Document and Entity Information
Document and Entity Information | 12 Months Ended |
Apr. 30, 2021shares | |
Cover [Abstract] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | Starcore International Mines Ltd. |
Entity Central Index Key | 0001301713 |
Current Fiscal Year End Date | --04-30 |
Entity Well-known Seasoned Issuer | No |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Security 12(g) Title | Common Shares Without Par Value |
Entity Address Country | CA |
Entity Shell Company | false |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | true |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 49,646,851 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Current | ||
Cash | $ 4,392 | $ 2,105 |
Amounts receivable (note 5) | 1,170 | 2,250 |
Inventory (note 6) | 1,781 | 1,663 |
Prepaid expenses and advances | 367 | 282 |
Investment in IM Exploration (note 7) | 779 | |
Total Current Assets | 8,489 | 6,300 |
Non-Current | ||
Mining interest, plant and equipment (note 8) | 29,404 | 35,302 |
Right-of-use assets (note 10) | 979 | 1,844 |
Exploration and evaluation assets (note 9) | 4,088 | 5,976 |
Reclamation deposits | 165 | 165 |
Deferred tax assets (note 19) | 3,346 | 4,826 |
Total Non-Current Assets | 37,982 | 48,113 |
Total Assets | 46,471 | 54,413 |
Current | ||
Trade and other payables | 2,213 | 2,441 |
Current portion of lease liability (note 10) | 447 | 617 |
Current portion of loans payable (note 11) | 3,196 | |
Total Current Liabilities | 2,660 | 6,254 |
Non-Current | ||
Rehabilitation and closure cost provision (note 12) | 1,952 | 1,014 |
Lease liability (note 10) | 500 | 1,083 |
Deferred tax liabilities (note 19) | 5,079 | 8,758 |
Total Non-Current Liabilities | 7,531 | 10,855 |
Total Liabilities | 10,191 | 17,109 |
Equity | ||
Share capital (note 13) | 50,725 | 50,725 |
Equity reserve | 11,349 | 11,349 |
Foreign currency translation reserve | 816 | 4,732 |
Accumulated deficit | (26,610) | (29,502) |
Total Equity | 36,280 | 37,304 |
Total Liabilities and Equity | $ 46,471 | $ 54,413 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - CAD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Revenues | |||
Mined ore | $ 26,799 | $ 24,820 | $ 27,053 |
Purchased concentrate | 5,742 | ||
Total Revenues (note 18) | 26,799 | 24,820 | 32,795 |
Cost of Sales | |||
Mined ore | (16,038) | (19,150) | (22,975) |
Purchased concentrate | (5,891) | ||
Depreciation and depletion (notes 8 and 10) | (4,359) | (3,686) | (3,893) |
Total Cost of Sales | (20,397) | (22,836) | (32,759) |
Earnings from mining operations | 6,402 | 1,984 | 36 |
Financing costs (note 11) | (148) | (554) | (311) |
Foreign exchange | (697) | (369) | (125) |
Management fees and salaries (note 15) | (1,283) | (1,151) | (1,405) |
Office and administration | (598) | (942) | (1,250) |
Professional and consulting fees (note 15) | (738) | (1,000) | (781) |
Pre exploration costs | (47) | (54) | |
Shareholder relations | (220) | (297) | (246) |
Transfer agent and regulatory fees | (112) | (83) | (112) |
Earnings (loss) before taxes and other losses | 2,559 | (2,412) | (4,248) |
Other Losses | |||
Loss on sale of Toiyabe (note 9) | (1,116) | ||
Allowance for receivables (note 8) | (441) | ||
Impairment of Mining Interest, Plant and Equipment (note 8) | (39) | (4,804) | |
Disposal of Exploration and Evaluation Asset (note 9) | (82) | ||
Total Other Losses | (1,116) | (39) | (5,327) |
Earnings (loss) before taxes | 1,443 | (2,451) | (9,575) |
Income tax recovery/ (expense) (note 19) | |||
Deferred | 1,449 | (1,178) | (2,229) |
Earnings (loss) for the year | 2,892 | (3,629) | (11,804) |
Other comprehensive loss | |||
Foreign currency translation differences | (3,916) | 1,897 | 1,601 |
Comprehensive loss for the year | $ (1,024) | $ (1,732) | $ (10,203) |
Basic earnings (loss) per share (Note 17) | $ 0.06 | $ (0.07) | $ (0.24) |
Diluted earnings (loss) per share (Note 17) | $ 0.06 | $ (0.07) | $ (0.24) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Cash provided by Operating activities | |||
Profit (loss) for the year | $ 2,892 | $ (3,629) | $ (11,804) |
Items not involving cash: | |||
Depreciation and depletion (note 8) | 4,456 | 3,836 | 3,899 |
Discount on long-term debt (note 11) | 15 | 115 | 101 |
Interest on long-term debt (note 11) | 23 | 349 | 325 |
Income tax recovery | (1,449) | 1,178 | 2,229 |
Lease accretion (note 10) | 106 | 89 | |
Loss on sale of Toiyabe (note 9) | 1,116 | ||
Sale of Altiplano (note 8) | 39 | ||
Rehabilitation and closure cost accretion (note 12) | 85 | 72 | 90 |
Share-based payments (note 13) | 72 | 44 | (104) |
Impairment of Mining Interest, Plant and Equipment (note 8) | 4,804 | ||
Allowance for receivables | 441 | ||
Loss on disposal of Exploration and Evaluation Asset (note 9) | 82 | ||
Cash generated by (used in) operating activities before working capital changes | 7,316 | 2,093 | 63 |
Change in non-cash working capital items | |||
Amounts receivable | 629 | 1,022 | (1,500) |
Inventory | (332) | (216) | 1,890 |
Prepaid expenses and advances | (115) | 86 | (36) |
Trade and other payables | (230) | (246) | (425) |
Cash inflow from operating activities | 7,728 | 2,739 | (8) |
Financing activities | |||
Loan payment (note 11) | (2,999) | (1,411) | |
Interest paid (note 11) | (235) | (514) | |
Lease payments (note 10) | (724) | (524) | |
Advance of loan payment (note 11) | 2,940 | ||
Cash outflow from financing activities | (3,958) | (2,449) | 2,940 |
Investing activities | |||
Investment in exploration and evaluation assets (note 9) | (298) | (427) | (385) |
Purchase of mining interest, plant and equipment (note 8) | (1,277) | (2,687) | (3,152) |
Proceeds from sale of Altiplano (note 8) | 269 | 1,836 | |
Cash on sale of Toiyabe (note 9) | 187 | ||
Interest received | 159 | ||
Cash outflow from investing activities | (1,119) | (1,278) | (2,341) |
Total increase (decrease) in cash | 2,651 | (988) | 591 |
Effect of foreign exchange rate changes on cash | (364) | 544 | (363) |
Cash, beginning of year | 2,105 | 2,549 | 2,321 |
Cash, end of year | $ 4,392 | 2,105 | 2,549 |
Non - cash transactions | |||
Warrants issued | 171 | ||
Accrue in equipment purchased through Trade payables | $ 303 | 883 | |
San Pedrito [member] | |||
Investing activities | |||
Cash acquired on sale of facility | $ 1,037 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Thousands | Total | Issued capital [member] | Treasury shares [member] | Reserve of change in value of foreign currency basis spreads [member] | Accumulated other comprehensive income [member] |
Beginning balance at Apr. 30, 2018 | $ 49,068 | $ 50,725 | $ 11,178 | $ 1,234 | $ (14,069) |
Beginning balance, shares at Apr. 30, 2018 | 49,646,851 | ||||
Warrants issued (note 13) | $ 171 | 171 | |||
Foreign currency translation differences | 1,601 | 1,601 | |||
Earnings (loss) for the year | (11,804) | (11,804) | |||
Ending balance at Apr. 30, 2019 | $ 39,036 | 50,725 | 11,349 | 2,835 | (25,873) |
Ending balance, shares at Apr. 30, 2019 | 49,646,851 | ||||
Foreign currency translation differences | $ 1,897 | 1,897 | |||
Earnings (loss) for the year | (3,629) | (3,629) | |||
Ending balance at Apr. 30, 2020 | $ 37,304 | 50,725 | 11,349 | 4,732 | (29,502) |
Ending balance, shares at Apr. 30, 2020 | 49,646,851 | ||||
Foreign currency translation differences | $ (3,916) | (3,916) | |||
Earnings (loss) for the year | 2,892 | 2,892 | |||
Ending balance at Apr. 30, 2021 | $ 36,280 | $ 50,725 | $ 11,349 | $ 816 | $ (26,610) |
Ending balance, shares at Apr. 30, 2021 | 49,646,851 |
Corporate Information
Corporate Information | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Corporate Information [Abstract] | |
Corporate Information | 1. Corporate information Starcore International Mines Ltd. is the parent company of its consolidated group (the “Company” or “Starcore”) and was incorporated in Canada with its head office located at Suite 750 – 580 Hornby Street, Vancouver, British Columbia, V6C 3B6. Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V. (“Bernal”), which owns the San Martin mine in Queretaro, Mexico. In May of 2020, the Company completed the sale of Altiplano GoldSilver S.A. de C.V (“Altiplano”), which owns the gold and silver concentrate processing plant in Matehuala, Mexico (see note 8). The Company is also engaged in acquiring mining related operating assets and exploration assets in North America directly and through corporate acquisitions. |
Basis of Preparation
Basis of Preparation | 12 Months Ended |
Apr. 30, 2021 | |
Basis Of Presentation [Abstract] | |
Basis of Preparation | 2. Basis of preparation a) Statement of compliance These consolidated financial statements for the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). The consolidated financial statements were authorized for issue by the Board of Directors on July 28, 2021. b) Basis of measurement The consolidated financial statements have been prepared on a historical cost basis, except certain financial instruments, which are measured at fair value, as explained in the Company’s accounting policies discussed in note 3. These financial statements have been prepared using the accrual basis of accounting except for cash flow information. The consolidated financial statements are presented in Canadian dollars, which is also the parent company’s functional currency, and all values are rounded to the nearest thousand dollars, unless otherwise indicated. The preparation of consolidated financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment of complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed in note 4. c) Basis of consolidation These consolidated financial statements include the accounts of the Company and all of its subsidiaries, which are entities controlled by the Company. Control exists when the Company has the power to govern the financial and operating policies of an entity so as to obtain benefits from the entity’s activities. Subsidiaries are included in the consolidated financial results of the Company from the effective date of acquisition up to the effective date of disposal or loss of control. The Company’s wholly-owned subsidiary Bernal, along with various other subsidiaries, carry out their operations in Mexico, U.S.A. and in Canada. All intra-group transactions, balances, income and expenses are eliminated, in full, on consolidation. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Apr. 30, 2021 | |
Basis Of Presentation [Abstract] | |
Summary of Significant Accounting Policies | 3. Summary of significant accounting policies The accounting policies set out below were applied consistently to all periods presented in these consolidated financial statements, unless otherwise indicated. a) Foreign Currency Translation The functional currency of Starcore, the parent, is the Canadian dollar (“CAD”) and the functional currency of its subsidiaries is the United States dollar (“USD”) (collectively “Functional Currency”). Foreign currency accounts are translated into the Functional Currency as follows: • At the transaction date, each asset, liability, revenue and expense denominated in a foreign currency is translated into the Functional Currency by the use of the exchange rate in effect at that date. At the period end date, unsettled monetary assets and liabilities are translated into the Functional Currency by using the exchange rate in effect at the period end. Foreign exchange gains and losses are recognized in net earnings and presented in the Consolidated Statement of Operations and Comprehensive Income (Loss) in accordance with the nature of the transactions to which the foreign currency gains and losses relate, except for foreign exchange gains and losses from translating investments and marketable securities which are recognized in other comprehensive income as part of the total change in fair values of the securities. Unrealized foreign exchange gains and losses on cash balances denominated in foreign currencies are disclosed separately in the Consolidated Statements of Cash Flows. b) Foreign Operations The assets and liabilities of foreign operations with Functional Currencies differing from the presentation currency, including fair value adjustments arising on acquisition, are translated to CAD at exchange rates in effect at the reporting date. The income and expenses of foreign operations with Functional Currencies differing from the presentation currency are translated into CAD at the year-to-date average exchange rates. The Company’s foreign currency differences are recognised and presented in other comprehensive income as a foreign currency translation reserve (“Foreign Currency Translation Reserve”), a component of equity. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. c) Cash Cash includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of change in value. At April 30, 2021 and 2020, the Company had no cash equivalents. 3. Summary of significant accounting policies – (cont’d) d) Revenue Recognition Revenue from the sale of metals is recognized when the significant risks and rewards of ownership have passed to the buyer, it is probable that economic benefits associated with the transaction will flow to the Company, the sale price can be measured reliably, the Company has no significant continuing involvement and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenues from metal concentrate sales are subject to adjustment upon final settlement of metal prices, weights, and assays as of a date that may be up to two weeks after the shipment date. The Company records adjustments to revenues monthly based on quoted forward prices for the expected settlement period. Adjustments for weights and assays are recorded when results are determinable or on final settlement. Accounts receivable for metal concentrate sales are therefore measured at fair value. e) Inventory Finished goods and work-in-process are measured at the lower of average cost and net realizable value. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell. Ore extracted from the mines is processed into finished goods (gold and by-products in doré). Costs are included in work-in-process inventory based on current costs incurred up to the point prior to the refining process, including applicable depreciation and depletion of mining interests, and removed at the average cost per recoverable ounce of gold. The average costs of finished goods represent the average costs of work-in-process inventories incurred prior to the refining process, plus applicable refining costs. Supplies are measured at average cost. In the event that the net realizable value of the finished product, the production of which the supplies are held for use in, is lower than the expected cost of the finished product, the supplies are written down to net realizable value. Replacement costs of supplies are generally used as the best estimate of net realizable value. The costs of inventories sold during the year are presented in the Company’s profit and loss. f) Mining Interest, Plant and Equipment Mining interests represent capitalized expenditures related to the development of mining properties and related plant and equipment. Recognition and Measurement On initial recognition, equipment is valued at cost, being the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognized within provisions. 3. Summary of significant accounting policies – (cont’d) f) Mining Interest, Plant and Equipment Recognition and Measurement – (cont’d) Mining expenditures incurred either to develop new ore bodies or to develop mine areas in advance of current production are capitalized. Mine development costs incurred to maintain current production are included in the consolidated statement of operations and comprehensive loss. Exploration costs relating to the current mine in production are expensed to net income as incurred due to the immediate exploitation of these areas or an immediate determination that they are not exploitable. Borrowing costs that are directly attributable to the acquisition and preparation for use, are capitalized. Capitalization of borrowing costs begins when expenditures are incurred and activities are undertaken to prepare the asset for its intended use. The amount of borrowing costs capitalized cannot exceed the actual amount of borrowing costs incurred during the period. All other borrowing costs are expensed as incurred. The capitalization of borrowing costs is discontinued when substantially all of the activities necessary to prepare the qualifying asset for its intended use or sale are complete. Capitalized borrowing costs are amortized over the useful life of the related asset. Major Maintenance and Repairs Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Company’s profit or loss during the financial year in which they are incurred. Subsequent Costs The cost of replacing part of an item of equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its costs can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in the Company’s profit or loss as incurred. Leased Equipment “IFRS 16 – Leases” was issued in January 2016 and is effective for periods beginning on or after January 1, 2019. It provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Leases are recognized as a right-to-use asset with a corresponding liability at the date at which the leased asset is available for use. Each lease payment is allocated between the liability and the finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. 3. Summary of significant accounting policies – (cont’d) f) Mining Interest, Plant and Equipment Depreciation and Impairment Mining interest, plant and equipment are subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not depreciated. Depletion of mine properties is charged on a unit-of-production basis over proven and probable reserves and resources expected to be converted to reserves. Currently the depletion base is approximately 10 years of expected production. Depreciation of plant and equipment and corporate office equipment, vehicles, software and leaseholds is calculated using the straight-line method, based on the lesser of economic life of the asset and the expected life of mine of approximately 10 years. Where components of an asset have different useful lives, depreciation is calculated on each separate part. Depreciation commences when an asset is available for use. At the end of each calendar year estimates of proven and probable gold reserves and a portion of resources expected to be converted to reserves are updated and the calculations of amortization of mining interest, plant and equipment is prospectively revised. The Company reviews and evaluates its mining interests, plant and equipment for impairment at least annually or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the recoverable value of a cash generating unit is less than the carrying amount of the assets. An impairment loss is measured and recorded based on the greater of the cash generating unit’s fair value less cost to sell or its value in use versus its carrying value. In assessing value in use, future cash flows are estimated based on expected future production, commodity prices, operating costs and capital costs discounted to their present value. Mining interests, plant and equipment that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstances indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in the prior periods. A reversal of an impairment loss is recognized in the consolidated statement of operations and comprehensive loss. g ) Rehabilitation and Closure Cost Provision The Company records a provision for the estimated future costs of rehabilitation and closure of operating and inactive mines and development projects, which are discounted to net present value using the risk- free interest rates applicable to the future cash outflows. Estimates of future costs represent management’s best estimates which incorporate assumptions on the effects of inflation, movements in foreign exchange rates and the effects of country and other specific risks associated with the related liabilities. The provision for the Company’s rehabilitation and closure cost obligations is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the Consolidated Statement of Operations and Comprehensive Loss. The provision for rehabilitation and closure cost obligations is re-measured at the end of each reporting period for changes in estimates and circumstances. Changes in estimates and circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates and changes to risk free interest rates. 3. Summary of significant accounting policies – (cont’d) g) Rehabilitation and Closure Cost Provision Rehabilitation and closure cost obligations relating to operating mines and development projects are initially recorded with a corresponding increase to the carrying amounts of related mining properties. Changes to the obligations are also accounted for as changes in the carrying amounts of related mining properties, except where a reduction in the obligation is greater than the capitalized rehabilitation and closure costs, in which case, the capitalized rehabilitation and closure costs is reduced to nil and the remaining adjustment is included in production costs in the Consolidated Statement of Operations and Comprehensive Loss. Rehabilitation and closure cost obligations related to inactive mines are included in production costs in the Consolidated Statement of Operations and Comprehensive Income (Loss) on initial recognition and subsequently when re-measured. h ) Exploration and Evaluation Expenditures Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation (“E&E”) expenditures are recognized and capitalized, in addition to the acquisition costs. These direct expenditures include such costs as materials used, surveying and sampling costs, drilling costs, payments made to contractors, geologists, consultants, and depreciation on plant and equipment during the exploration phase. Costs not directly attributable to E&E activities, including general and administrative overhead costs, are expensed in the period in which they occur. When a project is determined to no longer have commercially viable prospects to the Company, E&E expenditures in respect of that project are deemed to be impaired. As a result, those E&E expenditures, in excess of estimated recoveries, are written off to the Company’s profit or loss. The Company assesses E&E assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as “mines under construction”. E&E assets are tested for impairment before the assets are transferred to development properties. Any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs. i ) Financial Instruments Recognition The Company recognizes a financial asset or financial liability on the statement of financial position when it becomes party to the contractual provisions of the financial instrument. Financial assets are initially measured at fair value and are derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset, or when cash flows expire. Financial liabilities are initially measured at fair value and are derecognized when the obligation specified in the contract is discharged, cancelled or expired. 3. Summary of significant accounting policies – (cont’d) i) Financial Instruments A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows on a financial asset. All of the Company’s financial instruments are classified into one of the following categories based upon the purpose for which the instrument was acquired or issued. All transactions related to financial instruments are recorded on a trade date basis. The Company’s accounting policy for each category is as follows: Classification and Measurement The Company determines the classification of its financial instruments at initial recognition. Financial assets are classified according to the following measurement categories: i ) those to be measured subsequently at fair value, either through profit or loss (“FVTPL”) or through other comprehensive income (“FVTOCI”); and, ii) those to be measured subsequently at amortized cost. The classification and measurement of financial assets after initial recognition at fair value depends on the business model for managing the financial asset and the contractual terms of the cash flows. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding, are generally measured at amortized cost at each subsequent reporting period. All other financial assets are measured at their fair values at each subsequent reporting period, with any changes recorded through profit or loss or through other comprehensive income (which designation is made as an irrevocable election at the time of recognition). After initial recognition at fair value, financial liabilities are classified and measured at either: i ) amortized cost; or ii) FVTPL, if the Company has made an irrevocable election at the time of recognition, or when required (for items such as instruments held for trading or derivatives) The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified. Transaction costs that are directly attributable to the acquisition or issuance of a financial asset or financial liability classified as subsequently measured at amortized cost are included in the fair value of the instrument on initial recognition. Transaction costs for financial assets and financial liabilities classified at fair value through profit or loss are expensed in profit or loss. The Company’s financial assets consist of cash and investment in IM Exploration, which are classified and measured at FVTPL, with realized and unrealized gains or losses related to changes in fair value reported in profit or loss, and amounts receivable, which is classified at amortized cost. The Company’s financial liabilities consist of trade and other payables and loans payable, which are classified and measured at amortized cost using the effective interest method. Interest expense is reported in profit or loss. 3. Summary of significant accounting policies – (cont’d) i) Financial Instruments Impairment The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with any financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition based on all information available, and reasonable and supportive forward-looking information. Fair value hierarchy Financial instruments recognized at fair value on the consolidated balance sheets must be classified into one of the three following fair value hierarchy levels: Level 1 – measurement based on quoted prices (unadjusted observed in active markets) for identical assets or liabilities; Level 2 – measurement based on inputs other than quoted prices included in Level 1, that are observable for the asset or liability; Level 3 – measurement based on inputs that are not observable (supported by little or no market activity) for the asset or liability. j ) Income Taxes Current tax and deferred taxes are recognized in the Company’s profit or loss, except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss/income. Current income taxes are recognized for the estimated taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the period end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilised. At the end of each reporting period, the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. 3. Summary of significant accounting policies – (cont’d) k) Share Capital Financial instruments issued by the Company are classified as equity, only to the extent that they do not meet the definition of a financial liability or asset. The Company’s common shares, share warrants and share options are classified as equity instruments. Incremental costs, directly attributable to the issue of new shares, warrants or options, are shown in equity as a deduction, net of tax, from proceeds. l) Profit or Loss per Share Basic profit or loss per share is computed by dividing the Company’s profit or loss applicable to common shares by the weighted average number of common shares outstanding for the relevant period. Diluted profit or loss per share is computed by dividing the Company’s profit or loss applicable to common shares, by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive instruments were converted at the beginning of the period. m) Share-based Payments Where equity-settled share options are awarded to employees or non-employees, the fair value of the options at the date of grant is charged to the Company’s profit or loss over the vesting period. The number of equity instruments expected to vest at each reporting date, are taken into account so that the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether these vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modifications, is charged to the Company’s profit or loss over the remaining vesting period. Where equity instruments are granted to employees, they are recorded at the fair value of the equity instrument granted at the grant date. The grant date fair value is recognized in the Company’s profit or loss over the vesting period, described as the period during which all the vesting conditions are to be satisfied. Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in the Company’s profit or loss, unless they are related to the issuance of shares. Amounts related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for effects of non-transferability, exercise restrictions and behavioural considerations. All equity-settled share based payments are reflected in equity reserve, until exercised. Upon exercise, shares are issued from treasury and the amount reflected in equity reserve is credited to share capital, adjusted for any consideration paid. 3. Summary of significant accounting policies – (cont’d) m) Share-based Payments – (cont’d) Where a grant of options is cancelled or settled during the vesting period, excluding forfeitures when vesting conditions are not satisfied, the Company immediately accounts for the cancellation as an acceleration of vesting and immediately recognizes the amount that otherwise would have been recognized for services received over the remainder of the vesting period. Any payment made to the employee on the cancellation is accounted for as the repurchase of an equity interest except to the extent that the payment exceeds the fair value of the equity instrument granted, measured at the repurchase date. Any such excess is recognized as an expense. Where vesting conditions are not satisfied and options are forfeited, the Company reverses the fair value amount of the unvested options which had been recognized over the vesting period. n) New and Revised Accounting Standards The following accounting standards have been issued or amended but are not yet effective. The Company has not early adopted these new and amended standards. The Company continues to evaluate the new standards but currently no material impact is expected as a result of the adoptions of these new and amended standards: • IAS 1 “Presentation of Financial Statements” • IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors • IAS 16 “Property, Plant and Equipment” |
Critical Accounting Estimates a
Critical Accounting Estimates and Judgments | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Changes In Accounting Estimates [Abstract] | |
Critical Accounting Estimates and Judgments | 4. Critical accounting estimates and judgments The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in accounting estimate is recognized prospectively by including it in the Company’s profit or loss in the period of the change, if it affects that period only, or in the period of the change and future periods, if the change affects both. Information about critical estimates and judgments in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the consolidated financial statements within the next financial year are discussed below: 4. Critical accounting estimates and judgments – (cont’d) Estimates a) Economic Recoverability and Profitability of Future Economic Benefits of Mining Interests Management has determined that mining interests, evaluation, development and related costs incurred which have been capitalized are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geologic and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans. b ) Units of Production Depletion and Depreciation Estimated recoverable reserves are used in determining the depreciation of mine specific assets. This results in depreciation charges proportional to the depletion of the anticipated remaining life of mine production. Each item’s life, which is assessed annually, has regard to both its physical life limitations and to present assessments of economically recoverable reserves of the mine property at which the asset is located. These calculations require the use of estimates and assumption, including the amount of recoverable reserves and estimate of future capital expenditure. Changes are accounted for prospectively. c) Rehabilitation Provisions Rehabilitation provisions have been created based on the Company’s internal estimates. Assumptions, based on the current economic environment, have been made which management believes are a reasonable basis upon which to estimate the future liability. These estimates take into account any material changes to the assumptions that occur when reviewed regularly by management. Estimates are reviewed annually and are based on current regulatory requirements. Significant changes in estimates of contamination, restoration standards and techniques will result in changes to provisions from period to period. Actual rehabilitation costs will ultimately depend on future market prices for the rehabilitation costs, which will reflect the market condition at the time that the rehabilitation costs are actually incurred. The final cost of the currently recognized rehabilitation provision may be higher or lower than currently provided. The inflation rate applied to estimated future rehabilitation and closure costs is 3.5% and the discount rate currently applied in the calculation of the net present value of the provision is 8% (note 12). d ) Mineral Reserves and Mineral Resource Estimates Mineral reserves are estimates of the amount of ore that can be economically and legally extracted from the Company’s mining properties. The Company estimates its mineral reserve and mineral resources based on information compiled by Qualified Persons as defined by Canadian Securities Administrators National Instrument 43-101 Standards for Disclosure of Mineral Projects. Such information includes geological data on the size, depth and shape of the mineral deposit, and requires complex geological judgments to interpret the data. The estimation of recoverable 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 and grade that comprise the mineral reserves. Changes in the mining reserve or mineral resource estimates may impact the carrying value of mineral properties and deferred development costs, property, plant and equipment, provision for site reclamation and closure, recognition of deferred income tax assets and depreciation and amortization charges. 4. Critical accounting estimates and judgments – (cont’d) Judgments a ) Impairments The Company assesses its mining interest, plant and equipment assets annually to determine whether any indication of impairment exists. Where an indicator of impairment exists, a formal estimate of the recoverable amount is made, which is considered to be the higher of the fair value less costs to sell and value in use. These assessments require the use of estimates and assumptions such as long-term commodity prices, discount rates, future capital requirements, exploration potential and operating performance. b ) Income Taxes Significant judgment is required in determining the provision for income taxes. There are many transactions and calculations undertaken during the ordinary course of business for which the ultimate tax determination is uncertain. The Company recognizes liabilities and contingencies for anticipated tax audit issues based on the Company’s current understanding of tax law. For matters where it is probable that an adjustment will be made, the Company records its best estimate of the tax liability including the related interest and penalties in the current tax provision. Management believes they have adequately provided for the probable outcome of these matters; however, the final outcome may result in a materially different outcome than the amount included in the tax liabilities. In addition, the Company recognizes deferred tax assets relating to tax losses carried forward to the extent there are sufficient taxable temporary differences (deferred tax liabilities) relating to the same taxation authority and the same taxable entity against which the unused tax losses can be utilized. However, utilization of the tax losses also depends on the ability of the taxable entity to satisfy certain tests at the time the losses are recuperated. |
Amounts Receivable
Amounts Receivable | 12 Months Ended |
Apr. 30, 2021 | |
Trade And Other Receivables [Abstract] | |
Amounts Receivable | 5 . Amounts receivable April 30, 2021 April 30, 2020 Taxes receivable $ 660 $ 1,152 Trades receivable 380 736 Sale of Altiplano (Note 8) - 279 Other 130 83 $ 1,170 $ 2,250 |
Inventory
Inventory | 12 Months Ended |
Apr. 30, 2021 | |
Inventories [Abstract] | |
Inventory | 6 . Inventory April 30, 2021 April 30, 2020 Carrying value of inventory: Doré $ 889 $ 680 Work-in-process 85 185 Stockpile 49 43 Supplies 758 755 $ 1,781 $ 1,663 |
Investment in IM
Investment in IM | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Business Combinations [Abstract] | |
Investment in IM | 7 . Investment in IM Marketable securities at April 30, 2021 consists of an FVTPL investment in IM Exploration Inc. (“IM”) (note 9). At April 30, 2021 the Company held 4,100,000 common shares at $0.19 for $779,000. The fair value of IM has been determined by reference to published price quotations in an active market. While the Company will seek to maximize the proceeds it receives from the sale of its IM Shares, there is no assurance as to the timing of disposition or the amount that will be realized. |
Mining Interest, Plant and Equi
Mining Interest, Plant and Equipment | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Mining Interest, Plant and Equipment | 8. Mining interest, plant and equipment Mining Interest Plant and Equipment Corporate Equipment Total Mining Altiplano Cost Balance, April 30, 2019 $ 68,430 $ 25,469 $ 2,046 $ 715 $ 96,660 Additions 1,613 251 - 10 1,874 Sale of Altiplano - - (2,137 ) - (2,137 ) Effect of foreign exchange 2,733 883 91 - 3,707 Balance, April 30, 2020 72,776 26,603 - 725 100,104 Increase in ARO provision (note 12) 871 - - - 871 Additions 491 483 - - 974 Effect of foreign exchange (8,637 ) (3,129 ) - - (11,766 ) Balance, April 30, 2021 $ 65,501 $ 23,957 $ - $ 725 $ 90,183 Depreciation Balance, April 30, 2019 $ (43,936 ) $ (14,493 ) $ - $ (613 ) $ (59,042 ) Depreciation for the year (1,374 ) (1,851 ) - (78 ) (3,303 ) Effect of foreign exchange (1,814 ) (643 ) - - (2,457 ) Balance, April 30, 2020 (47,124 ) (16,987 ) - (691 ) (64,802 ) Depreciation for the year (1,188 ) (2,532 ) - (17 ) (3,737 ) Effect of foreign exchange 5,648 2,112 - - 7,760 Balance, April 30, 2021 $ (42,664 ) $ (17,407 ) $ - $ (708 ) $ (60,779 ) Carrying amounts Balance, April 30, 2020 $ 25,652 $ 9,616 $ - $ 34 $ 35,302 Balance, April 30, 2021 $ 22,837 $ 6,550 $ - $ 17 $ 29,404 8. Mining interest, plant and equipment – (cont’d) San Martin The Company’s mining interest, plant and equipment pertain to gold and silver extraction and processing through it’s San Martin mine. Sale of Altiplano Facility In August, 2015, the Company acquired Cortez Gold Corp. in an all-share transaction completed pursuant to a court approved Plan of Arrangement under the Business Corporations Act (British Columbia), which owned Altiplano and its facility, which processes third party gold and silver concentrate in Matehuala, Mexico. The Company accepted an offer on July 5, 2019, to sell 100% of the shares of Altiplano for US$1.6 million payable in quarterly installments to May 31, 2020 (full payment received). As a result, the Company recorded an impairment of $4,804 to the Statement of Operations and Comprehensive Income (Loss) during the year ended April 30, 2019, and $39 expensed to the Statement of Operations and Comprehensive Income (Loss) in the year ending April 30, 2020. Sale of San Pedrito On March 21, 2017, the Company finalized the sale of its San Pedrito Property, a non-core asset located in Queretaro, Mexico for Mexican Pesos (“MXN$”) 192,784,331 and reported a gain of $7,128 on the Statement of Operations and Comprehensive Loss during the year ended April 30, 2017. During the year ending April 30, 2019, the Company received MXN$ 15,000,000 ($1,027) and interest of MXN$ 2,300,000 ($159) on 6 ha of the remaining 14 ha of parcels to be paid and made an allowance for the remaining receivable of $441 to the Statements of Operations and Comprehensive Income (Loss). |
Exploration and Evaluation Asse
Exploration and Evaluation Assets | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Exploration And Corporate Expenditure [Abstract] | |
Exploration and Evaluation Assets | 9 . Exploration and evaluation assets a) American Consolidated Minerals (“AJC”) properties Toiyabe, U.S.A The Company has the rights to a 100% undivided interest in the Toiyabe Gold Project (“Toiyabe”), subject to a 3% net smelter revenue royalty (“NSR”), consisting of 165 mining claims located in Lander County, Nevada, United States of America. During the year ended April 30, 2021, the Company entered into a binding agreement with IM Exploration Inc. (“IM”) for the assignment of the Company’s option to acquire a 100% interest in Toiyabe from the Optionor. The Company has transferred all of its rights and IM will assume all property claim and maintenance payments and all obligations under the current option agreement with Optionor. Following the transfer, IM will have the right to acquire a 100% ownership position in the Project, subject to a 3% NSR to be retained by the Optionor. As consideration for the transfer of the Company’s option to acquire Toiyabe, IM will make cash and share payments as follows: • US$150,000 in cash to be paid upon closing of the Transaction (paid); • 4,100,000 common shares in the capital of IM to be issued upon closing of the Transaction (received by escrow agent and valued at fair market value at date of issue of $0.19 per share) (note 7) subject to a contractual escrow period of twelve (12) months following the date of issuance, with 25% being released every three (3) months from closing of the Transaction. 9. Exploration and The consideration received in cash and shares was valued at $966 and, as a result, the Company recorded a loss on Toiyabe of $1,116, in the Consolidated Statements of Operations for the year ending April 30, 2021. Lone Ranch, U.S.A The Company acquired the right to a 100% undivided interest, in 73 mining claims located in Ferry County, Washington State, United States of America. During the year ended April 30, 2019, the claims were abandoned and costs of $ b) Creston Moly (“Creston”) properties The Company has acquired the rights to the following exploration properties: i) El Creston Project, Mexico The Company acquired a 100% interest in the nine mineral claims known as the El Creston molybdenum property located northeast of Hermosillo, State of Sonora, Mexico, which has completed a Preliminary Economic Assessment on the property based on zones of porphyry-style molybdenum (“Mo”)/copper (“Cu”) mineralization. The mineral concessions are subject to a 3% net profits interest. ii) Ajax Project, Canada The Company acquired a 100% interest in six mineral claims known as the Ajax molybdenum property located in B.C. AJC Creston Total Acquisition costs: Balance, April 30, 2019 and April 30, 2020 $ 36 $ 2,001 $ 2,037 Property disposition (36) - (36 ) Balance, April 30, 2021 $ - $ 2,001 $ 2,001 Exploration costs: Balance, April 30, 2019 $ 1,860 $ 1,614 $ 3,474 Maintenance 147 280 427 Exploration cost 1 - 1 Foreign Exchange - 37 37 Balance, April 30, 2020 $ 2,008 $ 1,931 $ 3,939 Maintenance 38 260 298 Property Disposition (2,046) - (2,046 ) Foreign Exchange - (104 ) (104 ) Balance, April 30, 2021 $ - $ 2,087 $ 2,087 Total Exploration and evaluation assets Balance, April 30, 2020 $ 2,044 $ 3,932 $ 5,976 Balance, April 30, 2021 $ - $ 4,088 $ 4,088 |
Leases
Leases | 12 Months Ended |
Apr. 30, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
Leases | 10. Leases Effective May 1, 2019, the Company adopted IFRS 16 using the modified retrospective approach and accordingly the information presented for the year ended April 30, 2019 has not been restated. Comparative amounts for the year ended April 30, 2019 remains as previously reported under IAS 17. On initial application, the Company has elected to record right-of-use assets based on the corresponding lease liabilities. Lease liabilities have been measured by discounting future lease payments at the incremental borrowing rate at May 1, 2019. The incremental borrowing rate applied was 8% per annum and represents the Company's best estimate of the rate of interest that it would expect to pay to borrow, on a collateralized basis, over a similar term, an amount equal to the lease payments in the current economic environment. On adoption of IFRS 16, the Company recognized lease liabilities in relation its head office in Canada and machinery in Mexico. During the year ended April 30, 2021, the Company paid $88 in operating leases that were of low value / short-term leases The following is a reconciliation of the changes in the lease assets and liabilities: Office Mining Equipment Total Lease liabilities, April 30, 2019 $ - $ - $ - Lease liabilities on adoption of IFRS 16 312 427 739 Additions - 1,329 1,329 Lease accretion 23 66 89 Payments (66 ) (458 ) (524 ) Foreign exchange - 67 67 Lease liabilities, April 30, 2020 $ 269 $ 1,431 $ 1,700 Lease accretion 20 85 105 Payments (66 ) (658 ) (724 ) Foreign exchange - (134 ) (134 ) Move to short term liabilities (49 ) (398 ) (447 ) Long term lease liabilities, April 30, 2021 $ 174 $ 326 $ 500 Office Mining Equipment Total Lease asset, April 30, 2019 $ - $ - $ - Lease assets on adoption of IFRS 16 312 1,990 2,302 Amortization (52 ) (481 ) (533 ) Foreign exchange - 75 75 Lease asset, April 30, 2020 $ 260 $ 1,584 $ 1,844 Amortization (52 ) (667 ) (719 ) Foreign exchange - (146 ) (146 ) Lease asset, April 30, 2021 $ 208 $ 771 $ 979 During fiscal year ended April 30, 2022 2023 2024 2025 2026 + Lease commitments $ 418 $ 286 $ 66 $ 66 $ 5 |
Loans Payable
Loans Payable | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Loans And Advances And Deposits [Abstract] | |
Loans Payable | 11 . Loans payable Bonds On June 10, 2020, the Company repaid secured bonds, due June 17, 2020, in the aggregate principal amount of $3,000 (the “Bonds”) less structuring and finder’s fees of $60 cash and $171 attributed to finders warrants, totaling $231, plus outstanding interest calculated at 8% per annum, for a total payment of $3,234. On June 18, 2018, the Company issued 3,000,000 warrants to the bond holders as a fee, each warrant entitling the bond holders to acquire one share of Starcore at a price of $0.20, which expired unexercised subsequent to April 30, 2021 on June 18, 2021. The Company determined a value of $171 on the warrants, which was included in the Discount, based on the Black-Scholes model using a then stock price of $0.017; a 3 year expected life; expected volatility of 56%; and, a risk-free rate of 1.45%. Secured Loan During the year ended April 30, 2018, the Company borrowed $1,282 (USD $1,000) (the “Loan”) which was secured against certain assets of the Company and carried interest at 8% per annum, compounded and paid annually. The interest on the loan was paid to the lender on October 25, 2019, and the lender agreed to extend the loan for additional 6 months to April 25, 2020. On April 25, 2020, the loan amount was repaid along with interest for a total repayment of US$1,040,000. Changes to the loans payable balance during the year ending April 30, 2020 and the year ending April 30, 2021 are as follows: Principal Interest Discount Total Balance, April 30, 2019 $ 4,341 $ 377 $ (130 ) $ 4,588 Discount - - 115 115 Interest paid on bond - (514 ) - (514 ) Interest accrual - 349 - 349 Loan repayment (1,411 ) - - (1,411 ) Foreign exchange adjustment 69 - - 69 Balance, April 30, 2020 2,999 212 (15 ) 3,196 Discount - - 15 15 Loan repayment (2,999 ) - - (2,999 ) Interest paid on bond - (235 ) - (235 ) Interest accrual - 23 - 23 Balance, April 30, 2021 $ - $ - $ - $ - April 30, 2021 April 30, 2020 Current $ - $ 3,196 Non-Current $ - $ - $ - $ 3,196 11. Loans payable – (cont’d) The Company’s financing costs for the year ended April 30, 2021, 2020, and 2019 as reported on its Consolidated Statement of Operations and Comprehensive Loss can be summarized as follows: For the year ended April 30 , 2021 2020 2019 Unwinding of discount on rehabilitation and closure accretion (note 12) $ 85 $ 72 $ 90 Discount unwinding on debt repaid (note 11) 15 115 101 Lease accretion Starcore (note 10) 20 23 - San Pedrito Interest (note 8) - - (159 ) Interest on diesel equipment lease - 3 21 Interest expense on debt (note 11) 23 349 325 Bank fees 11 - - Interest revenue (6 ) (8 ) (67 ) $ 148 $ 554 $ 311 |
Rehabilitation and Closure Cost
Rehabilitation and Closure Cost Provision | 12 Months Ended |
Apr. 30, 2021 | |
Rehabilitation And Closure Cost Provision [Abstract] | |
Rehabilitation and Closure Cost Provision | 12 . Rehabilitation and closure cost provision The Company’s asset retirement obligations consist of reclamation and closure costs for the mine. At April 30, 2021, the present value of obligations is estimated at $1,952 (April 30, 2020 - $1,014) based on expected undiscounted cash-flows at the end of the mine life of $2,545 (April 30, 2020 - $1,028), which is calculated annually over 5 to 10 years. Such liability was determined using a discount rate of 8% (April 30, 2020 – 8%) and an inflation rate of 3.0% (April 30, 2020 – 3.5%). Significant reclamation and closure activities include land rehabilitation, demolition of buildings and mine facilities, closing portals to underground mining areas and other costs. Changes to the reclamation and closure cost balance during the period are as follows: April 30, 2021 April 30, 2020 Balance, beginning of year $ 1,014 $ 1,254 Accretion expense 85 72 Increase in provision 871 - Foreign exchange fluctuation (18 ) (312 ) $ 1,952 $ 1,014 |
Share Capital
Share Capital | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share Capital | 13 . Share capital a) Common shares The Company is authorized to issue an unlimited number of common shares, issuable in series. The holders of common shares are entitled to one vote per share at meetings of the Company and to receive dividends, which may be declared from time-to-time. All shares are ranked equally with regard to the Company’s residual assets. During the year ended April 30, 2021 and April 30, 2020, the Company did not issue any common shares. 13. Share capital – (cont’d) b ) Warrants A summary of the Company’s outstanding share purchase warrants at April 30, 2021 and April 30, 2020 and the changes during the period ended is presented below: Number of warrants Weighted average exercise price Outstanding at April 30, 2019, 2020 and 2021 3,250,000 $ 0.21 A summary of the Company’s outstanding share purchase warrants is presented below: Number of Exercise Warrants Price Expiry Date 3,000,000 (i) $ 0.20 June 18, 2021 250,000 $ 0.30 March 7, 2022 (i) c ) Share-based payments The Company, in accordance with the policies of the Toronto Stock Exchange (“TSX”), was previously authorized to grant options to directors, officers, and employees to acquire up to 20% of the amount of stock outstanding. In January 2014, the Company’s shareholders voted to cancel the Company’s option plan and, as a result, the Company’s Board of Directors may not grant further options. The Company’s management and directors continue to assess and implement alternative compensation arrangements for the Company’s employees and directors. There were no options outstanding, for the years ending April 30, 2021, April 30, 2020 and April 30, 2019. d) Deferred Share Units (“DSU”) & Restricted Share Units (“RSU”) Effective August 1, 2016, The Board of Directors approved the adoption of a Restricted Share Unit and Deferred Share Unit Plan (the “RSU/DSU Plan”) as part of the Company’s compensation arrangements for directors, officers, employees or consultants of the Company or a related entity of the Company. Although the RSU/DSU Plan is share-based, all vested RSUs and DSUs will be settled in cash. No common shares will be issued. RSU The RSU plan is for eligible members of the Board of Directors, eligible employees and eligible contractors. The RSUs vest over a period of three years from the date of grant, vesting as to one-third at the end of each calendar year. In addition to the vesting period, the Company has also set Performance Conditions that will accompany vested RSUs. The Performance Conditions to be met are established by the Board at the time of grant of the RSU. RSUs that are permitted to be carried over to the succeeding years shall expire no later than August 1st of the third calendar year after the year in which the RSUs have been granted and will be terminated to the extent the performance objectives or other vesting criteria have not been met. The RSU share plan transactions during the year were as follows: 1 3 . Share capital – (cont’d) d) Deferred Share Units (“DSU”) & Restricted Share Units (“RSU”) Units Outstanding at April 30, 2019 1,031,875 Expired (701,875 ) Outstanding at April 30, 2020 330,000 Expired (220,000 ) Exercised (110,000 ) Outstanding at April 30, 2021 — Management has determined that 50% of the RSU’s are deemed payable on the vesting dates based on current performance criteria measures. During the year ending April 30, 2021, the remaining 110,000 were paid out at fair value of $0.19 per share. The liability portion for the year ended April 30, 2021 is $Nil (April 30, 2020 - $30). No RSU’s were granted in the current fiscal year. DSU The Company introduced a DSU plan for eligible directors. The DSUs are paid in full in the form of a lump sum payment no later than August 1st of the calendar year immediately following the calendar year of termination of service. DSU Awards going forward will vest on each anniversary date of the grant over a period of 3 years. The DSU share plan transactions during the period were as follows: Units Outstanding at April 30, 2019 & 2020 1,010,000 Exercised (210,000) Outstanding at April 30, 2021 800,000 Based on the fair value of $0.24 (2020 - $0.19) per share, the Company has recorded a liability of $192 (April 30, 2020 - $90) under Trades and Other Payable on the Statement of Financial Position. No DSU’s were granted in fiscal 2021. During fiscal 2021, 210,000 DSU’s were exercised at $0.31 for $65,100. |
Financial Instruments
Financial Instruments | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Instruments | 14 . Financial instruments All significant financial assets, financial liabilities and equity instruments of the Company are either recognized or disclosed in the consolidated financial statements together with other information relevant for making a reasonable assessment of future cash flows, interest rate risk and credit risk. Cash is carried at their fair value. There are no material differences between the carrying values and the fair values of any other financial assets or liabilities due to their short term nature. In the normal course of business, the Company’s assets, liabilities and future transactions are impacted by various market risks, including currency risks associated with inventory, revenues, cost of sales, capital expenditures, interest earned on cash and the interest rate risk associated with floating rate debt. a) Currency risk Currency risk is the risk to the Company's earnings that arises from fluctuations of foreign exchange rates and the degree of volatility of these rates. The Company does not use derivative instruments to reduce its exposure to foreign currency risk. A 10% increase or decrease in the US dollar exchange may increase or decrease comprehensive income (loss) by approximately $1,647. A 10% increase or decrease in the MXN$ exchange rate will decrease or increase comprehensive income (loss) by approximately $633. b) Interest rate risk The Company’s cash earns interest at variable interest rates. While fluctuations in market rates do not have a material impact on the fair value of the Company’s cash flows, future cash flows may be affected by interest rate fluctuations. The Company is not significantly exposed to interest rate fluctuations and interest rate risk consists of two components: (i) To the extent that payments made or received on the Company’s monetary assets and liabilities are affected by changes in the prevailing market interest rates, the Company is exposed to interest rate cash flow risk. (ii) To the extent that changes in prevailing market interest rates differ from the interest rates in the Company’s monetary assets and liabilities, the Company is exposed to interest rate price risk. c) Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company is exposed to credit risk with respect to its cash, the balance of which at April 30, 2021 is $4,392 (April 30, 2020 - $2,105). Cash of $901 (April 30, 2020 - $953) are held at a Mexican financial institution, cash of $2,317 (April 30, 2020 – $905) is held in US dollars at a Canadian financial institution and the remainder of $1,174 (April 30, 2020 - $247) are held at a chartered Canadian financial institution; the Company is exposed to the risks of those financial institutions. The taxes receivable are comprised of Mexican VAT taxes receivable of $619 (April 30, 2020 - $1,073) and GST receivable of $41 (April 30, 2020 - $79), which are subject to review by the respective tax authority. Trade receivables include $380 due from one customer, the payment was received subsequent to year end. 14. Financial instruments – (cont’d) b) Liquidity risk Liquidity risk arises from the excess of financial obligations over available financial assets due at any point in time. The Company’s objective in managing liquidity risk is to maintain sufficient readily available reserves in order to meet its liquidity requirements. The Company accomplishes this by achieving profitable operations and maintaining sufficient cash reserves. As at April 30, 2021, the Company was holding cash of $4,392 (April 30, 2020 - $2,105). Obligations due within twelve months of April 30, 2021 2022 2023 2024 and beyond Trade and other payables $ 2,213 $ - $ - $ - Reclamation and closure obligations $ - $ - $ - $ 2,545 The Company’s trade and other payables are due in the short term. Management believes that profits generated from the mine will be sufficient to meet its financial obligations. e) Commodity risk Mineral prices and marketability fluctuate and any decline in mineral prices may have a negative effect on the Company. Mineral prices, particularly gold and silver prices, have fluctuated widely in recent years. The marketability and price of minerals which may be produced and sold by the Company will be affected by numerous factors beyond the control of the Company. These other factors include delivery uncertainties related to the proximity of its resources to processing facilities and extensive government regulations related to price, taxes, royalties, allowable production land tenure, the import and export of minerals and many other aspects of the mining business. Declines in mineral prices may have a negative effect on the Company. A 10% decrease or increase in metal prices may result in a decrease or increase of $2,680 in revenue. |
Commitments and Related Party T
Commitments and Related Party Transactions | 12 Months Ended |
Apr. 30, 2021 | |
Commitments And Related Party Transactions [Abstract] | |
Commitments and Related Party Transactions | 1 5 . Commitments and related party transactions The Company has the following commitments outstanding at April 30, 2021 , in addition to commitments disclosed elsewhere: a ) The Company has a land lease agreement commitment with respect to the land at the mine site, for $132 per year which is currently being renegotiated. The Company also has ongoing commitments on the exploration and evaluation assets of approximately $200 per year. b ) The Company has management contracts to officers and directors totaling $450 per year, payable monthly, expiring in April 2022 and US$236 per year, payable monthly, expiring in August 2021. The Company paid the following amounts to key management personnel, consisting of the chief executive officer, chief financial officer, the chief operating office and directors in the years: For the year ended April 30, 2021 2020 2019 Management fees $ 1,012 $ 838 $ 943 Legal fees 13 23 3 Directors fees 62 72 82 Total $ 1,087 $ 933 $ 1,028 |
Capital Disclosures
Capital Disclosures | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Capital Disclosures | 16 . Capital disclosures The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company considers the items included in the consolidated statements of changes in equity as capital. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through private placements, sell assets to reduce debt or return capital to shareholders. The Company is not subject to externally imposed capital requirements and there were no changes to the capital management in the period ended April 30, 2021. |
Earnings per Share
Earnings per Share | 12 Months Ended |
Apr. 30, 2021 | |
Earnings Per Share [Abstract] | |
Earnings per Share | 17 . Earnings per share The Company calculates the basic and diluted income per common share using the weighted average number of common shares outstanding during each period and the diluted income per share assumes that the outstanding vested stock options and share purchase warrants had been exercised at the beginning of the year. As at April 30, 2020 and 2019, all warrants outstanding were excluded in the dilutive weighted average shares outstanding as they were anti-dilutive. The denominator for the calculation of income (loss) per share, being the weighted average number of shares, is calculated as follows: For the years ended April 30, 2021 2020 2019 Issued common share, beginning of year 49,646,851 49,646,851 49,646,851 Weighted average issuances - - - Basic weighted average common shares 49,646,851 49,646,851 49,646,851 Effect of dilutive warrants and options 2,250,000 - - Diluted weighted average common shares 51,896,851 49,646,851 49,646,851 |
Segmented Information
Segmented Information | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Operating Segments [Abstract] | |
Segmented Information | 1 8 . Segmented information During the year ended April 30, 2021, the Company earned all of its revenues from one customer. As at April 30, 2021, the Company does not consider itself to be economically dependent on this customer as transactions with this party can be easily replaced by transactions with other parties on similar terms and conditions. The balance owing from this customer on April 30, 2021 was $871, with an allowance for doubtful debt of $491 against this amount (April 30, 2020 - $736). The Company operates in one segment, the revenue is from gold and silver mining in Mexico. The Company operates in three reportable geographical and one operating segment. Selected financial information by geographical segment is as follows: Mexico Canada USA April 30, 2021 Total E&E assets $ 4,088 $ — $ — $ 4,088 ROU assets 771 208 — 979 Mining interest, plant and equipment 29,387 17 — 29,404 Reclamation bonds — — 165 165 Deferred tax asset 434 2,912 — 3,346 Mexico Canada USA April 30, 2020 Total E&E assets $ 3,932 $ - $ 2,044 $ 5,976 ROU assets 1,584 260 — 1,844 Mining interest, plant and equipment 35,268 34 — 35,302 Reclamation bonds — — 165 165 Deferred tax asset 1,914 2,912 — 4,826 |
Income Taxes
Income Taxes | 12 Months Ended |
Apr. 30, 2021 | |
Major Components Of Tax Expense Income [Abstract] | |
Income Taxes | 1 9 . Income taxes Current and deferred income tax expenses differ from the amount that would result from applying the Canadian statutory income tax rates to the Company’s earnings before income taxes. This difference is reconciled as follows: For the year ended April 30, 2021 2020 2019 Income (loss) before income taxes $ 1,443 $ (2,451 ) $ (9,575 ) Income tax expense (recovery) at statutory rate 390 (662 ) (2,532 ) Difference from higher statutory tax rates on earnings of foreign subsidiaries (74) 822 1,749 Losses expired (305) 742 1,426 Permanent Difference - 60 1,550 Effect of Mexican mining royalty tax (SMD) on deferred income tax liabilities (54 ) (473 ) - Recognition of previously unrecognized non-capital loss carry forward and other deductible tax benefits (1,406) 689 36 Income tax (recovery) expense $ (1,449) $ 1,178 $ 2,229 1 9 . Income taxes – (cont’d) The significant components of the Company’s deferred income tax assets and liabilities are as follows: April 30, 2021 April 30, 2020 Deferred income tax assets (liabilities): Mining interest, plant and equipment $ (5,891 ) $ (6,110 ) Payments to defer (56 ) (15 ) Insurance (7 ) (38 ) Reclamation and closure costs provision 719 638 Exploration assets 1,549 (223 ) Expenses reserve 132 82 Pension-fund reserve 88 60 Deferred mining tax (968 ) (1,168 ) Non-capital losses and other deductible tax benefits 2,437 2,227 Plant and equipment 345 627 Other (81 ) (12 ) Deferred income tax liabilities, net $ (1,733 ) $ (3,932 ) April 30, 2021 April 30, 2020 Non-Capital losses $ 13,222 $ 18,722 Property and equipment 1,589 1,704 Exploration and evaluation assets 7,394 10,905 $ 22,205 $ 31,331 The Non-Capital losses are set to expire between 2026 and 2041 while the remaining loss carry forwards have no set expiry date. In accordance with Mexican tax law, Bernal is subject to income tax. Income tax is computed taking into consideration the taxable and deductible effects of inflation, such as depreciation calculated on restated asset values. Taxable income is increased or reduced by the effects of inflation on certain monetary assets and liabilities through an inflationary component. Mexico Tax Reform During December 2013, the 2014 Tax Reform (the “Tax Reform”) was published in Mexico’s official gazette with changes taking effect January 1, 2014. The Tax Reform included the implementation of a 7.5% Special Mining Duty (“SMD”) and a 0.5% Extraordinary Mining Duty (“EMD”). The Company has taken the position that SMD is an income tax under IAS 12 Income tax Management is currently disputing the SMD, in a joint action lawsuit with other Mexican mining companies, with the applicable Mexican government authority. Management believes that the SMD is unconstitutional and should be overturned. In accordance with IFRS reporting standards, however, the estimated effect of the SMD has been accrued to the current and deferred income tax provisions as stated above. Should the Company be successful in overturning the SMD, in whole or in part, the accrued tax liabilities stated above will be reversed to recovery of income taxes in the applicable period. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Apr. 30, 2021 | |
Basis Of Presentation [Abstract] | |
Foreign Currency Translation | a) Foreign Currency Translation The functional currency of Starcore, the parent, is the Canadian dollar (“CAD”) and the functional currency of its subsidiaries is the United States dollar (“USD”) (collectively “Functional Currency”). Foreign currency accounts are translated into the Functional Currency as follows: • At the transaction date, each asset, liability, revenue and expense denominated in a foreign currency is translated into the Functional Currency by the use of the exchange rate in effect at that date. At the period end date, unsettled monetary assets and liabilities are translated into the Functional Currency by using the exchange rate in effect at the period end. Foreign exchange gains and losses are recognized in net earnings and presented in the Consolidated Statement of Operations and Comprehensive Income (Loss) in accordance with the nature of the transactions to which the foreign currency gains and losses relate, except for foreign exchange gains and losses from translating investments and marketable securities which are recognized in other comprehensive income as part of the total change in fair values of the securities. Unrealized foreign exchange gains and losses on cash balances denominated in foreign currencies are disclosed separately in the Consolidated Statements of Cash Flows. |
Foreign Operations | b) Foreign Operations The assets and liabilities of foreign operations with Functional Currencies differing from the presentation currency, including fair value adjustments arising on acquisition, are translated to CAD at exchange rates in effect at the reporting date. The income and expenses of foreign operations with Functional Currencies differing from the presentation currency are translated into CAD at the year-to-date average exchange rates. The Company’s foreign currency differences are recognised and presented in other comprehensive income as a foreign currency translation reserve (“Foreign Currency Translation Reserve”), a component of equity. When a foreign operation is disposed of such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. |
Cash | c) Cash Cash includes cash on hand, deposits held at call with financial institutions and other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and subject to an insignificant risk of change in value. At April 30, 2021 and 2020, the Company had no cash equivalents. |
Revenue Recognition | d) Revenue Recognition Revenue from the sale of metals is recognized when the significant risks and rewards of ownership have passed to the buyer, it is probable that economic benefits associated with the transaction will flow to the Company, the sale price can be measured reliably, the Company has no significant continuing involvement and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Revenues from metal concentrate sales are subject to adjustment upon final settlement of metal prices, weights, and assays as of a date that may be up to two weeks after the shipment date. The Company records adjustments to revenues monthly based on quoted forward prices for the expected settlement period. Adjustments for weights and assays are recorded when results are determinable or on final settlement. Accounts receivable for metal concentrate sales are therefore measured at fair value. |
Inventory | e) Inventory Finished goods and work-in-process are measured at the lower of average cost and net realizable value. Net realizable value is calculated as the estimated price at the time of sale based on prevailing and long-term metal prices less estimated future costs to convert the inventories into saleable form and estimated costs to sell. Ore extracted from the mines is processed into finished goods (gold and by-products in doré). Costs are included in work-in-process inventory based on current costs incurred up to the point prior to the refining process, including applicable depreciation and depletion of mining interests, and removed at the average cost per recoverable ounce of gold. The average costs of finished goods represent the average costs of work-in-process inventories incurred prior to the refining process, plus applicable refining costs. Supplies are measured at average cost. In the event that the net realizable value of the finished product, the production of which the supplies are held for use in, is lower than the expected cost of the finished product, the supplies are written down to net realizable value. Replacement costs of supplies are generally used as the best estimate of net realizable value. The costs of inventories sold during the year are presented in the Company’s profit and loss. |
Mining Interest, Plant and Equipment | f) Mining Interest, Plant and Equipment Mining interests represent capitalized expenditures related to the development of mining properties and related plant and equipment. Recognition and Measurement On initial recognition, equipment is valued at cost, being the purchase price and directly attributable cost of acquisition or construction required to bring the asset to the location and condition necessary to be capable of operating in the manner intended by the Company, including appropriate borrowing costs and the estimated present value of any future unavoidable costs of dismantling and removing items. The corresponding liability is recognized within provisions. 3. Summary of significant accounting policies – (cont’d) f) Mining Interest, Plant and Equipment Recognition and Measurement – (cont’d) Mining expenditures incurred either to develop new ore bodies or to develop mine areas in advance of current production are capitalized. Mine development costs incurred to maintain current production are included in the consolidated statement of operations and comprehensive loss. Exploration costs relating to the current mine in production are expensed to net income as incurred due to the immediate exploitation of these areas or an immediate determination that they are not exploitable. Borrowing costs that are directly attributable to the acquisition and preparation for use, are capitalized. Capitalization of borrowing costs begins when expenditures are incurred and activities are undertaken to prepare the asset for its intended use. The amount of borrowing costs capitalized cannot exceed the actual amount of borrowing costs incurred during the period. All other borrowing costs are expensed as incurred. The capitalization of borrowing costs is discontinued when substantially all of the activities necessary to prepare the qualifying asset for its intended use or sale are complete. Capitalized borrowing costs are amortized over the useful life of the related asset. Major Maintenance and Repairs Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that the future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to the Company’s profit or loss during the financial year in which they are incurred. Subsequent Costs The cost of replacing part of an item of equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company and its costs can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of equipment are recognized in the Company’s profit or loss as incurred. Leased Equipment “IFRS 16 – Leases” was issued in January 2016 and is effective for periods beginning on or after January 1, 2019. It provides a single lessee accounting model, requiring lessees to recognize assets and liabilities for all leases unless the lease term is 12 months or less or the underlying asset has a low value. Leases are recognized as a right-to-use asset with a corresponding liability at the date at which the leased asset is available for use. Each lease payment is allocated between the liability and the finance cost. The finance cost is charged to profit or loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the liability for each period. The right-of-use asset is depreciated over the shorter of the asset’s useful life and the lease term on a straight-line basis. Assets and liabilities arising from a lease are initially measured on a present value basis. Lease payments are discounted using the interest rate implicit in the lease. If that rate cannot be determined, the Company’s incremental borrowing rate is used, being the rate that the Company would have to pay to borrow the funds necessary to obtain an asset of similar value in a similar economic environment with similar terms and conditions. 3. Summary of significant accounting policies – (cont’d) f) Mining Interest, Plant and Equipment Depreciation and Impairment Mining interest, plant and equipment are subsequently measured at cost less accumulated depreciation, less any accumulated impairment losses, with the exception of land which is not depreciated. Depletion of mine properties is charged on a unit-of-production basis over proven and probable reserves and resources expected to be converted to reserves. Currently the depletion base is approximately 10 years of expected production. Depreciation of plant and equipment and corporate office equipment, vehicles, software and leaseholds is calculated using the straight-line method, based on the lesser of economic life of the asset and the expected life of mine of approximately 10 years. Where components of an asset have different useful lives, depreciation is calculated on each separate part. Depreciation commences when an asset is available for use. At the end of each calendar year estimates of proven and probable gold reserves and a portion of resources expected to be converted to reserves are updated and the calculations of amortization of mining interest, plant and equipment is prospectively revised. The Company reviews and evaluates its mining interests, plant and equipment for impairment at least annually or when events or changes in circumstances indicate that the related carrying amounts may not be recoverable. Impairment is considered to exist if the recoverable value of a cash generating unit is less than the carrying amount of the assets. An impairment loss is measured and recorded based on the greater of the cash generating unit’s fair value less cost to sell or its value in use versus its carrying value. In assessing value in use, future cash flows are estimated based on expected future production, commodity prices, operating costs and capital costs discounted to their present value. Mining interests, plant and equipment that have been impaired in prior periods are tested for possible reversal of impairment whenever events or changes in circumstances indicate that the impairment has reversed. If the impairment has reversed, the carrying amount of the asset is increased to its recoverable amount but not beyond the carrying amount that would have been determined had no impairment loss been recognized for the asset in the prior periods. A reversal of an impairment loss is recognized in the consolidated statement of operations and comprehensive loss. |
Rehabilitation and Closure Cost Provision | g ) Rehabilitation and Closure Cost Provision The Company records a provision for the estimated future costs of rehabilitation and closure of operating and inactive mines and development projects, which are discounted to net present value using the risk- free interest rates applicable to the future cash outflows. Estimates of future costs represent management’s best estimates which incorporate assumptions on the effects of inflation, movements in foreign exchange rates and the effects of country and other specific risks associated with the related liabilities. The provision for the Company’s rehabilitation and closure cost obligations is accreted over time to reflect the unwinding of the discount with the accretion expense included in finance costs in the Consolidated Statement of Operations and Comprehensive Loss. The provision for rehabilitation and closure cost obligations is re-measured at the end of each reporting period for changes in estimates and circumstances. Changes in estimates and circumstances include changes in legal or regulatory requirements, increased obligations arising from additional mining and exploration activities, changes to cost estimates and changes to risk free interest rates. Rehabilitation and closure cost obligations relating to operating mines and development projects are initially recorded with a corresponding increase to the carrying amounts of related mining properties. Changes to the obligations are also accounted for as changes in the carrying amounts of related mining properties, except where a reduction in the obligation is greater than the capitalized rehabilitation and closure costs, in which case, the capitalized rehabilitation and closure costs is reduced to nil and the remaining adjustment is included in production costs in the Consolidated Statement of Operations and Comprehensive Loss. Rehabilitation and closure cost obligations related to inactive mines are included in production costs in the Consolidated Statement of Operations and Comprehensive Income (Loss) on initial recognition and subsequently when re-measured. |
Exploration and Evaluation Expenditures | h ) Exploration and Evaluation Expenditures Once the legal right to explore a property has been acquired, costs directly related to exploration and evaluation (“E&E”) expenditures are recognized and capitalized, in addition to the acquisition costs. These direct expenditures include such costs as materials used, surveying and sampling costs, drilling costs, payments made to contractors, geologists, consultants, and depreciation on plant and equipment during the exploration phase. Costs not directly attributable to E&E activities, including general and administrative overhead costs, are expensed in the period in which they occur. When a project is determined to no longer have commercially viable prospects to the Company, E&E expenditures in respect of that project are deemed to be impaired. As a result, those E&E expenditures, in excess of estimated recoveries, are written off to the Company’s profit or loss. The Company assesses E&E assets for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the property is considered to be a mine under development and is classified as “mines under construction”. E&E assets are tested for impairment before the assets are transferred to development properties. Any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized exploration costs. |
Financial Instruments | i ) Financial Instruments Recognition The Company recognizes a financial asset or financial liability on the statement of financial position when it becomes party to the contractual provisions of the financial instrument. Financial assets are initially measured at fair value and are derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset, or when cash flows expire. Financial liabilities are initially measured at fair value and are derecognized when the obligation specified in the contract is discharged, cancelled or expired. 3. Summary of significant accounting policies – (cont’d) i) Financial Instruments A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows on a financial asset. All of the Company’s financial instruments are classified into one of the following categories based upon the purpose for which the instrument was acquired or issued. All transactions related to financial instruments are recorded on a trade date basis. The Company’s accounting policy for each category is as follows: Classification and Measurement The Company determines the classification of its financial instruments at initial recognition. Financial assets are classified according to the following measurement categories: i ) those to be measured subsequently at fair value, either through profit or loss (“FVTPL”) or through other comprehensive income (“FVTOCI”); and, ii) those to be measured subsequently at amortized cost. The classification and measurement of financial assets after initial recognition at fair value depends on the business model for managing the financial asset and the contractual terms of the cash flows. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding, are generally measured at amortized cost at each subsequent reporting period. All other financial assets are measured at their fair values at each subsequent reporting period, with any changes recorded through profit or loss or through other comprehensive income (which designation is made as an irrevocable election at the time of recognition). After initial recognition at fair value, financial liabilities are classified and measured at either: i ) amortized cost; or ii) FVTPL, if the Company has made an irrevocable election at the time of recognition, or when required (for items such as instruments held for trading or derivatives) The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified. Transaction costs that are directly attributable to the acquisition or issuance of a financial asset or financial liability classified as subsequently measured at amortized cost are included in the fair value of the instrument on initial recognition. Transaction costs for financial assets and financial liabilities classified at fair value through profit or loss are expensed in profit or loss. The Company’s financial assets consist of cash and investment in IM Exploration, which are classified and measured at FVTPL, with realized and unrealized gains or losses related to changes in fair value reported in profit or loss, and amounts receivable, which is classified at amortized cost. The Company’s financial liabilities consist of trade and other payables and loans payable, which are classified and measured at amortized cost using the effective interest method. Interest expense is reported in profit or loss. 3. Summary of significant accounting policies – (cont’d) i) Financial Instruments Impairment The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with any financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition based on all information available, and reasonable and supportive forward-looking information. Fair value hierarchy Financial instruments recognized at fair value on the consolidated balance sheets must be classified into one of the three following fair value hierarchy levels: Level 1 – measurement based on quoted prices (unadjusted observed in active markets) for identical assets or liabilities; Level 2 – measurement based on inputs other than quoted prices included in Level 1, that are observable for the asset or liability; Level 3 – measurement based on inputs that are not observable (supported by little or no market activity) for the asset or liability. |
Income Taxes | j ) Income Taxes Current tax and deferred taxes are recognized in the Company’s profit or loss, except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive loss/income. Current income taxes are recognized for the estimated taxes payable or receivable on taxable income or loss for the current year and any adjustment to income taxes payable in respect of previous years. Current income taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the period end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilised. At the end of each reporting period, the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. |
Share Capital | k) Share Capital Financial instruments issued by the Company are classified as equity, only to the extent that they do not meet the definition of a financial liability or asset. The Company’s common shares, share warrants and share options are classified as equity instruments. Incremental costs, directly attributable to the issue of new shares, warrants or options, are shown in equity as a deduction, net of tax, from proceeds. |
Profit or Loss per Share | l) Profit or Loss per Share Basic profit or loss per share is computed by dividing the Company’s profit or loss applicable to common shares by the weighted average number of common shares outstanding for the relevant period. Diluted profit or loss per share is computed by dividing the Company’s profit or loss applicable to common shares, by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive instruments were converted at the beginning of the period. |
Share-based Payments | m) Share-based Payments Where equity-settled share options are awarded to employees or non-employees, the fair value of the options at the date of grant is charged to the Company’s profit or loss over the vesting period. The number of equity instruments expected to vest at each reporting date, are taken into account so that the cumulative amount recognized over the vesting period is based on the number of options that eventually vest. Non-vesting conditions and market vesting conditions are factored into the fair value of the options granted. As long as all other vesting conditions are satisfied, a charge is made irrespective of whether these vesting conditions are satisfied. The cumulative expense is not adjusted for failure to achieve a market vesting condition or where a non-vesting condition is not satisfied. Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modifications, is charged to the Company’s profit or loss over the remaining vesting period. Where equity instruments are granted to employees, they are recorded at the fair value of the equity instrument granted at the grant date. The grant date fair value is recognized in the Company’s profit or loss over the vesting period, described as the period during which all the vesting conditions are to be satisfied. Where equity instruments are granted to non-employees, they are recorded at the fair value of the goods or services received in the Company’s profit or loss, unless they are related to the issuance of shares. Amounts related to the issuance of shares are recorded as a reduction of share capital. When the value of goods or services received in exchange for the share-based payment cannot be reliably estimated, the fair value is measured by use of a valuation model. The expected life used in the model is adjusted, based on management’s best estimate, for effects of non-transferability, exercise restrictions and behavioural considerations. All equity-settled share based payments are reflected in equity reserve, until exercised. Upon exercise, shares are issued from treasury and the amount reflected in equity reserve is credited to share capital, adjusted for any consideration paid. 3. Summary of significant accounting policies – (cont’d) m) Share-based Payments – (cont’d) Where a grant of options is cancelled or settled during the vesting period, excluding forfeitures when vesting conditions are not satisfied, the Company immediately accounts for the cancellation as an acceleration of vesting and immediately recognizes the amount that otherwise would have been recognized for services received over the remainder of the vesting period. Any payment made to the employee on the cancellation is accounted for as the repurchase of an equity interest except to the extent that the payment exceeds the fair value of the equity instrument granted, measured at the repurchase date. Any such excess is recognized as an expense. Where vesting conditions are not satisfied and options are forfeited, the Company reverses the fair value amount of the unvested options which had been recognized over the vesting period. |
New and Revised Accounting Standards | n) New and Revised Accounting Standards The following accounting standards have been issued or amended but are not yet effective. The Company has not early adopted these new and amended standards. The Company continues to evaluate the new standards but currently no material impact is expected as a result of the adoptions of these new and amended standards: • IAS 1 “Presentation of Financial Statements” • IAS 8 “Accounting Policies, Changes in Accounting Estimates and Errors • IAS 16 “Property, Plant and Equipment” |
Amounts Receivable (Tables)
Amounts Receivable (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Trade And Other Receivables [Abstract] | |
Summary of Amounts Receivables | April 30, 2021 April 30, 2020 Taxes receivable $ 660 $ 1,152 Trades receivable 380 736 Sale of Altiplano (Note 8) - 279 Other 130 83 $ 1,170 $ 2,250 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Inventories [Abstract] | |
Summary of Inventory | April 30, 2021 April 30, 2020 Carrying value of inventory: Doré $ 889 $ 680 Work-in-process 85 185 Stockpile 49 43 Supplies 758 755 $ 1,781 $ 1,663 |
Mining Interest, Plant and Eq_2
Mining Interest, Plant and Equipment (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Summary of Mining Interest, Plant and Equipment | Mining Interest Plant and Equipment Corporate Equipment Total Mining Altiplano Cost Balance, April 30, 2019 $ 68,430 $ 25,469 $ 2,046 $ 715 $ 96,660 Additions 1,613 251 - 10 1,874 Sale of Altiplano - - (2,137 ) - (2,137 ) Effect of foreign exchange 2,733 883 91 - 3,707 Balance, April 30, 2020 72,776 26,603 - 725 100,104 Increase in ARO provision (note 12) 871 - - - 871 Additions 491 483 - - 974 Effect of foreign exchange (8,637 ) (3,129 ) - - (11,766 ) Balance, April 30, 2021 $ 65,501 $ 23,957 $ - $ 725 $ 90,183 Depreciation Balance, April 30, 2019 $ (43,936 ) $ (14,493 ) $ - $ (613 ) $ (59,042 ) Depreciation for the year (1,374 ) (1,851 ) - (78 ) (3,303 ) Effect of foreign exchange (1,814 ) (643 ) - - (2,457 ) Balance, April 30, 2020 (47,124 ) (16,987 ) - (691 ) (64,802 ) Depreciation for the year (1,188 ) (2,532 ) - (17 ) (3,737 ) Effect of foreign exchange 5,648 2,112 - - 7,760 Balance, April 30, 2021 $ (42,664 ) $ (17,407 ) $ - $ (708 ) $ (60,779 ) Carrying amounts Balance, April 30, 2020 $ 25,652 $ 9,616 $ - $ 34 $ 35,302 Balance, April 30, 2021 $ 22,837 $ 6,550 $ - $ 17 $ 29,404 |
Exploration and Evaluation As_2
Exploration and Evaluation Assets (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Exploration And Evaluation Assets [Abstract] | |
Summary of Exploration and Evaluation Assets | AJC Creston Total Acquisition costs: Balance, April 30, 2019 and April 30, 2020 $ 36 $ 2,001 $ 2,037 Property disposition (36) - (36 ) Balance, April 30, 2021 $ - $ 2,001 $ 2,001 Exploration costs: Balance, April 30, 2019 $ 1,860 $ 1,614 $ 3,474 Maintenance 147 280 427 Exploration cost 1 - 1 Foreign Exchange - 37 37 Balance, April 30, 2020 $ 2,008 $ 1,931 $ 3,939 Maintenance 38 260 298 Property Disposition (2,046) - (2,046 ) Foreign Exchange - (104 ) (104 ) Balance, April 30, 2021 $ - $ 2,087 $ 2,087 Total Exploration and evaluation assets Balance, April 30, 2020 $ 2,044 $ 3,932 $ 5,976 Balance, April 30, 2021 $ - $ 4,088 $ 4,088 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Presentation Of Leases For Lessee [Abstract] | |
Summary of Reconciliation of Changes in Lease Assets and Liabilities | The following is a reconciliation of the changes in the lease assets and liabilities: Office Mining Equipment Total Lease liabilities, April 30, 2019 $ - $ - $ - Lease liabilities on adoption of IFRS 16 312 427 739 Additions - 1,329 1,329 Lease accretion 23 66 89 Payments (66 ) (458 ) (524 ) Foreign exchange - 67 67 Lease liabilities, April 30, 2020 $ 269 $ 1,431 $ 1,700 Lease accretion 20 85 105 Payments (66 ) (658 ) (724 ) Foreign exchange - (134 ) (134 ) Move to short term liabilities (49 ) (398 ) (447 ) Long term lease liabilities, April 30, 2021 $ 174 $ 326 $ 500 Office Mining Equipment Total Lease asset, April 30, 2019 $ - $ - $ - Lease assets on adoption of IFRS 16 312 1,990 2,302 Amortization (52 ) (481 ) (533 ) Foreign exchange - 75 75 Lease asset, April 30, 2020 $ 260 $ 1,584 $ 1,844 Amortization (52 ) (667 ) (719 ) Foreign exchange - (146 ) (146 ) Lease asset, April 30, 2021 $ 208 $ 771 $ 979 |
Summary of Maturity Analysis of Lease Commitments | During fiscal year ended April 30, 2022 2023 2024 2025 2026 + Lease commitments $ 418 $ 286 $ 66 $ 66 $ 5 |
Loans Payable (Tables)
Loans Payable (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Loans And Advances And Deposits [Abstract] | |
Disclosure of loans repayable | Changes to the loans payable balance during the year ending April 30, 2020 and the year ending April 30, 2021 are as follows: Principal Interest Discount Total Balance, April 30, 2019 $ 4,341 $ 377 $ (130 ) $ 4,588 Discount - - 115 115 Interest paid on bond - (514 ) - (514 ) Interest accrual - 349 - 349 Loan repayment (1,411 ) - - (1,411 ) Foreign exchange adjustment 69 - - 69 Balance, April 30, 2020 2,999 212 (15 ) 3,196 Discount - - 15 15 Loan repayment (2,999 ) - - (2,999 ) Interest paid on bond - (235 ) - (235 ) Interest accrual - 23 - 23 Balance, April 30, 2021 $ - $ - $ - $ - April 30, 2021 April 30, 2020 Current $ - $ 3,196 Non-Current $ - $ - $ - $ 3,196 |
Disclosure of financing costs | The Company’s financing costs for the year ended April 30, 2021, 2020, and 2019 as reported on its Consolidated Statement of Operations and Comprehensive Loss can be summarized as follows: For the year ended April 30 , 2021 2020 2019 Unwinding of discount on rehabilitation and closure accretion (note 12) $ 85 $ 72 $ 90 Discount unwinding on debt repaid (note 11) 15 115 101 Lease accretion Starcore (note 10) 20 23 - San Pedrito Interest (note 8) - - (159 ) Interest on diesel equipment lease - 3 21 Interest expense on debt (note 11) 23 349 325 Bank fees 11 - - Interest revenue (6 ) (8 ) (67 ) $ 148 $ 554 $ 311 |
Rehabilitation and Closure Co_2
Rehabilitation and Closure Cost Provision (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Rehabilitation And Closure Cost Provision [Abstract] | |
Description of Changes to the reclamation | Changes to the reclamation and closure cost balance during the period are as follows: April 30, 2021 April 30, 2020 Balance, beginning of year $ 1,014 $ 1,254 Accretion expense 85 72 Increase in provision 871 - Foreign exchange fluctuation (18 ) (312 ) $ 1,952 $ 1,014 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Summary of Outstanding Share Price Warrants | b ) Warrants A summary of the Company’s outstanding share purchase warrants at April 30, 2021 and April 30, 2020 and the changes during the period ended is presented below: Number of warrants Weighted average exercise price Outstanding at April 30, 2019, 2020 and 2021 3,250,000 $ 0.21 A summary of the Company’s outstanding share purchase warrants is presented below: Number of Exercise Warrants Price Expiry Date 3,000,000 (i) $ 0.20 June 18, 2021 250,000 $ 0.30 March 7, 2022 (i) |
RSU [member] | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Summary of RSU And DSU Plan | The RSU share plan transactions during the year were as follows: Units Outstanding at April 30, 2019 1,031,875 Expired (701,875 ) Outstanding at April 30, 2020 330,000 Expired (220,000 ) Exercised (110,000 ) Outstanding at April 30, 2021 — |
DSU [member] | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Summary of RSU And DSU Plan | The DSU share plan transactions during the period were as follows: Units Outstanding at April 30, 2019 & 2020 1,010,000 Exercised (210,000) Outstanding at April 30, 2021 800,000 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Liquidity risk [member] | |
Summary of Obligations Due | Obligations due within twelve months of April 30, 2021 2022 2023 2024 and beyond Trade and other payables $ 2,213 $ - $ - $ - Reclamation and closure obligations $ - $ - $ - $ 2,545 |
Commitments and Related Party_2
Commitments and Related Party Transactions (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Commitments And Related Party Transactions [Abstract] | |
Schedule of Transactions with Related Parties | The Company paid the following amounts to key management personnel, consisting of the chief executive officer, chief financial officer, the chief operating office and directors in the years: For the year ended April 30, 2021 2020 2019 Management fees $ 1,012 $ 838 $ 943 Legal fees 13 23 3 Directors fees 62 72 82 Total $ 1,087 $ 933 $ 1,028 |
Earnings per Share (Tables)
Earnings per Share (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Basic And Diluted Earnings Per Share [Abstract] | |
Schedule of Denominator for Calculation of Income (Loss) Per Share, Weighted Average Number of Shares | The denominator for the calculation of income (loss) per share, being the weighted average number of shares, is calculated as follows: For the years ended April 30, 2021 2020 2019 Issued common share, beginning of year 49,646,851 49,646,851 49,646,851 Weighted average issuances - - - Basic weighted average common shares 49,646,851 49,646,851 49,646,851 Effect of dilutive warrants and options 2,250,000 - - Diluted weighted average common shares 51,896,851 49,646,851 49,646,851 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Operating Segments [Abstract] | |
Disclosure of Selected Financial Information by Geographical Segment | The Company operates in three reportable geographical and one operating segment. Selected financial information by geographical segment is as follows: Mexico Canada USA April 30, 2021 Total E&E assets $ 4,088 $ — $ — $ 4,088 ROU assets 771 208 — 979 Mining interest, plant and equipment 29,387 17 — 29,404 Reclamation bonds — — 165 165 Deferred tax asset 434 2,912 — 3,346 Mexico Canada USA April 30, 2020 Total E&E assets $ 3,932 $ - $ 2,044 $ 5,976 ROU assets 1,584 260 — 1,844 Mining interest, plant and equipment 35,268 34 — 35,302 Reclamation bonds — — 165 165 Deferred tax asset 1,914 2,912 — 4,826 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Apr. 30, 2021 | |
Major Components Of Tax Expense Income [Abstract] | |
Summary of Earning Before Income Taxes | For the year ended April 30, 2021 2020 2019 Income (loss) before income taxes $ 1,443 $ (2,451 ) $ (9,575 ) Income tax expense (recovery) at statutory rate 390 (662 ) (2,532 ) Difference from higher statutory tax rates on earnings of foreign subsidiaries (74) 822 1,749 Losses expired (305) 742 1,426 Permanent Difference - 60 1,550 Effect of Mexican mining royalty tax (SMD) on deferred income tax liabilities (54 ) (473 ) - Recognition of previously unrecognized non-capital loss carry forward and other deductible tax benefits (1,406) 689 36 Income tax (recovery) expense $ (1,449) $ 1,178 $ 2,229 |
Summary of Significant Components of Deferred Income Tax Assets and Liabilities | The significant components of the Company’s deferred income tax assets and liabilities are as follows: April 30, 2021 April 30, 2020 Deferred income tax assets (liabilities): Mining interest, plant and equipment $ (5,891 ) $ (6,110 ) Payments to defer (56 ) (15 ) Insurance (7 ) (38 ) Reclamation and closure costs provision 719 638 Exploration assets 1,549 (223 ) Expenses reserve 132 82 Pension-fund reserve 88 60 Deferred mining tax (968 ) (1,168 ) Non-capital losses and other deductible tax benefits 2,437 2,227 Plant and equipment 345 627 Other (81 ) (12 ) Deferred income tax liabilities, net $ (1,733 ) $ (3,932 ) April 30, 2021 April 30, 2020 Non-Capital losses $ 13,222 $ 18,722 Property and equipment 1,589 1,704 Exploration and evaluation assets 7,394 10,905 $ 22,205 $ 31,331 |
Corporate Information - Additio
Corporate Information - Additional Information (Detail) | 12 Months Ended |
Apr. 30, 2021 | |
Disclosure Of Corporate Information [Abstract] | |
Name of reporting entity or other means of identification | Starcore International Mines Ltd. |
Country of incorporation | Canada |
Address of entity's registered office | Head office located at Suite 750 – 580 Hornby Street, Vancouver, British Columbia, V6C 3B6. |
Description of nature of entity's operations and principal activities | Starcore is engaged in exploring, extracting and processing gold and silver through its wholly-owned subsidiary, Compañia Minera Peña de Bernal, S.A. de C.V. (“Bernal”), which owns the San Martin mine in Queretaro, Mexico. In May of 2020, the Company completed the sale of Altiplano GoldSilver S.A. de C.V (“Altiplano”), which owns the gold and silver concentrate processing plant in Matehuala, Mexico (see note 8). The Company is also engaged in acquiring mining related operating assets and exploration assets in North America directly and through corporate acquisitions. |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Detail) | 12 Months Ended |
Apr. 30, 2021 | |
Basis Of Presentation [Abstract] | |
Description of bases of financial statements that have been restated for changes in general purchasing power of functional currency | The consolidated financial statements have been prepared on a historical cost basis, except certain financial instruments, which are measured at fair value, as explained in the Company’s accounting policies discussed in note 3. These financial statements have been prepared using the accrual basis of accounting except for cash flow information. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Basis Of Presentation [Abstract] | ||
Cash and cash equivalents maturity period | 3 months | |
Cash equivalents | $ 0 | $ 0 |
Depletion base on expected production, years | 10 years | |
Expected life of mine properties | 10 years | |
Impairment loss | $ 0 |
Critical Accounting Estimates_2
Critical Accounting Estimates and Judgments - Additional Information (Detail) | Apr. 30, 2021 |
Disclosure Of Changes In Accounting Estimates [Abstract] | |
Actuarial assumption of expected rates of inflation | 3.50% |
Percentage of reasonably possible decrease in actuarial assumption | 8.00% |
Amounts Receivable - Summary of
Amounts Receivable - Summary of Amounts Receivables (Detail) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Disclosure of trade accounts receivables [line items] | ||
Accounts receivable | $ 1,170 | $ 2,250 |
Taxes receivable [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Accounts receivable | 660 | 1,152 |
Trade receivable [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Accounts receivable | 380 | 736 |
Sale of Altiplano [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Accounts receivable | 279 | |
Other account receivable [member] | ||
Disclosure of trade accounts receivables [line items] | ||
Accounts receivable | $ 130 | $ 83 |
Inventory - Summary of Inventor
Inventory - Summary of Inventory (Detail) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Inventories [Abstract] | ||
Dore | $ 889 | $ 680 |
Work-in-process | 85 | 185 |
Stockpile | 49 | 43 |
Supplies | 758 | 755 |
Inventory | $ 1,781 | $ 1,663 |
Investment in IM - Additional I
Investment in IM - Additional Information (Detail) | Apr. 30, 2021CAD ($)shares$ / shares |
Disclosure Of Business Combinations [Line Items] | |
Investment in IM Exploration | $ 779,000 |
IM Exploration Inc. [member] | |
Disclosure Of Business Combinations [Line Items] | |
Common shares issued | shares | 4,100,000 |
Fair market value at date of issue per share | $ / shares | $ 0.19 |
Investment in IM Exploration | $ 779,000 |
Mining Interest, Plant and Eq_3
Mining Interest, Plant and Equipment - Summary of Mining Interest, Plant and Equipment (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 35,302 | |
Ending balance | 29,404 | $ 35,302 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 100,104 | 96,660 |
Increase in ARO provision (note 12) | 871 | |
Additions | 974 | 1,874 |
Sale of Altiplano | (2,137) | |
Effect of foreign exchange | (11,766) | 3,707 |
Ending balance | 90,183 | 100,104 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (64,802) | (59,042) |
Depreciation for the year | (3,737) | (3,303) |
Effect of foreign exchange | 7,760 | (2,457) |
Ending balance | (60,779) | (64,802) |
Mining Interests [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 25,652 | |
Ending balance | 22,837 | 25,652 |
Mining Interests [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 72,776 | 68,430 |
Increase in ARO provision (note 12) | 871 | |
Additions | 491 | 1,613 |
Effect of foreign exchange | (8,637) | 2,733 |
Ending balance | 65,501 | 72,776 |
Mining Interests [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (47,124) | (43,936) |
Depreciation for the year | (1,188) | (1,374) |
Effect of foreign exchange | 5,648 | (1,814) |
Ending balance | (42,664) | (47,124) |
Plant and Equipment Mining [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 9,616 | |
Ending balance | 6,550 | 9,616 |
Plant and Equipment Mining [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 26,603 | 25,469 |
Additions | 483 | 251 |
Effect of foreign exchange | (3,129) | 883 |
Ending balance | 23,957 | 26,603 |
Plant and Equipment Mining [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (16,987) | (14,493) |
Depreciation for the year | (2,532) | (1,851) |
Effect of foreign exchange | 2,112 | (643) |
Ending balance | (17,407) | (16,987) |
Plant and Equipment Altiplano [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,046 | |
Sale of Altiplano | (2,137) | |
Effect of foreign exchange | 91 | |
Corporate Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 34 | |
Ending balance | 17 | 34 |
Corporate Equipment [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 725 | 715 |
Additions | 10 | |
Ending balance | 725 | 725 |
Corporate Equipment [member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (691) | (613) |
Depreciation for the year | (17) | (78) |
Ending balance | $ (708) | $ (691) |
Mining Interest, Plant and Eq_4
Mining Interest, Plant and Equipment - Additional Information (Detail) $ in Thousands, $ in Millions | Jul. 05, 2019USD ($) | Mar. 21, 2017MXN ($) | Apr. 30, 2020CAD ($) | Apr. 30, 2019CAD ($) | Apr. 30, 2019MXN ($) | Apr. 30, 2017CAD ($) |
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Impairment on equipment | $ 39 | $ 4,804 | ||||
Interest received | 159 | |||||
Allowance for the remaining receivable | 441 | |||||
San Pedrito [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Sales price | $ 192,784,331 | |||||
Gain on sale of San Pedrito | $ 7,128 | |||||
Allowance for the remaining receivable | 441 | |||||
San Pedrito [member] | Mexico, Pesos [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Allowance for uncertain collectability | $ 15,000,000 | |||||
Interest received | $ 2,300,000 | |||||
San Pedrito [member] | United States of America, Dollars [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Allowance for uncertain collectability | 1,027 | |||||
Interest received | 159 | |||||
Altiplano [member] | ||||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||||
Percentage of shares agreed to sell | 100.00% | |||||
Consideration paid for share purchase | $ 1.6 | |||||
Impairment on equipment | $ 4,804 | |||||
Working capital amount | $ 39 |
Exploration and Evaluation As_3
Exploration and Evaluation Assets - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021CAD ($)USD ($)Mininginterest$ / shares | Apr. 30, 2019CAD ($) | Apr. 30, 2021USD ($)shares | |
IM Exploration Inc. [member] | |||
Disclosure of exploration and corporate expenditure [line items] | |||
Common shares issued upon closing of the transaction | shares | 4,100,000 | ||
Fair market value at date of issue per share | $ / shares | $ 0.19 | ||
Toiyabe [member] | |||
Disclosure of exploration and corporate expenditure [line items] | |||
Interests acquired | 100.00% | ||
Royalty acquired percentage | 3.00% | ||
Number of mining interest acquired | 165 | ||
Cash to be paid upon closing of the transaction | $ 150,000 | ||
Common shares issued upon closing of the transaction | shares | 4,100,000 | ||
Fair market value at date of issue per share | $ / shares | $ 0.19 | ||
Contractual escrow period | 12 months | ||
Percentage of consideration released every three months | 25.00% | ||
Contractual escrow released period | 3 months | ||
Consideration received | $ 966 | ||
Gain (loss) that relates to identifiable assets acquired or liabilities assumed in business combination | $ 1,116 | ||
Toiyabe [member] | IM Exploration Inc. [member] | |||
Disclosure of exploration and corporate expenditure [line items] | |||
Interests acquired | 100.00% | ||
Royalty acquired percentage | 3.00% | ||
Lone Ranch [member] | |||
Disclosure of exploration and corporate expenditure [line items] | |||
Number of mining interest acquired | Mininginterest | 73 | ||
Percentage of interests of undivided interest abandoned | 100.00% | ||
Costs written off | $ 82 | ||
El Creston Project [member] | |||
Disclosure of exploration and corporate expenditure [line items] | |||
Interests acquired | 100.00% | ||
Royalty acquired percentage | 3.00% | ||
Number of mining interest acquired | Mininginterest | 9 | ||
Ajax Project [member] | |||
Disclosure of exploration and corporate expenditure [line items] | |||
Interests acquired | 100.00% | ||
Number of mining interest acquired | Mininginterest | 6 |
Exploration and Evaluation As_4
Exploration and Evaluation Assets - Disclosure of Reduced Claims to Focus of the Core Project And to Reduce its Holding Costs (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of exploration and corporate expenditure [line items] | ||
Ending balance | $ 4,088 | $ 5,976 |
Acquisition Cost [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Acquisition costs, beginning balance | 2,037 | |
Property disposition | (36) | |
Acquisition costs, ending balance | 2,001 | 2,037 |
Exploration and evaluation assets [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Exploration costs, beginning balance | 3,939 | 3,474 |
Maintenance | 298 | 427 |
Property Disposition | (2,046) | |
Exploration cost | 1 | |
Foreign Exchange | (104) | 37 |
Exploration costs, ending balance | 2,087 | 3,939 |
AJC [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Ending balance | 2,044 | |
AJC [member] | Acquisition Cost [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Acquisition costs, beginning balance | 36 | |
Property disposition | (36) | |
Acquisition costs, ending balance | 36 | |
AJC [member] | Exploration and evaluation assets [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Exploration costs, beginning balance | 2,008 | 1,860 |
Maintenance | 38 | 147 |
Property Disposition | (2,046) | |
Exploration cost | 1 | |
Exploration costs, ending balance | 2,008 | |
Creston [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Ending balance | 4,088 | 3,932 |
Creston [member] | Acquisition Cost [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Acquisition costs, beginning balance | 2,001 | |
Acquisition costs, ending balance | 2,001 | 2,001 |
Creston [member] | Exploration and evaluation assets [member] | ||
Disclosure of exploration and corporate expenditure [line items] | ||
Exploration costs, beginning balance | 1,931 | 1,614 |
Maintenance | 260 | 280 |
Foreign Exchange | (104) | 37 |
Exploration costs, ending balance | $ 2,087 | $ 1,931 |
Leases - Additional Information
Leases - Additional Information (Detail) - IFRS 16 [member] - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | May 01, 2019 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Incremental borrowing rate | 8.00% | |
Operating leases | $ 88 |
Leases - Summary of Reconciliat
Leases - Summary of Reconciliation of Changes in Lease Assets and Liabilities (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Lease liabilities, beginning balance | $ 1,700 | |
Additions | $ 1,329 | |
Lease accretion | 105 | 89 |
Payments | (724) | (524) |
Foreign exchange | (134) | 67 |
Move to short term liabilities | (447) | |
Lease liabilities, ending balance | 500 | 1,700 |
Lease asset, beginning balance | 1,844 | |
Amortization | (719) | (533) |
Foreign exchange | (146) | 75 |
Lease asset, ending balance | 979 | 1,844 |
IFRS 16 [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Lease liabilities, beginning balance | 739 | |
Lease asset, beginning balance | 2,302 | |
Office [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Lease liabilities, beginning balance | 269 | |
Lease accretion | 20 | 23 |
Payments | (66) | (66) |
Move to short term liabilities | (49) | |
Lease liabilities, ending balance | 174 | 269 |
Lease asset, beginning balance | 260 | |
Amortization | (52) | (52) |
Lease asset, ending balance | 208 | 260 |
Office [member] | IFRS 16 [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Lease liabilities, beginning balance | 312 | |
Lease asset, beginning balance | 312 | |
Mining Equipment [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Lease liabilities, beginning balance | 1,431 | |
Additions | 1,329 | |
Lease accretion | 85 | 66 |
Payments | (658) | (458) |
Foreign exchange | (134) | 67 |
Move to short term liabilities | (398) | |
Lease liabilities, ending balance | 326 | 1,431 |
Lease asset, beginning balance | 1,584 | |
Amortization | (667) | (481) |
Foreign exchange | (146) | 75 |
Lease asset, ending balance | $ 771 | 1,584 |
Mining Equipment [member] | IFRS 16 [member] | ||
Disclosure Of Quantitative Information About Rightofuse Assets [Line Items] | ||
Lease liabilities, beginning balance | 427 | |
Lease asset, beginning balance | $ 1,990 |
Leases - Summary of Lease Commi
Leases - Summary of Lease Commitments (Detail) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Disclosure Of Maturity Analysis Of Lease Commitments [Line Items] | ||
Lease commitments | $ 500 | $ 1,700 |
2022 [member] | ||
Disclosure Of Maturity Analysis Of Lease Commitments [Line Items] | ||
Lease commitments | 418 | |
2023 [member] | ||
Disclosure Of Maturity Analysis Of Lease Commitments [Line Items] | ||
Lease commitments | 286 | |
2024 [member] | ||
Disclosure Of Maturity Analysis Of Lease Commitments [Line Items] | ||
Lease commitments | 66 | |
2025 [member] | ||
Disclosure Of Maturity Analysis Of Lease Commitments [Line Items] | ||
Lease commitments | 66 | |
2026+ [member] | ||
Disclosure Of Maturity Analysis Of Lease Commitments [Line Items] | ||
Lease commitments | $ 5 |
Loans payable - Additional Info
Loans payable - Additional Information (Detail) $ / shares in Units, $ in Thousands | Jun. 10, 2020CAD ($) | Apr. 25, 2020USD ($) | Jun. 18, 2018CAD ($)$ / sharesshares | Apr. 30, 2021$ / shares | Apr. 30, 2018CAD ($) | Apr. 30, 2018USD ($) |
Loans and advances to banks repayable [line Items] | ||||||
Warrants issued | shares | 3,000,000 | |||||
Exercise price of warrants issued | $ / shares | $ 0.20 | |||||
Warrants expiration date | Jun. 18, 2021 | |||||
Discount on warrants | $ 171 | |||||
Stock price | $ / shares | $ 0.017 | |||||
Expected Life | 3 years | |||||
Expected annual volatility | 56.00% | |||||
Risk-free rate | 1.45% | |||||
Secured loan | $ 1,282 | $ 1,000,000 | ||||
Secured loan interest | 8.00% | |||||
Loan paid date | October 25, 2019 | |||||
Loan extension period | additional 6 months to April 25, 2020. | |||||
Repayment on debt | $ 1,040,000 | |||||
Private Placements [member] | ||||||
Loans and advances to banks repayable [line Items] | ||||||
Secured bonds due date | Jun. 17, 2020 | |||||
Bonds issued | $ 3,000 | |||||
Structuring and finders fees | 60 | |||||
Finders warrants | 171 | |||||
Structuring, finders fees and warrants | $ 231 | |||||
Interest rate percentage of bonds | 8.00% | |||||
Payment of secured bonds | $ 3,234 |
Loans payable - Disclosure of L
Loans payable - Disclosure of Loans Repayable (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Loans and advances to banks repayable [line Items] | |||
Beginning Balance | $ 3,196 | $ 4,588 | |
Discount | 15 | 115 | $ 101 |
Interest paid on bond | (235) | (514) | |
Interest accrual | 23 | 349 | |
Loan repayment | (2,999) | (1,411) | |
Foreign exchange adjustment | 69 | ||
Ending Balance | 3,196 | 4,588 | |
Principal [member] | |||
Loans and advances to banks repayable [line Items] | |||
Beginning Balance | 2,999 | 4,341 | |
Loan repayment | (2,999) | (1,411) | |
Foreign exchange adjustment | 69 | ||
Ending Balance | 2,999 | 4,341 | |
Interest [member] | |||
Loans and advances to banks repayable [line Items] | |||
Beginning Balance | 212 | 377 | |
Interest paid on bond | (235) | (514) | |
Interest accrual | 23 | 349 | |
Ending Balance | 212 | 377 | |
Discount [member] | |||
Loans and advances to banks repayable [line Items] | |||
Beginning Balance | (15) | (130) | |
Discount | $ 15 | 115 | |
Ending Balance | $ (15) | $ (130) |
Loans payable - Disclosure of_2
Loans payable - Disclosure of Loans and Payables (Detail) - CAD ($) $ in Thousands | Apr. 30, 2020 | Apr. 30, 2019 |
Disclosure Of Loans And Borrowings [Abstract] | ||
Current | $ 3,196 | |
Total | $ 3,196 | $ 4,588 |
Loans payable - Disclosure of F
Loans payable - Disclosure of Financing Costs (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure Of Interest And Financing Cost [Abstract] | |||
Unwinding of discount on rehabilitation and closure accretion (note 12) | $ 85 | $ 72 | $ 90 |
Discount unwinding on debt repaid (note 11) | 15 | 115 | 101 |
Lease accretion Starcore | 20 | 23 | |
San Pedrito Interest (note 8) | (159) | ||
Interest on diesel equipment lease | 3 | 21 | |
Interest expense on debt (note 11) | 23 | 349 | 325 |
Bank fees | 11 | ||
Interest revenue | (6) | (8) | (67) |
Finance Costs Total | $ 148 | $ 554 | $ 311 |
Rehabilitation and Closure Co_3
Rehabilitation and Closure Cost Provision - Additional Information (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of number and weighted average exercise price of outstanding other equity instruments [line items] | |||
Rehabilitation expenses | $ 1,952 | $ 1,014 | $ 1,254 |
Decommissioning rehabilitation costs | $ 2,545 | $ 1,028 | |
Discount rate | 8.00% | 8.00% | |
Inflation rate | 3.00% | 3.50% | |
Bottom of range [member] | |||
Disclosure of number and weighted average exercise price of outstanding other equity instruments [line items] | |||
Mine life | 5 years | ||
Top of range [member] | |||
Disclosure of number and weighted average exercise price of outstanding other equity instruments [line items] | |||
Mine life | 10 years |
Rehabilitation and Closure Co_4
Rehabilitation and Closure Cost Provision - Description of Changes to the Reclamation (Detail) - CAD ($) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
Description Of Closure And Rehabilitation Provisions [Abstract] | ||
Beginning balance | $ 1,014 | $ 1,254 |
Accretion expense | 85 | 72 |
Increase in provision | 871 | |
Foreign exchange fluctuation | (18) | (312) |
Ending balance | $ 1,952 | $ 1,014 |
Share capital - Summary of Outs
Share capital - Summary of Outstanding Share Price Warrants (Detail) - $ / shares | Jun. 18, 2018 | Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 |
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | ||||
Outstanding ending balance, shares | 3,250,000 | 3,250,000 | 3,250,000 | |
Weighted average exercise price, ending balance | $ 0.21 | $ 0.21 | $ 0.21 | |
Warrants issued | 3,000,000 | |||
Expiry Date | Jun. 18, 2021 | |||
March 7, 2022 [member] | ||||
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | ||||
Expiry Date | Jun. 18, 2021 | |||
June 18, 2021 [member] | ||||
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | ||||
Expiry Date | Mar. 7, 2022 | |||
June 18, 2021 [member] | ||||
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | ||||
Exercise price | 0.20 | |||
March 7, 2022 [member] | ||||
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | ||||
Exercise price | $ 0.30 | |||
Number of warrants outstanding one [member] | ||||
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | ||||
Warrants issued | 3,000,000 | |||
Number of warrants outstanding two [member] | ||||
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | ||||
Warrants issued | 250,000 |
Share capital - Summary of Ou_2
Share capital - Summary of Outstanding Share Price Warrants (Parenthetical) (Detail) | May 01, 2021 |
Warrants [member] | |
Disclosure Of Number Of Options And Warrants Outstanding [Line Items] | |
Warrant expired amount | 3,000,000 |
Share capital - Additional Info
Share capital - Additional Information (Detail) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021CAD ($)sharesYear$ / shares | Apr. 30, 2020CAD ($)shares$ / shares | Apr. 30, 2019shares | |
Disclosure Of Classes Of Share Capital [Line Items] | |||
Grant options percentage | 20.00% | ||
Options outstanding | shares | 0 | 0 | 0 |
RSU [member] | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Vesting period from date of grant | 3 years | ||
Vesting portion of each calendar year | one-third | ||
Vesting percentage | 50.00% | ||
Vesting amount of remaining fair value | $ 110,000 | ||
Fair value per share | $ / shares | $ 0.19 | ||
Expense from share based payment | $ 30 | ||
Number of shares granted | 0 | ||
DSU [member] | |||
Disclosure Of Classes Of Share Capital [Line Items] | |||
Life share options granted | Year | 3 | ||
Shares exercised for a fair value | $ / shares | $ 0.24 | $ 0.19 | |
Reduced the liability share based payment | $ 192 | $ 90 | |
DSU granted | $ 0 | ||
DSU excercised, share | shares | 210,000 | ||
DSU excercised | $ 65,100 | ||
DSU excercised price per share | $ / shares | $ 0.31 |
Share capital - Summary of RSU
Share capital - Summary of RSU And DSU Plan (Detail) | 12 Months Ended | |
Apr. 30, 2021 | Apr. 30, 2020 | |
RSU [member] | ||
Disclosure of number of outstanding share options [line items] | ||
Beginning balance | 330,000 | 1,031,875 |
Expired | (220,000) | (701,875) |
Exercised | (110,000) | |
Ending balance | 330,000 | |
DSU [member] | ||
Disclosure of number of outstanding share options [line items] | ||
Beginning balance | 1,010,000 | 1,010,000 |
Exercised | (210,000) | 0 |
Ending balance | 800,000 | 1,010,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | ||||||
Apr. 30, 2021CAD ($) | Apr. 30, 2021MXN ($) | Apr. 30, 2021USD ($) | Apr. 30, 2020CAD ($) | Apr. 30, 2020USD ($) | Apr. 30, 2019CAD ($) | Apr. 30, 2018CAD ($) | |
Disclosure of financial assets [line items] | |||||||
Cash | $ 4,392,000 | $ 2,105,000 | $ 2,549,000 | $ 2,321,000 | |||
Cash equivalents | $ 0 | 0 | |||||
Currency risk [member] | |||||||
Disclosure of financial assets [line items] | |||||||
Increase or decrease exchange rate | 10.00% | 10.00% | |||||
Increase or decrease in comprehensive income (loss) | $ 1,647,000 | $ 633 | |||||
Credit risk [member] | |||||||
Disclosure of financial assets [line items] | |||||||
Cash | 4,392,000 | 2,105,000 | |||||
Credit risk [member] | One Customer | |||||||
Disclosure of financial assets [line items] | |||||||
Trade receivables | 380,000 | ||||||
Credit risk [member] | Mexico [member] | |||||||
Disclosure of financial assets [line items] | |||||||
Cash | 901,000 | 953,000 | |||||
VAT receivable | 619,000 | 1,073,000 | |||||
Credit risk [member] | Canada [member] | |||||||
Disclosure of financial assets [line items] | |||||||
Cash | $ 2,317 | $ 905 | |||||
Remainder of cash | 1,174,000 | 247,000 | |||||
GST receivable | 41,000 | 79,000 | |||||
Liquidity risk [member] | |||||||
Disclosure of financial assets [line items] | |||||||
Cash | 4,392,000 | $ 2,105,000 | |||||
Commodity price risk [member] | |||||||
Disclosure of financial assets [line items] | |||||||
Decrease or increase in revenue | $ 2,680,000 | ||||||
Decrease or increase in metal prices | 10.00% | 10.00% |
Financial Instruments - Summary
Financial Instruments - Summary of Obligations Due (Detail) - Liquidity risk [member] $ in Thousands | Apr. 30, 2021CAD ($) |
2021 [member] | |
Disclosure of reclamation obligations continuity [line items] | |
Trade and other payables | $ 2,213 |
2024 and beyond [member] | |
Disclosure of reclamation obligations continuity [line items] | |
Reclamation and closure obligations | $ 2,545 |
Commitments and Related Party_3
Commitments and Related Party Transactions - Additional Information (Detail) $ in Thousands, $ in Thousands | 12 Months Ended | |
Apr. 30, 2021CAD ($) | Apr. 30, 2021USD ($) | |
Disclosure of transactions between related parties [line items] | ||
Lease agreement commitment | $ 132 | |
Exploration and evaluation | 200 | |
Management contract expiring in April 2022 [member] | ||
Disclosure of transactions between related parties [line items] | ||
Directors remuneration | $ 450 | |
Management contract expiration team | April 2022 | April 2022 |
Management contract expiring in August 2021 [member] | ||
Disclosure of transactions between related parties [line items] | ||
Directors remuneration | $ 236 | |
Management contract expiration team | August 2021 | August 2021 |
Commitments and Related Party_4
Commitments and Related Party Transactions - Summary of Payment to Key Management Personnel and Directors (Detail) - Key management personnel consisting of chief executive officer, chief financial officer, chief operating office and directors [member] - CAD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Management fees | $ 1,012 | $ 838 | $ 943 |
Legal fees | 13 | 23 | 3 |
Directors fees | 62 | 72 | 82 |
Total | $ 1,087 | $ 933 | $ 1,028 |
Earnings Per Share - Schedule o
Earnings Per Share - Schedule of Denominator for Calculation of Income (Loss) Per Share, Weighted Average Number of Shares (Detail) - shares | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Basic And Diluted Earnings Per Share [Abstract] | |||
Issued common share, beginning of year | 49,646,851 | 49,646,851 | 49,646,851 |
Basic weighted average common shares | 49,646,851 | 49,646,851 | 49,646,851 |
Effect of dilutive warrants and options | 2,250,000 | ||
Diluted weighted average common shares | 51,896,851 | 49,646,851 | 49,646,851 |
Segmented information - Additio
Segmented information - Additional Information (Detail) $ in Thousands | 12 Months Ended | |
Apr. 30, 2021CAD ($)Segment | Apr. 30, 2020CAD ($) | |
Disclosure Of Operating Segments [Abstract] | ||
Trade receivables | $ | $ 871 | $ 736 |
Allowance for doubtful debt | $ | $ 491 | |
Number of operating segment | Segment | 1 | |
Number of reportable geographical segment | Segment | 3 |
Segmented information - Disclos
Segmented information - Disclosure of Selected Financial Information by Geographical Segment (Detail) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Disclosure Of Geographical Areas [Line Items] | ||
E&E assets | $ 4,088 | $ 5,976 |
ROU assets | 979 | 1,844 |
Mining interest, plant and equipment | 29,404 | 35,302 |
Reclamation bonds | 165 | 165 |
Deferred tax asset | 3,346 | 4,826 |
Mexico [member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
E&E assets | 4,088 | 3,932 |
ROU assets | 771 | 1,584 |
Mining interest, plant and equipment | 29,387 | 35,268 |
Deferred tax asset | 434 | 1,914 |
Canada [member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
ROU assets | 208 | 260 |
Mining interest, plant and equipment | 17 | 34 |
Deferred tax asset | 2,912 | 2,912 |
United States [member] | ||
Disclosure Of Geographical Areas [Line Items] | ||
E&E assets | 2,044 | |
Reclamation bonds | $ 165 | $ 165 |
Income Taxes - Summary of Earni
Income Taxes - Summary of Earning Before Income Taxes (Detail) - CAD ($) $ in Thousands | 12 Months Ended | ||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure Of Reconciliation Of Effective Tax Rate [Abstract] | |||
Income (loss) before income taxes | $ 1,443 | $ (2,451) | $ (9,575) |
Income tax expense (recovery) at statutory rate | 390 | (662) | (2,532) |
Difference from higher statutory tax rates on earnings of foreign subsidiaries | (74) | 822 | 1,749 |
Losses expired | (305) | 742 | 1,426 |
Permanent Difference | 60 | 1,550 | |
Effect of Mexican mining royalty tax (SMD) on deferred income tax liabilities | (54) | (473) | |
Recognition of previously unrecognized non-capital loss carry forward and other deductible tax benefits | (1,406) | 689 | 36 |
Income tax (recovery) expense | $ (1,449) | $ 1,178 | $ 2,229 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Components of Deferred Income Tax Assets and Liabilities (Detail) - CAD ($) $ in Thousands | Apr. 30, 2021 | Apr. 30, 2020 |
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | $ (1,733) | $ (3,932) |
Net deferred tax assets | 22,205 | 31,331 |
Mining interest property plant and equipment [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | (5,891) | (6,110) |
Payments to defer [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | (56) | (15) |
Insurance [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | (7) | (38) |
Reclamation and closure cost obligations [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | 719 | 638 |
Exploration and evaluation assets [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | 1,549 | (223) |
Expenses reserve [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | 132 | 82 |
Pension fund reserve [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | 88 | 60 |
Deferred mining taxes [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | (968) | (1,168) |
Non-capital losses and other deductible tax benefits [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | 2,437 | 2,227 |
Property, plant and equipment [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | 345 | 627 |
Others [member] | ||
Deferred income tax assets (liabilities): | ||
Deferred income tax assets (liabilities) | (81) | (12) |
Non-capital Losses [member] | ||
Deferred income tax assets (liabilities): | ||
Net deferred tax assets | 13,222 | 18,722 |
Property, plant and equipment [member] | ||
Deferred income tax assets (liabilities): | ||
Net deferred tax assets | 1,589 | 1,704 |
Exploration and evaluation assets [member] | ||
Deferred income tax assets (liabilities): | ||
Net deferred tax assets | $ 7,394 | $ 10,905 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - Mexico [member] | 12 Months Ended |
Dec. 31, 2013 | |
Disclosure of reconciliation of effective tax rate [line items] | |
Special mining duty relating to tax reform | 7.50% |
Extraordinary mining duty relating to tax reform | 0.50% |