Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2020shares | |
Document Information [Line Items] | |
Entity Registrant Name | MAG SILVER CORP |
Entity Central Index Key | 0001230992 |
Current Fiscal Year End Date | --12-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Interactive Data Current | Yes |
Entity Common Stock, Shares Outstanding (in shares) | 94,813,122 |
Document Type | 40-F |
Document Period End Date | Dec. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Amendment Flag | false |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
ASSETS | ||
Cash and cash equivalents | $ 94,008 | $ 72,360 |
Accounts receivable | 897 | 83 |
Prepaid expenses | 509 | 269 |
TOTAL CURRENT ASSETS | 95,414 | 72,712 |
INVESTMENTS | 11,951 | 1,408 |
INVESTMENT IN JUANICIPIO | 202,570 | 136,643 |
EXPLORATION AND EVALUATION ASSETS | 12,472 | 7,266 |
PROPERTY AND EQUIPMENT | 675 | 781 |
TOTAL ASSETS | 323,082 | 218,810 |
LIABILITIES | ||
Trade and other payables | 808 | 780 |
Current portion of lease obligation | 93 | 74 |
TOTAL CURRENT LIABILITIES | 901 | 854 |
NON-CURRENT | ||
Lease obligation | 383 | 467 |
Deferred income taxes | 4,721 | 1,982 |
Provision for reclamation | 409 | 260 |
TOTAL LIABILITIES | 6,414 | 3,563 |
EQUITY | ||
Share capital | 496,604 | 399,995 |
Equity reserve | 16,906 | 17,777 |
Accumulated other comprehensive income (loss) | 10,628 | (1,015) |
Deficit | (207,470) | (201,510) |
TOTAL EQUITY | 316,668 | 215,247 |
TOTAL LIABILITIES AND EQUITY | 323,082 | 218,810 |
COMMITMENTS AND CONTINGENCIES |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
EXPENSES | ||
Accounting and audit | $ 442 | $ 466 |
Amortization | 121 | 106 |
Filing and transfer agent fees | 301 | 232 |
Foreign exchange (gain) loss | (171) | 21 |
General office expenses | 1,083 | 902 |
Legal | 371 | 363 |
Management compensation and consulting fees | 3,259 | 3,076 |
Mining taxes and other property costs | 38 | 577 |
Share based payment expense | 3,122 | 2,572 |
Shareholder relations | 298 | 470 |
Travel | 58 | 244 |
Total expenses, by nature | 8,922 | 9,029 |
INTEREST INCOME | 637 | 2,627 |
CHANGE IN FAIR VALUE OF WARRANTS | (39) | |
Equity pick up from Investment in Juanicipio | 2,214 | 1,884 |
LOSS FOR THE YEAR BEFORE INCOME TAX | (6,071) | (4,557) |
DEFERRED INCOME TAX (EXPENSE) BENEFIT | (1,026) | 131 |
LOSS FOR THE YEAR | (7,097) | (4,426) |
Items that will not be reclassified subsequently to profit or loss: | ||
Unrealized gain (loss) for the year | 14,493 | (334) |
NET OF DEFERRED TAX EXPENSE | (1,713) | |
Other comprehensive income, net of tax, available-for-sale financial assets | 12,780 | (334) |
TOTAL COMPREHENSIVE INCOME (LOSS) | $ 5,683 | $ (4,760) |
Net (loss) income per share (in dollars per share) | $ (0.08) | $ (0.05) |
BASIC AND DILUTED (in shares) | 91,108,622 | 86,142,539 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Issued capital [member] | Reserve of equity [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, 2018 | 85,539,476 | ||||
Balance at Dec. 31, 2018 | $ 392,916 | $ 18,696 | $ (681) | $ (197,050) | $ 213,881 |
Statement Line Items [Line Items] | |||||
IFRS 16 transition adjustment on January 1, 2019 | (34) | (34) | |||
Stock options exercised (in shares) | 442,052 | ||||
Stock options exercised | $ 4,059 | (1,240) | 2,819 | ||
Stock options exercised cashless (in shares) | 428,934 | ||||
Stock options exercised cashless | $ 1,762 | (1,762) | |||
Restricted and performance share units converted (in shares) | 75,219 | ||||
Restricted and performance share units converted | $ 662 | (662) | |||
Deferred share units converted (in shares) | 60,166 | ||||
Deferred share units converted | $ 596 | (596) | |||
Share based payment | 3,341 | 3,341 | |||
Gains (losses) on remeasuring available-for-sale financial assets, before tax | (334) | (334) | |||
Net (loss) income | (4,426) | (4,426) | |||
NET OF DEFERRED TAX EXPENSE | |||||
Balance (in shares) at Dec. 31, 2019 | 86,545,847 | ||||
Balance at Dec. 31, 2019 | $ 399,995 | 17,777 | (1,015) | (201,510) | 215,247 |
Statement Line Items [Line Items] | |||||
Net (loss) income | (13,690) | ||||
Balance at Sep. 30, 2020 | 304,476 | ||||
Balance (in shares) at Dec. 31, 2019 | 86,545,847 | ||||
Balance at Dec. 31, 2019 | $ 399,995 | 17,777 | (1,015) | (201,510) | 215,247 |
Statement Line Items [Line Items] | |||||
Stock options exercised (in shares) | 418,294 | ||||
Stock options exercised | $ 4,565 | (1,228) | 3,337 | ||
Stock options exercised cashless (in shares) | 139,273 | ||||
Stock options exercised cashless | $ 1,404 | (1,404) | |||
Restricted and performance share units converted (in shares) | 20,382 | ||||
Restricted and performance share units converted | $ 819 | (819) | |||
Deferred share units converted (in shares) | 60,000 | ||||
Deferred share units converted | $ 557 | (557) | |||
Share based payment | 3,137 | 3,137 | |||
Gains (losses) on remeasuring available-for-sale financial assets, before tax | 14,493 | 14,493 | |||
Net (loss) income | (7,097) | (7,097) | |||
Issued for cash (in shares) | 7,621,085 | ||||
Issued for cash | $ 89,164 | 89,164 | |||
Issued for property option payment (in shares) | 8,241 | ||||
Issued for property option payment | $ 100 | 100 | |||
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax | (1,137) | 1,137 | |||
NET OF DEFERRED TAX EXPENSE | (1,713) | (1,713) | |||
Balance (in shares) at Dec. 31, 2020 | 94,813,122 | ||||
Balance at Dec. 31, 2020 | $ 496,604 | $ 16,906 | $ 10,628 | $ (207,470) | $ 316,668 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows $ in Thousands, $ in Millions | 12 Months Ended | |
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | |
OPERATING ACTIVITIES | ||
Loss for the year | $ (7,097) | $ (4,426) |
Items not involving cash: | ||
Amortization | 121 | 106 |
Change in fair value of warrants | 39 | |
Deferred income tax expense (benefit) | 1,026 | (131) |
Equity pick up from Investment in Juanicipio | (2,214) | (1,884) |
Share based payment expense | 3,122 | 2,572 |
Unrealized foreign exchange (gain) loss | (738) | 255 |
Accounts receivable | (201) | 288 |
Prepaid expenses | (241) | 58 |
Trade and other payables | 8 | (84) |
Net cash used in operating activities | (6,214) | (3,207) |
INVESTING ACTIVITIES | ||
Exploration and evaluation expenditures | (4,873) | (3,230) |
Investment in Juanicipio | (64,270) | (53,549) |
Proceeds from disposition of equity securities | 3,905 | |
Purchase of equipment | (74) | (354) |
Net cash used in investing activities | (65,312) | (57,133) |
FINANCING ACTIVITIES | ||
Issuance of common shares upon exercise of stock options | 3,337 | 2,819 |
Issuance of common shares, net of share issue costs | 89,164 | |
Payment of lease obligation (principal) | (72) | (71) |
Net cash provided by financing activities | 92,429 | 2,748 |
EFFECTS OF EXCHANGE RATE CHANGES ON CASH AND CASH EQUIVALENTS | 745 | (228) |
INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 21,648 | (57,820) |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 72,360 | 130,180 |
CASH AND CASH EQUIVALENTS, END OF YEAR | $ 94,008 | $ 72,360 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of nature of operations [text block] | 1. NATURE OF OPERATIONS MAG Silver Corp. (the “Company” or “MAG”) was incorporated on April 21, 1999 April 21, 2000 October 5, 2007. July 9, 2007. The Company is an advanced stage development and exploration company that is focused on the acquisition, exploration and development of high-grade, district-scale projects located primarily in the Americas. The Company's principal asset is a 44% Note 6 first third 2020, 2021. 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 During the year ended December 31, 2020, 19 April 2020 May 30, 2020 19 Note 6 19 19, |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 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”). The accounting policies applied in the preparation of the Financial Statements are consistent with those applied and disclosed in the Company's audited consolidated financial statements for the year ended December 31, 2019, Adoption of New Accounting Policy and Restatement During the fourth 2020, 16, January 1, 2019. January 1, 2019. 2 There is no 2019 June 30, 2020. third 2020, 44% Note 6 $9,525 100% $1,530 three nine September 30, 2020 44% 16 Amount previously disclosed for the three months ended September 30, 2020 Effect of early adoption of an amendment to IAS 16 Restated balance for the three months ended September 30, 2020 following the adoption of IAS 16 Amendments Equity pick up from Investment in Juanicipio $ (3,392 ) $ 3,518 $ 126 Net (loss) income (3,607 ) 3,518 (89 ) Net (loss) income per share (0.04 ) 0.04 - Investment in Juanicipio 153,384 3,518 156,902 Deficit (217,062 ) 3,518 (213,544 ) Total Equity $ 300,958 $ 3,518 $ 304,476 Amount previously disclosed for the nine months ended September 30, 2020 Effect of early adoption of an amendment to IAS 16 Restated balance for the nine months ended September 30, 2020 following the adoption of IAS 16 Amendments Equity pick up from Investment in Juanicipio $ (6,890 ) $ 3,518 $ (3,372 ) Net (loss) income (17,208 ) 3,518 (13,690 ) Net (loss) income per share $ (0.19 ) $ 0.04 $ (0.15 ) Investment in Juanicipio 153,384 3,518 156,902 Deficit (217,062 ) 3,518 (213,544 ) Total Equity $ 300,958 $ 3,518 $ 304,476 IFRS 3 Business Combinations October 22, 2018, 3 not January 1, 2020, These 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 Financial Statements were authorized for issuance by the Board of Directors of the Company on March 26, 2021. (a) Basis of consolidation These 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 and controlled entities 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 subsidiary as at December 31, 2020 These consolidated financial statements also include the Company's 44% Note 6, Note 2 Where necessary, adjustments have been made to the financial statements of the Company's subsidiaries and associates prior to consolidation, to conform with the significant accounting policies used in their preparation to those used by the Company. (b) Investments in Associates The Company conducts a high percentage 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% Note 6, 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 reflect additional contributions or withdrawals and 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 objective 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, 2020 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 recoverable amount and any impairment of exploration and evaluation assets, investment in associates and mine development costs; recovery 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 judgments that have the most significant effect on the consolidated financial statements: (i) The Company reviews and assesses the carrying amount of exploration and evaluation assets, and its investment in associates for impairment when facts or circumstances suggest that the carrying amount is not Notes 2 2 (ii) Commercial Production The determination of the date on which a mine enters the commercial production stage is a significant judgement as capitalization of certain costs ceases and the recording of expenses commences upon entering commercial production. In determining commercial production and when the mine is available for use in the manner intended by management, the following factors are considered: i) Operational commissioning of major mine and plant components is complete; ii) Operating results are being achieved consistently for a period of time; iii) There are indicators that these operating results will be continued; and iv) Other factors are present, including one (iii) In the normal course of operations, the Company 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 Financial assets Financial assets are classified as either financial assets at fair value through profit or loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”) or amortized cost. The Company determines the classification of financial assets at initial recognition. (i) Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Equity instruments that are held for trading and all equity derivative instruments are classified as FVTPL. Equity derivative instruments such as warrants listed on a recognized exchange are valued at the latest available closing price. Warrants not no (ii) Financial assets at FVTOCI Equity instruments that are designated at FVTOCI are initially recorded at fair value plus transaction costs with all subsequent changes in fair value recognized in other comprehensive income (loss). For investments in equity instruments that are not not (iii) Financial assets at amortized cost Financial assets are classified at amortized cost if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the assets' contractual cash flows are comprised solely of payments of principal and interest. The Company's accounts receivable are recorded at amortized cost as they meet the required criteria. A provision is recorded based on the expected credit losses for the financial asset and reflects changes in the expected credit losses at each reporting period (see impairment below). Financial liabilities Financial liabilities are initially recorded at fair value and subsequently measured at amortized cost, unless they are required to be measured at FVTPL (such as derivatives) or the Company has elected to measure at FVTPL. The Company's financial liabilities include trade and other payables and lease obligations which are classified at amortized cost. The Company classifies financial instruments as follows: Financial instrument Classification Cash and cash equivalents FVTPL Equity securities FVTOCI Equity derivative securities (warrants) FVTPL Accounts receivable Amortized cost Trade and other payables Amortized cost Lease obligations Amortized cost Loan to Minera Juanicipio S.A. de C.V. Amortized cost Impairment IFRS 9 no (f) Cash and cash equivalents Cash and cash equivalents include cash on hand, bank deposits, and term deposits with original maturities of three (g) Inventories Finished goods, work in process and stockpile mineral inventories are measured at the lower of cost and net realisable value. Cost is determined using the weighted average cost method and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. The cost of inventories includes: · operating costs, which include employee costs, material costs and contractor expenses which are directly attributable to the extraction and processing of mineralized material: · amortization of property, plant and equipment used in the extraction and processing of mineralized material; and · related production overheads after reaching commercial production Operating materials and spare parts are valued at the lower of cost or net realisable value. An allowance for obsolete and slow-moving inventories is determined by reference to specific items of stock. A regular review is undertaken by management to determine the extent of such an allowance. Net realisable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and disposal. (h) 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. 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 (“UOP”). 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. Expenditures incurred on a prospective property prior to the Company obtaining the right to explore it, are expensed in the period in which they are incurred. 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 (i) Property, plant and equipment and mine development costs Property and equipment are recorded at cost less accumulated amortization and impairment losses. When parts of an item of equipment have different useful lives, they are accounted for as separate equipment items (major components). Amortization is based on the depreciable amount, which is the cost of the asset, less its expected residual value. Amortization on 100% The amortization rates for 100% Building 4% declining balance Computer equipment 30% declining balance Office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-Use assets straight-line over the earlier of the end of the lease term or useful life of the asset Amortization methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. (j) Lease At inception of a contract, the Company assesses whether a contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for the period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the contract term and if the Company has the right to direct the use of the asset. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of a lease. Right-of-use assets are initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payment made at or before the commencement date. Right-of-use assets are subsequently amortized on a straight-line basis from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may A lease liability is initially measured at the present value of the lease payments to be made over the lease term, discounted by the interest rate implicit in the lease or if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments include fixed payments, variable lease payments that depend on an index or a rate, amounts to be paid under residual value guarantees and the exercise price of a purchase option reasonably certain to be exercised by the Company. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a modification, a change in the lease term, a change in the fixed lease payments or change in the assessment to purchase the underlying asset. The Company presents the right-of-use asset in the property and equipment line item on the consolidated statements of financial position and the lease liability in the lease obligation line item on the consolidated statements of financial position. (k) 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. (l) 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 UOP 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, including as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the expenditures. These changes are recorded directly to the related assets with a corresponding entry to the reclamation provision. The provision recorded by the Company as at December 31, 2020 $409 Note 7 December 31, 2019: $260 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 $1,450 December 31, 2020 ( December 31, 2019: $725 Note 6 (m) Functional currency and presentation currency The functional currency of the parent, its subsidiaries, and the investment in Juanicipio is the United States dollar (“US$”). 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$. (n) 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. (o) Revenue The Juanicipio Joint Venture recognizes revenue for silver, gold, lead and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material is received at the customers plant, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. The Joint Ventures sales are based on estimated metal quantities based on assay data and on a provisional price. The receivable is marked to market through sales each period prior to final settlement. The Joint Venture also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any). A provisional payment is generally due by the 15th (p) 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 For the year ended December 31, 2020, 1,882,225 December 31, 2019: 1,981,740 not (q) 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 profit or 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. |
Note 3 - Cash and Cash Equivale
Note 3 - Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cash and cash equivalents [text block] | 3. CASH AND CASH EQUIVALENTS The Company's cash and cash equivalents include cash on hand and bank deposits with original maturities of three December 31, December 31, 2020 2019 Cash and cash equivalents $ 94,008 $ 72,360 |
Note 4 - Accounts Receivable
Note 4 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 4. ACCOUNTS RECEIVABLE December 31, December 31, 2020 2019 Receivable from Minera Juanicipio ( see Note 14 ) $ 658 $ - Value added tax ("IVA" and "GST") 122 82 Other receivables 117 1 $ 897 $ 83 |
Note 5 - Investments
Note 5 - Investments | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of investments other than investments accounted for using equity method [text block] | 5. INVESTMENTS The Company holds investments as follows for the years ended December 31, 2020 2019: December 31, December 31, 2020 2019 Equity securities, beginning of year $ 1,408 $ 1,742 Disposition of equity securities at fair value (3,950 ) - Unrealized gain (loss) for the year 14,493 (334 ) Equity securities, end of year $ 11,951 $ 1,408 During the year ended December 31, 2020, $3,950 $45 $1,137 $177 December 31, 2020, $14,493 December 31, 2019: $334 2020 $1,713 |
Note 6 - Investments in Juanici
Note 6 - Investments in Juanicipio | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of interests in associates [text block] | 6. INVESTMENTS IN JUANICIPIO 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% 10.3% December 31, 2020, December 2007, not The Company has recorded its investment in Minera Juanicipio (“Investment in 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 Minera Juanicipio is detailed as follows for the year: Year Ended December 31, 2020 2019 Joint venture oversight expenditures incurred 100% by MAG $ 568 $ 345 Interest earned on advance to Minera Juanicipio (1) (567 ) - Cash contributions to Minera Juanicipio (1) 63,712 53,200 Total for the year 63,713 53,545 Equity pick up of current income for the year (2) 2,214 1,884 Balance, beginning of year 136,643 81,214 Balance, end of year $ 202,570 $ 136,643 ( 1 $144,800 44% $63,712 2%. $567 Note 14 ( 2 44% Summary of financial information of Minera Juanicipio (on a 100% Minera Juanicipio Financial information, December 31, 2020 Year Ended December 31, 2020 2019 Cash and cash equivalents $ 51,503 $ 29,601 Value added tax and other receivables 26,055 19,163 Accounts receivable - metal sales 5,203 - Inventory 427 - Prepaids - 101 Total current assets 83,188 48,865 Right-of-use asset 18 8 Mineral interests, plant and equipment 381,780 261,023 Total assets $ 464,986 $ 309,896 Payables to Peñoles and other vendors $ 5,011 $ 5,600 Total current liabilities 5,011 5,600 Lease liability 13 9 Provision for reclamation and remediation costs 1,450 725 Deferred income tax liability 8,406 3,288 Total liabilities 14,880 9,622 Shareholders equity including shareholder advances 450,106 300,274 Total liabilities and equity $ 464,986 $ 309,896 Year ended December 31, 2020 2019 Sales $ 15,335 $ - Cost of sales (3,873 ) - Gross profit 11,462 - Operating expenses (315 ) - 11,147 - Interest and foreign exchange (623 ) 946 Income tax (expense) benefit (5,492 ) 3,337 Income for the year $ 5,032 $ 4,283 MAG's 44% equity pick up $ 2,214 $ 1,884 The Juanicipio Project has not December 31, 2020 2020. 616 1,029 163 224 100% $15,335 $3,873 $11,462. Mineral interest, plant and equipment capitalized directly by Minera Juanicipio for the year ended December 31, 2020 $120,757 December 31, 2019: $99,048 |
Note 7 - Exploration and Evalua
Note 7 - Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of exploration and evaluation assets [text block] | 7. EXPLORATION AND EVALUATION ASSETS (a) In 2017, 100% December 31, 2020, $8,010 no 100% $100 $150 fourth fifth 2% May 2020, third $100 8,241 (b) In late 2018, 100% $150 $150 October 2020. 100% $1,700 8 $30,000 $4,459 December 31, 2020) 2028. December 31, 2020, $409 Note 2 100% 2% To December 31, 2020, Year ended Year ended December 31, 2020 December 31, 2019 Exploration and evaluation assets: Acquisition costs Option payments $ 250 $ 75 Reclamation obligation 149 260 Total acquisition costs 399 335 Geochemical 78 142 Camp and site costs 411 354 Drilling 198 - Geological consulting 2,216 1,784 Geophysical 430 100 Land taxes and government fees 787 411 Legal, community and other consultation costs 393 260 Travel 294 232 Total for the year 5,206 3,618 Balance, beginning of year 7,266 3,648 Balance, end of year $ 12,472 $ 7,266 Included in exploration and evaluation assets at December 31, 2020, $128 December 31, 2019: $89 $149 December 31, 2019: $260 A full impairment was recognized on the Cinco de Mayo property in Mexico in prior years, although the concessions are still maintained in good standing. |
Note 8 - Property and Equipment
Note 8 - Property and Equipment and Leases | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of property and equipment and leases [text block] | 8. PROPERTY AND EQUIPMENT AND LEASES As at December 31, 2020, Cost Office and computer equipment Exploration camp and equipment Right of use asset ( see Leases below ) Total Balance, January 1, 2019 $ 470 $ - $ - $ 470 Additions 13 341 550 904 Balance, December 31, 2019 483 341 550 1,374 Additions 4 70 - 74 Balance, December 31, 2020 $ 487 $ 411 $ 550 $ 1,448 Accumulated depreciation Office and computer equipment Exploration camp and equipment Right of use asset Total Balance, January 1, 2019 $ 435 $ - $ - $ 435 Amortization 14 52 92 158 Balance, December 31, 2019 449 52 92 593 Amortization 11 59 110 180 Balance, December 31, 2020 $ 460 $ 111 $ 202 $ 773 Carrying amounts Office and computer equipment Exploration camp and equipment Right of use asset Total At December 31, 2019 $ 34 $ 289 $ 458 $ 781 At December 31, 2020 $ 27 $ 300 $ 348 $ 675 Lease obligation Minimum lease payments in respect of lease obligation and the effect of discounting are as follows: December 31, 2020 Undiscounted minimum lease payments Less than one year $ 153 Two to three years 306 Four to five years 160 Thereafter - 619 Effect of discounting (143 ) Present value of minimum lease payments - total lease obligation 476 Less: current portion (93 ) Long-term lease obligation $ 383 For the year ended December 31, 2020, $64 December 31, 2019: $67 |
Note 9 - Share Capital
Note 9 - Share Capital | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 9. SHARE CAPITAL (a) Issued and outstanding The Company is authorized to issue an unlimited number of common shares without par value. As at December 31, 2020, 94,813,122 December 31, 2019: 86,545,847 On April 30, 2020, 4,528,302 C$13.25 C$60 $43,134 2176423 On September 8, 2020, $50,000 June 29, 2020. 3,092,783 $16.17 $50,000 $48,625 $50 The aggregate gross and net proceeds from the combined private placement and ATM Program offerings amounted to $93,134 $89,164 During the year ended December 31, 2020, 418,294 $3,337. 365,483 139,273 226,210 During the year ended December 31, 2019, 442,052 $2,819. 812,323 428,934 383,389 During the year ended December 31, 2020, 3,334 17,048 60,000 During the year ended December 31, 2019, 43,343 31,876 60,166 During the year ended December 31, 2020, 8,241 $100 Note 7 (b) Stock options The Company may June 18, 2020, may 5% Note 9 not 5% 5 December 31, 2020, 1,018,067 Stock option grants are recommended for approval to the Board of Directors by the Compensation Committee consisting of three The following table summarizes the Company's option activity for the year: Weighted Weighted Year ended average Year ended average December 31, exercise price December 31, exercise price 2020 (C$/option) 2019 (C$/option) Outstanding, beginning of year 1,229,341 $ 12.99 2,134,294 $ 9.59 Granted 572,503 17.64 392,967 13.41 Forfeited - - (43,545 ) 15.09 Exercised for cash (418,294 ) 10.73 (442,052 ) 8.55 Exercised cashless (365,483 ) 14.29 (812,323 ) 6.57 Outstanding, end of year 1,018,067 $ 16.07 1,229,341 $ 12.99 During the year ended December 31, 2020, 572,503 December 31, 2019: 392,967 $2,546 $4.45 December 31, 2019: $1,231 $3.13 five 1/ 3 12, 24, 36 The Company estimated the fair value of the option using the Black-Scholes option pricing model with the following weighted average assumptions: December 31, December 31, 2020 2019 Risk-free interest rate 0.91 % 1.64 % Expected volatility 46 % 44 % 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, 2020, 783,777 December 31, 2019: 1,254,375 C$21.79 December 31, 2019: C$13.82 The following table summarizes the Company's stock options outstanding and exercisable as at December 31, 2020: Exercise price Number Number Weighted average remaining ($C/option) outstanding exercisable contractual life (years) 12.75 12,500 - 3.85 13.46 279,965 147,495 3.28 13.91 97,544 97,544 1.93 14.98 341,448 - 4.16 17.55 55,555 55,555 0.93 21.57 231,055 - 4.94 C$12.75 - C$21.57 1,018,067 300,594 3.70 During the year ended December 31, 2020, $1,069 December 31, 2019: $1,044 $15 December 31, 2019: nil (c) Restricted and performance share units On June 18, 2020, may 1.5% Note 9 not 5% 5 one During the year ended December 31, 2020, 39,063 December 31, 2019: 10,000 30,981 12 8,082 13 five $11.26 December 31, 2019: $10.10 December 31, 2020, 3,334 December 31, 2019: 43,343 During the year ended December 31, 2020, 146,755 December 31, 2019: 91,406 five 97,837 three not 48,918 five three 50% 24,459 150% 73,377 $13.65 The three 2017 December 5, 2020 18.34% 15,475 68,916 not During the year ended December 31, 2020, 17,048 December 31, 2019: 31,876 As at December 31, 2020, 45,729 249,276 14,857 December 31, 2020, 87,664 three 0% nil 200% 175,328 48,918 three 50% 24,459 150% 73,377 The Company recognized a share-based payment expense of $1,201 December 31, 2019: $731 (d) Deferred share units On June 18, 2020, may may may 1.0% During the year ended December 31, 2020, 64,757 December 31, 2019: 141,386 10,482 December 31, 2019: 19,955 $867 December 31, 2020 ( December 31, 2019: $797 no December 31, 2020, 60,000 December 31, 2019: 60,166 December 31, 2020, 569,153 As at December 31, 2020, 1,882,225 1.99% 3,806,562 |
Note 10 - Capital Risk Manageme
Note 10 - Capital Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
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 (loss) income and deficit), net of cash and cash equivalents. Capital as defined above is summarized in the following table: December 31, December 31, 2020 2019 Equity $ 316,668 $ 215,247 Cash and cash equivalents ( Note 3 ) (94,008 ) (72,360 ) $ 222,660 $ 142,887 The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may 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 currently does not As at December 31, 2020, not not The Company has working capital of $94,513 December 31, 2020. may Notes 6, 7, 15 may |
Note 11 - Financial Risk Manage
Note 11 - Financial Risk Management | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | 11. Financial risk management 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) Market risk The Company conducts the majority of its business through its equity interest in its associate, Minera Juanicipio (see 6 ). Minera Juanicipio is exposed to commodity price risk, specifically to the prices of silver, gold, lead and zinc. Minera Juanicipio will produce and sell these metals which are each subject to market price fluctuations which will affect its profitability and its ability to generate both operating and free cash flow. Minera Juanicipio does not not December 31, 2020 not December 31, 2020. (b) 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 Minera Juanicipio, in which the Company has a 44% Note 2 not (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, 2020, $53 Note 4 The Company's maximum exposure to credit risk is the carrying value of its cash and cash equivalents, accounts receivable, its loan to Minera Juanicipio, and indirectly its 44% December 31, December 31, 2020 2019 Cash and cash equivalents ( Note 3 ) $ 94,008 $ 72,360 Cash and cash equivalents, Minera Juanicipio (44%) (1) 22,661 13,024 Accounts receivable ( Note 4 ) 897 83 Value added tax and other receivables, Minera Juanicipio (44%) (1) 13,753 8,432 Loan to Minera Juanicipio ( Notes 6 and 14 ) (1) 63,712 - $ 195,031 $ 93,899 ( 1 not (c) 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 6, 7 15 The Company's overall liquidity risk has not (d) 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$. The Company does not Exposure to currency risk As at December 31, 2020, ( in US$ equivalent ) Mexican peso Canadian dollar Cash $ 21 $ 4,277 Accounts receivable 53 186 Receivable from Minera Juanicipio 658 - Prepaid 19 - Investments - 11,951 Accounts payable (61 ) (379 ) Lease obligations - (476 ) Net assets exposure $ 690 $ 15,559 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 before tax 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 assets at December 31, 2020 13.9 December 31, 2019: 2.8 10% December 31, 2020 $69 December 31, 2019: $15 10% Mexican peso relative to the US$ - Investment in Juanicipio The Company conducts the majority of its business through its equity interest in its associate, Minera Juanicipio ( see Note 6 44% An appreciation/depreciation in the Mexican peso against the US$ will also result in a gain/loss before tax and deferred taxes ( Notes 6 16 December 31, 2020 3.2 December 31, 2019: 257.3 10% December 31, 2020 $94 December 31, 2019: $1,241 44% $41 December 31, 2019: $546 10% In the year ended December 31, 2020, 18.87 December 31, 2019 19.94 December 31, 2020, $606 44% $267 C$ 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, 2020 C$19.810 December 31, 2019: C$706 10% December 31, 2020 $1,556 December 31, 2019: $54 10% (e) Interest rate risk The Company's interest revenue earned on cash and cash equivalents 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, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of fair value of financial instruments [text block] | 12. FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES The Company's financial instruments include cash and cash equivalents, accounts receivable, investments, trade and other payables and lease obligation. The carrying values of cash and cash equivalents, accounts receivable, trade and other payables and lease liability 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 Company's financial assets or liabilities as measured in accordance with the fair value hierarchy described above are: As at December 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 94,008 $ - $ - $ 94,008 Investments (Note 5) (1) 11,951 - - 11,951 $ 105,959 $ - $ - $ 105,959 As at December 31, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 72,360 $ - $ - $ 72,360 Investments (Note 5) (1) 1,408 - - 1,408 $ 73,768 $ - $ - $ 73,768 ( 1 1 not 2 There were no 1, 2 3 December 31, 2020 December 31, 2019. |
Note 13 - Segmented Information
Note 13 - Segmented Information | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | 13. SEGMENTED INFORMATION The Company operates primarily in one 44% |
Note 14 - Related Party Transac
Note 14 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 14. SRELATED PARTY TRANSACTIONS The Company does not During the year, the Company incurred charges with Cascabel and IMDEX as follows: December 31, December 31, 2020 2019 Fees related to Dr. Megaw: Exploration and marketing services $ 505 $ 420 Travel and expenses 12 72 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 54 59 Field exploration services 160 298 $ 731 $ 849 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, 2020 $78 December 31, 2019: $102 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 controlling ownership interests are as follows: Significant subsidiaries of the Company are as follows: Country of Principal MAG's effective interest Name Incorporation Project 2020 (%) 2019(%) Minera Los Lagartos, S.A. de C.V. Mexico Juanicipio (44%) 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% 10.3% December 31, 2020, Note 6 During the year, Fresnillo and the Company advanced $144,800 44% $63,712 2%. $567 June 24, 2021 ( Note 6 During the year, compensation of key management personnel (including directors) was as follows: December 31, December 31, 2020 2019 Salaries and other short term employee benefits $ 1,726 $ 1,694 Share based payments (Note 9(b), (c ), and (d)) 1,853 1,429 $ 3,579 $ 3,123 Key management personnel |
Note 15 - Commitments and Conti
Note 15 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | 15. COMMITMENTS AND CONTINGENCIES The following table discloses the contractual obligations of the Company and its subsidiaries as at December 31, 2020 Less than 1 year 1-3 Years 3-5 Years More than 5 years Total 2021 2022-2023 2024-2025 2026 & over Committed exploration expenditures $ - $ - $ - $ - $ - Minera Juanicipio (1)&(2) - - - - - Other commitments 79 79 - - - Total Obligations and Commitments $ 79 $ 79 $ - $ - $ - ( 1 Although the Company makes cash advances to Minera Juanicipio as cash called by the operator Fresnillo (based on approved Minera Juanicipio budgets), they are not ( 2 According to the operator, Fresnillo, contractual commitments for processing equipment and development contractors are $192,173 100% December 31, 2020. The Company also has optional commitments for property option payments and exploration expenditures as outlined above in Note 7 no 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, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 16. INCOME TAXES The income taxes recognized in profit or loss is as follows: December 31, December 31, 2020 2019 Deferred tax (expense) benefit $ (1,026 ) $ 131 Total income tax (expense) benefit $ (1,026 ) $ 131 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, 2020 2019 Loss for the year before income taxes $ (6,071 ) $ (4,557 ) Statutory tax rate 27 % 27 % Recovery of income taxes computed at statutory rates 1,639 1,230 Share based payments (843 ) (694 ) Mexican inflationary adjustments (699 ) (600 ) Differing effective tax rate on loss in foreign jurisdiction (34 ) 4 Unrecognized deferred tax assets 1,120 (2,680 ) Impact of foreign exchange and other (2,209 ) 2,871 Total income tax (expense) benefit $ (1,026 ) $ 131 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, 2020 2019 December 31, December 31, 2020 2019 Deferred income tax assets Exploration and evaluation assets $ 828 $ 1,004 Non-capital losses 2,070 301 $ 2,898 $ 1,305 Deferred income tax liabilities Exploration and evaluation assets $ (219 ) $ (95 ) Investment in associate (5,870 ) (3,192 ) Investments (1,530 ) - $ (7,619 ) $ (3,287 ) Net deferred income tax liability $ (4,721 ) $ (1,982 ) The Company's movement of net deferred tax liabilities is described below: December 31, December 31, 2020 2019 At January 1 $ (1,982 ) $ (2,113 ) Deferred income tax (expense) benefit through income statement (1,026 ) 131 Deferred income tax (expense) benefit through OCI (1,713 ) - At December 31 $ (4,721 ) $ (1,982 ) The Company has the following deductible temporary differences for which no deferred tax assets have been recognized: December 31, December 31, 2020 expiry dates 2019 Non-capital losses $ 93,602 2021 2040 $ 85,611 Exploration and evaluation assets 7,171 no expiry 13,040 Financing fees 3,453 2040 2044 934 Other 7,490 no expiry 3,352 Total $ 111,716 $ 102,937 At December 31, 2020, $49,947 December 31, 2019: $39,572 2026 2040, $943 December 31, 2019: nil may At December 31, 2020, $49,837 December 31, 2019: $46,779 2021 2030, At December 31, 2020, $33 December 31, 2019: $274 not no not |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Discloure of Significant Accounting Policies | |
Statement of IFRS compliance [text block] | 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”). The accounting policies applied in the preparation of the Financial Statements are consistent with those applied and disclosed in the Company's audited consolidated financial statements for the year ended December 31, 2019, |
Description of initial application of standards or interpretation [text block] | Adoption of New Accounting Policy and Restatement During the fourth 2020, 16, January 1, 2019. January 1, 2019. 2 There is no 2019 June 30, 2020. third 2020, 44% Note 6 $9,525 100% $1,530 three nine September 30, 2020 44% 16 Amount previously disclosed for the three months ended September 30, 2020 Effect of early adoption of an amendment to IAS 16 Restated balance for the three months ended September 30, 2020 following the adoption of IAS 16 Amendments Equity pick up from Investment in Juanicipio $ (3,392 ) $ 3,518 $ 126 Net (loss) income (3,607 ) 3,518 (89 ) Net (loss) income per share (0.04 ) 0.04 - Investment in Juanicipio 153,384 3,518 156,902 Deficit (217,062 ) 3,518 (213,544 ) Total Equity $ 300,958 $ 3,518 $ 304,476 Amount previously disclosed for the nine months ended September 30, 2020 Effect of early adoption of an amendment to IAS 16 Restated balance for the nine months ended September 30, 2020 following the adoption of IAS 16 Amendments Equity pick up from Investment in Juanicipio $ (6,890 ) $ 3,518 $ (3,372 ) Net (loss) income (17,208 ) 3,518 (13,690 ) Net (loss) income per share $ (0.19 ) $ 0.04 $ (0.15 ) Investment in Juanicipio 153,384 3,518 156,902 Deficit (217,062 ) 3,518 (213,544 ) Total Equity $ 300,958 $ 3,518 $ 304,476 IFRS 3 Business Combinations October 22, 2018, 3 not January 1, 2020, These 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 Financial Statements were authorized for issuance by the Board of Directors of the Company on March 26, 2021. |
Description of accounting policy for the basis of consolidation [text block] | (a) Basis of consolidation These 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 and controlled entities 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 subsidiary as at December 31, 2020 These consolidated financial statements also include the Company's 44% Note 6, Note 2 Where necessary, adjustments have been made to the financial statements of the Company's subsidiaries and associates prior to consolidation, to conform with 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 high percentage 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% Note 6, 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 reflect additional contributions or withdrawals and 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 objective 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, 2020 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 recoverable amount and any impairment of exploration and evaluation assets, investment in associates and mine development costs; recovery 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 judgments that have the most significant effect on the consolidated financial statements: (i) The Company reviews and assesses the carrying amount of exploration and evaluation assets, and its investment in associates for impairment when facts or circumstances suggest that the carrying amount is not Notes 2 2 (ii) Commercial Production The determination of the date on which a mine enters the commercial production stage is a significant judgement as capitalization of certain costs ceases and the recording of expenses commences upon entering commercial production. In determining commercial production and when the mine is available for use in the manner intended by management, the following factors are considered: i) Operational commissioning of major mine and plant components is complete; ii) Operating results are being achieved consistently for a period of time; iii) There are indicators that these operating results will be continued; and iv) Other factors are present, including one (iii) In the normal course of operations, the Company 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 Financial assets Financial assets are classified as either financial assets at fair value through profit or loss (“FVTPL”), fair value through other comprehensive income (“FVTOCI”) or amortized cost. The Company determines the classification of financial assets at initial recognition. (i) Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit or loss. Equity instruments that are held for trading and all equity derivative instruments are classified as FVTPL. Equity derivative instruments such as warrants listed on a recognized exchange are valued at the latest available closing price. Warrants not no (ii) Financial assets at FVTOCI Equity instruments that are designated at FVTOCI are initially recorded at fair value plus transaction costs with all subsequent changes in fair value recognized in other comprehensive income (loss). For investments in equity instruments that are not not (iii) Financial assets at amortized cost Financial assets are classified at amortized cost if the objective of the business model is to hold the financial asset for the collection of contractual cash flows, and the assets' contractual cash flows are comprised solely of payments of principal and interest. The Company's accounts receivable are recorded at amortized cost as they meet the required criteria. A provision is recorded based on the expected credit losses for the financial asset and reflects changes in the expected credit losses at each reporting period (see impairment below). Financial liabilities Financial liabilities are initially recorded at fair value and subsequently measured at amortized cost, unless they are required to be measured at FVTPL (such as derivatives) or the Company has elected to measure at FVTPL. The Company's financial liabilities include trade and other payables and lease obligations which are classified at amortized cost. The Company classifies financial instruments as follows: Financial instrument Classification Cash and cash equivalents FVTPL Equity securities FVTOCI Equity derivative securities (warrants) FVTPL Accounts receivable Amortized cost Trade and other payables Amortized cost Lease obligations Amortized cost Loan to Minera Juanicipio S.A. de C.V. Amortized cost Impairment IFRS 9 no |
Description of accounting policy for determining components of cash and cash equivalents [text block] | (f) Cash and cash equivalents Cash and cash equivalents include cash on hand, bank deposits, and term deposits with original maturities of three |
Description of accounting policy for measuring inventories [text block] | (g) Inventories Finished goods, work in process and stockpile mineral inventories are measured at the lower of cost and net realisable value. Cost is determined using the weighted average cost method and includes all costs incurred, based on a normal production capacity, in bringing each product to its present location and condition. The cost of inventories includes: · operating costs, which include employee costs, material costs and contractor expenses which are directly attributable to the extraction and processing of mineralized material: · amortization of property, plant and equipment used in the extraction and processing of mineralized material; and · related production overheads after reaching commercial production Operating materials and spare parts are valued at the lower of cost or net realisable value. An allowance for obsolete and slow-moving inventories is determined by reference to specific items of stock. A regular review is undertaken by management to determine the extent of such an allowance. Net realisable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and disposal. |
Description of accounting policy for exploration and evaluation expenditures [text block] | (h) 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. 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 (“UOP”). 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. Expenditures incurred on a prospective property prior to the Company obtaining the right to explore it, are expensed in the period in which they are incurred. 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] | (i) Property, plant and equipment and mine development costs Property and equipment are recorded at cost less accumulated amortization and impairment losses. When parts of an item of equipment have different useful lives, they are accounted for as separate equipment items (major components). Amortization is based on the depreciable amount, which is the cost of the asset, less its expected residual value. Amortization on 100% The amortization rates for 100% Building 4% declining balance Computer equipment 30% declining balance Office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-Use assets straight-line over the earlier of the end of the lease term or useful life of the asset Amortization methods, useful lives and residual values are reviewed at the end of each reporting period and adjusted if appropriate. |
Description of accounting policy for leases [text block] | (j) Lease At inception of a contract, the Company assesses whether a contract is, or contains a lease. A contract is, or contains a lease if the contract conveys the right to control the use of an identified asset for the period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether the Company has the right to obtain substantially all of the economic benefits from use of the asset throughout the contract term and if the Company has the right to direct the use of the asset. As a lessee, the Company recognizes a right-of-use asset and a lease liability at the commencement date of a lease. Right-of-use assets are initially measured at cost, which is comprised of the initial amount of the lease liability adjusted for any lease payment made at or before the commencement date. Right-of-use assets are subsequently amortized on a straight-line basis from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. In addition, the right-of-use asset may A lease liability is initially measured at the present value of the lease payments to be made over the lease term, discounted by the interest rate implicit in the lease or if that rate cannot be readily determined, the Company's incremental borrowing rate. Lease payments include fixed payments, variable lease payments that depend on an index or a rate, amounts to be paid under residual value guarantees and the exercise price of a purchase option reasonably certain to be exercised by the Company. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a modification, a change in the lease term, a change in the fixed lease payments or change in the assessment to purchase the underlying asset. The Company presents the right-of-use asset in the property and equipment line item on the consolidated statements of financial position and the lease liability in the lease obligation line item on the consolidated statements of financial position. |
Description of accounting policy for deferred income tax [text block] | (k) 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] | (l) 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 UOP 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, including as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the expenditures. These changes are recorded directly to the related assets with a corresponding entry to the reclamation provision. The provision recorded by the Company as at December 31, 2020 $409 Note 7 December 31, 2019: $260 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 $1,450 December 31, 2020 ( December 31, 2019: $725 Note 6 |
Description of accounting policy for functional currency [text block] | (m) Functional currency and presentation currency The functional currency of the parent, its subsidiaries, and the investment in Juanicipio is the United States dollar (“US$”). 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] | (n) 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 recognition of revenue [text block] | (o) Revenue The Juanicipio Joint Venture recognizes revenue for silver, gold, lead and zinc from concentrate production, net of treatment and refining charges, when it satisfies the performance obligation of transferring control of the concentrate to the customer. This generally occurs as material is received at the customers plant, as the customer has the ability to direct the use of and obtain substantially all of the remaining benefits from the material and the customer has the risk of loss. The Joint Ventures sales are based on estimated metal quantities based on assay data and on a provisional price. The receivable is marked to market through sales each period prior to final settlement. The Joint Venture also adjusts estimated metal quantities used in computing provisional sales using new information and assay data from the smelter as it is received (if any). A provisional payment is generally due by the 15th |
Description of accounting policy for earnings per share [text block] | (p) 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 For the year ended December 31, 2020, 1,882,225 December 31, 2019: 1,981,740 not |
Description of accounting policy for share-based payment transactions [text block] | (q) 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 profit or 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. |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of expected impact of initial application of new standards or interpretations [text block] | Amount previously disclosed for the three months ended September 30, 2020 Effect of early adoption of an amendment to IAS 16 Restated balance for the three months ended September 30, 2020 following the adoption of IAS 16 Amendments Equity pick up from Investment in Juanicipio $ (3,392 ) $ 3,518 $ 126 Net (loss) income (3,607 ) 3,518 (89 ) Net (loss) income per share (0.04 ) 0.04 - Investment in Juanicipio 153,384 3,518 156,902 Deficit (217,062 ) 3,518 (213,544 ) Total Equity $ 300,958 $ 3,518 $ 304,476 Amount previously disclosed for the nine months ended September 30, 2020 Effect of early adoption of an amendment to IAS 16 Restated balance for the nine months ended September 30, 2020 following the adoption of IAS 16 Amendments Equity pick up from Investment in Juanicipio $ (6,890 ) $ 3,518 $ (3,372 ) Net (loss) income (17,208 ) 3,518 (13,690 ) Net (loss) income per share $ (0.19 ) $ 0.04 $ (0.15 ) Investment in Juanicipio 153,384 3,518 156,902 Deficit (217,062 ) 3,518 (213,544 ) Total Equity $ 300,958 $ 3,518 $ 304,476 |
Disclosure of detailed information about property, plant and equipment [text block] | Building 4% declining balance Computer equipment 30% declining balance Office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-Use assets straight-line over the earlier of the end of the lease term or useful life of the asset |
Note 3 - Cash and Cash Equiva_2
Note 3 - Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of cash, cash equivalents, and term deposits [text block] | December 31, December 31, 2020 2019 Cash and cash equivalents $ 94,008 $ 72,360 |
Note 4 - Accounts Receivable (T
Note 4 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Components of trade and other receivables [text block] | December 31, December 31, 2020 2019 Receivable from Minera Juanicipio ( see Note 14 ) $ 658 $ - Value added tax ("IVA" and "GST") 122 82 Other receivables 117 1 $ 897 $ 83 |
Note 5 - Investments (Tables)
Note 5 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the available-for-sale movements [text block] | December 31, December 31, 2020 2019 Equity securities, beginning of year $ 1,408 $ 1,742 Disposition of equity securities at fair value (3,950 ) - Unrealized gain (loss) for the year 14,493 (334 ) Equity securities, end of year $ 11,951 $ 1,408 |
Note 6 - Investments in Juani_2
Note 6 - Investments in Juanicipio (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of carrying amount of investments in associates [text block] | Year Ended December 31, 2020 2019 Joint venture oversight expenditures incurred 100% by MAG $ 568 $ 345 Interest earned on advance to Minera Juanicipio (1) (567 ) - Cash contributions to Minera Juanicipio (1) 63,712 53,200 Total for the year 63,713 53,545 Equity pick up of current income for the year (2) 2,214 1,884 Balance, beginning of year 136,643 81,214 Balance, end of year $ 202,570 $ 136,643 |
Disclosure of financial information of investments in associates [text block] | Minera Juanicipio Financial information, December 31, 2020 Year Ended December 31, 2020 2019 Cash and cash equivalents $ 51,503 $ 29,601 Value added tax and other receivables 26,055 19,163 Accounts receivable - metal sales 5,203 - Inventory 427 - Prepaids - 101 Total current assets 83,188 48,865 Right-of-use asset 18 8 Mineral interests, plant and equipment 381,780 261,023 Total assets $ 464,986 $ 309,896 Payables to Peñoles and other vendors $ 5,011 $ 5,600 Total current liabilities 5,011 5,600 Lease liability 13 9 Provision for reclamation and remediation costs 1,450 725 Deferred income tax liability 8,406 3,288 Total liabilities 14,880 9,622 Shareholders equity including shareholder advances 450,106 300,274 Total liabilities and equity $ 464,986 $ 309,896 |
Disclosure of associate operations [text block] | Year ended December 31, 2020 2019 Sales $ 15,335 $ - Cost of sales (3,873 ) - Gross profit 11,462 - Operating expenses (315 ) - 11,147 - Interest and foreign exchange (623 ) 946 Income tax (expense) benefit (5,492 ) 3,337 Income for the year $ 5,032 $ 4,283 MAG's 44% equity pick up $ 2,214 $ 1,884 |
Note 7 - Exploration and Eval_2
Note 7 - Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of the components of exploration and evaluation assets [text block] | Year ended Year ended December 31, 2020 December 31, 2019 Exploration and evaluation assets: Acquisition costs Option payments $ 250 $ 75 Reclamation obligation 149 260 Total acquisition costs 399 335 Geochemical 78 142 Camp and site costs 411 354 Drilling 198 - Geological consulting 2,216 1,784 Geophysical 430 100 Land taxes and government fees 787 411 Legal, community and other consultation costs 393 260 Travel 294 232 Total for the year 5,206 3,618 Balance, beginning of year 7,266 3,648 Balance, end of year $ 12,472 $ 7,266 |
Note 8 - Property and Equipme_2
Note 8 - Property and Equipment and Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of changes in property and equipment and leases [text block] | Cost Office and computer equipment Exploration camp and equipment Right of use asset ( see Leases below ) Total Balance, January 1, 2019 $ 470 $ - $ - $ 470 Additions 13 341 550 904 Balance, December 31, 2019 483 341 550 1,374 Additions 4 70 - 74 Balance, December 31, 2020 $ 487 $ 411 $ 550 $ 1,448 Accumulated depreciation Office and computer equipment Exploration camp and equipment Right of use asset Total Balance, January 1, 2019 $ 435 $ - $ - $ 435 Amortization 14 52 92 158 Balance, December 31, 2019 449 52 92 593 Amortization 11 59 110 180 Balance, December 31, 2020 $ 460 $ 111 $ 202 $ 773 Carrying amounts Office and computer equipment Exploration camp and equipment Right of use asset Total At December 31, 2019 $ 34 $ 289 $ 458 $ 781 At December 31, 2020 $ 27 $ 300 $ 348 $ 675 |
Disclosure of maturity analysis of finance lease payments receivable [text block] | December 31, 2020 Undiscounted minimum lease payments Less than one year $ 153 Two to three years 306 Four to five years 160 Thereafter - 619 Effect of discounting (143 ) Present value of minimum lease payments - total lease obligation 476 Less: current portion (93 ) Long-term lease obligation $ 383 |
Note 9 - Share Capital (Tables)
Note 9 - Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of number and weighted average exercise prices of share options [text block] | Weighted Weighted Year ended average Year ended average December 31, exercise price December 31, exercise price 2020 (C$/option) 2019 (C$/option) Outstanding, beginning of year 1,229,341 $ 12.99 2,134,294 $ 9.59 Granted 572,503 17.64 392,967 13.41 Forfeited - - (43,545 ) 15.09 Exercised for cash (418,294 ) 10.73 (442,052 ) 8.55 Exercised cashless (365,483 ) 14.29 (812,323 ) 6.57 Outstanding, end of year 1,018,067 $ 16.07 1,229,341 $ 12.99 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | December 31, December 31, 2020 2019 Risk-free interest rate 0.91 % 1.64 % Expected volatility 46 % 44 % 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 ($C/option) outstanding exercisable contractual life (years) 12.75 12,500 - 3.85 13.46 279,965 147,495 3.28 13.91 97,544 97,544 1.93 14.98 341,448 - 4.16 17.55 55,555 55,555 0.93 21.57 231,055 - 4.94 C$12.75 - C$21.57 1,018,067 300,594 3.70 |
Note 10 - Capital Risk Manage_2
Note 10 - Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of capital risk management [text block] | December 31, December 31, 2020 2019 Equity $ 316,668 $ 215,247 Cash and cash equivalents ( Note 3 ) (94,008 ) (72,360 ) $ 222,660 $ 142,887 |
Note 11 - Financial Risk Mana_2
Note 11 - Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of credit risk exposure [text block] | December 31, December 31, 2020 2019 Cash and cash equivalents ( Note 3 ) $ 94,008 $ 72,360 Cash and cash equivalents, Minera Juanicipio (44%) (1) 22,661 13,024 Accounts receivable ( Note 4 ) 897 83 Value added tax and other receivables, Minera Juanicipio (44%) (1) 13,753 8,432 Loan to Minera Juanicipio ( Notes 6 and 14 ) (1) 63,712 - $ 195,031 $ 93,899 |
Disclosure of market risk [text block] | ( in US$ equivalent ) Mexican peso Canadian dollar Cash $ 21 $ 4,277 Accounts receivable 53 186 Receivable from Minera Juanicipio 658 - Prepaid 19 - Investments - 11,951 Accounts payable (61 ) (379 ) Lease obligations - (476 ) Net assets exposure $ 690 $ 15,559 |
Note 12 - Financial Instrumen_2
Note 12 - Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of fair value measurement of assets [text block] | As at December 31, 2020 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 94,008 $ - $ - $ 94,008 Investments (Note 5) (1) 11,951 - - 11,951 $ 105,959 $ - $ - $ 105,959 As at December 31, 2019 Level 1 Level 2 Level 3 Total Cash and cash equivalents $ 72,360 $ - $ - $ 72,360 Investments (Note 5) (1) 1,408 - - 1,408 $ 73,768 $ - $ - $ 73,768 |
Note 14 - Related Party Trans_2
Note 14 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of expenses Incurred for related parties [text block] | During the year, the Company incurred charges with Cascabel and IMDEX as follows: December 31, December 31, 2020 2019 Fees related to Dr. Megaw: Exploration and marketing services $ 505 $ 420 Travel and expenses 12 72 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 54 59 Field exploration services 160 298 $ 731 $ 849 |
Disclosure of subsidiaries [text block] | Country of Principal MAG's effective interest Name Incorporation Project 2020 (%) 2019(%) Minera Los Lagartos, S.A. de C.V. Mexico Juanicipio (44%) 100 % 100 % |
Disclosure of information about key management personnel [text block] | During the year, compensation of key management personnel (including directors) was as follows: December 31, December 31, 2020 2019 Salaries and other short term employee benefits $ 1,726 $ 1,694 Share based payments (Note 9(b), (c ), and (d)) 1,853 1,429 $ 3,579 $ 3,123 |
Note 15 - Commitments and Con_2
Note 15 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Disclosure of contractual obligation [text block] | Less than 1 year 1-3 Years 3-5 Years More than 5 years Total 2021 2022-2023 2024-2025 2026 & over Committed exploration expenditures $ - $ - $ - $ - $ - Minera Juanicipio (1)&(2) - - - - - Other commitments 79 79 - - - Total Obligations and Commitments $ 79 $ 79 $ - $ - $ - |
Note 16 - Income Taxes (Tables)
Note 16 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Statement Line Items [Line Items] | |
Description of income taxes recognized in profit or loss [text block] | December 31, December 31, 2020 2019 Deferred tax (expense) benefit $ (1,026 ) $ 131 Total income tax (expense) benefit $ (1,026 ) $ 131 |
Disclosure of income tax expense recovery differences explanatory [text block] | December 31, December 31, 2020 2019 Loss for the year before income taxes $ (6,071 ) $ (4,557 ) Statutory tax rate 27 % 27 % Recovery of income taxes computed at statutory rates 1,639 1,230 Share based payments (843 ) (694 ) Mexican inflationary adjustments (699 ) (600 ) Differing effective tax rate on loss in foreign jurisdiction (34 ) 4 Unrecognized deferred tax assets 1,120 (2,680 ) Impact of foreign exchange and other (2,209 ) 2,871 Total income tax (expense) benefit $ (1,026 ) $ 131 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | December 31, December 31, 2020 2019 Deferred income tax assets Exploration and evaluation assets $ 828 $ 1,004 Non-capital losses 2,070 301 $ 2,898 $ 1,305 Deferred income tax liabilities Exploration and evaluation assets $ (219 ) $ (95 ) Investment in associate (5,870 ) (3,192 ) Investments (1,530 ) - $ (7,619 ) $ (3,287 ) Net deferred income tax liability $ (4,721 ) $ (1,982 ) |
Disclosure of deferred taxes [text block] | The Company's movement of net deferred tax liabilities is described below: December 31, December 31, 2020 2019 At January 1 $ (1,982 ) $ (2,113 ) Deferred income tax (expense) benefit through income statement (1,026 ) 131 Deferred income tax (expense) benefit through OCI (1,713 ) - At December 31 $ (4,721 ) $ (1,982 ) |
Disclosure of deductible temporary differences and unused tax credits for which no deferred tax assets explanatory [text block] | The Company has the following deductible temporary differences for which no deferred tax assets have been recognized: December 31, December 31, 2020 expiry dates 2019 Non-capital losses $ 93,602 2021 2040 $ 85,611 Exploration and evaluation assets 7,171 no expiry 13,040 Financing fees 3,453 2040 2044 934 Other 7,490 no expiry 3,352 Total $ 111,716 $ 102,937 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | 3 Months Ended | 12 Months Ended |
Sep. 30, 2020 | Dec. 31, 2020 | |
Juanicipio Joint Venture [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in joint venture | 44.00% | 44.00% |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Total provision for decommissioning, restoration and rehabilitation costs | $ 409 | $ 260 | |
Common share equivalents [member] | |||
Statement Line Items [Line Items] | |||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 1,882,225 | 1,981,740 | |
Minera Juanicipio, S.A. de C.V. [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in joint venture | 44.00% | ||
Total provision for decommissioning, restoration and rehabilitation costs | $ 1,450 | $ 725 | |
Juanicipio Joint Venture [member] | |||
Statement Line Items [Line Items] | |||
Proportion of ownership interest in joint venture | 44.00% | 44.00% | |
Proceeds from sales of investment property | $ 9,525 | ||
Payments of mining and transportation costs | $ 1,530 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Adoption of New Accounting Policy and Restatement (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||||
Equity pick up from Investment in Juanicipio | $ 126 | $ (3,372) | $ 2,214 | $ 1,884 | |
Net (loss) income | $ (89) | $ (13,690) | $ (7,097) | $ (4,426) | |
Net (loss) income per share (in dollars per share) | $ (0.15) | $ (0.08) | $ (0.05) | ||
Investment in Juanicipio | $ 156,902 | $ 156,902 | $ 202,570 | $ 136,643 | |
Deficit | (213,544) | (213,544) | (207,470) | (201,510) | |
Total Equity | 304,476 | 304,476 | $ 316,668 | $ 215,247 | $ 213,881 |
IFRS 16 [member] | |||||
Statement Line Items [Line Items] | |||||
Equity pick up from Investment in Juanicipio | 3,518 | 3,518 | |||
Net (loss) income | $ 3,518 | $ 3,518 | |||
Net (loss) income per share (in dollars per share) | $ 0.04 | $ 0.04 | |||
Investment in Juanicipio | $ 3,518 | $ 3,518 | |||
Deficit | 3,518 | 3,518 | |||
Total Equity | 3,518 | 3,518 | |||
Previously stated [member] | |||||
Statement Line Items [Line Items] | |||||
Equity pick up from Investment in Juanicipio | (3,392) | (6,890) | |||
Net (loss) income | $ (3,607) | $ (17,208) | |||
Net (loss) income per share (in dollars per share) | $ (0.04) | $ (0.19) | |||
Investment in Juanicipio | $ 153,384 | $ 153,384 | |||
Deficit | (217,062) | (217,062) | |||
Total Equity | $ 300,958 | $ 300,958 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Amortization and Impairment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Buildings [member] | |
Statement Line Items [Line Items] | |
Amortization Percentage | 4.00% |
Computer equipment [member] | |
Statement Line Items [Line Items] | |
Amortization Percentage | 30.00% |
Office equipment [member] | |
Statement Line Items [Line Items] | |
Amortization Percentage | 30.00% |
Mining assets [member] | |
Statement Line Items [Line Items] | |
Amortization Percentage | 30.00% |
Right-of-use assets [member] | |
Statement Line Items [Line Items] | |
Right-of-Use assets | straight-line over the earlier of the end of the lease term or useful life of the asset |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents - Schedule of Cash, Cash Equivalents and Term Deposits (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | |||
Cash and cash equivalents | $ 94,008 | $ 72,360 | $ 130,180 |
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Cash and cash equivalents | $ 94,008 |
Note 4 - Accounts Receivable -
Note 4 - Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Receivable from Minera Juanicipio (see Note 14) | $ 658 | |
Value added tax ("IVA" and "GST") | 122 | 82 |
Other receivables | 117 | 1 |
Current trade receivables | $ 897 | $ 83 |
Note 5 - Investments (Details T
Note 5 - Investments (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 30, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Proceeds from disposition of equity securities | $ 3,950 | ||
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax | |||
Tax on transfer of gain on disposal of equity securities at FVOCI to deficit, | 177 | ||
Gains (losses) on remeasuring available-for-sale financial assets, before tax | 14,493 | (334) | |
Deferred tax liabilities, unrealized gain | 1,713 | ||
Retained earnings [member] | |||
Statement Line Items [Line Items] | |||
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax | 1,137 | ||
Gains (losses) on remeasuring available-for-sale financial assets, before tax | |||
Other disposals of assets [member] | |||
Statement Line Items [Line Items] | |||
Proceeds from disposition of equity securities, subsequent to period | $ 45 |
Note 5 - Investments - Movement
Note 5 - Investments - Movement in Available-For-Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Equity securities, beginning of year | $ 1,408 | $ 1,742 |
Disposition of equity securities at fair value | (3,950) | |
Unrealized gain (loss) for the year | 14,493 | (334) |
Equity securities | $ 11,951 | $ 1,408 |
Note 6 - Investments in Juani_3
Note 6 - Investments in Juanicipio (Details Textual) - USD ($) $ in Thousands | Jul. 01, 2005 | Jul. 16, 2003 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2008 | |
Statement Line Items [Line Items] | ||||||
Expense arising from exploration for and evaluation of mineral resources | $ 15 | $ 0 | ||||
Amount charged for contributions to a joint venture | [1] | 63,712 | 53,200 | |||
Minera Juanicipio, S.A. de C.V. [member] | ||||||
Statement Line Items [Line Items] | ||||||
Amount charged for contributions to a joint venture | 63,712 | |||||
Interest earned from advance to joint venture | 567 | |||||
Shareholder loans [member] | ||||||
Statement Line Items [Line Items] | ||||||
Amount charged for contributions to a joint venture, 100% basis | 144,800 | |||||
Amount charged for contributions to a joint venture | $ 144,800 | |||||
Juanicipio property [member] | Industrias Penoles, S.A. de C.V. [member] | ||||||
Statement Line Items [Line Items] | ||||||
Proportion of ownership interest in associate | 56.00% | |||||
Expense arising from exploration for and evaluation of mineral resources | $ 5,000 | |||||
Term of exploration and evaluation of mineral resources (Year) | 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 to associate | $ 1,000 | |||||
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 | |||||
Minera Juanicipio, S.A. de C.V. [member] | ||||||
Statement Line Items [Line Items] | ||||||
Proportion of ownership interest in associate | 44.00% | 44.00% | ||||
Expense arising from exploration for and evaluation of mineral resources | $ 120,757 | $ 99,048 | ||||
Percentage of loss in an associate during the period | 44.00% | |||||
Joint venture direct operating expenses | $ 0 | |||||
Sales of associates and joint ventures | 15,335 | |||||
Cost of sales of associates and joint ventures | 3,873 | |||||
Gross profit of associates or joint ventures | $ 11,462 | |||||
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 | 10.30% | |||||
Juanicipio property [member] | ||||||
Statement Line Items [Line Items] | ||||||
Interest in Juanicipio property prior to joint venture agreement | 100.00% | |||||
[1] | During the year, Fresnillo and the Company advanced $144,800 as shareholder loans (MAG's 44% share $63,712) to Minera Juanicipio, bearing interest at Libor + 2%. The interest accrued within Minera Juanicipio was capitalized to 'Mineral Interests, plant and equipment' and the interest recorded by the Company on the loan totaling $567 has therefore been credited to the Investment in Juanicipio account as an eliminating related party entry (see Note 14). |
Note 6 - Investments in Juani_4
Note 6 - Investments in Juanicipio - Investment Relating to Interests in Juancipio Property and Minera Juancipio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | ||
Statement Line Items [Line Items] | |||
Joint venture oversight expenditures incurred 100% by MAG | $ 568 | $ 345 | |
Interest earned on advance to Minera Juanicipio (1) | (637) | (2,627) | |
Cash contributions to Minera Juanicipio | [1] | 63,712 | 53,200 |
Total for the year | 63,713 | 53,545 | |
Equity pick up of current income (loss) for the year | [2] | 2,214 | 1,884 |
Balance, beginning of year | 136,643 | 81,214 | |
Balance, end of year | 202,570 | 136,643 | |
Minera Juanicipio, S.A. de C.V. [member] | |||
Statement Line Items [Line Items] | |||
Interest earned on advance to Minera Juanicipio (1) | [1] | (567) | |
Cash contributions to Minera Juanicipio | $ 63,712 | ||
[1] | During the year, Fresnillo and the Company advanced $144,800 as shareholder loans (MAG's 44% share $63,712) to Minera Juanicipio, bearing interest at Libor + 2%. The interest accrued within Minera Juanicipio was capitalized to 'Mineral Interests, plant and equipment' and the interest recorded by the Company on the loan totaling $567 has therefore been credited to the Investment in Juanicipio account as an eliminating related party entry (see Note 14). | ||
[2] | Represents the Company's 44% share of Minera Juanicipio's net income for the year, as determined by the Company. |
Note 6 - Investment in Juanicip
Note 6 - Investment in Juanicipio - Associate's Financial Position (Details) - Minera Juanicipio, S.A. de C.V. [member] - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Cash and cash equivalents | $ 51,503 | $ 29,601 |
Value added tax and other receivables | 26,055 | 19,163 |
Accounts receivable - metal sales | 5,203 | |
Inventory | 427 | |
Prepaids | 101 | |
TOTAL CURRENT ASSETS | 83,188 | 48,865 |
Right-of-use asset | 18 | 8 |
Mineral interests, plant and equipment | 381,780 | 261,023 |
TOTAL ASSETS | 464,986 | 309,896 |
Payables to Peñoles and other vendors | 5,011 | 5,600 |
Total current liabilities | 5,011 | 5,600 |
Lease liability | 13 | 9 |
Provision for reclamation and remediation costs | 1,450 | 725 |
Deferred income tax liability | 8,406 | 3,288 |
Total liabilities | 14,880 | 9,622 |
Shareholders equity including shareholder advances | 450,106 | 300,274 |
TOTAL LIABILITIES | $ 464,986 | $ 309,896 |
Note 6 - Investments in Juani_5
Note 6 - Investments in Juanicipio - Operations of Associate (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Sep. 30, 2020 | Sep. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||||
MAG's 44% equity pick up | $ (126) | $ 3,372 | $ (2,214) | $ (1,884) |
Minera Juanicipio, S.A. de C.V. [member] | ||||
Statement Line Items [Line Items] | ||||
Sales | 15,335 | |||
Cost of sales | (3,873) | |||
Gross profit | 11,462 | |||
Operating expenses | (315) | |||
Operating income (loss) for associates or joint ventures | 11,147 | |||
Interest and foreign exchange | (623) | 946 | ||
Income tax (expense) benefit | (5,492) | 3,337 | ||
Income for the year | 5,032 | 4,283 | ||
MAG's 44% equity pick up | $ (2,214) | $ (1,884) |
Note 7 - Exploration and Eval_3
Note 7 - Exploration and Evaluation Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||||
Oct. 31, 2020 | May 31, 2020 | Dec. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||||||
Total provision for decommissioning, restoration and rehabilitation costs | $ 409 | $ 260 | ||||
Trade and payables included in exploration and evaluation assets | 128 | 89 | ||||
Prospective land claim package [member] | ||||||
Statement Line Items [Line Items] | ||||||
Percentage of interest acquirable | 100.00% | 100.00% | ||||
Exploration expenditures | 8,010 | |||||
Option payments commitment during option period, year four | $ 100 | |||||
Option payments commitment during option period, year five | $ 150 | |||||
Net Smelter Returns Royalty Percentage | 2.00% | 2.00% | ||||
Equity issued, property option payment (in shares) | 8,241 | |||||
Option payments to earn right, title and interest to property during option period | $ 150 | $ 150 | ||||
Option payments commitment during earn-in option agreement period | $ 1,700 | |||||
Earn in option agreement period (Year) | 8 years | |||||
Optional exploration expenditure commitment during earn-in option agreement period | $ 30,000 | |||||
Optional exploration expenditure commitment incurred | $ 4,459 | |||||
Total provision for decommissioning, restoration and rehabilitation costs | $ 149 | $ 260 |
Note 7 - Exploration and Eval_4
Note 7 - Exploration and Evaluation Assets - Components of Exploration and Evaluation Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Total for the year | $ 15 | $ 0 |
Prospective land claim package [member] | ||
Statement Line Items [Line Items] | ||
Option payments | 250 | 75 |
Reclamation obligation | 149 | 260 |
Total acquisition costs | 399 | 335 |
Geochemical | 78 | 142 |
Camp and site costs | 411 | 354 |
Drilling | 198 | |
Geological consulting | 2,216 | 1,784 |
Geophysical | 430 | 100 |
Land taxes and government fees | 787 | 411 |
Legal, community and other consultation costs | 393 | 260 |
Travel | 294 | 232 |
Total for the year | 5,206 | 3,618 |
Balance, exploration and evaluation | 7,266 | 3,648 |
Balance, exploration and evaluation | $ 12,472 | $ 7,266 |
Note 8 - Property and Equipme_3
Note 8 - Property and Equipment and Leases (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Interest expense on lease liabilities | $ 64 | $ 67 |
Note 8 - Property and Equipme_4
Note 8 - Property and Equipment and Leases - Schedule of Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | $ 1,374 | $ 470 |
Additions, Property and equipment and leases | 74 | 904 |
Balance, Property and equipment and leases | 1,448 | 1,374 |
Balance, Accumulated depreciation | 593 | 435 |
Amortization, Property and equipment and leases | 180 | 158 |
Balance, Accumulated depreciation | 773 | 593 |
Balance, Carrying amounts | 675 | 781 |
Office and computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | 483 | 470 |
Additions, Property and equipment and leases | 4 | 13 |
Balance, Property and equipment and leases | 487 | 483 |
Balance, Accumulated depreciation | 449 | 435 |
Amortization, Property and equipment and leases | 11 | 14 |
Balance, Accumulated depreciation | 460 | 449 |
Balance, Carrying amounts | 27 | 34 |
Mining assets [member] | ||
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | 341 | |
Additions, Property and equipment and leases | 70 | 341 |
Balance, Property and equipment and leases | 411 | 341 |
Balance, Accumulated depreciation | 52 | |
Amortization, Property and equipment and leases | 59 | 52 |
Balance, Accumulated depreciation | 111 | 52 |
Balance, Carrying amounts | 300 | 289 |
Right-of-use assets [member] | ||
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | 550 | |
Additions, Property and equipment and leases | 550 | |
Additions, Right of use assets | ||
Balance, Property and equipment and leases | 550 | 550 |
Balance, Accumulated depreciation | 92 | |
Amortization, Property and equipment and leases | 110 | 92 |
Balance, Accumulated depreciation | 202 | 92 |
Balance, Carrying amounts | $ 348 | $ 458 |
Note 8 - Property and Equipme_5
Note 8 - Property and Equipment and Leases - Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Less than one year | $ 153 | |
Two to three years | 306 | |
Four to five years | 160 | |
Thereafter | ||
Undiscounted minimum lease payments | 619 | |
Effect of discounting | (143) | |
Present value of minimum lease payments - total lease obligation | 476 | |
Less: current portion | (93) | $ (74) |
Long-term lease obligation | $ 383 | $ 467 |
Note 9 - Share Capital (Details
Note 9 - Share Capital (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions | Dec. 05, 2020shares | Sep. 08, 2020USD ($)$ / sharesshares | Apr. 30, 2020USD ($) | Apr. 30, 2020CAD ($)$ / sharesshares | Jun. 15, 2017shares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2020USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2019USD ($)$ / sharesshares | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||||||||||
Number of shares outstanding at end of period (in shares) | 94,813,122 | 94,813,122 | 86,545,847 | 86,545,847 | ||||||
Total number of shares issued (in shares) | 3,092,783 | 4,528,302 | ||||||||
Issue of equity, price per share (in CAD per share) | $ / shares | $ 13.25 | |||||||||
Proceeds from issue of ordinary shares | $ 48,625 | $ 43,134 | $ 60 | $ 89,164 | ||||||
Issued capital | $ | $ 50,000 | $ 496,604 | 496,604 | $ 399,995 | $ 399,995 | |||||
Issue of equity, average price per share (in dollars per share) | $ / shares | $ 16.17 | |||||||||
Proceeds from private placement offering | $ | 93,134 | |||||||||
Proceeds from at-the-market equity program, net | $ | $ 89,164 | |||||||||
Number of share options exercised for cash in share-based payment arrangement | 418,294 | 442,052 | ||||||||
Proceeds from exercise of options | $ | $ 3,337 | $ 2,819 | ||||||||
Number of share options exercised in share-based payment arrangement, cashless | 365,483 | 812,323 | ||||||||
Shares issued in lieu of exercise of stock options (in shares) | 139,273 | 428,934 | ||||||||
Number of share options cancelled during the period (in shares) | 226,210 | |||||||||
Shares issued in lieu of payment (in shares) | 8,241 | |||||||||
Mineral property option payment settled by share issuance | $ | $ 100 | |||||||||
Stock options issuance limitations, maximum percentage of allowed issuable common shares | 5.00% | |||||||||
Option life, share options granted | 3 | 3 | ||||||||
Number of share options outstanding in share-based payment arrangement at end of period | 1,018,067 | 1,018,067 | 1,229,341 | 1,229,341 | 2,134,294 | |||||
Number of share options granted in share-based payment arrangement | 572,503 | 392,967 | ||||||||
Weighted average fair value at measurement date, share options granted | $ | $ 2,546 | $ 2,546 | $ 1,231 | $ 1,231 | ||||||
Weighted average share price, share options granted (in dollars per share) | $ / shares | $ 4.45 | $ 3.13 | ||||||||
Options vesting, percent, tranche one | 0.33% | |||||||||
Options vesting, percent, tranche two | 0.33% | |||||||||
Options vesting, percent, tranche three | 0.33% | |||||||||
Options vesting, period, tranche one (Month) | 1 year | |||||||||
Options vesting, period, tranche two (Month) | 2 years | |||||||||
Options vesting, period, tranche three (Month) | 3 years | |||||||||
Number of share options exercised in share-based payment arrangement | 783,777 | 1,254,375 | ||||||||
Weighted average market share price of share options exercised In share based payment arrangement (in CAD per share) | $ / shares | $ 21.79 | $ 13.82 | ||||||||
Expense from share-based payment transactions with employees and consultants | $ | $ 1,069 | $ 1,044 | ||||||||
Expense arising from exploration for and evaluation of mineral resources | $ | 15 | 0 | ||||||||
Restricted and performance Units issuance limitations, maximum percentage of allowed issuable common shares | 1.50% | |||||||||
Life of restricted share units and performance share units (Year) | 5 years | |||||||||
Number of common shares issuable from a restricted share unit (in shares) | 1 | |||||||||
Expense from share-based payment transactions with employees | $ | $ 3,122 | $ 2,572 | ||||||||
Deferred Units issuance limitations, maximum percentage of allowed issuable common shares | 1.00% | |||||||||
Common shares issuable under share-based compensation arrangements (in shares) | 1,882,225 | 1,882,225 | ||||||||
Percentage of common shares issuable and common shares issued and outstanding | 1.99% | 1.99% | ||||||||
Number of share based awards available for grant (in shares) | 3,806,562 | 3,806,562 | ||||||||
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 | 1,018,067 | 1,018,067 | ||||||||
Restricted share units [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 3,334 | 43,343 | ||||||||
Number of other equity instruments granted in share-based payment arrangement | 39,063 | 10,000 | ||||||||
Number of other equity instruments vesting twelve months (in shares) | 30,981 | 30,981 | ||||||||
Number of other equity instruments vesting thirteen months (in shares) | 8,082 | 8,082 | ||||||||
Weighted average exercise price of other equity instruments forfeited in share-based payment arrangement (in dollars per share) | $ / shares | $ 11.26 | $ 10.10 | ||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 45,729 | 45,729 | ||||||||
Performance share units [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 17,048 | 31,876 | ||||||||
Number of other equity instruments granted in share-based payment arrangement | 146,755 | 91,406 | ||||||||
Number of other equity instruments forfeited in share-based payment arrangement | 68,916 | 97,837 | ||||||||
Number of other equity instruments exercisable in share-based payment arrangement | 48,918 | 48,918 | ||||||||
Performance share unit payout, percentage | 18.34% | |||||||||
Performance share unit payout, units (in shares) | 15,475 | |||||||||
Weighted average exercise price of other equity instruments granted in share-based payment arrangement (in dollars per share) | $ / shares | $ 13.65 | |||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 249,276 | 249,276 | ||||||||
Number of other equity instruments vested and convertible in share-based payment arrangement (in shares) | 14,857 | 14,857 | ||||||||
Number of other equity instruments outstanding with vesting conditions subject to a market share price performance factor (in shares) | 87,664 | 87,664 | ||||||||
Deferred share units [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 60,000 | 60,166 | ||||||||
Number of other equity instruments granted in share-based payment arrangement | 64,757 | 141,386 | ||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 569,153 | 569,153 | ||||||||
Expense from share-based payment transactions with employees | $ | $ 867 | $ 797 | ||||||||
Number of instruments other equity instruments granted in lieu of director fees (in shares) | 10,482 | 19,955 | ||||||||
Number of common shares issued under the deferred share unit plan prior to termination date (in shares) | 0 | 0 | ||||||||
Stock option awards [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Option life, share options granted | 5 | |||||||||
Restricted share units and performance share units [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Expense from share-based payment transactions with employees | $ | $ 1,201 | $ 731 | ||||||||
Top of range [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Issue of equity, at-the-market equity program, shares authorized (in shares) | 50,000,000 | |||||||||
Option life, share options granted | 5 | |||||||||
Performance share unit payout, percentage | 200.00% | |||||||||
Performance share unit payout, units (in shares) | 175,328 | |||||||||
Top of range [member] | Performance share units [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Performance share unit payout, percentage | 150.00% | |||||||||
Performance share unit payout, units (in shares) | 73,377 | |||||||||
Bottom of range [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Performance share unit payout, percentage | 0.00% | |||||||||
Performance share unit payout, units (in shares) | 0 | |||||||||
Bottom of range [member] | Performance share units [member] | ||||||||||
Statement Line Items [Line Items] | ||||||||||
Performance share unit payout, percentage | 50.00% | |||||||||
Performance share unit payout, units (in shares) | 24,459 |
Note - 9 - Share Capital - Opti
Note - 9 - Share Capital - Option Activity (Details) | 12 Months Ended | |
Dec. 31, 2020CAD ($)$ / shares | Dec. 31, 2019CAD ($)$ / shares | |
Statement Line Items [Line Items] | ||
Outstanding options, beginning of year | 1,229,341 | 2,134,294 |
Outstanding weighted average exercise price, beginning of year (in CAD per share) | $ 12.99 | $ 9.59 |
Number of share options granted in share-based payment arrangement | 572,503 | 392,967 |
Granted, weighted average exercise price (in CAD per share) | $ 17.64 | $ 13.41 |
Forfeited, options | (43,545) | |
Forfeited, weighted average exercise price (in CAD per share) | $ 15.09 | |
Exercised for cash, options | (418,294) | (442,052) |
Exercised for cash, weighted average exercise price | $ | $ 10.73 | $ 8.55 |
Exercised cashless, options | (365,483) | (812,323) |
Exercised cashless, weighted average exercise price | $ | $ 14.29 | $ 6.57 |
Outstanding options, end of year | 1,018,067 | 1,229,341 |
Outstanding weighted average exercise price, end of year (in CAD per share) | $ 16.07 | $ 12.99 |
Note - 9 - Share Capital - Assu
Note - 9 - Share Capital - Assumptions for the Fair Value Options (Details) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Risk-free interest rate | 0.91% | 1.64% |
Expected volatility | 46.00% | 44.00% |
Expected dividend yield | 0.00% | 0.00% |
Expected life (years) | 3 | 3 |
Note - 9 - Share Capital - Stoc
Note - 9 - Share Capital - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended | ||
Dec. 31, 2020$ / shares | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | |||
Number outstanding | 1,018,067 | 1,229,341 | 2,134,294 |
Number exercisable | 300,594 | ||
Weighted average remaining contractual life (Year) | 3 years 255 days | ||
Bottom of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | $ 12.75 | ||
Top of range [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | 21.57 | ||
Range one [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | $ 12.75 | ||
Number outstanding | 12,500 | ||
Number exercisable | |||
Weighted average remaining contractual life (Year) | 3 years 310 days | ||
Range two [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | $ 13.46 | ||
Number outstanding | 279,965 | ||
Number exercisable | 147,495 | ||
Weighted average remaining contractual life (Year) | 3 years 102 days | ||
Range three [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | $ 13.91 | ||
Number outstanding | 97,544 | ||
Number exercisable | 97,544 | ||
Weighted average remaining contractual life (Year) | 1 year 339 days | ||
Range four [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | $ 14.98 | ||
Number outstanding | 341,448 | ||
Number exercisable | |||
Weighted average remaining contractual life (Year) | 4 years 58 days | ||
Range five [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | $ 17.55 | ||
Number outstanding | 55,555 | ||
Number exercisable | 55,555 | ||
Weighted average remaining contractual life (Year) | 339 days | ||
Range six [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in CAD per share) | $ 21.57 | ||
Number outstanding | 231,055 | ||
Number exercisable | |||
Weighted average remaining contractual life (Year) | 4 years 343 days |
Note 10 - Capital Risk Manage_3
Note 10 - Capital Risk Management (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Statement Line Items [Line Items] | |
Dividends paid, ordinary shares | $ 0 |
Total non-current liabilities | 0 |
Working capital | $ 94,513 |
Note 10 - Capital Risk Manage_4
Note 10 - Capital Risk Management - Capital Component (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Sep. 30, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Statement Line Items [Line Items] | ||||
Total Equity | $ 316,668 | $ 304,476 | $ 215,247 | $ 213,881 |
Cash and cash equivalents (Note 3) | (94,008) | (72,360) | $ (130,180) | |
Broker-Dealer, Net Capital, Total | $ 222,660 | $ 142,887 |
Note 11 - Financial Risk Mana_3
Note 11 - Financial Risk Management (Details Textual) $ in Thousands, $ in Thousands, $ in Millions | 12 Months Ended | |||||||
Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2008 | Dec. 31, 2020CAD ($) | Dec. 31, 2020MXN ($) | Dec. 31, 2019CAD ($) | Dec. 31, 2019MXN ($) | ||
Statement Line Items [Line Items] | ||||||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | [1] | $ 2,214 | $ 1,884 | |||||
Mexico, Pesos | Minera Juanicipio, S.A. de C.V. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Share in gains (losses) on change in value of foreign currency in associates and joint ventures | 267 | |||||||
Minera Juanicipio [member] | Mexico, Pesos | ||||||||
Statement Line Items [Line Items] | ||||||||
Gains (losses) on change in value of foreign currency in associates and joint ventures | 606 | |||||||
MEXICO | ||||||||
Statement Line Items [Line Items] | ||||||||
Value added tax receivables | $ 53 | |||||||
Net assets liabilities denominated in foreign currencies | $ 13.9 | $ 2.8 | ||||||
Percentage change in foreign exchange rates | 10.00% | 10.00% | 10.00% | |||||
Impact on earnings excluding currency exposure related taxes | $ 69 | 15 | ||||||
Country of domicile [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Net assets liabilities denominated in foreign currencies | $ 19,810 | $ 706 | ||||||
Impact on earnings excluding currency exposure related taxes | $ 1,556 | $ 54 | ||||||
Minera Juanicipio, S.A. de C.V. [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proportion of ownership interest in associate | 44.00% | 44.00% | ||||||
Minera Juanicipio [member] | ||||||||
Statement Line Items [Line Items] | ||||||||
Proportion of ownership interest in associate | 44.00% | |||||||
Net assets liabilities denominated in foreign currencies | $ 3.2 | $ 257.3 | ||||||
Percentage change in foreign exchange rates | 10.00% | 10.00% | 10.00% | |||||
Impact on earnings excluding currency exposure related taxes | $ 94 | $ 1,241 | ||||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ 41 | $ 546 | ||||||
[1] | Represents the Company's 44% share of Minera Juanicipio's net income for the year, as determined by the Company. |
Note 11 - Financial Risk Mana_4
Note 11 - Financial Risk Management - Maximum Exposure to Credit Risk to the Carrying Value of Cash, Term Deposits, and Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Statement Line Items [Line Items] | ||||
Cash and cash equivalents | $ 94,008 | $ 72,360 | $ 130,180 | |
Cash and cash equivalents, Minera Juanicipio (44%) (1) | [1] | 22,661 | 13,024 | |
Accounts receivable (Note 4) | 897 | 83 | ||
Value added tax and other receivables, Minera Juanicipio (44%)(1) | [1] | 13,753 | 8,432 | |
Loan to Minera Juanicipio (Notes 6 and 14)(1) | [1] | 63,712 | ||
Maximum exposure of cash, term deposits, and accounts receivable to credit risk | $ 195,031 | $ 93,899 | ||
[1] | The expected credit losses take into account future information of the credit worthiness of Minera Juanicipio and are not considered significant. |
Note 11 - Financial Risk Mana_5
Note 11 - Financial Risk Management - Currency Risk (Details) $ in Thousands | Dec. 31, 2020USD ($) |
MEXICO | |
Statement Line Items [Line Items] | |
Cash | $ 21 |
Accounts receivable | 53 |
Receivable from Minera Juanicipio | 658 |
Prepaid | 19 |
Investments | |
Accounts payable | (61) |
Lease obligations | |
Net assets exposure | 690 |
Country of domicile [member] | |
Statement Line Items [Line Items] | |
Cash | 4,277 |
Accounts receivable | 186 |
Receivable from Minera Juanicipio | |
Prepaid | |
Investments | 11,951 |
Accounts payable | (379) |
Lease obligations | (476) |
Net assets exposure | $ 15,559 |
Note 12 - Financial Instrumen_3
Note 12 - Financial Instruments and Fair Value Disclosures - Financial Assets or Liabilities Measured at Fair Value (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | |||
Financial assets | $ 105,959 | $ 73,768 | |
Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 105,959 | 73,768 | |
Level 2 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | |||
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 | 94,008 | 72,360 | |
Cash and cash equivalents [member] | Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | 94,008 | 72,360 | |
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] | 11,951 | 1,408 |
Investments [member] | Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | 11,951 | 1,408 |
Investments [member] | Level 2 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | ||
Investments [member] | Level 3 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | ||
[1] | The fair value of equity 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 equity securities are classified within Level 1 of the fair value hierarchy. The fair values of equity 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 Informati_2
Note 13 - Segmented Information (Details Textual) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Number of operating segments | 1 | |
Minera Juanicipio, S.A. de C.V. [member] | ||
Statement Line Items [Line Items] | ||
Proportion of ownership interest in joint venture | 44.00% |
Note 14 - Related Party Trans_3
Note 14 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | Feb. 26, 2004 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||||
Amount charged for contributions to a joint venture | [1] | $ 63,712 | $ 53,200 | |
Shareholder loans [member] | ||||
Statement Line Items [Line Items] | ||||
Amount charged for contributions to a joint venture | $ 144,800 | |||
Minera Juanicipio, S.A. de C.V. [member] | ||||
Statement Line Items [Line Items] | ||||
Proportion of ownership interest in joint venture | 44.00% | |||
Amount charged for contributions to a joint venture | $ 63,712 | |||
Interest earned from advance to joint venture | $ 567 | |||
Minera Juanicipio, S.A. de C.V. [member] | Libor rate [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, adjustment to interest rate basis | 2.00% | |||
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 | 10.30% | |||
Cascabel and IMDEX [member] | ||||
Statement Line Items [Line Items] | ||||
Amounts payable, related party transactions | $ 78 | $ 102 | ||
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% | |||
[1] | During the year, Fresnillo and the Company advanced $144,800 as shareholder loans (MAG's 44% share $63,712) to Minera Juanicipio, bearing interest at Libor + 2%. The interest accrued within Minera Juanicipio was capitalized to 'Mineral Interests, plant and equipment' and the interest recorded by the Company on the loan totaling $567 has therefore been credited to the Investment in Juanicipio account as an eliminating related party entry (see Note 14). |
Note 14 - Related Party Trans_4
Note 14 - Related Party Transactions - Incurred Expenses With Cascabel and IMDEX (Details) - Cascabel and IMDEX [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Exploration and marketing services | $ 505 | $ 420 |
Travel and expenses | 12 | 72 |
Administration for Mexican subsidiaries | 54 | 59 |
Field exploration services | 160 | 298 |
Expenses incurred for related parties | $ 731 | $ 849 |
Note 14 - Related Party Trans_5
Note 14 - Related Party Transactions - Subsidiary Ownership (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Minera Los Lagartos, S.A. de C.V. [member] | MEXICO | |
Statement Line Items [Line Items] | |
MAG's effective interest | 100.00% |
Note 14 - Related Party Trans_6
Note 14 - Related Party Transactions - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Salaries and other short term employee benefits | $ 1,726 | $ 1,694 |
Share based payments (Note 9(b), (c ), and (d)) | 1,853 | 1,429 |
Key management personnel compensation | $ 3,579 | $ 3,123 |
Note 15 - Commitments and Con_3
Note 15 - Commitments and Contingencies (Details Textual) - Contractual commitments for equipment and development contracts [member] $ in Thousands | Dec. 31, 2020USD ($) |
Statement Line Items [Line Items] | |
Disclosure of capital commitments in relation to investment in associates | $ 192,173 |
Disclosure of capital commitments in relation to investment in associates, committed percentage | 100.00% |
Note 15 - Commitments and Con_4
Note 15 - Commitments and Contingencies - Contractual Obligations and Commitments (Details) $ in Thousands | Dec. 31, 2020USD ($) | |
Statement Line Items [Line Items] | ||
Other commitments | $ 79 | |
Total Obligations and Commitments | 79 | |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Other commitments | 79 | |
Total Obligations and Commitments | 79 | |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Other commitments | ||
Total Obligations and Commitments | ||
Later than three years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Other commitments | ||
Total Obligations and Commitments | ||
Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Other commitments | ||
Total Obligations and Commitments | ||
Committed exploration expenditures [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | ||
Committed exploration expenditures [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | ||
Committed exploration expenditures [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | ||
Committed exploration expenditures [member] | Later than three years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | ||
Committed exploration expenditures [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | ||
Minera Juanicipio [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | [1],[2] | |
Minera Juanicipio [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | [1],[2] | |
Minera Juanicipio [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | [1],[2] | |
Minera Juanicipio [member] | Later than three years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | [1],[2] | |
Minera Juanicipio [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | [1],[2] | |
[1] | According to the operator, Fresnillo, contractual commitments for processing equipment and development contractors are $192,173 with respect to the Juanicipio Project on a 100% basis as at December 31, 2020. | |
[2] | Although the Company makes cash advances to Minera Juanicipio as cash called by the operator Fresnillo (based on approved Minera Juanicipio budgets), they are not contractual obligations. The Company intends, however, to continue to fund its share of cash calls and avoid dilution of its ownership interest in Minera Juanicipio. |
Note 16 - Income Taxes (Details
Note 16 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 111,716 | $ 102,937 |
Country of domicile [member] | ||
Statement Line Items [Line Items] | ||
Cash and cash equivalents held by subsidiaries | 33 | 274 |
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 | 49,947 | 39,572 |
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 | 943 | 0 |
MEXICO | ||
Statement Line Items [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 49,837 | $ 46,779 |
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, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Deferred tax (expense) benefit | $ (1,026) | $ 131 |
Total income tax (expense) benefit | $ (1,026) | $ 131 |
Note 16 - Income Taxes - Provis
Note 16 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
Loss for the year before income taxes | $ (6,071) | $ (4,557) |
Statutory tax rate | 27.00% | 27.00% |
Recovery of income taxes computed at statutory rates | $ 1,639 | $ 1,230 |
Share based payments | (843) | (694) |
Mexican inflationary adjustments | (699) | (600) |
Differing effective tax rate on loss in foreign jurisdiction | (34) | 4 |
Unrecognized deferred tax assets | 1,120 | (2,680) |
Impact of foreign exchange and other | (2,209) | 2,871 |
Total income tax (expense) benefit | $ (1,026) | $ 131 |
Note 16 - Income Taxes - Deferr
Note 16 - Income Taxes - Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Exploration and evaluation assets | $ 828 | $ 1,004 |
Non-capital losses | 2,070 | 301 |
Deferred tax assets | 2,898 | 1,305 |
Exploration and evaluation assets | (219) | (95) |
Investment in associate | (5,870) | (3,192) |
Investments | (1,530) | |
Deferred tax liabilities, unrealized foreign exchange | (7,619) | (3,287) |
Net deferred income tax liability | $ (4,721) | $ (1,982) |
Note 16 - Income Taxes - Moveme
Note 16 - Income Taxes - Movement of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Statement Line Items [Line Items] | ||
At January 1 | $ (1,982) | $ (2,113) |
Deferred income tax (expense) benefit through income statement | (1,026) | 131 |
Deferred income tax (expense) benefit through OCI | (1,713) | |
At December 31 | $ (4,721) | $ (1,982) |
Note 16 - Income Taxes - Deduct
Note 16 - Income Taxes - Deductible Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | $ 111,716 | $ 102,937 |
Non-capital losses [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 93,602 | 85,611 |
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 | 7,171 | 13,040 |
Financing fees [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 3,453 | 934 |
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 | $ 7,490 | $ 3,352 |