Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2017shares | |
Document Information [Line Items] | |
Entity Registrant Name | MAG SILVER CORP |
Entity Central Index Key | 1,230,992 |
Trading Symbol | mag |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Smaller Reporting Company |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well-known Seasoned Issuer | No |
Entity Common Stock, Shares Outstanding (in shares) | 85,478,790 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2017 |
Document Fiscal Year Focus | 2,017 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 |
ASSETS | ||
Cash and cash equivalents | $ 160,395,000 | $ 83,347,000 |
Term deposits | 55,000,000 | |
Accounts receivable | 160,000 | 628,000 |
Investments | 718,000 | |
Prepaid expenses | 287,000 | 181,000 |
TOTAL CURRENT ASSETS | 160,842,000 | 139,874,000 |
INVESTMENTS | 3,096,000 | |
EQUIPMENT | 47,000 | 54,000 |
INVESTMENT IN ASSOCIATE | 57,074,000 | 37,312,000 |
EXPLORATION AND EVALUATION ASSETS | 1,433,000 | |
TOTAL ASSETS | 222,492,000 | 177,240,000 |
LIABILITIES | ||
Trade and other payables | 936,000 | 733,000 |
COMMITMENTS AND CONTINGENCIES | ||
DEFERRED INCOME TAXES | 1,317,000 | 589,000 |
TOTAL LIABILITIES | 2,253,000 | 1,322,000 |
EQUITY | ||
Share capital | 392,554,000 | 343,654,000 |
Equity reserve | 17,719,000 | 16,133,000 |
Accumulated other comprehensive income | 1,214,000 | 882,000 |
Deficit | (191,248,000) | (184,751,000) |
TOTAL EQUITY | 220,239,000 | 175,918,000 |
TOTAL LIABILITIES AND EQUITY | $ 222,492,000 | $ 177,240,000 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
EXPENSES | ||
Accounting and audit | $ 406 | $ 615 |
Amortization | 20 | 23 |
Filing and transfer agent fees | 290 | 182 |
Foreign exchange (gain) loss | (349) | 36 |
General office expenses | 755 | 719 |
Legal | 309 | 256 |
Management compensation and consulting fees | 2,521 | 2,397 |
Mining taxes and other property costs | 1,091 | 257 |
Impairment of exploration and evaluation assets | 53,893 | |
Share based payment expense | 2,268 | 2,263 |
Shareholder relations | 539 | 515 |
Travel | 324 | 250 |
8,174 | 61,406 | |
INTEREST INCOME | 1,755 | 1,115 |
GAIN ON SALE OF AVAILABLE-FOR-SALE SECURITIES | 1,152 | |
Change in fair value of warrants | 342 | 44 |
EQUITY PICK UP FROM ASSOCIATE | 308 | (1,327) |
LOSS FOR THE YEAR BEFORE INCOME TAX | (5,769) | (60,422) |
DEFERRED INCOME TAX (EXPENSE) RECOVERY | (728) | 4,576 |
LOSS FOR THE YEAR | (6,497) | (55,846) |
Items that may be reclassified subsequently to profit or loss: | ||
UNREALIZED GAIN ON AVAILABLE-FOR-SALE SECURITIES, NET OF TAXES | 332 | 1,198 |
RECLASSIFICATION TO GAIN ON SALE OF AVAILABLE-FOR-SALE SECURITIES | (1,152) | |
332 | 46 | |
TOTAL COMPREHENSIVE LOSS | $ (6,165) | $ (55,800) |
BASIC AND DILUTED LOSS PER SHARE (in dollars per share) | $ (0.08) | $ (0.71) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - BASIC AND DILUTED (in shares) | 81,184,386 | 78,482,056 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Issued capital [member] | Reserve of equity [member] | Reserve of exchange differences on translation [member] | Reserve of gains and losses on remeasuring available-for-sale financial assets [member] | Amount recognised in other comprehensive income and accumulated in equity relating to non-current assets or disposal groups held for sale [member] | Retained earnings [member] | Total |
Balance (in shares) at Dec. 31, 2015 | 69,407,386 | ||||||
Balance at Dec. 31, 2015 | $ 262,218 | $ 19,993 | $ 784 | $ 52 | $ 836 | $ (128,905) | $ 154,142 |
Statement Line Items [Line Items] | |||||||
Stock options exercised (in shares) | 691,705 | 691,705 | |||||
Stock options exercised | $ 6,632 | (1,973) | $ 4,659 | ||||
Stock options exercised cashless (in shares) | 325,671 | ||||||
Stock options exercised cashless | $ 3,823 | (3,823) | |||||
Restricted and performance share units converted (in shares) | 38,692 | ||||||
Restricted and performance share units converted | $ 327 | (327) | |||||
Share based payment | 2,263 | 2,263 | |||||
Issued for cash (in shares) | 10,240,750 | ||||||
Issued for cash | $ 70,654 | 70,654 | |||||
Unrealized gain on available-for-sale securities | 1,198 | 1,198 | 1,198 | ||||
Gain on sale of available-for-sale securities | (1,152) | (1,152) | (1,152) | ||||
Net loss | (55,846) | (55,846) | |||||
Total Comprehensive Income (Loss) | 46 | 46 | (55,846) | (55,800) | |||
Balance (in shares) at Dec. 31, 2016 | 80,704,204 | ||||||
Balance at Dec. 31, 2016 | $ 343,654 | 16,133 | 784 | 98 | 882 | (184,751) | 175,918 |
Statement Line Items [Line Items] | |||||||
Stock options exercised (in shares) | 45,400 | ||||||
Stock options exercised | $ 398 | (115) | 283 | ||||
Stock options exercised cashless (in shares) | 127,845 | ||||||
Stock options exercised cashless | $ 554 | (554) | |||||
Restricted and performance share units converted (in shares) | 1,700 | ||||||
Restricted and performance share units converted | $ 13 | (13) | |||||
Share based payment | 2,268 | 2,268 | |||||
Issued for cash (in shares) | 4,599,641 | ||||||
Issued for cash | $ 47,935 | 47,935 | |||||
Unrealized gain on available-for-sale securities | 332 | 332 | 332 | ||||
Net loss | (6,497) | (6,497) | |||||
Total Comprehensive Income (Loss) | 332 | 332 | (6,497) | (6,165) | |||
Balance (in shares) at Dec. 31, 2017 | 85,478,790 | ||||||
Balance at Dec. 31, 2017 | $ 392,554 | $ 17,719 | $ 784 | $ 430 | $ 1,214 | $ (191,248) | $ 220,239 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
OPERATING ACTIVITIES | ||
Net loss | $ (6,497,000) | $ (55,846,000) |
Items not involving cash: | ||
Amortization | 20,000 | 23,000 |
Change in fair value of warrants | (342,000) | (44,000) |
Deferred income tax expense (recovery) | 728,000 | (4,576,000) |
Equity pick up from associate | (308,000) | 1,327,000 |
Impairment of exploration and evaluation assets | 53,893,000 | |
Gain on sale of available-for-sale securities | (1,152,000) | |
Share based payment expense | 2,268,000 | 2,263,000 |
Unrealized foreign exchange (gain) loss | (355,000) | 28,000 |
Accounts receivable | 469,000 | (301,000) |
Prepaid expenses | (106,000) | (31,000) |
Trade and other payables | 170,000 | (24,000) |
Net cash used in operating activities | (3,953,000) | (4,440,000) |
INVESTING ACTIVITIES | ||
Exploration and evaluation expenditures | (1,420,000) | (1,323,000) |
Investment in associate | (19,435,000) | (7,363,000) |
Investment in securities | (1,704,000) | (566,000) |
Net proceeds from sale of available-for-sale securities | 1,369,000 | |
Purchase of equipment | (13,000) | (39,000) |
Redemption (purchase) of term deposits | 55,000,000 | (55,000,000) |
Net cash provided by (used in) investing activities | 32,428,000 | (62,922,000) |
FINANCING ACTIVITIES | ||
Issuance of common shares upon exercise of stock options | 283,000 | 4,659,000 |
Issuance of common shares, net of share issue costs | 47,935,000 | 70,654,000 |
Net cash from financing activities | 48,218,000 | 75,313,000 |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 355,000 | (28,000) |
INCREASE IN CASH AND CASH EQUIVALENTS | 77,048,000 | 7,923,000 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 83,347,000 | 75,424,000 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 160,395,000 | 83,347,000 |
TERM DEPOSITS (Maturities in excess of 90 days) | $ 55,000 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of nature of operations [text block] | 1. MAG Silver Corp. (the “Company” or “MAG”) was incorporated on April 21, 1999 April 21, 2000 October 5, 2007. The Company is an exploration and development company working on mineral properties that it has a direct or indirect interest in, that have either been staked or acquired by way of option agreement. The Company has not Although the Company has taken steps to verify title to the properties on which it is conducting exploration and in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not may Address of registered offices of the Company: 2600 595 Vancouver, British Columbia, Canada V7X 1L3 Head office and principal place of business: 770 800 Vancouver, British Columbia, Canada V6C 2V6 |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 2. Statement of compliance These consolidated financial statements are prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). IFRS comprises IFRSs, International Accounting Standards (“IASs”), and interpretations issued by the IFRS Interpretations Committee (“IFRICs”) and the former Standing Interpretations Committee (SICs). The accounting policies set out below have been applied consistently by the Company and its subsidiaries to all periods presented herein. These consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial instruments, which are stated at their fair value. These consolidated financial statements were authorized for issuance by the Board of Directors of the Company on March 23, 2018. (a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Control exists when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee, and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries are included in the consolidated financial results of the Company from the effective date that control is obtained up to the effective date of disposal or loss of control. The principal wholly-owned subsidiaries as at December 31, 2017 These financial statements also include the Company’s 44% Note 7 Note 2 Where necessary, adjustments have been made to the financial statements of the Company’s subsidiaries and associates prior to consolidation, to conform the significant accounting policies used in their preparation to those used by the Company. (b) Investments in Associates The Company conducts a portion of its business through an equity interest in associates. An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement, and includes the Company’s 44% not The Company accounts for its investments in associates using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of earnings and losses of the associate and for impairment losses after the initial recognition date. The Company's share of earnings and losses of associates are recognized in profit or loss during the period. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. Impairment At the end of each reporting period, the Company assesses whether there is any evidence that an investment in associate is impaired. The Company has performed an assessment for impairment indicators of its investment in associate as of December 31, 2017 no not not (c) Significant Estimates The preparation of consolidated financial statements in conformity with IFRS 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 expenditures during the reported period. Significant estimates used in preparation of these financial statements include estimates of the net realizable value and any impairment of exploration and evaluation assets and of investment in associates, recoveries of receivable balances, estimates of fair value of financial instruments where a quoted market price or secondary market for the instrument does not may may (d) Critical judgments The Company makes certain critical judgments in the process of applying the Company’s accounting policies. The following are those judgements that have the most significant effect on the consolidated financial statements: (i) not Notes 2 2 (ii) may not · The purpose and design of the investee entity. · The ability to exercise power, through substantive rights, over the activities of the investee entity that significantly affect its returns. · The size of the company’s equity ownership and voting rights, including potential voting rights. · The size and dispersion of other voting interests, including the existence of voting blocks. · Other investments in or relationships with the investee entity including, but not · Other relevant and pertinent factors. If the Company determines that it controls an investee entity, it consolidates the investee entity’s financial statements as further described in note 2 2 2 (e) Financial instruments Measurement – initial recognition Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. All financial instruments are measured at fair value on initial recognition plus attributable transaction costs, except for financial assets and financial liabilities classified as fair value through profit and loss (“FVTPL”). The directly attributable transactions costs of financial assets and liabilities classified as FVTPL are expensed in the period in which they are incurred. Classification and measurement – subsequent to initial recognition The Company classifies financial instruments as either held-to-maturity, available-for-sale, FVTPL, loans and receivables, or other financial liabilities. Financial assets held to maturity, loans and receivables and other financial liabilities, are subsequently measured at amortized cost. Instruments classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Available-for-sale instruments are measured at fair value with mark-to-market gains and losses recognized in other comprehensive income (“OCI”). The Company has designated its cash and cash equivalent with original maturities less than 90 90 Investment in securities such as warrants, that meet the definition of a derivative are classified as FVTPL and are measured at fair value with unrealized gains and losses recognized in profit or loss. Warrants listed on a recognized exchange are valued at the latest available close. Warrants not no not Impairment The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets are impaired. Financial assets are considered impaired if objective evidence indicates that a change in the market, economic or legal environment in which the Company invested has had a negative effect on the estimated future cash flows of that asset. For available-for-sale financial assets, a significant or prolonged decline in fair value is evidence that the asset may not For financial assets measured at amortized cost, an impairment loss recognized in profit or loss is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. Any reversal of impairment is recognized in profit or loss. (f) Cash, cash equivalents and term deposits Cash and cash equivalents include cash on hand, bank deposits, and term deposits with original maturities of three Term deposits are comprised of bank term deposits with an original term to maturity in excess of three (g) Exploration and evaluation assets With respect to its exploration activities, the Company follows the practice of capitalizing all costs relating to the acquisition, exploration and evaluation of its mining rights and crediting all revenues received against the cost of the related interests. Option payments made by the Company are capitalized until the decision to exercise the option is made. If the option agreement is to exercise a purchase option in an underlying mineral property, the costs are capitalized and accounted for as an exploration and evaluation asset. At such time as commercial production commences, the capitalized costs will be depleted on a units-of-production method based on proven and probable reserves. If a mineable ore body is discovered, exploration and evaluation costs are reclassified to mining properties. If no no Exploration and evaluation expenditures include acquisition costs of rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching and sampling; all costs incurred to obtain permits and other licenses required to conduct such activities, including legal, community, strategic and consulting fees; and activities involved in evaluating the technical feasibility and commercial viability of extracting mineral resources. This includes the costs incurred in determining the most appropriate mining/processing methods and developing feasibility studies. When an exploration project has entered into the advanced exploration phase and sufficient evidence of the probability of the existence of economically recoverable minerals has been obtained, pre-operative expenditures relating to mine preparation works are capitalized to mine development costs. Activities that are typically capitalized include costs incurred to build shafts, drifts, ramps and access corridors to enable ore extraction from underground. Impairment Management reviews the carrying amount of exploration and evaluation assets for impairment when facts or circumstances suggest that the carrying amount is not no no may not not (h) Equipment Equipment is recorded at cost less accumulated amortization and impairment losses if any, and is amortized at the following annual rates: Computer equipment 30% Field and office equipment 30% Leasehold improvements straight line over lease term When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) of equipment, and depreciated over their respective useful lives. (i) Income taxes Deferred income taxes relate to the expected future tax consequences of unused tax losses and unused tax credits and differences between the carrying amount of statement of financial position items and their corresponding tax values. Deferred tax assets, if any, are recognized only to the extent that, in the opinion of management, it is probable that sufficient future taxable profit will be available to recover the asset. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment. (j) Provisions Provisions are liabilities that are uncertain in timing or amount. The Company records a provision when and only when: (i) The Company has a present obligation (legal or constructive) as a result of a past event; (ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (iii) A reliable estimate can be made of the amount of the obligation. Constructive obligations are obligations that derive from the Company’s actions where: (i) By an established pattern of past practice, published policies or a sufficiently specific current statement, the Company has indicated to other parties that it will accept certain responsibilities; and (ii) As a result, the Company has created a valid expectation on the part of those other parties that it will discharge those responsibilities. Provisions are reviewed at the end of each reporting period and adjusted to reflect management’s current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is no Closure and reclamation The Company records a provision for the present value of the estimated closure obligations, including reclamation costs, when the obligation (legal or constructive) is incurred, with a corresponding increase in the carrying value of the related assets. The carrying value is amortized over the life of the mining asset on a units-of-production basis commencing with initial commercialization of the asset. The liability is accreted to the actual liability on settlement through charges each period to profit or loss. The provision for closure and reclamation is reviewed at the end of each reporting period for changes in estimates and circumstances. There was no December 31, 2017 December 31, 2016. The operating company of the Company’s investment in associate, Minera Juanicipio, S.A. de C.V., recorded a provision for reclamation and remediation costs of $393 December 31, 2017 ( December 31, 2016: $313 Note 7 (k) Functional currency and presentation currency The functional currency of the parent and the functional currency of its Mexican subsidiaries and investment in associate is the United States dollar (“US$”). Each entity within the Company determines its own functional currency, and the items included in the financial statements of each entity are measured using that functional currency. The functional currency determination involves certain judgments in evaluating the primary economic environment, and the Company reconsiders the functional currencies of each entity if there is a change in the underlying transactions, events and conditions which determine the primary economic environment. The Company’s reporting and presentation currency is the US$. (l) Foreign currency transactions Transactions incurred in currencies other than the Company’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss. (m) Loss per common share Basic loss per share is based on the weighted average number of common shares outstanding during the period. Diluted loss per share is computed using the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of the incremental common shares upon the assumed exercise of stock options and warrants, and upon the assumed conversion of deferred share units and units issued under the Company’s share unit plan, to the extent their inclusion is not As at December 31, 2017, 2,995,721 December 31, 2016: 2,814,200 not (n) Share based payments The fair value of equity-settled share-based payment awards are estimated as of the date of the grant and recorded as share-based payment expense in the consolidated statements of loss over their vesting periods, with a corresponding increase in equity. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met. Market price performance conditions are included in the fair value estimate on the grant date with no The fair value of stock options is estimated using the Black-Scholes-Merton option valuation model. The fair value of restricted and deferred share units, is based on the fair market value of a common share equivalent on the date of grant. The fair value of performance share units awarded with market price conditions is determined using the Monte Carlo pricing model and the fair value of performance share units with non-market performance conditions is based on the fair market value of a common share equivalent on the date of grant. (o) Changes in Accounting Standards (i) Certain pronouncements were issued by the IASB that are mandatory for accounting periods after December 31, 2016. not January 1, 2017: IAS 7 Statements of cash flows January 1, 2017, 7 7 not (ii) The Company has reviewed new accounting pronouncements that have been issued but are not December 31, 2017. IFRS 2 Share-based payments. June 2016, 2 January 1, 2018 no IFRS 9 Financial Instruments July 2014, 9 39 Financial Instruments: Recognition and Measurement two January 1, 2018. 9: · The Company will make an irrevocable election to continue to measure its equity securities at fair value through other comprehensive income. Under the new standard, all changes in the fair value will be recognized permanently in other comprehensive income with no 9 not IFRS 15 Revenue from Contracts with Customers. May 8, 2014. July 2015, 15 January 1, 2018. no may IFRS 16 Leases . January 2016, 16 Leases 16 17 Leases 16 16 January 1, 2019. may IFRIC 22 Foreign currency transactions and advance consideration December 2016, 22 January 1, 2018. no |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents and Term Deposits | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents [text block] | 3. The Company’s cash and cash equivalents include cash on hand, bank deposits and term deposits with original maturities of three Interest December 31, December 31, Cash at bank and on hand 0 - 1.70% $ 30,395 $ 33,347 Term deposits (less than 90 days) 1.57 - 1.75% 130,000 50,000 Cash and cash equivalents $ 160,395 $ 83,347 Term deposits classified as ‘cash equivalents’ are comprised of non-redeemable bank term deposits with a term to maturity of less than three Interest December 31, December 31, Term deposits - $ - $ 55,000 Term deposits not three |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 4. December 31, December 31, Goods and services tax ("GST") recoverable $ 23 $ 19 Mexican value added tax ("IVA") recoverable 30 37 Interest receivable 107 572 $ 160 $ 628 |
Note 5 - Investments
Note 5 - Investments | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of investments other than investments accounted for using equity method [text block] | 5. The Company holds investments as follows: December 31, December 31, Available-for-sale securities $ 2,435 $ 550 Fair value through profit or loss - warrants 661 168 $ 3,096 $ 718 During the year ended December 31, 2017, $332, nil December 31, 2016: $1,198 December 31, December 31, Available-for-sale securities, beginning of year $ 550 $ 279 Purchase of available-for-sale securities 1,553 442 Unrealized gain for the year 332 1,198 Sale of available-for-sale securities - (1,369 ) Available-for-sale securities, end of year $ 2,435 $ 550 During the year ended December 31, 2017, $342, December 31, 2016: $44 December 31, December 31, Warrants, beginning of year $ 168 $ - Purchase of warrants 151 124 Change in fair value of warrants 342 44 Warrants, end of year $ 661 $ 168 |
Note 6 - Equipment
Note 6 - Equipment | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of property, plant and equipment [text block] | 6. Cost Computer equipment Office equipment Leasehold improvements Total Balance, January 1, 2016 $ 252 $ 163 $ 7 $ 422 Additions 39 - - 39 Balance, December 31, 2016 $ 291 $ 163 $ 7 $ 461 Additions 2 11 - 13 Balance, December 31, 2017 $ 293 $ 174 $ 7 $ 474 Accumulated depreciation Computer equipment Office equipment Leasehold improvements Total Balance as at January 1, 2016 $ 226 $ 151 $ 7 $ 384 Amortization 19 4 - 23 Balance, December 31, 2016 $ 245 $ 155 $ 7 $ 407 Amortization 14 6 - 20 Balance, December 31, 2017 $ 259 $ 161 $ 7 $ 427 Carrying amounts Computer equipment Office equipment Leasehold improvements Total At December 31, 2016 $ 46 $ 8 $ - $ 54 At December 31, 2017 $ 34 $ 13 $ - $ 47 |
Note 7 - Investments in Associa
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of interests in associates [text block] | 7. The Company acquired a 100% July 16, 2003. July 1, 2005 ( 56% $5,000 four $1,000 two $500 In mid 2007, December 2007, 2008, 56% 56% 44% 11.4% December 31, 2017, December 2007, not The Company has recorded its investment in Minera Juanicipio using the equity basis of accounting. The cost of the investment includes the carrying value of the deferred exploration and mineral and surface rights costs incurred by the Company on the Juanicipio Property and contributed to Minera Juanicipio plus the required net cash investment to establish and maintain its 44% The Company’s investment relating to its interest in the Juanicipio property and Minera Juanicipio is detailed as follows: December 31, December 31, Joint venture oversight expenditures incurred 100% by MAG $ 754 $ 262 Cash contributions to Minera Juanicipio (1) 18,700 7,137 Total for the current year 19,454 7,399 Equity pick up of current income (loss) for the year (2) 308 (1,327 ) Balance, beginning of year 37,312 31,240 Balance, end of year $ 57,074 $ 37,312 ( 1 44% ( 2 44% Summary of financial information of Minera Juanicipio (on a 100% December 31, December 31, Cash $ 9,639 $ 3,573 IVA and other receivables 3,861 842 Total current assets 13,500 4,415 Minerals, surface rights, exploration & development expenditures 116,117 82,017 Total assets $ 129,617 $ 86,432 Payables to Peñoles and other vendors $ 1,217 $ 348 Total current liabilities 1,217 348 Provision for reclamation and remediation costs 393 313 Deferred income tax liability 6,962 7,926 Total liabilities and equity 8,572 8,587 Shareholders equity 121,045 77,845 Total liabilities and equity $ 129,617 $ 86,432 December 31, December 31, Deferred income tax recovery (expense) $ 965 $ (2,134 ) Exchange gain (loss) (265 ) (881 ) Net income (loss ) $ 700 $ (3,015 ) MAG's 44% equity pick up $ 308 $ (1,327 ) Evaluation and exploration expenditures and initial development expenditures, capitalized directly by Minera Juanicipio for the year ended December 31, 2017 $34,192 December 31, 2016: $14,821 There are no |
Note 8 - Exploration and Evalua
Note 8 - Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of exploration and evaluation assets [text block] | 8. In 2017, 100% $75 100% $425 fourth fifth $2,925 five May 2022. December 31, 2017 ( December 31, 2016 – Nil December 31, December 31, Exploration and evaluation assets: Acquisition costs of mineral and surface rights $ 75 $ - Assays 103 - Camp and site costs 206 91 Geological and geophysical 806 67 Land taxes and gov't fees 196 336 Legal, community and other consultation costs 47 593 Total for the year 1,433 1,087 Balance, beginning of year - 52,806 Less: Impairment - (53,893 ) Balance, end of year $ 1,433 $ - The Company holds various mineral property claims in Mexico upon which full impairments have been recognized in prior years. As a result, expenditures now incurred to maintain such claims, and in the case of Cinco de Mayo, to potentially restore surface access, are not |
Note 9 - Share Capital
Note 9 - Share Capital | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 9. (a) Issued and outstanding The Company is authorized to issue an unlimited number of common shares without par value. At December 31, 2017, 85,478,790 December 31, 2016: 80,704,204 On November 28, 2017, 4,599,641 $10.47 $48,158. $223 47,935. On March 1, 2016, 8,905,000 $7.30 $65,006. March 4, 2016, 1,335,750 $9,751 $74,757. $3,497 $606 $70,654. During the year ended December 31, 2017, 45,400 $283. 225,000 127,845 97,155 During the year ended December 31, 2016, 691,705 $4,659. 1,125,001 325,671 799,330 During the year ended December 31, 2017, 682 1,018 December 31, 2016: 27,918 10,774 (b) Stock options The Company has entered into Incentive Stock Option Agreements (“Agreements”) with officers, employees, and directors. On June 15, 2017, may 5% Note 9 not 5% 5 December 31, 2017, 1,794,294 475,000 Stock option grants are recommended for approval to the Board of Directors by the Compensation Committee consisting of three The following table summarizes the Company’s option activity for the period: Year ended Weighted Year ended Weighted Outstanding, beginning of year 2,254,172 $ 8.71 3,843,105 $ 8.71 Granted 285,522 13.91 227,773 17.55 Exercised for cash (45,400 ) 8.19 (691,705 ) 8.79 Exercised cashless (225,000 ) 7.46 (1,125,001 ) 10.46 Outstanding, end of year 2,269,294 $ 9.50 2,254,172 $ 8.71 During the year ended December 31, 2017, 285,522 $1,070 $3.75 December 31, 2016: 227,773 $1,103 $4.84 The Company estimates the fair value of the options using Black-Scholes option pricing model with the following weighted average assumptions: December 31, December 31, Risk-free interest rate 0.72 % 0.94 % Expected volatility 50 % 54 % Expected dividend yield nil nil Expected life ( years ) 3 3 The expected volatility assumption was calculated with reference to the Company’s historical share price volatility up to the grant date to reflect a term approximate to the expected life of the option. During the year ended December 31, 2017, 270,400 December 31, 2016: 1,816,706 C$16.99 December 31, 2016: C$16.33 The following table summarizes the Company’s stock options outstanding and exercisable as at December 31, 2017: Exercise price Number Number Weighted average remaining (1) 5.35 400,000 400,000 0.79 5.86 440,000 440,000 0.46 9.16 21,666 21,666 2.70 9.28 368,333 368,333 2.93 (1) 9.61 75,000 75,000 0.17 10.02 187,500 187,500 2.48 10.04 263,500 263,500 1.50 13.91 285,522 - 4.93 17.55 227,773 75,925 3.93 C$5.35 - C$17.55 2,269,294 1,831,924 2.13 ( 1 During the year ended December 31, 2017, $893 December 31, 2016: $796 (c) Restricted and performance share units On June 15, 2017, may 1.5% Note 9 not 5% 5 one During the year ended December 31, 2017, no December 31, 2016: nil 682 December 31, 2016: 27,918 December 31, 2017, 45,838 December 31, 2017, $14 December 31, 2016: $111 During the year ended December 31, 2017, 88,665 three December 31, 2016: 69,085 three 0% nil December 31, 2016: 0% nil 200% 177,330 December 31, 2016: 200% 138,170 In the year ended December 31, 2017, 1,018 December 31, 2016: 10,774 December 31, 2017, 227,850 29,151 December 31, 2017, $397 December 31, 2016: $394 (d) Deferred share units On June 15, 2017, may may may 1.0% During the year ended December 31, 2017, 66,325 December 31, 2016: 63,287 13,109 December 31, 2016: 9,477 $964 December 31, 2016: $962 December 31, 2017. no As at December 31, 2017, 452,739 As at December 31, 2017, 2,520,721 2.95% 2,608,006 |
Note 10 - Capital Risk Manageme
Note 10 - Capital Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 10. Capital risk management The Company’s objectives in managing its liquidity and capital are to safeguard the Company’s ability to continue as a going concern and to provide financial capacity to meet its strategic objectives. The capital structure of the Company consists of its equity (comprising of share capital, equity reserve, accumulated other comprehensive income and deficit), net of cash, cash equivalents and term deposits. Capital as defined above is summarized in the following table: December 31, December 31, Equity $ 220,239 $ 175,918 Cash, cash equivalents and term deposits (160,395 ) (138,347 ) $ 59,844 $ 37,571 may In order to facilitate the management of its capital requirements, the Company prepares annual expenditure budgets that are updated as necessary depending on various factors, including successful capital deployment and general industry conditions. The annual and updated budgets are approved by the Board of Directors. The Company does not As at December 31, 2017, not not The Company currently has sufficient working capital ( $159,906 December 31, 2017) may Note 15 not may not may |
Note 11 - Financial Risk Manage
Note 11 - Financial Risk Management | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | 11. The Company’s operations consist of the acquisition, exploration and development of projects primarily in the Americas. The Company examines the various financial risks to which it is exposed and assesses the impact and likelihood of occurrence. These risks may (a) Credit risk Counterparty credit risk is the risk that the financial benefits of contracts with a specific counterparty will be lost if a counterparty defaults on its obligations under the contract. This includes any cash amounts owed to the Company by those counterparties, less any amounts owed to the counterparty by the Company where a legal right of set-off exists and also includes the fair values of contracts with individual counterparties which are recorded in the financial statements. (i) Trade credit risk The Company is in the exploration stage and has not not not December 31, 2016. (ii) Cash In order to manage credit and liquidity risk the Company’s policy is to invest only in highly rated investment grade instruments backed by Canadian commercial banks. (iii) Mexican value added tax As at December 31, 2017, $30 Note 4 The Company’s maximum exposure to credit risk is the carrying value of its cash and term deposits, and accounts receivable, as follows: December 31, December 31, Cash and cash equivalents $ 160,395 $ 83,347 Term deposits - 55,000 Accounts receivable ( Note 4 ) 160 628 $ 160,555 $ 138,975 (b) Liquidity risk The Company has a planning and budgeting process in place to help determine the funds required to support the Company's normal operating requirements, its exploration and development plans, and its various optional property and other commitments (see Notes 7 15 The Company's overall liquidity risk has not (c) Currency risk The Company is exposed to the financial risks related to the fluctuation of foreign exchange rates, both in the Mexican peso and Canadian dollar, relative to the US$. The Company does not Exposure to currency risk As at December 31, 2017, December 31, 2017 ( in US$ equivalent ) Mexican peso Canadian dollar Cash $ 8 $ 2,286 Accounts receivable 30 27 Prepaid 3 - Investments - 3,096 Accounts payable (96 ) (438 ) Net assets exposure $ (55 ) $ 4,971 Mexican peso relative to the US$ Although the majority of operating expenses in Mexico are both determined and denominated in US$, an appreciation in the Mexican peso relative to the US$ will slightly increase the Company’s cost of operations in Mexico related to those operating costs denominated and determined in Mexican pesos. Alternatively, a depreciation in the Mexican peso relative to the US$ will decrease the Company’s cost of operations in Mexico related to those operating costs denominated and determined in Mexican pesos. An appreciation/depreciation in the Mexican peso against the US$ will also result in a gain/loss to the extent that the Company holds net monetary assets (liabilities) in pesos. Specifically, the Company's foreign currency exposure is comprised of peso denominated cash, prepayments and value added taxes receivable, net of trade and other payables. The carrying amount of the Company’s net peso denominated monetary liabilities at December 31, 2017 1,085 December 31, 2016: 1,051 10% December 31, 2017 $5 December 31, 2016: $5 10% C$ relative to the US$ The Company is exposed to gains and losses from fluctuations in the C$ relative to the US$. As general and administrative overheads in Canada are denominated in C$, an appreciation in the C$ relative to the US$ will increase the Company’s overhead costs as reported in US$. Alternatively, a depreciation in the C$ relative to the US$ will decrease the Company’s overhead costs as reported in US$. An appreciation/depreciation in the C$ against the US$ will result in a gain/loss to the extent that MAG, the parent entity, holds net monetary assets (liabilities) in C$. The carrying amount of the Company’s net Canadian denominated monetary assets at December 31, 2017 C$6,236 December 31, 2016: C$11,842 10% December 31, 2017 $497 December 31, 2016: $882 10% (d) Interest rate risk The Company’s interest revenue earned on cash is exposed to interest rate risk. A decrease in interest rates would result in lower relative interest income and an increase in interest rates would result in higher relative interest income. |
Note 12 - Financial Instruments
Note 12 - Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of fair value of financial instruments [text block] | 12. The Company’s financial instruments include cash and cash equivalents, accounts receivable, investments, and trade and other payables. The carrying values of cash and cash equivalents, accounts receivable, and trade and other payables reported in the consolidated statement of financial position approximate their respective fair values due to the relatively short-term nature of these instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy establishes three Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2: Observable inputs other than quoted prices in Level 1 not Level 3: Unobservable inputs which are supported by little or no The fair value hierarchy gives the highest priority to Level 1 3 Year ended December 31, 2017 FVTPL Available for sale Loans and receivables Other liabilities Total Financial assets Cash and cash equivalents $ 160,395 $ - $ - $ - $ 160,395 Accounts receivables (Note 4) - - 160 - 160 Investments (Note 5) 661 2,435 - - 3,096 Financial liabilities Trade and other payables - - - 936 936 Year ended December 31, 2016 FVTPL Available for sale Loans and receivables Other liabilities Total Financial assets Cash and cash equivalents $ 83,347 $ - $ - $ - $ 83,347 Term deposits 55,000 - - - 55,000 Accounts receivables (Note 4) - - 628 - 628 Investments (Note 5) 168 550 - - 718 Financial liabilities Trade and other payables - - - 733 733 The Company’s financial assets or liabilities as measured in accordance with the fair value hierarchy described above are: Year ended December 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 160,395 $ - $ - $ 160,395 Investments (Note 5) (1) 2,435 661 - 3,096 $ 162,830 $ 661 $ - $ 163,491 Year ended December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 83,347 $ - $ - $ 83,347 Term deposits 55,000 - - 55,000 Investments (Note 5) (1) 15 703 - 718 $ 138,362 $ 703 $ - $ 139,065 ( 1 1 not 2 During the year ended December 31, 2017, 2 1 December 2017, 2 no 1, 2 3 December 31, 2017 December 31, 2016. |
Note 13 - Segmented Information
Note 13 - Segmented Information | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | 13. The Company operates primarily in one |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 14. The Company does not During the year, the Company incurred expenses with Cascabel and IMDEX as follows: December 31, December 31, Fees related to Dr. Megaw: Exploration and marketing services $ 379 $ 346 Travel and expenses 98 59 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 92 121 Field exploration services 508 565 $ 1,077 $ 1,091 All transactions are incurred in the normal course of business, and are negotiated on terms between the parties which are believed to represent fair market value for all services rendered. A portion of the expenditures are incurred on the Company’s behalf, and are charged to the Company on a “cost + 10%” not December 31, 2017 $286 December 31, 2016: $255 Any amounts due to related parties arising from the above transactions are unsecured, non-interest bearing and are due upon receipt of invoices. The Company holds various mineral property claims in Mexico upon which full impairments have been recognized. The Company is obligated to a 2.5% February 26, 2004, 100% The immediate parent and ultimate controlling party of the consolidated group is MAG Silver Corp. (incorporated in British Columbia, Canada). The details of the Company’s significant subsidiaries and ownership interests are as follows: Significant subsidiaries of the Company are as follows: MAG' effective interest Name Country of Incorporation Principal Activity 2017(%) 2016(%) Minera Los Lagartos, S.A. de C.V. Mexico Exploration 100 % 100 % Minera Pozo Seco S.A. de C.V. Mexico Exploration 100 % 100 % Minera Sierra Vieja S.A. de C.V. Mexico Exploration 100 % 100 % Balances and transactions between the Company and its subsidiaries, which are related parties of the Company, have been eliminated on consolidation and are not Minera Juanicipio, S.A. de C.V. (“Minera Juanicipio”), created for the purpose of holding and operating the Juanicipio Property, is held 56% 44% 11.4% December 31, 2017, Note 7 During the year, compensation of key management personnel (including directors) was as follows: December 31, December 31, Salaries and other short term employee benefits $ 1,540 $ 1,412 Share based payments (Note 9(b), (c ), and (d)) 1,409 1,507 $ 2,949 $ 2,919 Key management personnel |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | 15. As at December 31, 2017, Property Exploration Office and Other Total (Note 8) (Note 8) 2018 - - 166 166 2019 75 - 170 245 2020 100 - - 100 2021 100 712 - 812 2022 150 750 - 900 $ 425 $ 1,462 $ 336 $ 2,223 As these consolidated financial statements have been prepared using the accrual basis of accounting (except for cash flow information), these commitments are not The Company makes cash deposits to Minera Juanicipio from time to time as cash called by the operator Fresnillo ( Note 7 may The Company could be subject to various investigations, claims and legal and tax proceedings covering matters that arise in the ordinary course of business activities. Each of these matters would be subject to various uncertainties and it is possible that some matters may may may one not not not |
Note 16 - Income Taxes
Note 16 - Income Taxes | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 16. The income taxes recognized in profit or loss is as follows: December 31, December 31, Current tax (expense) recovery $ - $ - Deferred tax (expense) recovery (728 ) 4,576 Total income tax (expense) recovery $ (728 ) $ 4,576 The deferred tax expenses for the years ended December 31, 2017 December 31, 2016 The provision for income taxes reported differs from the amounts computed by applying statutory Canadian federal and provincial tax rates to the loss before tax provision due to the following: December 31 December 31 Loss for the year before income taxes $ (5,769 ) $ (60,422 ) Statutory tax rate 26.00 % 26.00 % Recovery of income taxes computed at statutory rates $ 1,500 $ 15,710 Share based payments (588 ) (588 ) Mexican inflationary adjustments (80 ) 1,156 Higher effective tax rate on loss in foreign jurisdiction 93 2,279 Impact of change in statutory tax rates 444 - Unrecognized deferred tax assets (4,671 ) (12,054 ) Mexican income tax impact of mining royalty in Mexico - (1,105 ) Impact of foreign exchange and other 2,574 (4,504 ) Impact of 7.5% mining royalty in Mexico - 3,682 Total income tax (expense) recovery $ (728 ) $ 4,576 The Canadian income tax rate increased from 26% 27% January 1, 2018 The approximate tax effect of each item that gives rise to the Company’s unrecognized and recognized deferred tax assets and liabilities as at December 31, 2017 2016 December 31 December 31 Tax Losses - deferred tax assets 872 2,753 Excess of tax value of exploration and evaluation assets and investment in associate over book values 1,478 1,558 Unrealized foreign exchange 35 (1,467 ) Investments (98 ) (21 ) Excess of book value of exploration and evaluation assets and investment in associate over tax values (3,604 ) (3,412 ) Net deferred tax liability (1,317 ) (589 ) The Company's movement of net deferred tax liabilities is described below: December 31 December 31 At January 1 $ (589 ) $ (5,165 ) Deferred income tax expense (recovery) through income statement (728 ) 4,576 At December 31 $ (1,317 ) $ (589 ) The Company has the following deductible temporary differences for which no 2017 expiry dates 2016 Tax losses and tax values in excess of book values $ 69,925 2018 - 2036 $ 52,924 Excess of tax value of exploration and evaluation assets over book values 21,103 no expiry 23,432 Financing fees 3,657 2037 - 2040 4,857 Cumulative eligible capital 0 no expiry 388 Other 2,977 no expiry 762 Total $ 97,662 $ 82,363 At December 31, 2017, $40,373 December 31, 2016: $28,261 2026 2037, $1,635 December 31, 2016: $259 may At December 31, 2017, $32,249 December 31, 2016: $28,884 2019 2027, At December 31, 2017, $23 December 31, 2016: $98 not no not |
Note 17 - Subsequent Events
Note 17 - Subsequent Events | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of events after reporting period [text block] | 17. Subsequent to December 31, 2017, a. Issued 21,964 75,000 C$9.61 21,964 53,036 b. Issued 2,495 2,495 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2017 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for the basis of consolidation [text block] | (a) Basis of consolidation These consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Control exists when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee, and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries are included in the consolidated financial results of the Company from the effective date that control is obtained up to the effective date of disposal or loss of control. The principal wholly-owned subsidiaries as at December 31, 2017 These financial statements also include the Company’s 44% Note 7 Note 2 Where necessary, adjustments have been made to the financial statements of the Company’s subsidiaries and associates prior to consolidation, to conform the significant accounting policies used in their preparation to those used by the Company. |
Description of accounting policy for investment in associates [text block] | (b) Investments in Associates The Company conducts a portion of its business through an equity interest in associates. An associate is an entity over which the Company has significant influence, and is neither a subsidiary nor a joint arrangement, and includes the Company’s 44% not The Company accounts for its investments in associates using the equity method. Under the equity method, the Company’s investment in an associate is initially recognized at cost and subsequently increased or decreased to recognize the Company's share of earnings and losses of the associate and for impairment losses after the initial recognition date. The Company's share of earnings and losses of associates are recognized in profit or loss during the period. Distributions received from an associate are accounted for as a reduction in the carrying amount of the Company’s investment. Impairment At the end of each reporting period, the Company assesses whether there is any evidence that an investment in associate is impaired. The Company has performed an assessment for impairment indicators of its investment in associate as of December 31, 2017 no not not |
Description of accounting policy for the accounting estimates [text block] | (c) Significant Estimates The preparation of consolidated financial statements in conformity with IFRS 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 expenditures during the reported period. Significant estimates used in preparation of these financial statements include estimates of the net realizable value and any impairment of exploration and evaluation assets and of investment in associates, recoveries of receivable balances, estimates of fair value of financial instruments where a quoted market price or secondary market for the instrument does not may may |
Description of accounting policy for critical judgements [text block] | (d) Critical judgments The Company makes certain critical judgments in the process of applying the Company’s accounting policies. The following are those judgements that have the most significant effect on the consolidated financial statements: (i) not Notes 2 2 (ii) may not · The purpose and design of the investee entity. · The ability to exercise power, through substantive rights, over the activities of the investee entity that significantly affect its returns. · The size of the company’s equity ownership and voting rights, including potential voting rights. · The size and dispersion of other voting interests, including the existence of voting blocks. · Other investments in or relationships with the investee entity including, but not · Other relevant and pertinent factors. If the Company determines that it controls an investee entity, it consolidates the investee entity’s financial statements as further described in note 2 2 2 |
Description of accounting policy for financial instruments [text block] | (e) Financial instruments Measurement – initial recognition Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. All financial instruments are measured at fair value on initial recognition plus attributable transaction costs, except for financial assets and financial liabilities classified as fair value through profit and loss (“FVTPL”). The directly attributable transactions costs of financial assets and liabilities classified as FVTPL are expensed in the period in which they are incurred. Classification and measurement – subsequent to initial recognition The Company classifies financial instruments as either held-to-maturity, available-for-sale, FVTPL, loans and receivables, or other financial liabilities. Financial assets held to maturity, loans and receivables and other financial liabilities, are subsequently measured at amortized cost. Instruments classified as FVTPL are measured at fair value with changes in fair values recognized in profit or loss. Available-for-sale instruments are measured at fair value with mark-to-market gains and losses recognized in other comprehensive income (“OCI”). The Company has designated its cash and cash equivalent with original maturities less than 90 90 Investment in securities such as warrants, that meet the definition of a derivative are classified as FVTPL and are measured at fair value with unrealized gains and losses recognized in profit or loss. Warrants listed on a recognized exchange are valued at the latest available close. Warrants not no not Impairment The Company assesses at the end of each reporting period whether there is objective evidence that a financial asset or group of financial assets are impaired. Financial assets are considered impaired if objective evidence indicates that a change in the market, economic or legal environment in which the Company invested has had a negative effect on the estimated future cash flows of that asset. For available-for-sale financial assets, a significant or prolonged decline in fair value is evidence that the asset may not For financial assets measured at amortized cost, an impairment loss recognized in profit or loss is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the original effective interest rate. Any reversal of impairment is recognized in profit or loss. |
Description of accounting policy for determining components of cash and cash equivalents [text block] | (f) Cash, cash equivalents and term deposits Cash and cash equivalents include cash on hand, bank deposits, and term deposits with original maturities of three Term deposits are comprised of bank term deposits with an original term to maturity in excess of three |
Description of accounting policy for exploration and evaluation expenditures [text block] | (g) Exploration and evaluation assets With respect to its exploration activities, the Company follows the practice of capitalizing all costs relating to the acquisition, exploration and evaluation of its mining rights and crediting all revenues received against the cost of the related interests. Option payments made by the Company are capitalized until the decision to exercise the option is made. If the option agreement is to exercise a purchase option in an underlying mineral property, the costs are capitalized and accounted for as an exploration and evaluation asset. At such time as commercial production commences, the capitalized costs will be depleted on a units-of-production method based on proven and probable reserves. If a mineable ore body is discovered, exploration and evaluation costs are reclassified to mining properties. If no no Exploration and evaluation expenditures include acquisition costs of rights to explore; topographical, geological, geochemical and geophysical studies; exploratory drilling; trenching and sampling; all costs incurred to obtain permits and other licenses required to conduct such activities, including legal, community, strategic and consulting fees; and activities involved in evaluating the technical feasibility and commercial viability of extracting mineral resources. This includes the costs incurred in determining the most appropriate mining/processing methods and developing feasibility studies. When an exploration project has entered into the advanced exploration phase and sufficient evidence of the probability of the existence of economically recoverable minerals has been obtained, pre-operative expenditures relating to mine preparation works are capitalized to mine development costs. Activities that are typically capitalized include costs incurred to build shafts, drifts, ramps and access corridors to enable ore extraction from underground. Impairment Management reviews the carrying amount of exploration and evaluation assets for impairment when facts or circumstances suggest that the carrying amount is not no no may not not |
Description of accounting policy for property, plant and equipment [text block] | (h) Equipment Equipment is recorded at cost less accumulated amortization and impairment losses if any, and is amortized at the following annual rates: Computer equipment 30% Field and office equipment 30% Leasehold improvements straight line over lease term When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) of equipment, and depreciated over their respective useful lives. |
Description of accounting policy for income tax [text block] | (i) Income taxes Deferred income taxes relate to the expected future tax consequences of unused tax losses and unused tax credits and differences between the carrying amount of statement of financial position items and their corresponding tax values. Deferred tax assets, if any, are recognized only to the extent that, in the opinion of management, it is probable that sufficient future taxable profit will be available to recover the asset. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment. |
Description of accounting policy for provisions [text block] | (j) Provisions Provisions are liabilities that are uncertain in timing or amount. The Company records a provision when and only when: (i) The Company has a present obligation (legal or constructive) as a result of a past event; (ii) It is probable that an outflow of resources embodying economic benefits will be required to settle the obligation; and (iii) A reliable estimate can be made of the amount of the obligation. Constructive obligations are obligations that derive from the Company’s actions where: (i) By an established pattern of past practice, published policies or a sufficiently specific current statement, the Company has indicated to other parties that it will accept certain responsibilities; and (ii) As a result, the Company has created a valid expectation on the part of those other parties that it will discharge those responsibilities. Provisions are reviewed at the end of each reporting period and adjusted to reflect management’s current best estimate of the expenditure required to settle the present obligation at the end of the reporting period. If it is no Closure and reclamation The Company records a provision for the present value of the estimated closure obligations, including reclamation costs, when the obligation (legal or constructive) is incurred, with a corresponding increase in the carrying value of the related assets. The carrying value is amortized over the life of the mining asset on a units-of-production basis commencing with initial commercialization of the asset. The liability is accreted to the actual liability on settlement through charges each period to profit or loss. The provision for closure and reclamation is reviewed at the end of each reporting period for changes in estimates and circumstances. There was no December 31, 2017 December 31, 2016. The operating company of the Company’s investment in associate, Minera Juanicipio, S.A. de C.V., recorded a provision for reclamation and remediation costs of $393 December 31, 2017 ( December 31, 2016: $313 Note 7 |
Description of accounting policy for functional currency [text block] | (k) Functional currency and presentation currency The functional currency of the parent and the functional currency of its Mexican subsidiaries and investment in associate is the United States dollar (“US$”). Each entity within the Company determines its own functional currency, and the items included in the financial statements of each entity are measured using that functional currency. The functional currency determination involves certain judgments in evaluating the primary economic environment, and the Company reconsiders the functional currencies of each entity if there is a change in the underlying transactions, events and conditions which determine the primary economic environment. The Company’s reporting and presentation currency is the US$. |
Description of accounting policy for foreign currency translation [text block] | (l) Foreign currency transactions Transactions incurred in currencies other than the Company’s functional currency (foreign currencies) are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, monetary assets and liabilities are translated using the period end foreign exchange rate. Non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value are translated using the rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss. |
Description of accounting policy for earnings per share [text block] | (m) Loss per common share Basic loss per share is based on the weighted average number of common shares outstanding during the period. Diluted loss per share is computed using the weighted average number of common and common equivalent shares outstanding during the period. Common equivalent shares consist of the incremental common shares upon the assumed exercise of stock options and warrants, and upon the assumed conversion of deferred share units and units issued under the Company’s share unit plan, to the extent their inclusion is not As at December 31, 2017, 2,995,721 December 31, 2016: 2,814,200 not |
Description of accounting policy for share-based payment transactions [text block] | (n) Share based payments The fair value of equity-settled share-based payment awards are estimated as of the date of the grant and recorded as share-based payment expense in the consolidated statements of loss over their vesting periods, with a corresponding increase in equity. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met. Market price performance conditions are included in the fair value estimate on the grant date with no The fair value of stock options is estimated using the Black-Scholes-Merton option valuation model. The fair value of restricted and deferred share units, is based on the fair market value of a common share equivalent on the date of grant. The fair value of performance share units awarded with market price conditions is determined using the Monte Carlo pricing model and the fair value of performance share units with non-market performance conditions is based on the fair market value of a common share equivalent on the date of grant. |
Description of accounting policy for accounting standards [text block] | (o) Changes in Accounting Standards (i) Certain pronouncements were issued by the IASB that are mandatory for accounting periods after December 31, 2016. not January 1, 2017: IAS 7 Statements of cash flows January 1, 2017, 7 7 not (ii) The Company has reviewed new accounting pronouncements that have been issued but are not December 31, 2017. IFRS 2 Share-based payments. June 2016, 2 January 1, 2018 no IFRS 9 Financial Instruments July 2014, 9 39 Financial Instruments: Recognition and Measurement two January 1, 2018. 9: · The Company will make an irrevocable election to continue to measure its equity securities at fair value through other comprehensive income. Under the new standard, all changes in the fair value will be recognized permanently in other comprehensive income with no 9 not IFRS 15 Revenue from Contracts with Customers. May 8, 2014. July 2015, 15 January 1, 2018. no may IFRS 16 Leases . January 2016, 16 Leases 16 17 Leases 16 16 January 1, 2019. may IFRIC 22 Foreign currency transactions and advance consideration December 2016, 22 January 1, 2018. no |
Note 3 - Cash and Cash Equiva24
Note 3 - Cash and Cash Equivalents and Term Deposits (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of cash, cash equivalents, and term deposits [text block] | Interest December 31, December 31, Cash at bank and on hand 0 - 1.70% $ 30,395 $ 33,347 Term deposits (less than 90 days) 1.57 - 1.75% 130,000 50,000 Cash and cash equivalents $ 160,395 $ 83,347 Interest December 31, December 31, Term deposits - $ - $ 55,000 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Components of trade and other receivables [text block] | December 31, December 31, Goods and services tax ("GST") recoverable $ 23 $ 19 Mexican value added tax ("IVA") recoverable 30 37 Interest receivable 107 572 $ 160 $ 628 |
Note 5 - Investments (Tables)
Note 5 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of financial assets [text block] | December 31, December 31, Available-for-sale securities $ 2,435 $ 550 Fair value through profit or loss - warrants 661 168 $ 3,096 $ 718 |
Disclosure of the available-for-sale movements [text block] | December 31, December 31, Available-for-sale securities, beginning of year $ 550 $ 279 Purchase of available-for-sale securities 1,553 442 Unrealized gain for the year 332 1,198 Sale of available-for-sale securities - (1,369 ) Available-for-sale securities, end of year $ 2,435 $ 550 |
Disclosure of financial instruments designated at fair value through profit or loss [text block] | December 31, December 31, Warrants, beginning of year $ 168 $ - Purchase of warrants 151 124 Change in fair value of warrants 342 44 Warrants, end of year $ 661 $ 168 |
Note 6 - Equipment (Tables)
Note 6 - Equipment (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of changes in property, plant and equipment [text block] | Cost Computer equipment Office equipment Leasehold improvements Total Balance, January 1, 2016 $ 252 $ 163 $ 7 $ 422 Additions 39 - - 39 Balance, December 31, 2016 $ 291 $ 163 $ 7 $ 461 Additions 2 11 - 13 Balance, December 31, 2017 $ 293 $ 174 $ 7 $ 474 Accumulated depreciation Computer equipment Office equipment Leasehold improvements Total Balance as at January 1, 2016 $ 226 $ 151 $ 7 $ 384 Amortization 19 4 - 23 Balance, December 31, 2016 $ 245 $ 155 $ 7 $ 407 Amortization 14 6 - 20 Balance, December 31, 2017 $ 259 $ 161 $ 7 $ 427 Carrying amounts Computer equipment Office equipment Leasehold improvements Total At December 31, 2016 $ 46 $ 8 $ - $ 54 At December 31, 2017 $ 34 $ 13 $ - $ 47 |
Note 7 - Investments in Assoc28
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of invested interests in associates [text block] | December 31, December 31, Joint venture oversight expenditures incurred 100% by MAG $ 754 $ 262 Cash contributions to Minera Juanicipio (1) 18,700 7,137 Total for the current year 19,454 7,399 Equity pick up of current income (loss) for the year (2) 308 (1,327 ) Balance, beginning of year 37,312 31,240 Balance, end of year $ 57,074 $ 37,312 |
Disclosure of associate's financial position [text block] | December 31, December 31, Cash $ 9,639 $ 3,573 IVA and other receivables 3,861 842 Total current assets 13,500 4,415 Minerals, surface rights, exploration & development expenditures 116,117 82,017 Total assets $ 129,617 $ 86,432 Payables to Peñoles and other vendors $ 1,217 $ 348 Total current liabilities 1,217 348 Provision for reclamation and remediation costs 393 313 Deferred income tax liability 6,962 7,926 Total liabilities and equity 8,572 8,587 Shareholders equity 121,045 77,845 Total liabilities and equity $ 129,617 $ 86,432 |
Disclosure of associate operations [text block] | December 31, December 31, Deferred income tax recovery (expense) $ 965 $ (2,134 ) Exchange gain (loss) (265 ) (881 ) Net income (loss ) $ 700 $ (3,015 ) MAG's 44% equity pick up $ 308 $ (1,327 ) |
Note 8 - Exploration and Eval29
Note 8 - Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of the components of exploration and evaluation assets [text block] | December 31, December 31, Exploration and evaluation assets: Acquisition costs of mineral and surface rights $ 75 $ - Assays 103 - Camp and site costs 206 91 Geological and geophysical 806 67 Land taxes and gov't fees 196 336 Legal, community and other consultation costs 47 593 Total for the year 1,433 1,087 Balance, beginning of year - 52,806 Less: Impairment - (53,893 ) Balance, end of year $ 1,433 $ - |
Note 9 - Share Capital (Tables)
Note 9 - Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | Year ended Weighted Year ended Weighted Outstanding, beginning of year 2,254,172 $ 8.71 3,843,105 $ 8.71 Granted 285,522 13.91 227,773 17.55 Exercised for cash (45,400 ) 8.19 (691,705 ) 8.79 Exercised cashless (225,000 ) 7.46 (1,125,001 ) 10.46 Outstanding, end of year 2,269,294 $ 9.50 2,254,172 $ 8.71 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | December 31, December 31, Risk-free interest rate 0.72 % 0.94 % Expected volatility 50 % 54 % Expected dividend yield nil nil Expected life ( years ) 3 3 |
Disclosure of range of exercise prices of outstanding share options [text block] | Exercise price Number Number Weighted average remaining (1) 5.35 400,000 400,000 0.79 5.86 440,000 440,000 0.46 9.16 21,666 21,666 2.70 9.28 368,333 368,333 2.93 (1) 9.61 75,000 75,000 0.17 10.02 187,500 187,500 2.48 10.04 263,500 263,500 1.50 13.91 285,522 - 4.93 17.55 227,773 75,925 3.93 C$5.35 - C$17.55 2,269,294 1,831,924 2.13 |
Note 10 - Capital Risk Manage31
Note 10 - Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of capital risk management [text block] | December 31, December 31, Equity $ 220,239 $ 175,918 Cash, cash equivalents and term deposits (160,395 ) (138,347 ) $ 59,844 $ 37,571 |
Note 11 - Financial Risk Mana32
Note 11 - Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of credit risk exposure [text block] | December 31, December 31, Cash and cash equivalents $ 160,395 $ 83,347 Term deposits - 55,000 Accounts receivable ( Note 4 ) 160 628 $ 160,555 $ 138,975 |
Disclosure of currency risk [text block] | December 31, 2017 ( in US$ equivalent ) Mexican peso Canadian dollar Cash $ 8 $ 2,286 Accounts receivable 30 27 Prepaid 3 - Investments - 3,096 Accounts payable (96 ) (438 ) Net assets exposure $ (55 ) $ 4,971 |
Note 12 - Financial Instrumen33
Note 12 - Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of financial instruments [text block] | Year ended December 31, 2017 FVTPL Available for sale Loans and receivables Other liabilities Total Financial assets Cash and cash equivalents $ 160,395 $ - $ - $ - $ 160,395 Accounts receivables (Note 4) - - 160 - 160 Investments (Note 5) 661 2,435 - - 3,096 Financial liabilities Trade and other payables - - - 936 936 Year ended December 31, 2016 FVTPL Available for sale Loans and receivables Other liabilities Total Financial assets Cash and cash equivalents $ 83,347 $ - $ - $ - $ 83,347 Term deposits 55,000 - - - 55,000 Accounts receivables (Note 4) - - 628 - 628 Investments (Note 5) 168 550 - - 718 Financial liabilities Trade and other payables - - - 733 733 |
Disclosure of fair value measurement of assets [text block] | Year ended December 31, 2017 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 160,395 $ - $ - $ 160,395 Investments (Note 5) (1) 2,435 661 - 3,096 $ 162,830 $ 661 $ - $ 163,491 Year ended December 31, 2016 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 83,347 $ - $ - $ 83,347 Term deposits 55,000 - - 55,000 Investments (Note 5) (1) 15 703 - 718 $ 138,362 $ 703 $ - $ 139,065 |
Note 14 - Related Party Trans34
Note 14 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of expenses Incurred for related parties [text block] | December 31, December 31, Fees related to Dr. Megaw: Exploration and marketing services $ 379 $ 346 Travel and expenses 98 59 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 92 121 Field exploration services 508 565 $ 1,077 $ 1,091 |
Disclosure of subsidiaries [text block] | Significant subsidiaries of the Company are as follows: MAG' effective interest Name Country of Incorporation Principal Activity 2017(%) 2016(%) Minera Los Lagartos, S.A. de C.V. Mexico Exploration 100 % 100 % Minera Pozo Seco S.A. de C.V. Mexico Exploration 100 % 100 % Minera Sierra Vieja S.A. de C.V. Mexico Exploration 100 % 100 % |
Disclosure of information about key management personnel [text block] | December 31, December 31, Salaries and other short term employee benefits $ 1,540 $ 1,412 Share based payments (Note 9(b), (c ), and (d)) 1,409 1,507 $ 2,949 $ 2,919 |
Note 15 - Commitments and Con35
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Disclosure of finance lease and operating lease by lessee [text block] | Property Exploration Office and Other Total (Note 8) (Note 8) 2018 - - 166 166 2019 75 - 170 245 2020 100 - - 100 2021 100 712 - 812 2022 150 750 - 900 $ 425 $ 1,462 $ 336 $ 2,223 |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Description of income taxes recognized in profit or loss [text block] | December 31, December 31, Current tax (expense) recovery $ - $ - Deferred tax (expense) recovery (728 ) 4,576 Total income tax (expense) recovery $ (728 ) $ 4,576 |
Disclosure of income tax provision [text block] | December 31 December 31 Loss for the year before income taxes $ (5,769 ) $ (60,422 ) Statutory tax rate 26.00 % 26.00 % Recovery of income taxes computed at statutory rates $ 1,500 $ 15,710 Share based payments (588 ) (588 ) Mexican inflationary adjustments (80 ) 1,156 Higher effective tax rate on loss in foreign jurisdiction 93 2,279 Impact of change in statutory tax rates 444 - Unrecognized deferred tax assets (4,671 ) (12,054 ) Mexican income tax impact of mining royalty in Mexico - (1,105 ) Impact of foreign exchange and other 2,574 (4,504 ) Impact of 7.5% mining royalty in Mexico - 3,682 Total income tax (expense) recovery $ (728 ) $ 4,576 |
Disclosure of deferred tax liability [text block] | December 31 December 31 Tax Losses - deferred tax assets 872 2,753 Excess of tax value of exploration and evaluation assets and investment in associate over book values 1,478 1,558 Unrealized foreign exchange 35 (1,467 ) Investments (98 ) (21 ) Excess of book value of exploration and evaluation assets and investment in associate over tax values (3,604 ) (3,412 ) Net deferred tax liability (1,317 ) (589 ) |
Disclosure of changes in deferred tax liability (asset) [text block] | December 31 December 31 At January 1 $ (589 ) $ (5,165 ) Deferred income tax expense (recovery) through income statement (728 ) 4,576 At December 31 $ (1,317 ) $ (589 ) |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | 2017 expiry dates 2016 Tax losses and tax values in excess of book values $ 69,925 2018 - 2036 $ 52,924 Excess of tax value of exploration and evaluation assets over book values 21,103 no expiry 23,432 Financing fees 3,657 2037 - 2040 4,857 Cumulative eligible capital 0 no expiry 388 Other 2,977 no expiry 762 Total $ 97,662 $ 82,363 |
Note 2 - Summary of Significa37
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Total provision for decommissioning, restoration and rehabilitation costs | $ 0 | $ 0 |
Common share equivalents [member] | ||
Statement Line Items [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share, amount | 2,995,721 | 2,814,200 |
Minera Juanicipio, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in joint venture | 44.00% | 44.00% |
Total provision for decommissioning, restoration and rehabilitation costs | $ 393 | $ 313 |
Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Amortization Percentage | 30.00% | |
Field equipment [member] | ||
Statement Line Items [Line Items] | ||
Amortization Percentage | 30.00% | |
Juanicipio Joint Venture [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in joint venture | 44.00% |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents and Term Deposits - Schedule of Cash, Cash Equivalents and Term Deposits (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |
Statement Line Items [Line Items] | |||
Cash at bank and on hand | $ 30,395,000 | $ 33,347,000 | |
Term deposits (less than 90 days), interest rate | |||
Term deposits (less than 90 days) | $ 130,000,000 | 50,000,000 | |
Cash and cash equivalents | 160,395,000 | 83,347,000 | $ 75,424,000 |
Term deposits | $ 55,000,000 | ||
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Cash at bank and on hand, interest rate | 0.00% | ||
Term deposits (less than 90 days), interest rate | 1.57% | ||
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Cash at bank and on hand, interest rate | 1.70% | ||
Term deposits (less than 90 days), interest rate | 1.75% |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Line Items [Line Items] | ||
Goods and services tax ("GST") recoverable | $ 23 | $ 19 |
Mexican value added tax ("IVA") recoverable | 30 | 37 |
Interest receivable | 107 | 572 |
$ 160 | $ 628 |
Note 5 - Investments (Details T
Note 5 - Investments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Gains (losses) on remeasuring available-for-sale financial assets, before tax | $ 332 | $ 1,198 |
Income tax relating to available-for-sale financial assets of other comprehensive income | 0 | |
Increase (decrease) in fair value of financial assets designated as measured at fair value through profit or loss related credit derivatives or similar instruments | $ 342 | $ 44 |
Note 5 - Investments - Investme
Note 5 - Investments - Investments Held (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Line Items [Line Items] | |||
Available-for-sale securities | $ 2,435 | $ 550 | |
Available-for-sale securities, current | 550 | $ 279 | |
Fair value through profit or loss - warrants | 661 | 168 | |
Fair value through profit or loss - warrants, current | 168 | ||
Investments | 3,096 | ||
Investments | $ 718 |
Note 5 - Investments - Movement
Note 5 - Investments - Movement in Available-For-Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Available-for-sale securities, beginning of year | $ 550 | |
Purchase of available-for-sale securities | 1,553 | $ 442 |
Unrealized gain for the year | 332 | 1,198 |
Sale of available-for-sale securities | (1,369) | |
Available-for-sale securities, end of year | 2,435 | 550 |
Available-for-sale securities current, beginning of year | 550 | 279 |
Purchase of available-for-sale securities | 1,553 | 442 |
Gains (losses) on remeasuring available-for-sale financial assets, before tax | 332 | 1,198 |
Sale of available-for-sale securities | (1,369) | |
Available-for-sale securities current, end of year | $ 550 |
Note 5 - Investments - Moveme43
Note 5 - Investments - Movements in Warrants (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Warrants, beginning of year | $ 168 | |
Purchase of warrants | 151 | $ 124 |
Change in fair value of warrants | 342 | 44 |
Warrants, end of year | 661 | 168 |
Warrants, beginning of year | 168 | |
Purchase of warrants | 151 | 124 |
Increase (decrease) in fair value of financial assets designated as measured at fair value through profit or loss related credit derivatives or similar instruments | $ 342 | 44 |
Warrants, end of year | $ 168 |
Note 6 - Equipment - Schedule o
Note 6 - Equipment - Schedule of Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Balance, equipment | $ 54 | |
Balance, equipment | 47 | $ 54 |
Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 46 | |
Balance, equipment | 34 | 46 |
Field and office equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 8 | |
Balance, equipment | 13 | 8 |
Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | ||
Balance, equipment | ||
Gross carrying amount [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 461 | 422 |
Additions, equipment | 13 | 39 |
Balance, equipment | 474 | 461 |
Gross carrying amount [member] | Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 291 | 252 |
Additions, equipment | 2 | 39 |
Balance, equipment | 293 | 291 |
Gross carrying amount [member] | Field and office equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 163 | 163 |
Additions, equipment | 11 | |
Balance, equipment | 174 | 163 |
Gross carrying amount [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 7 | 7 |
Additions, equipment | ||
Balance, equipment | 7 | 7 |
Accumulated depreciation, amortisation and impairment [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 407 | 384 |
Balance, equipment | 427 | 407 |
Amortization, equipment | 20 | 23 |
Accumulated depreciation, amortisation and impairment [member] | Computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 245 | 226 |
Balance, equipment | 259 | 245 |
Amortization, equipment | 14 | 19 |
Accumulated depreciation, amortisation and impairment [member] | Field and office equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 155 | 151 |
Balance, equipment | 161 | 155 |
Amortization, equipment | 6 | 4 |
Accumulated depreciation, amortisation and impairment [member] | Leasehold improvements [member] | ||
Statement Line Items [Line Items] | ||
Balance, equipment | 7 | 7 |
Balance, equipment | 7 | 7 |
Amortization, equipment |
Note 7 - Investments in Assoc45
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") (Details Textual) | Nov. 28, 2017USD ($) | Mar. 04, 2016USD ($) | Mar. 04, 2016USD ($) | Jul. 01, 2005USD ($) | Jul. 16, 2003 | Dec. 31, 2017USD ($) | Dec. 31, 2016USD ($) | Dec. 31, 2008 |
Statement Line Items [Line Items] | ||||||||
Issue of equity | $ 47,935,000 | $ 70,654,000 | ||||||
Proceeds from issuing shares | $ 48,158,000 | $ 74,757,000 | $ 9,751,000 | 65,006,000 | ||||
Juanicipio property [member] | Industrias Penoles, S.A. de C.V. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Option to obtain increased percentage of a property | 56.00% | |||||||
Expense arising from exploration for and evaluation of mineral resources | $ 5,000,000 | |||||||
Term of exploration and evaluation of mineral resources | 4 years | |||||||
Juanicipio property [member] | Industrias Penoles, S.A. de C.V. [member] | MAG Silver Corporation [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Issue of equity | $ 1,000,000 | |||||||
Number of tranches to buy common shares from an associate | 2 | |||||||
Juanicipio property [member] | Industrias Penoles, S.A. de C.V. [member] | MAG Silver Corporation [member] | Common shares in tranche one [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proceeds from issuing shares | $ 500,000 | |||||||
Juanicipio property [member] | Industrias Penoles, S.A. de C.V. [member] | MAG Silver Corporation [member] | Common shares in tranche two [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proceeds from issuing shares | $ 500,000 | |||||||
Minera Juanicipio, S.A. de C.V. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Expense arising from exploration for and evaluation of mineral resources | $ 34,192,000 | $ 14,821,000 | ||||||
Proportion of ownership interest in associate | 44.00% | 44.00% | ||||||
Percentage of loss in an associate during the period | 44.00% | |||||||
Joint venture direct operating expenses | $ 0 | |||||||
Joint venture direct income | $ 0 | |||||||
Minera Juanicipio, S.A. de C.V. [member] | Fresnillo PLC [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proportion of ownership interest in associate | 56.00% | |||||||
MAG Silver Corporation [member] | Fresnillo PLC [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Fresnillo investment in MAG Silver Corp. common shares | 11.40% | |||||||
Juanicipio property [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Interest in Juanicipio property prior to joint venture agreement | 100.00% |
Note 7 - Investments in Assoc46
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") - Investment Relating to Interests in Juancipio Property and Minera Juancipio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2017 | Dec. 31, 2016 | ||
Statement Line Items [Line Items] | |||
Joint venture oversight expenditures incurred 100% by MAG | $ 754 | $ 262 | |
Cash contributions to Minera Juanicipio | [1] | 18,700 | 7,137 |
Total for the current year | 19,454 | 7,399 | |
Equity pick up of current income (loss) for the year | [2] | 308 | (1,327) |
Balance, beginning of year | 37,312 | 31,240 | |
Balance, end of year | $ 57,074 | $ 37,312 | |
[1] | Represents the Company's 44% share of Minera Juanicipio cash contributions for the year. | ||
[2] | Represents the Company's 44% share of Minera Juanicipio's income (loss) for the year, as determined by the Company. |
Note 7 - Investments in Assoc47
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") - Investment Relating to Interests in Juancipio Property and Minera Juancipio (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Joint Venture Expenditures Incurred Percentage | 100.00% | 100.00% |
Note 7 - Investments in Assoc48
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") - Associate's Financial Position (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Line Items [Line Items] | |||
Cash | $ 160,395,000 | $ 83,347,000 | $ 75,424,000 |
TOTAL CURRENT ASSETS | 160,842,000 | 139,874,000 | |
Minerals, surface rights, exploration & development expenditures | 1,433,000 | ||
TOTAL ASSETS | 222,492,000 | 177,240,000 | |
Payables to Peñoles and other vendors | 936,000 | 733,000 | |
Deferred income tax liability | 1,317,000 | 589,000 | 5,165,000 |
TOTAL LIABILITIES | 2,253,000 | 1,322,000 | |
Shareholders equity | 220,239,000 | 175,918,000 | $ 154,142,000 |
TOTAL LIABILITIES AND EQUITY | 222,492,000 | 177,240,000 | |
Minera Juanicipio, S.A. de C.V. [member] | |||
Statement Line Items [Line Items] | |||
Cash | 9,639,000 | 3,573,000 | |
IVA and other receivables | 3,861,000 | 842,000 | |
TOTAL CURRENT ASSETS | 13,500,000 | 4,415,000 | |
Minerals, surface rights, exploration & development expenditures | 116,117,000 | 82,017,000 | |
TOTAL ASSETS | 129,617,000 | 86,432,000 | |
Payables to Peñoles and other vendors | 1,217,000 | 348,000 | |
Total current liabilities | 1,217,000 | 348,000 | |
Provision for reclamation and remediation costs | 393,000 | 313,000 | |
Deferred income tax liability | 6,962,000 | 7,926,000 | |
TOTAL LIABILITIES | 8,572,000 | 8,587,000 | |
Shareholders equity | 121,045,000 | 77,845,000 | |
TOTAL LIABILITIES AND EQUITY | $ 129,617,000 | $ 86,432,000 |
Note 7 - Investments in Assoc49
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") - Operations of Associate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
MAG's 44% equity pick up | $ (308) | $ 1,327 |
Minera Juanicipio, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Deferred income tax recovery (expense) | 965 | (2,134) |
Exchange gain (loss) | (265) | (881) |
Net income (loss ) | 700 | (3,015) |
MAG's 44% equity pick up | $ 308 | $ (1,327) |
Note 7 - Investments in Assoc50
Note 7 - Investments in Associate ("Minera Juancipio S.A. DE C.V.") - Operations of Associate (Details) (Parentheticals) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Minera Juanicipio, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Equity pick up | 44.00% | 44.00% |
Note 8 - Exploration and Eval51
Note 8 - Exploration and Evaluation Assets (Details Textual) - Prospective land claim package [member] $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Statement Line Items [Line Items] | |
Percentage of interest acquirable | 100.00% |
Option payments to earn right, title and interest to property during option period | $ 75 |
Option payments commitment during option period, year two | 425 |
Exploration expenditure commitment during option period | $ 2,925 |
Earn in option agreement period | 5 years |
Option payments commitment during option period, year three | $ 425 |
Option payments commitment during option period, year four | 425 |
Option payments commitment during option period, year five | $ 425 |
Note 8 - Exploration and Eval52
Note 8 - Exploration and Evaluation Assets - Components of Exploration and Evaluation Assets (Details) - Prospective land claim package [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Acquisition costs of mineral and surface rights | $ 75 | |
Assays | 103 | |
Camp and site costs | 206 | 91 |
Geological and geophysical | 806 | 67 |
Land taxes and gov't fees | 196 | 336 |
Legal, community and other consultation costs | 47 | 593 |
Balance, exploration and evaluation | 52,806 | |
Total for the year | 1,433 | 1,087 |
Less: Impairment | (53,893) | |
Balance, exploration and evaluation | $ 1,433 |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) | Nov. 28, 2017USD ($)$ / shares | Jun. 15, 2017shares | Mar. 04, 2016USD ($)shares | Mar. 04, 2016USD ($)shares | Dec. 31, 2017USD ($)shares | Dec. 31, 2017CAD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016USD ($)shares | Dec. 31, 2016CAD ($) | Dec. 31, 2017USD ($)shares | Mar. 01, 2016$ / sharesshares | Dec. 31, 2015 |
Statement Line Items [Line Items] | |||||||||||||
Number of shares outstanding at end of period | shares | 85,478,790 | 80,704,204 | 80,704,204 | 80,704,204 | 85,478,790 | ||||||||
Number of shares issued and fully paid | shares | 1,335,750 | 1,335,750 | 4,599,641 | 4,599,641 | 8,905,000 | ||||||||
Shares Issued, Price Per Share | $ / shares | $ 10.47 | $ 7.30 | |||||||||||
Proceeds from issuing shares | $ | $ 48,158,000 | $ 74,757,000 | $ 9,751,000 | $ 65,006,000 | |||||||||
Share issue related cost | $ | 223,000 | $ 3,497,000 | 606,000 | ||||||||||
Net proceeds from issuing shares | $ | $ 47,935,000 | $ 70,654,000 | |||||||||||
Number of share options exercised for cash in share-based payment arrangement | 45,400 | 45,400 | 691,705 | ||||||||||
Proceeds from exercise of options | $ | $ 283,000 | 4,659,000 | |||||||||||
Number of share options exercised in share-based payment arrangement, cashless | 225,000 | 225,000 | 1,125,001 | 1,125,001 | |||||||||
Shares issued in lieu of exercise of stock options | shares | 127,845 | 127,845 | 325,671 | ||||||||||
Number of share options cancelled during the period | shares | 97,155 | 97,155 | 799,330 | ||||||||||
Equity issued, stock options exercised | shares | 691,705 | ||||||||||||
Stock options issuance limitations, maximum percentage of allowed issuable common shares | 5.00% | ||||||||||||
Option life, share options granted | 3 | 3 | 3 | ||||||||||
Number of share options outstanding in share-based payment arrangement at end of period | 2,269,294 | 2,269,294 | |||||||||||
Number of share options granted in share-based payment arrangement | 285,522 | 285,522 | 227,773 | ||||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 1,070,000 | $ 1,103,000 | $ 1,103,000 | 1,103,000 | $ 1,070,000 | ||||||||
Weighted average share price, share options granted | $ | $ 3.75 | 4.84 | |||||||||||
Number of share options exercised in share-based payment arrangement | 270,400 | 270,400 | 1,816,706 | ||||||||||
Weighted average market share price at date of exercise | $ | $ 16.99 | $ 16.33 | |||||||||||
Expense from share-based payment transactions with employees and consultants | $ | $ 893,000 | 796,000 | |||||||||||
Restricted and performance Units issuance limitations, maximum percentage of allowed issuable common shares | 1.50% | 1.50% | |||||||||||
Life of restricted share units and performance share units | 5 years | ||||||||||||
Number of common shares issuable from a restricted share unit | shares | 1 | ||||||||||||
Restricted share units issued | shares | 45,838 | 45,838 | |||||||||||
Expense from share-based payment transactions with employees | $ | $ 2,268,000 | $ 2,263,000 | |||||||||||
Market price performance measurement period | 3 years | 3 years | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 2,269,294 | 2,254,172 | 2,254,172 | 2,254,172 | 2,269,294 | 3,843,105 | |||||||
Deferred Units issuance limitations, maximum percentage of allowed issuable common shares | 1.00% | 1.00% | |||||||||||
Common shares issuable under share-based compensation arrangements | shares | 2,520,721 | 2,520,721 | |||||||||||
Percentage of common shares issuable and common shares issued and outstanding | 2.95% | 2.95% | |||||||||||
Number of share based awards available for grant | shares | 2,608,006 | 2,608,006 | |||||||||||
Stock options inside of plan [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of share options outstanding in share-based payment arrangement at end of period | 1,794,294 | 1,794,294 | |||||||||||
Stock options outside of plan [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of share options outstanding in share-based payment arrangement at end of period | 475,000 | 475,000 | |||||||||||
Top of range [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Option life, share options granted | 5 | ||||||||||||
Performance share unit payout, percentage | 200.00% | 200.00% | 200.00% | ||||||||||
Performance share unit payout, units | shares | 177,330 | 177,330 | 138,170 | ||||||||||
Bottom of range [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Performance share unit payout, percentage | 0.00% | 0.00% | 0.00% | ||||||||||
Performance share unit payout, units | shares | 0 | 0 | 0 | ||||||||||
Restricted share units [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 682 | 682 | 27,918 | ||||||||||
Number of other equity instruments granted in share-based payment arrangement | 0 | 0 | 0 | ||||||||||
Expense from share-based payment transactions with employees | $ | $ 14,000 | $ 111,000 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 45,838 | 45,838 | |||||||||||
Performance share units [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 1,018 | 1,018 | 10,774 | 29,151 | |||||||||
Number of other equity instruments granted in share-based payment arrangement | 88,665 | 88,665 | 69,085 | ||||||||||
Expense from share-based payment transactions with employees | $ | $ 397,000 | 394,000 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 227,850 | 227,850 | |||||||||||
Deferred share units under the Deferred Share Unit Plan [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of other equity instruments granted in share-based payment arrangement | 66,325 | 66,325 | 63,287 | ||||||||||
Deferred share units granted to directors [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Number of other equity instruments granted in share-based payment arrangement | 13,109 | 13,109 | 9,477 | ||||||||||
Deferred share units [member] | |||||||||||||
Statement Line Items [Line Items] | |||||||||||||
Expense from share-based payment transactions with employees | $ | $ 964,000 | $ 962,000 | |||||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 452,739 | 452,739 | |||||||||||
Number of common shares issued under the deferred share unit plan prior to termination date | shares | 0 | 0 |
Note - 9 - Share Capital - Opti
Note - 9 - Share Capital - Option Activity (Details) | 12 Months Ended | |||
Dec. 31, 2017CAD ($) | Dec. 31, 2016shares | Dec. 31, 2016 | Dec. 31, 2016CAD ($) | |
Statement Line Items [Line Items] | ||||
Outstanding options, beginning of year | 2,254,172 | 3,843,105 | ||
Number of share options granted in share-based payment arrangement | 285,522 | 227,773 | ||
Exercised for cash, options | (45,400) | (691,705) | ||
Exercised cashless, options | (225,000) | (1,125,001) | (1,125,001) | |
Outstanding options, end of year | 2,269,294 | 2,254,172 | ||
Outstanding weighted average exercise price, beginning of year | $ 8.71 | $ 8.71 | ||
Granted, weighted average exercise price | 13.91 | 17.55 | ||
Exercised for cash, weighted average exercise price | 8.19 | 8.79 | ||
Exercised cashless, weighted average exercise price | 7.46 | 10.46 | ||
Outstanding weighted average exercise price, end of year | $ 9.50 | $ 8.71 |
Note - 9 - Share Capital - Assu
Note - 9 - Share Capital - Assumptions for the Fair Value Options (Details) | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Risk-free interest rate | 0.72% | 0.94% |
Expected volatility | 50.00% | 54.00% |
Expected dividend yield | ||
Expected life (years) | 3 | 3 |
Note - 9 - Share Capital - Stoc
Note - 9 - Share Capital - Stock Options Outstanding and Exercisable (Details) | Dec. 31, 2017CAD ($) | |
Statement Line Items [Line Items] | ||
Number outstanding | 2,269,294 | |
Number exercisable | 1,831,924 | |
Weighted average remaining contractual life | 2.13 | |
Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 5.35 | |
Top of range [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | 17.55 | |
Range one [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 5.35 | [1] |
Number outstanding | 400,000 | [1] |
Number exercisable | 400,000 | [1] |
Weighted average remaining contractual life | 0.79 | [1] |
Range two [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 5.86 | |
Number outstanding | 440,000 | |
Number exercisable | 440,000 | |
Weighted average remaining contractual life | 0.46 | |
Range three [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 9.16 | |
Number outstanding | 21,666 | |
Number exercisable | 21,666 | |
Weighted average remaining contractual life | 2.7 | |
Range four [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 9.28 | |
Number outstanding | 368,333 | |
Number exercisable | 368,333 | |
Weighted average remaining contractual life | 2.93 | |
Range five [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 9.61 | [1] |
Number outstanding | 75,000 | [1] |
Number exercisable | 75,000 | [1] |
Weighted average remaining contractual life | 0.17 | [1] |
Range six [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 10.02 | |
Number outstanding | 187,500 | |
Number exercisable | 187,500 | |
Weighted average remaining contractual life | 2.48 | |
Range seven [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 10.04 | |
Number outstanding | 263,500 | |
Number exercisable | 263,500 | |
Weighted average remaining contractual life | 1.5 | |
Range eight [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 13.91 | |
Number outstanding | 285,522 | |
Number exercisable | ||
Weighted average remaining contractual life | 4.93 | |
Range nine [member] | ||
Statement Line Items [Line Items] | ||
Exercise price | $ 17.55 | |
Number outstanding | 227,773 | |
Number exercisable | 75,925 | |
Weighted average remaining contractual life | 3.93 | |
[1] | Inducement options issued outside the Company's Plan as an incentive to attract senior officers for employment. |
Note 10 - Capital Risk Manage57
Note 10 - Capital Risk Management (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2017USD ($) | |
Statement Line Items [Line Items] | |
Dividends paid, ordinary shares | $ 0 |
Total non-current liabilities | 0 |
Working capital | $ 159,906 |
Note 10 - Capital Risk Manage58
Note 10 - Capital Risk Management - Capital Components (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Line Items [Line Items] | |||
Equity | $ 220,239 | $ 175,918 | $ 154,142 |
Cash, cash equivalents and term deposits | (160,395) | (138,347) | |
$ 59,844 | $ 37,571 |
Note 11 - Financial Risk Mana59
Note 11 - Financial Risk Management (Details Textual) $ in Thousands, $ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2017MXN ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2016MXN ($) |
MEXICO | ||||||
Statement Line Items [Line Items] | ||||||
Value added tax receivables | $ 30 | |||||
Net assets (liabilities) | $ (55) | $ 1,085 | $ 1,051 | |||
Percentage change in foreign exchange rates | 10.00% | 10.00% | 10.00% | |||
Value at risk | $ 5 | $ 5 | ||||
Country of domicile [member] | ||||||
Statement Line Items [Line Items] | ||||||
Net assets (liabilities) | 4,971 | $ 6,236 | $ 11,842 | |||
Value at risk | $ 497 | $ 882 |
Note 11 - Financial Risk Mana60
Note 11 - Financial Risk Management - Maximum Exposure to Credit Risk to the Carrying Value of Cash, Term Deposits, and Accounts Receivable (Details) - USD ($) | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Line Items [Line Items] | |||
Cash and cash equivalents | $ 160,395,000 | $ 83,347,000 | $ 75,424,000 |
Term deposits | 55,000,000 | ||
Accounts receivable (Note 4) | 160,000 | 628,000 | |
$ 160,555,000 | $ 138,975,000 |
Note 11 - Financial Risk Mana61
Note 11 - Financial Risk Management - Currency Risk (Details) $ in Thousands, $ in Thousands | Dec. 31, 2017USD ($) | Dec. 31, 2017CAD ($) | Dec. 31, 2017MXN ($) | Dec. 31, 2016USD ($) | Dec. 31, 2016CAD ($) | Dec. 31, 2016MXN ($) | Dec. 31, 2015USD ($) |
Statement Line Items [Line Items] | |||||||
Cash | $ 160,395,000 | $ 83,347,000 | $ 75,424,000 | ||||
Accounts receivable | 160,000 | 628,000 | |||||
Prepaid | 287,000 | 181,000 | |||||
Investments | 3,096,000 | ||||||
MEXICO | |||||||
Statement Line Items [Line Items] | |||||||
Cash | 8,000 | ||||||
Accounts receivable | 30,000 | ||||||
Prepaid | 3,000 | ||||||
Investments | |||||||
Accounts payable | (96,000) | ||||||
Net assets exposure | (55,000) | $ 1,085 | $ 1,051 | ||||
Country of domicile [member] | |||||||
Statement Line Items [Line Items] | |||||||
Cash | 2,286,000 | ||||||
Accounts receivable | 27,000 | ||||||
Prepaid | |||||||
Investments | 3,096,000 | ||||||
Accounts payable | (438,000) | ||||||
Net assets exposure | $ 4,971,000 | $ 6,236 | $ 11,842 |
Note 12 - Financial instrumen62
Note 12 - Financial instruments and Fair Value Disclosures - Financial Assets and Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Financial assets: | |||
Financial assets | $ 163,491 | $ 139,065 | |
Cash and cash equivalents [member] | |||
Financial assets: | |||
Financial assets | 160,395 | 83,347 | |
Cash and cash equivalents [member] | Other liabilities, category [member] | |||
Financial assets: | |||
Financial assets | |||
Cash and cash equivalents [member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets: | |||
Financial assets | 160,395 | 83,347 | |
Cash and cash equivalents [member] | Financial assets available-for-sale, category [member] | |||
Financial assets: | |||
Financial assets | |||
Cash and cash equivalents [member] | Loans and receivables, category [member] | |||
Financial assets: | |||
Financial assets | |||
Accounts receivable [member] | |||
Financial assets: | |||
Financial assets | 160 | 628 | |
Accounts receivable [member] | Other liabilities, category [member] | |||
Financial assets: | |||
Financial assets | |||
Accounts receivable [member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets: | |||
Financial assets | |||
Accounts receivable [member] | Financial assets available-for-sale, category [member] | |||
Financial assets: | |||
Financial assets | |||
Accounts receivable [member] | Loans and receivables, category [member] | |||
Financial assets: | |||
Financial assets | 160 | 628 | |
Term deposits [member] | |||
Financial assets: | |||
Financial assets | 55,000 | ||
Term deposits [member] | Other liabilities, category [member] | |||
Financial assets: | |||
Financial assets | |||
Term deposits [member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets: | |||
Financial assets | 55,000 | ||
Term deposits [member] | Financial assets available-for-sale, category [member] | |||
Financial assets: | |||
Financial assets | |||
Term deposits [member] | Loans and receivables, category [member] | |||
Financial assets: | |||
Financial assets | |||
Investments [member] | |||
Financial assets: | |||
Financial assets | [1] | 3,096 | 718 |
Investments [member] | Other liabilities, category [member] | |||
Financial assets: | |||
Financial assets | |||
Investments [member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial assets: | |||
Financial assets | 661 | 168 | |
Investments [member] | Financial assets available-for-sale, category [member] | |||
Financial assets: | |||
Financial assets | 2,435 | 550 | |
Investments [member] | Loans and receivables, category [member] | |||
Financial assets: | |||
Financial assets | |||
Trade and other payables [member] | |||
Financial liabilities: | |||
Financial liabilities | 936 | 733 | |
Trade and other payables [member] | Other liabilities, category [member] | |||
Financial liabilities: | |||
Financial liabilities | 936 | 733 | |
Trade and other payables [member] | Financial assets at fair value through profit or loss, category [member] | |||
Financial liabilities: | |||
Financial liabilities | |||
Trade and other payables [member] | Financial assets available-for-sale, category [member] | |||
Financial liabilities: | |||
Financial liabilities | |||
Trade and other payables [member] | Loans and receivables, category [member] | |||
Financial liabilities: | |||
Financial liabilities | |||
[1] | The fair value of available-for-sale securities quoted in active markets, is determined based on a market approach reflecting the closing price of each particular security as at the statement of financial position date. The closing price is a quoted market price obtained from the exchange that is the principal active market for the particular security, and therefore available-for-sale securities are classified within Level 1 of the fair value hierarchy. The fair values of available-for-sale securities and warrants that are not quoted in active markets are valued based on quoted prices of similar instruments in active markets or using valuation techniques where all inputs are directly or indirectly observable from market data and are classified within Level 2 of the fair value hierarchy. |
Note 12 - Financial Instrumen63
Note 12 - Financial Instruments and Fair Value Disclosures - Financial Assets or Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | |||
Financial assets | $ 163,491 | $ 139,065 | |
Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 162,830 | 138,362 | |
Level 2 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 661 | 703 | |
Level 3 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | |||
Cash and cash equivalents [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 160,395 | 83,347 | |
Cash and cash equivalents [member] | Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 160,395 | 83,347 | |
Cash and cash equivalents [member] | Level 2 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | |||
Cash and cash equivalents [member] | Level 3 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | |||
Investments [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | 3,096 | 718 |
Investments [member] | Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | 2,435 | 15 |
Investments [member] | Level 2 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | 661 | 703 |
Investments [member] | Level 3 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | ||
Term deposits [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 55,000 | ||
Term deposits [member] | Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 55,000 | ||
Term deposits [member] | Level 2 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | |||
Term deposits [member] | Level 3 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | |||
[1] | The fair value of available-for-sale securities quoted in active markets, is determined based on a market approach reflecting the closing price of each particular security as at the statement of financial position date. The closing price is a quoted market price obtained from the exchange that is the principal active market for the particular security, and therefore available-for-sale securities are classified within Level 1 of the fair value hierarchy. The fair values of available-for-sale securities and warrants that are not quoted in active markets are valued based on quoted prices of similar instruments in active markets or using valuation techniques where all inputs are directly or indirectly observable from market data and are classified within Level 2 of the fair value hierarchy. |
Note 13 - Segmented Informati64
Note 13 - Segmented Information (Details Textual) | 12 Months Ended |
Dec. 31, 2017 | |
Statement Line Items [Line Items] | |
Number of operating segments | 1 |
Note 14 - Related Party Trans65
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Feb. 26, 2004 | Dec. 31, 2017 | Dec. 31, 2016 |
Minera Juanicipio, S.A. de C.V. [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in joint venture | 44.00% | ||
Fresnillo PLC [member] | Minera Juanicipio, S.A. de C.V. [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in joint venture | 56.00% | ||
Fresnillo PLC [member] | MAG Silver Corporation [member] | |||
Statement Line Items [Line Items] | |||
Fresnillo investment in MAG Silver Corp. common shares | 11.40% | ||
Cascabel and IMDEX [member] | |||
Statement Line Items [Line Items] | |||
Amounts payable, related party transactions | $ 286 | $ 255 | |
Cascabel [member] | Cinco de Mayo property [member] | |||
Statement Line Items [Line Items] | |||
Net Smelter Returns Royalty Percentage | 2.50% | ||
Percentage interest in acquisition of mineral property | 100.00% |
Note 14 - Related Party Trans66
Note 14 - Related Party Transactions - Incurred Expenses With Cascabel and IMDEX (Details) - Cascabel and IMDEX [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Exploration and marketing services | $ 379 | $ 346 |
Travel and expenses | 98 | 59 |
Administration for Mexican subsidiaries | 92 | 121 |
Field exploration services | 508 | 565 |
$ 1,077 | $ 1,091 |
Note 14 - Related Party Trans67
Note 14 - Related Party Transactions - Subsidiary Ownership (Details) - MEXICO | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Minera Los Lagartos, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
MAG's effective interest | 100.00% | 100.00% |
Minera Pozo Seco S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
MAG's effective interest | 100.00% | 100.00% |
Minera Sierra Vieja S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
MAG's effective interest | 100.00% | 100.00% |
Note 14 - Related Party Trans68
Note 14 - Related Party Transactions - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Salaries and other short term employee benefits | $ 1,540 | $ 1,412 |
Share based payments (Note 9(b), (c ), and (d)) | 1,409 | 1,507 |
$ 2,949 | $ 2,919 |
Note 15 - Commitments and Con69
Note 15 - Commitments and Contingencies - Contractual Obligations and Commitments (Details) $ in Thousands | Dec. 31, 2017USD ($) |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | $ 2,223 |
Property option payments commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 425 |
Exploration commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 1,462 |
Office and other Commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 336 |
Later than one year and not later than two years [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 166 |
Later than one year and not later than two years [member] | Property option payments commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | |
Later than one year and not later than two years [member] | Exploration commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | |
Later than one year and not later than two years [member] | Office and other Commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 166 |
Later than two years and not later than three years [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 245 |
Later than two years and not later than three years [member] | Property option payments commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 75 |
Later than two years and not later than three years [member] | Exploration commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | |
Later than two years and not later than three years [member] | Office and other Commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 170 |
Later than three years and not later than four years [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 100 |
Later than three years and not later than four years [member] | Property option payments commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 100 |
Later than three years and not later than four years [member] | Exploration commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | |
Later than three years and not later than four years [member] | Office and other Commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | |
Later than four years and not later than five years [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 812 |
Later than four years and not later than five years [member] | Property option payments commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 100 |
Later than four years and not later than five years [member] | Exploration commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 712 |
Later than four years and not later than five years [member] | Office and other Commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | |
Later than five years and not later than six years [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 900 |
Later than five years and not later than six years [member] | Property option payments commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 150 |
Later than five years and not later than six years [member] | Exploration commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments | 750 |
Later than five years and not later than six years [member] | Office and other Commitments [member] | |
Statement Line Items [Line Items] | |
Contractual obligations and commitments |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | |||
Applicable tax rate | 26.00% | 26.00% | |
Deductible temporary differences for which no deferred tax asset is recognised | $ 97,662 | $ 82,363 | |
Changes in tax rates or tax laws enacted or announced [member] | |||
Statement Line Items [Line Items] | |||
Applicable tax rate | 27.00% | ||
Country of domicile [member] | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents held by subsidiaries | 23 | 98 | |
Current tax liabilities | 0 | ||
Country of domicile [member] | Non-capital loss carry forwards [member] | |||
Statement Line Items [Line Items] | |||
Deductible temporary differences for which no deferred tax asset is recognised | 40,373 | 28,261 | |
Country of domicile [member] | Capital loss carry forwards [member] | |||
Statement Line Items [Line Items] | |||
Deductible temporary differences for which no deferred tax asset is recognised | 1,635 | 259 | |
MEXICO | |||
Statement Line Items [Line Items] | |||
Unused tax losses for which no deferred tax asset recognised | $ 32,249 | $ 28,884 |
Note 16 - Income Taxes - Income
Note 16 - Income Taxes - Income Taxes Recognized in Profit or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Current tax (expense) recovery | ||
Deferred tax (expense) recovery | (728) | 4,576 |
Total income tax (expense) recovery | $ (728) | $ 4,576 |
Note 16 - Income Taxes - Provis
Note 16 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Loss for the year before income taxes | $ (5,769) | $ (60,422) |
Statutory tax rate | 26.00% | 26.00% |
Recovery of income taxes computed at statutory rates | $ 1,500 | $ 15,710 |
Share based payments | (588) | (588) |
Mexican inflationary adjustments | (80) | 1,156 |
Higher effective tax rate on loss in foreign jurisdiction | 93 | 2,279 |
Impact of change in statutory tax rates | 444 | |
Unrecognized deferred tax assets | (4,671) | (12,054) |
Mexican income tax impact of mining royalty in Mexico | (1,105) | |
Impact of foreign exchange and other | 2,574 | (4,504) |
Impact of 7.5% mining royalty in Mexico | 3,682 | |
Total income tax (expense) recovery | $ (728) | $ 4,576 |
Note 16 - Income Taxes - Deferr
Note 16 - Income Taxes - Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Statement Line Items [Line Items] | |||
Tax Losses - deferred tax assets | $ 872 | $ 2,753 | |
Excess of tax value of exploration and evaluation assets and investment in associate over book values | 1,478 | 1,558 | |
Unrealized foreign exchange | 35 | (1,467) | |
Investments | (98) | (21) | |
Excess of book value of exploration and evaluation assets and investment in associate over tax values | (3,604) | (3,412) | |
Net deferred tax liability | $ (1,317) | $ (589) | $ (5,165) |
Note 16 - Income Taxes - Moveme
Note 16 - Income Taxes - Movement of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2017 | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||
Balance | $ (589) | $ (5,165) |
Deferred income tax expense (recovery) through income statement | (728) | 4,576 |
Balance | $ (1,317) | $ (589) |
Note 16 - Income Taxes - Deduct
Note 16 - Income Taxes - Deductible Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2017 | Dec. 31, 2016 |
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | $ 97,662 | $ 82,363 |
Tax losses and tax values in excess of book values [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 69,925 | 52,924 |
Excess of tax value of exploration and evaluation assets over book values [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 21,103 | 23,432 |
Financing fees [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 3,657 | 4,857 |
Cumulative eligible capital [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 0 | 388 |
Other deductible temporary differences for which no deferred tax assets have been recognized [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | $ 2,977 | $ 762 |
Note 17 - Subsequent Events (De
Note 17 - Subsequent Events (Details Textual) | 3 Months Ended | 12 Months Ended | ||
Mar. 22, 2018CAD ($)shares | Dec. 31, 2017shares | Dec. 31, 2016shares | Dec. 31, 2016 | |
Statement Line Items [Line Items] | ||||
Shares issued in lieu of exercise of stock options | 127,845 | 325,671 | ||
Number of share options exercised in share-based payment arrangement, cashless | 225,000 | 1,125,001 | 1,125,001 | |
Number of share options cancelled during the period | 97,155 | 799,330 | ||
Restricted share units [member] | ||||
Statement Line Items [Line Items] | ||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 682 | 27,918 | ||
Major ordinary share transactions [member] | ||||
Statement Line Items [Line Items] | ||||
Shares issued in lieu of exercise of stock options | 21,964 | |||
Number of share options exercised in share-based payment arrangement, cashless | 75,000 | |||
Weighted average exercise price of share options exercised in share-based payment arrangement | $ | $ 9.61 | |||
Number of share options cancelled during the period | 53,036 | |||
Major ordinary share transactions [member] | Restricted share units [member] | ||||
Statement Line Items [Line Items] | ||||
Number of shares issued for conversions of convertible instruments | 2,495 | |||
Number of other equity instruments exercised or vested in share-based payment arrangement | 2,495 |