10-Q

U. S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

FORM 10-Q

x QUARTERLY REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2015

OR

¨ TRANSITION REPORT UNDER SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from _______ to _______

Commission file number 000-14319

STANDARD METALS PROCESSING, INC.

(Exact Name of Small Business Issuer as Specified in its Charter)

Nevada	84-0991764
(State or Other Jurisdiction of	(I.R.S. Employer Identification Number)
Incorporation or Organization)

611 Walnut Street, Gadsden, Alabama 35901

(Address of Principal Executive Offices)

888-960-7347

(Issuer’s Telephone Number, Including Area Code)

N/A

(Former Name, Former Address and Former Fiscal Year, If Changed Since Last Report)

Indicate by check mark whether the Registrant: (1) 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 issuer was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days. Yes x  No  ¨

Indicate by check mark whether the Registrant has submitted electronically and posted on its corporate website, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (Section 232.405 of this chapter) during the preceding 12 months (or such shorter period that the registrant was required to submit and post such files). Yes  ¨  No  x

Indicate by check mark whether the Registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or a smaller reporting company. See the definitions of “large accelerated filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act. (Check one):

Large accelerated filer  ¨	Accelerated filer  ¨
Non-accelerated filer    ¨	Smaller reporting company  x

Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes  ¨  No  x

As of November 23, 2015, there were 104,150,936 shares of the Registrant’s common stock, par value $.001, outstanding.

STANDARD METALS PROCESSING, INC.

FORM 10-Q

TABLE OF CONTENTS

September 30, 2015

		Page
PART I
Item 1.	Financial Statements	4
Item 2	Management’s Discussion and Analysis of Financial Condition and Results of Operation	19
Item 3.	Quantitative and Qualitative Disclosures about Market Risk	25
Item 4.	Controls and Procedures	25
PART II
Item 1.	Legal Proceedings	25
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	27
Item 3.	Defaults Upon Senior Securities	27
Item 4.	Mine Safety Disclosures	27
Item 5.	Other Information	27
Item 6.	Exhibits	28

2

SPECIAL NOTE REGARDING FORWARD-LOOKING STATEMENTS

This Form 10-Q contains certain statements which are forward-looking in nature and are based on the current beliefs of our management as well as assumptions made by and information currently available to management, including statements related to the uncertainty of the quantity or quality of minerals in our tailings, the fluctuations in the market price of such reserves, general trends in our operations or financial results, plans, expectations, estimates and beliefs. In addition, when used in this Form 10-Q, the words “may,” “could,” “should,” “anticipate,” “believe,” “estimate,” “expect,” “intend,” “plan,” “predict” and similar expressions and their variants, as they relate to us or our management, may identify forward-looking statements. These statements reflect our judgment as of the date of this Form 10-Q with respect to future events, the outcome of which is subject to risks. We have attempted to identify, in context, certain of the factors that we believe may cause actual future experience and results to differ materially from our current expectations, which may have a significant impact on our business, operating results, financial condition or your investment in our common stock, as described in Part II, Item 1A entitled “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2014.

Readers are cautioned that these forward-looking statements are inherently uncertain. Should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results or outcomes may vary materially from those described herein.

We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. However, your attention is directed to any further disclosures made on related subjects in our subsequent periodic reports filed with the Securities and Exchange Commission on Forms 10-K, 10-Q and 8-K.

3

STANDARD METALS PROCESSING, INC.

Consolidated Balance Sheets

	September 30,			December 31,
	2015			2014
	(Unaudited)			(Audited)
Assets
Current assets:
Cash	$	6,656		$	36,095
Prepaid expenses		45,315			59,010
Assets held for Sale		928,143			-
Total current assets		980,114			95,105
Shea Mining and Milling Assets		2,108,300			35,159,427
Property, plant and equipment:
Machinery and equipment		21,000			1,758,818
Construction in progress		2,057,791			1,778,532
		2,078,791			3,537,350
Accumulated depreciation		(21,000	)		(17,613	)
Net property, plant and equipment		2,057,791			3,519,737
Total Assets	$	5,146,205		$	38,774,269
Liabilities and Shareholders’ Equity (Deficit)
Current liabilities:
Senior secured convertible promissory note payable, related party	$	2,229,187		$	2,174,597
Long-Term of trade payable in default		928,143			-
Promissory notes payable - related party, net of debt discount of $38,856		409,144			-
Convertible notes payable, current portion		175,000			175,000
Flechner judgement		2,257,000			-
Due to Wits Basin Precious Minerals Inc.		16,616			16,616
Accounts payable		1,995,957			2,154,512
Accrued interest		437,212			246,273
Accrued expenses		958,922			710,286
Accounts payable to related party		1,424			6,307
Total current liabilities		9,408,605			5,483,591
Commitments and Contingencies (Note 9)
Preferred stock, 50,000,000 shares authorized:
Series A, $.001 par value, 10,000,000 and 10,000,000 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively		10,000,000			10,000,000
Shareholders’ equity (deficit):
Series B preferred stock, no shares issued and outstanding		-			-
Common stock, $0.001 par value, 500,000,000 shares authorized: 104,150,936 and 103,660,936 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively		104,051			103,661
Additional paid-in capital		87,984,455			75,255,143
Accumulated deficit		(102,350,906	)		(52,068,126	)
Total shareholders’ equity (deficit)		(14,262,400	)		23,290,678
Total Liabilities and Shareholders’ Equity (Deficit)	$	5,146,205		$	38,774,269

The accompanying notes are an integral part of these consolidated financial statements.

4

STANDARD METALS PROCESSING, INC.

Consolidated Statements of Operations

(Unaudited)

	Three months ended						Nine months ended
	September 30, 2015			September 30, 2014			September 30, 2015			September 30, 2014
Revenues	$	-		$	-		$	-		$	-
Operating expenses:
General and administrative		898,510			1,390,818			13,649,311			13,412,422
Impairment of Shea Mining and Milling assets		-			-			33,051,127			-
Impairment of Machinery and Equipment		809,675			-			809,675			-
Depreciation and amortization		-			4,400			3,387			13,213
Judgement on legal actions		-			-			2,257,000			-
Total operating expenses		1,705,185			1,395,218			49,770,500			13,425,635
Loss from operations		(1,705,185	)		(1,395,218	)		(49,770,500	)		(13,425,635	)
Other income (expense):
Other income		1,826			1,587			6,084			4,761
Loss on settlement of debt		(150,000	)		(147,467	)		(150,000	)		(1,106,487	)
Interest expense		(78,096	)		(44,479	)		(196,253	)		(136,430	)
Amortization of debt discount		(130,202	)		-			(207,643	)		-
Change in Accrued expense mark-to-market		35,532			-			35,532			-
Total other income (expense)		(320,940	)		(190,359	)		(512,280	)		(1,238,156	)
Loss before income tax provision		(2,026,125	)		(1,585,577	)		(50,282,780	)		(14,663,791	)
Income tax provision		-			-			-			-
Net loss	$	(2,026,125	)	$	(1,585,577	)	$	(50,282,780	)	$	(14,663,791	)
Basic net loss per common share	$	(0.02	)	$	(0.02	)	$	(0.48	)	$	(0.15	)
Basic weighted average common shares outstanding		104,066,697			102,226,609			103,818,042			97,647,623

The accompanying notes are an integral part of these consolidated financial statements.

5

STANDARD METALS PROCESSING, INC.

Consolidated Statements of Cash Flows

(unaudited)

	For the nine months ended
	September 30, 2015			September 30, 2014
OPERATING ACTIVITIES:
Net loss	$	(50,282,780	)	$	(14,663,791	)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization		3,387			13,213
Amortization of debt issuance costs		207,656			-
Compensation expense related to issuance of common stock, warrants and stock option grants		12,242,135			11,829,508
Impairment of Shea Mining and Milling assets		33,051,127			-
Impairment on machinery & equipment		809,675			-
Loss on settlement of debt		150,000			1,106,487
Judgement on legal actions		2,257,000			-
Change in Accrued expense mark-to-market		(35,532	)		-
Changes in operating assets and liabilities:
Prepaid expenses		13,695			(29,807	)
Accounts payable		500,325			1,724,266
Accrued expenses		475,094			(66,983	)
Accounts payable related party		(4,883	)		-
Net cash used in operating activities		(613,101	)		(87,107	)
INVESTING ACTIVITIES:
Purchases of equipment		-			(1,692,210	)
Payment for construction in progress		(43,528	)		(1,491,306	)
Net cash used in investing activities		(43,528	)		(3,183,516	)
FINANCING ACTIVITIES:
Repayment of short term note principal		-			(25,000	)
Cash proceeds from issuance of common stock, warrants and exercise of stock options and warrants, net		124,600			3,158,315
Cash proceeds from debt		54,590			-
Proceeds from Notes Payable from related party		448,000			-
Net cash provided by financing activities		627,190			3,133,315
DECREASE IN CASH AND CASH EQUIVALENTS		(29,439	)		(137,308	)
CASH AND CASH EQUIVALENTS, beginning of period		36,095			143,099
CASH AND CASH EQUIVALENTS, end of period	$	6,656		$	5,791
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Cash paid for interest cost		5,314			-
Income taxes paid		-			-
Non-cash investing and financing transactions:
Convertible promissory notes and accrued interest converted into common stock		-			118,559
Accounts payable converted to long-term debt		928,130			-
Shares issued for accounts payable settlement		83,532			-
Stock and warrants issued in connection with debt		162,967			-
Conversions into common stock of amounts originally due to Shea		-			225,000
Common stock issued in lieu of accounts payable and accrued expenses		-			1,114,237

The accompanying notes are an integral part of these consolidated financial statements.

6

STANDARD METALS PROCESSING, INC.

Notes to Condensed Consolidated Financial Statements

September 30, 2015

(unaudited)

NOTE 1 - OVERVIEW

Standard Metals Processing, Inc. (formerly Standard Gold Holdings, Inc., Standard Gold, Inc. and Princeton Acquisitions, Inc.) (the “Company”) was incorporated in the State of Colorado on July 10, 1985 as a blind pool or blank check company. On September 29, 2009, the Company completed a share exchange agreement with Hunter Bates Mining Corporation, a Minnesota corporation (“Hunter Bates”) and certain of its shareholders, in which Hunter Bates’ shareholders exchanged all of their capital securities into similar capital securities of the Company (the “Hunter Bates Share Exchange”) and the Company adopted the business model of Hunter Bates of mineral exploration and mining. Accordingly, the Hunter Bates Share Exchange represented a change in control and Hunter Bates became a wholly owned subsidiary of the Company.

Prior to September 29, 2009, Wits Basin Precious Minerals Inc., (“Wits Basin”) a Minnesota corporation and public reporting company quoted on the Pink Sheets under the symbol “WITM” was the majority shareholder of Hunter Bates. Hunter Bates was formed in April 2008 to acquire the prior producing gold mine properties (consisting of land, buildings, equipment, mining claims and permits) located in Central City, Colorado, known as the “Bates-Hunter Mine.” The Company had not engaged in any exploration or mining activities at the Bates-Hunter Mine properties and on April 29, 2011, the Company transferred all of its interests of Hunter Bates back to Wits Basin in order to develop the toll milling business as described below.

On March 15, 2011, the Company closed a series of transactions, whereby it acquired certain assets of Shea Mining & Milling, LLC (“Shea Mining”). The exchange agreement was by and between the Company, Shea Mining, Afignis, LLC, Leslie Lucas Partners, LLC, Wits Basin and Alfred A. Rapetti (the “Shea Exchange Agreement”) whereby the Company acquired certain assets from Shea Mining, which assets include those located in Tonopah, Nevada, of land, buildings, a dormant milling facility, abandoned milling equipment, water permits and mine tailings financed through a note payable assigned to the Company, mine dumps, a property lease and a contract agreement in exchange for 35,000,000 shares of the Company’s unregistered shares. The Shea Exchange Agreement did not include any operable toll milling equipment, employees or operational processes and therefore has been accounted for as a purchase of a group of assets. The Company completed the Shea Exchange Agreement to acquire the Shea Mining assets and develop a toll milling services business of precious minerals. Toll milling is a process whereby mined material is crushed and ground into fine particles to ease the extraction of any precious minerals contained therein, such as gold, silver, lead, zinc and copper, and rare earth metals. See Note 3 – Impairment of Shea Milling and Mining Assets for a detailed discussion.

Refocused Business Plan

The Company considered altering its strategy and establishing itself as a specialized mining house that can provide financing in exchange for metals streaming and royalty financing, and also to seek opportunities to acquire current income-producing metal streams and royalty contracts. The Company has undergone some changes in management and a refocus in its business plan. Management is delaying any plans for metals streaming and royalty. The Company is reexamining its next steps for developing a processing facility.

Going Concern

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, assuming we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the nine months ended September 30, 2015, the Company incurred losses from operations of $50,282,780. At September 30, 2015, the Company had an accumulated deficit of $102,350,906 and a working capital deficit of $8,503,491. Our ability to continue as a going concern is dependent on our ability to raise the required additional capital or debt financing to meet short and long-term operating requirements. During the nine months ended September 30, 2015, the Company received net cash proceeds of $627,190 from the exercise of warrants and loans from related parties. Management believes that private placements of equity capital and/or additional debt financing will be needed to fund our long-term operating requirements. The Company may also encounter business endeavors that require significant cash commitments or unanticipated problems or expenses that could result in a requirement for additional cash. If the Company raises additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our current shareholders could be reduced, and such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, the Company may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict our operations. We are continuing to pursue external financing alternatives to improve our working capital position. If the Company is unable to obtain the necessary capital, the Company may have to cease operations.

7

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The financial statements include the accounts of Standard Metals Processing, Inc., its wholly owned subsidiaries, Esmeralda Renewable Energy, Inc. and Tonopah Milling and Metals Group, Inc. (“TMMG”), and TMMG’s wholly owned subsidiaries Tonopah Custom Processing, Inc. and Tonopah Resources, Inc. All significant intercompany transactions, accounts and balances have been eliminated in consolidation.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K filed March 31, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments unless otherwise indicated) considered necessary for a fair presentation have been included. Operating results for the six months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year as a whole.

Shea Mining and Milling Assets

The Company recorded the estimated fair value of the Shea Mining and Milling assets as an aggregate amount on the condensed balance sheets. The assets include the mine tailings and dumps, the land, water rights and the milling facility (the buildings and equipment). None of the assets have been put into production, nor has the Company performed any repair or updates to any of the equipment or buildings. As such, the Company will continue to classify them under a single listing.

Mineral Properties

Mineral property acquisition costs are recorded at cost and are deferred until the viability of the property is determined. No properties have produced operating revenues at this time. Exploration, mineral property evaluation, option payments, related acquisition costs for mineral properties acquired under an option agreement, general overhead, administrative and holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. When reserves are determined for a property and a bankable feasibility study is completed, subsequent exploration and development costs on the property would be capitalized. If a project were to be put into production, capitalized costs would be depleted on the unit of production basis.

Management reviews the net carrying value of each mineral property as changes may materialize with a property or at a minimum, on an annual basis. Where information and conditions suggest impairment, estimated future net cash flows from each property are calculated using estimated future prices, proven and probable reserves and value beyond proven and probable reserves, and operating, capital and reclamation costs on an undiscounted basis. If it is determined that the future cash flows are less than the carrying value, a write-down to the estimated fair value is made with a charge to loss for the period. Where estimates of future net cash flows are not available and where other conditions suggest impairment, management assesses if the carrying value can be recovered.

Management’s estimates of gold prices, recoverable reserves, probable outcomes, operating capital and reclamation costs are subject to risks and uncertainties that may affect the recoverability of mineral property costs.

The Company does not own any mining claims. It owns tailings located on the Tonopah property and some tailings located in Manhattan, Nevada. The Company has not disturbed or processed any of this material and does not intend to do so in the foreseeable future.

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed

The Company reviews its long-lived assets and identifiable finite-lived intangibles for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The first step of the impairment test, used to identify potential impairment, compares undiscounted future cash flows of the asset or asset group with the related carrying amount. If the undiscounted future cash flows of the asset or asset group exceed its carrying amount, the asset or asset group is not considered to be impaired and the second step is unnecessary. If such assets were considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

8

Recent Accounting Pronouncements

During the period ended September 30, 2015 and through November 23, 2015, there were several new accounting pronouncements issued by the Financial Accounting Standards Board.  Each of these pronouncements, as applicable, has been or will be adopted by the Company.  Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.

NOTE 3 – IMPAIRMENT OF SHEA MILLING AND MINING ASSETS

On March 15, 2011, the Company entered into an exchange agreement by and between the Company, Shea Mining, Afignis, LLC, Leslie Lucas Partners, LLC, Wits Basin and Alfred A. Rapetti (the “Shea Exchange Agreement”) whereby the Company acquired certain assets from Shea Mining, which assets include those located in Tonopah financed through a note payable assigned to the Company, mine dumps, a property lease and a contract agreement in exchange for 35,000,000 shares of our unregistered shares. The Shea Exchange Agreement did not include any operable toll milling equipment, employees or operational processes and therefore has been accounted for as a purchase of a group of assets. The Company completed the Shea Exchange Agreement to acquire the Shea assets and develop a toll milling services business of precious minerals.

Pursuant to the assignment of a note payable, the Company executed an Assignment and Assumption of Loan Documents and Loan Modification Agreement, by and between us, Shea Mining and NJB Mining, Inc. (the “Loan Modification Agreement”), dated March 15, 2011, for those assets located in Tonopah, Nevada (“Tonopah”), consisting of land, buildings, mining tailings, a dormant milling facility, abandoned milling equipment and water permits. The land encompasses 1,186 deeded acres, one of the largest private land holdings in Esmeralda County, Nevada. An estimated 2,200,000 tons of tailings known as the Millers Tailings from the historic gold rush of Goldfield and Tonopah, Nevada sits on approximately 334 acres of this land. The Company has not processed any of these tailings and has no intention to do so in the near future.

The Tonopah property was subject to an existing $2,500,000 first deed of trust, which was in default at the time of the Shea Exchange Agreement and included accrued interest of $375,645, which was also assumed in the transaction. As part of the assignment, NJB Mining, Inc. (“NJB”) modified the related note to allow the Company until May 14, 2011 to refinance this mortgage, which was subsequently extended numerous times. As of August 31, 2011, the Company was still in default under the terms of the Loan Modification Agreement, and therefore entered into a forbearance agreement with NJB, (the “NJB Forbearance Agreement”), in which NJB agreed to forbear from initiating legal proceedings, including forbearance of the deed of trust and enforcement of its collection remedies. The NJB Forbearance Agreement further provided for additional extensions up through December 9, 2011. On December 9, 2011, Pure Path Capital Management Company, LLC (“Pure Path”) purchased the Loan Modification Agreement and the NJB Forbearance Agreement directly from NJB. On December 21, 2011, we entered into an amended and restated forbearance agreement with Pure Path (the “A&R Forbearance”), whereby Pure Path extended the provisions of the NJB Forbearance Agreement. Pure Path provided an additional extension to stay any action of the A&R Forbearance until June 8, 2012, on which date, if not paid or another agreement was not executed, the Company would be required to issue 5,000,000 shares of its common stock to Pure Path; such extension was provided without additional consideration. The Company did not pay the balance of the mortgage on June 8, 2012 and pursuant to the terms of the A&R Forbearance Agreement, the Company was required to issue 5,000,000 shares to Pure Path. The 5,000,000 shares were approved for issuance by the Board of Directors on October 9, 2012 and were issued to Pure Path on December 6, 2012. Pure Path provided additional extensions to stay any action of the Forbearance Agreement until August 31, 2013; such extensions were provided without additional consideration. On October 10, 2013, the Company entered into a Settlement and Release Agreement (the “Agreement”) with Pure Path. Pursuant to the Agreement, Pure Path relinquished the rights and obligations owed to it and agreed to forbear collection remedies and legal proceedings against the Company including foreclosure on the Deed of Trust. In connection with the settlement and release of various debts of approximately $1,500,000, consulting fees owed by the Company, and relinquishment of rights by Pure Path, the Company issued 27,000,000 restricted shares and a convertible promissory note for up to $2,500,000 with a principal amount on the date of issuance of $1,933,345 bearing interest of 8% per year for the amounts owed under the Pure Path Agreements.

In connection with the Shea Exchange Agreement, the Company was also assigned the ownership of approximately a six square mile section of mine dump material in Manhattan, Nevada (“Manhattan”). The Company has not disturbed, moved or processed any of this material and currently has no intention to do so.

The other assets the Company acquired consisted of a property lease, which allowed the use of an assay lab property and the associated water permits, (with a right to purchase for $6,000,000) and a contract agreement, which allowed the Company use of processing permits, located in Amargosa Valley, Nevada (“Amargosa”). The Company paid a monthly base rent of $17,500 on this lease and $5,000 monthly on the contract agreement. In January 2012, the landlord of the Amargosa lease caused to have served a five Day Notice To Pay Rent Or Quit due to default in the monthly $17,500 lease payments. The Company began immediate communications with the landlord, which resulted in a delay of further actions by the landlord to pursue any remedies. Then on February 9, 2012, the landlord caused to have served an Order For Summary Eviction (“Eviction”) due to continued default in lease payments. Effective with the Eviction, a total of $112,500 in lease and contract payments remain unpaid as well as $10,500 in late fees required pursuant to the terms of the lease. On February 10, 2012, the Beatty County Sheriff completed the Eviction at Amargosa and the Company as such, no longer has access to the assay lab or permits at Amargosa. As a result, all remaining equipment at Amargosa with an aggregate value of $40,925 was written off as impaired.

Pursuant to the Shea Exchange Agreement, the Company issued a total of 35,000,000 shares of our common stock to the equity holders of Shea Mining in exchange for certain of their assets, resulting in those holders owning an ownership interest of approximately 87% of our then currently outstanding common stock (approximately 56% ownership interest on a fully diluted basis). Alfred A. Rapetti, then a member of our Board of Directors and our former Chief Executive Officer, was granted an irrevocable voting proxy for half of the shares issued to the Shea Mining equity holders, which continues until the affected shares are publicly sold after a period of at least six months, and thereafter in accordance with all applicable securities laws. In August 2011, these rights were transferred to Blair Mielke, a former director of the Company. All such voting rights have since been canceled by the owners or through a transfer of ownership. The Company also agreed to indemnify Shea Mining from any liabilities arising after March 15, 2011 out of the Loan Modification Agreement or the loan agreements.

9

The purchase consideration of the assets acquired was calculated as follows:

Issuance of 35,000,000 shares of common stock with an estimated fair value of $0.89 per share (closing sales price on March 15, 2011)	$	31,150,000
Cash consideration		700,000
Assumption of NJB Mining mortgage		2,500,000
Assumption of accrued interest and other liabilities		463,184
Legal costs (includes issuance of 100,000 shares of common stock valued at $89,000)		205,258
Other direct expenses incurred in connection with the Shea Exchange Agreement		140,985
	$	35,159,427

In conformity with accounting principles generally accepted in the United States of America, cost of acquiring a group of assets is allocated to the individual assets within the group based on the relative fair values of the individual assets.

The table below sets forth the final purchase price allocation. The fair value of the mineral properties and property and equipment was determined based on level 3 inputs using cost and market value approaches.

Tonopah mine tailings	$	24,888,252
Tonopah dormant milling facility		8,062,875
Tonopah land		1,760,000
Tonopah water rights		348,300
Manhattan mine dumps		100,000
Total	$	35,159,427

Simultaneous with these transactions, pursuant to the Shea Exchange Agreement, Wits Basin exchanged 19,713,544 shares of the Company’s common stock it held for 10,000,000 shares of our Series A Preferred Stock. The Series A Preferred Stock has a liquidation preference of $10,000,000, payable only upon certain liquidity events or upon achievement of a market value of our equity equaling $200,000,000 or more. Additional details regarding the Series A Preferred Stock can be found in the Company’s Articles of Amendment, which were filed with the Colorado Secretary of State on January 4, 2013. Additionally, the Company obtained the right to transfer the entire interest and related debt of the Bates-Hunter Mine, at any time prior to June 13, 2011, to Wits Basin in exchange for the cancellation of a promissory note issued by Hunter Bates payable in favor of Wits Basin in the approximate amount of $2,500,000. On April 29, 2011, our Board of Directors approved this transfer.

Furthermore, Wits Basin had entered into certain commitments, which involved shares of the Company’s common stock and as a result of their exchange of substantially all of the Company’s common stock they held for Series A Preferred, Wits Basin could no longer honor those commitments. In consideration of Wits agreeing to the exchange, the Company agreed to enter into two stock option agreements as follows: (1) the Company granted to one of Wits Basin’s major lenders a replacement stock option, on substantially the same terms as the stock option issued by Wits Basin, to purchase 1,299,000 shares of the Company’s common stock at an exercise price of $1.00 per share expiring on December 14, 2014 of which the holder exercised on 10,000 shares of the option with a payment of $10,000 during 2011 and (2) the Company granted to Wits Basin a replacement stock option, expiring on December 19, 2014, to purchase up to 630,000 shares of the Company’s common stock, at an exercise price of $0.50 per share. As of December 31, 2014 all of these stock options are expired.

Management analyzed the Shea Mining and Milling assets and determined that the Tonopah mine tailings of $24,888,252, Tonopah dormant milling facility of $8,062,875 and Manhattan mine dumps of $100,000 were fully impaired and recorded an impairment of $33,051,127 and reduced the net carrying value of the Miller’s Landing assets to $2,108,300.

The Company does not conduct any mining activity.

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT

The Company is preparing the Tonopah property site for the construction of a permitted custom processing toll milling facility including grading the land, installing fencing and working with contractors for its 21,875 square foot building and servicing and drilling various wells for the Company’s future operations.

10

Components of our property, plant and equipment are as follows:

	September 30,			December 31,
	2015			2014
Equipment	$	21,000		$	1,758,818
Construction in Progress		2,057,791			1,778,532
Less accumulated depreciation		(21,000	)		(17,613	)
	$	2,057,791		$	3,519,737

NOTE 5 – LONG-TERM TRADE PAYABLE

The following table summarizes the Company’s long-term trade payable:

	September 30,			December 31,
	2015			2014
Vendor agreement dated March 12, 2015 with monthly payments of $50,000 and zero interest	$	928,143		$	-
Less debt discount		(-	)		-
		928,143			-
Less current portion		(928,143	)		-
Totals	$	-		$	-

On March 12, 2015 the Company and a vendor of certain equipment entered into an agreement in which the Company agreed to make monthly payments of $50,000 commencing April 15, 2015. As an inducement to enter into the agreement the Company granted the vendor 100,000 shares of its restricted common stock and 150,000 common stock purchase warrants exercisable for three years at a per share price of $1.25. The Company analyzed the common stock and purchase warrant under ASC 470-20-25 Debt with conversion and other options for consideration and accounted for them as debt discount, which will be amortized over the term of the loan. The Company recorded a discount from the relative fair value of the warrants of $46,407. The warrants were valued using the Black-Scholes option pricing model with the following assumptions: stock price on the measurement date of $0.94; warrant term of 3 years; expected volatility of 75%; and discount rate of 1.06%. The Company valued the issuable but not issued common stock at market value of $83,532 and recorded as an Accrued Expense. As of September 30, 2015 the Company evaluated this Accrued expense under ASC 820-10 “Fair value Measurement” and was mark-to-market of $48,000 and recorded as a change to accrued expense mark-to-market of $35,532.

The Company did not make the payments due and therefore have reflected this debt as in default and currently due.

The Company reviews its current assumptions on a periodic basis and adjusts them as necessary to ensure an accurate valuation. The risk-free interest rate is based on the Federal Reserve Board’s constant maturities of the U.S. Treasury bond obligations with terms comparable to the contractual term of the warrants at their issuance date. The Company uses historical data to estimate expected dividend yield and volatility of the Company’s stock.

NOTE 6 – PROMISSORY NOTES PAYABLE - RELATED PARTY

The following table summarizes the Company’s notes payable related party:

	June 30,			December 31,
	2015			2014
Promissory note issued on February 11, 2015, in the principal amount of up to $750,000 with tranches received as follows: $200,000 on February 11, 2015 and $48,000 on February 13, 2015; $50,000 on April 13, 2015; the note has a stated interest rate of 8%; with a maturity of 1 year from the date of the tranche.	$	448,000		$	-
Less discount		(38,856	)		-
Totals	$	409,144		$	-

On February 11, 2015, the Company issued an unsecured promissory note (the “Note”) to Tina Gregerson Family Properties, LLC, an entity controlled by a director and interim CEO of the Company. The Note for up to $750,000, will be provided in tranches. Maturity of each tranche is one year from the date of receipt. Interest will accrue at 8% per annum on each tranche. As consideration, the Company agreed to issue common stock purchase warrants for the purchase of up to 250,000 shares of common stock exercisable for seven years at $1.23 per share. The Company then analyzed the warrant under ASC 470-20-25 Debt with conversion and other options for consideration of a warrants issue. The Company recorded a discount based on the relative fair value of the warrants of $116,560. The Company valued the warrants using the Black-Scholes option pricing model with the following assumptions: stock price on the measurement date of $1.25; warrant term of 7 years; expected volatility of 75%; and discount rate of 1.83% and accounted for them as debt discount, which will be amortized over the term of the note.

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NOTE 7 – ASSET HELD FOR SALE

During the three month period ended September 30, 2015 the Company was in negotiations with the vendor in Note 5 Long-Term Trade Payable and holder of the agreement to attempt to sell the certain equipment. The Company evaluated this event using the guidance provided by ASC 360-10 “Property, Plant and Equipment – Impairment or disposal of long-life assets” and concluded that an impairment of machinery and equipment of $809,675 occurred and recorded an asset held for sale of $928,143 at fair value.

NOTE 8 – SHAREHOLDERS’ EQUITY

Preferred Stock

Series A Preferred Stock

Simultaneous with the Shea Exchange Agreement, Wits Basin exchanged 19,713,544 shares of our common stock it held for 10,000,000 shares ($.001 par value each) of “Series A Preferred Stock” with an original issue price of $1.00 per share.

Attributes of Series A Preferred Stock can be found in the Form 10-K for the year ended December 31, 2014 filed with the Commission on March 31, 2015 and in the Company’s filings with the Secretary of State of Colorado.

Series B Preferred Stock

There are no shares of Series B Preferred Stock issued and outstanding.

Attributes of Series B Preferred Stock can be found in the Form 10-K for the year ended December 31, 2014 filed with the Commission on March 31, 2015 and in the Company’s filings with the Secretary of State of Nevada.

Common Stock and Common Stock Purchase Warrant Issuances

Stock issued on conversion of accounts payable

On July 31, 2015 the Company reached agreement with a vendor to reduce the Company’s accounts payable by $50,000 in exchange for 250,000 common shares of the Company’s stock with a fair value of $0.80 per share. The Company evaluated the transaction using ASC 405-20-40 “Liabilities – Extinguishments of Liabilities” and recorded a loss on extinguishment of debt of $150,000.

Option Grants

12

2014 Option Plan

On January 16, 2015 the Company’s Chief Operating Officer was granted 2,250,000 options under the 2014 Plan with an exercise price of $1.15 per share for a term of seven years. The options shall vest and become exercisable as follows: (i) 750,000 shall vest on the Date of Grant; (ii) 187,500 shall vest on each of the following dates: April 1, 2015, July 1, 2015, October 1, 2015, January 1, 2016, April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017. On March 27, 2015 the Company executed an addendum to the Chief Operating Officer’s employment agreement wherein he agreed to take on additional responsibilities. As consideration, the Company issued an additional 7,000,000 options under the 2014 Plan with an exercise price of $1.00 for a term of seven years. The 7,000,000 options vest in full on grant.

On April 24, 2015 the Company entered into an employment agreement with Mr. John Ryan to serve as the Company’s president. Pursuant to the employment agreement, the Company granted Mr. Ryan 2,500,000 options under the 2014 Plan with an exercise price of $0.92 per share for a term of three years to Mr. John Ryan its new President. The options shall vest and become exercisable as follows: (i) 100,000 vested on the Date of Grant; (ii) 150,000 vested on July 24, 2015, (iii) 250,000 shall vest on each of the following dates: October 24, 2015, January 24, 2016 and April 24, 2016, (iv) 750,000 shall vest on achievement of certain performance objectives of tonnage and gold ore concentrate (v) 750,000 shall vest on achievement of certain performance objectives based on earnings before interest, taxes, depreciation and amortization. See the Form 8-K filed with the Commission on April 28, 2015. The Company and Mr. Ryan came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

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On June 4, 2015 the Company entered into an employment agreement with Mr. Thomas Loucks to serve as the Company’s Vice President of Corporate Development. Pursuant to the employment agreement, the Company granted Mr. Loucks 2,500,000 options under the 2014 Plan with an exercise price of $0.90 per share for a term of three years. The options shall vest and become exercisable as follows: (i) 500,000 shall vest on the Date of Grant; (ii) 500,000 shall vest on each of the following dates: December 4, 2015, June 4, 2016, December 4, 2016 and June 4, 2017. The Company and Mr. Loucks came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

On June 11, 2015 the Company entered into an employment agreement with Mr. Bobby Cooper to serve as the Company’s Managing Director. Pursuant to the employment agreement, the Company granted Mr. Cooper 2,500,000 options under the 2014 Plan with an exercise price of $0.80 per share for a term of three years. The options shall vest and become exercisable as follows: (i) 500,000 shall vest on the Date of Grant; (ii) 500,000 shall vest on each of the following dates: December 11, 2015, June 11, 2016, December 11, 2016 and June 11, 2017. The Company and Mr. Cooper came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

On July 21, 2015 the Company agreed to reprice 750,000 options of an officer and director June 18, 2014 with an original exercise price of $1.67 to $0.75 exercise price. The accounting effect of this resolution is to cancel the previous options and reissue new options with the new exercise price of $0.75 which vested immediately as all other option terms remained the same.

The Company uses the Black-Scholes pricing model as a method for determining the estimated fair value for stock awards. Compensation expense for stock awards is recognized on a straight-line basis over the vesting period of service awards and for performance-based awards, the Company recognizes the expense when the performance condition is probable of being met.

In determining the compensation cost of the stock awards granted during the six months period ended June 30, 2015 and the year ended December 31, 2014, the fair value of each grant had been estimated on the date of grant using the Black-Scholes pricing model and the weighted average assumptions used in these calculations are summarized below:

	2015	2014
Risk-free interest rate	.84% -1.74%	2.21%- 2.41%
Expected volatility factor	185% - 293%	75%
Expected dividend	—	—
Expected option term (years)	3 - 7	7

The Company reviews its current assumptions on a periodic basis and adjusts them as necessary to ensure an accurate valuation. The risk-free interest rate is based on the Federal Reserve Board’s constant maturities of the U.S. Treasury bond obligations with terms comparable to the expected life of the options at their issuance date. The Company uses historical data to estimate expected forfeitures, expected dividend yield, expected volatility of the Company’s stock and the expected life of the options.

The Company recorded $11,923,865 and $11,829,508 related to compensation expense for the nine months ended September 30, 2015 and 2014, respectively. All compensation expense is included in general and administrative expense. There was no tax benefit from recording this non-cash expense due to our income tax valuation allowance and due to a portion of the options being incentive stock options. As of September 30, 2015, there was $3,834,041 in unrecognized compensation expense.

The following tables summarize information about the Company’s stock options:

	Number of Options			Weighted Average Exercise Price
Options outstanding - December 31, 2013		32,750,842		$	0.88
Granted		4,000,000			1.71
Canceled or expired		(2,337,000	)		.79
Exercised		(282,000	)		.60
Options outstanding - December 31, 2014		34,131,842		$	0.99
Granted		17,750,000			1.21
Canceled or expired		(1,687,500	)		1.38
Exercised		-			-
Options outstanding – June 30, 2015		50,194,342		$	0.95
Weighted average fair value of options granted during the period ended June 30, 2015				$	1.21
Weighted average fair value of options granted during the year ended December 31, 2014				$	0.94

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A summary of the Company’s non-vested options at September 30, 2015, and changes during the nine months ended September 30, 2015, is presented below:

	Options			Weighted Average Grant Date  Fair Value
Non-vested, beginning of period		5,250,000		$	0.24
Granted		17,750,000		$	1.21
Vested		(13,437,500	)	$	1.01
Forfeited		(1,687,500	)	$	1.38
Non-vested, end of period		7,775,500		$	0.86

The following tables summarize information about stock options outstanding and exercisable at September 30, 2015:

	Options Outstanding at September 30, 2015
Range of  Exercise Prices	Number  Outstanding		Weighted  Remaining  Contractual  Life		Weighted  Average  Exercise  Price		Aggregate  Intrinsic Value(1)
$0.40 to $0.60		6,031,842		5.1 years	$	0.48	$	180,000
$0.61 to $1.00		25,350,000		4.4 years	$	0.81	$
$1.01 to $1.50		15,812,500		5.2 years	$	1.24	$	-
$1.51 to $2.25		3,000,000		5.6 years	$	1.63	$	-
$0.40 to $2.25		50,194,342		4.8 years	$	0.98	$	180,000

	Options Exercisable at September 30, 2015
Range of Exercise Prices	Number  Exercisable		Weighted  Remaining  Contractual  Life		Weighted  Average  Exercise  Price		Aggregate  Intrinsic Value(1)
$0.40 to $0.60		5,281,842		5.1 years	$	0.48	$	180,000
$0.61 to $1.00		18,700,000		5.1 years	$	0.81	$
$1.01 to $1.50		15,437,500		5.2 years	$	1.24	$	-
$1.51 to $2.25		3,000,000		5.6 years	$	1.63	$	-
$0.40 to $2.25		42,419,342		5.1 years	$	0.98	$	180,000

(1) The aggregate intrinsic value in the table represents the difference between the closing stock price on September 30, 2015 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on September 30, 2015.

Common Stock Purchase Warrants

For warrants granted to non-employees in exchange for services, we recorded the fair value of the equity instrument using the Black-Scholes pricing model.

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On March 2, 2015, 100,000 warrants to purchase common stock were exercised at a per share price of $0.89 for a total of $89,000.

On April 23, 2015, 40,000 warrants to purchase common stock were exercised at a per share price of $0.89 for a total of $35,600.

The following table summarizes information about the Company’s stock purchase warrants outstanding at September 30, 2015 and December 31, 2014:

	Number			Weighted  Average  Exercise  Price		Range  of  Exercise  Price		Weighted  Remaining  Contractual  Life
Outstanding at December 31, 2013		13,989,207		$	0.67	$	0.20 –  1.00	3.3 years
Granted		150,000		$	2.00	$	2.00
Cancelled or expired		(1,630,000	)		1.00	$	1.00
Exercised		(7,025,227	)	$	0.54	$	0.25 – 1.00
Outstanding at December 31, 2014		5,483,980		$	0.79	$	0.20 – 2.00	4.8 years
Granted		400,000		$	1.24	$	1.23 - 1.25
Cancelled or expired		(578,340	)		0.50		0.50
Exercised		(140,000	)	$	0.89	$	0.89
Outstanding at June 30, 2015		5,165,640		$	0.88	$	0.20 - 2.00	4.2 years
Warrants exercisable at September 30, 2015							5,165,640

The aggregate intrinsic value of the 5,165,640 outstanding and exercisable warrants at September 30, 2015 was $140,000. The intrinsic value is the difference between the closing stock price on September 30, 2015 and the exercise price, multiplied by the number of in-the-money warrants had all warrant holders exercised their warrants on September 30, 2015.

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Executive Employment Agreements

On November 13, 2013, the Company entered into an employment agreement with Sharon Ullman to serve as Chief Executive Officer (CEO). Ms. Ullman had been serving as the Company’s interim CEO since December 16, 2011, and CEO since October 9, 2012 when the Board removed “interim” from her title, but did not have an agreement in place. The term of the agreement is for a period of three years commencing on November 13, 2013. Ms. Ullman shall be paid a salary consisting of $25,000 per month and shall be reimbursed for out of pocket business expenses already paid by her during her service to the Company and any health insurance payments she has made beginning November 1, 2013. Ms. Ullman was issued options to purchase 4,500,000 shares of Common Stock of the Company at $0.40 per share, of which 1,500,000 vested on November 13, 2013, 1,500,000 vested on June 1, 2014, and 1,500,000 vested on June 1, 2015. If there is a change in control of the Company, upon termination of her employment or during a period of disability Ms. Ullman will be entitled to the benefits listed above. Effective April 1, 2015, Ms. Ullman and the Company agreed to suspend her compensation.

On June 10, 2014 the Company entered into a one-year employment agreement with Robert Geiges to serve as our Chief Financial Officer with a base salary of $1,000 per month.

On January 16, 2015 the Company entered into an employment agreement with Jonathan Spier to serve as Chief Operating Officer of the Company. Mr. Spier will receive monthly compensation of $1 for January through March 2015 and $12,500 thereafter. Mr. Spier was granted 2,250,000 options under the 2014 Plan with an exercise price of $1.15 per share for a term of seven years. The options shall vest and become exercisable as follows: (i) 750,000 shall vest on the Date of Grant; (ii) 187,500 shall vest on each of the following dates: April 1, 2015, July 1, 2015, October 1, 2015, January 1, 2016, April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017. On March 27, 2015 the Company and Mr. Spier executed an addendum to his agreement wherein he agreed to take on additional responsibilities. As consideration, the Company issued an additional 7,000,000 options under the 2014 Plan with an exercise price of $1.00 for a term of seven years. Mr. Spier tendered his resignation on September 30, 2015.

16

On April 24, 2015 the Company entered into an employment agreement with Mr. John Ryan to serve as the Company’s president. Pursuant to the employment agreement, the Company granted Mr. Ryan 2,500,000 options under the 2014 Plan with an exercise price of $0.92 per share for a term of three years to Mr. John Ryan its new President. The options shall vest and become exercisable as follows: (i) 100,000 vested on the Date of Grant; (ii) 150,000 vested on July 24, 2015, (iii) 250,000 shall vest on each of the following dates: October 24, 2015, January 24, 2016 and April 24, 2016, (iv) 750,000 shall vest on achievement of certain performance objectives of tonnage and gold ore concentrate (v) 750,000 shall vest on achievement of certain performance objectives based on earnings before interest, taxes, depreciation and amortization. See the Form 8-K filed with the Commission on April 28, 2015. The Company and Mr. Ryan came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

On June 4, 2015 the Company entered into an employment agreement with Mr. Thomas Loucks to serve as the Company’s Vice President of Corporate Development. Pursuant to the employment agreement, the Company granted Mr. Loucks 2,500,000 options under the 2014 Plan with an exercise price of $0.90 per share for a term of three years to Mr. Thomas Loucks its new Vice President. The options shall vest and become exercisable as follows: (i) Five Hundred Thousand (500,000) shall vest on the Date of Grant; (ii) Five Hundred Thousand (500,000) shall vest December 4, 2015; (iii) Five Hundred Thousand (500,000) shall vest June 4, 2016; (iv) Five Hundred Thousand (500,000) shall vest December 4, 2016; and (v) Five Hundred Thousand (500,000) shall vest June 4, 2016. See the Form 8-K filed with the Commission on June 9, 2015. The Company and Mr. Loucks came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled

On June 11, 2015 the Company entered into an employment agreement with Mr. Bobby E. Cooper to serve as the Company’s Managing Director, Metals and Mining. Pursuant to the employment agreement, the Company granted Mr. Cooper 2,500,000 options under the 2014 Plan with an exercise price of $0.80 per share for a term of three years to Mr. Bobby E. Cooper. The options shall vest and become exercisable as follows: (i) Five Hundred Thousand (500,000) shall vest on the Date of Grant; (ii) Five Hundred Thousand (500,000) shall vest December 11, 2015; (iii) Five Hundred Thousand (500,000) shall vest June 11, 2016; (iv) Five Hundred Thousand (500,000) shall vest December 11, 2016; and (v) Five Hundred Thousand (500,000) shall vest June 11, 2016. See the Form 8-K filed with the Commission on June 16, 2015. The Company and Mr. Cooper came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled

Legal Matters

Mark Dacko

Mark Dacko, the Company’s former Chief Financial Officer, made a Demand for Arbitration on December 21, 2012 with the American Arbitration Association for legal claims against the Company involving his previous employment. The Company and Mr. Dacko were in dispute regarding his employment with the Company as well as the details of his termination. On December 30, 2013, the Company entered into a settlement agreement with Mark Dacko.

Midwest Investment Partners, LLC v. Standard Metals Processing, Inc.

On March 17, 2014, Midwest Investment Partners, LLC filed suit against Standard Metals Processing, Inc. in Vanderburgh County Superior Court, Vanderburgh, Indiana, alleging that Standard Metals had wrongfully refused to remove a transfer restriction on Midwest’s shares of Standard Metals stock pursuant to Rule 144 of the Securities Act. On March 27, 2014, Standard Metals filed a Notice of Removal of a Civil Action requesting that the case proceed in the United States District Court for the Southern District of Indiana, Evansville Division as an action properly removed pursuant to 28 U.S.C. §§ 1441 (a) and (b). On April 15, 2014, Standard Metals served and filed its Answer and Affirmative Defenses to Plaintiff’s Complaint and Demand for Jury Trial. On November 26, 2014, Standard Metals filed a Motion for Summary Judgment. On February 11, 2015, the Court issued an Order granting Standard Metals’ Motion for Summary Judgment and entered a Final Judgment in favor of Standard Metals and terminating the action.

Deborah A. King v. Standard Metals Processing, Inc. f/k/a Standard Gold, Inc., Nevada Corporation

On May 14, 2014, Deborah A. King filed suit against Standard Metals Processing, Inc. in the United States District Court for the District of Nevada. On June 25, 2014, Ms. King filed an Amended Complaint alleging that Standard Metals had refused to allow her to exercise the stock options assigned to her by her former husband, Stephen King, on January 21, 2011, pursuant to a Stock Option Agreement entered into on that date by Mr. King and Standard Metals. On July 16, 2014, Standard Metals filed a Motion to Dismiss the Action or Stay the Proceeding, or, in the Alternative, for a More Definite Statement. On December 9, 2014, the Court issued an Order granting Standard Metals’ Motion to Dismiss the Action and denying its Motion for a More Definite Statement as moot. On December 9, 2014, the Clerk of the Court issued a Judgment in a Civil Case stating that the issues in the case had been heard and a decision to dismiss the action had been rendered by the Court.

Wits Basin Precious Minerals, Inc., Lee Levine, Michael Lepore, Mark McLain, Morton Waldman, Allan Staller, Thomas McAdam, Arthur Brown, DJ Sikka, and Bryan Reichel v. Standard Metals Processing, Inc. f/k/a Standard Gold, Inc., Nevada Corporation

On September 10, 2014, Wits Basin Precious Minerals, Inc. filed suit against Standard Metals Processing, Inc. in the United States District Court for the District of Nevada asserting breach of contract, anticipatory breach of contract and equitable relief. On October 16, 2014, Wits Basin filed an Amended Complaint, adding new parties and alleging that Standard Metals had refused to allow it to exercise its option to purchase shares granted to it pursuant to an Exchange Agreement, dated March 15, 2011, so that Wits Basin could obtain shares to meet its requirements under private option agreements it had entered into with option holders, allowing those option holders certain rights, options and warrants to purchase stock in Standard Metals. On November 5, 2014, Standard Metals filed a Second Motion to Dismiss Wits Basin et al.’s Amended Complaint. On March 13, 2015, the Court issued an Order granting in part and denying in part Standard Metals’ Motion to Dismiss the action. The Court dismissed with prejudice Wits Basin et al.’s claims of breach of contract and anticipatory repudiation of the contract. However, the Court allowed Plaintiffs’ claim against Standard Metals of interference with contract to go forward. On March 25, 2015, Standard Metals filed its Answer to Wits Basin’s Amended Complaint. On April 24, 2015, Wits Basin and Standard Metals entered into a Stipulation for Dismissal with Prejudice of the Claims of Plaintiff Bryan Reichel. On April 29, 2015, the Court entered an Order Granting the Stipulation for Dismissal of Claims of Plaintiff Bryan Reichel with Prejudice. Standard Metals Processing, Inc. intends to continue to vigorously defend against the remaining claim asserted by Plaintiffs.

17

Blair Mielke v. Standard Metals Processing, Inc., a Nevada corporation, and Does 1 through 20, and Roes Corporations 1 through 20, inclusive

On October 3, 2014, Blair Mielke filed suit against Standard Metals Processing, Inc. in the Eighth Judicial District Court for the State of Nevada in and for the County of Clark , alleging that Standard Metals had refused to issue and deliver to him shares of the Company’s common stock pursuant to the filing of a Form 8-K with the United States Securities and Exchange Commission on August 30, 2011. On October 24, 2014, Standard Metals filed a Petition for Removal to the United States District Court for the District of Nevada (Las Vegas) . On October 30, 2014, Standard Metals filed a First Motion to Dismiss. On April 24, 2015, the Court entered an Order granting Standard Metals’ First Motion to Dismiss as to Mielke’s claim for specific performance and denying Standard Metals’ Motion as to all other claims. On May 5, 2015, Standard Metals filed its Answer and Counterclaims. On May 28, 2015, Mielke filed his Motion to Dismiss or, in the Alternative, for Summary Judgment. On June 11, 2015, Standard Metals filed its Response to Mielke’s Motion. Standard Metals Processing, Inc. intends to continue to vigorously defend against the remaining claims by Blair Mielke.

NOTE 10 – RELATED PARTY TRANSACTIONS

Pure Path Management Company, LLC

Pure Path Management Company, LLC (“Pure Path”) is currently the beneficial owner of 23% of the outstanding common stock of the Company. On October 10, 2013, the Company issued 27,000,000 shares of common stock to Pure Path Management Company, LLC to settle $1,500,000 of the note payable and accrued interest by the Company.

In connection with the assignment of the Forbearance Agreement, the Parties executed an Agreement in Principle setting forth terms of the Forbearance Agreement (collectively the “Pure Path Agreements”). Pursuant to the Pure Path Agreements, Pure Path was to receive participation payments to be received on a quarterly basis for seven years after the final closing at a rate of 5% of adjusted gross revenue as such terms are defined in the Pure Path Agreements, past and future consulting fees for approximately $1,150,000, collection remedies and legal proceedings against the Company including foreclosure on the Deed of Trust, registration rights, rights of first refusal, tag along rights, preemptive rights, exclusive worldwide rights pertaining to financing and joint ventures, and other negative covenants regarding approval of corporate actions.

Pursuant to the Settlement and Release Agreement executed October 10, 2013 with the Company, Pure Path relinquished the foregoing rights and obligations owed to it and agreed to forbear collection remedies and legal proceedings against the Company including foreclosure on the Deed of Trust, and in connection with the settlement and release of various debts of approximately $1,500,000 and the consulting fees owed by the Company and relinquishment of rights by Pure Path, the Company issued 27,000,000 restricted shares and a Promissory Note (the “Pure Path Note”) for an amount of up to $2,500,000 with a beginning principal balance of $1,933,345 bearing interest of 8% per year for the current balance of the amounts owed under the Pure Path Agreements.

Under the terms of the Pure Path Note, the Company received $54,590 on February 4, 2015.

NOTE 11 – EARNINGS (LOSS) PER SHARE

Basic net loss per common share is computed by dividing net loss applicable to common shareholders by the weighted average number of common shares outstanding during the periods presented. Diluted net loss per common share is determined using the weighted average number of common shares outstanding during the periods presented, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be issued upon exercise of options, warrants and conversion of convertible debt. In periods where losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.

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At September 30, 2015, the weighted average shares from stock options of 51,131,842 and warrants of 5,165,640 were excluded from the diluted weighted average common share calculation due to the antidilutive effect such shares would have on net loss per common share.

NOTE 12 –JUDGMENT ON LEGAL ACTIONS

Midwest Investment Partners, LLC v. Standard Gold Holdings, Inc.

On September 6, 2013, Midwest Investment Partners, LLC filed suit in the United States District Court for the Southern District of Indiana, Evansville Division against Standard Gold Holdings, Inc. alleging a breach of the Company’s obligations under a $50,000 6% Convertible Promissory Note, dated April 5, 2011, and a $25,000 6% Convertible Promissory Note, dated September 2, 2011, by (i) failing to repay the April 5, 2011 Note when due on October 6, 2011, and (ii) failing to repay the September 2, 2011 Note when due on February 29, 2012. On January 10, 2014, Standard Gold filed an Answer with Affirmative and Other Defenses to Midwest’s Complaint and Demand for Jury Trial. On April 3, 2014, Midwest filed a Motion for Summary Judgment. On August 28, 2014, the Court entered an Order granting Midwest’s Motion for Summary Judgment and closed judgment in favor of Midwest against Standard Gold. On August 12, 2015, the United Stated District Court for the Southern District of Indiana issued a judgment in favor of Midwest Investment Partners, LLC in the amount of the note, plus interest and attorney’s fees. The Company is evaluating its options but recorded a liability at June 30, 2015 in the amount of $100,000 on the judgment.

Stephen E. Flechner v. Standard Metals Processing, Inc.

On April 29, 2014, Stephen E. Flechner filed suit in the United States District Court for the District of Colorado against Standard Metals Processing, Inc. alleging that Standard Metals had refused to allow him to exercise stock options granted to him pursuant to a Stock Option Agreement, dated April 1, 2010, and a second Stock Option Agreement, dated January 21, 2011. On June 12, 2014, Standard Metals filed an Answer and a Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division . On January 16, 2015, Standard Metals filed a Motion for Summary Judgment. On January 23, 2015, the Court issued an Order granting in part and denying in part Standard Metals’ Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division .. The Court in its Order stayed further proceedings in Colorado pending the issuance of orders by the Alabama court. Thereafter, on January 26, 2015, the Court issued an Order vacating the February 20, 2015 Trial Preparation Conference and the March 9, 2015 Bench Trial. On March 23, 2015, the Court issued an Order denying Standard Metals’ Motion for Summary Judgment. On March 30, 2015, Flechner filed a Motion to Lift the Stay. On March 31, 2015, the Court issued an Order granting Flechner’s Motion to Lift the Stay. On April 6, 2015, the Court issued an Order scheduling a Bench Trial for July 29, 2015. On April 9, 2015, Flechner filed a Motion for Reconsideration of the Court’s March 23, 2015 Order Denying Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. On May 1, 2015, the Court issued an Order Granting Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. Standard Metals Processing, Inc. intends to continue to vigorously defend against claims by Steven E. Flechner. On August 12, 2015 the United Stated District Court for the District of Colorado issued a judgment in favor of Stephen E. Flechner for $2,157,000. The Company intends to appeal the judgment and has recorded a liability as of June 30, 2015 in the amount of $2,157,000 for the judgment.

NOTE 13 – SUBSEQUENT EVENTS

Management

On October 22, 2015 Mr. Bobby Cooper, Mr. John Ryan, Mr. Thomas Loucks and Mr. Thomas Myatt came to a mutual agreement with the Board of Directors to terminate their employment agreements. Ms. Tina Gregerson was appointed interim Chief Executive Officer until a permanent replacement can be appointed. All options granted but not vested will be cancelled.

Mr. Robert Geiges came to a mutual agreement with the Board of Directors to terminate his employment agreement on October 28, 2015. Ms. Sharon Ullman was appointed to serve as interim Chief Financial Officer until the position can be filled on a more permanent basis.

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following management discussion and analysis of financial condition and results of operations should be read in connection with the accompanying unaudited condensed financial statements and related notes thereto included elsewhere in this Report and the audited consolidated financial statements and notes thereto included in the Company’s Form 10-K for the fiscal year ended December 31, 2014.

Cautionary Notice Regarding Forward Looking Statements

Readers are cautioned that the following discussion contains certain forward-looking statements and should be read in conjunction with the “Special Note Regarding Forward-Looking Statements” appearing at the beginning of this Quarterly Report.

The information contained in Item 2 contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Actual results may materially differ from those projected in the forward-looking statements as a result of certain risks and uncertainties set forth in this report. Although management believes that the assumptions made and expectations reflected in the forward-looking statements are reasonable, there is no assurance that the underlying assumptions will, in fact, prove to be correct or that actual results will not be different from expectations expressed in this report.

Advance by Director/Officer

Ms. Tina Gregerson, a director and Interim CEO advanced $2,500 on October 20, 2015, $12,000 on October 29, 2015 and $15,000 on November 4, 2015 for working capital purposes.

Settlement

On November 23, 2015, the Company came to an agreement with Midwest Investment Partners, LLC and Blair Mielke to settle all claims for the payment of $130,000 to Midwest and the issuance of 25,000 shares of restricted stock to Mr. Mielke.

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We desire to take advantage of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995. This filing contains a number of forward-looking statements, which reflect management’s current views and expectations with respect to our business, strategies, future results and events, and financial performance. All statements made in this filing other than statements of historical fact, including statements addressing any projections of earnings, revenues or other financial items; any statements of the plans, strategies and objectives of management for future operations; any statements concerning proposed new services or developments; any statements regarding future economic conditions or performance; any statements of belief; statements expressing general optimism about future operating results; any statements of assumptions underlying any of the foregoing; and non-historical information, are forward looking statements. In particular, the words “believe,” “expect,” “intend,” “anticipate,” “estimate,” “may,” variations of such words, and similar expressions identify forward-looking statements, but are not the exclusive means of identifying such statements, and their absence does not mean that the statement is not forward-looking. These forward-looking statements are subject to certain risks and uncertainties, including those discussed below. Our actual results, performance or achievements could differ materially from historical results as well as those expressed in, anticipated, or implied by these forward-looking statements. We do not undertake any obligation to revise these forward-looking statements to reflect any future events or circumstances.

Readers should not place undue reliance on these forward-looking statements, which are based on management’s current expectations and projections about future events, are not guarantees of future performance, are subject to risks, uncertainties and assumptions (including those described below), and apply only as of the date of this filing. Our actual results, performance or achievements could differ materially from the results expressed in, or implied by, these forward-looking statements. Factors which could cause or contribute to such differences include, but are not limited to, the risks to be discussed in our Annual Report on Form 10-K and in the press releases and other communications to shareholders issued by us from time to time which attempt to advise interested parties of the risks and factors which may affect our business. We undertake no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.

History

Standard Metals Processing, Inc. (formerly known as Standard Gold Holdings, Inc., Standard Gold, Inc. and Princeton Acquisitions, Inc.) was incorporated in the State of Colorado on July 10, 1985. On September 29, 2009, we completed a share exchange agreement with Hunter Bates Mining Corporation, a Minnesota corporation (“Hunter Bates”) and certain of its shareholders, in which Hunter Bates’ shareholders exchanged all of their capital securities into similar capital securities of ours (the “Hunter Bates Share Exchange”) and we adopted the business model of Hunter Bates of minerals exploration and mining. Accordingly, the Hunter Bates Share Exchange represented a change in control and Hunter Bates became our wholly owned subsidiary.

Prior to September 29, 2009, Wits Basin Precious Minerals Inc., a Minnesota corporation and public reporting company quoted on the Pink Sheets under the symbol “WITM” (“Wits Basin”) was the majority shareholder of Hunter Bates. Hunter Bates was formed in April 2008 to acquire the prior producing gold mine properties (consisting of land, buildings, equipment, mining claims and permits) located in Central City, Colorado, known as the “Bates-Hunter Mine.”

On March 15, 2011, we closed a series of transactions, whereby we acquired certain assets of Shea Mining & Milling, LLC (“Shea Mining”), which assets include land, buildings, a dormant milling facility, abandoned milling equipment, water permits, mine tailings, mine dumps and the assignment of a note payable, a lease and a contract agreement with permits. We completed the Shea Exchange Agreement in order to offer toll milling services of precious minerals. Toll milling is a process whereby mined material is crushed and ground into fine particles to ease the extraction of any precious minerals contained therein, such as gold, silver, and platinum group metals. Custom milling and refining can include many different processes to extract precious metals from carbon or concentrates. These toll-processing services also distill, dry, mix, or mill chemicals and bulk materials on a contractual basis and provide a chemical production outsourcing option for industrial companies which lack the expertise, capacity, or regulatory permits for in-house production.

The Company re-domiciled in Nevada from Colorado in March 2013. We determined that, due to a lack of connection to Colorado, it was in the best interest of the Company to move its domicile to Nevada.

Modification of Corporate Strategy

The Company considered altering its strategy and establishing itself as a specialized mining house that can provide financing in exchange for metals streaming and royalty financing, and toll processing services to small- to medium-sized mining companies and also seek opportunities to acquire current income-producing metal streams and royalty contracts. The Company has undergone some changes in management and a refocus in its business plan. Management is delaying any plans for metals streaming and royalty. The Company is reexamining its next steps for developing a processing facility.

Overview of the Company

Standard Metals Processing, Inc. (“we,” “us,” “our,” “Standard Metals” or the “Company) has offices in Gadsden, Alabama and through its subsidiary, a property in Tonopah, Nevada. Our business plan is to generating low cost, non-processing passive income by providing liquidity and specialized services to mining companies in exchange for, royalty and metal stream contracts, and, in some instances, common stock and warrants. We will also seek to provide toll milling services on a selective basis in exchange for long term feed contracts. We are also assessing the opportunity to purchase equipment and build a facility on our Tonopah property to serve as a permitted custom processing toll milling facility which includes an analytical lab, pyrometallugircal plant, and hydrometallurgical recovery plant.

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The Company is currently setting up the infrastructure to engage in the royalty and streaming business. These elements include a financial partner, which the Company is currently interviewing possible candidates. Further, the Company is seeking and has identified specialty mining counsel to provide legal support and proper contractual relationships to realize the financial fruits of these very specialized relationships. As a secondary focus, and to further strengthen these junior and mid-level mines, the Company will perform permitted custom processing toll milling which is a process whereby mined material is crushed and ground into fine particles to ease the extraction of any precious minerals contained therein, such as minerals in the gold, silver and platinum metal groups. Custom milling and refining can include many different processes that are designed specifically for each ore load and to maximize the extraction of precious metals from carbon or concentrates. These custom processing services also distill, dry, mix, or mill chemicals and bulk materials on a contractual basis and provide a chemical production outsourcing option for industrial companies, which lack the expertise, capacity, or regulatory permits for in-house production.

We are required to obtain several permits before we can begin construction of a small-scale mineral processing facility and the required additional buildings to conduct permitted processing toll milling activities and commence operations.

WATER POLLUTION CONTROL PERMIT WITH THE NEVADA DEPARTMENT OF ENVIRONMENTAL PROTECTION

Through the subsidiary of the Company’s wholly owned subsidiary, Tonopah Custom Processing, Inc. (“TCP”), a Water Pollution Control Permit (“WPCP”) Application was filed with the Nevada Department of Environmental Protection (“NDEP”) Bureau of Mines and Mining Reclamation (“BMMR”) for the approval of the permits necessary for a small-scale mineral processing facility planned for the Tonopah Property. The plant will perform laboratory testing, pilot testing, and custom processing of precious metal ores and concentrates from mining industry clients. Processing of ore materials will employ standard mineral processing techniques including gravity concentration, froth flotation and chemical leaching and carbon stripping.

The WPCP must be approved prior to commencing the planned construction of our processing plant in Tonopah, Nevada. We are still in the technical review stage of our WPCP. While the Company awaits approval, we are preparing for construction of our processing facility which includes working with contractors that will be building the new 21,875 square foot processing plant, cleaning and preparing the property, and refurbishing a trailer that will act as our construction office.

In connection with our WPCP application, NDEP suggested that we take the following actions: (i) retain a Nevada Certified Environmental Manager (“CEM”), (ii) perform Meteoric Profile II water testing on ground water directly below the mill as well as surrounding wells located off site, and (iii) determine baseline values of water using the Meteoric Profile II results. NDEP regulations require that the Company delay any new construction planned for “metal extraction” until after the permits are in place. We hired Allstate-Nevada Environmental Management, Inc., as our CEM to assist us with obtaining an NDEP WPCP and to help us fulfill all the requirements of NDEP including the Meteoric Profile II analysis, as well as advise on the overall site cleanup and assisting with any other NDEP requirements.

Survey

In March 2013, Advanced Surveying & Professional Services, as our Professional Land Surveyor (“PLS”), completed surveys and testing of the Tonopah property required for the application of our required permits. After completion of the survey, it was determined the property is 1,183 acres. The scope of work our PLS completed includes: (i) setting a total of 19 permanent monuments at angle points along lines, (ii) setting eight permanent monuments locating US Hwy 95, (iii) recording a professional map indicating longitude and latitude for all corners, and (iv) providing a digital map accessible in AutoCad software.

Site Preparation

The Company received leased heavy equipment on August 1, 2013, which was used to begin cleanup of the site to prepare it for the new construction. We ordered a pre-fabricated building on November 4, 2013 and took delivery of the building on March 21, 2014.

We have completed the initial grading of specific designated areas on the 40 undisturbed acres of land including clearing all vegetation, removing of all scrap metal, and the excavation of the building pad for the preparation of the new 21,875 square foot processing plant and have completed the removal of all the extra and unnecessary materials and old equipment that has accumulated on the land.

PRODUCTS AND SERVICES

Standard Metals Processing, Inc. (“Standard Metals” or the “Company” - OTCQB: SMPR), seeks to establish itself as a custom processing permitted toll milling service provider. Our business plan is to build a facility on our Tonopah property which includes an analytical lab, pyrometallurgical, and hydrometallurgical recovery plant.

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The Company’s intention is to become a full service permitted custom toll milling and processing company that facilitates the extraction of precious and strategic minerals from mined material. The Company is in the process of obtaining the permits needed for construction and operation of our permitted custom processing toll milling facility with state of the art equipment capable of processing gold, silver and platinum metal groups. Many junior miners do not have the capital or the ability to permit a processing facility, yet they have a large supply of mined material that requires milling be performed. It is often cost prohibitive or impractical for these mine operators to send their materials to processing mills owned by the large mining companies, or to other customers with badly needed milling and processing services.

While Nevada has a historic role as a mining center with good proximate geology and ample mined product, very little custom processing toll milling capacity remains in the state. During the last several decades, other processing facilities have been shuttered due to high costs of regulations and the vertical integration of milling within large mining companies leaving junior miners with few options for local milling services. As a result, Standard Metals is in a unique position among processing facilities because it is capable of true permitted custom processing. We have the only ball mill located within a custom toll milling facility within 300 miles allowing us to serve miners in the western United States, Canada, Mexico, and Central America.

Many junior miners are undercapitalized, have limited access to capital markets and have a large supply of mined material that requires milling be performed. Many large mining companies reserve their milling capacity for their inventory, which does not make providing third party services worthwhile. This provides the Company with an opportunity to provide these potential customers with badly needed milling and processing services.

Currently, the Company is waiting for the approval of pending applications for the permits required for us to commence construction of a larger scale facility to conduct permitted custom processing toll milling operations.

TOLL MILLING

Toll milling is a process whereby mined material is crushed and ground into fine particles to ease the extraction of any precious minerals contained therein, such as minerals in the gold, silver and platinum metal groups. Custom milling and refining that are designed specifically for each ore load can include many different processes to maximize the extraction of precious metals from ore, carbon or concentrates.

Procedure

Ore is sent to our facility at the responsibility and cost of the customer. The Company will take a sample of the ore through a specific ore sampling procedure. The Company’s metallurgist will test the sample on site. To obtain a quantitative determination of the amount of a given substance in a particular sample, the Company can perform wet methods and dry methods. In the wet method, the sample is dissolved in a reagent, like acid, until the purified metal is separated out. In the dry method, the sample is mixed with a flux (a substance such as borax or silica that helps lower the melting temperature) and then heated so that the impurities in the metal fuse with the flux, leaving the purified metal as residue.

If it is determined that the sample is approved for processing, the customer and the Company will then agree upon a value of the metal grade per ton. If there is any disagreement on the value, a third party referee determines the value by testing the sample. The Company charges either a flat fee per ton of the ore processed or a percentage of the precious metals extracted during processing, or a combination of both based on the amount of work that is performed.

There are various methods of extraction. The Company will determine which method to use based upon the sample received. In most situations, a series of tests will be performed on a bulk sample ranging in size from 250 to 1,000 pounds. A metallurgist will determine the best process or processes to use for the extraction based on several factors. These include the composition of the host rock, mineralization of the host rock, whether or not it is an oxide or sulphide ore body, and the particle size of the precious metal. After the metallurgist reviews these characteristics, the Company will run ore on a gold table and assays the concentrates, middlings, and tails. An assay is an investigative procedure for qualitatively assessing or quantitatively measuring the presence or amount of precious metals in ore. If there is too much gold in the middling or tails, the size of the grind is adjusted to increase yield or if there is not enough gold in the middlings or tails the Company grinds the material to a coarser mesh.

Some of our miner customers will be able to take their tailings (the material left over after the desired minerals have been extracted) from the material they deposited with the Company and put it back in the exact same mines those particular tailings came from. This eliminates the need for the Company to dispose of those tailings.

Concentrate/Leach Circuit

Concentration is the separation of precious minerals from other materials by utilizing different properties of the minerals to be separated including density, magnetic or electric and physiochemical. The Company will attempt to create a “concentrate” of minerals to reduce the size of each ton processed. The Company may also receive concentrates from customers, especially those where transport of tons of raw ore is not feasible.

The leaching process uses chemicals to extract the metals from the solid materials (concentrates) and bring them into a solution. Once the metals are in the solution, it is passed through carbon or resin columns where the precious metals are deposited onto the carbon/resin.

The metals will then be stripped from the carbon back into a different solution where they are pumped through an electrowinning circuit in a process called carbon stripping. The metals are then deposited onto stainless steel in the electrowinning circuit. After this stage, the metals are either sold or further refined off-site. The solution is recycled and used again to process additional material.

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RESULTS OF OPERATIONS

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2015 COMPARED TO THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2014.

Revenues

We had no revenues from any operations for the three and nine months ended September 30, 2015 and 2014. Furthermore, we do not anticipate any significant future revenue until we have sufficiently funded construction and begin operations.

General and administrative expenses were $13,649,311 for the nine months ended September 30, 2015 as compared to $13,412,422 for the same period in 2014. For the nine months ended September 30, 2015, the majority of general and administrative expense was compensation expense related to options and warrants totaling $12,242,135 as compared to $11,829,508 compensation expenses related to options and warrants in the same period in 2014. In the nine months ended September 30, 2015, compensation expenses as well as operating expenses stayed relatively the same. We anticipate that future compensation expenses will increase and that certain operating expenses will increase for fiscal 2016 as we continue to build the infrastructure to proceed with permitted custom processing toll milling services.

General and administrative expenses were $895,510 for the three months ended September 30, 2015 as compared to $1,390,818 for the same period in 2014. For the three months ended September 30, 2015, the majority of general and administrative expense was compensation expense related to options and warrants totaling $159,317 as compared to $969,284 compensation expenses related to options and warrants in the same period in 2014. In the three months ended September 30, 2015, compensation expenses as well as operating expenses decreased due to the suspension of an officer’s salary and the decrease in construction costs for the period. We anticipate that future compensation expenses will increase and that certain operating expenses will increase for fiscal 2016 as we continue to build the infrastructure to proceed with permitted custom processing toll milling services.

Other Income and Expenses

Other Income

We receive monthly payments of from $400 to $608 per month from American Tower Corporation for a cellular tower located on our Tonopah land.

Interest Expense

Interest expense for the nine months ended September 30, 2015 was $196,253, compared to $136,430 for the respective period in 2014. The 2015 and 2014 amounts relate primarily to the interest due on our notes payable: (i) the $2,500,000 secured, convertible promissory note issued to Pure Path on October 10, 2013 in accordance with the settlement agreement of same date. All prior debt was subsumed under this note, the outstanding of which was $2,229,187 plus accrued interest at 8% per annum on September 30, 2015; (ii) the short-term note payable; and (iii) the convertible notes issued in 2011 and 2012 and the $448,000 notes with Tina Gregerson Family Properties, LLC, an entity controlled by a director of the Company.

Interest expense for the three months ended September 30, 2015 was $78,096, compared to $44,479 for the respective period in 2014. The 2015 and 2014 amounts relate primarily to the interest due on our notes payable: (i) the $2,500,000 secured, convertible promissory note issued to Pure Path on October 10, 2013 in accordance with the settlement agreement of same date. All prior debt was subsumed under this note, the outstanding of which was $2,229,187 plus accrued interest at 8% per annum on September 30, 2015; (ii) the short-term note payable; and (iii) the convertible notes issued in 2011 and 2012 and the $448,000 notes with Tina Gregerson Family Properties, LLC, an entity controlled by a director of the Company.

Impairment of Shea Mining and Milling assets

As part of the Company change in strategy as discussed in Note 1, management analyzed the Shea Mining and Milling assets and determine that the Tonopah mine tailings of $24,888,252, Tonopah dormant milling facility of $8,062,875 and Manhattan mine dumps of $100,000 were fully impaired and recorded an impairment of $33,051,127 and reduced the net carrying value of the Miller’s Landing assets to $2,108,300.

Judgment on legal actions

Midwest Investment Partners, LLC v. Standard Gold Holdings, Inc.

On September 6, 2013, Midwest Investment Partners, LLC filed suit in the United States District Court for the Southern District of Indiana, Evansville Division against Standard Gold Holdings, Inc. alleging a breach of the Company’s obligations under a $50,000 6% Convertible Promissory Note, dated April 5, 2011, and a $25,000 6% Convertible Promissory Note, dated September 2, 2011, by (i) failing to repay the April 5, 2011 Note when due on October 6, 2011, and (ii) failing to repay the September 2, 2011 Note when due on February 29, 2012. On January 10, 2014, Standard Gold filed an Answer with Affirmative and Other Defenses to Midwest’s Complaint and Demand for Jury Trial. On April 3, 2014, Midwest filed a Motion for Summary Judgment. On August 28, 2014, the Court entered an Order granting Midwest’s Motion for Summary Judgment and closed judgment in favor of Midwest against Standard Gold. On August 28, 2014, the United Stated District Court for the Southern District of Indiana issued a judgment in favor of Midwest Investment Partners, LLC in the amount of the note, plus interest and attorney’s fees. The Company is evaluating its options but recorded a liability in the amount of $100,000 on the judgment.

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Stephen E. Flechner v. Standard Metals Processing, Inc.

On April 29, 2014, Stephen E. Flechner filed suit in the United States District Court for the District of Colorado against Standard Metals Processing, Inc. alleging that Standard Metals had refused to allow him to exercise stock options granted to him pursuant to a Stock Option Agreement, dated April 1, 2010, and a second Stock Option Agreement, dated January 21, 2011. On June 12, 2014, Standard Metals filed an Answer and a Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division . On January 16, 2015, Standard Metals filed a Motion for Summary Judgment. On January 23, 2015, the Court issued an Order granting in part and denying in part Standard Metals’ Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division .. The Court in its Order stayed further proceedings in Colorado pending the issuance of orders by the Alabama court. Thereafter, on January 26, 2015, the Court issued an Order vacating the February 20, 2015 Trial Preparation Conference and the March 9, 2015 Bench Trial. On March 23, 2015, the Court issued an Order denying Standard Metals’ Motion for Summary Judgment. On March 30, 2015, Flechner filed a Motion to Lift the Stay. On March 31, 2015, the Court issued an Order granting Flechner’s Motion to Lift the Stay. On April 6, 2015, the Court issued an Order scheduling a Bench Trial for July 29, 2015. On April 9, 2015, Flechner filed a Motion for Reconsideration of the Court’s March 23, 2015 Order Denying Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. On May 1, 2015, the Court issued an Order Granting Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. Standard Metals Processing, Inc. intends to continue to vigorously defend against claims by Steven E. Flechner. On August 12, 2015 the United Stated District Court for the District of Colorado issued a judgment in favor of Stephen E. Flechner for $2,157,000. The Company intends to appeal the judgment and has recorded a liability in the amount of $2,157,000 for the judgment.

LIQUIDITY AND CAPITAL RESOURCES

Liquidity is a measure of an entity’s ability to secure enough cash to meet its contractual and operating needs as they arise. We have funded our operations and satisfied our capital requirements through the issuance of short-term debt, convertible debt and through equity capital we have received via certain shareholders exercising their warrants and loans from related parties during the nine months periods ended September 30, 2015 and 2014. We do not anticipate generating sufficient net positive cash flows from our operations to fund the next twelve months. We had a working capital deficit of $8,503,491 at September 30, 2015. Cash and cash equivalents were $6,656 at September 30, 2015, representing a increase of $865 from the cash and cash equivalents of $5,791 at September 30, 2014.

Our cash reserves will not be sufficient to meet our operational needs and thus, we need to raise additional capital to pay for our operational expenses and provide for capital expenditures. Our basic operational expenses are estimated at approximately $500,000 per month. Above the basic operational expenses, we estimate that we need approximately $10,000,000 to begin limited toll milling operations. If we are not able to raise additional working capital, we may have to cease operations altogether.

For the nine months ended September 30, 2015, we had net cash used in operating activities of $613,101, as compared to $87,107 for the nine months ended September 30, 2014.

For the nine months ended September 30, 2015 and 2014 we had net cash used in investing activities of $43,528 and $3,183,516 respectively. The amount in 2015 and 2014 was due to the funds required to conduct site preparation on our Tonopah, Nevada property and purchase of machinery and equipment.

For the nine months ended September 30, 2015 and 2014, we had net cash provided by financing activities of $627,190 and $3,133,313, respectively.

Summary

Our existing sources of liquidity will not provide enough cash to fund our development and operations and make the required payments on our debt service for the next twelve months. Our ability to continue as a going concern is dependent entirely on raising funds through the sale of equity or debt. We will continue our attempt to raise additional capital. Some of the possibilities available to us are through private equity transactions, to develop a credit facility with a lender or the exercise of options and warrants. However, such additional capital may not be available to us at acceptable terms or at all. In the event that we are unable to obtain additional capital, we would be forced to cease operations altogether.

Off-Balance Sheet Arrangements

During the three months ended September 30, 2015, we did not engage in any off balance sheet arrangements as defined in item 303(a)(4) of the SEC’s Regulation S-K.

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Item 3. Quantitative and Qualitative

Not Applicable.

Item 4. Controls and Procedures

Under the supervision of, and the participation of, our management, including our Chief Executive Officer and Chief Financial Officer, we have conducted an evaluation of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Securities and Exchange Act of 1934, as amended (the “Exchange Act”)) as of the end of the period covered by this Quarterly Report on Form 10-Q to ensure that information required to be disclosed by us in the reports that we file or submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the Securities and Exchange Commission’s rules and forms, and is accumulated and communicated to our management as appropriate to allow timely decisions regarding required disclosure.

Based on this evaluation and taking into account that certain material weaknesses existed as of December 31, 2014, our Chief Executive Officer and Chief Financial Officer have each concluded that our disclosure controls and procedures were not effective. As a result of this conclusion, the financial statements for the period covered by this Quarterly Report on Form 10-Q were prepared with particular attention to the material weaknesses previously disclosed. Notwithstanding the material weaknesses in internal controls that continue to exist as of September 30, 2015, we have concluded that the financial statements included in this Quarterly Report on Form 10-Q present fairly, the financial position, results of operations and cash flows of the Company as required for interim financial statements.

Due to the small number of employees dealing with general administrative and financial matters and the expenses associated with increases to remediate the disclosure controls and procedures that have been identified, the Company continued to operate without changes to its internal controls over financial reporting for the period covered by this Quarterly Report on Form 10-Q while continuing to seek the expertise it needs to remediate the material weaknesses at an appropriate cost benefit basis.

PART II. OTHER

INFORMATION

Item 1.  Legal Proceedings

Mark Dacko

Mark Dacko, the Company’s former Chief Financial Officer, made a Demand for Arbitration on December 21, 2012 with the American Arbitration Association for legal claims against the Company involving his previous employment. The Company and Mr. Dacko were in dispute regarding his employment with the Company as well as the details of his termination. On December 30, 2013, the Company entered into a settlement agreement with Mark Dacko.

Midwest Investment Partners, LLC v. Standard Gold Holdings, Inc.

On September 6, 2013, Midwest Investment Partners, LLC filed suit in the United States District Court for the Southern District of Indiana, Evansville Division against Standard Gold Holdings, Inc. alleging a breach of the Company’s obligations under a $50,000 6% Convertible Promissory Note, dated April 5, 2011, and a $25,000 6% Convertible Promissory Note, dated September 2, 2011, by (i) failing to repay the April 5, 2011 Note when due on October 6, 2011, and (ii) failing to repay the September 2, 2011 Note when due on February 29, 2012. On January 10, 2014, Standard Gold filed an Answer with Affirmative and Other Defenses to Midwest’s Complaint and Demand for Jury Trial. On April 3, 2014, Midwest filed a Motion for Summary Judgment. On August 28, 2014, the United Stated District Court for the Southern District of Indiana issued a judgment in favor of Midwest Investment Partners, LLC in the amount of the note, plus interest and attorney’s fees. The Company is evaluating its options but recorded a liability in the amount of $100,000 on the judgment.

Midwest Investment Partners, LLC v. Standard Metals Processing, Inc.

On March 17, 2014, Midwest Investment Partners, LLC filed suit against Standard Metals Processing, Inc. in Vanderburgh County Superior Court, Vanderburgh, Indiana, alleging that Standard Metals had wrongfully refused to remove a transfer restriction on Midwest’s shares of Standard Metals stock pursuant to Rule 144 of the Securities Act. On March 27, 2014, Standard Metals filed a Notice of Removal of a Civil Action requesting that the case proceed in the United States District Court for the Southern District of Indiana, Evansville Division as an action properly removed pursuant to 28 U.S.C. §§ 1441 (a) and (b). On April 15, 2014, Standard Metals served and filed its Answer and Affirmative Defenses to Plaintiff’s Complaint and Demand for Jury Trial. On November 26, 2014, Standard Metals filed a Motion for Summary Judgment. On February 11, 2015, the Court issued an Order granting Standard Metals’ Motion for Summary Judgment and entered a Final Judgment in favor of Standard Metals and terminating the action.

25

Standard Metals Processing, Inc. v. Steven E. Flechner, and fictitious parties A-Z who are individuals, entities, corporations, trusts, organizations or others who may have been issued stock options by Plaintiff pursuant to the January 21, 2011 Plan Amendment

On April 21, 2014, Standard Metals Processing, Inc. filed a Complaint for Declaratory Judgment in the Circuit Court of Etowah County, Alabama requesting that the Court issue a declaratory judgment finding that the January 21, 2011 amendment to the Stock Option Agreement approved by the Board of Directors on March 22, 2010 was invalid because it lacked required shareholder approval and rescinding any stock option awards issued thereafter; declaring that Stephen E. Flechner’s option rights allowed only for a pro-rata portion of available options, which must include appropriate and customary restrictive legends and declaring that the fictitious parties’ option rights allowed only for a corresponding pro-rata portion; or in the alternative, declaring that Flechner and the fictitious parties’ option rights were void.

On May 28, 2014, Stephen E. Flechner filed a Notice of Removal to the United States District Court for the Northern District of Alabama, Middle Division . On May 28, 2014, Flechner also filed a Motion to Dismiss the Complaint for Declaratory Judgment or, in the Alternative, a Motion to Change Venue to the United States District Court for the District of Colorado . On June 10, 2014, Standard Metals Processing, Inc. filed a Motion to strike Flechner’s declaration filed as an exhibit to his Notice of Removal, and a Motion to Remand the action back to the Circuit Court of Etowah, Alabama . On November 7, 2014, Standard Metals filed a Motion for leave to file an amended Complaint. On November 21, 2014, Flechner filed his opposition to Standard Metals’ Motion for leave to file an amended Complaint. On November 26, 2014, Standard Metals filed a Response to Flechner’s Opposition to Standard Metals’ Motion for leave to file an amended Complaint. On December 22, 2014, Standard Metals filed a Response to Flechner’s Motion to Dismiss the Complaint for Declaratory Judgment or, in the Alternative, a Motion to Change Venue to the United States District Court for the District of Colorado . On December 30, 2014, the Court entered an Order denying Standard Metals’ Motion to strike Flechner’s declaration filed as an exhibit to his Notice of Removal and Standard Metals’ Motion to Remand. The Court also ordered Standard Metals to show cause why this matter should not be transferred to the United States District Court for the District of Colorado . On January 8, 2015, Standard Metals filed a Brief to show cause why this case should not be transferred. On January 16, 2015, Flechner filed a Response to Standard Metals’ Brief to show cause why this case should not be transferred. On January 21, 2015, Standard Metals filed a Sur-Response to Flechner’s Response to Standard Metals’ Brief to show cause why this case should not be transferred. On January 23, 2015, Flechner filed a Motion for leave to file a Reply to Standard Metals’ Sur-Response to Flechner’s Response to its Brief to show cause why this case should not be transferred. On March 26, 2015, the Court entered an Order of Dismissal ordering that all claims asserted by Standard Metals, Inc. were dismissed, without prejudice, for lack of personal jurisdiction under Federal Rule of Civil Procedure 12(b)(2).

Stephen E. Flechner v. Standard Metals Processing, Inc.

On April 29, 2014, Stephen E. Flechner filed suit in the United States District Court for the District of Colorado against Standard Metals Processing, Inc. alleging that Standard Metals had refused to allow him to exercise stock options granted to him pursuant to a Stock Option Agreement, dated April 1, 2010, and a second Stock Option Agreement, dated January 21, 2011. On June 12, 2014, Standard Metals filed an Answer and a Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division . On January 16, 2015, Standard Metals filed a Motion for Summary Judgment. On January 23, 2015, the Court issued an Order granting in part and denying in part Standard Metals’ Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division .. The Court in its Order stayed further proceedings in Colorado pending the issuance of orders by the Alabama court. Thereafter, on January 26, 2015, the Court issued an Order vacating the February 20, 2015 Trial Preparation Conference and the March 9, 2015 Bench Trial. On March 23, 2015, the Court issued an Order denying Standard Metals’ Motion for Summary Judgment. On March 30, 2015, Flechner filed a Motion to Lift the Stay. On March 31, 2015, the Court issued an Order granting Flechner’s Motion to Lift the Stay. On April 6, 2015, the Court issued an Order scheduling a Bench Trial for July 29, 2015. On April 9, 2015, Flechner filed a Motion for Reconsideration of the Court’s March 23, 2015 Order Denying Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. On May 1, 2015, the Court issued an Order Granting Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. A bench trial of this action was competed on July 29, 2015. On August 12, 2015, the Court issued an order directing that judgment be entered in favor of Stephen E. Flechner and against Standard Metals Processing, Inc. on Flechner’s First Claim for Relief, and found that Flechner’s Second, Third, Fourth and Fifth Claims for relief were moot. The Company intends to appeal the judgment and has recorded a liability in the amount of $2,157,000 for the judgment.

Deborah A. King v. Standard Metals Processing, Inc. f/k/a Standard Gold, Inc., Nevada Corporation

On May 14, 2014, Deborah A. King filed suit against Standard Metals Processing, Inc. in the United States District Court for the District of Nevada. On June 25, 2014, Ms. King filed an Amended Complaint alleging that Standard Metals had refused to allow her to exercise the stock options assigned to her by her former husband, Stephen King, on January 21, 2011, pursuant to a Stock Option Agreement entered into on that date by Mr. King and Standard Metals. On July 16, 2014, Standard Metals filed a Motion to Dismiss the Action or Stay the Proceeding, or, in the Alternative, for a More Definite Statement. On December 9, 2014, the Court issued an Order granting Standard Metals’ Motion to Dismiss the Action and denying its Motion for a More Definite Statement as moot. On December 9, 2014, the Clerk of the Court issued a Judgment in a Civil Case stating that the issues in the case had been heard and a decision to dismiss the action had been rendered by the Court.

Wits Basin Precious Minerals, Inc., Lee Levine, Michael Lepore, Mark McLain, Morton Waldman, Allan Staller, Thomas McAdam, Arthur Brown, DJ Sikka, and Bryan Reichel v. Standard Metals Processing, Inc. f/k/a Standard Gold, Inc., Nevada Corporation

On September 10, 2014, Wits Basin Precious Minerals, Inc. filed suit against Standard Metals Processing, Inc. in the United States District Court for the District of Nevada asserting breach of contract, anticipatory breach of contract and equitable relief. On October 16, 2014, Wits Basin filed an Amended Complaint, adding new parties and alleging that Standard Metals had refused to allow it to exercise its option to purchase shares granted to it pursuant to an Exchange Agreement, dated March 15, 2011, so that Wits Basin could obtain shares to meet its requirements under private option agreements it had entered into with option holders, allowing those option holders certain rights, options and warrants to purchase stock in Standard Metals. On November 5, 2014, Standard Metals filed a Second Motion to Dismiss Wits Basin et al.’s Amended Complaint. On March 13, 2015, the Court issued an Order granting in part and denying in part Standard Metals’ Motion to Dismiss the action. The Court dismissed with prejudice Wits Basin et al.’s claims of breach of contract and anticipatory repudiation of the contract. However, the Court allowed Plaintiffs’ claim against Standard Metals of interference with contract to go forward. On March 25, 2015, Standard Metals filed its Answer to Wits Basin’s Amended Complaint. On April 24, 2015, Wits Basin and Standard Metals entered into a Stipulation for Dismissal with Prejudice of the Claims of Plaintiff Bryan Reichel. On April 29, 2015, the Court entered an Order Granting the Stipulation for Dismissal of Claims of Plaintiff Bryan Reichel with Prejudice. Standard Metals Processing, Inc. intends to continue to vigorously defend against the remaining claim asserted by Plaintiffs.

26

Blair Mielke v. Standard Metals Processing, Inc., a Nevada corporation, and Does 1 through 20, and Roes Corporations 1 through 20, inclusive

On October 3, 2014, Blair Mielke filed suit against Standard Metals Processing, Inc. in the Eighth Judicial District Court for the State of Nevada in and for the County of Clark , alleging that Standard Metals had refused to issue and deliver to him shares of the Company’s common stock pursuant to the filing of a Form 8-K with the United States Securities and Exchange Commission on August 30, 2011. On October 24, 2014, Standard Metals filed a Petition for Removal to the United States District Court for the District of Nevada (Las Vegas) . On October 30, 2014, Standard Metals filed a First Motion to Dismiss. On April 24, 2015, the Court entered an Order granting Standard Metals’ First Motion to Dismiss as to Mielke’s claim for specific performance and denying Standard Metals’ Motion as to all other claims. On May 5, 2015, Standard Metals filed its Answer and Counterclaims. On May 28, 2015, Mielke filed his Motion to Dismiss or, in the Alternative, for Summary Judgment. On June 11, 2015, Standard Metals filed its Response to Mielke’s Motion. Standard Metals Processing, Inc. intends to continue to vigorously defend against the remaining claims by Blair Mielke.

Item 1A. Risk Factors

The most significant risk factors applicable to the Company are described in Part I Item 1A entitled “Risk Factors” of the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2014 (the “2014 Form 10-K”). There have been no material changes to the risk factors previously disclosed in the 2014 Form 10-K. The risks described in the 2014 Form 10-K are not the only risks facing the Company. Additional risks and uncertainties not currently known to management may materially adversely affect the Company’s business, financial condition, and/or operating results.

Item 2.  Unregistered Sales of Equity Securities and Use of Proceeds

Issuance of common stock

On July 31, 2015 the Company issued 250,000 shares of restricted common stock in exchange for $50,000 of outstanding debt. The shares were issued under the Section 4(a)(2) exemption from registration.

Promissory Notes

On February 11, 2015, the Company issued an unsecured promissory note (the “Note”) to Tina Gregerson Family Properties, LLC, an entity controlled by a director of the Company. The Note for up to $750,000 will be provided in tranches. Maturity of each tranche is one year from the date of receipt. Interest will accrue at 8% per annum on each tranche. As consideration, the Company agreed to issue common stock purchase warrants for the purchase of up to 250,000 shares of common stock exercisable for seven years at $1.23 per share. Under the terms of the Note, the Company received $200,000 on February 11, 2015, $48,000 on February 13, 2015, $50,000 on April 13, 2015 and $150,000 on July 31, 2015.

Under the terms of the Pure Path Note, the Company received $54,590 on February 4, 2015.

Payment Agreement

On March 12, 2015 the Company and a vendor of certain equipment entered into an agreement in which the Company agreed to make monthly payments of $50,000 commencing April 15, 2015, as an inducement to enter into the agreement the Company granted the vendor 100,000 shares of it restricted common stock and 150,000 common stock purchase warrants exercisable for three years at a per share price of $1.25.

Item 3.  Defaults Upon Senior Securities

None.

Item 4.  Mine Safety Disclosures

None.

Item 5.  Other Information

None.

27

Item 6.  Exhibits

Exhibit	Description
31.1**	Certification of CEO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2**	Certification of CFO pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1**	Certification of Chief Executive Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2**	Certification of Chief Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS**	XBRL Instance Document
101.SCH**	XBRL Taxonomy Extension Schema
101.CAL**	XBRL Taxonomy Extension Calculation
101.DEF**	XBRL Taxonomy Extension Definition
101.LAB**	XBRL Taxonomy Extension Label
101.PRE**	XBRL Taxonomy Extension Presentation

** Filed herewith electronically

28

SIGNATURES

In accordance with the requirements of the Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	Standard Metals Processing, Inc.
Date:    November 23, 2015
	By:	/s/ Tina Gregerson
		Tina Gregerson
		Acting Chief Executive Officer
	By:	/s/ Sharon Ullman
		Sharon Ullman
		Acting Chief Financial Officer

29

EX-31.1

EXHIBIT 31.1

CHIEF EXECUTIVE OFFICER CERTIFICATION

I, Tina Gregerson, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Standard Metals Processing, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change to the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of a quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    November 23, 2015	/s/ Tina Gregerson
	Tina Gregerson
	Acting Chief Executive Officer

EX-31.2

EXHIBIT 31.2

CHIEF FINANCIAL OFFICER CERTIFICATION

I, Sharon Ullman, certify that:

1. I have reviewed this quarterly report on Form 10-Q of Standard Metals Processing, Inc.

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15(e) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusion about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

d) Disclosed in this report any change to the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of a quarterly report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant’s auditors and the audit committee of registrant’s board of directors (or persons performing the equivalent functions):

a) all significant deficiencies and material weaknesses in the design or operation of internal controls over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and

b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date:    November 23, 2015	/s/ Sharon Ullman
	Sharon Ullman
	Acting Chief Financial Officer

EX-32.1

EXHIBIT 32.1

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Standard Metals Processing, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Dated:    November 23, 2015

/s/ Tina Gregerson

Name: Tina Gregerson

Title: Acting Chief Executive Officer

EX-32.2

EXHIBIT 32.2

CERTIFICATION PURSUANT TO

18 U.S.C. SECTION 1350

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the quarterly report of Standard Metals Processing, Inc. (the “Company”) on Form 10-Q for the period ended September 30, 2015 as filed with the Securities and Exchange Commission (the “Report”), each of the undersigned, in the capacities and on the dates indicated below, hereby certifies pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

1. the Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

2. the information contained in the Report fairly presents, in all material respects, the financial condition and results of operation of the Company.

Dated:    November 23, 2015

/s/ Sharon Ullman

Name: Sharon Ullman

Title: Acting Chief Financial Officer

XML

Black-Scholes Pricing Model and Weighted Average Assumptions Used to Estimate Fair Value of Options (Detail)	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected volatility factor		75.00%
Expected dividend	0.00%	0.00%
Expected option term (years)		7 years
Maximum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	1.74%	2.41%
Expected volatility factor	293.00%
Expected option term (years)	7 years
Minimum [Member]
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Risk-free interest rate	0.84%	2.21%
Expected volatility factor	185.00%
Expected option term (years)	3 years

XML

Earnings (Loss) Per Share - Additional Information (Detail)	9 Months Ended
	Sep. 30, 2015 shares
Stock Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	51,131,842
Warrant
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of EPS	5,165,640

XML

Summary Of Long Term Trade Payable (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Vendor agreement dated March 12, 2015 with monthly payments of $50,000 and zero interest	$ 928,143	$ 0
Less debt discount	0	0
Accounts Payable, Trade	928,143	0
Less current portion	(928,143)	0
Totals	$ 0	$ 0

XML

Overview - Additional Information (Detail) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 15, 2011	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Nature Of Business [Line Items]
Issuance of common stock for Shea Mining and Milling assets, shares	35,000,000
Income (Loss) from operations before extraordinary items		$ (2,026,125)	$ (1,585,577)	$ (50,282,780)	$ (14,663,791)
Retained earnings (Accumulated Deficit)		102,350,906		102,350,906		$ 52,068,126
Working capital deficit		$ 8,503,491		8,503,491
Cash proceeds from short-term debt				$ 124,600	$ 3,158,315

XML

Summary of Stock Options Outstanding and Exercisable (Detail)	9 Months Ended
	Sep. 30, 2015 USD ($) $ / shares shares
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Aggregate Intrinsic Value, Exercisable	$ 140,000
$0.40 to $0.60
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Outstanding | shares	6,031,842
Weighted Remaining Contractual Life, Outstanding	5 years 1 month 6 days
Weighted Average Exercise Price, Outstanding | $ / shares	$ 0.48
Aggregate Intrinsic Value, Outstanding	$ 180,000	[1]
$0.61 to $1.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Outstanding | shares	25,350,000
Weighted Remaining Contractual Life, Outstanding	4 years 4 months 24 days
Weighted Average Exercise Price, Outstanding | $ / shares	$ 0.81
Aggregate Intrinsic Value, Outstanding	$ 0	[1]
$1.01 to $1.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Outstanding | shares	15,812,500
Weighted Remaining Contractual Life, Outstanding	5 years 2 months 12 days
Weighted Average Exercise Price, Outstanding | $ / shares	$ 1.24
Aggregate Intrinsic Value, Outstanding	$ 0	[1]
$1.51 to $2.25
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Outstanding | shares	3,000,000
Weighted Remaining Contractual Life, Outstanding	5 years 7 months 6 days
Weighted Average Exercise Price, Outstanding | $ / shares	$ 1.63
Aggregate Intrinsic Value, Outstanding	$ 0	[1]
$0.40 to $2.25
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Outstanding | shares	50,194,342
Weighted Remaining Contractual Life, Outstanding	4 years 9 months 18 days
Weighted Average Exercise Price, Outstanding | $ / shares	$ 0.98
Aggregate Intrinsic Value, Outstanding	$ 180,000	[1]
$0.40 to $0.60
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Exercisable | shares	5,281,842
Weighted Remaining Contractual Life, Exercisable	5 years 1 month 6 days
Weighted Average Exercise Price, Exercisable | $ / shares	$ 0.48
Aggregate Intrinsic Value, Exercisable	$ 180,000	[1]
$0.61 to $1.00
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Exercisable | shares	18,700,000
Weighted Remaining Contractual Life, Exercisable	5 years 1 month 6 days
Weighted Average Exercise Price, Exercisable | $ / shares	$ 0.81
Aggregate Intrinsic Value, Exercisable	$ 0	[1]
$1.01 to $1.50
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Exercisable | shares	15,437,500
Weighted Remaining Contractual Life, Exercisable	5 years 2 months 12 days
Weighted Average Exercise Price, Exercisable | $ / shares	$ 1.24
Aggregate Intrinsic Value, Exercisable	$ 0	[1]
$1.51 to $2.25
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Exercisable | shares	3,000,000
Weighted Remaining Contractual Life, Exercisable	5 years 7 months 6 days
Weighted Average Exercise Price, Exercisable | $ / shares	$ 1.63
Aggregate Intrinsic Value, Exercisable	$ 0	[1]
$0.40 to $2.25
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items]
Number of Options, Exercisable | shares	42,419,342
Weighted Remaining Contractual Life, Exercisable	5 years 1 month 6 days
Weighted Average Exercise Price, Exercisable | $ / shares	$ 0.98
Aggregate Intrinsic Value, Exercisable	$ 180,000	[1]

[1] The aggregate intrinsic value in the table represents the difference between the closing stock price on September 30, 2015 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on September 30, 2015.

XML

Asset Held For Sale - Additional Information (Detail) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Impairment of Long-Lived Assets to be Disposed of	$ 809,675	$ 0	$ 809,675	$ 0
Assets Held-for-sale, Long Lived, Fair Value Disclosure	$ 928,143		$ 928,143

XML

Judgement on Legal Actions - Additional Information (Detail) - USD ($)		1 Months Ended
	Aug. 12, 2015	Sep. 06, 2013	Sep. 02, 2011	Apr. 05, 2011	Jun. 30, 2015
Midwest Investment Partners, LLC v. Standard Gold Holdings, Inc [Member]
Judgement On Legal Actions [Line Items]
Evaluation Of Options Recorded Liability Amount					$ 100,000
Description Of Failing To Repay		(i) failing to repay the April 5, 2011 Note when due on October 6, 2011, and (ii) failing to repay the September 2, 2011 Note when due on February 29, 2012
Midwest Investment Partners, LLC v. Standard Gold Holdings, Inc [Member] | 6 % Convertible Promissory Note [Member]
Judgement On Legal Actions [Line Items]
Breach Of Obligations			$ 25,000	$ 50,000
Stephen E. Flechner [Member]
Judgement On Legal Actions [Line Items]
Evaluation Of Options Recorded Liability Amount					$ 2,157,000
Debt Issuance Cost	$ 2,157,000

XML

PROPERTY, PLANT AND EQUIPMENT

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

PROPERTY, PLANT AND EQUIPMENT

NOTE 4 – PROPERTY, PLANT AND EQUIPMENT

The Company is preparing the Tonopah property site for the construction of a permitted custom processing toll milling facility including grading the land, installing fencing and working with contractors for its 21,875 square foot building and servicing and drilling various wells for the Company’s future operations.

Components of our property, plant and equipment are as follows:

	September 30,		December 31,
	2015		2014
Equipment	$	21,000	$	1,758,818
Construction in Progress		2,057,791		1,778,532
Less accumulated depreciation		(21,000)		(17,613)
	$	2,057,791	$	3,519,737

XML

Summary of Stock Warrants Outstanding (Detail) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Class of Warrant or Right Outstanding
Beginning Balance	5,483,980	13,989,207
Granted	400,000	150,000
Cancelled or expired	(578,340)	(1,630,000)
Exercised	(140,000)	(7,025,227)
Ending Balance	5,165,640	5,483,980	13,989,207
Warrants exercisable	5,165,640
Class of Warrant or Right Outstanding, Weighted Average Exercise Price
Beginning Balance	$ 0.79	$ 0.67
Granted	1.24	2
Cancelled or expired	0.5	1
Exercised	0.89	0.54
Ending Balance	0.88	0.79	$ 0.67
Class of Warrant or Right Outstanding Exercise Price Range
Granted		2
Cancelled or expired	0.5	$ 1
Exercised	$ 0.89
Class of Warrant or Right Outstanding Weighted Average Remaining Contractual Life
Outstanding	4 years 2 months 12 days	4 years 9 months 18 days	3 years 3 months 18 days
Minimum
Class of Warrant or Right Outstanding Exercise Price Range
Begining Balance	$ 0.20	$ 0.20
Granted	1.23
Exercised		0.25
Ending Balance	0.20	0.20	$ 0.20
Maximum
Class of Warrant or Right Outstanding Exercise Price Range
Begining Balance	2	1
Granted	1.25
Exercised		1
Ending Balance	$ 2	$ 2	$ 1

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Final Purchase Price Allocation (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Schedule of Business Acquisitions, Purchase Price Allocation [Line Items]
Tonopah mine tailings		$ 24,888,252
Tonopah dormant milling facility		8,062,875
Tonopah land		1,760,000
Tonopah water rights		348,300
Manhattan mine dumps		100,000
Total	$ 2,108,300	$ 35,159,427

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Purchase Consideration of Assets Acquired (Parenthetical) (Detail) - USD ($)		9 Months Ended
	Mar. 15, 2011	Sep. 30, 2015
Business Acquisition [Line Items]
Issuance of common stock for Shea Mining and Milling assets (in shares)	35,000,000
Equity Issuances Per Share Amount	$ 0.89
Common stock issued, shares		100,000
Issuance of common stock		$ 89,000

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Commitments and Contingencies - Additional Information (Detail) - USD ($)			1 Months Ended						9 Months Ended	12 Months Ended
	Jun. 10, 2014	Nov. 13, 2013	Jul. 21, 2015	Jun. 11, 2015	Jun. 04, 2015	Apr. 24, 2015	Mar. 27, 2015	Jan. 16, 2015	Sep. 30, 2015	Dec. 31, 2014	Dec. 31, 2013
Commitments and Contingencies Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, options, outstanding, number, beginning balance									50,194,342	34,131,842	32,750,842
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price, beginning balance									$ 0.95	$ 0.99	$ 0.88
Share-based compensation arrangement by share-based payment award, options, grants in period, gross			750,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price									$ 1.21	$ 1.71
Jonathan Spier
Commitments and Contingencies Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross							7,000,000	2,250,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price							$ 1.00	$ 1.15
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights								The options shall vest and become exercisable as follows: (i) 750,000 shall vest on the Date of Grant; (ii) 187,500 shall vest on each of the following dates: April 1, 2015, July 1, 2015, October 1, 2015, January 1, 2016, April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017
Monthly Compensation								$ 12,500	$ 1
John Ryan
Commitments and Contingencies Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross						2,500,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 0.92
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights						(i) 100,000 vested on the Date of Grant; (ii) 150,000 vested on July 24, 2015, (iii) 250,000 shall vest on each of the following dates: October 24, 2015, January 24, 2016 and April 24, 2016, (iv) 750,000 shall vest on achievement of certain performance objectives of tonnage and gold ore concentrate (v) 750,000 shall vest on achievement of certain performance objectives based on earnings before interest, taxes, depreciation and amortization.
Thomas Loucks
Commitments and Contingencies Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross					2,500,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price					$ 0.90
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights					(i) Five Hundred Thousand (500,000) shall vest on the Date of Grant; (ii) Five Hundred Thousand (500,000) shall vest December 4, 2015; (iii) Five Hundred Thousand (500,000) shall vest June 4, 2016; (iv) Five Hundred Thousand (500,000) shall vest December 4, 2016; and (v) Five Hundred Thousand (500,000) shall vest June 4, 2016.
Bobby Cooper
Commitments and Contingencies Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, options, grants in period, gross				2,500,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 0.80
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights				The options shall vest and become exercisable as follows: (i) Five Hundred Thousand (500,000) shall vest on the Date of Grant; (ii) Five Hundred Thousand (500,000) shall vest December 11, 2015; (iii) Five Hundred Thousand (500,000) shall vest June 11, 2016; (iv) Five Hundred Thousand (500,000) shall vest December 11, 2016; and (v) Five Hundred Thousand (500,000) shall vest June 11, 201
Monthly Payment | Chief Financial Officer
Commitments and Contingencies Disclosure [Line Items]
Base salary	$ 1,000
Executive Employment Agreements | Ms.Ullman
Commitments and Contingencies Disclosure [Line Items]
Salaries, wages and officers compensation		$ 25,000
Share-based compensation arrangement by share-based payment award, options, outstanding, number, beginning balance		4,500,000
Share-based compensation arrangement by share-based payment award, options, outstanding, weighted average exercise price, beginning balance		$ 0.40
Share-based compensation arrangement by share-based payment award, options, vested, number of shares		1,500,000
Executive Employment Agreements | June 1, 2014 | Ms.Ullman
Commitments and Contingencies Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, options, vested, number of shares		1,500,000
Executive Employment Agreements | June 1, 2015 | Ms.Ullman
Commitments and Contingencies Disclosure [Line Items]
Share-based compensation arrangement by share-based payment award, options, vested, number of shares		1,500,000

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Property, Plant, and Equipment - Additional Information (Detail)	Sep. 30, 2015 a
Construction Contracts [Member]
Property, Plant and Equipment [Line Items]
Area of Land	21,875

XML

Components of Property Plant and Equipment (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Equipment	$ 21,000	$ 1,758,818
Construction in Progress	2,057,791	1,778,532
Less accumulated depreciation	(21,000)	(17,613)
Net property, plant and equipment	$ 2,057,791	$ 3,519,737

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IMPAIRMENT OF SHEA MILLING AND MINING ASSETS

9 Months Ended

Sep. 30, 2015

Acquisition Of Shea Milling And Mining Assets [Abstract]

ACQUISITION OF SHEA MILLING AND MINING ASSETS

NOTE 3 – IMPAIRMENT OF SHEA MILLING AND MINING ASSETS

On March 15, 2011, the Company entered into an exchange agreement by and between the Company, Shea Mining, Afignis, LLC, Leslie Lucas Partners, LLC, Wits Basin and Alfred A. Rapetti (the “Shea Exchange Agreement”) whereby the Company acquired certain assets from Shea Mining, which assets include those located in Tonopah financed through a note payable assigned to the Company, mine dumps, a property lease and a contract agreement in exchange for 35,000,000 shares of our unregistered shares. The Shea Exchange Agreement did not include any operable toll milling equipment, employees or operational processes and therefore has been accounted for as a purchase of a group of assets. The Company completed the Shea Exchange Agreement to acquire the Shea assets and develop a toll milling services business of precious minerals.

Pursuant to the assignment of a note payable, the Company executed an Assignment and Assumption of Loan Documents and Loan Modification Agreement, by and between us, Shea Mining and NJB Mining, Inc. (the “Loan Modification Agreement”), dated March 15, 2011, for those assets located in Tonopah, Nevada (“Tonopah”), consisting of land, buildings, mining tailings, a dormant milling facility, abandoned milling equipment and water permits. The land encompasses 1,186 deeded acres, one of the largest private land holdings in Esmeralda County, Nevada. An estimated 2,200,000 tons of tailings known as the Millers Tailings from the historic gold rush of Goldfield and Tonopah, Nevada sits on approximately 334 acres of this land. The Company has not processed any of these tailings and has no intention to do so in the near future.

The Tonopah property was subject to an existing $2,500,000 first deed of trust, which was in default at the time of the Shea Exchange Agreement and included accrued interest of $375,645, which was also assumed in the transaction. As part of the assignment, NJB Mining, Inc. (“NJB”) modified the related note to allow the Company until May 14, 2011 to refinance this mortgage, which was subsequently extended numerous times. As of August 31, 2011, the Company was still in default under the terms of the Loan Modification Agreement, and therefore entered into a forbearance agreement with NJB, (the “NJB Forbearance Agreement”), in which NJB agreed to forbear from initiating legal proceedings, including forbearance of the deed of trust and enforcement of its collection remedies. The NJB Forbearance Agreement further provided for additional extensions up through December 9, 2011. On December 9, 2011, Pure Path Capital Management Company, LLC (“Pure Path”) purchased the Loan Modification Agreement and the NJB Forbearance Agreement directly from NJB. On December 21, 2011, we entered into an amended and restated forbearance agreement with Pure Path (the “A&R Forbearance”), whereby Pure Path extended the provisions of the NJB Forbearance Agreement. Pure Path provided an additional extension to stay any action of the A&R Forbearance until June 8, 2012, on which date, if not paid or another agreement was not executed, the Company would be required to issue 5,000,000 shares of its common stock to Pure Path; such extension was provided without additional consideration. The Company did not pay the balance of the mortgage on June 8, 2012 and pursuant to the terms of the A&R Forbearance Agreement, the Company was required to issue 5,000,000 shares to Pure Path. The 5,000,000 shares were approved for issuance by the Board of Directors on October 9, 2012 and were issued to Pure Path on December 6, 2012. Pure Path provided additional extensions to stay any action of the Forbearance Agreement until August 31, 2013; such extensions were provided without additional consideration. On October 10, 2013, the Company entered into a Settlement and Release Agreement (the “Agreement”) with Pure Path. Pursuant to the Agreement, Pure Path relinquished the rights and obligations owed to it and agreed to forbear collection remedies and legal proceedings against the Company including foreclosure on the Deed of Trust. In connection with the settlement and release of various debts of approximately $1,500,000, consulting fees owed by the Company, and relinquishment of rights by Pure Path, the Company issued 27,000,000 restricted shares and a convertible promissory note for up to $2,500,000 with a principal amount on the date of issuance of $1,933,345 bearing interest of 8% per year for the amounts owed under the Pure Path Agreements.

In connection with the Shea Exchange Agreement, the Company was also assigned the ownership of approximately a six square mile section of mine dump material in Manhattan, Nevada (“Manhattan”). The Company has not disturbed, moved or processed any of this material and currently has no intention to do so.

The other assets the Company acquired consisted of a property lease, which allowed the use of an assay lab property and the associated water permits, (with a right to purchase for $6,000,000) and a contract agreement, which allowed the Company use of processing permits, located in Amargosa Valley, Nevada (“Amargosa”). The Company paid a monthly base rent of $17,500 on this lease and $5,000 monthly on the contract agreement. In January 2012, the landlord of the Amargosa lease caused to have served a five Day Notice To Pay Rent Or Quit due to default in the monthly $17,500 lease payments. The Company began immediate communications with the landlord, which resulted in a delay of further actions by the landlord to pursue any remedies. Then on February 9, 2012, the landlord caused to have served an Order For Summary Eviction (“Eviction”) due to continued default in lease payments. Effective with the Eviction, a total of $112,500 in lease and contract payments remain unpaid as well as $10,500 in late fees required pursuant to the terms of the lease. On February 10, 2012, the Beatty County Sheriff completed the Eviction at Amargosa and the Company as such, no longer has access to the assay lab or permits at Amargosa. As a result, all remaining equipment at Amargosa with an aggregate value of $40,925 was written off as impaired.

Pursuant to the Shea Exchange Agreement, the Company issued a total of 35,000,000 shares of our common stock to the equity holders of Shea Mining in exchange for certain of their assets, resulting in those holders owning an ownership interest of approximately 87% of our then currently outstanding common stock (approximately 56% ownership interest on a fully diluted basis). Alfred A. Rapetti, then a member of our Board of Directors and our former Chief Executive Officer, was granted an irrevocable voting proxy for half of the shares issued to the Shea Mining equity holders, which continues until the affected shares are publicly sold after a period of at least six months, and thereafter in accordance with all applicable securities laws. In August 2011, these rights were transferred to Blair Mielke, a former director of the Company. All such voting rights have since been canceled by the owners or through a transfer of ownership. The Company also agreed to indemnify Shea Mining from any liabilities arising after March 15, 2011 out of the Loan Modification Agreement or the loan agreements.

The purchase consideration of the assets acquired was calculated as follows:

Issuance of 35,000,000 shares of common stock with an estimated fair value of $0.89 per share (closing sales price on March 15, 2011)	$	31,150,000
Cash consideration		700,000
Assumption of NJB Mining mortgage		2,500,000
Assumption of accrued interest and other liabilities		463,184
Legal costs (includes issuance of 100,000 shares of common stock valued at $89,000)		205,258
Other direct expenses incurred in connection with the Shea Exchange Agreement		140,985
	$	35,159,427

In conformity with accounting principles generally accepted in the United States of America, cost of acquiring a group of assets is allocated to the individual assets within the group based on the relative fair values of the individual assets.

The table below sets forth the final purchase price allocation. The fair value of the mineral properties and property and equipment was determined based on level 3 inputs using cost and market value approaches.

Tonopah mine tailings	$	24,888,252
Tonopah dormant milling facility		8,062,875
Tonopah land		1,760,000
Tonopah water rights		348,300
Manhattan mine dumps		100,000
Total	$	35,159,427

Simultaneous with these transactions, pursuant to the Shea Exchange Agreement, Wits Basin exchanged 19,713,544 shares of the Company’s common stock it held for 10,000,000 shares of our Series A Preferred Stock. The Series A Preferred Stock has a liquidation preference of $10,000,000, payable only upon certain liquidity events or upon achievement of a market value of our equity equaling $200,000,000 or more. Additional details regarding the Series A Preferred Stock can be found in the Company’s Articles of Amendment, which were filed with the Colorado Secretary of State on January 4, 2013. Additionally, the Company obtained the right to transfer the entire interest and related debt of the Bates-Hunter Mine, at any time prior to June 13, 2011, to Wits Basin in exchange for the cancellation of a promissory note issued by Hunter Bates payable in favor of Wits Basin in the approximate amount of $2,500,000. On April 29, 2011, our Board of Directors approved this transfer.

Furthermore, Wits Basin had entered into certain commitments, which involved shares of the Company’s common stock and as a result of their exchange of substantially all of the Company’s common stock they held for Series A Preferred, Wits Basin could no longer honor those commitments. In consideration of Wits agreeing to the exchange, the Company agreed to enter into two stock option agreements as follows: (1) the Company granted to one of Wits Basin’s major lenders a replacement stock option, on substantially the same terms as the stock option issued by Wits Basin, to purchase 1,299,000 shares of the Company’s common stock at an exercise price of $1.00 per share expiring on December 14, 2014 of which the holder exercised on 10,000 shares of the option with a payment of $10,000 during 2011 and (2) the Company granted to Wits Basin a replacement stock option, expiring on December 19, 2014, to purchase up to 630,000 shares of the Company’s common stock, at an exercise price of $0.50 per share. As of December 31, 2014 all of these stock options are expired.

Management analyzed the Shea Mining and Milling assets and determined that the Tonopah mine tailings of $24,888,252, Tonopah dormant milling facility of $8,062,875 and Manhattan mine dumps of $100,000 were fully impaired and recorded an impairment of $33,051,127 and reduced the net carrying value of the Miller’s Landing assets to $2,108,300.

The Company does not conduct any mining activity.

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Long-Term Trade Payable - Additional Information (Detail) - USD ($)			1 Months Ended	3 Months Ended		9 Months Ended
	Mar. 12, 2015	Oct. 10, 2013	Jul. 31, 2015	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Warrants To Purchase Common Stock			250,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross		27,000,000
Market Value Of Unissued Common Stock				$ 83,532		$ 83,532
Adjustment In Accrued Expense Mark To Market				35,532	$ 0	35,532	$ 0
Accrued Liabilities, Fair Value Disclosure				$ 48,000		$ 48,000
Vendor
Debt Instrument, Periodic Payment, Interest	$ 0
Warrants To Purchase Common Stock	150,000
Debt Instrument, Periodic Payment, Principal	$ 50,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross	100,000
Fair Value Adjustment of Warrants	$ 46,407
Vendor | Warrant
Fair Value Assumptions Discount Rate	1.06%
Share Price	$ 1.25
Fair Value Assumptions, Exercise Price	$ 0.94
Fair Value Assumptions, Expected Term	3 years
Fair Value Assumptions, Expected Volatility Rate	75.00%

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Summary of Company's Stock Options (Detail) - $ / shares	9 Months Ended	12 Months Ended
	Sep. 30, 2015	Dec. 31, 2014
Number of Options
Options outstanding	34,131,842	32,750,842
Granted	17,750,000	4,000,000
Canceled or expired	(1,687,500)	(2,337,000)
Exercised	0	(282,000)
Options outstanding	50,194,342	34,131,842
Weighted Average Exercise Price
Options outstanding	$ 0.99	$ 0.88
Granted	1.21	1.71
Canceled or expired	1.38	0.79
Exercised	0	0.60
Options outstanding	0.95	0.99
Weighted average fair value of options granted during the year	$ 1.21	$ 0.94

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Consolidated Balance Sheets - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash	$ 6,656	$ 36,095
Prepaid expenses	45,315	59,010
Assets held for Sale	928,143	0
Total current assets	980,114	95,105
Shea Mining and Milling Assets	2,108,300	35,159,427
Property, plant and equipment:
Machinery and equipment	21,000	1,758,818
Construction in progress	2,057,791	1,778,532
Property, Plant and Equipment, Gross	2,078,791	3,537,350
Accumulated depreciation	(21,000)	(17,613)
Net property, plant and equipment	2,057,791	3,519,737
Total Assets	5,146,205	38,774,269
Current liabilities:
Senior secured convertible promissory note payable, related party	2,229,187	2,174,597
Long-Term of trade payable in default	928,143	0
Promissory notes payable - related party, net of debt discount of $38,856	409,144	0
Convertible notes payable, current portion	175,000	175,000
Flechner judgement	2,257,000	0
Due to Wits Basin Precious Minerals Inc.	16,616	16,616
Accounts payable	1,995,957	2,154,512
Accrued interest	437,212	246,273
Accrued expenses	958,922	710,286
Accounts payable to related party	1,424	6,307
Total current liabilities	$ 9,408,605	$ 5,483,591
Commitments and Contingencies (Note 9)
Preferred stock, 50,000,000 shares authorized:
Series A, $.001 par value, 10,000,000 and 10,000,000 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	$ 10,000,000	$ 10,000,000
Shareholders’ equity (deficit):
Series B preferred stock, no shares issued and outstanding	0	0
Common stock, $0.001 par value, 500,000,000 shares authorized: 104,150,936 and 103,660,936 shares issued and outstanding at September 30, 2015 and December 31, 2014, respectively	104,051	103,661
Additional paid-in capital	87,984,455	75,255,143
Accumulated deficit	(102,350,906)	(52,068,126)
Total shareholders’ equity (deficit)	(14,262,400)	23,290,678
Total Liabilities and Shareholders’ Equity (Deficit)	$ 5,146,205	$ 38,774,269

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Related Party Transactions - Additional Information (Detail) - USD ($)			9 Months Ended
	Feb. 04, 2015	Oct. 10, 2013	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014	Jun. 13, 2011
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 1,933,345	$ 448,000		$ 0	$ 2,500,000
Debt conversion, converted instrument, amount			$ 0	$ 225,000
Common stock issued, shares			100,000
Stock Issued During Period, Value, New Issues			$ 89,000
Settlement liabilities		1,500,000
Consultancy Fee
Related Party Transaction [Line Items]
Related Party Transaction, Amounts of Transaction		1,150,000
Pure Path Management Company
Related Party Transaction [Line Items]
Debt instrument, face amount		$ 2,500,000
Debt conversion, converted instrument, amount	$ 54,590
Common stock issued, shares		27,000,000
Equity Method Investment, Ownership Percentage		23.00%
Due to Related Parties, Total		$ 1,500,000
Stock Issued During Period, Value, New Issues		$ 1,933,345
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate		8.00%
Pure Path Capital Management Company LLC
Related Party Transaction [Line Items]
Common stock issued, shares		27,000,000

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OVERVIEW

9 Months Ended

Sep. 30, 2015

Nature Of Business [Abstract]

OVERVIEW

NOTE 1 - OVERVIEW

Standard Metals Processing, Inc. (formerly Standard Gold Holdings, Inc., Standard Gold, Inc. and Princeton Acquisitions, Inc.) (the “Company”) was incorporated in the State of Colorado on July 10, 1985 as a blind pool or blank check company. On September 29, 2009, the Company completed a share exchange agreement with Hunter Bates Mining Corporation, a Minnesota corporation (“Hunter Bates”) and certain of its shareholders, in which Hunter Bates’ shareholders exchanged all of their capital securities into similar capital securities of the Company (the “Hunter Bates Share Exchange”) and the Company adopted the business model of Hunter Bates of mineral exploration and mining. Accordingly, the Hunter Bates Share Exchange represented a change in control and Hunter Bates became a wholly owned subsidiary of the Company.

Prior to September 29, 2009, Wits Basin Precious Minerals Inc., (“Wits Basin”) a Minnesota corporation and public reporting company quoted on the Pink Sheets under the symbol “WITM” was the majority shareholder of Hunter Bates. Hunter Bates was formed in April 2008 to acquire the prior producing gold mine properties (consisting of land, buildings, equipment, mining claims and permits) located in Central City, Colorado, known as the “Bates-Hunter Mine.” The Company had not engaged in any exploration or mining activities at the Bates-Hunter Mine properties and on April 29, 2011, the Company transferred all of its interests of Hunter Bates back to Wits Basin in order to develop the toll milling business as described below.

On March 15, 2011, the Company closed a series of transactions, whereby it acquired certain assets of Shea Mining & Milling, LLC (“Shea Mining”). The exchange agreement was by and between the Company, Shea Mining, Afignis, LLC, Leslie Lucas Partners, LLC, Wits Basin and Alfred A. Rapetti (the “Shea Exchange Agreement”) whereby the Company acquired certain assets from Shea Mining, which assets include those located in Tonopah, Nevada, of land, buildings, a dormant milling facility, abandoned milling equipment, water permits and mine tailings financed through a note payable assigned to the Company, mine dumps, a property lease and a contract agreement in exchange for 35,000,000 shares of the Company’s unregistered shares. The Shea Exchange Agreement did not include any operable toll milling equipment, employees or operational processes and therefore has been accounted for as a purchase of a group of assets. The Company completed the Shea Exchange Agreement to acquire the Shea Mining assets and develop a toll milling services business of precious minerals. Toll milling is a process whereby mined material is crushed and ground into fine particles to ease the extraction of any precious minerals contained therein, such as gold, silver, lead, zinc and copper, and rare earth metals. See Note 3 – Impairment of Shea Milling and Mining Assets for a detailed discussion.

Refocused Business Plan

The Company considered altering its strategy and establishing itself as a specialized mining house that can provide financing in exchange for metals streaming and royalty financing, and also to seek opportunities to acquire current income-producing metal streams and royalty contracts. The Company has undergone some changes in management and a refocus in its business plan. Management is delaying any plans for metals streaming and royalty. The Company is reexamining its next steps for developing a processing facility.

Going Concern

The accompanying consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, assuming we will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the nine months ended September 30, 2015, the Company incurred losses from operations of $50,282,780. At September 30, 2015, the Company had an accumulated deficit of $102,350,906 and a working capital deficit of $8,503,491. Our ability to continue as a going concern is dependent on our ability to raise the required additional capital or debt financing to meet short and long-term operating requirements. During the nine months ended September 30, 2015, the Company received net cash proceeds of $627,190 from the exercise of warrants and loans from related parties. Management believes that private placements of equity capital and/or additional debt financing will be needed to fund our long-term operating requirements. The Company may also encounter business endeavors that require significant cash commitments or unanticipated problems or expenses that could result in a requirement for additional cash. If the Company raises additional funds through the issuance of equity or convertible debt securities, the percentage ownership of our current shareholders could be reduced, and such securities might have rights, preferences or privileges senior to our common stock. Additional financing may not be available upon acceptable terms, or at all. If adequate funds are not available or are not available on acceptable terms, the Company may not be able to take advantage of prospective business endeavors or opportunities, which could significantly and materially restrict our operations. We are continuing to pursue external financing alternatives to improve our working capital position. If the Company is unable to obtain the necessary capital, the Company may have to cease operations.

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Summary of Notes Payable to Related Party (Detail) - USD ($)	Sep. 30, 2015	Dec. 31, 2014	Oct. 10, 2013	Jun. 13, 2011
Related Party Transaction [Line Items]
Promissory note issued on February 11, 2015, in the principal amount of up to $750,000 with tranches received as follows: $200,000 on February 11, 2015 and $48,000 on February 13, 2015; $50,000 on April 13, 2015; the note has a stated interest rate of 8%; with a maturity of 1 year from the date of the tranche.	$ 448,000	$ 0	$ 1,933,345	$ 2,500,000
Less discount	(38,856)	0
Totals	$ 409,144	$ 0

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LONG-TERM TRADE PAYABLE (Tables)

9 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

Schedule of Accounts Payable and Accrued Liabilities

The following table summarizes the Company’s long-term trade payable:

	September 30,		December 31,
	2015		2014
Vendor agreement dated March 12, 2015 with monthly payments of $50,000 and zero interest	$	928,143	$	-
Less debt discount		(-)		-
		928,143		-
Less current portion		(928,143)		-
Totals	$	-	$	-

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Summary of Notes Payable to Related Party (Detail) (Parenthetical) - USD ($)			1 Months Ended
	Apr. 13, 2015	Feb. 11, 2015	Feb. 13, 2015	Oct. 10, 2013
Related Party Transaction [Line Items]
Debt Instrument, Interest Rate, Stated Percentage				8.00%
Promissory Note
Related Party Transaction [Line Items]
Debt Instrument, Issuance Date		Feb. 11, 2015
Notes Payable, Related Parties		$ 750,000
Proceeds from Issuance of Unsecured Debt	$ 50,000	$ 200,000	$ 48,000
Debt Instrument, Interest Rate, Stated Percentage		8.00%
Debt Instrument, Maturity Date, Description		maturity of 1 year from the date of the tranche

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SHAREHOLDERS' EQUITY (Tables)

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

Black-Scholes Pricing Model and Weighted Average Assumptions Used to Estimate Fair Value of Options

In determining the compensation cost of the stock awards granted during the six months period ended June 30, 2015 and the year ended December 31, 2014, the fair value of each grant had been estimated on the date of grant using the Black-Scholes pricing model and the weighted average assumptions used in these calculations are summarized below:

	2015	2014
Risk-free interest rate	.84% -1.74%	2.21%- 2.41%
Expected volatility factor	185% - 293%	75%
Expected dividend	—	—
Expected option term (years)	3 - 7	7

Summary of Stock Options Activity

The following tables summarize information about the Company’s stock options:

	Number of Options		Weighted Average Exercise Price
Options outstanding - December 31, 2013		32,750,842	$	0.88
Granted		4,000,000		1.71
Canceled or expired		(2,337,000)		.79
Exercised		(282,000)		.60
Options outstanding - December 31, 2014		34,131,842	$	0.99
Granted		17,750,000		1.21
Canceled or expired		(1,687,500)		1.38
Exercised		-		-
Options outstanding – June 30, 2015		50,194,342	$	0.95
Weighted average fair value of options granted during the period ended June 30, 2015			$	1.21
Weighted average fair value of options granted during the year ended December 31, 2014			$	0.94

Summary of Company's Nonvested Options

A summary of the Company’s non-vested options at September 30, 2015, and changes during the nine months ended September 30, 2015, is presented below:

	Options		Weighted Average Grant Date Fair Value
Non-vested, beginning of period		5,250,000	$	0.24
Granted		17,750,000	$	1.21
Vested		(13,437,500)	$	1.01
Forfeited		(1,687,500)	$	1.38
Non-vested, end of period		7,775,500	$	0.86

Summary of Stock Options by Exercise Price Range

The following tables summarize information about stock options outstanding and exercisable at September 30, 2015:

	Options Outstanding at September 30, 2015
Range of Exercise Prices	Number Outstanding		Weighted Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value(1)
$0.40 to $0.60		6,031,842		5.1 years	$	0.48	$	180,000
$0.61 to $1.00		25,350,000		4.4 years	$	0.81	$
$1.01 to $1.50		15,812,500		5.2 years	$	1.24	$	-
$1.51 to $2.25		3,000,000		5.6 years	$	1.63	$	-
$0.40 to $2.25		50,194,342		4.8 years	$	0.98	$	180,000

	Options Exercisable at September 30, 2015
Range of Exercise Prices	Number Exercisable		Weighted Remaining Contractual Life		Weighted Average Exercise Price		Aggregate Intrinsic Value(1)
$0.40 to $0.60		5,281,842		5.1 years	$	0.48	$	180,000
$0.61 to $1.00		18,700,000		5.1 years	$	0.81	$
$1.01 to $1.50		15,437,500		5.2 years	$	1.24	$	-
$1.51 to $2.25		3,000,000		5.6 years	$	1.63	$	-
$0.40 to $2.25		42,419,342		5.1 years	$	0.98	$	180,000

(1) The aggregate intrinsic value in the table represents the difference between the closing stock price on September 30, 2015 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on September 30, 2015.

Summary of Stock Warrants Outstanding

The following table summarizes information about the Company’s stock purchase warrants outstanding at September 30, 2015 and December 31, 2014:

	Number		Weighted Average Exercise Price		Range of Exercise Price		Weighted Remaining Contractual Life
Outstanding at December 31, 2013		13,989,207	$	0.67	$	0.20 – 1.00		3.3 years
Granted		150,000	$	2.00	$	2.00
Cancelled or expired		(1,630,000)		1.00	$	1.00
Exercised		(7,025,227)	$	0.54	$	0.25 – 1.00
Outstanding at December 31, 2014		5,483,980	$	0.79	$	0.20 – 2.00		4.8 years
Granted		400,000	$	1.24	$	1.23 - 1.25
Cancelled or expired		(578,340)		0.50		0.50
Exercised		(140,000)	$	0.89	$	0.89
Outstanding at June 30, 2015		5,165,640	$	0.88	$	0.20 - 2.00		4.2 years
Warrants exercisable at September 30, 2015						5,165,640

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Principles of Consolidation

The financial statements include the accounts of Standard Metals Processing, Inc., its wholly owned subsidiaries, Esmeralda Renewable Energy, Inc. and Tonopah Milling and Metals Group, Inc. (“TMMG”), and TMMG’s wholly owned subsidiaries Tonopah Custom Processing, Inc. and Tonopah Resources, Inc. All significant intercompany transactions, accounts and balances have been eliminated in consolidation.

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K filed March 31, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments unless otherwise indicated) considered necessary for a fair presentation have been included. Operating results for the six months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year as a whole.

Shea Mining and Milling Assets

The Company recorded the estimated fair value of the Shea Mining and Milling assets as an aggregate amount on the condensed balance sheets. The assets include the mine tailings and dumps, the land, water rights and the milling facility (the buildings and equipment). None of the assets have been put into production, nor has the Company performed any repair or updates to any of the equipment or buildings. As such, the Company will continue to classify them under a single listing.

Mineral Properties

Mineral property acquisition costs are recorded at cost and are deferred until the viability of the property is determined. No properties have produced operating revenues at this time. Exploration, mineral property evaluation, option payments, related acquisition costs for mineral properties acquired under an option agreement, general overhead, administrative and holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. When reserves are determined for a property and a bankable feasibility study is completed, subsequent exploration and development costs on the property would be capitalized. If a project were to be put into production, capitalized costs would be depleted on the unit of production basis.

Management reviews the net carrying value of each mineral property as changes may materialize with a property or at a minimum, on an annual basis. Where information and conditions suggest impairment, estimated future net cash flows from each property are calculated using estimated future prices, proven and probable reserves and value beyond proven and probable reserves, and operating, capital and reclamation costs on an undiscounted basis. If it is determined that the future cash flows are less than the carrying value, a write-down to the estimated fair value is made with a charge to loss for the period. Where estimates of future net cash flows are not available and where other conditions suggest impairment, management assesses if the carrying value can be recovered.

Management’s estimates of gold prices, recoverable reserves, probable outcomes, operating capital and reclamation costs are subject to risks and uncertainties that may affect the recoverability of mineral property costs.

The Company does not own any mining claims. It owns tailings located on the Tonopah property and some tailings located in Manhattan, Nevada. The Company has not disturbed or processed any of this material and does not intend to do so in the foreseeable future.

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed

The Company reviews its long-lived assets and identifiable finite-lived intangibles for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The first step of the impairment test, used to identify potential impairment, compares undiscounted future cash flows of the asset or asset group with the related carrying amount. If the undiscounted future cash flows of the asset or asset group exceed its carrying amount, the asset or asset group is not considered to be impaired and the second step is unnecessary. If such assets were considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

During the period ended September 30, 2015 and through November 23, 2015, there were several new accounting pronouncements issued by the Financial Accounting Standards Board.  Each of these pronouncements, as applicable, has been or will be adopted by the Company.  Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.

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Consolidated Balance Sheets (Parenthetical) - USD ($)	Sep. 30, 2015	Dec. 31, 2014
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	500,000,000	500,000,000
Common stock, shares issued	104,150,936	103,660,936
Common stock, shares outstanding	104,150,936	103,660,936
Debt Instrument, Unamortized Discount	$ 38,856	$ 0
Preferred Stock
Temporary Equity, Shares Authorized	50,000,000	50,000,000
Series A Preferred Stock
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares issued	10,000,000	10,000,000
Preferred stock, shares outstanding	10,000,000	10,000,000
Series B Preferred Stock
Preferred Stock, Shares Issued	0	0
Preferred Stock, Shares Outstanding	0	0

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JUDGEMENT ON LEGAL ACTIONS

9 Months Ended

Sep. 30, 2015

Judgement On Legal Actions [Abstract]

JUDGEMENT ON LEGAL ACTIONS

NOTE 12 –JUDGMENT ON LEGAL ACTIONS

Midwest Investment Partners, LLC v. Standard Gold Holdings, Inc.

On September 6, 2013, Midwest Investment Partners, LLC filed suit in the United States District Court for the Southern District of Indiana, Evansville Division against Standard Gold Holdings, Inc. alleging a breach of the Company’s obligations under a $50,000 6% Convertible Promissory Note, dated April 5, 2011, and a $25,000 6% Convertible Promissory Note, dated September 2, 2011, by (i) failing to repay the April 5, 2011 Note when due on October 6, 2011, and (ii) failing to repay the September 2, 2011 Note when due on February 29, 2012. On January 10, 2014, Standard Gold filed an Answer with Affirmative and Other Defenses to Midwest’s Complaint and Demand for Jury Trial. On April 3, 2014, Midwest filed a Motion for Summary Judgment. On August 28, 2014, the Court entered an Order granting Midwest’s Motion for Summary Judgment and closed judgment in favor of Midwest against Standard Gold. On August 12, 2015, the United Stated District Court for the Southern District of Indiana issued a judgment in favor of Midwest Investment Partners, LLC in the amount of the note, plus interest and attorney’s fees. The Company is evaluating its options but recorded a liability at June 30, 2015 in the amount of $100,000 on the judgment.

Stephen E. Flechner v. Standard Metals Processing, Inc.

On April 29, 2014, Stephen E. Flechner filed suit in the United States District Court for the District of Colorado against Standard Metals Processing, Inc. alleging that Standard Metals had refused to allow him to exercise stock options granted to him pursuant to a Stock Option Agreement, dated April 1, 2010, and a second Stock Option Agreement, dated January 21, 2011. On June 12, 2014, Standard Metals filed an Answer and a Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division . On January 16, 2015, Standard Metals filed a Motion for Summary Judgment. On January 23, 2015, the Court issued an Order granting in part and denying in part Standard Metals’ Motion to Dismiss or, Alternatively, to Stay or Transfer the action to the United States District Court for the Northern District of Alabama, Middle Division . The Court in its Order stayed further proceedings in Colorado pending the issuance of orders by the Alabama court. Thereafter, on January 26, 2015, the Court issued an Order vacating the February 20, 2015 Trial Preparation Conference and the March 9, 2015 Bench Trial. On March 23, 2015, the Court issued an Order denying Standard Metals’ Motion for Summary Judgment. On March 30, 2015, Flechner filed a Motion to Lift the Stay. On March 31, 2015, the Court issued an Order granting Flechner’s Motion to Lift the Stay. On April 6, 2015, the Court issued an Order scheduling a Bench Trial for July 29, 2015. On April 9, 2015, Flechner filed a Motion for Reconsideration of the Court’s March 23, 2015 Order Denying Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. On May 1, 2015, the Court issued an Order Granting Flechner’s Motion to Enforce the Confidential Settlement Agreement to Settle Certain Issues. Standard Metals Processing, Inc. intends to continue to vigorously defend against claims by Steven E. Flechner. On August 12, 2015 the United Stated District Court for the District of Colorado issued a judgment in favor of Stephen E. Flechner for $2,157,000. The Company intends to appeal the judgment and has recorded a liability as of June 30, 2015 in the amount of $2,157,000 for the judgment.

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Document And Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Nov. 23, 2015
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2015
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q3
Entity Registrant Name	Standard Metals Processing, Inc.
Entity Central Index Key	0000773717
Current Fiscal Year End Date	--12-31
Entity Filer Category	Smaller Reporting Company
Trading Symbol	SMPR
Entity Common Stock, Shares Outstanding		104,150,936

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SUBSEQUENT EVENTS

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

SUBSEQUENT EVENTS

NOTE 13 – SUBSEQUENT EVENTS

Management

On October 22, 2015 Mr. Bobby Cooper, Mr. John Ryan, Mr. Thomas Loucks and Mr. Thomas Myatt came to a mutual agreement with the Board of Directors to terminate their employment agreements. Ms. Tina Gregerson was appointed interim Chief Executive Officer until a permanent replacement can be appointed. All options granted but not vested will be cancelled.

Mr. Robert Geiges came to a mutual agreement with the Board of Directors to terminate his employment agreement on October 28, 2015. Ms. Sharon Ullman was appointed to serve as interim Chief Financial Officer until the position can be filled on a more permanent basis.

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Consolidated Statements of Operations - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenues	$ 0	$ 0	$ 0	$ 0
Operating expenses:
General and administrative	898,510	1,390,818	13,649,311	13,412,422
Impairment of Shea Mining and Milling assets	0	0	33,051,127	0
Impairment of Machinery and Equipment	809,675	0	809,675	0
Depreciation and amortization	0	4,400	3,387	13,213
Judgement on legal actions	0	0	2,257,000	0
Total operating expenses	1,705,185	1,395,218	49,770,500	13,425,635
Loss from operations	(1,705,185)	(1,395,218)	(49,770,500)	(13,425,635)
Other income (expense):
Other income	1,826	1,587	6,084	4,761
Loss on settlement of debt	(150,000)	(147,467)	(150,000)	(1,106,487)
Interest expense	(78,096)	(44,479)	(196,253)	(136,430)
Amortization of debt discount	(130,202)	0	(207,643)	0
Change in Accrued expense mark-to-market	35,532	0	35,532	0
Total other income (expense)	(320,940)	(190,359)	(512,280)	(1,238,156)
Loss before income tax provision	(2,026,125)	(1,585,577)	(50,282,780)	(14,663,791)
Income tax provision	0	0	0	0
Net loss	$ (2,026,125)	$ (1,585,577)	$ (50,282,780)	$ (14,663,791)
Basic net loss per common share	$ (0.02)	$ (0.02)	$ (0.48)	$ (0.15)
Basic weighted average common shares outstanding	104,066,697	102,226,609	103,818,042	97,647,623

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ASSET HELD FOR SALE

9 Months Ended

Sep. 30, 2015

Asset Held For Sale [Abstract]

ASSET HELD FOR SALE

NOTE 7 – ASSET HELD FOR SALE

During the three month period ended September 30, 2015 the Company was in negotiations with the vendor in Note 5 Long-Term Trade Payable and holder of the agreement to attempt to sell the certain equipment. The Company evaluated this event using the guidance provided by ASC 360-10 “Property, Plant and Equipment – Impairment or disposal of long-life assets” and concluded that an impairment of machinery and equipment of $809,675 occurred and recorded an asset held for sale of $928,143 at fair value.

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PROMISSORY NOTES PAYABLE - RELATED PARTY

9 Months Ended

Sep. 30, 2015

Due to Related Parties, Current [Abstract]

PROMISSORY NOTES PAYABLE - RELATED PARTY

NOTE 6 – PROMISSORY NOTES PAYABLE - RELATED PARTY

The following table summarizes the Company’s notes payable related party:

	June 30,		December 31,
	2015		2014
Promissory note issued on February 11, 2015, in the principal amount of up to $750,000 with tranches received as follows: $200,000 on February 11, 2015 and $48,000 on February 13, 2015; $50,000 on April 13, 2015; the note has a stated interest rate of 8%; with a maturity of 1 year from the date of the tranche.	$	448,000	$	-
Less discount		(38,856)		-
Totals	$	409,144	$	-

On February 11, 2015, the Company issued an unsecured promissory note (the “Note”) to Tina Gregerson Family Properties, LLC, an entity controlled by a director and interim CEO of the Company. The Note for up to $750,000, will be provided in tranches. Maturity of each tranche is one year from the date of receipt. Interest will accrue at 8% per annum on each tranche. As consideration, the Company agreed to issue common stock purchase warrants for the purchase of up to 250,000 shares of common stock exercisable for seven years at $1.23 per share. The Company then analyzed the warrant under ASC 470-20-25 Debt with conversion and other options for consideration of a warrants issue. The Company recorded a discount based on the relative fair value of the warrants of $116,560. The Company valued the warrants using the Black-Scholes option pricing model with the following assumptions: stock price on the measurement date of $1.25; warrant term of 7 years; expected volatility of 75%; and discount rate of 1.83% and accounted for them as debt discount, which will be amortized over the term of the note.

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PROMISSORY NOTES PAYABLE - RELATED PARTY (Tables)

9 Months Ended

Sep. 30, 2015

Due from Related Parties, Current [Abstract]

Summary of notes payable related party

The following table summarizes the Company’s notes payable related party:

	June 30,		December 31,
	2015		2014
Promissory note issued on February 11, 2015, in the principal amount of up to $750,000 with tranches received as follows: $200,000 on February 11, 2015 and $48,000 on February 13, 2015; $50,000 on April 13, 2015; the note has a stated interest rate of 8%; with a maturity of 1 year from the date of the tranche.	$	448,000	$	-
Less discount		(38,856)		-
Totals	$	409,144	$	-

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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)

9 Months Ended

Sep. 30, 2015

Accounting Policies [Abstract]

Principles of Consolidation

Principles of Consolidation

The financial statements include the accounts of Standard Metals Processing, Inc., its wholly owned subsidiaries, Esmeralda Renewable Energy, Inc. and Tonopah Milling and Metals Group, Inc. (“TMMG”), and TMMG’s wholly owned subsidiaries Tonopah Custom Processing, Inc. and Tonopah Resources, Inc. All significant intercompany transactions, accounts and balances have been eliminated in consolidation.

Basis of Presentation

Basis of Presentation

The accompanying unaudited condensed financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US GAAP”), for interim financial information pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”). Accordingly, they do not include all of the information and footnotes required by US GAAP for complete financial statements. The unaudited condensed financial statements should be read in conjunction with the audited consolidated financial statements and notes thereto included in our Form 10-K filed March 31, 2015. In the opinion of management, all adjustments (consisting of normal recurring adjustments unless otherwise indicated) considered necessary for a fair presentation have been included. Operating results for the six months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year as a whole.

Shea Mining and Milling Assets

Shea Mining and Milling Assets

The Company recorded the estimated fair value of the Shea Mining and Milling assets as an aggregate amount on the condensed balance sheets. The assets include the mine tailings and dumps, the land, water rights and the milling facility (the buildings and equipment). None of the assets have been put into production, nor has the Company performed any repair or updates to any of the equipment or buildings. As such, the Company will continue to classify them under a single listing.

Mineral Properties

Mineral Properties

Mineral property acquisition costs are recorded at cost and are deferred until the viability of the property is determined. No properties have produced operating revenues at this time. Exploration, mineral property evaluation, option payments, related acquisition costs for mineral properties acquired under an option agreement, general overhead, administrative and holding costs to maintain a property on a care and maintenance basis are expensed in the period they are incurred. When reserves are determined for a property and a bankable feasibility study is completed, subsequent exploration and development costs on the property would be capitalized. If a project were to be put into production, capitalized costs would be depleted on the unit of production basis.

Management reviews the net carrying value of each mineral property as changes may materialize with a property or at a minimum, on an annual basis. Where information and conditions suggest impairment, estimated future net cash flows from each property are calculated using estimated future prices, proven and probable reserves and value beyond proven and probable reserves, and operating, capital and reclamation costs on an undiscounted basis. If it is determined that the future cash flows are less than the carrying value, a write-down to the estimated fair value is made with a charge to loss for the period. Where estimates of future net cash flows are not available and where other conditions suggest impairment, management assesses if the carrying value can be recovered.

Management’s estimates of gold prices, recoverable reserves, probable outcomes, operating capital and reclamation costs are subject to risks and uncertainties that may affect the recoverability of mineral property costs.

The Company does not own any mining claims. It owns tailings located on the Tonopah property and some tailings located in Manhattan, Nevada. The Company has not disturbed or processed any of this material and does not intend to do so in the foreseeable future.

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed

Impairment of Long-Lived Assets and Long-Lived Assets to be Disposed

The Company reviews its long-lived assets and identifiable finite-lived intangibles for impairment on an annual basis and whenever events or changes in circumstances indicate that the carrying amount of the asset may not be recoverable. The first step of the impairment test, used to identify potential impairment, compares undiscounted future cash flows of the asset or asset group with the related carrying amount. If the undiscounted future cash flows of the asset or asset group exceed its carrying amount, the asset or asset group is not considered to be impaired and the second step is unnecessary. If such assets were considered to be impaired, the impairment to be recognized would be measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Use of Estimates

Use of Estimates

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Recent Accounting Pronouncements

Recent Accounting Pronouncements

During the period ended September 30, 2015 and through November 23, 2015, there were several new accounting pronouncements issued by the Financial Accounting Standards Board.  Each of these pronouncements, as applicable, has been or will be adopted by the Company.  Management does not believe the adoption of any of these accounting pronouncements has had or will have a material impact on the Company’s consolidated financial statements.

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RELATED PARTY TRANSACTIONS

9 Months Ended

Sep. 30, 2015

Related Party Transactions [Abstract]

RELATED PARTY TRANSACTIONS

NOTE 10 – RELATED PARTY TRANSACTIONS

Pure Path Management Company, LLC

Pure Path Management Company, LLC (“Pure Path”) is currently the beneficial owner of 23% of the outstanding common stock of the Company. On October 10, 2013, the Company issued 27,000,000 shares of common stock to Pure Path Management Company, LLC to settle $1,500,000 of the note payable and accrued interest by the Company.

In connection with the assignment of the Forbearance Agreement, the Parties executed an Agreement in Principle setting forth terms of the Forbearance Agreement (collectively the “Pure Path Agreements”). Pursuant to the Pure Path Agreements, Pure Path was to receive participation payments to be received on a quarterly basis for seven years after the final closing at a rate of 5% of adjusted gross revenue as such terms are defined in the Pure Path Agreements, past and future consulting fees for approximately $1,150,000, collection remedies and legal proceedings against the Company including foreclosure on the Deed of Trust, registration rights, rights of first refusal, tag along rights, preemptive rights, exclusive worldwide rights pertaining to financing and joint ventures, and other negative covenants regarding approval of corporate actions.

Pursuant to the Settlement and Release Agreement executed October 10, 2013 with the Company, Pure Path relinquished the foregoing rights and obligations owed to it and agreed to forbear collection remedies and legal proceedings against the Company including foreclosure on the Deed of Trust, and in connection with the settlement and release of various debts of approximately $1,500,000 and the consulting fees owed by the Company and relinquishment of rights by Pure Path, the Company issued 27,000,000 restricted shares and a Promissory Note (the “Pure Path Note”) for an amount of up to $2,500,000 with a beginning principal balance of $1,933,345 bearing interest of 8% per year for the current balance of the amounts owed under the Pure Path Agreements.

Under the terms of the Pure Path Note, the Company received $54,590 on February 4, 2015.

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SHAREHOLDERS' EQUITY

9 Months Ended

Sep. 30, 2015

Stockholders' Equity Note [Abstract]

SHAREHOLDERS' EQUITY

NOTE 8 – SHAREHOLDERS’ EQUITY

Preferred Stock

Series A Preferred Stock

Simultaneous with the Shea Exchange Agreement, Wits Basin exchanged 19,713,544 shares of our common stock it held for 10,000,000 shares ($.001 par value each) of “Series A Preferred Stock” with an original issue price of $1.00 per share.

Attributes of Series A Preferred Stock can be found in the Form 10-K for the year ended December 31, 2014 filed with the Commission on March 31, 2015 and in the Company’s filings with the Secretary of State of Colorado.

Series B Preferred Stock

There are no shares of Series B Preferred Stock issued and outstanding.

Attributes of Series B Preferred Stock can be found in the Form 10-K for the year ended December 31, 2014 filed with the Commission on March 31, 2015 and in the Company’s filings with the Secretary of State of Nevada.

Common Stock and Common Stock Purchase Warrant Issuances

Stock issued on conversion of accounts payable

On July 31, 2015 the Company reached agreement with a vendor to reduce the Company’s accounts payable by $50,000 in exchange for 250,000 common shares of the Company’s stock with a fair value of $0.80 per share. The Company evaluated the transaction using ASC 405-20-40 “Liabilities – Extinguishments of Liabilities” and recorded a loss on extinguishment of debt of $150,000.

Option Grants

2014 Option Plan

On January 16, 2015 the Company’s Chief Operating Officer was granted 2,250,000 options under the 2014 Plan with an exercise price of $1.15 per share for a term of seven years. The options shall vest and become exercisable as follows: (i) 750,000 shall vest on the Date of Grant; (ii) 187,500 shall vest on each of the following dates: April 1, 2015, July 1, 2015, October 1, 2015, January 1, 2016, April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017. On March 27, 2015 the Company executed an addendum to the Chief Operating Officer’s employment agreement wherein he agreed to take on additional responsibilities. As consideration, the Company issued an additional 7,000,000 options under the 2014 Plan with an exercise price of $1.00 for a term of seven years. The 7,000,000 options vest in full on grant.

On April 24, 2015 the Company entered into an employment agreement with Mr. John Ryan to serve as the Company’s president. Pursuant to the employment agreement, the Company granted Mr. Ryan 2,500,000 options under the 2014 Plan with an exercise price of $0.92 per share for a term of three years to Mr. John Ryan its new President. The options shall vest and become exercisable as follows: (i) 100,000 vested on the Date of Grant; (ii) 150,000 vested on July 24, 2015, (iii) 250,000 shall vest on each of the following dates: October 24, 2015, January 24, 2016 and April 24, 2016, (iv) 750,000 shall vest on achievement of certain performance objectives of tonnage and gold ore concentrate (v) 750,000 shall vest on achievement of certain performance objectives based on earnings before interest, taxes, depreciation and amortization. See the Form 8-K filed with the Commission on April 28, 2015. The Company and Mr. Ryan came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

On June 4, 2015 the Company entered into an employment agreement with Mr. Thomas Loucks to serve as the Company’s Vice President of Corporate Development. Pursuant to the employment agreement, the Company granted Mr. Loucks 2,500,000 options under the 2014 Plan with an exercise price of $0.90 per share for a term of three years. The options shall vest and become exercisable as follows: (i) 500,000 shall vest on the Date of Grant; (ii) 500,000 shall vest on each of the following dates: December 4, 2015, June 4, 2016, December 4, 2016 and June 4, 2017. The Company and Mr. Loucks came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

On June 11, 2015 the Company entered into an employment agreement with Mr. Bobby Cooper to serve as the Company’s Managing Director. Pursuant to the employment agreement, the Company granted Mr. Cooper 2,500,000 options under the 2014 Plan with an exercise price of $0.80 per share for a term of three years. The options shall vest and become exercisable as follows: (i) 500,000 shall vest on the Date of Grant; (ii) 500,000 shall vest on each of the following dates: December 11, 2015, June 11, 2016, December 11, 2016 and June 11, 2017. The Company and Mr. Cooper came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

On July 21, 2015 the Company agreed to reprice 750,000 options of an officer and director June 18, 2014 with an original exercise price of $1.67 to $0.75 exercise price. The accounting effect of this resolution is to cancel the previous options and reissue new options with the new exercise price of $0.75 which vested immediately as all other option terms remained the same.

The Company uses the Black-Scholes pricing model as a method for determining the estimated fair value for stock awards. Compensation expense for stock awards is recognized on a straight-line basis over the vesting period of service awards and for performance-based awards, the Company recognizes the expense when the performance condition is probable of being met.

In determining the compensation cost of the stock awards granted during the six months period ended June 30, 2015 and the year ended December 31, 2014, the fair value of each grant had been estimated on the date of grant using the Black-Scholes pricing model and the weighted average assumptions used in these calculations are summarized below:

	2015	2014
Risk-free interest rate	.84% -1.74%	2.21%- 2.41%
Expected volatility factor	185% - 293%	75%
Expected dividend	—	—
Expected option term (years)	3 - 7	7

The Company reviews its current assumptions on a periodic basis and adjusts them as necessary to ensure an accurate valuation. The risk-free interest rate is based on the Federal Reserve Board’s constant maturities of the U.S. Treasury bond obligations with terms comparable to the expected life of the options at their issuance date. The Company uses historical data to estimate expected forfeitures, expected dividend yield, expected volatility of the Company’s stock and the expected life of the options.

The Company recorded $11,923,865 and $11,829,508 related to compensation expense for the nine months ended September 30, 2015 and 2014, respectively. All compensation expense is included in general and administrative expense. There was no tax benefit from recording this non-cash expense due to our income tax valuation allowance and due to a portion of the options being incentive stock options. As of September 30, 2015, there was $3,834,041 in unrecognized compensation expense.

The following tables summarize information about the Company’s stock options:

	Number of Options			Weighted Average Exercise Price
Options outstanding - December 31, 2013		32,750,842		$	0.88
Granted		4,000,000			1.71
Canceled or expired		(2,337,000	)		.79
Exercised		(282,000	)		.60
Options outstanding - December 31, 2014		34,131,842		$	0.99
Granted		17,750,000			1.21
Canceled or expired		(1,687,500	)		1.38
Exercised		-			-
Options outstanding – June 30, 2015		50,194,342		$	0.95
Weighted average fair value of options granted during the period ended June 30, 2015				$	1.21
Weighted average fair value of options granted during the year ended December 31, 2014				$	0.94

A summary of the Company’s non-vested options at September 30, 2015, and changes during the nine months ended September 30, 2015, is presented below:

	Options			Weighted Average Grant Date  Fair Value
Non-vested, beginning of period		5,250,000		$	0.24
Granted		17,750,000		$	1.21
Vested		(13,437,500	)	$	1.01
Forfeited		(1,687,500	)	$	1.38
Non-vested, end of period		7,775,500		$	0.86

The following tables summarize information about stock options outstanding and exercisable at September 30, 2015:

	Options Outstanding at September 30, 2015
Range of  Exercise Prices	Number  Outstanding		Weighted  Remaining  Contractual  Life		Weighted  Average  Exercise  Price		Aggregate  Intrinsic Value(1)
$0.40 to $0.60		6,031,842		5.1 years	$	0.48	$	180,000
$0.61 to $1.00		25,350,000		4.4 years	$	0.81	$
$1.01 to $1.50		15,812,500		5.2 years	$	1.24	$	-
$1.51 to $2.25		3,000,000		5.6 years	$	1.63	$	-
$0.40 to $2.25		50,194,342		4.8 years	$	0.98	$	180,000

	Options Exercisable at September 30, 2015
Range of Exercise Prices	Number  Exercisable		Weighted  Remaining  Contractual  Life		Weighted  Average  Exercise  Price		Aggregate  Intrinsic Value(1)
$0.40 to $0.60		5,281,842		5.1 years	$	0.48	$	180,000
$0.61 to $1.00		18,700,000		5.1 years	$	0.81	$
$1.01 to $1.50		15,437,500		5.2 years	$	1.24	$	-
$1.51 to $2.25		3,000,000		5.6 years	$	1.63	$	-
$0.40 to $2.25		42,419,342		5.1 years	$	0.98	$	180,000

(1) The aggregate intrinsic value in the table represents the difference between the closing stock price on September 30, 2015 and the exercise price, multiplied by the number of in-the-money options that would have been received by the option holders had all option holders exercised their options on September 30, 2015.

Common Stock Purchase Warrants

For warrants granted to non-employees in exchange for services, we recorded the fair value of the equity instrument using the Black-Scholes pricing model.

On March 2, 2015, 100,000 warrants to purchase common stock were exercised at a per share price of $0.89 for a total of $89,000.

On April 23, 2015, 40,000 warrants to purchase common stock were exercised at a per share price of $0.89 for a total of $35,600.

The following table summarizes information about the Company’s stock purchase warrants outstanding at September 30, 2015 and December 31, 2014:

	Number			Weighted  Average  Exercise  Price		Range  of  Exercise  Price		Weighted  Remaining  Contractual  Life
Outstanding at December 31, 2013		13,989,207		$	0.67	$	0.20 –  1.00	3.3 years
Granted		150,000		$	2.00	$	2.00
Cancelled or expired		(1,630,000	)		1.00	$	1.00
Exercised		(7,025,227	)	$	0.54	$	0.25 – 1.00
Outstanding at December 31, 2014		5,483,980		$	0.79	$	0.20 – 2.00	4.8 years
Granted		400,000		$	1.24	$	1.23 - 1.25
Cancelled or expired		(578,340	)		0.50		0.50
Exercised		(140,000	)	$	0.89	$	0.89
Outstanding at June 30, 2015		5,165,640		$	0.88	$	0.20 - 2.00	4.2 years
Warrants exercisable at September 30, 2015							5,165,640

The aggregate intrinsic value of the 5,165,640 outstanding and exercisable warrants at September 30, 2015 was $140,000. The intrinsic value is the difference between the closing stock price on September 30, 2015 and the exercise price, multiplied by the number of in-the-money warrants had all warrant holders exercised their warrants on September 30, 2015.

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COMMITMENTS AND CONTINGENCIES

9 Months Ended

Sep. 30, 2015

Commitments and Contingencies Disclosure [Abstract]

COMMITMENTS AND CONTINGENCIES

NOTE 9 – COMMITMENTS AND CONTINGENCIES

Executive Employment Agreements

On November 13, 2013, the Company entered into an employment agreement with Sharon Ullman to serve as Chief Executive Officer (CEO). Ms. Ullman had been serving as the Company’s interim CEO since December 16, 2011, and CEO since October 9, 2012 when the Board removed “interim” from her title, but did not have an agreement in place. The term of the agreement is for a period of three years commencing on November 13, 2013. Ms. Ullman shall be paid a salary consisting of $25,000 per month and shall be reimbursed for out of pocket business expenses already paid by her during her service to the Company and any health insurance payments she has made beginning November 1, 2013. Ms. Ullman was issued options to purchase 4,500,000 shares of Common Stock of the Company at $0.40 per share, of which 1,500,000 vested on November 13, 2013, 1,500,000 vested on June 1, 2014, and 1,500,000 vested on June 1, 2015. If there is a change in control of the Company, upon termination of her employment or during a period of disability Ms. Ullman will be entitled to the benefits listed above. Effective April 1, 2015, Ms. Ullman and the Company agreed to suspend her compensation.

On June 10, 2014 the Company entered into a one-year employment agreement with Robert Geiges to serve as our Chief Financial Officer with a base salary of $1,000 per month.

On January 16, 2015 the Company entered into an employment agreement with Jonathan Spier to serve as Chief Operating Officer of the Company. Mr. Spier will receive monthly compensation of $1 for January through March 2015 and $12,500 thereafter. Mr. Spier was granted 2,250,000 options under the 2014 Plan with an exercise price of $1.15 per share for a term of seven years. The options shall vest and become exercisable as follows: (i) 750,000 shall vest on the Date of Grant; (ii) 187,500 shall vest on each of the following dates: April 1, 2015, July 1, 2015, October 1, 2015, January 1, 2016, April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017. On March 27, 2015 the Company and Mr. Spier executed an addendum to his agreement wherein he agreed to take on additional responsibilities. As consideration, the Company issued an additional 7,000,000 options under the 2014 Plan with an exercise price of $1.00 for a term of seven years. Mr. Spier tendered his resignation on September 30, 2015.

On April 24, 2015 the Company entered into an employment agreement with Mr. John Ryan to serve as the Company’s president. Pursuant to the employment agreement, the Company granted Mr. Ryan 2,500,000 options under the 2014 Plan with an exercise price of $0.92 per share for a term of three years to Mr. John Ryan its new President. The options shall vest and become exercisable as follows: (i) 100,000 vested on the Date of Grant; (ii) 150,000 vested on July 24, 2015, (iii) 250,000 shall vest on each of the following dates: October 24, 2015, January 24, 2016 and April 24, 2016, (iv) 750,000 shall vest on achievement of certain performance objectives of tonnage and gold ore concentrate (v) 750,000 shall vest on achievement of certain performance objectives based on earnings before interest, taxes, depreciation and amortization. See the Form 8-K filed with the Commission on April 28, 2015. The Company and Mr. Ryan came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled.

On June 4, 2015 the Company entered into an employment agreement with Mr. Thomas Loucks to serve as the Company’s Vice President of Corporate Development. Pursuant to the employment agreement, the Company granted Mr. Loucks 2,500,000 options under the 2014 Plan with an exercise price of $0.90 per share for a term of three years to Mr. Thomas Loucks its new Vice President. The options shall vest and become exercisable as follows: (i) Five Hundred Thousand (500,000) shall vest on the Date of Grant; (ii) Five Hundred Thousand (500,000) shall vest December 4, 2015; (iii) Five Hundred Thousand (500,000) shall vest June 4, 2016; (iv) Five Hundred Thousand (500,000) shall vest December 4, 2016; and (v) Five Hundred Thousand (500,000) shall vest June 4, 2016. See the Form 8-K filed with the Commission on June 9, 2015. The Company and Mr. Loucks came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled

On June 11, 2015 the Company entered into an employment agreement with Mr. Bobby E. Cooper to serve as the Company’s Managing Director, Metals and Mining. Pursuant to the employment agreement, the Company granted Mr. Cooper 2,500,000 options under the 2014 Plan with an exercise price of $0.80 per share for a term of three years to Mr. Bobby E. Cooper. The options shall vest and become exercisable as follows: (i) Five Hundred Thousand (500,000) shall vest on the Date of Grant; (ii) Five Hundred Thousand (500,000) shall vest December 11, 2015; (iii) Five Hundred Thousand (500,000) shall vest June 11, 2016; (iv) Five Hundred Thousand (500,000) shall vest December 11, 2016; and (v) Five Hundred Thousand (500,000) shall vest June 11, 2016. See the Form 8-K filed with the Commission on June 16, 2015. The Company and Mr. Cooper came to a mutual agreement to terminate this agreement on October 22, 2015. All unvested options are cancelled

Legal Matters

Mark Dacko

Mark Dacko, the Company’s former Chief Financial Officer, made a Demand for Arbitration on December 21, 2012 with the American Arbitration Association for legal claims against the Company involving his previous employment. The Company and Mr. Dacko were in dispute regarding his employment with the Company as well as the details of his termination. On December 30, 2013, the Company entered into a settlement agreement with Mark Dacko.

Midwest Investment Partners, LLC v. Standard Metals Processing, Inc.

On March 17, 2014, Midwest Investment Partners, LLC filed suit against Standard Metals Processing, Inc. in Vanderburgh County Superior Court, Vanderburgh, Indiana, alleging that Standard Metals had wrongfully refused to remove a transfer restriction on Midwest’s shares of Standard Metals stock pursuant to Rule 144 of the Securities Act. On March 27, 2014, Standard Metals filed a Notice of Removal of a Civil Action requesting that the case proceed in the United States District Court for the Southern District of Indiana, Evansville Division as an action properly removed pursuant to 28 U.S.C. §§ 1441 (a) and (b). On April 15, 2014, Standard Metals served and filed its Answer and Affirmative Defenses to Plaintiff’s Complaint and Demand for Jury Trial. On November 26, 2014, Standard Metals filed a Motion for Summary Judgment. On February 11, 2015, the Court issued an Order granting Standard Metals’ Motion for Summary Judgment and entered a Final Judgment in favor of Standard Metals and terminating the action.

Deborah A. King v. Standard Metals Processing, Inc. f/k/a Standard Gold, Inc., Nevada Corporation

On May 14, 2014, Deborah A. King filed suit against Standard Metals Processing, Inc. in the United States District Court for the District of Nevada. On June 25, 2014, Ms. King filed an Amended Complaint alleging that Standard Metals had refused to allow her to exercise the stock options assigned to her by her former husband, Stephen King, on January 21, 2011, pursuant to a Stock Option Agreement entered into on that date by Mr. King and Standard Metals. On July 16, 2014, Standard Metals filed a Motion to Dismiss the Action or Stay the Proceeding, or, in the Alternative, for a More Definite Statement. On December 9, 2014, the Court issued an Order granting Standard Metals’ Motion to Dismiss the Action and denying its Motion for a More Definite Statement as moot. On December 9, 2014, the Clerk of the Court issued a Judgment in a Civil Case stating that the issues in the case had been heard and a decision to dismiss the action had been rendered by the Court.

Wits Basin Precious Minerals, Inc., Lee Levine, Michael Lepore, Mark McLain, Morton Waldman, Allan Staller, Thomas McAdam, Arthur Brown, DJ Sikka, and Bryan Reichel v. Standard Metals Processing, Inc. f/k/a Standard Gold, Inc., Nevada Corporation

On September 10, 2014, Wits Basin Precious Minerals, Inc. filed suit against Standard Metals Processing, Inc. in the United States District Court for the District of Nevada asserting breach of contract, anticipatory breach of contract and equitable relief. On October 16, 2014, Wits Basin filed an Amended Complaint, adding new parties and alleging that Standard Metals had refused to allow it to exercise its option to purchase shares granted to it pursuant to an Exchange Agreement, dated March 15, 2011, so that Wits Basin could obtain shares to meet its requirements under private option agreements it had entered into with option holders, allowing those option holders certain rights, options and warrants to purchase stock in Standard Metals. On November 5, 2014, Standard Metals filed a Second Motion to Dismiss Wits Basin et al.’s Amended Complaint. On March 13, 2015, the Court issued an Order granting in part and denying in part Standard Metals’ Motion to Dismiss the action. The Court dismissed with prejudice Wits Basin et al.’s claims of breach of contract and anticipatory repudiation of the contract. However, the Court allowed Plaintiffs’ claim against Standard Metals of interference with contract to go forward. On March 25, 2015, Standard Metals filed its Answer to Wits Basin’s Amended Complaint. On April 24, 2015, Wits Basin and Standard Metals entered into a Stipulation for Dismissal with Prejudice of the Claims of Plaintiff Bryan Reichel. On April 29, 2015, the Court entered an Order Granting the Stipulation for Dismissal of Claims of Plaintiff Bryan Reichel with Prejudice. Standard Metals Processing, Inc. intends to continue to vigorously defend against the remaining claim asserted by Plaintiffs.

Blair Mielke v. Standard Metals Processing, Inc., a Nevada corporation, and Does 1 through 20, and Roes Corporations 1 through 20, inclusive

On October 3, 2014, Blair Mielke filed suit against Standard Metals Processing, Inc. in the Eighth Judicial District Court for the State of Nevada in and for the County of Clark , alleging that Standard Metals had refused to issue and deliver to him shares of the Company’s common stock pursuant to the filing of a Form 8-K with the United States Securities and Exchange Commission on August 30, 2011. On October 24, 2014, Standard Metals filed a Petition for Removal to the United States District Court for the District of Nevada (Las Vegas) . On October 30, 2014, Standard Metals filed a First Motion to Dismiss. On April 24, 2015, the Court entered an Order granting Standard Metals’ First Motion to Dismiss as to Mielke’s claim for specific performance and denying Standard Metals’ Motion as to all other claims. On May 5, 2015, Standard Metals filed its Answer and Counterclaims. On May 28, 2015, Mielke filed his Motion to Dismiss or, in the Alternative, for Summary Judgment. On June 11, 2015, Standard Metals filed its Response to Mielke’s Motion. Standard Metals Processing, Inc. intends to continue to vigorously defend against the remaining claims by Blair Mielke.

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EARNINGS (LOSS) PER SHARE

9 Months Ended

Sep. 30, 2015

Earnings Per Share [Abstract]

EARNINGS (LOSS) PER SHARE

NOTE 11 – EARNINGS (LOSS) PER SHARE

Basic net loss per common share is computed by dividing net loss applicable to common shareholders by the weighted average number of common shares outstanding during the periods presented. Diluted net loss per common share is determined using the weighted average number of common shares outstanding during the periods presented, adjusted for the dilutive effect of common stock equivalents, consisting of shares that might be issued upon exercise of options, warrants and conversion of convertible debt. In periods where losses are reported, the weighted average number of common shares outstanding excludes common stock equivalents, because their inclusion would be anti-dilutive.

At September 30, 2015, the weighted average shares from stock options of 51,131,842 and warrants of 5,165,640 were excluded from the diluted weighted average common share calculation due to the antidilutive effect such shares would have on net loss per common share.

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Promissory Notes Payable - Related Party - Additional Information (Detail) - USD ($)		1 Months Ended
	Feb. 11, 2015	Jul. 31, 2015
Debt Instrument [Line Items]
Warrants To Purchase Common Stock		250,000
Promissory Note
Debt Instrument [Line Items]
Warrants To Purchase Common Stock	250,000
Class of Warrant or Right, Exercise Price of Warrants or Rights	$ 1.23
Common Stock Fair Value Disclosure	$ 116,560
Fair Value Assumptions, Exercise Price	$ 1.25
Fair Value Assumptions, Expected Term	7 years
Fair Value Assumptions, Expected Volatility Rate	75.00%
Fair Value Assumptions Discount Rate	1.83%

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PROPERTY, PLANT AND EQUIPMENT (Tables)

9 Months Ended

Sep. 30, 2015

Property, Plant and Equipment [Abstract]

Components of Property Plant and Equipment

Components of our property, plant and equipment are as follows:

	September 30,		December 31,
	2015		2014
Equipment	$	21,000	$	1,758,818
Construction in Progress		2,057,791		1,778,532
Less accumulated depreciation		(21,000)		(17,613)
	$	2,057,791	$	3,519,737

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Impairment Of Shea Milling And Mining Assets - Additional Information (Detail)							1 Months Ended	3 Months Ended		9 Months Ended		12 Months Ended
	Oct. 10, 2013 USD ($) shares	Oct. 09, 2012 shares	Jun. 08, 2012 shares	Feb. 10, 2012 USD ($)	Feb. 09, 2012 USD ($)	Mar. 15, 2011 a shares	Dec. 06, 2012 shares	Sep. 30, 2015 USD ($)	Sep. 30, 2014 USD ($)	Sep. 30, 2015 USD ($) $ / shares shares	Sep. 30, 2014 USD ($)	Dec. 31, 2011 USD ($) shares	Dec. 31, 2014 USD ($)	Jun. 13, 2011 USD ($)
Business Acquisition [Line Items]
Issuance of common stock for Shea Mining and Milling assets (in shares) | shares						35,000,000
Issuance of common stock (in shares) | shares										100,000
Lease Liability					$ 112,500
Lease Termination Fee					$ 10,500
Reverse acquisition, ownership interest acquired (approximately 56% ownership interest on a fully diluted basis)										87.00%
Convertible notes, face amount	$ 1,933,345							$ 448,000		$ 448,000			$ 0	$ 2,500,000
Impairment of Long-Lived Assets Held-for-use				$ 40,925
Business Combination, Acquisition Related Costs	$ 1,500,000
Stock Issued During Period, Shares, Restricted Stock Award, Gross | shares	27,000,000
Debt Instrument, Interest Rate, Stated Percentage	8.00%
Business Acquisition Purchase Price Allocations Mineral Rights													24,888,252
Business Acquisition Purchase Price Allocations Plant													8,062,875
Business Acquisitions Purchase Price Allocation Other Assets													100,000
Impairment Of Shea Mining And Milling Assets								0	$ 0	33,051,127	$ 0
Business Acquisition Cost Of Acquired Entity Purchase Prices								2,108,300		$ 2,108,300			$ 35,159,427
Expiring on December 14, 2014
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares										1,299,000
Exercise of options from $0.51 to $1.00 (in shares) | shares												10,000
Exercise of options from $0.51 to $1.00												$ 10,000
Stock options exercise price | $ / shares										$ 1.00
Expiring on December 19, 2014
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares										630,000
Stock options exercise price | $ / shares										$ 0.50
Pure Path
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares			5,000,000
Amargosa Property
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares										6,000,000
Monthly base rent								17,500		$ 17,500
Property assigned through a separate contract agreement, monthly fee										5,000
Debt Modifications
Business Acquisition [Line Items]
Assumption of NJB Mining mortgage								2,500,000		2,500,000
Assumption of accrued interest								375,645		$ 375,645
Debt Modifications | Tonopah Property
Business Acquisition [Line Items]
Area of land | a						1,186
Debt Modifications | Tonopah Property | Millers Tailings
Business Acquisition [Line Items]
Area of land | a						334
Estimated tons of tailings						2,200,000
Forbearance Agreement
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares		5,000,000
Forbearance Agreement | If the Amended and Restated Forbearance arrangements are not agreed to
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares							5,000,000
Shea Exchange Agreement
Business Acquisition [Line Items]
Issuance of common stock for Shea Mining and Milling assets (in shares) | shares										35,000,000
Issuance of common stock (in shares) | shares										10,000,000
Wits Basin common stock exchanged for preferred shares Wits Basin common stock exchanged for preferred shares (in shares) | shares										19,713,544
Shea Exchange Agreement | Non voting 5% Series A Preferred Stock
Business Acquisition [Line Items]
Issuance of common stock (in shares) | shares										10,000,000
Minimum market capitalization over any 90-day period to be considered as a Liquidation Event								$ 200,000,000		$ 200,000,000

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Summary of Company's Nonvested Options (Detail)	9 Months Ended
	Sep. 30, 2015 $ / shares shares
Summary Of Company Nonvested Options [Line Items]
Nonvested, Options, beginning of period | shares	5,250,000
Granted, Options | shares	17,750,000
Vested, Options | shares	(13,437,500)
Forfeited, Options | shares	(1,687,500)
Nonvested, Options, end of period | shares	7,775,500
Nonvested, Weighted Average Grant Date Fair Value, beginning of period	$ 0.24
Granted, Weighted Average Grant Date Fair Value	1.21
Vested, Weighted Average Grant Date Fair Value	1.01
Forfeited, Weighted Average Grant Date Fair Value	1.38
Nonvested, Weighted Average Grant Date Fair Value, end of period	$ 0.86

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Consolidated Statements of Cash Flows - USD ($)	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
OPERATING ACTIVITIES:
Net loss	$ (50,282,780)	$ (14,663,791)
Adjustments to reconcile net loss to cash flows used in operating activities:
Depreciation and amortization	3,387	13,213
Amortization of debt issuance costs	207,656	0
Compensation expense related to issuance of common stock, warrants and stock option grants	12,242,135	11,829,508
Impairment of Shea Mining and Milling assets	33,051,127	0
Impairment on machinery & equipment	809,675	0
Loss on settlement of debt	150,000	1,106,487
Judgement on legal actions	2,257,000	0
Change in Accrued expense mark-to-market	(35,532)	0
Changes in operating assets and liabilities:
Prepaid expenses	13,695	(29,807)
Accounts payable	500,325	1,724,266
Accrued expenses	475,094	(66,983)
Accounts payable related party	(4,883)	0
Net cash used in operating activities	(613,101)	(87,107)
INVESTING ACTIVITIES:
Purchases of equipment	0	(1,692,210)
Payment for construction in progress	(43,528)	(1,491,306)
Net cash used in investing activities	(43,528)	(3,183,516)
FINANCING ACTIVITIES:
Repayment of short term note principal	0	(25,000)
Cash proceeds from issuance of common stock, warrants and exercise of stock options and warrants, net	124,600	3,158,315
Cash proceeds from debt	54,590	0
Proceeds from Notes Payable from related party	448,000	0
Net cash provided by financing activities	627,190	3,133,315
DECREASE IN CASH AND CASH EQUIVALENTS	(29,439)	(137,308)
CASH AND CASH EQUIVALENTS, beginning of period	36,095	143,099
CASH AND CASH EQUIVALENTS, end of period	6,656	5,791
Supplemental Disclosure of Non-Cash Investing and Financing Activities:
Cash paid for interest cost	5,314	0
Income taxes paid	0	0
Non-cash investing and financing transactions:
Convertible promissory notes and accrued interest converted into common stock	0	118,559
Accounts payable converted to long-term debt	928,130	0
Shares issued for accounts payable settlement	83,532	0
Stock and warrants issued in connection with debt	162,967	0
Conversions into common stock of amounts originally due to Shea	0	225,000
Common stock issued in lieu of accounts payable and accrued expenses	$ 0	$ 1,114,237

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LONG-TERM TRADE PAYABLE

9 Months Ended

Sep. 30, 2015

Payables and Accruals [Abstract]

LONG-TERM TRADE PAYABLE

NOTE 5 – LONG-TERM TRADE PAYABLE

The following table summarizes the Company’s long-term trade payable:

	September 30,		December 31,
	2015		2014
Vendor agreement dated March 12, 2015 with monthly payments of $50,000 and zero interest	$	928,143	$	-
Less debt discount		(-)		-
		928,143		-
Less current portion		(928,143)		-
Totals	$	-	$	-

On March 12, 2015 the Company and a vendor of certain equipment entered into an agreement in which the Company agreed to make monthly payments of $50,000 commencing April 15, 2015. As an inducement to enter into the agreement the Company granted the vendor 100,000 shares of its restricted common stock and 150,000 common stock purchase warrants exercisable for three years at a per share price of $1.25. The Company analyzed the common stock and purchase warrant under ASC 470-20-25 Debt with conversion and other options for consideration and accounted for them as debt discount, which will be amortized over the term of the loan. The Company recorded a discount from the relative fair value of the warrants of $46,407. The warrants were valued using the Black-Scholes option pricing model with the following assumptions: stock price on the measurement date of $0.94; warrant term of 3 years; expected volatility of 75%; and discount rate of 1.06%. The Company valued the issuable but not issued common stock at market value of $83,532 and recorded as an Accrued Expense. As of September 30, 2015 the Company evaluated this Accrued expense under ASC 820-10 “Fair value Measurement” and was mark-to-market of $48,000 and recorded as a change to accrued expense mark-to-market of $35,532.

The Company did not make the payments due and therefore have reflected this debt as in default and currently due.

The Company reviews its current assumptions on a periodic basis and adjusts them as necessary to ensure an accurate valuation. The risk-free interest rate is based on the Federal Reserve Board’s constant maturities of the U.S. Treasury bond obligations with terms comparable to the contractual term of the warrants at their issuance date. The Company uses historical data to estimate expected dividend yield and volatility of the Company’s stock.

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Purchase Consideration of Assets Acquired (Detail)	1 Months Ended
	Mar. 31, 2011 USD ($)
Business Acquisition [Line Items]
Issuance of 35,000,000 shares of common stock with an estimated fair value of $0.89 per share (closing sales price on March 15, 2011)	$ 31,150,000
Cash consideration	700,000
Assumption of NJB Mining mortgage	2,500,000
Assumption of accrued interest and other liabilities	463,184
Shea Mining and Milling Assets	35,159,427
Other Expense
Business Acquisition [Line Items]
Direct expenses incurred in connection with the Shea Exchange Agreement	140,985
Professional Fees
Business Acquisition [Line Items]
Direct expenses incurred in connection with the Shea Exchange Agreement	$ 205,258

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Shareholders' Equity - Additional Information (Detail) - USD ($)		1 Months Ended							9 Months Ended		12 Months Ended
	Mar. 02, 2015	Jul. 31, 2015	Jul. 21, 2015	Jun. 11, 2015	Jun. 04, 2015	Apr. 24, 2015	Apr. 23, 2015	Jan. 16, 2015	Sep. 30, 2015	Sep. 30, 2014	Dec. 31, 2014
Stockholders Equity Note [Line Items]
Issuance of common stock (in shares)									100,000
Unrecognized share based compensation Expense									$ 3,834,041
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross			750,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price									$ 1.21		$ 1.71
Aggregate intrinsic value									$ 5,165,640
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercisable, Intrinsic Value									140,000
Debt Instrument, Convertible, Conversion Price		$ 0.80
Gains (Losses) on Extinguishment of Debt		$ 150,000							(150,000)	$ (1,106,487)
Non Cash Gain Loss On Extinguishment Of Debt									$ 11,923,865	$ 11,829,508
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value									$ 1.21		0.94
Warrants To Purchase Common Stock		250,000
Accounts Payable, Related Parties		$ 50,000
Employee Stock Option
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross								2,250,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price								$ 1.15
Description for options exercisable One								750,000 shall vest on the Date of Grant
Description for options exercisable two								187,500 shall vest on each of the following dates: April 1, 2015, July 1, 2015, October 1, 2015, January 1, 2016, April 1, 2016, July 1, 2016, October 1, 2016 and January 1, 2017
Share Based Compensation Arrangement By Share Based Payment Award Additional Shares Issued In Period								7,000,000
Share Based Compensation Arrangement By Share Based Payment Award Additional Shares exercise price								$ 1.00
Series A Preferred Stock
Stockholders Equity Note [Line Items]
Temporary Equity, Par or Stated Value Per Share									$ 0.001		$ 0.001
John Ryan [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross						2,500,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price						$ 0.92
Description for options exercisable One						100,000 vested on the Date of Grant
Description for options exercisable two						150,000 vested on July 24, 2015
Description For Options Exercisable Three						250,000 shall vest on each of the following dates: October 24, 2015, January 24, 2016 and April 24, 2016
Description For Options Exercisable Four						750,000 shall vest on achievement of certain performance objectives of tonnage and gold ore concentrate
Description For Options Exercisable Five						750,000 shall vest on achievement of certain performance objectives based on earnings before interest, taxes, depreciation and amortization
Thomas Loucks [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross					2,500,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price					$ 0.90
Description for options exercisable One					500,000 shall vest on the Date of Grant
Description for options exercisable two					500,000 shall vest on each of the following dates: December 4, 2015, June 4, 2016, December 4, 2016 and June 4, 2017
Bobby E Cooper [Member]
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross				2,500,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price				$ 0.80
Description for options exercisable One				500,000 shall vest on the Date of Grant
Description for options exercisable two				500,000 shall vest on each of the following dates: December 11, 2015, June 11, 2016, December 11, 2016 and June 11, 2017
Warrant
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	100,000						40,000
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Weighted Average Exercise Price	$ 0.89						$ 0.89
Stock Issued During Period, Value, Stock Options Exercised	$ 89,000						$ 35,600
Minimum
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 0.75
Maximum
Stockholders Equity Note [Line Items]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value			$ 1.67
Shea Exchange Agreement
Stockholders Equity Note [Line Items]
Wits Basin common stock exchanged for preferred shares									19,713,544
Issuance of common stock (in shares)									10,000,000
Share Price									$ 1.00
Shea Exchange Agreement | Series A Preferred Stock
Stockholders Equity Note [Line Items]
Issuance of common stock (in shares)									10,000,000

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IMPAIRMENT OF SHEA MILLING AND MINING ASSETS (Tables)

9 Months Ended

Sep. 30, 2015

Acquisition Of Shea Mining And Milling Assets [Abstract]

Purchase Consideration of Assets Acquired

The purchase consideration of the assets acquired was calculated as follows:

Issuance of 35,000,000 shares of common stock with an estimated fair value of $0.89 per share (closing sales price on March 15, 2011)	$	31,150,000
Cash consideration		700,000
Assumption of NJB Mining mortgage		2,500,000
Assumption of accrued interest and other liabilities		463,184
Legal costs (includes issuance of 100,000 shares of common stock valued at $89,000)		205,258
Other direct expenses incurred in connection with the Shea Exchange Agreement		140,985
	$	35,159,427

Final Purchase Price Allocation

The table below sets forth the final purchase price allocation. The fair value of the mineral properties and property and equipment was determined based on level 3 inputs using cost and market value approaches.

Tonopah mine tailings	$	24,888,252
Tonopah dormant milling facility		8,062,875
Tonopah land		1,760,000
Tonopah water rights		348,300
Manhattan mine dumps		100,000
Total	$	35,159,427