Note 9 - Capital Risk Management

12 Months Ended

Dec. 31, 2018

Statement Line Items [Line Items]

Disclosure of objectives, policies and processes for managing capital [text block]

9. Capital risk management

The Company’s objectives in managing its liquidity and capital are to safeguard the Company’s ability to continue as a going concern and to provide financial capacity to meet its strategic objectives. The capital structure of the Company consists of its equity (comprising of share capital, equity reserve, accumulated other comprehensive income and deficit), net of cash, cash equivalents and term deposits.

Capital as defined above is summarized in the following table:

		December 31,  2018			December 31, 2017
Equity	$	213,881		$	220,239
Cash and cash equivalents		(130,180	)		(160,395	)
	$	83,701		$	59,844

The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company

may

attempt to issue new shares, issue debt, acquire or dispose of assets.

In order to facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. The Company does

not

pay out dividends.

As at

December 31, 2018,

the Company does

not

have any long-term debt and is

not

subject to any externally imposed capital requirements.

The Company currently has sufficient working capital (

$129,316

as at

December 31, 2018)

to maintain all of its properties and currently planned programs for a period in excess of the next year. In management’s opinion, the Company is able to meet its ongoing current obligations as they become due. However, the Company

may

require additional capital in the future to meet its future project and other related expenditures (see

Note

14

) as the Company is currently

not

generating any cash flow from operations. Future liquidity

may

therefore depend upon the Company’s ability to arrange additional debt or equity financing.