment		(1,033	)		(1,677	)
Deferred tax liabilities		(3,166	)		(4,122	)
Net deferred tax asset (liability)	$	-		$	-

Schedule of Valuation Allowance by Tax Jurisdiction

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

	December 31,
	2017		2016
	(thousands of dollars)
United States	$	60,920	$	92,448
Australia		5,187		5,187
Turkey		2,014		1,913
Total valuation allowance	$	68,121	$	99,548

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,
	2017			2016
	(thousands of dollars)
United States	$	(18,782	)	$	(18,798	)
Australia		(1	)		(158	)
Turkey		(505	)		(649	)
	$	(19,288	)	$	(19,605	)

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,
	2017			2016
	(thousands of dollars)
Net loss	$	(19,288	)	$	(19,605	)
Statutory tax rate		34	%		34	%
Tax recovery at statutory rate		(6,558	)		(6,666	)
Foreign tax rate		71			2,073
Change in US tax rates		37,233			-
Mineral property adjustments		-			(6,709	)
Capital loss carryforward adjustment		(44	)		-
Operating loss carryforward adjustment		710			6,707
Nondeductible write-offs		15			1,250
Change in valuation allowance		(31,427	)		3,345
Income tax expense (recovery)	$	-		$	-