Americas Gold and Silver (USAS) 20-F 30 Apr 24 2023 FY Annual report (foreign) Financial data

Cover

Cover	12 Months Ended
	Dec. 31, 2023 shares
Document Information Line Items
Entity Registrant Name	AMERICAS GOLD AND SILVER CORPORATION
Entity Central Index Key	0001286973
Document Type	20-F
Amendment Flag	false
Entity Voluntary Filers	No
Current Fiscal Year End Date	--12-31
Entity Well Known Seasoned Issuer	No
Entity Shell Company	false
Entity Emerging Growth Company	true
Entity Current Reporting Status	Yes
Document Period End Date	Dec. 31, 2023
Entity Filer Category	Accelerated Filer
Document Fiscal Period Focus	FY
Document Fiscal Year Focus	2023
Entity Ex Transition Period	false
Entity Common Stock Shares Outstanding	247,747,280
Document Annual Report	true
Document Transition Report	false
Entity File Number	001-37982
Entity Incorporation State Country Code	Z4
Entity Address Address Line 1	145 King Street West
Entity Address Address Line 2	Suite 2870
Entity Address City Or Town	Toronto
Entity Address State Or Province	ON
Entity Address Country	CA
Entity Address Postal Zip Code	M5H 1J8
Icfr Auditor Attestation Flag	false
Auditor Name	PricewaterhouseCoopers LLP
Auditor Location	Toronto, Canada
Auditor Firm Id	271
Security 12b Title	Common Shares, no par value
Trading Symbol	USAS
Security Exchange Name	NYSE
Entity Interactive Data Current	Yes
Document Shell Company Report	false
Document Registration Statement	false
Document Accounting Standard	International Financial Reporting Standards
Business Contact [Member]
Document Information Line Items
Entity Address Address Line 1	145 King Street West
Entity Address Address Line 2	Suite 2870
Entity Address City Or Town	Toronto
Entity Address State Or Province	ON
Entity Address Country	CA
City Area Code	416
Local Phone Number	848-9503
Contact Personnel Name	Darren Blasutti

Consolidated Statements of Fina

Consolidated Statements of Financial Position - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Current assets
Cash and cash equivalents	$ 2,061	$ 1,964
Trade and other receivables (Note 6)	9,486	11,552
Inventories (Note 7)	8,657	8,835
Prepaid expenses	2,832	3,030
Total current assets	23,036	25,381
Non-current assets
Restricted cash	4,351	4,139
Property, plant and equipment (Note 8)	153,101	161,299
Total assets	180,488	190,819
Current liabilities
Trade and other payables	22,960	27,060
Metals contract liability (Note 9)	12,512	11,324
Derivative instruments (Note 10)	1,230	991
Convertible debenture (Note 10)	15,384	0
Shares pending issuance from retraction (Note 10)	436	0
Pre-payment facility (Note 11)	2,250	0
Promissory notes (Note 12)	4,275	2,500
Royalty payable (Note 14)	2,160	0
Government loan (Note 13)	0	222
Total current liabilities	61,207	42,097
Non-current liabilities
Other long-term liabilities	1,610	1,815
Metals contract liability (Note 9)	24,325	19,665
Convertible debenture (Note 10)	0	9,621
Royalty payable (Note 14)	1,787	0
Post-employment benefit obligations (Note 15)	6,537	6,969
Decommissioning provision (Note 16)	12,193	11,715
Deferred tax liabilities (Note 23)	629	348
Total liabilities	108,288	92,230
Equity
Share capital (Note 17)	455,548	449,374
Equity reserve	52,936	50,905
Foreign currency translation reserve	8,325	9,797
Deficit	(463,391)	(428,849)
Attributable to shareholders of the Company	53,418	81,227
Non-controlling interests (Note 19)	18,782	17,362
Total equity	72,200	98,589
Total liabilities and equity	$ 180,488	$ 190,819

Consolidated Statements of Loss

Consolidated Statements of Loss and Comprehensive Loss - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Consolidated Statements of Loss and Comprehensive Loss
Revenue (Note 20)	$ 89,562	$ 85,016	$ 45,051
Cost of sales (Note 21)	(75,060)	(72,092)	(84,794)
Depletion and amortization (Note 8)	(20,849)	(21,340)	(15,795)
Care and maintenance costs	(3,842)	(4,500)	(12,733)
Corporate general and administrative (Note 22)	(8,606)	(9,380)	(10,267)
Exploration costs	(3,432)	(3,784)	(3,875)
Accretion on decommissioning provision	(587)	(427)	(203)
Interest and financing expense	(8,189)	(1,798)	(4,870)
Foreign exchange gain (loss)	404	(3,558)	391
Gain on disposal of assets	402	0	0
Impairment to property, plant and equipment (Note 8)	(6,000)	(13,440)	(55,979)
Loss on metals contract liability (Note 9)	(3,396)	(657)	(20,780)
Other gain on derivatives (Note 10 and 25)	120	214	1,668
Fair value loss on royalty payable (Note 14)	(760)	0	0
Gain on government loan forgiveness (Note 13)	0	4,277	0
Loss before income taxes	(40,233)	(41,469)	(162,186)
Income tax recovery (expense) (Note 23)	2,060	(3,718)	1,610
Net loss	(38,173)	(45,187)	(160,576)
Attributable to:
Shareholders of the Company	(34,958)	(43,104)	(157,674)
Non-controlling interests (Note 19)	(3,215)	(2,083)	(2,902)
Net loss	(38,173)	(45,187)	(160,576)
Other comprehensive income (loss)
Remeasurement of post-employment benefit obligations	878	4,650	2,465
Deferred income taxes	(184)	(977)	(1,708)
Items that may be reclassified subsequently to net loss
Foreign currency translation reserve	(1,472)	2,964	(9)
Other comprehensive income (loss)	(778)	6,637	748
Comprehensive loss	(38,951)	(38,550)	(159,828)
Attributable to:
Shareholders of the Company	(36,014)	(37,936)	(157,705)
Non-controlling interests (Note 19)	(2,937)	(614)	(2,123)
Comprehensive loss	$ (38,951)	$ (38,550)	$ (159,828)
Loss per share attributable to shareholders of the Company
Basic and diluted	$ (0.16)	$ (0.23)	$ (1.11)
Weighted average number of common shares outstanding
Basic and diluted (Note 18)	212,701,865	184,416,034	141,887,984

Consolidated statements of chan

Consolidated statements of changes in equity - USD ($) $ in Thousands	Total	Share Capital Common [Member]	Equity Reserve	Foreign Currency Translation Reserve	Deficit	Attributable To Shareholders Of The Company	Non Controlling Interests
Balance, shares at Dec. 31, 2020		117,975
Balance, amount at Dec. 31, 2020	$ 181,162	$ 350,707	$ 42,378	$ 6,842	$ (230,253)	$ 169,674	$ 11,488
Statement [Line Items]
Net loss for the year	(160,576)	0	0		(157,674)	(157,674)	(2,902)
Other comprehensive income (loss) for the year	748	0	0	(9)	(22)	(31)	779
Contribution from non-controlling interests (Note 19)	1,400	$ 0	0		0	0	1,400
At-the-market offering (Note 17) shares		27,323
At-the-market offering (Note 17) amount	30,224	$ 30,224	0	0		30,224	0
January bought deal public offering (Note 17) shares		10,253
January bought deal public offering (Note 17) amount	24,987	$ 24,987	0	0	0	24,987	0
Sandstorm private placement (Note 17) shares		3,547
Sandstorm private placement (Note 17) amount	2,478	$ 2,399	79	0	0	2,478	0
Conversion of Sandstorm convertible debenture shares		4,673
Conversion of Sandstorm convertible debenture amount	12,844	$ 12,844	0	0	0	12,844	0
Conversion option of convertible debenture (Note 10)	2,366	$ 0	2,366	0	0	2,366	0
Retraction of convertible debenture (Note 10) shares		799
Retraction of convertible debenture (Note 10) amount	631	$ 764	(133)	0	0	631	0
Amendment of convertible debenture (Note 10) shares		182
Amendment of convertible debenture (Note 10) amount	2,315	$ 198	2,117	0	0	2,315	0
Common shares issued shares		303
Common shares issued amount	735	$ 735	0	0	0	735	0
Share-based payments	4,349	$ 0	4,349	0	0	4,349	0
Exercise of options shares		90
Exercise of options amount	172	$ 240	(68)	0	0	172	0
Balance, amount at Dec. 31, 2021	103,835	$ 423,098	51,088	6,833	(387,949)	93,070	10,765
Balance, shares at Dec. 31, 2021		165,145
Statement [Line Items]
Net loss for the year	(45,187)	$ 0	0	0	(43,104)	(43,104)	(2,083)
Other comprehensive income (loss) for the year	6,637	0	0	2,964	2,204	5,168	1,469
Contribution from non-controlling interests (Note 19)	7,211	$ 0	0	0	0	0	7,211
At-the-market offering (Note 17) shares		12,213
At-the-market offering (Note 17) amount	10,080	$ 10,080	0	0	0	10,080	0
Sandstorm private placement (Note 17) amount	9,816	$ 9,816	0	0	0	9,816	0
Retraction of convertible debenture (Note 10) shares		11,242
Retraction of convertible debenture (Note 10) amount	5,258	$ 6,073	(815)	0	0	5,258	0
Amendment of convertible debenture (Note 10) shares		656
Amendment of convertible debenture (Note 10) amount	(1,807)	$ 307	(2,114)	0	0	(1,807)	0
Share-based payments	2,746	$ 0	2,746	0	0	2,746	0
Sandstorm private placements (Note 17) shares		15,200
Balance, amount at Dec. 31, 2022	98,589	$ 449,374	50,905	9,797	(428,849)	81,227	17,362
Balance, shares at Dec. 31, 2022		204,456
Statement [Line Items]
Net loss for the year	(38,173)	$ 0	0	0	(34,958)	(34,958)	(3,215)
Other comprehensive income (loss) for the year	(778)	0	0	(1,472)	416	(1,056)	278
Contribution from non-controlling interests (Note 19)	4,357	$ 0	0	0	0	0	4,357
At-the-market offering (Note 17) shares		4,548
At-the-market offering (Note 17) amount	2,310	$ 2,310	0	0	0	2,310	0
Retraction of convertible debenture (Note 10) shares		6,773
Retraction of convertible debenture (Note 10) amount	2,498	$ 2,746	(248)	0	0	2,498	0
Amendment of convertible debenture (Note 10) amount	(272)	$ 0	(272)	0	0	(272)	0
Common shares issued shares		679
Common shares issued amount	350	$ 350	0	0	0	350	0
Share-based payments	2,029	$ 0	2,029	0	0	2,029	0
Private placements (Note 17) shares		2,234
Private placements (Note 17) amount	768	$ 768	0	0	0	768	0
Warrants issued	522	0	522	0	0	522	0
Balance, amount at Dec. 31, 2023	$ 72,200	$ 455,548	$ 52,936	$ 8,325	$ (463,391)	$ 53,418	$ 18,782
Balance, shares at Dec. 31, 2023		218,690

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Operating activities
Net loss for the year	$ (38,173)	$ (45,187)	$ (160,576)
Adjustments for the following items:
Depletion and amortization	20,849	21,340	15,795
Income tax expense (recovery)	(2,060)	3,718	(1,610)
Accretion and decommissioning costs	587	427	203
Share-based payments	2,029	2,746	4,349
Non-cash expenses from common shares and warrants issued	872	0	0
Provision on other long-term liabilities	94	0	7
Deferred costs on convertible debenture	0	0	47
Deferred revenue	0	0	(4,027)
Interest and financing expense (income)	3,773	(1,023)	3,058
Net charges on post-employment benefit obligations	446	753	(67)
Inventory write-downs	1,725	8,459	40,711
Impairment to property, plant and equipment	6,000	13,440	55,979
Gain on disposal of assets	(402)	0	0
Loss on metals contract liability	3,396	657	20,780
Other gain on derivatives	(120)	(214)	(1,564)
Fair value loss on royalty payable	760	0	0
Gain on government loan forgiveness	0	(4,277)	0
Changes in non-cash working capital items:
Trade and other receivables	2,066	(3,344)	(3,106)
Inventories	(3,267)	(2,663)	(19,946)
Prepaid expenses	198	(604)	(226)
Trade and other payables	214	4,593	(752)
Net cash used in operating activities	(1,013)	(1,179)	(50,945)
Investing activities
Expenditures on property, plant and equipment	(19,941)	(19,602)	(12,646)
Proceeds from disposal of assets	1,808	0	0
Development costs on Relief Canyon Mine	0	0	(1,432)
Net cash used in investing activities	(18,133)	(19,602)	(14,078)
Financing activities
Pre-payment facilities	2,250	(1,451)	(1,411)
Lease payments	(2,681)	(3,392)	(3,227)
Promissory notes, net	1,775	(2,500)	0
At-the-market offerings	2,310	10,080	30,224
January bought deal public offering	0	0	24,987
Private placements	768	9,816	2,478
Financing from convertible debenture	7,479	5,109	14,911
Metals contract liability, net	1,101	(7,436)	0
Royalty agreement, net	3,187	0	0
Government loan	(222)	0	0
Loan payable	0	0	(6,116)
Proceeds from exercise of options	0	0	172
Contribution from non-controlling interests	4,357	7,211	1,400
Net cash generated from financing activities	20,324	17,437	63,418
Effect of foreign exchange rate changes on cash	(1,081)	2,408	(200)
Increase (decrease) in cash and cash equivalents	97	(936)	(1,805)
Cash and cash equivalents, beginning of year	1,964	2,900	4,705
Cash and cash equivalents, end of year	2,061	1,964	2,900
Cash and cash equivalents consist of:
Cash	2,061	1,964	2,900
Interest paid during the year	$ 2,291	$ 2,629	$ 1,778

Corporate Information

Corporate Information	12 Months Ended
	Dec. 31, 2023
Corporate Information
Corporate information	1. Corporate information Americas Gold and Silver Corporation (the “Company”) was incorporated under the Canada Business Corporations Act on May 12, 1998 and conducts mining exploration, development and production in the Americas. The address of the Company’s registered office is 145 King Street West, Suite 2870, Toronto, Ontario, Canada, M5H 1J8. The Company’s common shares are listed on the Toronto Stock Exchange under the symbol “USA” and on the New York Stock Exchange American under the symbol “USAS”. The consolidated financial statements of the Company for the year ended December 31, 2023 were approved and authorized for issue by the Board of Directors of the Company on April 30, 2024.

Basis of presentation and going

Basis of presentation and going concern	12 Months Ended
	Dec. 31, 2023
Basis of presentation and going concern
Basis of presentation and going concern	2. Basis of presentation and going concern The Company prepares its consolidated financial statements on a going concern basis in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) (the “IFRS Accounting Standards”) and IFRS Interpretations Committee (“IFRIC”) which the Canadian Accounting Standards Board has approved for incorporation into Part I of the Chartered Professional Accountants Canada Handbook. These consolidated financial statements have been prepared under the historical cost method, except for certain financial instruments measured at fair value. In preparing these financial statements, management has considered all available information about the future, which is at least, but not limited to, twelve months from year-end. Significant accounting judgments and estimates used by management in the preparation of these consolidated financial statements are presented in Note 4. These consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which assume that the Company will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due for the foreseeable future. The Company had a working capital deficit of $38.2 million, including cash and cash equivalents of $2.1 million as at December 31, 2023. During the year ended December 31, 2023, the Company reported a net loss of $38.2 million, including impairment to property, plant and equipment of $6.0 million, increase in cost of sales of $3.0 million compared to the year ended December 31, 2022, plus interest and financing expense of $8.2 million and a loss on metals contract liability of $3.4 million. At December 31, 2023, the Company does not have sufficient liquidity on hand to fund its operations for the next twelve months and will require further financing to meet its financial obligations and execute on its business plans at its mining operations. Cash flow during the year was impacted by various maintenance shutdowns of the Cosalá Operations and Galena Complex for total of approximately 30 days and 5 days, respectively, capital costs for the Galena hoist project, and lower U.S. dollar to Mexican peso exchange rate, in addition to fluctuations in commodity prices compared to the prior year ended December 31, 2022 and inflationary pressures on certain operating and capital costs. Continuance as a going concern is dependent upon the Company’s ability to achieve profitable operations, obtain adequate equity or debt financing, or, alternatively, dispose of its non-core properties on an advantageous basis, among other things. Since 2020 to 2023, the Company was successful in raising funds through equity offerings, debt arrangements, convertible debentures, royalty sales, and registered shelf prospectuses. While it has been successful in the past in obtaining financing for its operations, there is no assurance that it will be able to obtain adequate financing in the future. The ability to raise additional financing, to achieve cash flow positive production at the Cosalá Operations and Galena Complex, allowing the Company to generate sufficient operating cash flows, are significant judgments in these consolidated financial statements. As a result, several material uncertainties cast substantial doubt upon the going concern assumption, including cash flow positive production at the Cosalá Operations and Galena Complex, and ability to raise additional funds as necessary to fund these operations and meet obligations as they come due. These consolidated financial statements do not reflect any adjustments to carrying values of assets and liabilities and the reported expenses and consolidated statement of financial position classification that would be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

Summary of material accounting

Summary of material accounting policies	12 Months Ended
	Dec. 31, 2023
Summary of material accounting policies
Summary of significant accounting policies	3. Summary of material accounting policies The material accounting policies used in the preparation of these consolidated financial statements are as follows: a. Consolidation These consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries, including special purpose entities). Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes non-controlling interests. All intercompany transactions and balances, income and expenses have been eliminated. The Company applies the acquisition method to account for business combinations. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Company elects on an acquisition-by-acquisition basis whether to measure non-controlling interest at its fair value, or at its proportionate share of the recognized amount of identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is negative, a bargain purchase gain is recognized immediately in profit or loss. b. Segment reporting An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. Determination of operating segments are based on the reports reviewed by the chief operating decision makers that are used to make strategic decisions about resources to be allocated to the segment and performance assessment, and for which discrete financial information is available. Unallocated items not directly attributable to a segment comprise mainly of corporate assets and head office expenses. c. Presentation currency and functional currency The Company’s presentation currency is the U.S. dollar (“USD”). The functional currency of the Company’s Canadian subsidiaries is the Canadian dollar (“CAD”), and the functional currency of its U.S. and Mexican subsidiaries is the USD. The consolidated financial statements of the Company are translated into the presentation currency. Assets and liabilities have been translated using the exchange rate at period end, and income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions (the average rate for the period). All resulting exchange differences are recorded in the foreign currency translation reserve. d. Foreign currency translations Transactions in foreign currencies are translated into the entities’ functional currency at the exchange rate at the date of the transactions. Monetary assets and liabilities of the Company’s operations denominated in a currency other than the functional currency are translated at the rate in effect at the statement of financial position date, and non-monetary items at historic exchange rates at each transaction date. Revenue and expense items are translated at average exchange rates of the reporting period. Gains and losses on translation are charged to the statements of loss and comprehensive loss. e. Revenue recognition The Company applies the following five-step approach in recognizing revenue from contracts with customers: · Identify the enforceable contract with the customer. · Identify the separate performance obligations in the contract from transferring the distinct good or service. · Determine the transaction price for consideration of transferring the good or service. · Allocate the transaction price to the separate performance obligations identified. · Recognize revenue when each separate performance obligation is satisfied. The Company recognizes revenue through entering into concentrate sales contracts with customers with the performance obligation of delivering its concentrate production in exchange for consideration valued initially under provisional pricing arrangements. Revenue from sales is recorded at the time of delivery based on forward prices for the expected date of final settlement. The final sale prices are determined by quoted market prices in a period subsequent to the date of sale. Subsequent variations in metal prices are recognized as embedded derivative pricing adjustments at fair value from contracts with customers. The Company recognizes deferred revenue from advanced consideration received for fixed and variable precious metals deliveries over a specified period. Deferred revenue is recognized into revenue as performance obligations to metals delivery are satisfied over the term of the delivery contract. The Company recognizes revenue when control of finished gold and silver, shipped in doré form, has transferred to the customer. The sale price is fixed on the date of sale primarily based on the gold and silver spot price in the London spot market. f. Defined benefit plans The cost of defined benefit plans is determined using the projected unit credit method. The related pension liability recognized in the consolidated statement of financial position is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. Actuarial valuations for defined benefit plans are carried out annually. The discount rate applied in arriving at the present value of the pension liability represents the yield on high quality corporate bonds denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. Actuarial gains and losses arise from the difference between the actual long-term rate of return on plan assets for a period and the expected long-term rate of return on plan assets for that period, or from changes in actuarial assumptions used to determine the accrued benefit obligation. Actuarial gains and losses arising in the year are recognized in full in the period in which they occur, in other comprehensive income and retained earnings without recycling to the consolidated statement of loss and comprehensive loss in subsequent periods. Current service cost, the recognized element of any past service cost, interest expense arising on the pension liability and the expected return on plan assets are recognized in the same line items in the consolidated statement of loss and comprehensive loss as the related compensation cost. The values attributed to plan liabilities are assessed in accordance with the advice of independent qualified actuaries. Service costs arising from plan amendments are recognized immediately. g. Share-based payments The Company’s stock option plan allows its employees (including directors and officers) and non-employees to acquire shares of the Company. Accordingly, the fair value of the option is either charged to operations or capitalized to exploration or development expenditures, depending on the accounting for the optionee’s other compensation, with a corresponding increase in equity reserve. The costs of equity-settled transactions with employees are measured by reference to the fair value at the date on which they are granted using the Black-Scholes Option Pricing Model. The costs of equity-settled transactions are recognized, together with a corresponding increase in equity reserve, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the “vesting date”). The cumulative expense recognized for equity-settled transactions at each reporting date up to the vesting date reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and the corresponding amount is represented in equity reserve. No expense is recognized for awards that do not ultimately vest. Where the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification. h. Income taxes Income tax comprises of current and deferred tax. Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in other comprehensive income (loss) or directly in equity, in which case the income tax is also recognized directly in other comprehensive income (loss) or equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company’s subsidiaries operate and generate taxable profit. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities in the consolidated statement of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the consolidated statement of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses to the extent it is probable future taxable profits will be available against which they can be utilized. The Company did not recognize any deferred income taxes relating to its investments in subsidiaries. Deferred tax assets and liabilities are offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset. i. Earnings/loss per share Basic earnings/loss per share is calculated by dividing the net earnings/loss for the period attributable to equity owners of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings/loss per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. The treasury stock method, which assumes that outstanding stock options and warrants with an average exercise price below the market price of the underlying shares, are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. The Company’s potentially dilutive common shares comprise stock options granted to employees, and warrants. j. Comprehensive income (loss) Comprehensive income (loss) is the change in the Company’s net assets that results from transactions, events and circumstances from sources other than the Company’s shareholders and includes items that would not normally be included in net earnings such as foreign currency gains or losses related to the Company’s net investment in foreign operations and unrealized gains or losses on available-for-sale securities net of tax. The Company’s comprehensive income (loss), components of other comprehensive income (loss) and cumulative translation adjustments are presented in the consolidated statements of comprehensive income (loss) and the consolidated statements of changes in equity. k. Inventories Concentrates, ore stockpile, and spare parts and supplies are valued at the lower of cost and estimated net realizable value. Cost for concentrates and ore stockpile includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs determined on a weighted average basis for the Mexican operations and first in, first out method for the U.S. operations. Cost for spare parts and supplies are determined using the first in, first out method. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert inventories into saleable form. Any write-downs of inventory to net realizable value are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to the extent that the related inventory has not been sold. Ore stockpile represents ore that has been extracted from the mine and is available for further processing. Costs added to ore stockpile are valued based on current mining cost per tonne incurred up to the point of stockpiling the ore and are removed at the average cost per tonne. Ore stockpile is verified by periodic surveys. Materials and supplies inventory are valued at the lower of cost and net realizable value, where cost is determined using the first-in-first-out method. Any provision for obsolescence is determined by reference to specific items of stock. A regular review is undertaken to determine the extent of any provision for obsolescence by comparing those items to their net realizable value. If carrying value exceeds net realizable value, a write-down is recognized. Finished goods, in-circuit work in progress, and ore on leach pads are valued at the lower of cost and estimated net realizable value. Cost for in-circuit work in progress and ore on leach pads includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs determined on a first in, first out method. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert inventories into saleable form. l. Property, plant and equipment (i) Producing mining interests Producing mining interests are carried at cost less accumulated depletion and amortization and accumulated impairment losses. Following the completion of commissioning, the costs related to the mining interests are depleted and charged to operations on the unit of production method as a proportion of estimated recoverable mineral reserves. Completion of the commissioning is deemed to have occurred when major mine and processing plant components are completed, operating results are being achieved consistently for a period of time and that there are indicators that these operational results, including mill capacity and recovery, will be sustainable in the future. Construction in progress is not depreciated until the assets are ready for their intended use. (ii) Non-producing mining interests The Company follows the method of accounting for its non-producing mining interests whereby all costs relating to the acquisition and development are deferred and capitalized by property until the property to which they directly relate is placed into production, sold, discontinued or subject to a condition of impairment. Exploration expenses not related to placing the property into production are expensed as incurred. In the event that a mining interest is placed into production, capitalization of costs ceases, the costs are transferred to producing mining interests and the mining interest is depleted on a unit of production basis. The recoverability of amounts is dependent upon the discovery of economically recoverable mineral reserves, the ability of the Company to finance the development of the properties, and on the future profitable production or proceeds from the disposition thereof. (iii) Plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate assets (major components) of property, plant and equipment. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within that part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. Repairs and maintenance are charged to the consolidated statement of loss and comprehensive loss during the period in which they are incurred. Depreciation is recorded over the estimated useful life of the asset as follows: · Mining interests – unit of production based upon estimated proven and probable reserves. · Plant and equipment – 3-30 years over straight line basis or units of production based upon estimated proven and probable reserves as applicable. · Corporate office equipment – 3-10 years over straight line basis. Residual values, method of amortization and useful lives of the assets are reviewed annually and adjusted if appropriate. (iv) Impairment and reversal of impairment The Company reviews and evaluates the carrying values of its property, plant and equipment to determine whether there is an indication of impairment or reversal of impairment. For exploration and evaluation assets, indication includes but is not limited to expiration of the right to explore, substantive expenditure in the specific area is neither budgeted nor planned, and if the entity has decided to discontinue exploration activity in the specific area. When the carrying value of assets exceeds the recoverable amount, the carrying value of the assets is reduced to the recoverable amount. The recoverable amount takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use of the asset. To achieve this, the recoverable amount is the higher of value in use (being the net present value of expected pre-tax future cash flows of the relevant asset) and fair value less costs to dispose the asset. If, after the Company has previously recognized an impairment loss, circumstances indicate that the recoverable amount of the impaired assets is greater than the carrying amount, the Company reverses the impairment loss by the amount the revised fair value exceeds its carrying amount, to a maximum of the previous impairment loss. In no case shall the revised carrying amount exceed the original carrying amount, after depreciation or amortization, that would have been determined if no impairment loss had been recognized. (v) Care and maintenance The Company may elect to place its mining operations in care and maintenance if continued operation is no longer economically feasible due to change in circumstances. During care and maintenance, depreciable property, plant and equipment continue to be depreciated over their useful lives. m. Decommissioning provision The Company recognizes contractual, statutory and legal obligations associated with retirement of mining properties when those obligations result from the acquisition, construction, development or normal operation of the assets. Initially, the decommissioning provision is recognized at its fair value in the period in which it is incurred. Upon initial recognition of the liability, the corresponding decommissioning provision is added to the carrying amount of that asset and the cost is amortized as an expense over the economic life of the related asset. Following the initial recognition of the decommissioning provision, the periodic unwinding of the discount is recognized in the consolidated statement of loss and comprehensive loss and adjusted for changes to the amount or timing of the underlying cash flows to settle the obligation. n. Financial instruments The Company classifies and measures its financial instruments at fair value, with changes in fair value recognized in profit or loss as they arise. Unless restrictive criteria regarding the objective and contractual cash flows of the instrument are met then classification and measurement are at either amortized cost or fair value through other comprehensive income. Cash and cash equivalents and trade and other receivables are classified and measured as financial assets at amortized cost. Embedded derivatives arising from subsequent adjustments in provisional sales revenue are classified and measured as financial instruments at fair value through profit or loss. Trade and other payables are classified and measured as financial liabilities at amortized cost. Loans receivable are classified and measured as financial assets at fair value through profit or loss and loans payable are classified as financial liabilities initially at fair value through profit or loss and subsequently carried at amortized cost. Investment in equity instruments are classified and measured as financial assets at fair value through other comprehensive income. Loans from the government are accounted for as a loan payable until forgiveness is reasonably assured and the loan is derecognized through the consolidated statement of loss and comprehensive loss. o. Borrowing costs Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset and amortized over the expected useful life of that asset. Other borrowing costs not directly attributable to a qualifying asset are expensed in the period incurred. p. Provisions Provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense. q. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence, and related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions that are in the normal course of business and have commercial substance are measured at the exchange amount. r. Restricted cash Restricted cash includes cash that has been pledged for reclamation and closure activities which are not available for immediate disbursement.

Significant Accounting Judgment

Significant Accounting Judgments and Estimates	12 Months Ended
	Dec. 31, 2023
Significant Accounting Judgments and Estimates
Significant accounting judgments and estimates	4. Significant accounting judgments and estimates The preparation of financial statements in conformity with the IFRS Accounting Standards requires management to make judgments and estimates that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The areas which require management to make significant judgments, estimates and assumptions in determining carrying values include, but are not limited to: (i) Reserves and resources Proven and probable reserves are the economically mineable parts of the Company’s measured and indicated mineral resources. The Company estimates its proven and probable reserves and measured and indicated and inferred mineral resources based on information compiled by appropriately qualified persons. The information relating to the geological data on the size, depth and shape of the ore bodies requires complex geological judgments to interpret the data. The estimation of future cash flows related to proven and probable reserves is based upon factors such as estimates of commodity prices, future capital requirements and production costs along with geological assumptions and judgments made in estimating the size, grade and recovery of the ore bodies. Changes in the proven and probable reserves or measured, indicated and inferred mineral resources estimates may impact the carrying value of mining properties and equipment, depletion and amortization, impairment assessments and the timing of decommissioning provisions. (ii) Depletion and amortization Mining properties are depleted using the unit-of-production method over a period not to exceed the estimated life of the ore body based on estimated recoverable reserves. Property, plant and equipment are depreciated, net of residual value over their estimated useful life but do not exceed the related estimated life of the mine based on estimated recoverable mineral reserves. The calculation of the units of production rate, and therefore the annual depletion and amortization expense, could be materially affected by changes in the underlying estimates. Changes in estimates can be the result of actual future production differing from current forecasts of future production and expansion of mineral reserves through exploration activities. (iii) Decommissioning provision The Company assesses its decommissioning provision on an annual basis or when new material information becomes available. Mining and exploration activities are subject to various laws and regulations governing the protection of the environment. In general, these laws and regulations are continually changing and the Company has made, and intends to make in the future, expenditures to comply with such laws and regulations. Accounting for decommissioning provision requires management to make estimates of the time and future costs the Company will incur to complete the rehabilitation work required to comply with existing laws and regulations at each mining operation. Also, future changes to environmental laws and regulations could increase the extent of rehabilitation work required to be performed by the Company. Increases in future costs could materially impact the amounts charged to operations for decommissioning provision. The provision represents management’s best estimate of the present value of the future decommissioning provision. The actual future expenditures may differ from the amounts currently provided. (iv) Share-based payments The amount expensed for share-based compensation is based on the application of a recognized option valuation formula, which is highly dependent on, among other things, the expected volatility of the Company’s registered shares, estimated forfeitures, and the expected life of the options. The Company uses an expected volatility rate for its shares based on past stock trading data, adjusted for future expectations, and actual volatility may be significantly different. The resulting value calculated is not necessarily the value that the holder of the option could receive in an arm’s length transaction, given that there is no market for the options and they are not transferable. It is management’s view that the value derived is highly subjective and dependent entirely upon the input assumptions made. (v) Income taxes Preparation of the consolidated financial statements requires an estimate of income taxes in each of the jurisdictions in which the Company operates. The process involves an estimate of the Company’s current tax exposure and an assessment of temporary differences resulting from differing treatment of items, such as depletion and amortization, for tax and accounting purposes, and when they might reverse. These differences result in deferred tax assets and liabilities that are included in the Company’s consolidated statements of financial position. An assessment is also made to determine the likelihood that the Company’s future tax assets will be recovered from future taxable income. To the extent that recovery is not considered likely, the related tax benefits are not recognized. Judgment is required to continually assess changing tax interpretations, regulations and legislation, to ensure liabilities are complete and to ensure assets, net of valuation allowances, are realizable. The impact of different interpretations and applications could be material. (vi) Assessment of impairment and reversal of impairment indicators The Company applies judgment in assessing whether indicators of impairment or reversal of impairment exist for a cash generating unit which would require impairment testing. Internal and external sources such as changes in use of an asset, capital and production forecasts, commodity prices, quantities of reserves and resources, and changes in market, economic, and legal environment are used by management in determining whether there are any indicators. The Company determines recoverable amount based on the after-tax discounted cash flows from a cash generating unit’s life-of-mine cash flow projection which incorporates management’s best estimates of commodity prices, future capital requirements and production costs along with geological assumptions and judgments made in estimating the size, grade and recovery of the ore bodies. Absent a life-of-mine cash flow projection, a market approach of comparable companies is used to determine recoverable amount of in-situ ounces from the cash generating unit. (vii) Commercial production The determination of timing on which a mining property enters into commercial production is a significant judgment since capitalization of development costs ceases upon declaration of commercial production. As a mining property is constructed, development costs incurred are capitalized. Commercial production is declared once the mining property is available for its intended use on a commercial scale as defined by management. Revenue recognition, cost of sales, and depletion of the mining property begins when commercial production has been achieved, and are recognized into the consolidated statement of loss and comprehensive loss. (viii) Cash flows from ongoing production and impact on operations The Company had negative operating cash flows during the year ended December 31, 2023 with a working capital deficit as at December 31, 2023. The ability to achieve cash flow positive production through meeting production targets at the Cosalá Operations and Galena Complex, allowing the Company to generate sufficient operating cash flows, while facing market fluctuations in commodity prices and inflationary pressures, and maintaining access to capital markets, are significant judgments in these consolidated financial statements with respect to the Company’s liquidity. Should the Company continue to experience lower commodity prices and negative operating cash flows in future periods, the Company will need to raise additional funds through the issuance of equity or debt securities which funding cannot be assured.

Changes in Accounting Policies

Changes in Accounting Policies and Recent Accounting Pronouncements	12 Months Ended
	Dec. 31, 2023
Changes in Accounting Policies and Recent Accounting Pronouncements
Changes in accounting policies and recent accounting pronouncements	5 . Changes in accounting policies and recent accounting pronouncements The following are changes in accounting policies effective as of January 1, 2023: (i) Income taxes The Company adopted amendments to IAS 12 - Income Taxes requiring companies to recognize deferred tax on transactions that give rise to equal amounts of taxable and deductible temporary differences on initial recognition. The amendments were effective for accounting periods beginning on or after January 1, 2023 and adoption did not have a material impact on the Company’s financial statements. Certain new accounting standards and interpretations have been published that are not mandatory for the current period and have not been early adopted, including Non-Current Liabilities with Covenants (Amendments to IAS 1) effective for annual periods beginning on or after January 1, 2024. These standards are not expected to have a material impact on the Company in the current or future reporting periods.

Trade and Other Receivables

Trade and Other Receivables	12 Months Ended
	Dec. 31, 2023
Trade and Other Receivables
Trade and other receivables	6. Trade and other receivables December 31, December 31, 2023 2022 Trade receivables $ 5,875 $ 5,624 Other receivables 3,611 5,928 $ 9,486 $ 11,552 Other receivables as at December 31, 2022 include $5.3 million in refundable tax credits from the Galena Complex through the Employee Retention Credit under the U.S. CARES Act collected in April 2023.

Inventories

Inventories	12 Months Ended
	Dec. 31, 2023
Inventories
Inventories	7. Inventories December 31, December 31, 2023 2022 Concentrates $ 1,769 $ 1,694 Finished goods - 368 In-circuit work in progress - 205 Ore stockpiles 913 898 Spare parts and supplies 5,975 5,670 $ 8,657 $ 8,835 The amount of inventories recognized in cost of sales was $75.1 million during the year ended December 31, 2023 (2022 and 2021: $72.1 million and $84.8 million, respectively) including concentrates, ore on leach pads, and ore stockpiles write-down to net realizable value of $1.7 million (2022 and 2021: $8.5 million and $40.6 million, respectively), and spare parts and supplies write-down to net realizable value of nil (2022 and 2021: nil and $0.1 million, respectively) during the year ended December 31, 2023.

Property Plant and Equipment

Property Plant and Equipment	12 Months Ended
	Dec. 31, 2023
Property Plant and Equipment
Property, plant and equipment	8. Property, plant and equipment Mining Non-producing Plant and Right-of-use Corporate office interests properties equipment lease assets equipment Total Cost Balance at January 1, 2022 $ 208,266 $ 12,469 $ 110,273 $ 11,373 $ 240 $ 342,621 Asset additions 9,302 - 10,304 720 (4 ) 20,322 Change in decommissioning provision (2,156 ) - - - - (2,156 ) Balance at December 31, 2022 215,412 12,469 120,577 12,093 236 360,787 Asset additions 11,517 - 8,420 238 1 20,176 Asset disposals - - (769 ) (646 ) - (1,415 ) Change in decommissioning provision (110 ) - - - - (110 ) Balance at December 31, 2023 $ 226,819 $ 12,469 $ 128,228 $ 11,685 $ 237 $ 379,438 Accumulated depreciation and depletion Balance at January 1, 2022 $ (101,091 ) $ - $ (57,755 ) $ (5,732 ) $ (130 ) $ (164,708 ) Depreciation/depletion for the year (9,918 ) - (10,077 ) (1,306 ) (39 ) (21,340 ) Impairment for the year (3,539 ) - (9,901 ) - - (13,440 ) Balance at December 31, 2022 (114,548 ) - (77,733 ) (7,038 ) (169 ) (199,488 ) Depreciation/depletion for the year (11,926 ) - (7,707 ) (1,185 ) (31 ) (20,849 ) Impairment for the year (6,000 ) - - - - (6,000 ) Balance at December 31, 2023 $ (132,474 ) $ - $ (85,440 ) $ (8,223 ) $ (200 ) $ (226,337 ) Carrying value at December 31, 2022 $ 100,864 $ 12,469 $ 42,844 $ 5,055 $ 67 $ 161,299 at December 31, 2023 $ 94,345 $ 12,469 $ 42,788 $ 3,462 $ 37 $ 153,101 Non-current assets are tested for impairment or impairment reversals when events or changes in circumstances suggest that the carrying amount may not be recoverable. Impairment indicators were identified during the years ended December 31, 2023 and 2022 caused by market capitalization being less than the net assets of the Company, and during the year ended December 31, 2021 from gold production of the Relief Canyon Mine due to differences observed between the modelled (planned) and mined (actual) ore tonnage and carbonaceous material identified in the early phases of the mine plan. Impairments were recorded as at December 31, 2023, September 31, 2022, and March 31, 2021. The Company assessed the recoverability of the $32.1 carrying amount of the Relief Canyon Mine cash-generating unit (2022 and 2021: $56.7 million and $121.8 million, respectively) and a $6.0 million impairment to the carrying value was identified (2022 and 2021: $13.4 million and $55.6 million, respectively). The Company allocated $6.0 million of the impairment against mineral interests relating to the Relief Canyon Mine as at December 31, 2023 (2022 and 2021: $3.5 million of the impairment against mineral interests and $9.9 million to plant and equipment relating to the Relief Canyon Mine as at September 30, 2022, and $41.2 million of the impairment against mineral interests, $10.7 million to plant and equipment, and $3.7 million to right-of-use lease assets relating to the Relief Canyon Mine as at March 31, 2021). The $26.1 million recoverable amount of the Relief Canyon Mine’s net assets (2022: $43.3 million) was determined based on a market approach of trading multiples of comparable companies. Publicly traded companies with gold mining assets of similar development and production stages to the Relief Canyon Mine were identified and assessed for total enterprise value and contained gold equivalent ounces to derive at an implied valuation multiple. The derived implied valuation multiples of feasibility and pre-production stage companies ranging from $23 per contained gold equivalent ounce to $31 per contained gold equivalent ounce were compared to that of the Relief Canyon Mine in assessing the recoverability of its carrying amount (2022: development and production stage companies ranging from $64 per contained gold equivalent ounce to $77 per contained gold equivalent ounce). For 2021, the $66.2 million recoverable amount of the Relief Canyon Mine’s net assets was determined based on the after-tax discounted cash flows expected to be derived from this property’s fair-market value less estimated costs of disposal. The after-tax discounted cash flows were determined based on an updated life-of-mine cash flow projection which incorporated management’s best estimates of commodity prices, future capital requirements and production costs along with geological assumptions and judgments made in estimating the size, grade and recovery of the ore bodies. Fair value models are considered to be Level 3 within the fair value hierarchy. Key assumptions used in Relief Canyon Mine’s fair value models include estimation of total enterprise value and contained gold equivalent ounces of publicly traded companies based on observable market data. Total enterprise value was derived from market capitalization adjusted for a control premium while excluding cash and cash equivalents and book value of other non-mining assets and discounting for production delays. An increase and decrease in market capitalization of 1% would impact the recoverable amount by estimates of approximately $0.2 million (2022: $0.4 million) increase and $0.2 million (2022: $0.4 million) decrease, respectively. Key assumptions used in Relief Canyon Mine’s fair value model as at March 31, 2021 include estimation of production profile and reserves from its life-of-mine plan, operating and capital costs to extract the reserves, discount rate of 6-8% based on the Company’s weighted average cost of capital, gold price from $1,860 per ounce in 2021 down to $1,608 per ounce in 2025 and beyond based on observable market data including spot price and industry analyst consensus, and mine life of 5 years. An increase and decrease in discount rate of 1% would impact the recoverable amount by estimates of approximately $2.3 million decrease and $2.4 million increase, respectively, an increase and decrease in gold recovery rate of 1% would impact the recoverable amount by estimates of approximately $4.7 million increase and $4.7 million decrease, respectively, and an increase and decrease in long-term gold price of $100 per ounce would impact the recoverable amount by estimates of approximately $16.6 million increase and $17.3 million decrease, respectively. This impairment was assessed on the extrapolation of data from the initial phases of mining onto the remaining mining phases with additional leaching test work ongoing. If a subsequent impairment test indicated further changes in market multiples and contained gold equivalent ounces, it could result in a material recovery or further impairment to the carrying amount. The carrying amounts of mineral interests, plant and equipment, and right-of-use lease assets from the Relief Canyon Mine is approximately $16.3 million, $9.6 million, and $1.5 million, respectively, as at December 31, 2023 (December 31, 2022: $22.5 million, $12.4 million, and $3.0 million, respectively). The Company recognized an impairment loss of $0.4 million during the year ended December 31, 2021 related to damaged equipment from the Cosalá Operations. The Company completed the acquisition of the San Felipe property located in Sonora, Mexico on October 8, 2020. As at December 31, 2023, the carrying amount of this property was $12.5 million included in non-producing properties.

Precious Metals Delivery and Pu

Precious Metals Delivery and Purchase Agreement	12 Months Ended
	Dec. 31, 2023
Precious Metals Delivery and Purchase Agreement
Precious metals delivery and purchase agreement	9. Precious metals delivery and purchase agreement On April 3, 2019, the Company entered into a $25 million precious metals delivery and purchase agreement (the “Purchase Agreement”) with Sandstorm Gold Ltd. (“Sandstorm”) for the construction and development of the Relief Canyon Mine secured by shares, property, and assets of Relief Canyon. The Purchase Agreement consisted of a combination of fixed and variable deliveries from the Relief Canyon Mine. The Purchase Agreement has a repurchase option for the Company exercisable at any time to reduce the variable deliveries to Sandstorm from 4% to 2% by delivering 4,000 ounces of gold plus additional ounces of gold compounded annually at 10%. On initial recognition and as at December 31, 2023, the fair value of the repurchase option was nil. The Company initially recorded the advances received on precious metals delivery, net of transaction costs, as deferred revenue and expected to recognize the amounts in revenue as performance obligations to metals delivery were satisfied over the term of the metals delivery and purchase agreements. As at December 31, 2021, the Company derecognized the outstanding carrying value of deferred revenue, net of transaction costs, and recognized the fixed and variable deliveries of precious metals as a financial liability measured at fair value through profit or loss as the Company expected that metal deliveries to Sandstorm may no longer be satisfied through internal gold production alone. The fair value of the metals contract liability was determined using forward commodity pricing curves at the end of the fiscal 2021 reporting period resulting in $20.8 million loss to fair value on metals contract liability. A $3.4 million loss to fair value on metals contract liability due to changes in forward commodity pricing curves was recorded during the year ended December 31, 2023 (2022: $0.7 million loss). On February 26, 2023, the Company amended its Purchase Agreement with Sandstorm for the right to increase its advance payment by $2.75 million per calendar quarter or up to $11.0 million in aggregate during fiscal 2023 in order to satisfy the gold delivery obligations under the Purchase Agreement. The advances are to be repaid through balancing fixed deliveries of gold commencing at the end of the existing agreement within the 12-month period from November 2025 to October 2026. The advances of $2.75 million per quarter were drawn in full during fiscal 2023. The following table summarizes the continuity of the Company’s net metals contract liability during the year: Year ended Year ended December 31, December 31, 2023 2022 Net metals contract liability, beginning of year $ 30,989 $ 40,905 Advance increase (net of financing expense) 13,989 - Delivery of metals produced (1,720 ) (3,278 ) Delivery of metals purchased (9,899 ) (7,436 ) Revaluation of metals contract liability 3,478 798 Net metals contract liability, end of year $ 36,837 $ 30,989 Current portion $ 12,512 $ 11,324 Non-current portion 24,325 19,665 $ 36,837 $ 30,989

Convertible debenture

Convertible debenture	12 Months Ended
	Dec. 31, 2023
Convertible debenture
Convertible debenture	10. Convertible debenture On April 28, 2021, the Company issued a $12.5 million CAD convertible debenture (the “Convertible Debenture”) due April 28, 2024 with interest payable at 8% per annum secured by the Company’s interest in the Galena Complex and by shares of one of the Company’s Mexican subsidiaries. The Convertible Debenture was: redeemable at the Company’s option to prepay the principal amount subject to payment of a redemption premium of 30% during the first year, 20% during the second year, and 10% during the third year prior to maturity (the “Redemption Option”); retractable at the holder’s option at a cumulative $0.3 million CAD per month starting in the second month from inception where the Company may settle the retraction amount through either cash or issuance of the Company’s common shares determined by dividing 95% of the 20 day volume weighted average price of the Company’s common shares (the “Retraction Option”); and convertible at the holder’s option into the Company’s common shares at a conversion price of $3.35 CAD (the “Conversion Option”). On inception, the Convertible Debenture, which may be settled through a fixed amount of the Company’s own equity instruments, was treated as a compound financial instrument with the principal portion classified as a liability component and the Conversion Option as an equity component. The initial fair value of the principal portion was determined using a market interest rate for an equivalent non-convertible instrument at the issue date. The principal portion is subsequently recognized on an amortized cost basis until extinguished on conversion or maturity. The remainder of the proceeds were allocated to the Conversion Option as equity. A net derivative liability of $1.4 million was recorded on initial recognition based on the estimated fair value of the combined Redemption Option and Retraction Option. On November 12, 2021, the Company amended the Convertible Debenture by increasing the principal balance by $6.3 million CAD to a total outstanding principal of $18.8 million CAD, in addition to amending its conversion price of $3.35 CAD to $1.48 CAD, and the terms to its Retraction Option retractable at a cumulative $0.3 million CAD per month to a cumulative $0.45 million CAD per month. All other material terms of the Convertible Debenture remained unchanged. The Company derecognized the associated carrying values of the Convertible Debenture prior to amendment and recognized an amended compound financial instrument with the amended principal portion classified as a liability component and the amended Conversion Option as an equity component. The fair value of the amended principal portion was determined using a market interest rate for an equivalent non-convertible instrument at the date of the amendment. A net derivative liability of $2.1 million was recorded on amendment date based on the estimated fair value of the combined Redemption Option and Retraction Option. On October 22, 2022, the Company amended the Convertible Debenture by increasing the principal balance by $7.0 million CAD to a total outstanding principal of $25.8 million CAD, in addition to amending its interest rate of 8% per annum to 9.5% per annum, its conversion price of $1.48 CAD to $1.00 CAD, and the terms to its Retraction Option retractable at a cumulative $0.45 million CAD per month to a cumulative $0.5 million CAD per month with a beginning cumulated retraction balance of $1.5 million CAD. All other material terms of the Convertible Debenture remained unchanged. The Company derecognized the associated carrying values of the Convertible Debenture prior to amendment and recognized an amended compound financial instrument with the amended principal portion classified as a liability component and the amended Conversion Option as an equity component. The fair value of the amended principal portion was determined using a market interest rate for an equivalent non-convertible instrument at the date of the amendment. A net derivative liability of $1.3 million was recorded on amendment date based on the estimated fair value of the combined Redemption Option and Retraction Option. On June 21, 2023, the Company amended the Convertible Debenture by increasing the principal balance by $8.0 million CAD to a total outstanding principal of $33.8 million CAD, in addition to amending its interest rate of 9.5% per annum to 11.0% per annum, its conversion price of $1.00 CAD to $0.80 CAD, the terms to its Retraction Option retractable at a cumulative $0.5 million CAD per month to a cumulative $1.0 million CAD per month starting in August 2023, and extending the maturity date from April 28, 2024 to July 1, 2024, with mutual option to extend by one calendar quarter up to April 28, 2025, with October 1, 2024 being the effective maturity date as at December 31, 2023, and April 28, 2025 being the effective maturity date as at March 28, 2024. All other material terms of the Convertible Debenture remained unchanged. The Company derecognized the associated carrying values of the Convertible Debenture prior to amendment and recognized an amended compound financial instrument with the amended principal portion classified as a liability component and the amended Conversion Option as an equity component. The fair value of the amended principal portion was determined using a market interest rate for an equivalent non-convertible instrument at the date of the amendment. A net derivative liability of $1.3 million was recorded on amendment date based on the estimated fair value of the combined Redemption Option and Retraction Option. On October 30, 2023, the Company amended the Convertible Debenture by increasing the principal balance by $2.0 million CAD to a total outstanding principal of $35.8 million CAD. All other material terms of the Convertible Debenture remained unchanged. During the year ended December 31, 2023, the principal amount of the Convertible Debenture was reduced by $3.7 million CAD through partial exercises of the Retraction Option by the holder settled through issuance of 8,329,064 of the Company’s common shares (year ended December 31, 2022: $7.2 million CAD settled through issuance of 11,240,839 common shares). The Company recognized a gain of $0.1 million for the year ended December 31, 2023 (2022 and 2021: gain of $0.2 million and loss of $0.2 million, respectively) as a result of the change in the estimated fair value of the combined Redemption Option and Retraction Option.

PrePayment Facility

PrePayment Facility	12 Months Ended
	Dec. 31, 2023
PrePayment Facility
Pre-payment facility	11. Pre-payment facility On December 12, 2022, the Company amended its existing offtake agreement with Ocean Partners USA, Inc. of lead concentrates produced from the Galena Complex to include a pre-payment facility of $3.0 million with an initial term of three years at an interest of U.S. SOFR rate plus 6.95% per annum (the “Facility”) to fund general working capital at the Galena Complex. Principal on the Facility is repaid through semi-monthly installments deductible from concentrate deliveries or paid in cash and can be redrawn on a revolving basis. The Facility shall automatically extend for a full calendar year if there is an outstanding payment balance within 12 months of the maturity of the Facility. The Facility was drawn in full in February 2023.

Promissory Note

Promissory Note	12 Months Ended
	Dec. 31, 2023
Promissory Note
Promissory note	12. Promissory notes On December 15, 2020, the Company issued a $5 million promissory note (the “2020 Promissory Note”) to Sandstorm due March 15, 2023 with interest payable at 7% per annum and repayable at the Company’s option prior to maturity. Repayment of principal on the 2020 Promissory Note began in June 2022 where $2.5 million was paid during the year ended December 31, 2022. On March 31, 2023, the Company amended the 2020 Promissory Note with the remaining principal of $2.5 million be repaid in four equal instalments due June 30 and October 1, 2023, and July 1 and October 1, 2024, in addition to amending its interest rate to 8% per annum. Principal of $0.6 million was paid during the year ended December 31, 2023. On December 27, 2023, the Company issued a $2.4 million promissory note (the “2023 Promissory Note”) to Sandstorm due December 27, 2024 with interest payable at 8% per annum.

Government Loan

Government Loan	12 Months Ended
	Dec. 31, 2023
Government Loan
Government loan	13. Government loan On May 11, 2020, the Company received approximately $4.5 million in loan through the Paycheck Protection Program under the U.S. CARES Act (the “Government Loan”) to assist with payroll and other expenses at the Galena Complex during the COVID-19 pandemic. The Government Loan has a term of two years at an interest rate of 1% per annum and may be forgiven if proceeds are used for payroll and other specifically defined expenses and employee and compensation levels are maintained. The Company received confirmation via letter dated March 31, 2022 from the U.S. Small Business Administration that $4.3 million of the Government Loan has been forgiven resulting in a gain on forgiveness recognized through profit or loss during the year ended December 31, 2022.

Royalty payable

Royalty payable	12 Months Ended
	Dec. 31, 2023
Royalty payable
Royalty payable	14. Royalty payable On April 12, 2023, the Company entered into a $4.0 million net smelter returns royalty agreement (the “Royalty Agreement”) with Sandstorm to be repaid through a 2.5% royalty on attributable production from the Galena Complex and Cosalá Operations. The royalty reduces to 0.2% on attributable production from the Galena Complex and Cosalá Operations after the aggregate repayment of $4.0 million and may be eliminated thereafter with a buyout payment of $1.9 million. On inception, the Royalty Agreement was classified as a hybrid instrument of host financial liability with embedded derivatives from the reduced 0.2% royalty on attributable production and buyout payment. The Company elected at inception to designate the entire hybrid instrument at fair value through profit or loss with its initial fair value be representative of the $4.0 million in proceeds received. Subsequent measurement of fair value for the hybrid instrument was determined based on an income approach of expected future cash flows into a single current discounted amount. Key assumptions used in the fair value determination of the hybrid instrument as at December 31, 2023 include timing of repayment of the $4.0 million, which considers factors such as forecasted production and commodity prices in quantifying expected net smelter returns, feasibility of the reduced 0.2% royalty on attributable production versus the buyout payment, and applicable discount rates. The Company recognized a loss of $0.8 million for the year ended December 31, 2023 as a result of the change in the estimated fair value of the Royalty Agreement.

Post-employment benefit obligat

Post-employment benefit obligations	12 Months Ended
	Dec. 31, 2023
Post-employment benefit obligations
Post-employment benefit obligations	15. Post-employment benefit obligations The Company maintains two non-contributory defined benefit pension plans covering substantially all employees at its U.S. operating subsidiary, U.S. Silver – Idaho, Inc. One plan covers salaried employees and one plan covers hourly employees. Benefits for the salaried plan are based on salary and years of service. Hourly plan benefits are based on negotiated benefits and years of service. The Company’s funding policy is to contribute annually the minimum amount prescribed, as specified by applicable regulations. The expected average service life of the active plan participants as at December 31, 2023 is approximately 9 years. The amounts recognized in the consolidated statements financial position are as follows: December 31, December 31, 2023 2022 Present value of funded obligations 26,176 25,652 Fair value of plan assets 19,639 18,683 Deficit of funded plans $ 6,537 $ 6,969 The movements in the defined benefit obligations are as follows: December 31, December 31, 2023 2022 Obligations, beginning of year $ 25,652 $ 33,646 Current service costs 462 857 Interest costs 1,217 899 Benefits paid (1,272 ) (1,243 ) Actuarial loss (gain) 117 (8,507 ) Obligations, end of year $ 26,176 $ 25,652 The movements in the fair value of plan assets are as follows: December 31, December 31, 2023 2022 Assets, beginning of year $ 18,683 $ 22,780 Return on assets 912 617 Actuarial gain (loss) 995 (3,857 ) Employer contributions 321 386 Benefits paid (1,272 ) (1,243 ) Assets, end of year $ 19,639 $ 18,683 The amounts recognized in the consolidated statements of loss and comprehensive loss are as follows: December 31, December 31, December 31, 2023 2022 2021 Current service costs, interest costs, and return on assets included in cost of sales $ 767 $ 1,139 $ 1,240 The principal actuarial assumptions are as follows: December 31, December 31, December 31, 2023 2022 2021 Discount rate (expense) 5.00 % 2.75 % 2.50 % Discount rate (year end disclosures) 4.75 % 5.00 % 2.75 % Future salary increases (salaried plan only) 5.00 % 5.00 % 5.00 % A 1% decrease in discount rate would have resulted in approximately $3.6 million increase in the defined benefit obligation from $26.2 million to $29.8 million as at December 31, 2023 (2022: $3.4 million increase in the defined benefit obligation from $25.7 million to $29.1 million). A 1% increase in future salary increases would have resulted in approximately $0.1 million increase in the defined benefit obligation from $26.2 million to $26.3 million as at December 31, 2023 (2022: $0.1 million increase in the defined benefit obligation from $25.7 million to $25.8 million). Plan assets are fully comprised of pooled or mutual funds. The expected return on plan assets at 4.9% (2022: 2.7%) is determined by considering the expected returns available on the assets underlying the current investment policy. Expected yield on fixed interest investments is based on gross redemption yields as at the end of the reporting period. Expected returns on equity investments reflect long-term real rates of return in the market. Expected contributions to pension benefit plans for the year ended December 31, 2024 are approximately $1.5 million, inclusive of contributions for fiscal 2023 of $0.6 million. For the year ended December 31, 2023, the actuarial gains charged to other comprehensive income are $0.9 million (2022 and 2021: actuarial gains of $4.7 million and $2.5 million, respectively).

Decommissioning Provision

Decommissioning Provision	12 Months Ended
	Dec. 31, 2023
Decommissioning Provision
Decommissioning provision	16. Decommissioning provision The decommissioning provision consists of land rehabilitation, demolition of buildings and mine facilities, and related costs. Although the ultimate amount of the decommissioning provision is uncertain, the fair value of these obligations is based on information currently available, including closure plans and the Company’s interpretation of current regulatory requirements. Fair value is determined based on the net present value of future cash expenditures upon reclamation and closure. Reclamation and closure costs are capitalized into property, plant and equipment depending on the nature of the asset related to the obligation and amortized over the life of the related asset. The decommissioning provision relates to reclamation and closure costs of the Company’s Cosalá Operations, Galena Complex, and Relief Canyon Mine. The decommissioning provision is estimated at an undiscounted amount of $20.5 million over a period of 5 to 15 years, and discounted using a risk-free rate varying from 3.5% to 10.2% (2022: estimated at an undiscounted amount of $19.9 million over a period of 5 to 15 years, and discounted using a risk-free rate varying from 2.3% to 10.0%). December 31, December 31, 2023 2022 Provisions, beginning of year $ 11,715 $ 13,444 Decommissioning costs and change in estimates (109 ) (2,156 ) Accretion on decommissioning provision 587 427 Provisions, end of year $ 12,193 $ 11,715

Share Capital

Share Capital	12 Months Ended
	Dec. 31, 2023
Share Capital
Share capital	17. Share capital On January 29, 2021, the Company completed a bought deal public offering of 10,253,128 common shares at a price of $3.31 CAD per common share for aggregate gross proceeds of approximately $26.7 million or $33.94 million CAD, which included the partial exercise by the underwriters of the over-allotment option granted by the Company to the underwriters. As part of the bought deal public offering, approximately $1.7 million in transaction costs were incurred and offset against share capital. On May 17, 2021, the Company entered into an at-the-market offering agreement (the “May 2021 ATM Agreement”) where the Company may at its discretion and from time-to-time during the term of the May 2021 ATM Agreement, sell in the United States, through its agent, such number of common shares of the Company as would result in aggregate gross proceeds of up to $50.0 million. The May 2021 ATM Agreement expired on February 28, 2023 and the Company has received aggregate gross proceeds of $44.4 million through issuance of 44,085,122 common shares, with approximately $1.7 million in transaction costs incurred and offset against share capital. On October 21, 2021, the Company closed a non-brokered private placement with Sandstorm for gross proceeds of $2.5 million through issuance of 3,346,542 of the Company’s common shares priced at approximately $0.94 CAD per share. As part of the non-brokered private placement, approximately $0.1 million in transaction costs were incurred and offset against share capital, and 200,793 common shares and 200,793 warrants for approximately $0.2 million and $0.1 million, respectively, were issued to the Company’s advisor and offset against share capital where each warrant is exercisable for one common share at an exercise price of $0.94 CAD for a period of two years starting November 22, 2021. During fiscal 2022, the Company closed quarterly non-brokered private placements with Sandstorm for total gross proceeds of $9.9 million through total issuance of 15,200,000 of the Company’s common shares priced at approximately $0.85 CAD per share. The Company closed non-brokered private placements for total gross proceeds of $0.8 million in July of 2023 through total issuance of 2,234,041 of the Company’s common shares priced at approximately $0.47 CAD per share. a. Authorized Authorized share capital consists of an unlimited number of common and preferred shares. December 31, December 31, 2023 2022 Issued 218,689,766(2022:204,455,721)common shares $ 455,548 $ 449,374 Nil (2022: Nil) preferred shares - - $ 455,548 $ 449,374 Each non-voting preferred share is convertible, at the holder’s option, without payment of any additional consideration by the holder thereof, initially on a one-to-one basis into common shares, subject to adjustment, and in accordance with the terms of the non-voting preferred shares. b. Stock option plan The number of shares reserved for issuance under the Company’s stock option plan is limited to 10% of the number of common shares which are issued and outstanding on the date of a particular grant of options. Under the plan, the Board of Directors determines the term of a stock option to a maximum of 10 years, the period of time during which the options may vest and become exercisable as well as the option exercise price which shall not be less than the closing price of the Company’s share on the Toronto Stock Exchange on the date immediately preceding the date of grant. The Compensation Committee determines and makes recommendations to the Board of Directors as to the recipients of, and nature and size of, share-based compensation awards in compliance with applicable securities law, stock exchange and other regulatory requirements. A summary of changes in the Company’s outstanding stock options is presented below: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Weighted Weighted Weighted average average average exercise exercise exercise Number price Number price Number price (thousands) CAD (thousands) CAD (thousands) CAD Balance, beginning of year 12,367 $ 2.40 12,579 $ 2.81 10,659 $ 3.45 Granted 8,200 0.62 3,750 1.20 3,700 1.70 Exercised - - - - (90 ) 2.39 Expired (3,197 ) 3.79 (3,962 ) 2.56 (1,690 ) 4.43 Balance, end of year 17,370 $ 1.30 12,367 $ 2.40 12,579 $ 2.81 The following table summarizes information on stock options outstanding and exercisable as at December 31, 2023: Weighted average Weighted Weighted remaining average average Exercise contractual exercise exercise price life Outstanding price Exercisable price CAD (years) (thousands) CAD (thousands) CAD $0.01 to $1.00 2.46 8,500 $ 0.62 2,933 $ 0.62 $1.01 to $2.00 0.86 6,785 1.47 5,648 1.51 $3.01 to $4.00 0.93 2,085 3.54 2,085 3.54 17,370 $ 1.30 10,666 $ 1.67 c. Share-based payments The weighted average fair value at grant date of the Company’s stock options granted during the year ended December 31, 2023 was $0.22 (2022: $0.43). The Company used the Black-Scholes Option Pricing Model to estimate fair value using the following weighted-average assumptions: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Expected stock price volatility (1) 67 % 68 % 68 % Risk free interest rate 3.62 % 1.78 % 0.56 % Expected life 3 years 3 years 3 years Expected forfeiture rate 3.60 % 3.53 % 2.66 % Expected dividend yield 0 % 0 % 0 % Share-based payments included in cost of sales $ - $ - $ - Share-based payments included in general and administrative expenses 1,764 2,487 4,030 Total share-based payments $ 1,764 $ 2,487 $ 4,030 (1) Expected volatility has been based on historical volatility of the Company’s publicly traded shares. d. Warrants The warrants that are issued and outstanding as at December 31, 2023 are as follows: Number of Exercise Issuance Expiry warrants price (CAD) date date 3,500,000 0.55 Jun 2023 Jun 21, 2026 750,000 0.55 Oct 2023 Oct 30, 2026 4,250,000 e. Deferred share units: The Company has a Deferred Share Unit Plan under which eligible directors of the Company receive awards of deferred share units on a quarterly basis as payment for 50% to 100% of their director fees earned. Deferred share units are settled in either cash or common shares at the Company’s discretion when the director leaves the Company’s Board of Directors. The Company recognizes a cost in director fees and a corresponding increase in equity reserve upon issuance of deferred share units. As at December 31, 2023, 2,379,554 (2022: 1,409,069) deferred share units are issued and outstanding.

Weighted Average Basic and Dilu

Weighted Average Basic and Diluted Number of Common Shares Outstanding	12 Months Ended
	Dec. 31, 2023
Weighted Average Basic and Diluted Number of Common Shares Outstanding
Weighted average basic and diluted number of common shares outstanding	18. Weighted average basic and diluted number of common shares outstanding Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Basic weighted average number of shares 212,701,865 184,416,034 141,887,984 Effect of dilutive stock options and warrants - - - Diluted weighted average number of shares 212,701,865 184,416,034 141,887,984 Diluted weighted average number of common shares for the year ended December 31, 2023 excludes nil anti-dilutive preferred shares (2022 and 2021: nil and nil, respectively), 17,370,000 anti-dilutive stock options (2022 and 2021: 12,366,667 and 12,578,957, respectively) and 4,250,000 anti-dilutive warrants (2022 and 2021: 1,275,792 and 4,218,822, respectively).

Noncontrolling interests

Noncontrolling interests	12 Months Ended
	Dec. 31, 2023
Noncontrolling interests
Non-controlling interests	19. Non-controlling interests The Company entered into a joint venture agreement with Mr. Eric Sprott effective October 1, 2019 for 40% non-controlling interest of the Company’s Galena Complex with initial contribution of $15 million to fund capital improvements and operations. Mr. Eric Sprott committed to contributing additional funds to support the ongoing operations alongside the Company in proportion of their respective ownership up to $5 million for the first year of operations with the Company contributing any potential excess as necessary. After the first year, contributions revert to the proportional percentage of ownership interests to fund capital projects and operations. The Company recognized non-controlling interests of $14.3 million equal to the proportionate non-controlling interests’ carrying amount of the Galena Complex at initial recognition classified as a separate component of equity. Subsequent contributions and proportionate share changes in equity are recognized to the carrying amount of the non-controlling interests.

Revenue

Revenue	12 Months Ended
	Dec. 31, 2023
Revenue
Revenue	20. Revenue The following is a disaggregation of revenue categorized by commodities sold: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Gold Sales revenue $ - $ - $ 4,027 Derivative pricing adjustments - - - - - 4,027 Silver Sales revenue $ 62,419 $ 37,084 $ 27,438 Derivative pricing adjustments 687 758 (267 ) 63,106 37,842 27,171 Zinc Sales revenue $ 38,421 $ 59,262 $ 5,973 Derivative pricing adjustments 325 1,280 96 38,746 60,542 6,069 Lead Sales revenue $ 25,438 $ 29,731 $ 20,617 Derivative pricing adjustments 19 (164 ) 169 25,457 29,567 20,786 Other by-products Sales revenue $ 1,044 $ 995 $ 190 Derivative pricing adjustments 196 220 (46 ) 1,240 1,215 144 Total sales revenue $ 127,322 $ 127,072 $ 58,245 Total derivative pricing adjustments 1,227 2,094 (48 ) Gross revenue $ 128,549 $ 129,166 $ 58,197 Proceeds before intended use 188 - 247 Treatment and selling costs (39,175 ) (44,150 ) (13,393 ) $ 89,562 $ 85,016 $ 45,051 The amount of gold sales revenue recognized from deferred revenue (see Note 9) was nil during the year ended December 31, 2023 (2022 and 2021: nil and $4.0 million, respectively). Derivative pricing adjustments represent subsequent variations in revenue recognized as an embedded derivative from contracts with customers and are accounted for as financial instruments (see Note 25).

Cost of sales

Cost of sales	12 Months Ended
	Dec. 31, 2023
Cost of sales
Cost of sales	21. Cost of sales Cost of sales is costs that directly relate to production at the mine operating segments and excludes depletion and amortization. The following are components of cost of sales: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Salaries and employee benefits $ 33,307 $ 29,803 $ 23,913 Contract services on site - 17,138 Raw materials and consumables 33,465 29,568 11,652 Utilities 4,181 4,285 3,350 Other costs 5,461 6,602 7,729 Costs before intended use 188 - 247 Employee retention credit - (3,962 ) - Changes in inventories (3,267 ) (2,663 ) (19,946 ) Inventory write-downs 1,725 8,459 40,711 $ 75,060 $ 72,092 $ 84,794

Corporate General and Administr

Corporate General and Administrative Expenses	12 Months Ended
	Dec. 31, 2023
Corporate General and Administrative Expenses
Corporate general and administrative expenses	22. Corporate general and administrative expenses Corporate general and administrative expenses are costs incurred at corporate and other segments that do not directly relate to production. The following are components of corporate general and administrative expenses: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Salaries and employee benefits $ 2,502 $ 2,848 $ 2,428 Directors’ fees 341 372 383 Share-based payments 1,764 2,487 3,745 Professional fees 1,921 1,568 2,075 Office and general 2,078 2,105 1,636 $ 8,606 $ 9,380 $ 10,267

Income taxes

Income taxes	12 Months Ended
	Dec. 31, 2023
Income taxes
Income taxes	23. Income taxes The components of income tax expense (recovery) are as follows: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Current income tax expense (recovery) $ (2,157 ) $ 4,836 $ 69 Deferred income tax expense (recovery) 97 (1,118 ) (1,679 ) Income tax expense (recovery) $ (2,060 ) $ 3,718 $ (1,610 ) The Company’s effective rate of income tax differs from the statutory rate of 26.5% as follows: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Loss before income taxes $ (40,233 ) $ (41,469 ) $ (162,186 ) Statutory rate 26.5 % 26.5 % 26.5 % Tax recovery at statutory rate (10,662 ) (10,989 ) (42,979 ) Mexican mining royalty 852 1,435 29 Impact of foreign tax rates 9 674 1,415 Non-deductible expenses 2,351 4,351 4,329 Losses not recognized 5,390 8,247 35,596 Income tax expense (recovery) $ (2,060 ) $ 3,718 $ (1,610 ) The Company’s net deferred tax liability relates to the Mexican mining royalty and arises principally from the following: December 31, December 31, 2023 2022 Property, plant and equipment $ 787 $ 815 Other 319 333 Total deferred tax liabilities 1,106 1,148 Provisions and reserves (477 ) (800 ) Net deferred tax liabilities $ 629 $ 348 Deferred income taxes have not been recognized in respect of the following deductible temporary differences, as management does not consider their utilization to be probable for the foreseeable future: December 31, December 31, 2023 2022 Inventories $ 39,904 $ 9,074 Property, plant and equipment 41,892 36,709 Mexican tax losses (expiring in 2025 - 2031) 33,999 32,112 Canadian tax losses (expiring in 2034 - 2043) 37,103 31,892 U.S. tax losses (expiring in 2025 - 2037) 31,957 31,957 U.S. tax losses (no expiry) 165,649 191,790 Provisions and other 72,190 72,283 Deferred Mexican mining royalty 629 348 $ 423,323 $ 406,165 Canadian tax losses include a dual Canadian and U.S. resident entity with $20.9 million in losses (2022: $17.6 million).

Key Management Transactions

Key Management Transactions	12 Months Ended
	Dec. 31, 2023
Key Management Transactions
Key management transactions	24. Key management transactions Remuneration to directors and key management who have the authority and responsibility for planning, directing and continuing the activities of the Company: Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Salaries and employee benefits $ 1,235 $ 1,595 $ 1,371 Directors’ fees 341 372 383 Share-based payments 1,549 2,104 2,950 Gross proceeds of $0.4 million from the $0.8 million raised through non-brokered private placements in July of 2023 were from members of the Company’s board and management.

Financial risk management

Financial risk management	12 Months Ended
	Dec. 31, 2023
Financial risk management
Financial risk management	25. Financial risk management a. Financial risk factors The Company’s risk exposures and the impact on its financial instruments are summarized below: (i) Credit Risk Credit risk is the risk of loss associated with a counterparty’s inability to fulfill its payment obligations. The Company’s credit risk is primarily attributable to cash and cash equivalents and trade and other receivables. The credit risk on cash and cash equivalents is limited because the Company invests its cash in deposits with well-capitalized financial institutions with strong credit ratings in Canada and the United States. Under current concentrate offtake agreements, risk on trade receivables related to concentrate sales is managed by receiving payments for 85% to 100% of the estimated value of the concentrate within one month following the time of shipment. As of December 31, 2023, the Company’s exposure to credit risk with respect to trade receivables amounts to $5.9 million (2022: $5.6 million). The Company believes credit risk is not significant and there was no significant change to the Company’s allowance for expected credit losses as at December 31, 2023, and December 31, 2022. (ii) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they arise. The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. The Company’s liquidity requirements are met through a variety of sources, including cash, cash generated from operations, credit facilities and debt and equity capital markets. The Company’s trade payables have contractual maturities of less than 30 days and are subject to normal trade terms. The following table presents the contractual maturities of the Company’s financial liabilities and provisions on an undiscounted basis: December 31, 2023 Less than Over 5 Total 1 year 2-3 years 4-5 years years Trade and other payables $ 22,960 $ 22,960 $ - $ - $ - Pre-payment facility 2,250 2,250 - - - Promissory notes 4,275 4,275 - - - Interest on promissory notes 303 303 - - - Convertible debenture 18,146 18,146 - - - Interest on convertible debenture 2,002 2,002 - - - Royalty payable 5,087 2,487 2,600 - - Metals contract liability 36,837 12,512 24,325 - - Projected pension contributions 6,604 1,558 1,926 2,046 1,074 Decommissioning provision 20,459 - - - 20,459 Other long-term liabilities 1,610 - 787 194 629 $ 120,533 $ 66,493 $ 29,638 $ 2,240 $ 22,162 Minimum lease payments in respect to lease liabilities are included in trade and other payables and other long-term liabilities as follows: December 31, 2023 Less than Over 5 Total 1 year 2-3 years 4-5 years years Trade and other payables $ 455 $ 455 $ - $ - $ - Other long-term liabilities 981 - 787 194 - $ 1,436 $ 455 $ 787 $ 194 $ - The following table summarizes the continuity of the Company’s total lease liabilities discounted using an incremental borrowing rate ranging from 3% to 20% applied during the year: Year ended Year ended December 31, December 31, 2023 2022 Lease liabilities, beginning of year $ 3,142 $ 4,774 Additions 225 720 Lease principal payments (2,527 ) (2,352 ) Lease interest payments (154 ) (1,040 ) Accretion on lease liabilities 750 1,040 Lease liabilities, end of year $ 1,436 $ 3,142 (iii) Market risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, currency risk and price risk. (1) Interest rate risk The Company is subject to interest rate risk of the 3 month U.S. LIBOR rate plus 7.2% per annum from the Cosalá Operations’ advance payments of concentrate, and the 3 month U.S. SOFR rate plus 6.95% per annum from the Facility. Interest rates of other financial instruments are fixed. (2) Currency risk As at December 31, 2023, the Company is exposed to foreign currency risk through financial assets and liabilities denominated in CAD and MXN: Financial instruments that may impact the Company’s net loss or other comprehensive loss due to currency fluctuations include CAD and MXN denominated assets and liabilities which are included in the following table: As at December 31, 2023 CAD MXN Cash and cash equivalents $ 244 $ 641 Trade and other receivables 30 3,582 Trade and other payables 3,631 11,052 As at December 31, 2023, the CAD/USD and MXN/USD exchange rates were 1.32 and 16.89, respectively. The sensitivity of the Company’s net loss and comprehensive loss due to changes in the exchange rates for the year ended December 31, 2023 is included in the following table: CAD/USD MXN/USD Exchange rate Exchange rate +/- 10% +/- 10% Approximate impact on: Net loss $ 1,545 $ 3,512 Other comprehensive loss 128 20 The Company may, from time to time, employ derivative financial instruments to manage exposure to fluctuations in foreign currency exchange rates. As at December 31, 2023 and December 31, 2022, the Company does not have any non-hedge foreign exchange forward contracts outstanding. During the year ended December 31, 2023, and 2022, the Company did not settle any non-hedge foreign exchange forward contracts. Price risk Price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments in the market. As at December 31, 2023, the Company had certain amounts related to the sales of concentrates that have only been provisionally priced. A ±10% fluctuation in silver, zinc, lead, and gold prices would affect trade receivables by approximately $0.6 million (2022: $0.6 million). As at December 31, 2023 and December 31, 2022, the Company does not have any non-hedge commodity forward contracts outstanding. During the year ended December 31, 2023, the Company did not settle any non-hedge commodity forward contracts. Net amount of gain or loss on derivative instruments from non-hedge foreign exchange and commodity forward contracts recognized through profit or loss during the year ended December 31, 2023 was nil (2022 and 2021: nil and nil, respectively). Total amount of gain or loss on derivative instruments including those recognized through profit or loss from the Company’s convertible debentures and loan payable during the year ended December 31, 2023 was a gain of 0.1 million (2022 and 2021: gain of $0.2 million and $1.7 million, respectively). b. Fair values The fair value of cash, restricted cash, trade and other receivables, and other financial assets and liabilities listed below approximate their carrying amounts mainly due to the short-term maturities of these instruments. The methods and assumptions used in estimating the fair value of financial assets and liabilities are as follows: · Cash and cash equivalents: The fair value of cash equivalents is valued using quoted market prices in active markets. The Company’s cash equivalents consist of money market accounts held at financial institutions which have original maturities of less than 90 days. · Trade and other receivables: The fair value of trade receivables from silver sales contracts that contain provisional pricing terms is determined using the appropriate quoted forward price from the exchange that is the principal active market for the particular metal. As such, there is an embedded derivative feature within trade receivables. · Metals contract liability: Fixed and variable deliveries of precious metals are classified and measured as financial liabilities at fair value through profit or loss determined using forward commodity pricing curves at end of the reporting period. · Convertible debentures and promissory notes: The principal portion of the convertible debentures and promissory notes are initially measured at fair value and subsequently carried at amortized cost. · Royalty payable: The financial liability is measured at fair value through profit or loss determined using discounted cash flows of expected future royalty payments at end of the reporting period. · Embedded derivatives: Revenues from the sale of metals produced from silver sales contracts since the commencement of commercial production are based on provisional prices at the time of shipment. Variations between the price recorded at the time of sale and the actual final price received from the customer are caused by changes in market prices for metals sold and result in an embedded derivative in revenues and accounts receivable. · Derivatives: The Company uses derivative and non-derivative instruments to manage financial risks, including commodity, interest rate, and foreign exchange risks. The use of derivative contracts is governed by documented risk management policies and approved limits. The Company does not use derivatives for speculative purposes. The fair value of the Company’s derivative instruments is based on quoted market prices for similar instruments and at market prices at the valuation date. The fair value hierarchy establishes three levels to classify the inputs to valuation techniques used to measure fair value: · Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities. · Level 2 inputs are quoted prices in markets that are not active, quoted prices for similar assets or liabilities in active markets, inputs other than quoted prices that are observable for the asset or liability (for example, interest rate and yield curves observable at commonly quoted intervals, forward pricing curves used to value currency and commodity contracts and volatility measurements used to value option contracts), or inputs that are derived principally from or corroborated by observable market data or other means. · Level 3 inputs are unobservable (supported by little or no market activity). December 31, December 31, 2023 2022 Level 1 Cash and cash equivalents $ 2,061 $ 1,964 Restricted cash 4,351 4,139 Level 2 Trade and other receivables 9,486 11,552 Derivative instruments 1,230 991 Metals contract liability 36,837 30,989 Level 3 Royalty payable 3,947 - Amortized cost Pre-payment facility 2,250 - Promissory notes 4,275 2,500 Government loan - 222 Convertible debenture 15,384 9,621

Segmented and Geographic Inform

Segmented and Geographic Information and Major Customers	12 Months Ended
	Dec. 31, 2023
Segmented and Geographic Information and Major Customers
Segmented and geographic information, and major customers	26. Segmented and geographic information, and major customers a. Segmented information The Company’s operations comprise of four reporting segments engaged in acquisition, exploration, development and exploration of mineral resource properties in Mexico and the United States. Management has determined the operating segments based on the reports reviewed by the chief operating decision makers that are used to make strategic decisions. b. Geographic information All revenues from sales of concentrates for the years ended December 31, 2023, 2022 and 2021 were earned in Mexico and the United States. The following segmented information is presented as at and during the years ended December 31, 2023, 2022 and 2021. The Cosalá Operations segment operates in Mexico while the Galena Complex and Relief Canyon segments operate in the United States. As at December 31, 2023 As at December 31, 2022 Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Cash and cash equivalents $ 687 $ 791 $ 43 $ 540 $ 2,061 $ 317 $ 204 $ 717 $ 726 $ 1,964 Trade and other receivables 7,068 2,388 - 30 9,486 3,921 7,593 - 38 11,552 Inventories 6,310 2,244 103 - 8,657 5,390 2,727 718 - 8,835 Prepaid expenses 1,003 909 404 516 2,832 745 1,232 452 601 3,030 Restricted cash 162 53 4,136 - 4,351 141 53 3,945 - 4,139 Property, plant and equipment 51,600 73,490 27,404 607 153,101 52,141 70,479 37,927 752 161,299 Total assets $ 66,830 $ 79,875 $ 32,090 $ 1,693 $ 180,488 $ 62,655 $ 82,288 $ 43,759 $ 2,117 $ 190,819 Trade and other payables $ 12,184 $ 4,843 $ 1,421 $ 4,512 $ 22,960 $ 12,861 $ 8,029 $ 2,658 $ 3,512 $ 27,060 Derivative instruments - - - 1,230 1,230 - - - 991 991 Shares pending issuance from retraction - - - 436 436 - - - - - Pre-payment facility - 2,250 - - 2,250 - - - - - Other long-term liabilities 30 1,074 - 506 1,610 - 1,192 - 623 1,815 Metals contract liability - - - 36,837 36,837 - - - 30,989 30,989 Convertible debenture - - - 15,384 15,384 - - - 9,621 9,621 Promissory notes - - - 4,275 4,275 - - - 2,500 2,500 Royalty payable - - - 3,947 3,947 - - - - - Government loan - - - - - - 222 - - 222 Post-employment benefit obligations - 6,537 - - 6,537 - 6,969 - - 6,969 Decommissioning provision 2,605 5,563 4,025 - 12,193 2,070 5,603 4,042 - 11,715 Deferred tax liabilities 629 - - - 629 348 - - - 348 Total liabilities $ 15,448 $ 20,267 $ 5,446 $ 67,127 $ 108,288 $ 15,279 $ 22,015 $ 6,700 $ 48,236 $ 92,230 Year ended December 31, 2023 Year ended December 31, 2022 Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Revenue $ 46,163 $ 43,283 $ 116 $ - $ 89,562 $ 53,418 $ 31,405 $ 193 $ - $ 85,016 Cost of sales (36,160 ) (38,132 ) (768 ) - (75,060 ) (33,371 ) (30,969 ) (7,752 ) - (72,092 ) Depletion and amortization (7,982 ) (9,093 ) (3,614 ) (160 ) (20,849 ) (7,375 ) (7,473 ) (6,338 ) (154 ) (21,340 ) Care and maintenance costs - (594 ) (3,248 ) - (3,842 ) - (513 ) (3,987 ) - (4,500 ) Corporate general and administrative - - - (8,606 ) (8,606 ) - - - (9,380 ) (9,380 ) Exploration costs (835 ) (2,455 ) (142 ) - (3,432 ) (1,296 ) (2,122 ) (366 ) - (3,784 ) Accretion on decommissioning provision (212 ) (217 ) (158 ) - (587 ) (164 ) (158 ) (105 ) - (427 ) Interest and financing expense (296 ) (414 ) (633 ) (6,846 ) (8,189 ) (210 ) (63 ) (1,199 ) (326 ) (1,798 ) Foreign exchange gain (loss) (664 ) - - 1,068 404 (863 ) - - (2,695 ) (3,558 ) Gain on disposal of assets - 283 119 - 402 - - - - - Impairment to property, plant and equipment - - (6,000 ) - (6,000 ) - - (13,440 ) - (13,440 ) Loss on metals contract liability - - - (3,396 ) (3,396 ) - - - (657 ) (657 ) Other gain on derivatives - - - 120 120 - - - 214 214 Fair value loss on royalty payable - - - (760 ) (760 ) - - - - - Gain on government loan forgiveness - - - - - - 4,277 - - 4,277 Income (loss) before income taxes 14 (7,339 ) (14,328 ) (18,580 ) (40,233 ) 10,139 (5,616 ) (32,994 ) (12,998 ) (41,469 ) Income tax recovery (expense) 1,876 184 - - 2,060 (4,695 ) 977 - - (3,718 ) Net income (loss) for the year $ 1,890 $ (7,155 ) $ (14,328 ) $ (18,580 ) $ (38,173 ) $ 5,444 $ (4,639 ) $ (32,994 ) $ (12,998 ) $ (45,187 ) Year ended December 31, 2021 Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Revenue $ 5,491 $ 34,915 $ 4,645 $ - $ 45,051 Cost of sales (3,605 ) (31,367 ) (49,822 ) - (84,794 ) Depletion and amortization (1,657 ) (6,623 ) (7,355 ) (160 ) (15,795 ) Care and maintenance costs (7,309 ) (997 ) (4,427 ) - (12,733 ) Corporate general and administrative - - - (10,267 ) (10,267 ) Exploration costs (58 ) (3,181 ) (636 ) - (3,875 ) Accretion on decommissioning provision (125 ) (28 ) (50 ) - (203 ) Interest and financing expense (186 ) - (1,766 ) (2,918 ) (4,870 ) Foreign exchange gain 184 - - 207 391 Impairment to property, plant and equipment (356 ) - (55,623 ) - (55,979 ) Loss on metals contract liability - - - (20,780 ) (20,780 ) Other gain on derivatives - - - 1,668 1,668 Loss before income taxes (7,621 ) (7,281 ) (115,034 ) (32,250 ) (162,186 ) Income tax recovery (expense) (98 ) 518 - 1,190 1,610 Net loss for the year $ (7,719 ) $ (6,763 ) $ (115,034 ) $ (31,060 ) $ (160,576 ) c. Major customers For the year ended December 31, 2023, the Company sold concentrates and finished goods to two major customers accounting for 51% of revenues from Cosalá Operations and 48% of revenues from Galena Complex (2022 and 2021: two major customers accounting for 83% of revenues from Cosalá Operations and Galena Complex and 16% of revenues from Galena Complex, and two major customers accounting for 90% of revenues from Cosalá Operations and Galena Complex and 9% of revenues from Relief Canyon, respectively).

Capital management

Capital management	12 Months Ended
	Dec. 31, 2023
Capital management
Capital management	27. Capital management Capital is defined as equity. The Company’s objectives when managing its capital are to safeguard its ability to continue as a going concern and to maximize the value for its shareholders. The Company’s activities have been funded so far through debt and equity financing based on cash needs, and through operations. The Company typically sells its shares by way of private placement. There were no changes in these objectives, policies and processes used to manage capital during the year. The Company manages its capital structure and determines its capital requirements in light of the changing economic conditions and the risk characteristics of its assets. To reach its objectives the Company may have to maintain or adjust its capital structure by issuing new share capital or new debt. At this stage of its development, it is the policy of the Company to preserve cash to fund its operations and complete its capital projects and not to pay dividends. As of December 31, 2023, and 2022, the Company is not subject to any externally imposed capital requirements. The following summarizes the Company’s capital structure: December 31, December 31, 2023 2022 Equity attributable to shareholders of the Company $ 53,418 $ 81,227

Contingencies

Contingencies	12 Months Ended
	Dec. 31, 2023
Contingencies
Contingencies	28. Contingencies Due to the size, complexity and nature of the Company’s operations, various legal and tax matters arise in the ordinary course of business. The Company accrues for such items when a liability is both probable and the amount can be reasonably estimated. In November 2010, the Company received a reassessment from the Mexican tax authorities related to its Mexican subsidiary, Minera Cosalá, for the year ended December 31, 2007. The tax authorities disallowed the deduction of transactions with certain suppliers for an amount of approximately $11.7 million (MXN 196.8 million), of which $5.0 million (MXN 84.4 million) would be applied against available tax losses. The Company appealed this reassessment and the Mexican tax authorities subsequently reversed $5.6 million (MXN 94.6 million) of their original reassessment. The remaining $6.1 million (MXN 102.2 million) consists of $5.0 million (MXN 84.4 million) related to transactions with certain suppliers and $1.1 million (MXN 17.8 million) of value added taxes thereon. The Company appealed the remaining reassessment with the Mexican Tax Court in December 2011. The Company may be required to post a bond of approximately $1.1 million (MXN 17.8 million) to secure the value added tax portion of the reassessment. The deductions of $5.0 million (MXN 84.4 million), if denied, would be offset by available tax losses. The Company accrued $1.2 million (MXN 19.9 million) in the consolidated financial statements as at December 31, 2018 as a probable obligation for the disallowance of value added taxes related to the Mexican tax reassessment. As at December 31, 2023, the accrued liability of the probable obligation was $1.0 million (December 31, 2022: $1.0 million).

Subsequent events

Subsequent events	12 Months Ended
	Dec. 31, 2023
Subsequent events
Subsequent events	29. Subsequent events On March 21, 2024, the Company amended its Purchase Agreement with Sandstorm for the right to increase its advance payment by $3.25 million per calendar quarter or up to $6.5 million in aggregate during the first half of 2024 in order to satisfy the gold delivery obligations under the Purchase Agreement. The advances are to be repaid through balancing fixed deliveries of gold commencing at the end of the existing agreement within the 6-month period from November 2026 to April 2027. The first calendar quarter advance of $3.25 million was drawn in full in March 2024. On March 25, 2024, the Convertible Debenture’s effective maturity date was mutually extended to April 28, 2025 (see Note 10). On March 27, 2024, the Company completed a private placement of 26,000,000 units at a price of $0.30 CAD per unit for total gross proceeds of $7.8 million CAD. Each unit consisted of one common share and one common share purchase warrant where each warrant is exercisable for one common share at an exercise price of $0.40 CAD for a period of three years.

Summary of material accountin_2

Summary of material accounting policies (Policies)	12 Months Ended
	Dec. 31, 2023
Summary of material accounting policies
Consolidation	These consolidated financial statements incorporate the financial statements of the Company and the entities controlled by the Company (its subsidiaries, including special purpose entities). Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. Where the Company’s interest in a subsidiary is less than 100%, the Company recognizes non-controlling interests. All intercompany transactions and balances, income and expenses have been eliminated. The Company applies the acquisition method to account for business combinations. Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Company elects on an acquisition-by-acquisition basis whether to measure non-controlling interest at its fair value, or at its proportionate share of the recognized amount of identifiable net assets. Acquisition-related costs are expensed as incurred. Goodwill is initially measured as the excess of the aggregate of the consideration transferred and the fair value of non-controlling interest over the net identifiable assets acquired and liabilities assumed. If this consideration is negative, a bargain purchase gain is recognized immediately in profit or loss.
Segment reporting	An operating segment is a component of the Company that engages in business activities from which it may earn revenues and incur expenses, including revenues and expenses that relate to transactions with any of the Company’s other components. Determination of operating segments are based on the reports reviewed by the chief operating decision makers that are used to make strategic decisions about resources to be allocated to the segment and performance assessment, and for which discrete financial information is available. Unallocated items not directly attributable to a segment comprise mainly of corporate assets and head office expenses.
Presentation currency and functional currency	The Company’s presentation currency is the U.S. dollar (“USD”). The functional currency of the Company’s Canadian subsidiaries is the Canadian dollar (“CAD”), and the functional currency of its U.S. and Mexican subsidiaries is the USD. The consolidated financial statements of the Company are translated into the presentation currency. Assets and liabilities have been translated using the exchange rate at period end, and income, expenses and cash flow items are translated using the rate that approximates the exchange rates at the dates of the transactions (the average rate for the period). All resulting exchange differences are recorded in the foreign currency translation reserve.
Foreign currency translations	Transactions in foreign currencies are translated into the entities’ functional currency at the exchange rate at the date of the transactions. Monetary assets and liabilities of the Company’s operations denominated in a currency other than the functional currency are translated at the rate in effect at the statement of financial position date, and non-monetary items at historic exchange rates at each transaction date. Revenue and expense items are translated at average exchange rates of the reporting period. Gains and losses on translation are charged to the statements of loss and comprehensive loss.
Revenue recognition	The Company applies the following five-step approach in recognizing revenue from contracts with customers: · Identify the enforceable contract with the customer. · Identify the separate performance obligations in the contract from transferring the distinct good or service. · Determine the transaction price for consideration of transferring the good or service. · Allocate the transaction price to the separate performance obligations identified. · Recognize revenue when each separate performance obligation is satisfied. The Company recognizes revenue through entering into concentrate sales contracts with customers with the performance obligation of delivering its concentrate production in exchange for consideration valued initially under provisional pricing arrangements. Revenue from sales is recorded at the time of delivery based on forward prices for the expected date of final settlement. The final sale prices are determined by quoted market prices in a period subsequent to the date of sale. Subsequent variations in metal prices are recognized as embedded derivative pricing adjustments at fair value from contracts with customers. The Company recognizes deferred revenue from advanced consideration received for fixed and variable precious metals deliveries over a specified period. Deferred revenue is recognized into revenue as performance obligations to metals delivery are satisfied over the term of the delivery contract. The Company recognizes revenue when control of finished gold and silver, shipped in doré form, has transferred to the customer. The sale price is fixed on the date of sale primarily based on the gold and silver spot price in the London spot market.
Defined benefit plans	The cost of defined benefit plans is determined using the projected unit credit method. The related pension liability recognized in the consolidated statement of financial position is the present value of the defined benefit obligation at the end of the reporting period less the fair value of plan assets. Actuarial valuations for defined benefit plans are carried out annually. The discount rate applied in arriving at the present value of the pension liability represents the yield on high quality corporate bonds denominated in the currency in which the benefits will be paid, and that have terms to maturity approximating the terms of the related pension liability. Actuarial gains and losses arise from the difference between the actual long-term rate of return on plan assets for a period and the expected long-term rate of return on plan assets for that period, or from changes in actuarial assumptions used to determine the accrued benefit obligation. Actuarial gains and losses arising in the year are recognized in full in the period in which they occur, in other comprehensive income and retained earnings without recycling to the consolidated statement of loss and comprehensive loss in subsequent periods. Current service cost, the recognized element of any past service cost, interest expense arising on the pension liability and the expected return on plan assets are recognized in the same line items in the consolidated statement of loss and comprehensive loss as the related compensation cost. The values attributed to plan liabilities are assessed in accordance with the advice of independent qualified actuaries. Service costs arising from plan amendments are recognized immediately.
Share-based payments	The Company’s stock option plan allows its employees (including directors and officers) and non-employees to acquire shares of the Company. Accordingly, the fair value of the option is either charged to operations or capitalized to exploration or development expenditures, depending on the accounting for the optionee’s other compensation, with a corresponding increase in equity reserve. The costs of equity-settled transactions with employees are measured by reference to the fair value at the date on which they are granted using the Black-Scholes Option Pricing Model. The costs of equity-settled transactions are recognized, together with a corresponding increase in equity reserve, over the period in which the performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award (the “vesting date”). The cumulative expense recognized for equity-settled transactions at each reporting date up to the vesting date reflects the Company’s best estimate of the number of equity instruments that will ultimately vest. The charge or credit for a period represents the movement in cumulative expense recognized as at the beginning and end of that period and the corresponding amount is represented in equity reserve. No expense is recognized for awards that do not ultimately vest. Where the terms of an equity-settled award are modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based payment arrangement, or is otherwise beneficial to the employee as measured at the date of modification.
Income taxes	Income tax comprises of current and deferred tax. Income tax is recognized in the consolidated statement of loss and comprehensive loss except to the extent that it relates to items recognized directly in other comprehensive income (loss) or directly in equity, in which case the income tax is also recognized directly in other comprehensive income (loss) or equity, respectively. The current income tax charge is calculated on the basis of the tax laws enacted or substantively enacted at the end of the reporting period in the countries where the Company’s subsidiaries operate and generate taxable profit. Management periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. Deferred income tax is recognized in respect of temporary differences between the carrying amount of assets and liabilities in the consolidated statement of financial position and the corresponding tax bases used in the computation of taxable profit. Deferred income tax is determined using tax rates (and laws) that have been enacted or substantively enacted at the consolidated statement of financial position date and are expected to apply when the related deferred income tax asset is realized or the deferred income tax liability is settled. Deferred income tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits and unused tax losses to the extent it is probable future taxable profits will be available against which they can be utilized. The Company did not recognize any deferred income taxes relating to its investments in subsidiaries. Deferred tax assets and liabilities are offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset.
Earnings/loss per share	Basic earnings/loss per share is calculated by dividing the net earnings/loss for the period attributable to equity owners of the Company by the weighted average number of common shares outstanding during the period. Diluted earnings/loss per share is calculated by adjusting the weighted average number of common shares outstanding for dilutive instruments. The number of shares included with respect to options, warrants and similar instruments is computed using the treasury stock method. The treasury stock method, which assumes that outstanding stock options and warrants with an average exercise price below the market price of the underlying shares, are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period. The Company’s potentially dilutive common shares comprise stock options granted to employees, and warrants.
Comprehensive income (loss)	Comprehensive income (loss) is the change in the Company’s net assets that results from transactions, events and circumstances from sources other than the Company’s shareholders and includes items that would not normally be included in net earnings such as foreign currency gains or losses related to the Company’s net investment in foreign operations and unrealized gains or losses on available-for-sale securities net of tax. The Company’s comprehensive income (loss), components of other comprehensive income (loss) and cumulative translation adjustments are presented in the consolidated statements of comprehensive income (loss) and the consolidated statements of changes in equity.
Inventories	Concentrates, ore stockpile, and spare parts and supplies are valued at the lower of cost and estimated net realizable value. Cost for concentrates and ore stockpile includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs determined on a weighted average basis for the Mexican operations and first in, first out method for the U.S. operations. Cost for spare parts and supplies are determined using the first in, first out method. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert inventories into saleable form. Any write-downs of inventory to net realizable value are recorded as cost of sales. If there is a subsequent increase in the value of inventories, the previous write-downs to net realizable value are reversed to the extent that the related inventory has not been sold. Ore stockpile represents ore that has been extracted from the mine and is available for further processing. Costs added to ore stockpile are valued based on current mining cost per tonne incurred up to the point of stockpiling the ore and are removed at the average cost per tonne. Ore stockpile is verified by periodic surveys. Materials and supplies inventory are valued at the lower of cost and net realizable value, where cost is determined using the first-in-first-out method. Any provision for obsolescence is determined by reference to specific items of stock. A regular review is undertaken to determine the extent of any provision for obsolescence by comparing those items to their net realizable value. If carrying value exceeds net realizable value, a write-down is recognized. Finished goods, in-circuit work in progress, and ore on leach pads are valued at the lower of cost and estimated net realizable value. Cost for in-circuit work in progress and ore on leach pads includes all direct costs incurred in production including direct labour and materials, freight, depreciation and amortization and directly attributable overhead costs determined on a first in, first out method. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and future metal prices less estimated future production costs to convert inventories into saleable form.
Property, plant and equipment	(i) Producing mining interests Producing mining interests are carried at cost less accumulated depletion and amortization and accumulated impairment losses. Following the completion of commissioning, the costs related to the mining interests are depleted and charged to operations on the unit of production method as a proportion of estimated recoverable mineral reserves. Completion of the commissioning is deemed to have occurred when major mine and processing plant components are completed, operating results are being achieved consistently for a period of time and that there are indicators that these operational results, including mill capacity and recovery, will be sustainable in the future. Construction in progress is not depreciated until the assets are ready for their intended use. (ii) Non-producing mining interests The Company follows the method of accounting for its non-producing mining interests whereby all costs relating to the acquisition and development are deferred and capitalized by property until the property to which they directly relate is placed into production, sold, discontinued or subject to a condition of impairment. Exploration expenses not related to placing the property into production are expensed as incurred. In the event that a mining interest is placed into production, capitalization of costs ceases, the costs are transferred to producing mining interests and the mining interest is depleted on a unit of production basis. The recoverability of amounts is dependent upon the discovery of economically recoverable mineral reserves, the ability of the Company to finance the development of the properties, and on the future profitable production or proceeds from the disposition thereof. (iii) Plant and equipment Property, plant and equipment are carried at cost less accumulated depreciation and accumulated impairment losses. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate assets (major components) of property, plant and equipment. The cost of replacing a part of an item of property, plant and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within that part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. Repairs and maintenance are charged to the consolidated statement of loss and comprehensive loss during the period in which they are incurred. Depreciation is recorded over the estimated useful life of the asset as follows: · Mining interests – unit of production based upon estimated proven and probable reserves. · Plant and equipment – 3-30 years over straight line basis or units of production based upon estimated proven and probable reserves as applicable. · Corporate office equipment – 3-10 years over straight line basis. Residual values, method of amortization and useful lives of the assets are reviewed annually and adjusted if appropriate. (iv) Impairment and reversal of impairment The Company reviews and evaluates the carrying values of its property, plant and equipment to determine whether there is an indication of impairment or reversal of impairment. For exploration and evaluation assets, indication includes but is not limited to expiration of the right to explore, substantive expenditure in the specific area is neither budgeted nor planned, and if the entity has decided to discontinue exploration activity in the specific area. When the carrying value of assets exceeds the recoverable amount, the carrying value of the assets is reduced to the recoverable amount. The recoverable amount takes into account a market participant’s ability to generate economic benefits by using the asset in its highest and best use of the asset. To achieve this, the recoverable amount is the higher of value in use (being the net present value of expected pre-tax future cash flows of the relevant asset) and fair value less costs to dispose the asset. If, after the Company has previously recognized an impairment loss, circumstances indicate that the recoverable amount of the impaired assets is greater than the carrying amount, the Company reverses the impairment loss by the amount the revised fair value exceeds its carrying amount, to a maximum of the previous impairment loss. In no case shall the revised carrying amount exceed the original carrying amount, after depreciation or amortization, that would have been determined if no impairment loss had been recognized. (v) Care and maintenance The Company may elect to place its mining operations in care and maintenance if continued operation is no longer economically feasible due to change in circumstances. During care and maintenance, depreciable property, plant and equipment continue to be depreciated over their useful lives.
Decommissioning provision	The Company recognizes contractual, statutory and legal obligations associated with retirement of mining properties when those obligations result from the acquisition, construction, development or normal operation of the assets. Initially, the decommissioning provision is recognized at its fair value in the period in which it is incurred. Upon initial recognition of the liability, the corresponding decommissioning provision is added to the carrying amount of that asset and the cost is amortized as an expense over the economic life of the related asset. Following the initial recognition of the decommissioning provision, the periodic unwinding of the discount is recognized in the consolidated statement of loss and comprehensive loss and adjusted for changes to the amount or timing of the underlying cash flows to settle the obligation.
Financial instruments	The Company classifies and measures its financial instruments at fair value, with changes in fair value recognized in profit or loss as they arise. Unless restrictive criteria regarding the objective and contractual cash flows of the instrument are met then classification and measurement are at either amortized cost or fair value through other comprehensive income. Cash and cash equivalents and trade and other receivables are classified and measured as financial assets at amortized cost. Embedded derivatives arising from subsequent adjustments in provisional sales revenue are classified and measured as financial instruments at fair value through profit or loss. Trade and other payables are classified and measured as financial liabilities at amortized cost. Loans receivable are classified and measured as financial assets at fair value through profit or loss and loans payable are classified as financial liabilities initially at fair value through profit or loss and subsequently carried at amortized cost. Investment in equity instruments are classified and measured as financial assets at fair value through other comprehensive income. Loans from the government are accounted for as a loan payable until forgiveness is reasonably assured and the loan is derecognized through the consolidated statement of loss and comprehensive loss.
Borrowing costs	Borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset are capitalized as part of the cost of that asset and amortized over the expected useful life of that asset. Other borrowing costs not directly attributable to a qualifying asset are expensed in the period incurred.
Provisions	Provisions are recognized when the Company has a present obligation (legal or constructive) that has arisen as a result of a past event and it is probable that a future outflow of resources will be required to settle the obligation, provided that a reliable estimate can be made of the amount of the obligation. Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risk specific to the obligation. The increase in the provision due to passage of time is recognized as interest expense.
Related party transactions	Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence, and related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions that are in the normal course of business and have commercial substance are measured at the exchange amount.
Restricted cash	Restricted cash includes cash that has been pledged for reclamation and closure activities which are not available for immediate disbursement.

Trade and Other Receivables (Ta

Trade and Other Receivables (Tables)	12 Months Ended
	Dec. 31, 2023
Trade and Other Receivables
Schedule of trade and other receivables	December 31, December 31, 2023 2022 Trade receivables $ 5,875 $ 5,624 Other receivables 3,611 5,928 $ 9,486 $ 11,552

Inventories (Tables)

Inventories (Tables)	12 Months Ended
	Dec. 31, 2023
Inventories
Schedule of Inventories	December 31, December 31, 2023 2022 Concentrates $ 1,769 $ 1,694 Finished goods - 368 In-circuit work in progress - 205 Ore stockpiles 913 898 Spare parts and supplies 5,975 5,670 $ 8,657 $ 8,835

Property, Plant and Equipment (

Property, Plant and Equipment (Tables)	12 Months Ended
	Dec. 31, 2023
Property, Plant and Equipment (Tables)
Schedule of property, plant and equipment	Mining Non-producing Plant and Right-of-use Corporate office interests properties equipment lease assets equipment Total Cost Balance at January 1, 2022 $ 208,266 $ 12,469 $ 110,273 $ 11,373 $ 240 $ 342,621 Asset additions 9,302 - 10,304 720 (4 ) 20,322 Change in decommissioning provision (2,156 ) - - - - (2,156 ) Balance at December 31, 2022 215,412 12,469 120,577 12,093 236 360,787 Asset additions 11,517 - 8,420 238 1 20,176 Asset disposals - - (769 ) (646 ) - (1,415 ) Change in decommissioning provision (110 ) - - - - (110 ) Balance at December 31, 2023 $ 226,819 $ 12,469 $ 128,228 $ 11,685 $ 237 $ 379,438 Accumulated depreciation and depletion Balance at January 1, 2022 $ (101,091 ) $ - $ (57,755 ) $ (5,732 ) $ (130 ) $ (164,708 ) Depreciation/depletion for the year (9,918 ) - (10,077 ) (1,306 ) (39 ) (21,340 ) Impairment for the year (3,539 ) - (9,901 ) - - (13,440 ) Balance at December 31, 2022 (114,548 ) - (77,733 ) (7,038 ) (169 ) (199,488 ) Depreciation/depletion for the year (11,926 ) - (7,707 ) (1,185 ) (31 ) (20,849 ) Impairment for the year (6,000 ) - - - - (6,000 ) Balance at December 31, 2023 $ (132,474 ) $ - $ (85,440 ) $ (8,223 ) $ (200 ) $ (226,337 ) Carrying value at December 31, 2022 $ 100,864 $ 12,469 $ 42,844 $ 5,055 $ 67 $ 161,299 at December 31, 2023 $ 94,345 $ 12,469 $ 42,788 $ 3,462 $ 37 $ 153,101

Precious Metals Delivery and _2

Precious Metals Delivery and Purchase Agreement (Tables)	12 Months Ended
	Dec. 31, 2023
Precious Metals Delivery and Purchase Agreement
Schedule of Deferred Revenue and Metals Contract Liability	Year ended Year ended December 31, December 31, 2023 2022 Net metals contract liability, beginning of year $ 30,989 $ 40,905 Advance increase (net of financing expense) 13,989 - Delivery of metals produced (1,720 ) (3,278 ) Delivery of metals purchased (9,899 ) (7,436 ) Revaluation of metals contract liability 3,478 798 Net metals contract liability, end of year $ 36,837 $ 30,989 Current portion $ 12,512 $ 11,324 Non-current portion 24,325 19,665 $ 36,837 $ 30,989

Post-Employment Benefit Oblig_2

Post-Employment Benefit Obligations (Tables)	12 Months Ended
	Dec. 31, 2023
Post-Employment Benefit Obligations (Tables)
Schedule of principal actuarial assumptions	December 31, December 31, December 31, 2023 2022 2021 Discount rate (expense) 5.00 % 2.75 % 2.50 % Discount rate (year end disclosures) 4.75 % 5.00 % 2.75 % Future salary increases (salaried plan only) 5.00 % 5.00 % 5.00 %
Schedule of amounts recognized in consolidated statements of loss and comprehensive loss	December 31, December 31, December 31, 2023 2022 2021 Current service costs, interest costs, and return on assets included in cost of sales $ 767 $ 1,139 $ 1,240
Schedule of fair value of plan assets	December 31, December 31, 2023 2022 Assets, beginning of year $ 18,683 $ 22,780 Return on assets 912 617 Actuarial gain (loss) 995 (3,857 ) Employer contributions 321 386 Benefits paid (1,272 ) (1,243 ) Assets, end of year $ 19,639 $ 18,683
Schedule of movements in defined benefit obligations	December 31, December 31, 2023 2022 Obligations, beginning of year $ 25,652 $ 33,646 Current service costs 462 857 Interest costs 1,217 899 Benefits paid (1,272 ) (1,243 ) Actuarial loss (gain) 117 (8,507 ) Obligations, end of year $ 26,176 $ 25,652
Schedule of amounts recognized in consolidated statements of financial position	December 31, December 31, 2023 2022 Present value of funded obligations 26,176 25,652 Fair value of plan assets 19,639 18,683 Deficit of funded plans $ 6,537 $ 6,969

Decommissioning Provision (Tabl

Decommissioning Provision (Tables)	12 Months Ended
	Dec. 31, 2023
Decommissioning Provision
Schedule of Changes in Decommissioning Provision	December 31, December 31, 2023 2022 Provisions, beginning of year $ 11,715 $ 13,444 Decommissioning costs and change in estimates (109 ) (2,156 ) Accretion on decommissioning provision 587 427 Provisions, end of year $ 12,193 $ 11,715

Share Capital (Tables)

Share Capital (Tables)	12 Months Ended
	Dec. 31, 2023
Share Capital
Schedule of Share Capital	December 31, December 31, 2023 2022 Issued 218,689,766(2022:204,455,721)common shares $ 455,548 $ 449,374 Nil (2022: Nil) preferred shares - - $ 455,548 $ 449,374
Schedule of Changes in Company's Outstanding Stock Options	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Weighted Weighted Weighted average average average exercise exercise exercise Number price Number price Number price (thousands) CAD (thousands) CAD (thousands) CAD Balance, beginning of year 12,367 $ 2.40 12,579 $ 2.81 10,659 $ 3.45 Granted 8,200 0.62 3,750 1.20 3,700 1.70 Exercised - - - - (90 ) 2.39 Expired (3,197 ) 3.79 (3,962 ) 2.56 (1,690 ) 4.43 Balance, end of year 17,370 $ 1.30 12,367 $ 2.40 12,579 $ 2.81
Schedule of Stock Options Outstanding and Exercisable	Weighted average Weighted Weighted remaining average average Exercise contractual exercise exercise price life Outstanding price Exercisable price CAD (years) (thousands) CAD (thousands) CAD $0.01 to $1.00 2.46 8,500 $ 0.62 2,933 $ 0.62 $1.01 to $2.00 0.86 6,785 1.47 5,648 1.51 $3.01 to $4.00 0.93 2,085 3.54 2,085 3.54 17,370 $ 1.30 10,666 $ 1.67
Schedule of Fair Value Weighted Average Assumptions	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Expected stock price volatility (1) 67 % 68 % 68 % Risk free interest rate 3.62 % 1.78 % 0.56 % Expected life 3 years 3 years 3 years Expected forfeiture rate 3.60 % 3.53 % 2.66 % Expected dividend yield 0 % 0 % 0 % Share-based payments included in cost of sales $ - $ - $ - Share-based payments included in general and administrative expenses 1,764 2,487 4,030 Total share-based payments $ 1,764 $ 2,487 $ 4,030
Schedule of Warrants Issued and Outstanding	Number of Exercise Issuance Expiry warrants price (CAD) date date 3,500,000 0.55 Jun 2023 Jun 21, 2026 750,000 0.55 Oct 2023 Oct 30, 2026 4,250,000

Weighted Average Basic and Di_2

Weighted Average Basic and Diluted Number of Common Shares Outstanding (Tables)	12 Months Ended
	Dec. 31, 2023
Weighted Average Basic and Diluted Number of Common Shares Outstanding
Schedule of weighted average basic and diluted number of common shares outstanding	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Basic weighted average number of shares 212,701,865 184,416,034 141,887,984 Effect of dilutive stock options and warrants - - - Diluted weighted average number of shares 212,701,865 184,416,034 141,887,984

Revenue (Tables)

Revenue (Tables)	12 Months Ended
	Dec. 31, 2023
Revenue
Schedule of disaggregation of revenue categorized by commodities sold	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Gold Sales revenue $ - $ - $ 4,027 Derivative pricing adjustments - - - - - 4,027 Silver Sales revenue $ 62,419 $ 37,084 $ 27,438 Derivative pricing adjustments 687 758 (267 ) 63,106 37,842 27,171 Zinc Sales revenue $ 38,421 $ 59,262 $ 5,973 Derivative pricing adjustments 325 1,280 96 38,746 60,542 6,069 Lead Sales revenue $ 25,438 $ 29,731 $ 20,617 Derivative pricing adjustments 19 (164 ) 169 25,457 29,567 20,786 Other by-products Sales revenue $ 1,044 $ 995 $ 190 Derivative pricing adjustments 196 220 (46 ) 1,240 1,215 144 Total sales revenue $ 127,322 $ 127,072 $ 58,245 Total derivative pricing adjustments 1,227 2,094 (48 ) Gross revenue $ 128,549 $ 129,166 $ 58,197 Proceeds before intended use 188 - 247 Treatment and selling costs (39,175 ) (44,150 ) (13,393 ) $ 89,562 $ 85,016 $ 45,051

Cost of sales (Tables)

Cost of sales (Tables)	12 Months Ended
	Dec. 31, 2023
Cost of sales
Schedule of cost of sales is costs that directly relate to production at the mine operating segments	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Salaries and employee benefits $ 33,307 $ 29,803 $ 23,913 Contract services on site - 17,138 Raw materials and consumables 33,465 29,568 11,652 Utilities 4,181 4,285 3,350 Other costs 5,461 6,602 7,729 Costs before intended use 188 - 247 Employee retention credit - (3,962 ) - Changes in inventories (3,267 ) (2,663 ) (19,946 ) Inventory write-downs 1,725 8,459 40,711 $ 75,060 $ 72,092 $ 84,794

Corporate General and Adminis_2

Corporate General and Administrative Expenses (Tables)	12 Months Ended
	Dec. 31, 2023
Corporate General and Administrative Expenses
Schedule of corporate general and administrative expenses are costs incurred at corporate and other segments	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Salaries and employee benefits $ 2,502 $ 2,848 $ 2,428 Directors’ fees 341 372 383 Share-based payments 1,764 2,487 3,745 Professional fees 1,921 1,568 2,075 Office and general 2,078 2,105 1,636 $ 8,606 $ 9,380 $ 10,267

Income taxes (Tables)

Income taxes (Tables)	12 Months Ended
	Dec. 31, 2023
Income taxes
Schedule of components of income tax expense	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Current income tax expense (recovery) $ (2,157 ) $ 4,836 $ 69 Deferred income tax expense (recovery) 97 (1,118 ) (1,679 ) Income tax expense (recovery) $ (2,060 ) $ 3,718 $ (1,610 )
Schedule of deferred income taxes have not been recognized in respect	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Loss before income taxes $ (40,233 ) $ (41,469 ) $ (162,186 ) Statutory rate 26.5 % 26.5 % 26.5 % Tax recovery at statutory rate (10,662 ) (10,989 ) (42,979 ) Mexican mining royalty 852 1,435 29 Impact of foreign tax rates 9 674 1,415 Non-deductible expenses 2,351 4,351 4,329 Losses not recognized 5,390 8,247 35,596 Income tax expense (recovery) $ (2,060 ) $ 3,718 $ (1,610 )
Schedule of net deferred tax liability relates to the Mexican mining royalty and arises principally	December 31, December 31, 2023 2022 Property, plant and equipment $ 787 $ 815 Other 319 333 Total deferred tax liabilities 1,106 1,148 Provisions and reserves (477 ) (800 ) Net deferred tax liabilities $ 629 $ 348
Schedule of effective rate of income tax differs from the statutory rate	December 31, December 31, 2023 2022 Inventories $ 39,904 $ 9,074 Property, plant and equipment 41,892 36,709 Mexican tax losses (expiring in 2025 - 2031) 33,999 32,112 Canadian tax losses (expiring in 2034 - 2043) 37,103 31,892 U.S. tax losses (expiring in 2025 - 2037) 31,957 31,957 U.S. tax losses (no expiry) 165,649 191,790 Provisions and other 72,190 72,283 Deferred Mexican mining royalty 629 348 $ 423,323 $ 406,165

Key Management Transactions (Ta

Key Management Transactions (Tables)	12 Months Ended
	Dec. 31, 2023
Key Management Transactions
Schedule of transactions with key management	Year ended Year ended Year ended December 31, December 31, December 31, 2023 2022 2021 Salaries and employee benefits $ 1,235 $ 1,595 $ 1,371 Directors’ fees 341 372 383 Share-based payments 1,549 2,104 2,950

Financial risk management (Tabl

Financial risk management (Tables)	12 Months Ended
	Dec. 31, 2023
Financial risk management
Schedule of contractual maturities of financial liabilities	December 31, 2023 Less than Over 5 Total 1 year 2-3 years 4-5 years years Trade and other payables $ 22,960 $ 22,960 $ - $ - $ - Pre-payment facility 2,250 2,250 - - - Promissory notes 4,275 4,275 - - - Interest on promissory notes 303 303 - - - Convertible debenture 18,146 18,146 - - - Interest on convertible debenture 2,002 2,002 - - - Royalty payable 5,087 2,487 2,600 - - Metals contract liability 36,837 12,512 24,325 - - Projected pension contributions 6,604 1,558 1,926 2,046 1,074 Decommissioning provision 20,459 - - - 20,459 Other long-term liabilities 1,610 - 787 194 629 $ 120,533 $ 66,493 $ 29,638 $ 2,240 $ 22,162
Schedule of total lease liabilities discounted using an incremental borrowing rate	December 31, 2023 Less than Over 5 Total 1 year 2-3 years 4-5 years years Trade and other payables $ 455 $ 455 $ - $ - $ - Other long-term liabilities 981 - 787 194 - $ 1,436 $ 455 $ 787 $ 194 $ -
Schedule of net loss or other comprehensive loss due to currency fluctuations	Year ended Year ended December 31, December 31, 2023 2022 Lease liabilities, beginning of year $ 3,142 $ 4,774 Additions 225 720 Lease principal payments (2,527 ) (2,352 ) Lease interest payments (154 ) (1,040 ) Accretion on lease liabilities 750 1,040 Lease liabilities, end of year $ 1,436 $ 3,142
Schedule of net loss and comprehensive loss due to changes in the exchange rates	As at December 31, 2023 CAD MXN Cash and cash equivalents $ 244 $ 641 Trade and other receivables 30 3,582 Trade and other payables 3,631 11,052
Schedule of level 3 Inputs are unobservable	December 31, December 31, 2023 2022 Level 1 Cash and cash equivalents $ 2,061 $ 1,964 Restricted cash 4,351 4,139 Level 2 Trade and other receivables 9,486 11,552 Derivative instruments 1,230 991 Metals contract liability 36,837 30,989 Level 3 Royalty payable 3,947 - Amortized cost Pre-payment facility 2,250 - Promissory notes 4,275 2,500 Government loan - 222 Convertible debenture 15,384 9,621
Schedule of net loss and comprehensive loss due to changes in the exchange rates	CAD/USD MXN/USD Exchange rate Exchange rate +/- 10% +/- 10% Approximate impact on: Net loss $ 1,545 $ 3,512 Other comprehensive loss 128 20

Segmented and Geographic Info_2

Segmented and Geographic Information, and Major Customers (Tables)	12 Months Ended
	Dec. 31, 2023
Segmented and Geographic Information and Major Customers
Schedule of Operating Segments	As at December 31, 2023 As at December 31, 2022 Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Cash and cash equivalents $ 687 $ 791 $ 43 $ 540 $ 2,061 $ 317 $ 204 $ 717 $ 726 $ 1,964 Trade and other receivables 7,068 2,388 - 30 9,486 3,921 7,593 - 38 11,552 Inventories 6,310 2,244 103 - 8,657 5,390 2,727 718 - 8,835 Prepaid expenses 1,003 909 404 516 2,832 745 1,232 452 601 3,030 Restricted cash 162 53 4,136 - 4,351 141 53 3,945 - 4,139 Property, plant and equipment 51,600 73,490 27,404 607 153,101 52,141 70,479 37,927 752 161,299 Total assets $ 66,830 $ 79,875 $ 32,090 $ 1,693 $ 180,488 $ 62,655 $ 82,288 $ 43,759 $ 2,117 $ 190,819 Trade and other payables $ 12,184 $ 4,843 $ 1,421 $ 4,512 $ 22,960 $ 12,861 $ 8,029 $ 2,658 $ 3,512 $ 27,060 Derivative instruments - - - 1,230 1,230 - - - 991 991 Shares pending issuance from retraction - - - 436 436 - - - - - Pre-payment facility - 2,250 - - 2,250 - - - - - Other long-term liabilities 30 1,074 - 506 1,610 - 1,192 - 623 1,815 Metals contract liability - - - 36,837 36,837 - - - 30,989 30,989 Convertible debenture - - - 15,384 15,384 - - - 9,621 9,621 Promissory notes - - - 4,275 4,275 - - - 2,500 2,500 Royalty payable - - - 3,947 3,947 - - - - - Government loan - - - - - - 222 - - 222 Post-employment benefit obligations - 6,537 - - 6,537 - 6,969 - - 6,969 Decommissioning provision 2,605 5,563 4,025 - 12,193 2,070 5,603 4,042 - 11,715 Deferred tax liabilities 629 - - - 629 348 - - - 348 Total liabilities $ 15,448 $ 20,267 $ 5,446 $ 67,127 $ 108,288 $ 15,279 $ 22,015 $ 6,700 $ 48,236 $ 92,230 Year ended December 31, 2023 Year ended December 31, 2022 Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Revenue $ 46,163 $ 43,283 $ 116 $ - $ 89,562 $ 53,418 $ 31,405 $ 193 $ - $ 85,016 Cost of sales (36,160 ) (38,132 ) (768 ) - (75,060 ) (33,371 ) (30,969 ) (7,752 ) - (72,092 ) Depletion and amortization (7,982 ) (9,093 ) (3,614 ) (160 ) (20,849 ) (7,375 ) (7,473 ) (6,338 ) (154 ) (21,340 ) Care and maintenance costs - (594 ) (3,248 ) - (3,842 ) - (513 ) (3,987 ) - (4,500 ) Corporate general and administrative - - - (8,606 ) (8,606 ) - - - (9,380 ) (9,380 ) Exploration costs (835 ) (2,455 ) (142 ) - (3,432 ) (1,296 ) (2,122 ) (366 ) - (3,784 ) Accretion on decommissioning provision (212 ) (217 ) (158 ) - (587 ) (164 ) (158 ) (105 ) - (427 ) Interest and financing expense (296 ) (414 ) (633 ) (6,846 ) (8,189 ) (210 ) (63 ) (1,199 ) (326 ) (1,798 ) Foreign exchange gain (loss) (664 ) - - 1,068 404 (863 ) - - (2,695 ) (3,558 ) Gain on disposal of assets - 283 119 - 402 - - - - - Impairment to property, plant and equipment - - (6,000 ) - (6,000 ) - - (13,440 ) - (13,440 ) Loss on metals contract liability - - - (3,396 ) (3,396 ) - - - (657 ) (657 ) Other gain on derivatives - - - 120 120 - - - 214 214 Fair value loss on royalty payable - - - (760 ) (760 ) - - - - - Gain on government loan forgiveness - - - - - - 4,277 - - 4,277 Income (loss) before income taxes 14 (7,339 ) (14,328 ) (18,580 ) (40,233 ) 10,139 (5,616 ) (32,994 ) (12,998 ) (41,469 ) Income tax recovery (expense) 1,876 184 - - 2,060 (4,695 ) 977 - - (3,718 ) Net income (loss) for the year $ 1,890 $ (7,155 ) $ (14,328 ) $ (18,580 ) $ (38,173 ) $ 5,444 $ (4,639 ) $ (32,994 ) $ (12,998 ) $ (45,187 ) Year ended December 31, 2021 Cosalá Operations Galena Complex Relief Canyon Corporate and Other Total Revenue $ 5,491 $ 34,915 $ 4,645 $ - $ 45,051 Cost of sales (3,605 ) (31,367 ) (49,822 ) - (84,794 ) Depletion and amortization (1,657 ) (6,623 ) (7,355 ) (160 ) (15,795 ) Care and maintenance costs (7,309 ) (997 ) (4,427 ) - (12,733 ) Corporate general and administrative - - - (10,267 ) (10,267 ) Exploration costs (58 ) (3,181 ) (636 ) - (3,875 ) Accretion on decommissioning provision (125 ) (28 ) (50 ) - (203 ) Interest and financing expense (186 ) - (1,766 ) (2,918 ) (4,870 ) Foreign exchange gain 184 - - 207 391 Impairment to property, plant and equipment (356 ) - (55,623 ) - (55,979 ) Loss on metals contract liability - - - (20,780 ) (20,780 ) Other gain on derivatives - - - 1,668 1,668 Loss before income taxes (7,621 ) (7,281 ) (115,034 ) (32,250 ) (162,186 ) Income tax recovery (expense) (98 ) 518 - 1,190 1,610 Net loss for the year $ (7,719 ) $ (6,763 ) $ (115,034 ) $ (31,060 ) $ (160,576 )

Capital management (Tables)

Capital management (Tables)	12 Months Ended
	Dec. 31, 2023
Capital management
Schedule of Capital Structure	December 31, December 31, 2023 2022 Equity attributable to shareholders of the Company $ 53,418 $ 81,227

Basis of presentation and goi_2

Basis of presentation and going concern (Details Narrative) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)
Basis of presentation and going concern
Working capital deficit	$ 38.2
Cash and cash equivalents	2.1
Net loss	38.2
Impairment to property, plant, and equipment	6
Increase in cost of sales	3
Interest and financing expense	8.2
Loss on metals contract liability	$ 3.4

Summary of material accountin_3

Summary of material accounting policies (Details)	12 Months Ended
	Dec. 31, 2023
Share Capital Commons [Member]
Statement [Line Items]
Mining interests	unit of production based upon estimated proven and probable reserves
Estimated useful live of plant and equipment	3-30 years over straight line basis
Corporate Office Equipment [Member]
Statement [Line Items]
Estimated useful live of plant and equipment	-10 years over straight line basis

Trade and Other Receivables (De

Trade and Other Receivables (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Trade and Other Receivables
Trade receivables	$ 5,875	$ 5,624
Other receivables	3,611	5,928
Trade and other receivables Fifty	$ 9,486	$ 11,552

Trade and Other Receivables (_2

Trade and Other Receivables (Details Narrative) $ in Millions	Dec. 31, 2022 USD ($)
Trade and Other Receivables
Refundable tax credits	$ 5.3

Inventories (Details)

Inventories (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Inventories
Concentrates	$ 1,769	$ 1,694
Finished goods	0	368
In-circuit work in progress	0	205
Ore stockpiles	913	898
Spare parts and supplies	5,975	5,670
Total	$ 8,657	$ 8,835

Inventories (Details Narrative)

Inventories (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Inventories
Inventories recognized as an expense	$ 75,100,000	$ 72,100,000	$ 84,800,000
Ore on leach pads and ore stockpiles write-down to net realizable value	1,700,000	8,500,000	40,600,000
Spare parts and supplies write-down net	$ 0	$ 0	$ 100,000

Property Plant and Equipment (D

Property Plant and Equipment (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Cost [Member]
Statement [Line Items]
Cost at beginning	$ 360,787,000	$ 342,621,000
Cost, Asset additions	20,176,000	20,322,000
Cost, Asset disposals	(1,415,000)
Cost, Change in decommissioning provision	(110,000)	(2,156,000)
Cost at ending	379,438,000	360,787,000
Cost [Member] | Mining interests [Member]
Statement [Line Items]
Cost at beginning	215,412,000	208,266,000
Cost, Asset additions	11,517,000	9,302,000
Cost, Asset disposals	0
Cost, Change in decommissioning provision	(110,000)	(2,156,000)
Cost at ending	226,819,000	215,412,000
Cost [Member] | Plant and equipment [member]
Statement [Line Items]
Cost at beginning	120,577,000	110,273,000
Cost, Asset additions	8,420,000	10,304,000
Cost, Asset disposals	(769,000)
Cost, Change in decommissioning provision	0	0
Cost at ending	128,228,000	120,577,000
Cost [Member] | Right-of-use lease assets [Member]
Statement [Line Items]
Cost at beginning	12,093,000	11,373,000
Cost, Asset additions	238,000	720,000
Cost, Asset disposals	(646,000)
Cost, Change in decommissioning provision	0	0
Cost at ending	11,685,000	12,093,000
Cost [Member] | Non-producing properties [Member]
Statement [Line Items]
Cost at beginning	12,469,000	12,469,000
Cost, Asset additions	0	0
Cost, Asset disposals	0
Cost, Change in decommissioning provision	0	0
Cost at ending	12,469,000	12,469,000
Cost [Member] | Corporate office equipment [Member]
Statement [Line Items]
Cost at beginning	236,000	240,000
Cost, Asset additions	1,000	(4,000)
Cost, Asset disposals	0
Cost, Change in decommissioning provision	0	0
Cost at ending	237,000	236,000
Accumulated depreciation and depletion [Member]
Statement [Line Items]
Accumulated depreciation and depletion at beginning	(199,488,000)	(164,708,000)
Accumulated depreciation and depletion, Depreciation/depletion for the year	(20,849,000)	(21,340,000)
Accumulated depreciation and depletion, Impairment for the year	(6,000,000)	(13,440,000)
Accumulated depreciation and depletion at ending	(226,337,000)	(199,488,000)
Accumulated depreciation and depletion [Member] | Mining interests [Member]
Statement [Line Items]
Accumulated depreciation and depletion at beginning	(114,548,000)	(101,091,000)
Accumulated depreciation and depletion, Depreciation/depletion for the year	(11,926,000)	(9,918,000)
Accumulated depreciation and depletion, Impairment for the year	(6,000,000)	(3,539,000)
Accumulated depreciation and depletion at ending	(132,474,000)	(114,548,000)
Accumulated depreciation and depletion [Member] | Plant and equipment [member]
Statement [Line Items]
Accumulated depreciation and depletion at beginning	(77,733,000)	(57,755,000)
Accumulated depreciation and depletion, Depreciation/depletion for the year	(7,707,000)	(10,077,000)
Accumulated depreciation and depletion, Impairment for the year	0	(9,901,000)
Accumulated depreciation and depletion at ending	(85,440,000)	(77,733,000)
Accumulated depreciation and depletion [Member] | Non-producing properties [Member]
Statement [Line Items]
Accumulated depreciation and depletion at beginning	0	0
Accumulated depreciation and depletion, Depreciation/depletion for the year	0	0
Accumulated depreciation and depletion, Impairment for the year	0	0
Accumulated depreciation and depletion at ending	0	0
Accumulated depreciation and depletion [Member] | Corporate office equipment [Member]
Statement [Line Items]
Accumulated depreciation and depletion at beginning	(169,000)	(130,000)
Accumulated depreciation and depletion, Depreciation/depletion for the year	(31,000)	(39,000)
Accumulated depreciation and depletion, Impairment for the year	0	0
Accumulated depreciation and depletion at ending	(200,000)	(169,000)
Accumulated depreciation and depletion [Member] | Right-of-use lease assets [Member]
Statement [Line Items]
Accumulated depreciation and depletion at beginning	(7,038,000)	(5,732,000)
Accumulated depreciation and depletion, Depreciation/depletion for the year	(1,185,000)	(1,306,000)
Accumulated depreciation and depletion, Impairment for the year	0	0
Accumulated depreciation and depletion at ending	(8,223,000)	(7,038,000)
Carrying Value [Member]
Statement [Line Items]
Balance	153,101,000	161,299,000
Carrying Value [Member] | Mining interests [Member]
Statement [Line Items]
Balance	94,345,000	100,864,000
Carrying Value [Member] | Plant and equipment [member]
Statement [Line Items]
Balance	42,788,000	42,844,000
Carrying Value [Member] | Right-of-use lease assets [Member]
Statement [Line Items]
Balance	3,462,000	5,055,000
Carrying Value [Member] | Non-producing properties [Member]
Statement [Line Items]
Balance	12,469,000	12,469,000
Carrying Value [Member] | Corporate office equipment [Member]
Statement [Line Items]
Balance	$ 37,000	$ 67,000

Property Plant and Equipment _2

Property Plant and Equipment (Details Narrative) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Carrying amount	$ 32,100	$ 56,700	$ 121,800
Net assets	$ 66,200
Discount Rate Description	Key assumptions used in Relief Canyon Mine’s fair value model as at March 31, 2021 include estimation of production profile and reserves from its life-of-mine plan, operating and capital costs to extract the reserves, discount rate of 6-8% based on the Company’s weighted average cost of capital, gold price from $1,860 per ounce in 2021 down to $1,608 per ounce in 2025 and beyond based on observable market data including spot price and industry analyst consensus, and mine life of 5 years. An increase and decrease in discount rate of 1% would impact the recoverable amount by estimates of approximately $2.3 million decrease and $2.4 million increase, respectively, an increase and decrease in gold recovery rate of 1% would impact the recoverable amount by estimates of approximately $4.7 million increase and $4.7 million decrease, respectively, and an increase and decrease in long-term gold price of $100 per ounce would impact the recoverable amount by estimates of approximately $16.6 million increase and $17.3 million decrease, respectively
Impairment carrying value	$ 6,000	13,400	55,600
Impairment mineral interests	6,000	3,500
Impairment plant and equipment	9,900
Recoverable amount	$ 26,100	43,300
Increase and decrease in market capitalization, percentage	1%
Impairment loss			$ 400
Right-of-use assets [member]
Statement [Line Items]
Carrying amount	$ 1,500	3,000
Right Of Use Assets 1 [Member]
Statement [Line Items]
Carrying amount	3,700
Mineral interests [member]
Statement [Line Items]
Carrying amount	16,300	22,500
Impairment plant and equipment	41,200
Plant and equipment [member]
Statement [Line Items]
Carrying amount	9,600	12,400
Non-producing properties [Member]
Statement [Line Items]
Carrying amount	12,500
Plant And Equipment 1 [Member]
Statement [Line Items]
Carrying amount	10,700
Miniimum [member]
Statement [Line Items]
Recoverable amount	200	400
Net assets determined after-tax discounted cash flows increase	23	64
Maxiimum [member]
Statement [Line Items]
Recoverable amount	200	400
Net assets determined after-tax discounted cash flows increase	$ 31	$ 77

Precious metals delivery and _3

Precious metals delivery and purchase agreement (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Precious metals delivery and purchase agreement (Details)
Net metals contract liability, beginning of year	$ 30,989	$ 40,905
Advance increase (net of financing expense)	13,989	0
Delivery of metals produced	(1,720)	(3,278)
Delivery of metals purchased	(9,899)	(7,436)
Revaluation of metals contract liability	3,478	798
Net metals contract liability, end of year	36,837	30,989
Current portion	12,512	11,324
Non-current portion	24,325	19,665
Total	$ 36,837	$ 30,989

Precious metals delivery and _4

Precious metals delivery and purchase agreement (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Description of payments	increase its advance payment by $2.75 million per calendar quarter or up to $11.0 million in aggregate during fiscal 2023 in order to satisfy the gold delivery obligations under the Purchase Agreement. The advances are to be repaid through balancing fixed deliveries of gold commencing at the end of the existing agreement within the 12-month period from November 2025 to October 2026. The advances of $2.75 million per quarter were drawn in full during fiscal 2023
Purchase agreement descrioption	Sandstorm from 4% to 2% by delivering 4,000 ounces of gold plus additional ounces of gold compounded annually at 10%.
Sandstorm Gold Ltd [Member] | Forward Commodity Pricing Curve [Member]
Statement [Line Items]
Loss on fair value metals deliverable	$ 3.4	$ 0.7	$ 20.8

Convertible debenture (Details

Convertible debenture (Details Narrative) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Thousands			1 Months Ended				12 Months Ended
	Nov. 12, 2021 CAD ($) $ / shares	Nov. 12, 2021 USD ($)	Jun. 21, 2023 USD ($) $ / shares	Oct. 22, 2022 CAD ($)	Oct. 22, 2022 USD ($) $ / shares	Apr. 28, 2021 CAD ($)	Dec. 31, 2023 CAD ($) shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 USD ($)	Oct. 30, 2023 USD ($)
Statement [Line Items]
Interest rate			9.50%	8%	8%
Description payment redemption premium							The Convertible Debenture was: redeemable at the Company’s option to prepay the principal amount subject to payment of a redemption premium of 30% during the first year, 20% during the second year, and 10% during the third year prior to maturity (the “Redemption Option”); retractable at the holder’s option at a cumulative $0.3 million CAD per month starting in the second month from inception where the Company may settle the retraction amount through either cash or issuance of the Company’s common shares determined by dividing 95% of the 20 day volume weighted average price of the Company’s common shares (the “Retraction Option”); and convertible at the holder’s option into the Company’s common shares at a conversion price of $3.35 CAD (the “Conversion Option”)	The Convertible Debenture was: redeemable at the Company’s option to prepay the principal amount subject to payment of a redemption premium of 30% during the first year, 20% during the second year, and 10% during the third year prior to maturity (the “Redemption Option”); retractable at the holder’s option at a cumulative $0.3 million CAD per month starting in the second month from inception where the Company may settle the retraction amount through either cash or issuance of the Company’s common shares determined by dividing 95% of the 20 day volume weighted average price of the Company’s common shares (the “Retraction Option”); and convertible at the holder’s option into the Company’s common shares at a conversion price of $3.35 CAD (the “Conversion Option”)
Net derivative liability (in Dollars)		$ 2,100	$ 1,300		$ 1,300
Principal balance	$ 6,300		8,000	$ 7,000							$ 2,000
Outstanding principal amount	18,800		33,800	25,800							$ 35,800
Option retractable cumulative amount	300		500	450
Cumulative amount	$ 450		$ 1,000	$ 500
Addition interest rate			11%	9.50%	9.50%
Cumulated retraction balance amount				$ 1,500
Convertible debenture amount							$ 370		$ 720
Issuance shares (in Shares) | shares							8,329,064	8,329,064	11,240,839
Recognized gain (in Dollars)								$ 100	$ 200	$ 200
Top of range
Statement [Line Items]
Conversion price (in Dollars per share) | (per share)	$ 3.35		$ 1		$ 1.48
Bottom of range
Statement [Line Items]
Conversion price (in Dollars per share) | (per share)	$ 1.48		$ 0.80		$ 1
RoyCap Convertible Debenture [Member]
Statement [Line Items]
Convertible debenture						$ 12,500
Interest rate						8%
Maturity Date						Apr. 28, 2024

Pre Payment Facility (Details N

Pre Payment Facility (Details Narrative) $ in Millions	11 Months Ended
	Dec. 12, 2022 USD ($)
PrePayment Facility
Aggregate principal amount of debt	$ 3
Term loan	three years
Interest rate	6.95%

Promissory Note (Details Narrat

Promissory Note (Details Narrative) - USD ($) $ in Millions	1 Months Ended		12 Months Ended
	Dec. 27, 2023	Mar. 31, 2023	Dec. 31, 2023	Dec. 15, 2020
Promissory Note
Company issued promissory note	$ 2.4			$ 5
Percentage interest payable	8%			7%
Repayment of principal			$ 2.5
Remaining Principal balance of promissory note		$ 2.5
Description of balance Promissory note	promissory note (the “2023 Promissory Note”) to Sandstorm due December 27, 2024	repaid in four equal instalments due June 30 and October 1, 2023, and July 1 and October 1, 2024, in addition to amending its interest rate to 8% per annum. Principal of $0.6 million was paid during the year ended December 31, 2023

Government Loan (Details Narrat

Government Loan (Details Narrative) - USD ($) $ in Millions		11 Months Ended
	May 11, 2020	Dec. 12, 2022	Dec. 31, 2022
Statement [Line Items]
Government loan			$ 4.3
Term loan		three years
Paycheck Protection Program From Us Cares Act [Member]
Statement [Line Items]
Government loan	$ 4.5
Interest rate	1%
Term loan	two years

Royalty payable (Details Narrat

Royalty payable (Details Narrative) - USD ($) $ in Millions		12 Months Ended
	Apr. 12, 2023	Dec. 31, 2023
Statement [Line Items]
Recognized loss of estimated fair value		$ 0.8
Description of royalty agreement		the Royalty Agreement was classified as a hybrid instrument of host financial liability with embedded derivatives from the reduced 0.2% royalty on attributable production and buyout payment. The Company elected at inception to designate the entire hybrid instrument at fair value through profit or loss with its initial fair value be representative of the $4.0 million in proceeds received
Aggregate repayment of royalty		$ 4
Reduce royalty attributable to production		0.20%
Galena Complex and Cosala Operations
Statement [Line Items]
Description of royalty agreement	the Company entered into a $4.0 million net smelter returns royalty agreement (the “Royalty Agreement”) with Sandstorm to be repaid through a 2.5% royalty on attributable production from the Galena Complex and Cosalá Operations
Aggregate repayment of royalty	$ 4
Reduce royalty attributable to production	0.20%
Buyout payment of royalty	$ 1.9

Post-employment benefit oblig_3

Post-employment benefit obligations (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Post-employment benefit obligations
Present value of funded obligations	$ 26,176	$ 25,652	$ 33,646
Fair value of plan assets	19,639	18,683	$ 22,780
Deficit of funded plans	$ 6,537	$ 6,969

Post-employment benefit oblig_4

Post-employment benefit obligations (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Post-employment benefit obligations
Obligations, beginning of year	$ 25,652	$ 33,646
Current service costs	462	857
Interest costs	1,217	899
Benefits paid	(1,272)	(1,243)
Actuarial gain	117	(8,507)
Obligations, end of year	$ 26,176	$ 25,652

Post-employment benefit oblig_5

Post-employment benefit obligations (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Post-employment benefit obligations
Assets, beginning of year	$ 18,683	$ 22,780
Return on assets	912	617
Actuarial gain (loss)	995	(3,857)
Employer contributions	321	386
Benefits paid	(1,272)	(1,243)
Assets, end of year	$ 19,639	$ 18,683

Post-employment benefit oblig_6

Post-employment benefit obligations (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Post-employment benefit obligations
Current service costs, interest costs, and return on assets included in cost of sales	$ 767	$ 1,139	$ 1,240

Post-employment benefit oblig_7

Post-employment benefit obligations (Details 4)	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Post-employment benefit obligations
Discount rate (expense)	5%	2.75%	2.50%
Discount rate (year end disclosures)	4.75%	5%	2.75%
Future salary increases (salaried plan only)	5%	5%	5%

Post-employment benefit oblig_8

Post-employment benefit obligations (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2024	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Expected average service life of active plan participants		9 years
Increase in defined benefit obligation		$ 3.6	$ 3.4
Increase in future salary increases		$ 0.1	$ 0.1
Expected percentage return on plan assets		4.90%	2.70%
Expected contributions to pension benefit plans	$ 0.6
Actuarial gain (loss) on post-employment benefit obligations		$ 0.9	$ 4.7	$ 2.5
Non adjusting Event [Member]
Statement [Line Items]
Expected contributions to pension benefit plans	$ 1.5
Miniimum [member]
Statement [Line Items]
Increase (decrease) in defined benefit obligation		26.2	25.7
Increase (decrease) in defined benefit obligation 1% increase		26.2	25.7
Maxiimum [member]
Statement [Line Items]
Increase (decrease) in defined benefit obligation		29.8	29.1
Increase (decrease) in defined benefit obligation 1% increase		$ 26.3	$ 25.8

Decommissioning Provision (Deta

Decommissioning Provision (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Decommissioning Provision
Provisions, beginning of year	$ 11,715	$ 13,444
Decommissioning costs and change in estimates	(109)	(2,156)
Accretion on decommissioning provision	587	427
Provisions, end of year	$ 12,193	$ 11,715

Decommissioning Provision (De_2

Decommissioning Provision (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Estimated undiscounted amount of decommissioning provision	$ 20.5	$ 19.9
Provision for decommissioning, restoration and rehabilitation costs [Member] | Miniimum [member]
Statement [Line Items]
Term used to estimate decommissioning provision	5 years	5 years
Risk free rate used to discount decommissioning provision	3.50%	2.30%
Provision for decommissioning, restoration and rehabilitation costs [Member] | Maxiimum [member]
Statement [Line Items]
Term used to estimate decommissioning provision	15 years	15 years
Risk free rate used to discount decommissioning provision	10.20%	10%

Share Capital (Details)

Share Capital (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Shares Issued	$ 455,548	$ 449,374
Preferred shares [Member]
Statement [Line Items]
Shares Issued	0	0
Common shares [Member]
Statement [Line Items]
Shares Issued	$ 455,548	$ 449,374

Share Capital (Details 1)

Share Capital (Details 1)	12 Months Ended
	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares
Share Capital
Number balance at beginning	12,367	12,579	10,659
Number, Granted	8,200	3,750	3,700
Number, Exercised			(90)
Number, Expired	(3,197)	(3,962)	(1,690)
Number balance at ending	17,370	12,367	12,579
Weighted average exercise price, balance at beginning	$ 2.40	$ 2.81	$ 3.45
Weighted average exercise, Granted	0.62	1.20	1.70
Weighted average exercise, Exercised	0	0	2.39
Weighted average exercise, Expired	3.79	2.56	4.43
Weighted average exercise price, balance at ending	$ 1.30	$ 2.40	$ 2.81

Share Capital (Details 2)

Share Capital (Details 2) shares in Thousands	12 Months Ended
	Dec. 31, 2023 $ / shares shares
Statement [Line Items]
Outstanding | shares	17,370
Exercisable | shares	10,666
CAD $0.01 to $1.00 [Member]
Statement [Line Items]
Weighted average remaining contractual life	2 years 5 months 15 days
Outstanding | shares	8,500
Exercisable | shares	2,933
CAD $1.01 to $2.00 [Member]
Statement [Line Items]
Weighted average remaining contractual life	10 months 9 days
Outstanding | shares	6,785
Exercisable | shares	5,648
CAD $3.01 to $4.00 [Member]
Statement [Line Items]
Weighted average remaining contractual life	11 months 4 days
Outstanding | shares	2,085
Exercisable | shares	2,085
Maximum [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	$ 1.67
Minimum [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	1.30
Bottom of range [member] | CAD $0.01 to $1.00 [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	0.62
Bottom of range [member] | CAD $1.01 to $2.00 [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	1.47
Bottom of range [member] | CAD $3.01 to $4.00 [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	3.54
Top of range [member] | CAD $0.01 to $1.00 [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	0.62
Top of range [member] | CAD $1.01 to $2.00 [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	1.51
Top of range [member] | CAD $3.01 to $4.00 [Member]
Statement [Line Items]
Weighted average exercise price | $ / shares	$ 3.54

Share Capital (Details 3)

Share Capital (Details 3) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Share Capital
Expected stock price volatility	67%	68%	68%
Risk free interest rate	3.62%	1.78%	0.56%
Expected life	3 years	3 years	3 years
Expected forfeiture rate	3.60%	3.53%	2.66%
Expected dividend yield	0%	0%	0%
Share-based payments included in cost of sales	$ 0	$ 0	$ 0
Share-based payments included in general and administrative expenses	1,764	2,487	4,030
Total share-based payments	$ 1,764	$ 2,487	$ 4,030

Share Capital (Details 4)

Share Capital (Details 4)	12 Months Ended
	Dec. 31, 2023 $ / shares
Statement [Line Items]
Number of warrants	4,250,000
CAD $0.01 to $1.00 [Member]
Statement [Line Items]
Number of warrants	750,000
Exercise price (CAD)	$ 0.55
Issuance Date	Jun 2023
Expiry date	Oct 30, 2026
CAD $1.01 to $2.00 [Member]
Statement [Line Items]
Number of warrants	3,500,000
Exercise price (CAD)	$ 0.55
Issuance Date	Oct 2023
Expiry date	Jun 21, 2026

Share Capital (Details Narrativ

Share Capital (Details Narrative) $ / shares in Units, $ / shares in Units, $ in Thousands, $ in Millions	1 Months Ended					12 Months Ended
	Oct. 21, 2021 $ / shares $ / shares shares	Oct. 21, 2021 USD ($) $ / shares shares	May 17, 2021 USD ($)	Jan. 29, 2021 USD ($) shares	Jan. 29, 2021 CAD ($) $ / shares shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($) $ / shares	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares
Statement [Line Items]
Issuance of common shares | shares				10,253,128	10,253,128
Common shares price | $ / shares					$ 3.31
Description of maximum term of options granted for share-based payment arrangement						Under the plan, the Board of Directors determines the term of a stock option to a maximum of 10 years
Transaction costs				$ 1.7
Aggregate gross proceeds				$ 26.7
Gross proceeds					$ 33,940
Shares Issued | shares								8,329,064	11,240,839
Warrant issued		$ 0.1
Exercise price (in Dollars per share) | $ / shares	$ 0.94	$ 0.94
Number of shares reserved for issuance as a percent of total common shares issued and outstanding						10%
Weighted average fair value at grant (in Dollars per share) | $ / shares						$ 0.22	$ 0.43
May 2021 ATM Agreement [Member]
Statement [Line Items]
Gross proceeds			$ 50			$ 44.4
Shares Issued | shares									44,085,122
Transaction costs						$ 1.7
Deferred Share Units [Member]
Statement [Line Items]
Shares outstanding, share (in Shares) | shares								2,379,554	1,409,069
Quarterly basis payment description						for 50% to 100% of their director fees earned
Private Placements [Member]
Statement [Line Items]
Common shares price (in Dollars per share) | $ / shares	$ 0.94
Gross proceeds		$ 2.5				$ 0.8	$ 9.9
Shares Issued | shares	3,346,542	3,346,542						2,234,041	15,200,000
Transaction costs		$ 0.1
Common shares (in Shares) | shares	200,793	200,793
Warrants issued (in Shares) | shares		200,793
Warrant issued		$ 0.2
Exercise price (in Dollars per share) | $ / shares								$ 0.47	$ 0.85

Weighted Average Basic and Di_3

Weighted Average Basic and Diluted Number of Common Shares Outstanding (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Basic and Diluted Number of Common Shares Outstanding
Basic weighted average number of shares	212,701,865	184,416,034	141,887,984
Diluted weighted average number of shares	212,701,865	184,416,034	141,887,984

Weighted Average Basic and Di_4

Weighted Average Basic and Diluted Number of Common Shares Outstanding (Details Narrative) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Weighted Average Basic and Diluted Number of Common Shares Outstanding
Anti-dilutive stock options	17,370,000	12,366,667	12,578,957
Anti-dilutive warrants	4,250,000	1,275,792	4,218,822

Noncontrolling interests (Detai

Noncontrolling interests (Details narrative) - USD ($) $ in Millions	Oct. 03, 2019	Dec. 31, 2023
Noncontrolling interests
Interest percentage	40%
Fund capital improvements	$ 15
Ownership amount	$ 5
Non-controlling interests		$ 14.3

Revenue (Details)

Revenue (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Total sales revenue	$ 127,322,000	$ 127,072,000	$ 58,245,000
Total derivative pricing adjustments	1,227,000	2,094,000	(48,000)
Gross revenue	128,549,000	129,166,000	58,197,000
Proceeds before intended use	188,000	0	247,000
Treatment and selling costs	(39,175,000)	(44,150,000)	(13,393,000)
Total	89,562,000	85,016,000	45,051,000
Gold [Member]
Statement [Line Items]
Sales revenue	0	0	4,027,000
Derivative pricing adjustments	0	0	0
Gross revenue	0	0	4,027,000
Silver [Member]
Statement [Line Items]
Sales revenue	62,419,000	37,084,000	27,438,000
Derivative pricing adjustments	687,000	758,000	(267,000)
Gross revenue	63,106,000	37,842,000	27,171,000
Zinc [Member]
Statement [Line Items]
Sales revenue	38,421,000	59,262,000	5,973,000
Derivative pricing adjustments	325,000	1,280,000	960
Gross revenue	38,746,000	60,542,000	6,069,000
Lead [Member]
Statement [Line Items]
Sales revenue	25,438,000	29,731,000	20,617,000
Derivative pricing adjustments	19,000	(164,000)	169,000
Gross revenue	25,457,000	29,567,000	20,786,000
Other by-products [Member]
Statement [Line Items]
Sales revenue	1,044,000	995,000	190,000
Derivative pricing adjustments	196,000	220,000	(46,000)
Gross revenue	$ 1,240,000	$ 1,215,000	$ 144,000

Revenue (Details Narrative)

Revenue (Details Narrative) - USD ($)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Revenue
Deferred revenue	$ 0	$ 0	$ 4,000,000

Cost of sales (Details)

Cost of sales (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cost of sales
Salaries and employee benefits	$ 33,307	$ 29,803	$ 23,913
Contract services on site		0	17,138
Raw materials and consumables	33,465	29,568	11,652
Utilities	4,181	4,285	3,350
Other costs	5,461	6,602	7,729
Costs before intended use	188	0	247
Employee retention credit	0	(3,962)	0
Changes in inventories	(3,267)	(2,663)	(19,946)
Inventory write-downs	1,725	8,459	40,711
Cost of sales	$ 75,060	$ 72,092	$ 84,794

Corporate General and Adminis_3

Corporate General and Administrative Expenses (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Corporate General and Administrative Expenses
Salaries and employee benefits	$ 2,502	$ 2,848	$ 2,428
Directors' fees	341	372	383
Share-based payments	1,764	2,487	3,745
Professional fees	1,921	1,568	2,075
Office and general	2,078	2,105	1,636
Corporate general and administrative expenses	$ 8,606	$ 9,380	$ 10,267

Income taxes (Details)

Income taxes (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Current income tax expense (recovery)	$ (2,157)	$ 4,836	$ 69
Deferred income tax expense (recovery)	97	(1,118)	(1,679)
Income tax expense (recovery)	$ (2,060)	$ 3,718	$ (1,610)

Income taxes (Details 1)

Income taxes (Details 1) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income taxes
Loss before income taxes	$ (40,233)	$ (41,469)	$ (162,186)
Statutory rate	26.50%	26.50%	26.50%
Tax recovery at statutory rate	$ (10,662)	$ (10,989)	$ (42,979)
Mexican mining royalty	852	1,435	29
Impact of foreign tax rates	9	674	1,415
Non-deductible expenses	2,351	4,351	4,329
Losses not recognized	5,390	8,247	35,596
Income tax recovery	$ (2,060)	$ 3,718	$ (1,610)

Income taxes (Details 2)

Income taxes (Details 2) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Property, plant and equipment	$ 787	$ 815
Other	319	333
Total deferred tax liabilities	1,106	1,148
Provisions and reserves	(477)	(800)
Net deferred tax liabilities	$ 629	$ 348

Income taxes (Details 3)

Income taxes (Details 3) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Total deferred income taxes not recognized from temporary differences and unused tax losses as future utilization is not considered probable	$ 423,323	$ 406,165
Property, plant and equipment [Member]
Statement [Line Items]
Deferred income taxes not recognized from temporary differences as future utilization is not considered probable	41,892	36,709
U.S. tax losses (no expiry) [Member]
Statement [Line Items]
Deferred income taxes not recognized from temporary differences as future utilization is not considered probable	165,649	191,790
Provisions and other [Member]
Statement [Line Items]
Deferred income taxes not recognized from temporary differences as future utilization is not considered probable	72,190	72,283
Deferred Mexican mining royalty [Member]
Statement [Line Items]
Deferred income taxes not recognized from temporary differences as future utilization is not considered probable	629	348
Mexican tax losses (expiring in 2025 - 2031) [Member]
Statement [Line Items]
Deferred income taxes not recognized from tax losses as future utilization is not considered probable	33,999	32,112
Canadian tax losses (expiring in 2034 - 2042) [Member]
Statement [Line Items]
Deferred income taxes not recognized from tax losses as future utilization is not considered probable	37,103	31,892
U.S. tax losses (expiring in 2025 - 2037) [Member]
Statement [Line Items]
Deferred income taxes not recognized from tax losses as future utilization is not considered probable	31,957	31,957
Inventories [Member]
Statement [Line Items]
Deferred income taxes not recognized from temporary differences as future utilization is not considered probable	$ 39,904	$ 9,074

Income taxes (Details Narrative

Income taxes (Details Narrative) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income taxes
Statutory rate	26.50%
Canadian tax losses include a dual Canadian and U.S. resident entity	$ 20.9	$ 17.6

Key Management Transactions (De

Key Management Transactions (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Key Management Transactions
Salaries and employee benefits	$ 1,235	$ 1,595	$ 1,371
Directors' fees	341	372	383
Share-based payments	$ 1,549	$ 2,104	$ 2,950

Key Management Transactions (_2

Key Management Transactions (Details Narrative) - USD ($) $ in Millions	1 Months Ended	12 Months Ended
	Jul. 31, 2023	Dec. 31, 2022
Key Management Transactions
Gross proceeds from raised through non-brokered private placements	$ 0.8	$ 0.4

Financial risk management (Deta

Financial risk management (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Pre-payment facility	$ 2,250
Promissory note	4,275
Interest on promissory note	303
Convertible debenture	18,146
Interest on convertible debenture	2,002
Royalty payable	5,087
Metals contract liability	36,837
Projected pension contributions	6,604
Decommissioning provision	20,459
Other long-term liabilities	1,610
Total	120,533
Trade and other payables	22,960	$ 27,060
Less than 1 year [Member]
Statement [Line Items]
Total	455
2-3 Years [Member]
Statement [Line Items]
Total	787
4-5 Years [Member]
Statement [Line Items]
Total	194
Over 5 Years [Member]
Statement [Line Items]
Total	0
Other Long Term Liabilities [Member] | Less than 1 year [Member]
Statement [Line Items]
Pre-payment facility	2,250
Promissory note	4,275
Interest on promissory note	303
Convertible debenture	18,146
Interest on convertible debenture	2,002
Royalty payable	2,487
Metals contract liability	12,512
Projected pension contributions	1,558
Decommissioning provision	0
Other long-term liabilities	0
Total	66,493
Trade and other payables	22,960
Other Long Term Liabilities [Member] | 2-3 Years [Member]
Statement [Line Items]
Pre-payment facility	0
Promissory note	0
Interest on promissory note	0
Convertible debenture	0
Interest on convertible debenture	0
Royalty payable	2,600
Metals contract liability	24,325
Projected pension contributions	1,926
Decommissioning provision	0
Other long-term liabilities	787
Total	29,638
Trade and other payables	0
Other Long Term Liabilities [Member] | 4-5 Years [Member]
Statement [Line Items]
Pre-payment facility	0
Promissory note	0
Interest on promissory note	0
Convertible debenture	0
Interest on convertible debenture	0
Royalty payable	0
Metals contract liability	0
Projected pension contributions	2,046
Decommissioning provision	0
Other long-term liabilities	194
Total	2,240
Trade and other payables	0
Other Long Term Liabilities [Member] | Over 5 Years [Member]
Statement [Line Items]
Pre-payment facility	0
Promissory note	0
Interest on promissory note	0
Convertible debenture	0
Interest on convertible debenture	0
Royalty payable	0
Metals contract liability	0
Projected pension contributions	1,074
Decommissioning provision	20,459
Other long-term liabilities	629
Total	22,162
Trade and other payables	$ 0

Financial risk management (De_2

Financial risk management (Details 1) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Statement [Line Items]
Other long-term liabilities	$ 981
Total	1,436
Trade And other payables	455
Other long-term liabilities	1,610	$ 1,815
Total	120,533
Less than 1 year [Member]
Statement [Line Items]
Trade And other payables	455
Other long-term liabilities	0
Total	455
2-3 Years [Member]
Statement [Line Items]
Trade And other payables	0
Other long-term liabilities	787
Total	787
4-5 Years [Member]
Statement [Line Items]
Trade And other payables	0
Other long-term liabilities	194
Total	194
Over 5 Years [Member]
Statement [Line Items]
Trade And other payables	0
Other long-term liabilities	0
Total	$ 0

Financial risk management (De_3

Financial risk management (Details 2) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Financial risk management
Lease liabilities, beginning of year	$ 3,142	$ 4,774
Additions	225	720
Lease principal payments	(2,527)	(2,352)
Lease interest payments	(154)	(1,040)
Accretion on lease liabilities	750	1,040
Lease liabilities, end of year	$ 1,436	$ 3,142

Financial risk management (De_4

Financial risk management (Details 3) $ in Thousands	Dec. 31, 2023 CAD ($)
MXN [Member]
Statement [Line Items]
Cash and cash equivalents	$ 641
Trade and other receivables mxn	3,582
Trade and other payables	11
CAD [Member]
Statement [Line Items]
Cash and cash equivalents	244
Trade and other receivables ninty six	30
Trade and other payables	$ 3,631

Financial risk management (De_5

Financial risk management (Details 4) - 12 months ended Dec. 31, 2023 $ in Thousands, $ in Thousands	CAD ($)	MXN ($)
CAD/USD Exchange rate +/-10% [Member]
Approximate impact on:
Net loss	$ 1,545
Other comprehensive loss	$ 128
MXN/USD Exchange rate +/-10% [Member]
Approximate impact on:
Net loss		$ 3,512
Other comprehensive loss		$ 20

Financial risk management (De_6

Financial risk management (Details 5) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Amortized cost [Member]
Statement [Line Items]
Pre-payment facility	$ 2,250	$ 0
Promissory note	4,275	2,500
Government loan	0	222
RoyCap convertible debenture	15,384	9,621
Level 1 [Member]
Statement [Line Items]
Cash and cash equivalents	2,061	1,964
Restricted cash	4,351	4,139
Level 2 [Member]
Statement [Line Items]
Trade and other receivables	9,486	11,552
Derivative instruments	1,230	991
Metals contract liability	36,837	30,989
Level 3 [Member]
Statement [Line Items]
Royalty payable	$ 3,947	$ 0

Financial risk management (De_7

Financial risk management (Details Narrative) $ in Millions	12 Months Ended
	Dec. 31, 2023 USD ($)	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 USD ($)	Dec. 31, 2021 USD ($)
Statement [Line Items]
Trade receivables	$ 0.6	$ 0.6	$ 0.6
Gain amount	$ 0.1		0.2	$ 1.7
U.S. LIBOR [Member]
Statement [Line Items]
Interest rate risk	7.20%
U.S. SOFR [Member]
Statement [Line Items]
Interest rate risk	6.95%
CAD/USD Exchange rate [Member]
Statement [Line Items]
Exchange rates | $ / shares		$ 1.32
MXN/USD Exchange rate [Member]
Statement [Line Items]
Exchange rates | $ / shares		$ 16.89
Trade and Other Receivables [Member] | Credit Risk [Member]
Statement [Line Items]
Risk exposure associated with instrument	$ 5.9	$ 5.9	$ 5.6
Top of range [member]
Statement [Line Items]
Estimated value percentage	100%
Borrowing rate			20%
Bottom of range [member]
Statement [Line Items]
Estimated value percentage	85%
Borrowing rate			3%

Segmented and Geographic Info_3

Segmented and Geographic Information and Major Customers (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Statement [Line Items]
Cash and cash equivalents	$ 2,061	$ 1,964
Trade and other receivables	9,486	11,552
Inventories	8,657	8,835
Prepaid expenses	2,832	3,030
Restricted cash	4,351	4,139
Property, plant and equipment	153,101	161,299
Total assets	180,488	190,819
Trade and other payables	22,960	27,060
Derivative instruments	1,230	991
Shares pending issuance from retraction	436	0
Pre-payment facility	2,250	0
Other long-term liabilities	1,610	1,815
Metals contract liability	36,837	30,989
Convertible debenture	15,384	9,621
Promissory notes	4,275	2,500
Royalty payable	3,947	0
Government loan	0	222
Post-employment benefit obligations	6,537	6,969
Decommissioning provision	12,193	11,715
Deferred tax liabilities	629	348
Total liabilities	108,288	92,230
Revenue	89,562	85,016	$ 45,051
Cost of sales	(75,060)	(72,092)	(84,794)
Depletion and amortization (Note 8)	(20,849)	(21,340)	(15,795)
Care and maintenance costs	(3,842)	(4,500)	(12,733)
Corporate general and administrative	(8,606)	(9,380)	(10,267)
Exploration costs	(3,432)	(3,784)	(3,875)
Accretion on decommissioning provision	(587)	(427)	(203)
Interest and financing expense	(8,189)	(1,798)	(4,870)
Foreign exchange gain (loss)	404	(3,558)	391
Gain on disposal of assets	402	0
Impairment to property, plant and equipment	(6,000)	(13,440)	(55,979)
Loss on metals contract liability	(3,396)	(657)	(20,780)
Other gain on derivatives	120	214	1,668
Fair value loss on royalty payable	(760)	0
Gain on government loan forgiveness	0	4,277
Income (loss) before income taxes	(40,233)	(41,469)	(162,186)
Income tax recovery (expense)	2,060	(3,718)	1,610
Net income (loss) for the year	(38,173)	(45,187)	(160,576)
Other long-term liabilities	1,610	1,815
Loss on metals contract liability	3,396	657	20,780
Loss before income taxes	(40,233)	(41,469)	(162,186)
Convertible debenture	0	9,621
Cosala Operations [Member]
Statement [Line Items]
Cash and cash equivalents	687	317
Inventories	6,310	5,390
Prepaid expenses	1,003	745
Restricted cash	162	141
Property, plant and equipment	51,600	52,141
Total assets	66,830	62,655
Trade and other payables	12,184	12,861
Shares pending issuance from retraction	0	0
Pre-payment facility	0	0
Convertible debenture	0	0
Royalty payable	0	0
Government loan	0	0
Post-employment benefit obligations	0	0
Decommissioning provision	2,605	2,070
Total liabilities	15,448	15,279
Revenue	46,163	53,418	5,491
Cost of sales	(36,160)	(33,371)	(3,605)
Depletion and amortization (Note 8)	(7,982)	(7,375)	(1,657)
Care and maintenance costs	0	0	(7,309)
Corporate general and administrative	0	0	0
Exploration costs	(835)	(1,296)	(58)
Accretion on decommissioning provision	(212)	(164)	(125)
Interest and financing expense	(296)	(210)	(186)
Foreign exchange gain (loss)	(664)	(863)	184
Gain on disposal of assets	0	0
Impairment to property, plant and equipment	0	0	(356)
Loss on metals contract liability	0	0	0
Other gain on derivatives	0	0	0
Fair value loss on royalty payable	0	0
Gain on government loan forgiveness	0	0
Income (loss) before income taxes	14	10,139	(7,621)
Income tax recovery (expense)	1,876	(4,695)	(98)
Net income (loss) for the year	1,890	5,444	(7,719)
Derivative instruments	0	0
Other long-term liabilities	30	0
Metals contract liability	0	0
Promissory note	0	0
Deferred tax liabilities	629	348
Loss on metals contract liability	0	0	0
Loss before income taxes	14	10,139	(7,621)
Trade and other receivables	7,068	3,921
Galena Complex [Member]
Statement [Line Items]
Cash and cash equivalents	791	204
Inventories	2,244	2,727
Prepaid expenses	909	1,232
Restricted cash	53	53
Property, plant and equipment	73,490	70,479
Total assets	79,875	82,288
Trade and other payables	4,843	8,029
Shares pending issuance from retraction	0	0
Pre-payment facility	2,250	0
Royalty payable	0	0
Government loan	0	222
Post-employment benefit obligations	6,537	6,969
Decommissioning provision	5,563	5,603
Total liabilities	20,267	22,015
Revenue	43,283	31,405	34,915
Cost of sales	(38,132)	(30,969)	(31,367)
Depletion and amortization (Note 8)	(9,093)	(7,473)	(6,623)
Care and maintenance costs	(594)	(513)	(997)
Corporate general and administrative	0	0	0
Exploration costs	(2,455)	(2,122)	(3,181)
Accretion on decommissioning provision	(217)	(158)	(28)
Interest and financing expense	(414)	(63)	0
Foreign exchange gain (loss)	0	0	0
Gain on disposal of assets	283	0
Impairment to property, plant and equipment	0	0	0
Loss on metals contract liability	0	0	0
Other gain on derivatives	0	0	0
Fair value loss on royalty payable	0	0
Gain on government loan forgiveness	0	4,277
Income (loss) before income taxes	(7,339)	(5,616)	(7,281)
Income tax recovery (expense)	184	977	518
Net income (loss) for the year	(7,155)	(4,639)	(6,763)
Derivative instruments	0	0
Other long-term liabilities	1,074	1,192
Metals contract liability	0	0
Promissory note	0	0
Deferred tax liabilities	0	0
Loss on metals contract liability	0	0	0
Loss before income taxes	(7,339)	(5,616)	(7,281)
Trade and other receivables	2,388	7,593
Convertible debenture	0	0
Relief Canyon [Member]
Statement [Line Items]
Cash and cash equivalents	43	717
Inventories	103	718
Prepaid expenses	404	452
Restricted cash	4,136	3,945
Property, plant and equipment	27,404	37,927
Total assets	32,090	43,759
Trade and other payables	1,421	2,658
Shares pending issuance from retraction	0	0
Pre-payment facility	0	0
Convertible debenture	0	0
Royalty payable	0	0
Government loan	0	0
Post-employment benefit obligations	0	0
Decommissioning provision	4,025	4,042
Total liabilities	5,446	6,700
Revenue	116	193	4,645
Cost of sales	(768)	(7,752)	(49,822)
Depletion and amortization (Note 8)	(3,614)	(6,338)	(7,355)
Care and maintenance costs	(3,248)	(3,987)	(4,427)
Corporate general and administrative	0	0	0
Exploration costs	(142)	(366)	(636)
Accretion on decommissioning provision	(158)	(105)	(50)
Interest and financing expense	(633)	(1,199)	(1,766)
Foreign exchange gain (loss)	0	0	0
Gain on disposal of assets	119	0
Impairment to property, plant and equipment	(6,000)	(13,440)	(55,623)
Loss on metals contract liability	0	0	0
Other gain on derivatives	0	0	0
Fair value loss on royalty payable	0	0
Gain on government loan forgiveness	0	0
Income (loss) before income taxes	(14,328)	(32,994)	(115,034)
Income tax recovery (expense)	0	0	0
Net income (loss) for the year	(14,328)	(32,994)	(115,034)
Trade and other receivables Eight	0	0
Derivative instruments	0	0
Other long-term liabilities	0	0
Metals contract liability	0	0
Promissory note	0	0
Deferred tax liabilities	0	0
Loss on metals contract liability	0	0	0
Loss before income taxes	(14,328)	(32,994)	(115,034)
Corporate and Other [Member]
Statement [Line Items]
Cash and cash equivalents	540	726
Inventories	0	0
Prepaid expenses	516	601
Restricted cash	0	0
Property, plant and equipment	607	752
Total assets	1,693	2,117
Trade and other payables	4,512	3,512
Shares pending issuance from retraction	436	0
Pre-payment facility	0	0
Convertible debenture	15,384	9,621
Royalty payable	3,947	0
Government loan	0	0
Post-employment benefit obligations	0	0
Decommissioning provision	0	0
Total liabilities	67,127	48,236
Revenue	0	0	0
Depletion and amortization (Note 8)	(160)	(154)	(160)
Care and maintenance costs	0	0	0
Corporate general and administrative	(8,606)	(9,380)	(10,267)
Exploration costs	0	0	0
Accretion on decommissioning provision	0	0	0
Interest and financing expense	(6,846)	(326)	(2,918)
Foreign exchange gain (loss)	1,068	(2,695)	207
Gain on disposal of assets	0	0
Impairment to property, plant and equipment	0	0	0
Loss on metals contract liability	3,396	657	20,780
Other gain on derivatives	120	214	1,668
Fair value loss on royalty payable	(760)	0
Gain on government loan forgiveness	0	0
Income (loss) before income taxes	(18,580)	(12,998)	(32,250)
Income tax recovery (expense)	0	0	1,190
Net income (loss) for the year	(18,580)	(12,998)	(31,060)
Derivative instruments	1,230	991
Other long-term liabilities	506	623
Metals contract liability	36,837	30,989
Promissory note	4,275	2,500
Deferred tax liabilities	0	0
Loss on metals contract liability	(3,396)	(657)	(20,780)
Loss before income taxes	(18,580)	(12,998)	$ (32,250)
Trade and other receivables	$ 30	$ 38

Segmented and Geographic Info_4

Segmented and Geographic Information and Major Customers (Details Narrative)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2021
Cosal? Operations [Member]
Statement [Line Items]
Customer revenues percentage	51%	83%
Galena Complex [Member]
Statement [Line Items]
Customer revenues percentage	48%	16%

Capital management (Details)

Capital management (Details) - USD ($) $ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Capital management
Equity attributable to shareholders of the Company	$ 53,418	$ 81,227

Contingencies (Details Narrativ

Contingencies (Details Narrative) $ in Millions, $ in Millions	1 Months Ended
	Nov. 30, 2010 USD ($)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 USD ($)	Dec. 31, 2018 USD ($)	Nov. 30, 2010 MXN ($)
Statement [Line Items]
Amount of tax deduction disallowed by Mexican tax authorities	$ 11.7
Amount of tax deduction disallowed by Mexican tax authorities that would be applied against available tax losses	5			$ 1.2
Amount of tax deduction disallowed by Mexican tax authorities, subsequently reversed	5.6
Portion of disputed tax deduction remaining relating to transactions with certain suppliers	6.1
Portion of disputed tax deduction remaining relating to value added taxes					$ 5
Portion of disputed tax deduction of remaining relating to value added taxes					1.1
Value added tax portion	1.1
Tax loss	5
Accrued liability		$ 1	$ 1
Mexican Peso [Member]
Statement [Line Items]
Amount of tax deduction disallowed by Mexican tax authorities					196.8
Amount of tax deduction disallowed by Mexican tax authorities that would be applied against available tax losses				$ 19.9	84.4
Amount of tax deduction disallowed by Mexican tax authorities, subsequently reversed					94.6
Portion of disputed tax deduction remaining relating to transactions with certain suppliers	102.2
Portion of disputed tax deduction remaining relating to value added taxes					84.4
Portion of disputed tax deduction of remaining relating to value added taxes					$ 17.8
Value added tax portion	17.8
Tax loss	$ 84.4

Subsequent events (Details Narr

Subsequent events (Details Narrative) - Events after reporting period [Member] - CAD ($) $ / shares in Units, $ in Millions	1 Months Ended
	Mar. 21, 2024	Mar. 27, 2024
Statement [Line Items]
Private placement number of units		26,000,000
Private placement per unit price		$ 0.30
Total gross proceeds of private placement units		$ 7.8
Exercise price		$ 0.40
Purchase Agreement, description	Purchase Agreement with Sandstorm for the right to increase its advance payment by $3.25 million per calendar quarter or up to $6.5 million in aggregate during the first half of 2024