Document And Entity Information
Document And Entity Information | 12 Months Ended |
Dec. 31, 2022 shares | |
Document Information [Line Items] | |
Entity Registrant Name | MAG SILVER CORP. |
Document, Type | 40-F |
Current Fiscal Year End Date | --12-31 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2022 |
Document, Annual Report | true |
Document, Period End Date | Dec. 31, 2022 |
Entity, File Number | 001-33574 |
Entity, Incorporation, State or Country Code | A1 |
Entity, Address, Address Line One | 800 West Pender Street, Suite 770 |
Entity, Address, City or Town | Vancouver |
Entity, Address, State or Province | BC |
Entity, Address, Postal Zip Code | V6C 2V6 |
City Area Code | 604 |
Local Phone Number | 630-1399 |
Title of 12(b) Security | Common Shares, without par value |
Trading Symbol | MAG |
Security Exchange Name | NYSE |
Entity, Common Stock Shares, Outstanding | 98,956,808 |
Entity, Current Reporting Status | Yes |
Entity, Interactive Data, Current | Yes |
Entity, Emerging Growth Company | false |
ICFR Auditor Attestation Flag | true |
Auditor Name | Deloitte LLP |
Auditor Location | Vancouver, British Columbia, Canada |
Auditor Firm ID | 1208 |
Amendment Flag | false |
Entity Central Index Key | 0001230992 |
Document Registration Statement | false |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity, Address, Address Line One | 850 Library Avenue, Suite 204 |
Entity, Address, City or Town | Newark |
Entity, Address, State or Province | DE |
Entity, Address, Postal Zip Code | 19711 |
City Area Code | 302 |
Local Phone Number | 738-6680 |
Contact Personnel Name | Puglisi & Associates |
Consolidated Statements of Inco
Consolidated Statements of Income and Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Income from equity accounted investment in Juanicipio | $ 40,767 | $ 15,686 |
General and administrative expenses | (12,352) | (11,361) |
General exploration and business development | (193) | (102) |
Exploration and evaluation assets written down | (10,471) | 0 |
Operating income | 17,751 | 4,223 |
Interest income | 630 | 174 |
Foreign exchange (loss) gain | (366) | 61 |
Income before income tax | 18,015 | 4,458 |
Deferred income tax (expense) benefit | (371) | 1,567 |
Net income for the year | 17,644 | 6,025 |
Unrealized loss for the period | (57) | (4,401) |
Net of deferred tax benefit | 7 | 597 |
Other comprehensive loss | (50) | (3,804) |
Total comprehensive income | $ 17,594 | $ 2,221 |
Basic and diluted earnings per share (in dollars per share) | $ 0.18 | $ 0.06 |
Basic weighted average number of shares outstanding (in shares) | 98,420,906 | 95,181,258 |
Diluted (in shares) | 98,557,615 | 95,459,515 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Assets | ||
Cash | $ 29,955 | $ 56,748 |
Accounts receivable | 708 | 2,097 |
Prepaid expenses | 1,232 | 526 |
Total current assets | 31,895 | 59,371 |
Investments | 11 | 1,179 |
Investment in Juanicipio | 338,316 | 291,084 |
Exploration and evaluation assets | 37,259 | 20,254 |
Balance, Carrying amounts | 348 | 484 |
Total non-current assets | 375,934 | 313,001 |
Total assets | 407,829 | 372,372 |
Liabilities | ||
Trade and other payables | 2,542 | 1,500 |
Current portion of lease obligation | 121 | 110 |
Total current liabilities | 2,663 | 1,610 |
Lease obligation | 140 | 275 |
Deferred income taxes | 2,921 | 2,557 |
Provision for reclamation | 409 | 409 |
Total non-current liabilities | 3,470 | 3,241 |
Total liabilities | 6,133 | 4,851 |
Share capital | 559,933 | 543,927 |
Equity reserve | 18,790 | 18,215 |
Accumulated other comprehensive income | 784 | 1,798 |
Deficit | (177,811) | (196,419) |
Total equity | 401,696 | 367,521 |
Total liabilities and equity | 407,829 | 372,372 |
Commitments and contingencies |
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, 2020 | 94,813,122 | ||||
Balance at Dec. 31, 2020 | $ 496,604 | $ 16,906 | $ 10,628 | $ (207,470) | $ 316,668 |
Statement Line Items [Line Items] | |||||
Stock options exercised (in shares) | 75,066 | ||||
Stock options exercised | $ 1,315 | (330) | 0 | 0 | 985 |
Stock options exercised cashless (in shares) | 25,089 | ||||
Stock options exercised cashless | $ 177 | (177) | 0 | 0 | 0 |
Restricted and performance share units converted (in shares) | 40,131 | ||||
Restricted and performance share units converted | $ 826 | (826) | 0 | 0 | 0 |
Deferred share units converted (in shares) | 159,810 | ||||
Deferred share units converted | $ 1,663 | (1,663) | 0 | 0 | 0 |
Share-based payment | $ 0 | 4,305 | 0 | 0 | 4,305 |
Issued for cash (in shares) | 2,691,000 | ||||
Issued for cash | $ 43,242 | 0 | 0 | 0 | 43,242 |
Issued for property option payment (in shares) | 5,223 | ||||
Issued for property option payment | $ 100 | 0 | 0 | 0 | 100 |
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax | 0 | 0 | (5,026) | 5,026 | 0 |
Gains (losses) on remeasuring available-for-sale financial assets, before tax | 0 | 0 | (4,401) | 0 | (4,401) |
Net of deferred tax benefit | 0 | 0 | 597 | 0 | 597 |
Net income for the year | $ 0 | 0 | 0 | 6,025 | 6,025 |
Balance (in shares) at Dec. 31, 2021 | 97,809,441 | ||||
Balance at Dec. 31, 2021 | $ 543,927 | 18,215 | 1,798 | (196,419) | 367,521 |
Statement Line Items [Line Items] | |||||
Stock options exercised (in shares) | 100,678 | ||||
Stock options exercised | $ 1,399 | (362) | 0 | 0 | 1,037 |
Stock options exercised cashless (in shares) | 24,247 | ||||
Stock options exercised cashless | $ 432 | (432) | 0 | 0 | 0 |
Restricted and performance share units converted (in shares) | 98,012 | ||||
Restricted and performance share units converted | $ 1,147 | (1,147) | 0 | 0 | 0 |
Deferred share units converted (in shares) | 86,295 | ||||
Deferred share units converted | $ 871 | (871) | 0 | 0 | 0 |
Share-based payment | 0 | 3,302 | 0 | 0 | 3,302 |
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax | 0 | 0 | (964) | 964 | 0 |
Gains (losses) on remeasuring available-for-sale financial assets, before tax | 0 | 0 | (57) | 0 | (57) |
Net of deferred tax benefit | 0 | 0 | 7 | 0 | 7 |
Net income for the year | $ 0 | 0 | 0 | 17,644 | 17,644 |
Shares issued on acquisition of Gatling Exploration (in shares) | 774,643 | ||||
Shares issued on acquisition of Gatling Exploration | $ 11,212 | 0 | 0 | 0 | 11,212 |
Shares issued in settlement of Gatling Exploration liability (in shares) | 63,492 | ||||
Shares issued in settlement of Gatling Exploration liability | $ 945 | 85 | 0 | 0 | 1,030 |
Balance (in shares) at Dec. 31, 2022 | 98,956,808 | ||||
Balance at Dec. 31, 2022 | $ 559,933 | $ 18,790 | $ 784 | $ (177,811) | $ 401,696 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
OPERATING ACTIVITIES | ||
Income for the year | $ 17,644 | $ 6,025 |
Items not involving cash: | ||
Depreciation and amortization | 136 | 146 |
Deferred income tax expense (benefit) | 371 | (1,567) |
Exploration and evaluation assets written down | 10,471 | 0 |
Income from equity accounted Investment in Juanicipio | (40,767) | (15,686) |
Share-based payment expense | 3,250 | 4,256 |
Unrealized foreign exchange gain | (232) | (260) |
Accounts receivable | 243 | 116 |
Prepaid expenses | (705) | (17) |
Trade and other payables | 871 | 265 |
Net cash provided from operating activities | (8,718) | (6,722) |
INVESTING ACTIVITIES | ||
Exploration and evaluation expenditures | (12,018) | (7,169) |
Acquisition of Gatling Exploration, net of cash acquired | (2,653) | 0 |
Investment in Juanicipio | (8,864) | (74,136) |
Interest received from Juanicipio entities | 3,564 | 0 |
Proceeds from disposition of equity securities | 1,111 | 6,371 |
Purchase of equipment | (35) | (5) |
Net cash used in investing activities | (18,895) | (74,939) |
FINANCING ACTIVITIES | ||
Issuance of common shares upon exercise of stock options | 1,037 | 985 |
Issuance of common shares, net of share issue costs | 0 | 43,242 |
Payment of lease obligation (principal) | (109) | (91) |
Net cash provided from financing activities | 928 | 44,136 |
Effect of exchange rate changes on cash | (108) | 265 |
Decrease in cash and cash equivalents | (26,793) | (37,260) |
Cash and cash equivalents, beginning of year | 56,748 | 94,008 |
Cash and cash equivalents, end of year | $ 29,955 | $ 56,748 |
Note 1 - Nature of Operations
Note 1 - Nature of Operations | 12 Months Ended |
Dec. 31, 2022 | |
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 MAG is a Canadian development and exploration company focused on becoming a top-tier silver dominant precious metals company by exploring and advancing high-grade, district scale projects in the Americas. The Company’s principal asset is a 44% interest in the Juanicipio Project (Note 10 4,000 fourth 2022. two not Address of registered office 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 The Company’s direct and indirect capital and operating costs are affected by the cost of commodities and goods such as fuel, electrical power, explosives and supplies. Management of the Company assumes that the materials and supplies required for operations, development and commercial production will be available for purchase and that the Company will have access to the required amount of sufficiently skilled labour. As the Company relies on certain third may |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of basis of preparation of financial statements [text block] | 2. BASIS OF PRESENTATION (a) Statement of compliance These audited consolidated financial statements are prepared in accordance These audited consolidated financial statements have been prepared on a historical cost basis except for the revaluation of certain financial instruments, which are stated at their fair value. These audited consolidated financial statements were authorized for issuance by the Board of Directors of the Company on March 24, 2023. (b) Principles of consolidation These audited consolidated financial statements include the accounts of the Company and its controlled subsidiaries. Control exists when the Company has power over the investee, is exposed or has rights to variable returns from its involvement with the investee, and has the ability to use its power over the investee to affect the amount of the investor’s returns. Subsidiaries 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, 2022 These audited consolidated financial statements also include the Company’s 44% interest in each of Minera Juanicipio, S.A. de C.V. (“Minera Juanicipio”) and Equipos Chaparral, S.A. de C.V. (“Equipos Chaparral”) (Note 10, 3 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. |
Note 3 - Summary of Significant
Note 3 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of significant accounting policies [text block] | 3. MATERIAL ACCCOUNTING POLICY INFORMATION The accounting policies applied in the preparation of these audited consolidated financial statements have been applied consistently for all periods presented. The significant judgements the Company made in applying its accounting policies and the key sources of estimation uncertainty arising in the preparation of these consolidated financial statements are discussed in Note 5. (a) Foreign currencies (i) Foreign currency transactions Transactions in foreign currencies are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, foreign currency denominated monetary assets and liabilities are translated using the period end foreign exchange rate whereas 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 in a foreign currency 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. (ii) Functional currency and presentation currency The functional currency of the parent, its subsidiaries, and its associates, including the Juanicipio Project, is the United States dollar (“US$”). The Company’s reporting and presentation currency is the United States dollar (“US$”). (b) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three (c) Inventories Inventories include production inventory, and materials and supplies inventory. All inventories are measured at the lower of cost and net realizable 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. Net realizable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and estimated costs necessary to make the sale. (i) Production inventories Production inventory consists of stockpiled ore, work-in-process, and concentrate. The cost of production 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. The assumptions used in the valuation of inventories include estimates of the amount of recoverable metal in the stockpile and an assumption of the metal prices expected to be realized when the metal is recovered. (ii) Materials and supplies inventory An allowance for obsolete and slow-moving inventories is determined by reference to specific items of inventory based on usage profile. A regular review is undertaken to determine the extent of such an allowance. (d) Investments in associates The Company conducts the majority 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% interest in each of Minera Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., both Mexican incorporated companies (Note 10, not The Company accounts for its investment in associates using the equity method. The Company aggregates its disclosures required under IFRS for interests in associates effectively involved in advancing the same business objective. Under the equity method, the Company’s investments in associates are initially recognized at cost and subsequently increased or decreased to reflect additional contributions or distributions 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 year. Intercompany interest on loans from the Company to its associates is recorded against its share of income from equity accounted investment, rather than as a separate line item in profit or loss. 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 investments in associates as of December 31, 2022 no not not (e) 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. If a mineable ore body is discovered, exploration and evaluation costs are reclassified to mining properties. At such time as commercial production commences, the capitalized costs will be depleted on a units-of-production method (“UOP”). 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 may not not (f) Property, plant and equipment and mine development costs Property, plant 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 of the 44% January 2022 not December 31, 2022. Amortization on 100% The amortization rates for 100% Building 4% declining balance Computer and office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-use asset 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. (g) Leases 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 obligation in its own line item on the consolidated statements of financial position. (h) 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 A provision for mine closure cost is made in respect of the estimated future costs of closure, restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) based on a mine closure plan, in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included within finance costs. At the time of establishing the provision, a corresponding asset is capitalized where it gives rise to a future economic benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or life of operations. Changes to estimated future costs are recognised in the statement of financial position by adjusting the mine closure cost liability and the related asset originally recognized. Decommissioning assets depreciate over the estimated production period of the mining and processing facilities. The depreciation and amortization charge is recognized in profit or loss as part of production costs. (i) Income taxes Income tax is comprised of current and deferred tax. Income tax is recognized in the consolidated statements of profit and loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current tax is the expected tax payable on taxable income for the year of each entity in the consolidated group, using tax rates enacted or substantively enacted, at the end of the reporting period. Deferred income taxes relate to the expected future tax consequences of unused tax losses and unused tax credits and differences between the carrying amount of statement of financial position items and their corresponding tax values. Deferred tax assets, if any, are recognized only to the extent that, in the opinion of management, it is probable that sufficient future taxable profit will be available to recover the asset. Deferred tax assets and liabilities are adjusted for the effects of changes in tax laws and rates on the date of substantive enactment. (j) Financial instruments Financial assets Financial assets are classified as either financial assets at fair value through profit and 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 at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit and 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 loans to Mineria Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., and 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). Impairment IFRS 9 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. (k) Debt Debt is initially recorded at fair value, net of transaction costs incurred. Debt is subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of profit and loss over the period of the debt using the effective interest method. (l) Share capital The Company records proceeds from share issuances net of issue costs. The Company records proceeds from the exercise of stock options as share capital in the amount for which the option enabled the holder to purchase a share in the Company. Share capital issued for non-monetary consideration is recorded at the fair value of the non-monetary consideration received, or at the fair value of the shares issued if the fair value of the non-monetary consideration cannot be measured reliably, on the date of issue. (m) 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 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. (n) Revenue The Juanicipio Project recognizes revenue for silver, gold, lead and zinc from concentrate sales, 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 customer’s 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 Juanicipio revenues are based on estimated metal quantities based on assay data and on a provisional price. The receivable is marked to market for changes in price differences each period prior to final settlement. The Juanicipio Project also adjusts estimated metal quantities (which represents variable consideration) used in computing provisional revenues using new information and assay data from the smelter/refinery as it is received (if any). MAG only includes in the transaction price an amount which is not 15th (o) Income per common share Basic income per share is based on the weighted average number of common shares outstanding during the period. Diluted income 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 (p) Asset acquisitions Upon the acquisition of an asset or a group of assets and liabilities that does not not |
Note 4 - Changes in Accounting
Note 4 - Changes in Accounting Standards | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Changes in accounting standards [text block] | 4. CHANGES IN ACCOUNTING STANDARDS (a) Accounting standards adopted during the year During the year 2022, 1 Presentation of Financial Statements January 1, 2023). may not December 31, 2022 Except for IAS 1 no January 1, 2022 (b) Accounting standards and amendments issued but not The Company has not not ● Amendments to IAS 8, Accounting Policies, Changes in Accounting Estimates and Errors January 1, 2023) ● Amendments to IAS 12, Income Taxes January 1, 2023) not no not not no ● Amendments to IAS 1, Presentation of Financial Statements January 1, 2023 2024, o Clarify the classification of liabilities as current or non-current based on contractual rights that are in existence at the end of the reporting period and is unaffected by expectations about whether an entity will exercise its right to defer or accelerate settlement. A liability not twelve twelve o Clarify that only covenants with which an entity must comply on or before the reporting date will affect a liability’s classification as current or non-current. In addition, the amendments require a company to disclose information about these covenants in the notes to the financial statements. Management is currently assessing the impact of these amendments. ● Amendments to IFRS 16, Leases January 1, 2024) 16 January 1, 2019) There are no not |
Note 5 - Significant Accounting
Note 5 - Significant Accounting Judgements and Estimates | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of accounting judgements and estimates [text block] | 5. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES (a) Significant judgements In preparing the consolidated financial statements, the Company makes judgments when applying its accounting policies. The judgments that have the most significant effect on the amounts recognized in the consolidated financial statements are outlined below. (i) Equity investments 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 3. 3. 3. (ii) Impairment of non-current assets Non-current assets are tested for impairment at the end of each reporting period if, in management’s judgement, there is an indicator of impairment. Management applies significant judgment in assessing whether indicators of impairment exist that would necessitate impairment testing. Internal and external factors, such as (i) changes in quantity of the recoverable resources and reserves; (ii) changes in metal prices, capital and operating costs and interest rates; and (iii) market capitalization of the Company compared to its net assets, are evaluated by management in determining whether there are any indicators of impairment. If there are indicators, management performs an impairment test on the major assets in this category. In addition, the application of the Company’s accounting policy for exploration and evaluation expenditures requires judgment in determining whether it is probable that future economic benefits are likely, either from future exploitation or sale or where activities have not may As at December 31, 2022 December 31, 2021, not (iii) 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. In determining commercial production and when the mine and processing facility are available for use in the manner intended by management, the following factors are considered: ● Operational commissioning of major mine and plant components is complete; ● Intended operating results are being achieved consistently for a period of time (i.e. consistent level of throughput, sustained plant recovery levels, etc); ● There are indicators that these operating results will be continued; and ● Other factors are present, including one (b) Significant estimates The preparation of consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the amounts reported and disclosed. These estimates are based on management’s knowledge of the relevant facts and circumstances, having regard to previous experience, but actual results may 12 Significant estimates used in the preparation of these financial statements include: estimates of the recoverable amount and any impairment of exploration and evaluation assets, mine development costs, and investment in associates; recovery of receivable balances including value added taxes; estimates of fair value of financial instruments where a quoted market price or secondary market for the instrument does not (i) Revenue Revenue recorded at the Juanicipio Project, which is reflected as a component in the Company’s profit or loss from its equity accounted investment in Juanicipio, is based on estimated metal quantities reflecting assay data and on provisional prices which will be trued up for final price and quantity in a later period. (ii) Value Added Tax receivables The Company incurs indirect taxes, including value-added tax, on purchases of goods and services at its operating mines and development projects. Indirect tax balances are recorded at their estimated recoverable amounts within current or long-term assets, net of provisions, and reflect the Company’s best estimate of their recoverability under existing tax rules in the respective jurisdictions in which they arise. Management’s assessment of recoverability considers the probable outcomes of claimed deductions and/or disputes. The provisions and balance sheet classifications made to date may may (iii) Inventory valuation Ore stockpiles, work-in-process and concentrates are valued at the lower of cost and net realizable value. The assumptions used in the valuation of inventories include estimates of the amount of estimated recoverable silver and other metals in the ore stockpiles and other in-process inventories, estimated future production costs to convert the inventory into saleable form and associated selling costs, and an assumption of the silver, gold, zinc and lead prices expected to be realized. If these estimates or assumptions prove to be inaccurate, the Company could be required to write-down the recorded value of its ore stockpiles, work-in-process and concentrates inventories, which would reduce earnings and working capital. (iv) Provision for reclamation Management assesses the closure and reclamation obligations on an annual basis or when new information becomes available. This assessment includes the estimation of the future rehabilitation costs required based on the existing laws and regulations in the jurisdiction the Company operates in, the timing of these expenditures, and the impact of changes in the inflation and discount rates. The actual future expenditures may (v) Contingent liabilities The Company is subject to various tax, legal and other disputes, the outcomes of which cannot be assessed with a high degree of certainty. A liability is recognized where, based on the Company’s legal views and advice, it is considered probable that an outflow of resources will be required to settle a present obligation that can be measured reliably. By their nature, these provisions will only be resolved when one (vi) Fair value measurement: share-based compensation The Company uses valuation techniques (Note 3 The fair value of stock options is estimated using the Black-Scholes option valuation model, and related required estimates, judgements, and assumptions include stock options expected life, expected volatility, expected risk-free rate, and expected forfeiture rate. The fair value of performance share units awarded with market price conditions is determined using the Monte Carlo pricing model, projecting the performance of the Company and, if applicable, the relevant market index against which the Company’s performance is compared. In assessing the vesting of performance share units awarded with market price conditions the Company may |
Note 6 - Acquisition of Gatling
Note 6 - Acquisition of Gatling Exploration Inc. | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of business combinations [text block] | 6. ACQUISITION OF GATLING EXPLORATION INC. On March 11, 2022, May 20, 2022, MAG issued a total of 774,643 common shares to the shareholders of Gatling in connection with the Transaction. The Company also issued 43,675 replacement stock options and 53,508 replacement warrants (Note 13 The Company has determined that the Transaction did not 3, Business Combinations The purchase price allocation requires management to estimate the fair value of identifiable assets acquired including intangible assets and liabilities assumed. The following tables summarize the fair value of the consideration given and the fair values of identified assets and liabilities recognized as a result of the Transaction. Total shares issued on close: 774,643 $ MAG share price -C$ 18.54 USD exchange rate 0.7807 MAG share price - US$ 14.47 Value of shares on close of Transaction 11,212 Value of convertible note receivable 2,392 Value of replacement options and warrants 85 Transaction costs 350 Value of consideration paid 14,039 Fair value of identified assets acquired and liabilities assumed $ Assets Cash and cash equivalents 89 Receivables, prepaids and deposits 115 Exploration and evaluation assets 15,187 Total Assets 15,391 Liabilities Accounts payable and accrued liabilities 1,315 Lease liabilities 37 Total Liabilities 1,352 Net assets acquired 14,039 |
Note 7 - General and Administra
Note 7 - General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of expenses [text block] | 7. GENERAL AND ADMINISTRATIVE EXPENSES For the year ended December 31, December 31 2022 2021 $ $ Accounting and audit 606 517 Depreciation and amortization (Note 12) 136 146 Filing and transfer agent fees 335 274 General office expenses 530 647 Insurance 2,024 1,316 Legal 244 161 Management compensation and consulting fees 4,648 3,736 Share-based payment expense (Note 13) 3,250 4,256 Shareholder relations 419 273 Travel 160 35 12,352 11,361 |
Note 8 - Accounts Receivable
Note 8 - Accounts Receivable | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of trade and other receivables [text block] | 8. ACCOUNTS RECEIVABLE December 31, December 31, 2022 2021 $ $ Receivable from Minera Juanicipio (Notes 10 & 18) 323 1,944 Value added tax ("IVA" and "GST") 382 152 Other receivables 3 1 708 2,097 |
Note 9 - Investments
Note 9 - Investments | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of investments other than investments accounted for using equity method [text block] | 9. INVESTMENTS The continuity of the Company’s investments in equity securities is as follows: December 31, December 31, 2022 2021 $ $ Equity securities, beginning of year 1,179 11,951 Disposition of equity securities at fair value (1,111 ) (6,371 ) Unrealized loss for the period (57 ) (4,401 ) Equity securities, end of year 11 1,179 During the year ended December 31, 2022, December 31, 2021: December 31, 2021: December 31, 2022, December 31, 2021: December 31, 2022 December 31, 2021: |
Note 10 - Investment in Juanici
Note 10 - Investment in Juanicipio | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of interests in associates [text block] | 10. INVESTMENT IN JUANICIPIO Minera Juanicipio was created for the purpose of holding the Juanicipio property, and is held 56% by Fresnillo and 44% by the Company. On December 27, 2021, Juanicipio is governed by a shareholders’ agreement and by corporate by-laws. All costs relating to Juanicipio are required to be shared by the Company and Fresnillo pro-rata based on their ownership interests in Juanicipio, and if either party does not Fresnillo is the operator of Juanicipio, and with its affiliates, beneficially owns 9,314,877 common shares of the Company as at December 31, 2022, The Company has recorded its Investment in Juanicipio using the equity method of accounting. The recorded value of the investment includes the carrying value of the deferred exploration, mineral and surface rights, Juanicipio costs incurred by the Company, the required net cash investments to establish and maintain its 44% 44% Changes during the year of the Company’s investment relating to its interest in Juanicipio is detailed as follows: December 31, December 31, 2022 2021 $ $ Juanicipio Project oversight expenditures incurred 100% by MAG 719 620 Interest earned, net of interest contributed to Investment in Juanicipio (2,394 ) (1,316 ) Cash contributions and advances to Juanicipio (Note 18) (1) 8,140 73,524 Total for the year 6,465 72,828 Income from equity accounted Investment in Juanicipio (2) 40,767 15,686 Balance, beginning of year 291,084 202,570 Balance, end of year 338,316 291,084 ( 1 December 31, 2022 ( December 31, 2021: 18 December 31, 2022, December 31, 2021: nil December 31, 2021: nil December 31, 2022, December 31, 2021: nil ( 2 A summary of financial information of Juanicipio (on a 100% Juanicipio Statements of Income For the year ended December 31, December 31, 2022 2021 $ $ Revenue 215,736 75,393 Cost of sales: Production cost 61,985 15,329 Depreciation and amortization 20,913 - Cost of sales 82,898 15,329 Gross profit 132,838 60,064 Consulting and administrative expenses (8,436 ) (1,929 ) Extraordinary mining duty (349 ) (337 ) 124,053 57,798 Exchange losses and other (7,458 ) (1,363 ) Income tax expense (26,348 ) (20,784 ) Income for the year 90,247 35,651 MAG's 44% equity income 39,709 15,686 Loan interest on mining assets - MAG 44% 1,058 - MAG's 44% equity income 40,767 15,686 Juanicipio Statements of Financial Position December 31, 2022 December 31, 2021 $ $ Assets Current assets Cash and cash equivalents 1,102 18,972 Value added tax and other receivables 13,945 25,580 Concentrate sales receivable 24,098 18,853 Inventories Materials and supplies 10,081 - Stockpiles 26,020 3,234 Prepaids and other assets 7,756 104 83,002 66,743 Non-current assets Right-of-use assets 1,336 2,052 Mineral interests, plant and equipment 779,735 644,609 Deferred tax assets 11,259 5,254 792,330 651,915 Total assets 875,332 718,658 Liabilities Current liabilities Payables 34,678 19,364 Interest and other payables to shareholders 13,460 4,279 Income tax payable 36,259 3,471 84,397 27,114 Non-current liabilities Lease obligation 1,329 2,053 Provisions Reserves for retirement and pension 29 20 Reclamation and closure 3,073 4,050 Deferred tax liabilities 22,242 31,266 26,673 37,389 Total liabilities 111,070 64,503 Equity Shareholders equity including shareholder advances 764,262 654,155 Total equity 764,262 654,155 Total liabilities and equity 875,332 718,658 Juanicipio Statements of Cash Flows For the year ended December 31, December 31, 2022 2021 Operating activities Income for the year $ 90,247 $ 35,651 Items not involving cash Income tax expense 17,884 13,837 Special mining tax 8,465 3,769 Depreciation 20,913 - Write-down of fixed asset 3,675 - Other 6,007 419 Change in non-cash operating working capital (17,931 ) 1,656 Net cash provided from operating activities 129,260 55,332 Investing activities Capital expenditures including plant,mine development and exploration (156,040 ) (254,830 ) Other 282 - Net cash used in investing activities (155,758 ) (254,830 ) Financing activities Shareholder loans and other capital provided by partners 18,500 167,100 Interest paid to shareholders (9,460 ) - Payment of lease obligations (854 ) (412 ) Other 255 - Net cash provided from financing activities 8,441 166,688 Effects of exchange rate changes on cash and cash equivalents 187 279 Decrease in cash and cash equivalents (17,870 ) (32,531 ) Cash and cash equivalents, beginning of year 18,972 51,503 Cash and cash equivalents, end of year $ 1,102 $ 18,972 The Juanicipio beneficiation plant, which was recently energized with the connection to the national power grid in December 2022, 2023. 100% August 2020, December 31, 2022. Expenditures on mineral interests, plant and equipment capitalized directly by Juanicipio for the year ended December 31, 2022 December 31, 2021: December 31, 2022. not December 31, 2022, not |
Note 11 - Exploration and Evalu
Note 11 - Exploration and Evaluation Assets | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of exploration and evaluation assets [text block] | 11. EXPLORATION AND EVALUATION ASSETS (a) In 2018, 2020 2021, December 2022. 100% 2028 December 31, 2022, December 31, 2022, 100% (b) During the year ended December 31, 2022, 6 December 31, 2022, (c) In 2017, not May 2022 December 31, 2022. During the year ended December 31, 2022, December 31, December 31, 2022 2021 $ $ Black Hills Acquisition - 100 Total acquisition costs - 100 Geochemical 5 83 Camp and site costs 1 10 Geological consulting 127 898 Geophysical 3 126 Land taxes and government fees 7 493 Legal, community and other consultation costs 46 215 Travel 2 95 Total for the year 191 2,020 Balance, beginning of year 10,280 8,260 Less: Amounts written off (10,471 ) - Total Black Hills Project cost - 10,280 Deer Trail Acquisition - 909 Option and other payments 210 - Total acquisition costs 210 909 Geochemical 422 241 Camp and site costs 713 1,004 Drilling 6,255 3,542 Geological consulting 964 2,651 Geophysical 325 183 Land taxes and government fees 232 514 Legal, community and other consultation costs 303 594 Travel 167 336 Total for the year 9,591 9,974 Balance, beginning of year 9,974 - Total Deer Trail Project cost 19,565 9,974 Larder Project Acquisition (Note 6) 15,187 - Option and other payments 19 - Total acquisition costs 15,206 - Geochemical 112 - Camp and site costs 127 - Drilling 1,232 - Geological consulting 450 - Geophysical 314 - Land taxes and government fees 19 - Legal, community and other consultation costs 176 - Travel 58 - Total Larder Project Cost 17,694 - Total Exploration and Evaluation Assets 37,259 20,254 Included in exploration and evaluation assets at December 31, 2022, December 31, 2021: |
Note 12 - Property and Equipmen
Note 12 - Property and Equipment | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of property and equipment and leases [text block] | 12. PROPERTY AND EQUIPMENT As at December 31, 2022, Cost Office and computer Exploration camp and Right of use asset ( see Lease Obligation below Total $ $ $ $ Balance, January 1, 2021 487 411 550 1,448 Additions 2 3 (5 ) - Balance, December 31, 2021 489 414 545 1,448 Additions - 35 8 43 Balance, December 31, 2022 489 449 553 1,491 Accumulated depreciation and amortization Office and computer equipment Exploration camp and equipment Right of use asset Total $ $ $ $ Balance, January 1, 2021 460 111 202 773 Depreciation and amortization 8 45 138 191 Balance, December 31, 2021 468 156 340 964 Depreciation and amortization 6 43 130 179 Balance, December 31, 2022 474 199 470 1,143 Carrying amounts Office and computer equipment Exploration camp and equipment Right of use asset Total $ $ $ $ At December 31, 2021 21 258 205 484 At December 31, 2022 15 250 83 348 Lease obligation Minimum lease payments in respect of the lease obligation and the effect of discounting are as follows: December 31, December 31, 2022 2021 $ $ Undiscounted minimum lease payments Less than one year 143 154 Two to three years 150 314 293 468 Effect of discounting (32 ) (83 ) Present value of minimum lease payments - total lease obligation 261 385 Less: current portion (121 ) (110 ) Long-term lease obligation 140 275 For the year ended December 31, 2022, December 31, 2021: |
Note 13 - Share Capital
Note 13 - Share Capital | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of share capital, reserves and other equity interest [text block] | 13. 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, 2022, December 31, 2021: December 31, December 31, 2022 2021 Basic weighted average number of shares outstanding 98,420,906 95,181,258 Effect of dilutive common share equivalents (1) 136,709 278,257 Diluted weighted average number of shares outstanding 98,557,615 95,459,515 Antidilutive securities (1) 1,339,621 1,758,913 ( 1 For the year ended December 31, 2022, December 31, 2021: December 31, 2021: December 31, 2021: not During the year ended December 31, 2022, December 31, 2021: December 31, 2021: December 31, 2021: December 31, 2021: December 31, 2021: During the year ended December 31, 2022, December 31, 2021: During the year ended December 31, 2022, December 31, 2021: During the year ended December 31, 2021, During the year ended December 31, 2021, During the year ended December 31, 2022, 6 (b) Stock options The Company may June 18, 2020, may 13 not 5% December 31, 2022, December 31, 2021: Stock option grants are recommended for approval to the Board of Directors by the Compensation and Human Resources Committee consisting of three The following table summarizes the Company’s option activity, excluding the Gatling replacement options, for the year: Weighted Weighted Year ended average Year ended average December 31, exercise price December 31, exercise price 2022 (C$/option) 2021 (C$/option) Outstanding, beginning of year 988,727 16.77 1,018,067 16.07 Granted 230,089 18.86 100,000 22.40 Exercised for cash (100,678 ) 13.79 (75,066 ) 16.48 Exercised cashless (105,344 ) 16.52 (54,274 ) 14.44 Outstanding, end of year 1,012,794 17.56 988,727 16.77 During the year ended December 31, 2022, December 31, 2021: C$1,859 C$8.08 The Company determined the fair value of the options using the Black-Scholes option pricing model with the following weighted average assumptions: December 31, December 31, 2022 2021 Risk-free interest rate 2.58 % 0.53 % Expected volatility 61 % 58 % Expected dividend yield nil nil Expected life ( years 3 3 During the year ended December 31, 2022, December 31, 2021: C$21.15 December 31, 2021: C$22.35 The following table summarizes the Company’s stock options, excluding the Gatling replacement options, outstanding and exercisable as at December 31, 2022: Exercise price Number Number Weighted average remaining (C$/option) outstanding exercisable contractual life (years) 12.75 1,565 1,565 1.85 13.46 219,213 219,213 1.28 14.98 261,774 165,008 2.16 17.02 100,000 - 4.38 20.20 120,898 - 4.27 21.26 50,000 16,666 3.92 21.29 9,191 - 4.27 21.57 200,153 133,434 2.94 23.53 50,000 16,667 3.05 12.75 - 23.53 1,012,794 552,553 2.74 During the year ended December 31, 2022, December 31, 2021: December 31, 2021: During the year ended December 31, 2022, 43,675 C$107 C$2.45 December 31, 2022, Exercise price Number Number Weighted average remaining (C$/option) outstanding exercisable contractual life (years) 21.40 1,706 1,706 1.55 21.68 - 21.93 9,986 9,986 1.62 25.80 4,264 4,264 1.05 26.37 - 26.41 11,090 11,090 0.97 39.86 - 39.91 14,070 14,070 0.56 21.40 - 39.91 41,116 41,116 1.02 (c) Restricted and performance share units On June 18, 2020, may 13 not 5% may not During the year ended December 31, 2022, December 31, 2021: December 31, 2021: December 31, 2022, December 31, 2021: During the year ended December 31, 2022, December 31, 2021: nil five three three The three 2019 April 2022 not During the year ended December 31, 2022, December 31, 2021: As at December 31, 2022, December 31, 2021: December 31, 2021: December 31, 2022 three During the year ended December 31, 2022, December 31, 2021: (d) Deferred share units On June 18, 2020, may may may During the year ended December 31, 2022, December 31, 2021: December 31, 2022 ( December 31, 2021: December 31, 2022, December 31, 2021: December 31, 2022, December 31, 2021: As at December 31, 2022, December 31, 2021: December 31, 2021: December 31, 2021: (e) Replacement warrants During the year ended December 31, 2022, 53,508 6 During the year ended December 31, 2022, Exercise price Number Number Weighted average remaining (C$/warrant) outstanding exercisable contractual life (years) 35.17 10,893 10,893 0.52 35.18 1,599 1,599 0.52 35.21 6,177 6,177 0.52 35.27 319 319 0.52 35.29 102 102 0.52 35.17 - 35.29 19,090 19,090 0.52 |
Note 14 - Capital Risk Manageme
Note 14 - Capital Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of objectives, policies and processes for managing capital [text block] | 14. 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 (comprised of share capital, equity reserve, accumulated other comprehensive income (loss) and deficit) and lease obligation, net of cash and investments in equity securities as follows: December 31, December 31, 2022 2021 $ $ Equity 401,696 367,521 Lease obligation (Note 12 ) 261 385 Cash (29,955 ) (56,748 ) Investments (Note 9) (11 ) (1,179 ) 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 budgets and any amendments thereto are approved by the Board of Directors. The Company currently does not The Company has working capital of $29,233 as at December 31, 2022. may 10, 11, 19 may As at December 31, 2022, not not fourth 2021, |
Note 15 - Financial Risk Manage
Note 15 - Financial Risk Management | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of financial risk management [text block] | 15. FINANCIAL RISK MANAGEMENT The Company’s operations consist of the acquisition, exploration and development of mineral 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 associates, Juanicipio (Note 10 not not December 31, 2022. (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 Juanicipio, in which the Company has a 44% interest, has revenue from its underground mining operation as described in Note 10. 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, and in the case of its Mexican and US operations, the Company maintains minimal cash in its US and Mexican subsidiaries, as generally cash is only sent to them to cover current planned expenditures. (iii) Mexican value added tax As at December 31, 2022, 8 December 31, 2022, 10 The Company’s maximum exposure to credit risk is the carrying value of its cash, accounts receivable and loan receivable from Juanicipio which is classified as an Investment in Juanicipio in the consolidated statement of financial position, as follows: December 31, December 31, 2022 2021 $ $ Cash 29,955 56,748 Accounts receivable (Note 8) 708 2,097 Loan to the Juanicipio Entities (Notes 10 & 18) (1) 104,653 106,036 135,316 164,881 ( 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 (Notes 10, 11 19 The Company's overall liquidity risk has not may (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 C$, relative to the US$. The Company does not Exposure to currency risk As at December 31, 2022, Mexican peso Canadian dollar ( in US$ equivalent $ $ Cash 8 635 Accounts receivable 70 294 Investments - 11 Accounts payable (543 ) (1,431 ) Lease obligations - (262 ) Net liabilities exposure (465 ) (752 ) 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 (reported in US$) related to those operating costs denominated and determined in Mexican pesos. Alternatively, a depreciation in the Mexican peso relative to the US$ will decrease the Company’s cost of operations in Mexico (reported in US$) related to those operating costs denominated and determined in Mexican pesos. An appreciation/depreciation in the Mexican peso against the US$ will also result in a gain/loss before tax and deferred 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, prepaids and value added taxes receivable, net of trade and other payables. The carrying amount of the Company’s net peso denominated monetary liabilities at December 31, 2022 December 31, 2021: Mexican peso relative to the US$ - Investment in Juanicipio The Company conducts the majority of its business through its equity interest in its associates (Note 10 An appreciation/depreciation in the Mexican peso against the US$ will also result in a gain/loss before tax and deferred taxes (Note 10 December 31, 2022 December 31, 2021: December 31, 2022 December 31, 2021: 44% December 31, 2021: 10% December 31, 2021: 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 and the Larder Project holds net monetary assets (liabilities) in C$. The carrying amount of the Company’s net Canadian denominated monetary liabilities at December 31, 2022 C$1.1 December 31, 2021: C$5.1 10% (e) Interest rate risk The Company’s interest revenue earned on cash is exposed to interest rate risk. A decrease in interest rates would result in lower relative interest income and an increase in interest rates would result in higher relative interest income. (f) Political and country risk The Company conducts operations in Canada, the United States of America and Mexico, and as such the Company’s operations are exposed to various levels of political and economic risks by factors outside of the Company’s control. These potential factors include, but are not no The Company is unable to determine the impact of these risks on its future financial position or results of operations. Changes, if any, in mining or investment policies or shifts in political attitude of foreign countries may |
Note 16 - Financial Instruments
Note 16 - Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of fair value of financial instruments [text block] | 16. FINANCIAL INSTRUMENTS AND FAIR VALUE DISCLOSURES The Company’s financial instruments include cash, accounts receivable, investments, trade and other payables and lease obligation. The carrying values of cash, accounts receivable, trade and other payables and lease obligation 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: Level 2: 1 not Level 3: no The Company’s financial assets or liabilities as measured in accordance with the fair value hierarchy described above are: As at December 31, 2022 Level 1 Level 2 Level 3 Total $ $ $ $ Investments ( Note 9 ) (1) 11 - - 11 As at December 31, 2021 Level 1 Level 2 Level 3 Total $ $ $ $ Investments ( Note 9 (1) 1,179 - - 1,179 ( 1 1 There were no 1, 2 3 December 31, 2022 December 31, 2021. |
Note 17 - Segmented Information
Note 17 - Segmented Information | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of operating segments [text block] | 17. SEGMENTED INFORMATION The Company operates primarily in one operating segment, being the exploration and development of mineral properties in North America. The Company’s principal asset, its 44% ownership in the Juanicipio Project, is located in Mexico, and the Company also has other exploration properties in North America. The Company’s executive and head office is located in Canada. |
Note 18 - Related Party Transac
Note 18 - Related Party Transactions | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of related party [text block] | 18. RELATED PARTY TRANSACTIONS The Company does not During the year, the Company incurred expenses with Cascabel and IMDEX as follows: December 31, December 31, 2022 2021 $ $ Fees related to Dr. Megaw: Exploration and marketing services 372 436 Travel and expenses 30 29 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 54 54 Field exploration services 165 167 Share-based payments (Note 13) 456 477 1,077 1,163 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, 2022 December 31, 2021: 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% NSR royalty on the Cinco de Mayo property payable to the principals of Cascabel under the terms of an option agreement dated February 26, 2004, 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: Name Country of Principal MAG's effective interest Incorporation Project 2022 (%) 2021 (%) Minera Los Lagartos, S.A. de C.V. Mexico Juanicipio (44%) 100% 100% Balances and transactions between the Company and its subsidiaries have been eliminated on consolidation and are not As at December 31, 2022, 3 6 January 1, 2022, 2022, 10 During the year ended December 31, 2022, For the year ended December 31, December 31, 2022 2021 $ $ Salaries and other short term employee benefits (1) 2,457 1,941 Share-based payments (Note 13) 1,774 2,219 4,231 4,160 ( 1 Includes $382 severance paid to a former executive of the Company. Key management personnel |
Note 19 - Commitments and Conti
Note 19 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of commitments [text block] | 19. COMMITMENTS AND CONTINGENCIES The following table discloses the contractual obligations of the Company and its subsidiaries as at December 31, 2022 Total Less than 1 year 1-3 Years 3-5 Years More than 5 years $ $ $ $ $ Committed exploration expenditures (3) - - - - - Minera Juanicipio (1)&(2) - - - - - Contractual commitments 710 297 338 75 - Total Obligations and Commitments 710 297 338 75 - ( 1 Although the Company makes cash advances to Juanicipio as cash is called by the operator Fresnillo (based on approved budgets), they are not ( 2 According to the operator, Fresnillo, contractual commitments including project development and for continuing operations total $16,234 ( December 31, 2021: December 31, 2021: December 31, 2022. ( 3 The Company also has discretionary commitments for property option payments and exploration expenditures as outlined above in Note 11 no The concessions associated with the Larder Project are all in good standing with various underlying obligations or royalties ranging from nil The Company is obligated to a 2.5% NSR royalty on the Cinco de Mayo property. 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 20 - Income Taxes
Note 20 - Income Taxes | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of income tax [text block] | 20. INCOME TAXES The income taxes recognized in profit or loss are as follows: For the year ended December 31, December 31, 2022 2021 $ $ Deferred tax (expense) benefit (371 ) 1,567 Total income tax (expense) benefit (371 ) 1,567 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: For the year ended December 31, December 31, 2022 2021 $ $ Income for the year before income taxes 18,015 4,458 Statutory tax rate 27 % 27 % Income tax expense computed at statutory rates (4,864 ) (1,204 ) Share based payments (878 ) (1,149 ) Mexican inflationary adjustments 2,429 800 Differing effective tax rate on loss in foreign jurisdiction (1,156 ) (430 ) Equity accounted earnings from Investment in Juanicipio 13,060 4,944 Withholding tax on planned foreign earnings repatriation (2,921 ) (793 ) Unrecognized deferred tax (liabilities) assets (7,239 ) 941 Impact of foreign exchange and other 1,198 (1,542 ) Total income tax (expense) benefit (371 ) 1,567 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, 2022 2021 December 31, December 31, 2022 2021 $ $ Deferred income tax assets Exploration and evaluation assets - 806 Non-capital losses 3,993 4,618 3,993 5,424 Deferred income tax liabilities Property and equipment (826 ) (519 ) Investment in Juanicipio (5,880 ) (7,304 ) Investments (208 ) (158 ) (6,914 ) (7,981 ) Net deferred income tax liability (2,921 ) (2,557 ) The Company's movement of net deferred tax liabilities is described below: December 31, December 31, 2022 2021 $ $ At January 1 (2,557 ) (4,721 ) Deferred income tax (expense) benefit through income statement (371 ) 1,567 Deferred income tax benefit through OCI 7 597 At December 31 (2,921 ) (2,557 ) The Company has the following deductible temporary differences for which no December 31, December 31, 2022 expiry dates 2021 $ $ Non-capital losses 118,353 2023 2042 95,341 Exploration and evaluation assets 15,915 no expiry 4,796 Financing fees 3,242 2043 2046 4,912 Other 1,141 no expiry 1,622 Total 138,651 106,671 At December 31, 2022, December 31, 2021: 2026 2042, nil December 31, 2021: nil At December 31, 2022, December 31, 2021: 2023 2032, At December 31, 2022, December 31, 2021: At December 31, 2022, December 31, 2021: not not |
Note 21 - Subsequent Events
Note 21 - Subsequent Events | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of non-adjusting events after reporting period [text block] | 21. SUBSEQUENT EVENTS Subsequent to December 31, 2022, 1. Closed a $42,558 bought deal public offering on February 7, 2023 2. Closed a $17,133 ( C$23,024 February 16, 2023 C$23.75 C$23,024 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2022 | |
Discloure of Significant Accounting Policies | |
Description of accounting policy for foreign currency translation [text block] | (i) Foreign currency transactions Transactions in foreign currencies are recorded at the rates of exchange prevailing at the dates of the transactions. At each statement of financial position date, foreign currency denominated monetary assets and liabilities are translated using the period end foreign exchange rate whereas non-monetary assets and liabilities are translated using the historical rate on the date of the transaction. Non-monetary assets and liabilities that are stated at fair value in a foreign currency are translated using the rate on the date that the fair value was determined. All gains and losses on translation of these foreign currency transactions are included in profit or loss. |
Description of accounting policy for functional currency [text block] | (ii) Functional currency and presentation currency The functional currency of the parent, its subsidiaries, and its associates, including the Juanicipio Project, is the United States dollar (“US$”). The Company’s reporting and presentation currency is the United States dollar (“US$”). |
Description of accounting policy for determining components of cash and cash equivalents [text block] | (b) Cash and cash equivalents Cash and cash equivalents include cash on hand, deposits held with banks, and other short-term highly liquid investments with original maturities of three |
Description of accounting policy for measuring inventories [text block] | (c) Inventories Inventories include production inventory, and materials and supplies inventory. All inventories are measured at the lower of cost and net realizable 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. Net realizable value is the estimated selling price in the ordinary course of business less any further costs expected to be incurred to completion and estimated costs necessary to make the sale. (i) Production inventories Production inventory consists of stockpiled ore, work-in-process, and concentrate. The cost of production 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. The assumptions used in the valuation of inventories include estimates of the amount of recoverable metal in the stockpile and an assumption of the metal prices expected to be realized when the metal is recovered. (ii) Materials and supplies inventory An allowance for obsolete and slow-moving inventories is determined by reference to specific items of inventory based on usage profile. A regular review is undertaken to determine the extent of such an allowance. |
Description of accounting policy for investment in associates [text block] | (d) Investments in associates The Company conducts the majority 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% interest in each of Minera Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., both Mexican incorporated companies (Note 10, not The Company accounts for its investment in associates using the equity method. The Company aggregates its disclosures required under IFRS for interests in associates effectively involved in advancing the same business objective. Under the equity method, the Company’s investments in associates are initially recognized at cost and subsequently increased or decreased to reflect additional contributions or distributions 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 year. Intercompany interest on loans from the Company to its associates is recorded against its share of income from equity accounted investment, rather than as a separate line item in profit or loss. 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 investments in associates as of December 31, 2022 no not not |
Description of accounting policy for exploration and evaluation expenditures [text block] | (e) 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. If a mineable ore body is discovered, exploration and evaluation costs are reclassified to mining properties. At such time as commercial production commences, the capitalized costs will be depleted on a units-of-production method (“UOP”). 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 may not not |
Description of accounting policy for property, plant and equipment [text block] | (f) Property, plant and equipment and mine development costs Property, plant 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 of the 44% January 2022 not December 31, 2022. Amortization on 100% The amortization rates for 100% Building 4% declining balance Computer and office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-use asset 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] | (g) Leases 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 obligation in its own line item on the consolidated statements of financial position. |
Description of accounting policy for provisions [text block] | (h) 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 A provision for mine closure cost is made in respect of the estimated future costs of closure, restoration and for environmental rehabilitation costs (which include the dismantling and demolition of infrastructure, removal of residual materials and remediation of disturbed areas) based on a mine closure plan, in the accounting period when the related environmental disturbance occurs. The provision is discounted and the unwinding of the discount is included within finance costs. At the time of establishing the provision, a corresponding asset is capitalized where it gives rise to a future economic benefit and is depreciated over future production from the mine to which it relates. The provision is reviewed on an annual basis for changes in cost estimates, discount rates or life of operations. Changes to estimated future costs are recognised in the statement of financial position by adjusting the mine closure cost liability and the related asset originally recognized. Decommissioning assets depreciate over the estimated production period of the mining and processing facilities. The depreciation and amortization charge is recognized in profit or loss as part of production costs. |
Description of accounting policy for deferred income tax [text block] | (i) Income taxes Income tax is comprised of current and deferred tax. Income tax is recognized in the consolidated statements of profit and loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity. Current tax is the expected tax payable on taxable income for the year of each entity in the consolidated group, using tax rates enacted or substantively enacted, at the end of the reporting period. 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 financial instruments [text block] | (j) Financial instruments Financial assets Financial assets are classified as either financial assets at fair value through profit and 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 at FVTPL Financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in profit and 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 loans to Mineria Juanicipio, S.A. de C.V. and Equipos Chaparral, S.A. de C.V., and 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). Impairment IFRS 9 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. |
Description of accounting policy for debt [text block] | (k) Debt Debt is initially recorded at fair value, net of transaction costs incurred. Debt is subsequently carried at amortized cost; any difference between the proceeds (net of transaction costs) and the redemption value is recognized in the statement of profit and loss over the period of the debt using the effective interest method. |
Description of accounting policy for share issuances [text block] | (l) Share capital The Company records proceeds from share issuances net of issue costs. The Company records proceeds from the exercise of stock options as share capital in the amount for which the option enabled the holder to purchase a share in the Company. Share capital issued for non-monetary consideration is recorded at the fair value of the non-monetary consideration received, or at the fair value of the shares issued if the fair value of the non-monetary consideration cannot be measured reliably, on the date of issue. |
Description of accounting policy for share-based payment transactions [text block] | (m) 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 option valuation model. The fair value of restricted and deferred share units, is based on the fair market value of a common share equivalent on the date of grant. The fair value of performance share units awarded with market price conditions is determined using the Monte Carlo pricing model and the fair value of performance share units with non-market performance conditions is based on the fair market value of a common share equivalent on the date of grant. |
Description of accounting policy for recognition of revenue [text block] | (n) Revenue The Juanicipio Project recognizes revenue for silver, gold, lead and zinc from concentrate sales, 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 customer’s 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 Juanicipio revenues are based on estimated metal quantities based on assay data and on a provisional price. The receivable is marked to market for changes in price differences each period prior to final settlement. The Juanicipio Project also adjusts estimated metal quantities (which represents variable consideration) used in computing provisional revenues using new information and assay data from the smelter/refinery as it is received (if any). MAG only includes in the transaction price an amount which is not 15th |
Description of accounting policy for earnings per share [text block] | (o) Income per common share Basic income per share is based on the weighted average number of common shares outstanding during the period. Diluted income 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 |
Description of accounting policy for asset acquisitions [text block] | (p) Asset acquisitions Upon the acquisition of an asset or a group of assets and liabilities that does not not |
Note 3 - Summary of Significa_2
Note 3 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about property, plant and equipment [text block] | Building 4% declining balance Computer and office equipment 30% declining balance Exploration camp and equipment 30% declining balance Right-of-use asset straight-line over the earlier of the end of the lease term or useful life of the asset |
Note 6 - Acquisition of Gatli_2
Note 6 - Acquisition of Gatling Exploration Inc. (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of detailed information about asset acquisition [text block] | Total shares issued on close: 774,643 $ MAG share price -C$ 18.54 USD exchange rate 0.7807 MAG share price - US$ 14.47 Value of shares on close of Transaction 11,212 Value of convertible note receivable 2,392 Value of replacement options and warrants 85 Transaction costs 350 Value of consideration paid 14,039 Fair value of identified assets acquired and liabilities assumed $ Assets Cash and cash equivalents 89 Receivables, prepaids and deposits 115 Exploration and evaluation assets 15,187 Total Assets 15,391 Liabilities Accounts payable and accrued liabilities 1,315 Lease liabilities 37 Total Liabilities 1,352 Net assets acquired 14,039 |
Note 7 - General and Administ_2
Note 7 - General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of general and administrative expense [text block] | For the year ended December 31, December 31 2022 2021 $ $ Accounting and audit 606 517 Depreciation and amortization (Note 12) 136 146 Filing and transfer agent fees 335 274 General office expenses 530 647 Insurance 2,024 1,316 Legal 244 161 Management compensation and consulting fees 4,648 3,736 Share-based payment expense (Note 13) 3,250 4,256 Shareholder relations 419 273 Travel 160 35 12,352 11,361 |
Note 8 - Accounts Receivable (T
Note 8 - Accounts Receivable (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Components of trade and other receivables [text block] | December 31, December 31, 2022 2021 $ $ Receivable from Minera Juanicipio (Notes 10 & 18) 323 1,944 Value added tax ("IVA" and "GST") 382 152 Other receivables 3 1 708 2,097 |
Note 9 - Investments (Tables)
Note 9 - Investments (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the available-for-sale movements [text block] | December 31, December 31, 2022 2021 $ $ Equity securities, beginning of year 1,179 11,951 Disposition of equity securities at fair value (1,111 ) (6,371 ) Unrealized loss for the period (57 ) (4,401 ) Equity securities, end of year 11 1,179 |
Note 10 - Investment in Juani_2
Note 10 - Investment in Juanicipio (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of carrying amount of investments in associates [text block] | December 31, December 31, 2022 2021 $ $ Juanicipio Project oversight expenditures incurred 100% by MAG 719 620 Interest earned, net of interest contributed to Investment in Juanicipio (2,394 ) (1,316 ) Cash contributions and advances to Juanicipio (Note 18) (1) 8,140 73,524 Total for the year 6,465 72,828 Income from equity accounted Investment in Juanicipio (2) 40,767 15,686 Balance, beginning of year 291,084 202,570 Balance, end of year 338,316 291,084 |
Disclosure of associate operations [text block] | For the year ended December 31, December 31, 2022 2021 $ $ Revenue 215,736 75,393 Cost of sales: Production cost 61,985 15,329 Depreciation and amortization 20,913 - Cost of sales 82,898 15,329 Gross profit 132,838 60,064 Consulting and administrative expenses (8,436 ) (1,929 ) Extraordinary mining duty (349 ) (337 ) 124,053 57,798 Exchange losses and other (7,458 ) (1,363 ) Income tax expense (26,348 ) (20,784 ) Income for the year 90,247 35,651 MAG's 44% equity income 39,709 15,686 Loan interest on mining assets - MAG 44% 1,058 - MAG's 44% equity income 40,767 15,686 |
Disclosure of financial information of investments in associates [text block] | December 31, 2022 December 31, 2021 $ $ Assets Current assets Cash and cash equivalents 1,102 18,972 Value added tax and other receivables 13,945 25,580 Concentrate sales receivable 24,098 18,853 Inventories Materials and supplies 10,081 - Stockpiles 26,020 3,234 Prepaids and other assets 7,756 104 83,002 66,743 Non-current assets Right-of-use assets 1,336 2,052 Mineral interests, plant and equipment 779,735 644,609 Deferred tax assets 11,259 5,254 792,330 651,915 Total assets 875,332 718,658 Liabilities Current liabilities Payables 34,678 19,364 Interest and other payables to shareholders 13,460 4,279 Income tax payable 36,259 3,471 84,397 27,114 Non-current liabilities Lease obligation 1,329 2,053 Provisions Reserves for retirement and pension 29 20 Reclamation and closure 3,073 4,050 Deferred tax liabilities 22,242 31,266 26,673 37,389 Total liabilities 111,070 64,503 Equity Shareholders equity including shareholder advances 764,262 654,155 Total equity 764,262 654,155 Total liabilities and equity 875,332 718,658 |
Disclosure of associate cash flow statements [text block] | For the year ended December 31, December 31, 2022 2021 Operating activities Income for the year $ 90,247 $ 35,651 Items not involving cash Income tax expense 17,884 13,837 Special mining tax 8,465 3,769 Depreciation 20,913 - Write-down of fixed asset 3,675 - Other 6,007 419 Change in non-cash operating working capital (17,931 ) 1,656 Net cash provided from operating activities 129,260 55,332 Investing activities Capital expenditures including plant,mine development and exploration (156,040 ) (254,830 ) Other 282 - Net cash used in investing activities (155,758 ) (254,830 ) Financing activities Shareholder loans and other capital provided by partners 18,500 167,100 Interest paid to shareholders (9,460 ) - Payment of lease obligations (854 ) (412 ) Other 255 - Net cash provided from financing activities 8,441 166,688 Effects of exchange rate changes on cash and cash equivalents 187 279 Decrease in cash and cash equivalents (17,870 ) (32,531 ) Cash and cash equivalents, beginning of year 18,972 51,503 Cash and cash equivalents, end of year $ 1,102 $ 18,972 |
Note 11 - Exploration and Eva_2
Note 11 - Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of the components of exploration and evaluation assets [text block] | December 31, December 31, 2022 2021 $ $ Black Hills Acquisition - 100 Total acquisition costs - 100 Geochemical 5 83 Camp and site costs 1 10 Geological consulting 127 898 Geophysical 3 126 Land taxes and government fees 7 493 Legal, community and other consultation costs 46 215 Travel 2 95 Total for the year 191 2,020 Balance, beginning of year 10,280 8,260 Less: Amounts written off (10,471 ) - Total Black Hills Project cost - 10,280 Deer Trail Acquisition - 909 Option and other payments 210 - Total acquisition costs 210 909 Geochemical 422 241 Camp and site costs 713 1,004 Drilling 6,255 3,542 Geological consulting 964 2,651 Geophysical 325 183 Land taxes and government fees 232 514 Legal, community and other consultation costs 303 594 Travel 167 336 Total for the year 9,591 9,974 Balance, beginning of year 9,974 - Total Deer Trail Project cost 19,565 9,974 Larder Project Acquisition (Note 6) 15,187 - Option and other payments 19 - Total acquisition costs 15,206 - Geochemical 112 - Camp and site costs 127 - Drilling 1,232 - Geological consulting 450 - Geophysical 314 - Land taxes and government fees 19 - Legal, community and other consultation costs 176 - Travel 58 - Total Larder Project Cost 17,694 - Total Exploration and Evaluation Assets 37,259 20,254 |
Note 12 - Property and Equipm_2
Note 12 - Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of changes in property and equipment and leases [text block] | Cost Office and computer Exploration camp and Right of use asset ( see Lease Obligation below Total $ $ $ $ Balance, January 1, 2021 487 411 550 1,448 Additions 2 3 (5 ) - Balance, December 31, 2021 489 414 545 1,448 Additions - 35 8 43 Balance, December 31, 2022 489 449 553 1,491 Accumulated depreciation and amortization Office and computer equipment Exploration camp and equipment Right of use asset Total $ $ $ $ Balance, January 1, 2021 460 111 202 773 Depreciation and amortization 8 45 138 191 Balance, December 31, 2021 468 156 340 964 Depreciation and amortization 6 43 130 179 Balance, December 31, 2022 474 199 470 1,143 Carrying amounts Office and computer equipment Exploration camp and equipment Right of use asset Total $ $ $ $ At December 31, 2021 21 258 205 484 At December 31, 2022 15 250 83 348 |
Disclosure of maturity analysis of finance lease payments receivable [text block] | December 31, December 31, 2022 2021 $ $ Undiscounted minimum lease payments Less than one year 143 154 Two to three years 150 314 293 468 Effect of discounting (32 ) (83 ) Present value of minimum lease payments - total lease obligation 261 385 Less: current portion (121 ) (110 ) Long-term lease obligation 140 275 |
Note 13 - Share Capital (Tables
Note 13 - Share Capital (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of earnings per share [text block] | December 31, December 31, 2022 2021 Basic weighted average number of shares outstanding 98,420,906 95,181,258 Effect of dilutive common share equivalents (1) 136,709 278,257 Diluted weighted average number of shares outstanding 98,557,615 95,459,515 Antidilutive securities (1) 1,339,621 1,758,913 |
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 2022 (C$/option) 2021 (C$/option) Outstanding, beginning of year 988,727 16.77 1,018,067 16.07 Granted 230,089 18.86 100,000 22.40 Exercised for cash (100,678 ) 13.79 (75,066 ) 16.48 Exercised cashless (105,344 ) 16.52 (54,274 ) 14.44 Outstanding, end of year 1,012,794 17.56 988,727 16.77 |
Disclosure of indirect measurement of fair value of goods or services received, share options granted during period [text block] | December 31, December 31, 2022 2021 Risk-free interest rate 2.58 % 0.53 % Expected volatility 61 % 58 % 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$/option) outstanding exercisable contractual life (years) 12.75 1,565 1,565 1.85 13.46 219,213 219,213 1.28 14.98 261,774 165,008 2.16 17.02 100,000 - 4.38 20.20 120,898 - 4.27 21.26 50,000 16,666 3.92 21.29 9,191 - 4.27 21.57 200,153 133,434 2.94 23.53 50,000 16,667 3.05 12.75 - 23.53 1,012,794 552,553 2.74 Exercise price Number Number Weighted average remaining (C$/option) outstanding exercisable contractual life (years) 21.40 1,706 1,706 1.55 21.68 - 21.93 9,986 9,986 1.62 25.80 4,264 4,264 1.05 26.37 - 26.41 11,090 11,090 0.97 39.86 - 39.91 14,070 14,070 0.56 21.40 - 39.91 41,116 41,116 1.02 |
Disclosure of range of exercise prices of outstanding warrants [text block] | Exercise price Number Number Weighted average remaining (C$/warrant) outstanding exercisable contractual life (years) 35.17 10,893 10,893 0.52 35.18 1,599 1,599 0.52 35.21 6,177 6,177 0.52 35.27 319 319 0.52 35.29 102 102 0.52 35.17 - 35.29 19,090 19,090 0.52 |
Note 14 - Capital Risk Manage_2
Note 14 - Capital Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of capital risk management [text block] | December 31, December 31, 2022 2021 $ $ Equity 401,696 367,521 Lease obligation (Note 12 ) 261 385 Cash (29,955 ) (56,748 ) Investments (Note 9) (11 ) (1,179 ) |
Note 15 - Financial Risk Mana_2
Note 15 - Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of credit risk exposure [text block] | December 31, December 31, 2022 2021 $ $ Cash 29,955 56,748 Accounts receivable (Note 8) 708 2,097 Loan to the Juanicipio Entities (Notes 10 & 18) (1) 104,653 106,036 135,316 164,881 |
Disclosure of market risk [text block] | Mexican peso Canadian dollar ( in US$ equivalent $ $ Cash 8 635 Accounts receivable 70 294 Investments - 11 Accounts payable (543 ) (1,431 ) Lease obligations - (262 ) Net liabilities exposure (465 ) (752 ) |
Note 16 - Financial Instrumen_2
Note 16 - Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of fair value measurement of assets [text block] | As at December 31, 2022 Level 1 Level 2 Level 3 Total $ $ $ $ Investments ( Note 9 ) (1) 11 - - 11 As at December 31, 2021 Level 1 Level 2 Level 3 Total $ $ $ $ Investments ( Note 9 (1) 1,179 - - 1,179 |
Note 18 - Related Party Trans_2
Note 18 - Related Party Transactions (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of expenses Incurred for related parties [text block] | December 31, December 31, 2022 2021 $ $ Fees related to Dr. Megaw: Exploration and marketing services 372 436 Travel and expenses 30 29 Other fees to Cascabel and IMDEX: Administration for Mexican subsidiaries 54 54 Field exploration services 165 167 Share-based payments (Note 13) 456 477 1,077 1,163 |
Disclosure of subsidiaries [text block] | Name Country of Principal MAG's effective interest Incorporation Project 2022 (%) 2021 (%) Minera Los Lagartos, S.A. de C.V. Mexico Juanicipio (44%) 100% 100% |
Disclosure of information about key management personnel [text block] | For the year ended December 31, December 31, 2022 2021 $ $ Salaries and other short term employee benefits (1) 2,457 1,941 Share-based payments (Note 13) 1,774 2,219 4,231 4,160 |
Note 19 - Commitments and Con_2
Note 19 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Disclosure of contractual obligation [text block] | Total Less than 1 year 1-3 Years 3-5 Years More than 5 years $ $ $ $ $ Committed exploration expenditures (3) - - - - - Minera Juanicipio (1)&(2) - - - - - Contractual commitments 710 297 338 75 - Total Obligations and Commitments 710 297 338 75 - |
Note 20 - Income Taxes (Tables)
Note 20 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Description of income taxes recognized in profit or loss [text block] | For the year ended December 31, December 31, 2022 2021 $ $ Deferred tax (expense) benefit (371 ) 1,567 Total income tax (expense) benefit (371 ) 1,567 |
Disclosure of income tax expense recovery differences explanatory [text block] | For the year ended December 31, December 31, 2022 2021 $ $ Income for the year before income taxes 18,015 4,458 Statutory tax rate 27 % 27 % Income tax expense computed at statutory rates (4,864 ) (1,204 ) Share based payments (878 ) (1,149 ) Mexican inflationary adjustments 2,429 800 Differing effective tax rate on loss in foreign jurisdiction (1,156 ) (430 ) Equity accounted earnings from Investment in Juanicipio 13,060 4,944 Withholding tax on planned foreign earnings repatriation (2,921 ) (793 ) Unrecognized deferred tax (liabilities) assets (7,239 ) 941 Impact of foreign exchange and other 1,198 (1,542 ) Total income tax (expense) benefit (371 ) 1,567 |
Disclosure of temporary difference, unused tax losses and unused tax credits [text block] | December 31, December 31, 2022 2021 $ $ Deferred income tax assets Exploration and evaluation assets - 806 Non-capital losses 3,993 4,618 3,993 5,424 Deferred income tax liabilities Property and equipment (826 ) (519 ) Investment in Juanicipio (5,880 ) (7,304 ) Investments (208 ) (158 ) (6,914 ) (7,981 ) Net deferred income tax liability (2,921 ) (2,557 ) |
Disclosure of deferred taxes [text block] | December 31, December 31, 2022 2021 $ $ At January 1 (2,557 ) (4,721 ) Deferred income tax (expense) benefit through income statement (371 ) 1,567 Deferred income tax benefit through OCI 7 597 At December 31 (2,921 ) (2,557 ) |
Disclosure of deductible temporary differences and unused tax credits for which no deferred tax assets explanatory [text block] | December 31, December 31, 2022 expiry dates 2021 $ $ Non-capital losses 118,353 2023 2042 95,341 Exploration and evaluation assets 15,915 no expiry 4,796 Financing fees 3,242 2043 2046 4,912 Other 1,141 no expiry 1,622 Total 138,651 106,671 |
Note 1 - Nature of Operations (
Note 1 - Nature of Operations (Details Textual) | Dec. 31, 2022 |
Juanicipio Joint Venture [member] | |
Statement Line Items [Line Items] | |
Equity method investment, ownership percentage | 44% |
Note 2 - Basis of Presentation
Note 2 - Basis of Presentation (Details Textual) | Dec. 31, 2022 |
Juanicipio Joint Venture [member] | |
Statement Line Items [Line Items] | |
Equity method investment, ownership percentage | 44% |
Note 3 - Summary of Significa_3
Note 3 - Summary of Significant Accounting Policies (Details Textual) | Dec. 31, 2022 |
Juanicipio Joint Venture [member] | |
Statement Line Items [Line Items] | |
Equity method investment, ownership percentage | 44% |
Note 3 - Summary of Significa_4
Note 3 - Summary of Significant Accounting Policies - Amortization and Impairment (Details) | 12 Months Ended |
Dec. 31, 2022 | |
Statement Line Items [Line Items] | |
Right-of-use asset | straight-line over the earlier of the end of the lease term or useful life of the asset |
Buildings [member] | |
Statement Line Items [Line Items] | |
Amortization Percentage | 4% |
Office and computer equipment [member] | |
Statement Line Items [Line Items] | |
Amortization Percentage | 30% |
Mining assets [member] | |
Statement Line Items [Line Items] | |
Amortization Percentage | 30% |
Note 6 - Acquisition of Gatli_3
Note 6 - Acquisition of Gatling Exploration Inc. (Details Textual) - Gatling Exploration Inc. [member] $ in Millions | 12 Months Ended | ||
May 20, 2022 USD ($) shares | May 20, 2022 CAD ($) shares | Dec. 31, 2022 shares | |
Statement Line Items [Line Items] | |||
Issue of convertible instruments | $ | $ 3 | ||
Percentage of voting equity interests acquired | 100% | 100% | |
Asset acquisition, share exchange ratio | 0.0170627 | 0.0170627 | |
Asset acquisition, shares issued (in shares) | 774,643 | 774,643 | 774,643 |
Asset acquisition, replacement stock options issued (in shares) | 43,675 | 43,675 | 43,675 |
Asset acquisition, replacement warrants issued (in shares) | 53,508 | 53,508 | 53,508 |
Asset acquisition, liabilities settled | $ | $ 63,492 |
Note 6 - Acquisition of Gatli_4
Note 6 - Acquisition of Gatling Exploration Inc. - Fair Value of Consideration and Assets and Liabilities Recognized (Details) - Gatling Exploration Inc. [member] | 12 Months Ended | ||
May 20, 2022 USD ($) $ / shares shares | Dec. 31, 2022 shares | May 20, 2022 $ / shares | |
Statement Line Items [Line Items] | |||
Asset acquisition, shares issued (in shares) | shares | 774,643 | 774,643 | |
MAG share price -C$ (in CAD per share) | (per share) | $ 14.47 | $ 18.54 | |
USD exchange rate | 0.7807 | ||
Value of shares on close of Transaction | $ 11,212 | ||
Value of convertible note receivable | 2,392 | ||
Value of replacement options and warrants | 85 | ||
Transaction costs | 350 | ||
Value of consideration paid | 14,039 | ||
Cash and cash equivalents | 89,000 | ||
Receivables, prepaids and deposits | 115,000 | ||
Exploration and evaluation assets | 15,187,000 | ||
Total Assets | 15,391,000 | ||
Accounts payable and accrued liabilities | 1,315,000 | ||
Lease liabilities | 37,000 | ||
Total Liabilities | 1,352,000 | ||
Net assets acquired | $ 14,039,000 |
Note 7 - General and Administ_3
Note 7 - General and Administrative Expenses - General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Accounting and audit | $ 606 | $ 517 |
Depreciation and amortization (Note 12) | 136 | 146 |
Filing and transfer agent fees | 335 | 274 |
General office expenses | 530 | 647 |
Insurance | 2,024 | 1,316 |
Legal | 244 | 161 |
Management compensation and consulting fees | 4,648 | 3,736 |
Share-based payment expense (Note 13) | 3,250 | 4,256 |
Shareholder relations | 419 | 273 |
Travel | 160 | 35 |
General and administrative expense | $ 12,352 | $ 11,361 |
Note 8 - Accounts Receivable -
Note 8 - Accounts Receivable - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Receivable from Minera Juanicipio (Notes 10 & 18) | $ 323 | $ 1,944 |
Value added tax ("IVA" and "GST") | 382 | 152 |
Other receivables | 3 | 1 |
Current trade receivables | $ 708 | $ 2,097 |
Note 9 - Investments (Details T
Note 9 - Investments (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Proceeds from disposition of equity securities | $ 1,111 | $ 6,371 |
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax | 0 | 0 |
Tax on transfer of gain on disposal of equity securities at FVOCI to deficit | 147 | 784 |
Gains (losses) on remeasuring available-for-sale financial assets, before tax | (57) | (4,401) |
Deferred tax liabilities, unrealized gain | 7 | 597 |
Retained earnings [member] | ||
Statement Line Items [Line Items] | ||
Transfer of gain on disposal of equity securities at FVOCI to deficit, net of tax | 964 | 5,026 |
Gains (losses) on remeasuring available-for-sale financial assets, before tax | $ 0 | $ 0 |
Note 9 - Investments - Movement
Note 9 - Investments - Movement in Available-For-Sale (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Equity securities, beginning of year | $ 1,179 | $ 11,951 |
Disposition of equity securities at fair value | (1,111) | (6,371) |
Unrealized loss for the period | (57) | (4,401) |
Equity securities | $ 11 | $ 1,179 |
Note 10 - Investment in Juani_3
Note 10 - Investment in Juanicipio (Details Textual) $ in Thousands | 12 Months Ended | ||||
Jul. 01, 2005 | Dec. 31, 2022 USD ($) T shares | Dec. 31, 2021 USD ($) T | Dec. 27, 2021 | Dec. 31, 2008 | |
Juanicipio property [member] | Industrias Penoles, S.A. de C.V. [member] | |||||
Statement Line Items [Line Items] | |||||
Proportion of ownership interest in associate | 56% | ||||
Minera Juanicipio, S.A. de C.V. [member] | |||||
Statement Line Items [Line Items] | |||||
Equity method investment, ownership percentage | 44% | 44% | 44% | ||
Minera Juanicipio, S.A. de C.V. [member] | Fresnillo PLC [member] | |||||
Statement Line Items [Line Items] | |||||
Equity method investment, ownership percentage | 56% | ||||
Number of shares in entity held by entity or by its subsidiaries or associates (in shares) | shares | 9,314,877 | ||||
Juanicipio Entities [member] | |||||
Statement Line Items [Line Items] | |||||
Equity method investment, ownership percentage | 44% | ||||
Interest earned from advance to joint venture | $ 2,992 | $ 1,316 | |||
Interest converted to loan principal | 419 | 0 | |||
Interest converted to shareholder capital | 179 | 0 | |||
Interest received | $ 3,564 | $ 0 | |||
Production, average nominal rate (US Ton) | T | 54,000 | 16,000 | |||
Equity method investment, noncurrent assets, capital expenditures | $ 160,112 | $ 262,829 |
Note 10 - Investment in Juani_4
Note 10 - Investment in Juanicipio - Investment Relating to Interests in Juancipio Property and Minera Juancipio (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | |||
Interest earned, net of interest contributed to Investment in Juanicipio | $ (630) | $ (174) | |
Cash contributions and advances to Juanicipio (Note 18) (1) | [1] | 8,140 | 73,524 |
Total for the year | 6,465 | 72,828 | |
Income from equity accounted Investment in Juanicipio (2) | [2] | 40,767 | 15,686 |
Balance, beginning of year | 291,084 | 202,570 | |
Balance, end of year | 338,316 | 291,084 | |
Minera Juanicipio, S.A. de C.V. [member] | |||
Statement Line Items [Line Items] | |||
Juanicipio Project oversight expenditures incurred 100% by MAG | 719 | 620 | |
Interest earned, net of interest contributed to Investment in Juanicipio | (2,394) | $ (1,316) | |
Cash contributions and advances to Juanicipio (Note 18) (1) | $ 104,653 | ||
[1]A portion of the Investment in Juanicipio is in the form of interest bearing shareholder loans. The majority of the interest accrued within Juanicipio was capitalized to ‘Mineral interests, plant and equipment’ and as a result capitalized interest recorded by the Company on the loan totaling $2,992 for the year ended December 31, 2022 ( December 31, 2021: $1,316) was credited to the Investment in Juanicipio account as an eliminating related party entry (Note 18). Offsetting this amount in the year ended December 31, 2022, was interest receivable of $419 ( December 31, 2021: nil) which was converted into additional shareholder loans and $179 ( December 31, 2021: nil) which was converted into additional shareholder capital. In addition, during the year ended December 31, 2022, $3,564 of interest payments were received from Juanicipio ( December 31, 2021: [nil]).[2]Represents the Company’s 44% share of Juanicipio's net income for the period, as determined by the Company. |
Note 10 - Investment in Juani_5
Note 10 - Investment in Juanicipio - Operations of Associate (Details) - Minera Juanicipio, S.A. de C.V. [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Revenue | $ 215,736 | $ 75,393 |
Production cost | 61,985 | 15,329 |
Depreciation and amortization | 20,913 | 0 |
Cost of sales | 82,898 | 15,329 |
Gross profit | 132,838 | 60,064 |
Consulting and administrative expenses | (8,436) | (1,929) |
Extraordinary mining duty | (349) | (337) |
Equity method investment, summarized financial information, income statement, operating expenses | 124,053 | 57,798 |
Exchange losses and other | (7,458) | (1,363) |
Income tax expense | (26,348) | (20,784) |
Income for the year | 90,247 | 35,651 |
MAG's 44% equity income | 39,709 | 15,686 |
Loan interest on mining assets - MAG 44% | 1,058 | 0 |
MAG's 44% equity income | $ 40,767 | $ 15,686 |
Note 10 - Investment in Juani_6
Note 10 - Investment in Juanicipio - Associate's Financial Position (Details) - Minera Juanicipio, S.A. de C.V. [member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Cash and cash equivalents | $ 1,102 | $ 18,972 |
Value added tax and other receivables | 13,945 | 25,580 |
Concentrate sales receivable | 24,098 | 18,853 |
Materials and supplies | 10,081 | 0 |
Stockpiles | 26,020 | 3,234 |
Prepaids and other assets | 7,756 | 104 |
Current assets of associates and joint ventures | 83,002 | 66,743 |
Right-of-use assets | 1,336 | 2,052 |
Mineral interests, plant and equipment | 779,735 | 644,609 |
Deferred tax assets | 11,259 | 5,254 |
Non-current assets of associates and joint ventures | 792,330 | 651,915 |
Total assets | 875,332 | 718,658 |
Payables | 34,678 | 19,364 |
Interest and other payables to shareholders | 13,460 | 4,279 |
Income tax payable | 36,259 | 3,471 |
Current liabilities of associates and joint ventures | 84,397 | 27,114 |
Lease obligation | 1,329 | 2,053 |
Reserves for retirement and pension | 29 | 20 |
Reclamation and closure | 3,073 | 4,050 |
Deferred tax liabilities | 22,242 | 31,266 |
Non-current liabilities of associates and joint ventures | 26,673 | 37,389 |
Total liabilities | 111,070 | 64,503 |
Shareholders equity including shareholder advances | 764,262 | 654,155 |
Total equity | 764,262 | 654,155 |
TOTAL LIABILITIES | $ 875,332 | $ 718,658 |
Note 10 - Investment in Juani_7
Note 10 - Investment in Juanicipio - Cash Flow of Associate (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Income for the year | $ 17,644 | $ 6,025 |
Income tax expense | 371 | (1,567) |
Net cash provided from operating activities | (8,718) | (6,722) |
Capital expenditures including plant,mine development and exploration | (12,018) | (7,169) |
Net cash used in investing activities | (18,895) | (74,939) |
Payment of lease obligations | (109) | (91) |
Net cash provided from financing activities | 928 | 44,136 |
Effects of exchange rate changes on cash and cash equivalents | (108) | 265 |
Decrease in cash and cash equivalents | (26,793) | (37,260) |
Cash and cash equivalents, beginning of year | 56,748 | 94,008 |
Cash and cash equivalents, end of year | 29,955 | 56,748 |
Minera Juanicipio [member] | ||
Statement Line Items [Line Items] | ||
Income for the year | 90,247 | 35,651 |
Income tax expense | 17,884 | 13,837 |
Special mining tax | 8,465 | 3,769 |
Depreciation | 20,913 | 0 |
Write-down of fixed asset | 3,675 | 0 |
Other | 6,007 | 419 |
Change in non-cash operating working capital | (17,931) | 1,656 |
Net cash provided from operating activities | 129,260 | 55,332 |
Capital expenditures including plant,mine development and exploration | (156,040) | (254,830) |
Other | 282 | 0 |
Net cash used in investing activities | (155,758) | (254,830) |
Shareholder loans and other capital provided by partners | 18,500 | 167,100 |
Interest paid to shareholders | (9,460) | 0 |
Payment of lease obligations | (854) | (412) |
Other | 255 | 0 |
Net cash provided from financing activities | 8,441 | 166,688 |
Effects of exchange rate changes on cash and cash equivalents | 187 | 279 |
Decrease in cash and cash equivalents | (17,870) | (32,531) |
Cash and cash equivalents, beginning of year | 18,972 | 51,503 |
Cash and cash equivalents, end of year | $ 1,102 | $ 18,972 |
Note 11 - Exploration and Eva_3
Note 11 - Exploration and Evaluation Assets (Details Textual) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 31, 2022 | May 31, 2022 | Oct. 31, 2020 | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement Line Items [Line Items] | |||||||
Total provision for decommissioning, restoration and rehabilitation costs | $ 409 | $ 409 | $ 409 | ||||
Trade and payables included in exploration and evaluation assets | 695 | 695 | $ 518 | ||||
Prospective land claim package [member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of interest acquirable | 100% | ||||||
Option payments to earn right, title and interest to property during option period | $ 200 | $ 150 | |||||
Option payments commitment during earn-in option agreement period | $ 1,350 | ||||||
Earn in option agreement period (Year) | 7 years | ||||||
Optional exploration expenditure commitment during earn-in option agreement period | $ 30,000 | ||||||
Exploration expenditures | $ 19,358 | ||||||
Net Smelter Returns Royalty Percentage | 2% | ||||||
Larder Project in Ontario [Member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of interest acquirable | 100% | 100% | |||||
Spend after acquisition costs | $ 2,488 | ||||||
Drilling costs | 1,232 | ||||||
Black Hills of South Dakota [member] | |||||||
Statement Line Items [Line Items] | |||||||
Percentage of interest acquirable | 100% | ||||||
Option payments to earn right, title and interest to property during option period | $ 150 | ||||||
Net write-downs (reversals of write-downs) of property, plant and equipment | $ 10,471 |
Note 11 - Exploration and Eva_4
Note 11 - Exploration and Evaluation Assets - Components of Exploration and Evaluation Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Total for the year | $ 52 | $ 49 |
Black Hills of South Dakota [member] | ||
Statement Line Items [Line Items] | ||
Acquisition | 0 | 100 |
Total acquisition costs | 0 | 100 |
Geochemical | 5 | 83 |
Camp and site costs | 1 | 10 |
Geological consulting | 127 | 898 |
Geophysical | 3 | 126 |
Land taxes and government fees | 7 | 493 |
Legal, community and other consultation costs | 46 | 215 |
Travel | 2 | 95 |
Total for the year | 191 | 2,020 |
Balance, exploration and evaluation | 10,280 | 8,260 |
Less: Amounts written off | (10,471) | 0 |
Balance, exploration and evaluation | 0 | 10,280 |
Balance, exploration and evaluation | 0 | 10,280 |
Deer Trail [member] | ||
Statement Line Items [Line Items] | ||
Acquisition | 0 | 909 |
Total acquisition costs | 210 | 909 |
Geochemical | 422 | 241 |
Camp and site costs | 713 | 1,004 |
Geological consulting | 964 | 2,651 |
Geophysical | 325 | 183 |
Land taxes and government fees | 232 | 514 |
Legal, community and other consultation costs | 303 | 594 |
Travel | 167 | 336 |
Total for the year | 9,591 | 9,974 |
Balance, exploration and evaluation | 9,974 | 0 |
Balance, exploration and evaluation | 19,565 | 9,974 |
Option and other payments | 210 | 0 |
Drilling | 6,255 | 3,542 |
Balance, exploration and evaluation | 19,565 | 9,974 |
Larder Project in Ontario [Member] | ||
Statement Line Items [Line Items] | ||
Acquisition | 15,187 | 0 |
Total acquisition costs | 15,206 | 0 |
Geochemical | 112 | 0 |
Camp and site costs | 127 | 0 |
Geological consulting | 450 | 0 |
Geophysical | 314 | 0 |
Land taxes and government fees | 19 | 0 |
Legal, community and other consultation costs | 176 | 0 |
Travel | 58 | 0 |
Total for the year | 17,694 | 0 |
Balance, exploration and evaluation | 20,254 | |
Balance, exploration and evaluation | 37,259 | 20,254 |
Option and other payments | 19 | 0 |
Drilling | 1,232 | 0 |
Balance, exploration and evaluation | $ 37,259 | $ 20,254 |
Note 12 - Property and Equipm_3
Note 12 - Property and Equipment (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Interest expense on lease liabilities | $ 42 | $ 58 |
Note 12 - Property and Equipm_4
Note 12 - Property and Equipment and Leases - Schedule of Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | $ 1,448 | $ 1,448 |
Additions | 43 | 0 |
Balance, Property and equipment and leases | 1,491 | 1,448 |
Balance, accumulated depreciation | 964 | 773 |
Depreciation and amortization | 179 | 191 |
Balance, accumulated depreciation | 1,143 | 964 |
Balance, Carrying amounts | 348 | 484 |
Office and computer equipment [member] | ||
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | 489 | 487 |
Additions | 0 | 2 |
Balance, Property and equipment and leases | 489 | 489 |
Balance, accumulated depreciation | 468 | 460 |
Depreciation and amortization | 6 | 8 |
Balance, accumulated depreciation | 474 | 468 |
Balance, Carrying amounts | 15 | 21 |
Mining assets [member] | ||
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | 414 | 411 |
Additions | 35 | 3 |
Balance, Property and equipment and leases | 449 | 414 |
Balance, accumulated depreciation | 156 | 111 |
Depreciation and amortization | 43 | 45 |
Balance, accumulated depreciation | 199 | 156 |
Balance, Carrying amounts | 250 | 258 |
Right-of-use assets [member] | ||
Statement Line Items [Line Items] | ||
Balance, Property and equipment and leases | 545 | 550 |
Additions | 8 | (5) |
Balance, Property and equipment and leases | 553 | 545 |
Balance, accumulated depreciation | 340 | 202 |
Depreciation and amortization | 130 | 138 |
Balance, accumulated depreciation | 470 | 340 |
Balance, Carrying amounts | $ 83 | $ 205 |
Note 12 - Property and Equipm_5
Note 12 - Property and Equipment and Leases - Minimum Lease Payments (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Less than one year | $ 143 | $ 154 |
Two to three years | 150 | 314 |
Undiscounted minimum lease payments | 293 | 468 |
Effect of discounting | (32) | (83) |
Present value of minimum lease payments - total lease obligation | 261 | 385 |
Less: current portion | (121) | (110) |
Long-term lease obligation | $ 140 | $ 275 |
Note 13 - Share Capital (Detail
Note 13 - Share Capital (Details Textual) | 12 Months Ended | ||||||||
May 20, 2022 shares | Jun. 15, 2017 shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2022 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Dec. 31, 2021 $ / shares $ / shares shares | Dec. 31, 2022 CAD ($) shares | Dec. 31, 2020 | Jul. 18, 2020 | |
Statement Line Items [Line Items] | |||||||||
Number of shares outstanding at end of period (in shares) | 98,956,808 | 98,956,808 | 97,809,441 | 97,809,441 | 98,956,808 | ||||
Number of share options exercised for cash in share-based payment arrangement | 100,678 | 75,066 | |||||||
Proceeds from exercise of options | $ | $ 1,037,000 | $ 985,000 | |||||||
Number of share options exercised in share-based payment arrangement, cashless | 105,344 | 54,274 | |||||||
Shares issued in lieu of exercise of stock options (in shares) | 24,247 | 25,089 | |||||||
Number of share options cancelled during the period (in shares) | 81,097 | 29,185 | |||||||
Shares issued in lieu of payment (in shares) | 5,223 | ||||||||
Mineral property option payment settled by share issuance | $ | $ 100,000 | ||||||||
Total number of shares issued (in shares) | 2,691,000 | 2,691,000 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 17.15 | $ 17.15 | |||||||
Proceeds from issue of ordinary shares | $ | $ 46,151,000 | ||||||||
Proceeds from issue of ordinary shares, net of share issue costs | $ | $ 0 | $ 43,242,000 | |||||||
Stock options issuance limitations, maximum percentage of allowed issuable common shares | 5% | ||||||||
Option life, share options granted | 3 | 3 | |||||||
Number of share options outstanding in share-based payment arrangement at end of period | 1,012,794 | 1,012,794 | 988,727 | 988,727 | 1,012,794 | 1,018,067 | |||
Number of share options granted in share-based payment arrangement | 230,089 | 100,000 | |||||||
Weighted average fair value at measurement date, share options granted | $ 1,466 | $ 1,466 | $ 1,859 | ||||||
Weighted average share price, share options granted (in dollars per share) | (per share) | $ 6.37 | $ 8.08 | |||||||
Number of share options exercised in share-based payment arrangement | 206,022 | 129,340 | |||||||
Weighted average market share price of share options exercised In share based payment arrangement (in CAD per share) | $ / shares | $ 21.15 | $ 22.35 | |||||||
Expense from share-based payment transactions with employees and consultants | $ | $ 1,445,000 | $ 1,564,000 | |||||||
Expense arising from exploration for and evaluation of mineral resources | $ | $ 52,000 | $ 49,000 | |||||||
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 | ||||||||
Deferred Units issuance limitations, maximum percentage of allowed issuable common shares | 1% | ||||||||
Common shares issuable under share-based compensation arrangements (in shares) | 1,765,222 | 1,765,222 | 1,722,974 | 1,722,974 | 1,765,222 | ||||
Percentage of common shares issuable and common shares issued and outstanding | 1.78% | 1.78% | 1.76% | 1.76% | 1.78% | ||||
Number of share based awards available for grant (in shares) | 4,172,186 | 4,172,186 | 4,145,592 | 4,145,592 | 4,172,186 | ||||
Number of replacement warrants expired (in shares) | 34,418 | ||||||||
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 | 1,012,794 | 1,012,794 | 988,727 | 988,727 | 1,012,794 | ||||
Top of range [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Option life, share options granted | 5 | ||||||||
Performance share unit payout, percentage | 200% | ||||||||
Bottom of range [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Performance share unit payout, percentage | 0% | ||||||||
Gatling Exploration Inc. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Asset acquisition, shares issued (in shares) | 774,643 | 774,643 | |||||||
Equity issued, settlement of liability (in shares) | 63,492 | ||||||||
Asset acquisition, replacement stock options issued (in shares) | 43,675 | 43,675 | |||||||
Asset acquisition, replacement warrants issued (in shares) | 53,508 | 53,508 | |||||||
Weighted average fair value at measurement date, share options granted | $ 84 | $ 84 | $ 107 | ||||||
Weighted average share price, share options granted (in dollars per share) | (per share) | $ 1.92 | $ 2.45 | |||||||
Number of share options expired in share-based payment arrangement | 2,559 | ||||||||
Stock option awards [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 627,008 | 813,887 | |||||||
Restricted share units and performance share units [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 292,498 | 247,752 | |||||||
Expense from share-based payment transactions with employees | $ | $ 1,350,000 | $ 1,533,000 | |||||||
Deferred share units [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Antidilutive securities excluded from computation of earnings per share, amount (in shares) | 420,115 | 383,078 | |||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 86,295 | 159,810 | |||||||
Number of other equity instruments granted in share-based payment arrangement | 32,426 | 54,213 | |||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 420,115 | 420,115 | 469,373 | 469,373 | 420,115 | ||||
Expense from share-based payment transactions with employees | $ | $ 507,000 | $ 1,208,000 | |||||||
Number of instruments other equity instruments granted in lieu of director fees (in shares) | 4,611 | 5,818 | |||||||
Number of common shares issued under the deferred share unit plan prior to termination date (in shares) | 0 | 0 | 0 | ||||||
Restricted share units [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 7,694 | 31,620 | |||||||
Number of other equity instruments granted in share-based payment arrangement | 84,644 | 10,000 | |||||||
Number of other equity instruments vesting in 12 months (in shares) | 52,182 | 52,182 | 52,182 | ||||||
Options vesting, period, tranche one (Month) | 12 months | ||||||||
Number of other equity instruments vesting in 24 months (in shares) | 16,228 | 16,228 | 16,228 | ||||||
Options vesting, period, tranche two (Month) | 24 months | ||||||||
Number of other equity instruments vesting in 36 months (in shares) | 16,234 | 16,234 | 16,234 | ||||||
Options vesting, period, tranche three (Month) | 36 months | ||||||||
Weighted average exercise price of other equity instruments forfeited in share-based payment arrangement (in dollars per share) | $ / shares | $ 14.71 | $ 18.44 | |||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 101,059 | 101,059 | 24,109 | 24,109 | 101,059 | ||||
Number of other equity instruments vested and convertible in share-based payment arrangement (in shares) | 16,415 | 16,415 | 10,776 | 10,776 | 16,415 | ||||
Number of equity instruments with vesting condition (in shares) | 62,050 | ||||||||
Performance share units [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Number of other equity instruments exercised or vested in share-based payment arrangement | 90,318 | 8,511 | |||||||
Number of other equity instruments granted in share-based payment arrangement | 87,375 | 0 | |||||||
Weighted average exercise price of other equity instruments forfeited in share-based payment arrangement (in dollars per share) | $ / shares | $ 16.10 | ||||||||
Weighted average remaining contractual life of other equity instruments granted in share-based payment arrangement (Year) | 5 years | ||||||||
Number of equity instruments that vest upon achievement (in shares) | 65,531 | 65,531 | 65,531 | ||||||
Equity instrument, performance period (Year) | 3 years | ||||||||
Equity instruments subject to performance factor (in shares) | 21,844 | ||||||||
Equity instruments vested, percent | 96.92% | ||||||||
Equity instruments, share options vested (in shares) | 84,960 | ||||||||
Equity instruments, share options cancelled (in shares) | 2,704 | ||||||||
Number of other equity instruments outstanding in share-based payment arrangement at end of period | 231,254 | 231,254 | 240,765 | 240,765 | 231,254 | ||||
Number of other equity instruments vested and convertible in share-based payment arrangement (in shares) | 23,400 | 23,400 | 6,346 | 6,346 | 23,400 | ||||
Performance share units [member] | Top of range [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Performance share unit payout, percentage | 150% | ||||||||
Performance share unit payout, units (in shares) | 93,075 | ||||||||
Performance share units [member] | Top of range [member] | Share unit plan [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Performance share unit payout, percentage | 150% | ||||||||
Performance share unit payout, units (in shares) | 32,766 | ||||||||
Performance share units [member] | Bottom of range [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Performance share unit payout, percentage | 50% | ||||||||
Performance share unit payout, units (in shares) | 31,025 | ||||||||
Performance share units [member] | Bottom of range [member] | Share unit plan [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Performance share unit payout, percentage | 50% | ||||||||
Performance share unit payout, units (in shares) | 10,922 |
Note 13 - Share Capital - Weigh
Note 13 - Share Capital - Weighted Average Number of Shares Outstanding (Details) - shares | 12 Months Ended | ||
Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | |||
Basic weighted average number of shares outstanding (in shares) | 98,420,906 | 95,181,258 | |
Effect of dilutive common share equivalents (1) (in shares) | [1] | 136,709 | 278,257 |
Diluted weighted average number of shares outstanding (in shares) | 98,557,615 | 95,459,515 | |
Antidilutive securities (1) (in shares) | [1] | 1,339,621 | 1,758,913 |
[1]For the year ended December 31, 2022, stock options totaling 627,008 ( December 31, 2021: 813,887), restricted and performance share units totaling 292,498 ( December 31, 2021: 247,752), and deferred share units totaling 420,115 ( December 31, 2021: 383,078) were excluded from the computation of diluted income per share due to vesting criteria not being met during the year. |
Note - 13 - Share Capital - Opt
Note - 13 - Share Capital - Option Activity (Details) | 12 Months Ended | |
Dec. 31, 2022 CAD ($) $ / shares | Dec. 31, 2021 CAD ($) $ / shares | |
Statement Line Items [Line Items] | ||
Outstanding options, beginning of year | 988,727 | 1,018,067 |
Outstanding weighted average exercise price, beginning of year (in CAD per share) | $ 16.77 | $ 16.07 |
Number of share options granted in share-based payment arrangement | 230,089 | 100,000 |
Granted, weighted average exercise price (in CAD per share) | $ 18.86 | $ 22.40 |
Exercised for cash, options | (100,678) | (75,066) |
Exercised for cash, weighted average exercise price | $ | $ 13.79 | $ 16.48 |
Exercised cashless, options | (105,344) | (54,274) |
Exercised cashless, weighted average exercise price | $ | $ 16.52 | $ 14.44 |
Outstanding options, end of year | 1,012,794 | 988,727 |
Outstanding weighted average exercise price, end of year (in CAD per share) | $ 17.56 | $ 16.77 |
Note - 13 - Share Capital - Ass
Note - 13 - Share Capital - Assumptions for the Fair Value Options (Details) | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Risk-free interest rate | 2.58% | 0.53% |
Expected volatility | 61% | 58% |
Expected dividend yield | 0% | 0% |
Expected life (years) | 3 | 3 |
Note 13 - Share Capital - Stock
Note 13 - Share Capital - Stock Options Outstanding and Exercisable (Details) | 12 Months Ended | ||
Dec. 31, 2022 $ / shares | Dec. 31, 2021 | Dec. 31, 2020 | |
Statement Line Items [Line Items] | |||
Number outstanding | 1,012,794 | 988,727 | 1,018,067 |
Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 1,012,794 | ||
Number exercisable | 552,553 | ||
Weighted average remaining contractual life (Year) | 2 years 8 months 26 days | ||
Top of range [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in dollars per share) | $ 23.53 | ||
Range one [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 1,565 | ||
Number exercisable | 1,565 | ||
Weighted average remaining contractual life (Year) | 1 year 10 months 6 days | ||
Range one [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 1,706 | ||
Number exercisable | 1,706 | ||
Weighted average remaining contractual life (Year) | 1 year 6 months 18 days | ||
Range two [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 219,213 | ||
Number exercisable | 219,213 | ||
Weighted average remaining contractual life (Year) | 1 year 3 months 10 days | ||
Range two [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 9,986 | ||
Number exercisable | 9,986 | ||
Weighted average remaining contractual life (Year) | 1 year 7 months 13 days | ||
Range two [member] | Top of range [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in dollars per share) | $ 21.93 | ||
Range three [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 261,774 | ||
Number exercisable | 165,008 | ||
Weighted average remaining contractual life (Year) | 2 years 1 month 28 days | ||
Range three [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 4,264 | ||
Number exercisable | 4,264 | ||
Weighted average remaining contractual life (Year) | 1 year 18 days | ||
Range four [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 100,000 | ||
Number exercisable | 0 | ||
Weighted average remaining contractual life (Year) | 4 years 4 months 17 days | ||
Range four [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 11,090 | ||
Number exercisable | 11,090 | ||
Weighted average remaining contractual life (Year) | 11 months 19 days | ||
Range four [member] | Top of range [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in dollars per share) | $ 26.47 | ||
Range five [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 120,898 | ||
Number exercisable | 0 | ||
Weighted average remaining contractual life (Year) | 4 years 3 months 7 days | ||
Range five [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 14,070 | ||
Number exercisable | 14,070 | ||
Weighted average remaining contractual life (Year) | 6 months 21 days | ||
Range five [member] | Top of range [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in dollars per share) | $ 39.91 | ||
Range six [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 50,000 | ||
Number exercisable | 16,666 | ||
Weighted average remaining contractual life (Year) | 3 years 11 months 1 day | ||
Range six [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 41,116 | ||
Number exercisable | 41,116 | ||
Weighted average remaining contractual life (Year) | 1 year 7 days | ||
Range six [member] | Top of range [member] | Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Exercise price (in dollars per share) | $ 39.91 | ||
Range seven [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 9,191 | ||
Number exercisable | 0 | ||
Weighted average remaining contractual life (Year) | 4 years 3 months 7 days | ||
Range eight [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 200,153 | ||
Number exercisable | 133,434 | ||
Weighted average remaining contractual life (Year) | 2 years 11 months 8 days | ||
Range nine [member] | Stock options, excluding the Gatling replacement options [member] | |||
Statement Line Items [Line Items] | |||
Number outstanding | 50,000 | ||
Number exercisable | 16,667 | ||
Weighted average remaining contractual life (Year) | 3 years 18 days |
Note 13 - Share Capital - Repla
Note 13 - Share Capital - Replacement Warrants (Details) | 12 Months Ended |
Dec. 31, 2022 $ / shares shares | |
Statement Line Items [Line Items] | |
Number outstanding, warrants (in shares) | 19,090 |
Number exercisable, warrants (in shares) | 19,090 |
Weighted average remaining contractual life, warrants (Year) | 6 months 7 days |
Top of range [member] | |
Statement Line Items [Line Items] | |
Exercise price, warrants (in dollars per share) | $ / shares | $ 35.29 |
Range one [member] | |
Statement Line Items [Line Items] | |
Number outstanding, warrants (in shares) | 10,893 |
Number exercisable, warrants (in shares) | 10,893 |
Weighted average remaining contractual life, warrants (Year) | 6 months 7 days |
Range two [member] | |
Statement Line Items [Line Items] | |
Number outstanding, warrants (in shares) | 1,599 |
Number exercisable, warrants (in shares) | 1,599 |
Weighted average remaining contractual life, warrants (Year) | 6 months 7 days |
Range three [member] | |
Statement Line Items [Line Items] | |
Number outstanding, warrants (in shares) | 6,177 |
Number exercisable, warrants (in shares) | 6,177 |
Weighted average remaining contractual life, warrants (Year) | 6 months 7 days |
Range four [member] | |
Statement Line Items [Line Items] | |
Number outstanding, warrants (in shares) | 319 |
Number exercisable, warrants (in shares) | 319 |
Weighted average remaining contractual life, warrants (Year) | 6 months 7 days |
Range five [member] | |
Statement Line Items [Line Items] | |
Number outstanding, warrants (in shares) | 102 |
Number exercisable, warrants (in shares) | 102 |
Weighted average remaining contractual life, warrants (Year) | 6 months 7 days |
Note 14 - Capital Risk Manage_3
Note 14 - Capital Risk Management (Details Textual) $ in Thousands | 12 Months Ended |
Dec. 31, 2022 USD ($) | |
Statement Line Items [Line Items] | |
Dividends paid, ordinary shares | $ 0 |
Working capital | 29,233 |
Total non-current portion of non-current borrowings | 0 |
Gross loan commitments | $ 40,000 |
Note 14 - Capital Risk Manage_4
Note 14 - Capital Risk Management - Capital Component (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Statement Line Items [Line Items] | |||
Equity | $ 401,696 | $ 367,521 | $ 316,668 |
Lease obligation (Note 12) | 261 | 385 | |
Cash | (29,955) | (56,748) | |
Investments (Note 9) | $ (11) | $ (1,179) |
Note 15 - Financial Risk Mana_3
Note 15 - Financial Risk Management (Details Textual) $ in Thousands, $ in Millions, $ in Millions | 12 Months Ended | ||||||||
Dec. 31, 2022 USD ($) | Dec. 31, 2021 USD ($) | Dec. 31, 2022 CAD ($) | Dec. 31, 2022 MXN ($) | Dec. 31, 2021 CAD ($) | Dec. 31, 2021 MXN ($) | Dec. 27, 2021 | Dec. 31, 2008 | ||
Statement Line Items [Line Items] | |||||||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | [1] | $ 40,767 | $ 15,686 | ||||||
MEXICO | |||||||||
Statement Line Items [Line Items] | |||||||||
Value added tax payables | 507 | ||||||||
Value added tax receivables | $ 75 | ||||||||
Net assets liabilities denominated in foreign currencies | $ 8.9 | $ 3.4 | |||||||
Percentage change in foreign exchange rates | 10% | 10% | 10% | ||||||
Country of domicile [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Net assets liabilities denominated in foreign currencies | $ 1.1 | $ 5.1 | |||||||
Minera Juanicipio, S.A. de C.V. [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Equity method investment, ownership percentage | 44% | 44% | 44% | 44% | 44% | ||||
Juanicipio Entities [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Equity method investment, ownership percentage | 44% | 44% | 44% | ||||||
Juanicipio Entities [member] | MEXICO | |||||||||
Statement Line Items [Line Items] | |||||||||
Equity method investment, summarized financial information, assets, current | $ 13,853 | ||||||||
MAG Silver Corporation [member] | MEXICO | |||||||||
Statement Line Items [Line Items] | |||||||||
Equity method investment, summarized financial information, assets, current | $ 6,095 | ||||||||
Minera Juanicipio [member] | |||||||||
Statement Line Items [Line Items] | |||||||||
Equity method investment, ownership percentage | 44% | 44% | 44% | ||||||
Net assets liabilities denominated in foreign currencies | $ 744 | $ 33.1 | |||||||
Percentage change in foreign exchange rates | 10% | 10% | 10% | ||||||
Impact on earnings excluding currency exposure related taxes | $ (4,269) | 178 | |||||||
Share of profit (loss) from continuing operations of associates and joint ventures accounted for using equity method | $ (1,878) | $ 78 | |||||||
[1]Represents the Company’s 44% share of Juanicipio's net income for the period, as determined by the Company. |
Note 15 - Financial Risk Mana_4
Note 15 - 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, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | |||
Cash | $ 29,955 | $ 56,748 | |
Accounts receivable (Note 8) | 708 | 2,097 | |
Loan to the Juanicipio Entities (Notes 10 & 18) (1) | [1] | 104,653 | 106,036 |
Maximum exposure of cash, term deposits, and accounts receivable to credit risk | $ 135,316 | $ 164,881 | |
[1]The expected credit losses take into account future information of the credit worthiness of the Juanicipio Entities and are not considered significant. |
Note 15 - Financial Risk Mana_5
Note 15 - Financial Risk Management - Currency Risk (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
MEXICO | ||
Statement Line Items [Line Items] | ||
Cash | $ 8 | |
Accounts receivable | 70 | |
Investments | 0 | |
Accounts payable | (543) | |
Lease obligations | 0 | |
Net liabilities exposure | $ (465) | |
Country of domicile [member] | ||
Statement Line Items [Line Items] | ||
Cash | $ 635 | |
Accounts receivable | 294 | |
Investments | 11 | |
Accounts payable | (1,431) | |
Lease obligations | (262) | |
Net liabilities exposure | $ (752) |
Note 16 - Financial Instrumen_3
Note 16 - Financial Instruments and Fair Value Disclosures - Financial Assets or Liabilities Measured at Fair Value (Details) - Investments [member] - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | |||
Financial assets | [1] | $ 11 | $ 1,179 |
Level 1 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | 11 | 1,179 |
Level 2 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | 0 | 0 |
Level 3 of fair value hierarchy [member] | |||
Statement Line Items [Line Items] | |||
Financial assets | [1] | $ 0 | $ 0 |
[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. |
Note 17 - Segmented Informati_2
Note 17 - Segmented Information (Details Textual) | 12 Months Ended |
Dec. 31, 2022 | |
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% |
Note 18 - Related Party Trans_3
Note 18 - Related Party Transactions (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |||
Feb. 26, 2004 | Dec. 31, 2022 | Dec. 31, 2021 | ||
Statement Line Items [Line Items] | ||||
Amount charged for contributions to a joint venture | [1] | $ 8,140 | $ 73,524 | |
Minera Juanicipio, S.A. de C.V. [member] | ||||
Statement Line Items [Line Items] | ||||
Amount charged for contributions to a joint venture | 104,653 | |||
Interest earned from advance to joint venture | $ 2,992 | |||
Minera Juanicipio, S.A. de C.V. [member] | Libor rate [member] | ||||
Statement Line Items [Line Items] | ||||
Borrowings, adjustment to interest rate basis | 2% | |||
Juanicipio Joint Venture [member] | ||||
Statement Line Items [Line Items] | ||||
Equity method investment, ownership percentage | 44% | |||
Fresnillo PLC [member] | Minera Juanicipio, S.A. de C.V. [member] | ||||
Statement Line Items [Line Items] | ||||
Amount charged for contributions to a joint venture | $ 237,857 | |||
Cinco de Mayo property [member] | ||||
Statement Line Items [Line Items] | ||||
Net Smelter Returns Royalty Percentage | 2.50% | |||
Cascabel and IMDEX [member] | ||||
Statement Line Items [Line Items] | ||||
Amounts payable, related party transactions | $ 104 | $ 22 | ||
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% | |||
Former executive [member] | ||||
Statement Line Items [Line Items] | ||||
Severance payments | $ 382 | |||
[1]A portion of the Investment in Juanicipio is in the form of interest bearing shareholder loans. The majority of the interest accrued within Juanicipio was capitalized to ‘Mineral interests, plant and equipment’ and as a result capitalized interest recorded by the Company on the loan totaling $2,992 for the year ended December 31, 2022 ( December 31, 2021: $1,316) was credited to the Investment in Juanicipio account as an eliminating related party entry (Note 18). Offsetting this amount in the year ended December 31, 2022, was interest receivable of $419 ( December 31, 2021: nil) which was converted into additional shareholder loans and $179 ( December 31, 2021: nil) which was converted into additional shareholder capital. In addition, during the year ended December 31, 2022, $3,564 of interest payments were received from Juanicipio ( December 31, 2021: [nil]). |
Note 18 - Related Party Trans_4
Note 18 - Related Party Transactions - Incurred Expenses With Cascabel and IMDEX (Details) - Cascabel and IMDEX [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Exploration and marketing services | $ 372 | $ 436 |
Travel and expenses | 30 | 29 |
Administration for Mexican subsidiaries | 54 | 54 |
Field exploration services | 165 | 167 |
Share-based payments (Note 13) | 456 | 477 |
Expenses incurred for related parties | $ 1,077 | $ 1,163 |
Note 18 - Related Party Trans_5
Note 18 - Related Party Transactions - Subsidiary Ownership (Details) - Minera Los Lagartos, S.A. de C.V. [member] - MEXICO | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
MAG's effective interest | 100% | 100% |
Juanicipio Entities [member] | ||
Statement Line Items [Line Items] | ||
Equity method investment, ownership percentage | 44% |
Note 18 - Related Party Trans_6
Note 18 - Related Party Transactions - Compensation of Key Management Personnel (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Salaries and other short term employee benefits(1) | $ 2,457 | $ 1,941 |
Share-based payments (Note 13) | 1,774 | 2,219 |
Key management personnel compensation | $ 4,231 | $ 4,160 |
Note 19 - Commitments and Con_3
Note 19 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Disclosure of capital commitments in relation to investment in associates | $ 16,234 | $ 36,682 |
Disclosure of project and sustaining capital commitments in relation to investment in associates | $ 31,575 | $ 43,584 |
Larder Project [Member] | Bottom of range [member] | ||
Statement Line Items [Line Items] | ||
Net Smelter Returns Royalty Percentage | 0% | |
Larder Project [Member] | Top of range [member] | ||
Statement Line Items [Line Items] | ||
Net Smelter Returns Royalty Percentage | 2% | |
Cinco de Mayo property [member] | ||
Statement Line Items [Line Items] | ||
Net Smelter Returns Royalty Percentage | 2.50% | |
Contractual commitments for equipment and development contracts [member] | ||
Statement Line Items [Line Items] | ||
Disclosure of capital commitments in relation to investment in associates, committed percentage | 100% |
Note 19 - Commitments and Con_4
Note 19 - Commitments and Contingencies - Contractual Obligations and Commitments (Details) $ in Thousands | Dec. 31, 2022 USD ($) | |
Statement Line Items [Line Items] | ||
Total Obligations and Commitments | $ 710 | |
Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Total Obligations and Commitments | 297 | |
Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Total Obligations and Commitments | 338 | |
Later than three years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Total Obligations and Commitments | 75 | |
Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Total Obligations and Commitments | 0 | |
Committed exploration expenditures [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [1] |
Committed exploration expenditures [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [1] |
Committed exploration expenditures [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [1] |
Committed exploration expenditures [member] | Later than three years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [1] |
Committed exploration expenditures [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [1] |
Minera Juanicipio [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [2],[3] |
Minera Juanicipio [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [2],[3] |
Minera Juanicipio [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [2],[3] |
Minera Juanicipio [member] | Later than three years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [2],[3] |
Minera Juanicipio [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual capital commitments | 0 | [2],[3] |
Consulting contract [member] | ||
Statement Line Items [Line Items] | ||
Contractual commitments | 710 | |
Consulting contract [member] | Not later than one year [member] | ||
Statement Line Items [Line Items] | ||
Contractual commitments | 297 | |
Consulting contract [member] | Later than one year and not later than three years [member] | ||
Statement Line Items [Line Items] | ||
Contractual commitments | 338 | |
Consulting contract [member] | Later than three years and not later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual commitments | 75 | |
Consulting contract [member] | Later than five years [member] | ||
Statement Line Items [Line Items] | ||
Contractual commitments | $ 0 | |
[1]The Company also has discretionary commitments for property option payments and exploration expenditures as outlined above in Note 11 Exploration and Evaluation Assets. There is no obligation to make any of those payments or to conduct any work on its optioned properties. As the Company advances them, it evaluates exploration results and determines at its own discretion which option payments to make and which additional exploration work to undertake in order to comply with the funding requirements.[2]According to the operator, Fresnillo, contractual commitments including project development and for continuing operations total $16,234 ( December 31, 2021: $36,682) and purchase orders issued for project capital and sustaining capital total $31,575 ( December 31, 2021: $43,584), with respect to the Juanicipio Project on a 100% basis as at December 31, 2022.[3]Although the Company makes cash advances to Juanicipio as cash called by the operator Fresnillo (based on approved budgets), they are not contractual obligations. The Company intends, however, to continue to fund its share of cash calls and avoid dilution of its ownership interest in Juanicipio. |
Note 20 - Income Taxes (Details
Note 20 - Income Taxes (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax asset is recognised | $ 138,651 | $ 106,671 |
Country of domicile [member] | ||
Statement Line Items [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | 3,807 | 2,407 |
Cash and cash equivalents held by subsidiaries | 2,557 | 58 |
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 | 58,360 | 49,322 |
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 | 0 | 0 |
MEXICO | ||
Statement Line Items [Line Items] | ||
Unused tax losses for which no deferred tax asset recognised | $ 70,393 | $ 59,552 |
Note 20 - Income Taxes - Income
Note 20 - Income Taxes - Income Taxes Recognized in Profit or Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Deferred tax (expense) benefit | $ (371) | $ 1,567 |
Total income tax (expense) benefit | $ (371) | $ 1,567 |
Note 20 - Income Taxes - Provis
Note 20 - Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
Income for the year before income taxes | $ 18,015 | $ 4,458 |
Statutory tax rate | 27% | 27% |
Income tax expense computed at statutory rates | $ (4,864) | $ (1,204) |
Share based payments | (878) | (1,149) |
Mexican inflationary adjustments | 2,429 | 800 |
Differing effective tax rate on loss in foreign jurisdiction | (1,156) | (430) |
Equity accounted earnings from Investment in Juanicipio | 13,060 | 4,944 |
Withholding tax on planned foreign earnings repatriation | (2,921) | (793) |
Unrecognized deferred tax (liabilities) assets | (7,239) | 941 |
Impact of foreign exchange and other | 1,198 | (1,542) |
Total income tax (expense) benefit | $ (371) | $ 1,567 |
Note 20 - Income Taxes - Deferr
Note 20 - Income Taxes - Deferred Tax Liability (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Exploration and evaluation assets | $ 0 | $ 806 |
Non-capital losses | 3,993 | 4,618 |
Deferred tax assets | 3,993 | 5,424 |
Property and equipment | (826) | (519) |
Investment in Juanicipio | (5,880) | (7,304) |
Investments | (208) | (158) |
Deferred tax liabilities, unrealized foreign exchange | (6,914) | (7,981) |
Net deferred income tax liability | $ (2,921) | $ (2,557) |
Note 20 - Income Taxes - Moveme
Note 20 - Income Taxes - Movement of Net Deferred Tax Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2022 | Dec. 31, 2021 | |
Statement Line Items [Line Items] | ||
At January 1 | $ (2,557) | $ (4,721) |
Deferred income tax (expense) benefit through income statement | (371) | 1,567 |
Deferred income tax benefit through OCI | 7 | 597 |
At December 31 | $ (2,921) | $ (2,557) |
Note 20 - Income Taxes - Deduct
Note 20 - Income Taxes - Deductible Temporary Differences (Details) - USD ($) $ in Thousands | Dec. 31, 2022 | Dec. 31, 2021 |
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | $ 138,651 | $ 106,671 |
Non-capital losses [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 118,353 | 95,341 |
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 | 15,915 | 4,796 |
Financing fees [member] | ||
Statement Line Items [Line Items] | ||
Deductible temporary differences for which no deferred tax assets have been recognized | 3,242 | 4,912 |
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 | $ 1,141 | $ 1,622 |
Note 21 - Subsequent Events (De
Note 21 - Subsequent Events (Details Textual) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands | 12 Months Ended | ||||
Feb. 16, 2023 USD ($) $ / shares shares | Feb. 16, 2023 CAD ($) | Feb. 07, 2023 USD ($) $ / shares shares | Dec. 31, 2021 USD ($) $ / shares shares | Feb. 16, 2023 $ / shares shares | |
Statement Line Items [Line Items] | |||||
Total number of shares issued (in shares) | 2,691,000 | ||||
Shares Issued, Price Per Share (in dollars per share) | $ / shares | $ 17.15 | ||||
Proceeds from issue of ordinary shares | $ | $ 46,151 | ||||
Major ordinary share transactions [member] | |||||
Statement Line Items [Line Items] | |||||
Proceeds from issue of flow through shares | $ 17,133 | $ 23,024 | $ 42,558 | ||
Total number of shares issued (in shares) | 969,450 | 2,905,000 | 969,450 | ||
Shares Issued, Price Per Share (in dollars per share) | (per share) | $ 17.67 | $ 14.65 | $ 23.75 | ||
Proceeds from issue of ordinary shares | $ 17,133 | $ 23,024 |