Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2017 | Nov. 06, 2017 | |
Document And Entity Information Abstract [Abstract] | ||
Entity Registrant Name | KLONDEX MINES LTD | |
Entity Central Index Key | 1,311,605 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | Sep. 30, 2017 | |
Document Fiscal Year Focus | 2,017 | |
Document Fiscal Period Focus | Q3 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 179,608,280 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Current assets | ||
Cash and cash equivalents | $ 20,607 | $ 47,636 |
Inventories | 43,067 | 21,310 |
Prepaid expenses and other | 4,694 | 4,678 |
Derivative assets | 1,406 | 1,247 |
Total current assets | 69,774 | 74,871 |
Mineral properties, plant and equipment, net | 291,556 | 276,223 |
Derivative assets | 152 | 1,545 |
Restricted cash | 9,555 | 10,055 |
Deferred tax assets | 18,696 | 17,284 |
Total assets | 389,733 | 379,978 |
Current liabilities | ||
Accounts payable | 32,082 | 23,797 |
Accrued compensation and benefits | 5,451 | 4,672 |
Derivative liabilities | 385 | 1,721 |
Debt | 10,171 | 8,502 |
Provision for legal settlement | 0 | 3,000 |
Income taxes payable | 4,326 | 0 |
Total current liabilities | 52,415 | 41,692 |
Derivative liabilities | 0 | 331 |
Debt | 14,930 | 21,689 |
Deferred share units liability | 1,298 | 812 |
Asset retirement obligations | 26,705 | 25,436 |
Deferred tax liabilities | 14,134 | 11,964 |
Total liabilities | 109,482 | 101,924 |
Shareholders' Equity | ||
Unlimited common shares authorized, no par value; 177,642,154 and 175,251,538 issued and outstanding at September 30, 2017 and December 31, 2016, respectively | 0 | 0 |
Additional paid-in capital | 369,898 | 363,899 |
Accumulated deficit | (74,207) | (58,280) |
Accumulated other comprehensive loss | (15,440) | (27,565) |
Total shareholders' equity | 280,251 | 278,054 |
Total liabilities and shareholders' equity | $ 389,733 | $ 379,978 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares | Sep. 30, 2017 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Common stock, shares, issued (in shares) | 177,642,154 | 175,251,538 |
Common stock, shares, outstanding (in shares) | 177,642,154 | 175,251,538 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Income Statement [Abstract] | ||||
Revenues | $ 48,853 | $ 55,641 | $ 177,355 | $ 142,075 |
Cost of sales | ||||
Production costs | 26,108 | 27,774 | 94,035 | 70,681 |
Depreciation and depletion | 10,673 | 6,885 | 33,273 | 19,114 |
Write-down of production inventories | 6,394 | 0 | 12,309 | 0 |
Gross Profit | 5,678 | 20,982 | 37,738 | 52,280 |
Other operating expenses | ||||
General and administrative | 5,738 | 4,837 | 15,953 | 11,435 |
Exploration | 3,667 | 3,421 | 5,093 | 8,263 |
Development and projects costs | 2,288 | 0 | 11,674 | 5,530 |
Asset retirement and accretion | 382 | 256 | 1,143 | 755 |
Business acquisition costs | 0 | 818 | 0 | 1,870 |
Provision for legal settlement | 0 | 0 | 0 | 2,250 |
Loss on equipment disposal | 201 | 105 | 343 | 109 |
(Loss) Income from operations | (6,598) | 11,545 | 3,532 | 22,068 |
Other income (expense) | ||||
(Loss) on derivatives, net | (219) | (1,297) | (699) | (15,578) |
Interest (expense), net | (1,028) | (1,218) | (3,285) | (3,949) |
Foreign currency (loss) gain, net | (4,652) | 328 | (8,756) | (2,222) |
Interest income and other (expense), net | (65) | 52 | 40 | 57 |
Income (loss) before tax | (12,562) | 9,410 | (9,168) | 376 |
Income tax (expense) | (830) | (2,141) | (6,759) | (4,254) |
Net income (loss) | $ (13,392) | $ 7,269 | $ (15,927) | $ (3,878) |
Net income (loss) per share | ||||
Basic (in dollars per share) | $ (0.08) | $ 0.05 | $ (0.09) | $ (0.03) |
Diluted (in dollars per share) | $ (0.08) | $ 0.05 | $ (0.09) | $ (0.03) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (13,392) | $ 7,269 | $ (15,927) | $ (3,878) |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments, net of tax (expense) benefit of ($2,248) and $1,147 for the three months ended September 30, 2017 and 2016, respectively and ($4,260) and ($1,010) for the nine months ended September 30, 2017 and 2016, respectively. | 6,398 | (3,264) | 12,125 | 2,876 |
Comprehensive income (loss) | $ (6,994) | $ 4,005 | $ (3,802) | $ (1,002) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Statement of Comprehensive Income [Abstract] | ||||
Foreign currency translation adjustments, tax (expense) benefit | $ (2,248) | $ 1,147 | $ (4,260) | $ (1,010) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | ||
Operating activities | |||||
Net income (loss) | $ (13,392) | $ 7,269 | $ (15,927) | $ (3,878) | |
Significant items not involving cash | |||||
Depreciation and depletion | 10,673 | 6,940 | 33,435 | 19,162 | |
Asset retirement and accretion | 382 | 256 | 1,143 | 755 | |
Derivative fair value adjustments | (503) | (1,740) | (334) | 8,477 | |
Write-down of production inventories | 1,759 | 0 | 3,749 | 0 | |
Foreign exchange, net | 5,567 | (2,861) | 9,994 | (2,890) | |
Deferred tax expense (benefit) | 1,412 | 878 | 758 | 1,628 | |
Share-based compensation | 1,050 | 731 | 2,771 | 1,769 | |
Deliveries under Gold Purchase Agreement | [1] | (2,045) | (1,692) | (5,861) | (4,452) |
Loss on equipment disposal | 201 | 105 | 343 | 109 | |
Deferred share unit expense | (8) | 1,007 | 396 | 1,007 | |
Non-cash interest expense | 138 | 144 | 411 | 144 | |
Provision for legal settlement | 0 | 0 | 0 | 2,250 | |
Net income (loss) to cash provided by (used in) operating activities, net of significant items not involving cash | 5,234 | 11,037 | 30,878 | 24,081 | |
Changes in non-cash working capital | |||||
Trade receivables | 0 | 76 | 0 | (31) | |
Inventories | (11,067) | (2,613) | (15,525) | (6,051) | |
Prepaid expenses and other | (1,176) | 1,942 | 57 | 1,766 | |
Accounts payable | 4,986 | (1,344) | 7,979 | 6,762 | |
Accrued compensation and benefits | 2,049 | 1,698 | 735 | 1,338 | |
Provision for legal settlement | 0 | 0 | (3,000) | 0 | |
Income taxes payable | (581) | (11) | 4,326 | (15) | |
Net cash (used) provided by operating activities | (555) | 10,785 | 25,450 | 27,850 | |
Investing activities | |||||
Expenditures on mineral properties, plant and equipment | (20,890) | (17,275) | (55,906) | (42,970) | |
Change in restricted cash, net | 500 | 0 | 500 | 2,098 | |
Cash paid for acquisitions | 0 | 0 | 0 | (20,000) | |
Net cash used in investing activities | (20,390) | (17,275) | (55,406) | (60,872) | |
Financing activities | |||||
Issuance of share capital, net of costs | 0 | 95,722 | 0 | 95,722 | |
Cash transactions related to share-based compensation | 22 | 2,304 | 1,547 | 6,611 | |
Cash received from warrant exercises | 0 | 2,848 | 1,681 | 3,310 | |
Repayment of capital lease obligations | (164) | (110) | (395) | (364) | |
Payment of debt issuance costs | 0 | 0 | (233) | (832) | |
Net cash (used) provided by financing activities | (142) | 100,764 | 2,600 | 104,447 | |
Effect of foreign exchange on cash balances | 146 | (10) | 327 | 619 | |
Net increase (decrease) in cash | (20,941) | 94,264 | (27,029) | 72,044 | |
Cash, beginning of period | 41,548 | 36,877 | 47,636 | 59,097 | |
Cash, end of period | $ 20,607 | $ 131,141 | $ 20,607 | $ 131,141 | |
[1] | Represents Revenue less Interest Expense attributable to the Gold Purchase Agreement (as defined herein). |
Condensed Consolidated Stateme8
Condensed Consolidated Statements of Shareholders' Equity (Unaudited) - 9 months ended Sep. 30, 2017 - USD ($) $ in Thousands | Total | Common shares | Additional paid-in capital | Accumulated deficit | Accumulated other comprehensive loss |
Common stock, outstanding, beginning balance (in shares) at Dec. 31, 2016 | 175,251,538 | 175,251,538 | |||
Stockholders' equity, beginning balance at Dec. 31, 2016 | $ 278,054 | $ 363,899 | $ (58,280) | $ (27,565) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation expense | $ 2,771 | 2,771 | |||
Option exercises (in shares) | 1,042,189 | 1,042,189 | |||
Option exercises | $ 1,758 | 1,758 | |||
Warrant exercises (in shares) | 1,140,800 | ||||
Warrant exercises | 1,681 | 1,681 | |||
Restricted share unit vestings, net of shares withheld to satisfy tax withholding (in shares) | 207,627 | ||||
Restricted share unit vestings, net of shares withheld to satisfy tax withholding | (211) | (211) | |||
Net loss | (15,927) | (15,927) | |||
Foreign currency translation adjustments | $ 12,125 | 12,125 | |||
Common stock, outstanding, ending balance (in shares) at Sep. 30, 2017 | 177,642,154 | 177,642,154 | |||
Stockholders' equity, ending balance at Sep. 30, 2017 | $ 280,251 | $ 369,898 | $ (74,207) | $ (15,440) |
Basis of presentation
Basis of presentation | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Basis of presentation | 1. Basis of presentation The accompanying unaudited Condensed Consolidated Financial Statements of Klondex Mines Ltd. and its wholly-owned subsidiaries (the "Company") have been prepared in accordance with United States generally accepted accounting principles ("GAAP") and applicable rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and note disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations of the SEC. Therefore, the information included in this Quarterly Report on Form 10-Q should be read in conjunction with the audited Consolidated Financial Statements and related note disclosures of the Company's Annual Report on Form 10-K for the year ended December 31, 2016 . In the opinion of management, all adjustments and disclosures necessary to fairly present the interim financial information set forth herein have been included. These interim financial statements, with the exception of any recently adopted accounting pronouncements described in Note 2. Recent accounting pronouncements , follow the same significant accounting policies disclosed in the Company's most recent Annual Report on Form 10-K. The results reported in these Condensed Consolidated Financial Statements are not necessarily indicative of the results that may be expected for the entire year or for future years. All amounts are expressed and presented in thousands of United States dollars (unless otherwise noted) and references to "CDN$" refer to Canadian dollars. |
Recent accounting pronouncement
Recent accounting pronouncements | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recent accounting pronouncements | 2. Recent accounting pronouncements Recently adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, "Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an accounting policy election for forfeitures, and classification on the statement of cash flows. ASU No. 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, which for the Company meant the first quarter of the year ending December 31, 2017. The Company has adopted ASU 2016-09, which other than presentation and disclosure changes, did not have a material impact on its financial statements. Recently issued In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which has been amended several times. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures surrounding revenue recognition. ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company has evaluated the potential impacts of ASU No. 2014-09 and does not expect it will have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." ASU No. 2016-02 requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations resulting from leases. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years, which for the Company means the first quarter of the year ending December 31, 2019. The Company is currently evaluating the impact that ASU No. 2016-02 will have on its financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments." ASU No. 2016-15 addresses eight specific cash flow issues with the objective of reducing the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2016-15 will have on its financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows - Restricted Cash." ASU No. 2016-18 requires that restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2016-18 will have on its financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." ASU No. 2017-01 clarifies the definition of a business and adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU No. 2017-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2017-01 will have on its financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation." ASU No. 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. ASU No. 2017-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2017-09 will have on its financial statements. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." ASU No. 2017-12 provides amendments that aim to simplify the derivative and hedging accounting guidance under Topic 815 and better align the measurement and presentation of qualifying hedging relationships with risk management activities. ASU No. 2017-12 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years, which for the Company means the first quarter of the year ending December 31, 2019. The Company is currently evaluating the impact that ASU No. 2017-12 will have on its financial statements. |
Inventories
Inventories | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The following table provides the components of Inventories (in thousands): September 30, December 31, Supplies $ 8,936 $ 5,541 Production related inventories: Stockpiles 19,635 6,604 In-process 13,180 7,316 Doré finished goods 1,316 1,849 $ 43,067 $ 21,310 As of September 30, 2017 and December 31, 2016 , the Company's stockpiles, in-process, and doré finished goods inventories included approximately $7.9 million and $2.0 million , respectively, of capitalized non-cash depreciation and depletion costs. The period-end market value of the Company's production-related inventories is determined in part by using the period-end prices (per ounces) of gold and silver and is sensitive to these inputs. Write-downs have resulted solely from the Company's application of its lower of average cost or net realizable value accounting policy and were unrelated to any ounce adjustments or changes to recovery rates. Write-downs for the three and nine months ended September 30, 2017 were related to Midas and True North (both as defined herein). The following table provides information about the Company's write-downs (in thousands, except per ounce amounts): Three months ended September 30, Nine months ended September 30, Type of previously incurred cost 2017 2016 2017 2016 Cash production costs $ 4,635 $ — $ 8,560 $ — Allocated depreciation and depletion 1,759 — 3,749 — Write-down of production inventories $ 6,394 $ — $ 12,309 $ — The period-end prices used in the write-down calculation for September 30, 2017 were $1,287 and $16.86 per gold and silver ounce, respectively. Further declines from September 30, 2017 metal price levels and/or future production costs greater than the September 30, 2017 carrying value included in Inventories could result in, or contribute to, additional future write-downs of production-related inventories. |
Prepaid expenses and other
Prepaid expenses and other | 9 Months Ended |
Sep. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Prepaid expenses and other | 4. Prepaid expenses and other The following table provides the components of Prepaid expenses and other (in thousands): September 30, December 31, Prepaid taxes $ 384 $ 1,390 Vendor prepayments 801 315 Prepaid claim maintenance and land holding costs 1,238 909 Prepaid insurance 739 518 Utilities, rent, and service deposits 188 178 Prepaid software maintenance 146 60 Royalties 115 82 Other 1,083 1,226 $ 4,694 $ 4,678 |
Mineral properties, plant and e
Mineral properties, plant and equipment, net | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Mineral properties, plant and equipment, net | 5. Mineral properties, plant and equipment, net The following table provides the components of Mineral properties, plant and equipment, net (in thousands): September 30, December 31, Mineral properties $ 164,191 $ 163,012 Facilities and equipment 108,756 97,054 Mine development 99,654 54,070 Land 3,888 3,828 Asset retirement cost assets (1) 3,191 2,887 Construction in progress 17,310 16,472 396,990 337,323 Less: accumulated depreciation and depletion (105,434 ) (61,100 ) $ 291,556 $ 276,223 (1) Asset retirement cost assets relate to changes in asset retirement obligations at sites with proven and probable reserves. Facilities and equipment included $2.6 million and $1.5 million at September 30, 2017 and December 31, 2016 , respectively, for the gross amount of mobile mine equipment acquired under capital lease obligations. Accumulated depreciation on such mobile mine equipment totaled $0.9 million and $0.5 million at September 30, 2017 and December 31, 2016 , respectively. At September 30, 2017 , construction in progress of $17.3 million included $11.1 million related to facilities and equipment, $4.8 million of mine development, $1.1 million of mineral properties, and $0.3 million of other. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the components of Debt (in thousands): September 30, December 31, Debt, current: Gold Purchase Agreement $ 9,412 $ 8,023 Capital lease obligations 759 479 $ 10,171 $ 8,502 Debt, non-current: Revolver (1) $ 11,285 $ 11,165 Gold Purchase Agreement 2,686 9,935 Capital lease obligations 959 589 $ 14,930 $ 21,689 (1) Net of unamortized issuance costs of $0.7 million. The following table summarizes the components of Interest expense, net (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold Purchase Agreement $ 627 $ 957 $ 2,111 $ 3,106 Promissory Note — 235 — 648 Revolver interest and stand-by fees 348 225 1,022 287 Capital lease obligations 14 11 29 42 Other 39 25 123 139 Less: capitalized interest — (235 ) — (273 ) $ 1,028 $ 1,218 $ 3,285 $ 3,949 Revolver On March 23, 2016, the Company, as borrower, and Investec Bank PLC ("Investec"), as lender and security agent, entered into a $25.0 million secured revolving facility agreement (the "Revolver"). The Revolver was amended on October 27, 2016 to increase the borrowing capacity by $10.0 million to $35.0 million . During the year ended December 31, 2016, the Company drew $12.0 million from the Revolver to retire the Promissory Note (as defined herein) related to the acquisition of True North (as defined herein). Borrowings under the Revolver bear interest per annum at LIBOR plus Margin plus Risk Premium, as such terms are defined in the Revolver. Margin is determined by the Company's Gearing Ratio (a measure of debt to EBITDA) and ranges from 2.75% - 4.00% per annum and the Risk Premium is 0.35% per annum, until the Gold Purchase Agreement balance is less than $10.0 million , at which time the Risk Premium is no longer applicable (as such terms are defined in the Revolver). Revolver borrowings may be utilized by the Company for working capital requirements, general corporate purposes, and capital investments and expenditures. On March 31, 2017, pursuant to an amendment, the Revolver's maturity date was extended from March 23, 2018 to December 31, 2019, unless otherwise extended by the parties, and the reserves and resources required to be maintained by the Company under the Revolver were amended. The Revolver is secured by all of the Company's assets on a pari passu basis with the Gold Purchase Agreement. Gold Purchase Agreement The Company's February 2014 gold purchase agreement with a subsidiary of Franco-Nevada Corporation (the "Gold Purchase Agreement") requires physical gold deliveries to be made at the end of each month, each of which reduces the Gold Purchase Agreement balance and accrued interest. The repayment amortization schedule was established on the transaction date and incorporates then current forward gold prices (ranging from $1,290 to $1,388 ) and an effective interest rate of approximately 18.3% . Gold deliveries will cease on December 31, 2018 following the delivery of a total of 38,250 gold ounces. The Gold Purchase Agreement is secured by all the Company's assets on a pari passu basis with the Revolver. During the three and nine months ended September 30, 2017 and 2016 , the Company delivered 2,000 and 6,000 gold ounces, respectively, for each period under the Gold Purchase Agreement. The Company is required to deliver 2,000 gold ounces per quarter ( 8,000 gold ounces per year) during fiscal years 2017 and 2018. Capital lease obligations The Company's capital lease obligations are for the purchase of mobile mine equipment and passenger vehicles, bear interest at approximately 4.0% per annum, and carry 36 or 48 -month terms. The Company's capital lease obligations are secured by the underlying assets financed. Debt covenants The Company's debt agreements contain certain representations and warranties, restrictions, events of default, and covenants that are customary for agreements of these types. Additionally, the Revolver contains financial covenants which require the Company to maintain a Tangible Net Worth not less than $100.0 million , a Gearing Ratio (a measure of debt to EBITDA) not greater than 4.00 :1, a Cash Balance not less than $10.0 million , and a Current Ratio not less than 1.10 :1 (as such terms are defined in the Revolver). The Company was in compliance with all debt covenants as of September 30, 2017 and December 31, 2016 . |
Asset retirement obligations
Asset retirement obligations | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligations | 7. Asset retirement obligations The Company’s asset retirement obligations are related to its mining operations, projects, and exploration activities. The Company's asset retirement obligations are estimated based upon present value techniques of expected cash flows, estimates of inflation, and a credit adjusted risk-free discount rate. The following table provides a summary of changes in the asset retirement obligation (in thousands): September 30, December 31, Balance, beginning of period $ 25,436 $ 12,387 Changes in estimates — 2,866 Accretion expense 1,143 1,122 Additions resulting from Hollister Acquisition - Hollister — 4,481 Additions resulting from Hollister Acquisition - Aurora — 2,677 Additions resulting from True North Acquisition — 1,793 Effect of foreign currency 126 110 Balance, end of period $ 26,705 $ 25,436 As of September 30, 2017 , the Company's asset retirement obligations were secured by surety bonds totaling $48.4 million , which were partially collateralized by Restricted cash totaling $9.5 million . During the nine months ended September 30, 2017 , the Company reduced the amount of restricted cash collateralizing the surety bonds by $0.5 million . The following table provides a listing of the Company's asset retirement obligations by property (in thousands): September 30, December 31, Midas $ 13,145 $ 12,616 Hollister 6,397 6,110 Aurora 2,868 2,741 Fire Creek 2,412 2,303 True North 1,883 1,666 $ 26,705 $ 25,436 |
Deferred share units liability
Deferred share units liability | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Deferred share units liability | 8. Deferred share units liability In May 2016, the Board of Directors adopted the Deferred Share Unit Plan (the "DSU Plan") to: (1) assist the Company in the recruitment and retention of qualified non-employee directors and (2) further align the interests of directors with shareholders. The DSU Plan is administered by the Compensation and Governance Committee of the Board of Directors of the Company. Under the DSU Plan, non-employee directors may receive a portion of their annual compensation in the form of Deferred Share Units ("DSUs"). The value of a DSU is determined as the weighted average closing price of the Company's common shares for the five days preceding such valuation date (the "DSU Value"). DSUs are fully vested at the time of grant and are retained until a director is separated or terminated from the Board of Directors of the Company, at which time the number of DSUs credited to such director's account multiplied by the DSU Value is to be paid out in cash. In the event the Company pays cash dividends, additional DSUs are to be credited to each director's account in an amount equal to the cash value that would have been received by the directors had the DSUs been held as common shares of the Company divided by the DSU Value. DSUs have no voting rights. The fair value of DSUs granted each year, together with the change in fair value of all outstanding DSUs, is recorded within General and administrative and totaled nil and $0.4 million during the three and nine months ended September 30, 2017 , respectively. The following table provides a summary of the Company's outstanding DSUs: Nine months ended September 30, 2017 Outstanding at beginning of period 180,183 Granted 180,183 Redeemed — Outstanding at end of period 360,366 12. Share-based compensation The Company has a Share Option and Restricted Share Unit Plan (" New Share Plan ") to compensate eligible participants, which can include directors, officers, employees, and service providers to the Company. The New Share Plan is administered by the Board of Directors of the Company and is subject to conditions and restrictions over award terms, grant limits, and grant prices. The New Share Plan was approved at the June 15, 2016 annual and special meeting of shareholders. Subject to certain adjustments, the maximum number of common shares available for grant under the New Share Plan is equal to 8.9% of the common shares then outstanding less the aggregate number of common shares reserved for issuance under all of the Company's other share-based compensation plans. Additionally, the maximum number of common shares available for issuance pursuant to grants under the restricted share unit portion of the New Share Plan is subject to a sub-cap and cannot exceed 4.0% of the total number of common shares outstanding at the time of grant of the applicable award. The New Share Plan replaced the Company's Share Incentive Plan (the " Legacy SIP "), which permitted the granting of share options and common share awards. Awards outstanding under the Legacy SIP will continue to vest in accordance with their grant terms and reduce the number of shares available for issuance under the New Share Plan (discussed above). Share-based compensation costs The following table summarizes the Company's share-based compensation cost by award type (in thousands): Three months ended September 30, Nine months ended September 30, Share-based compensation cost by award 2017 2016 2017 2016 Share options $ 115 $ 342 $ 460 $ 1,142 Restricted share units - time vesting criteria 697 325 1,803 563 Restricted share units - performance vesting criteria 236 51 492 51 Common share awards 2 13 16 13 $ 1,050 $ 731 $ 2,771 $ 1,769 The following table summarizes activity of the Company's share-based compensation for restricted share units ("RSUs"), common share awards, and share options: Nine months ended September 30, 2017 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Common share awards Share options Outstanding, beginning of period 948,038 212,243 56,665 5,233,105 Granted 968,339 (4) 295,390 (5) — — Forfeited (121,579 ) — — (73,333 ) Vested and issued (2) (262,616 ) — (56,665 ) — Exercised (3) — — — (1,042,189 ) Outstanding, end of period 1,532,182 507,633 — 4,117,583 (1) Includes awards with comparable terms and characteristics of RSUs, even if such awards are not called "RSUs" under the plan they were granted. (2) Not applicable to Share options . (3) Only applicable to Share options . (4) The weighted average grant-date fair value of time-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.62. (5) The weighted average grant-date fair value of performance-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.60. |
Derivatives
Derivatives | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Derivatives | 9. Derivatives The following table provides a listing of the Company's derivative instruments (in thousands): Description Recorded Within September 30, December 31, Gold Purchase Agreement embedded derivative Derivative assets, current $ 534 $ 1,247 Forward metal sales Derivative assets, current 173 — Gold Collar Derivative assets, current 699 — 1,406 1,247 Gold Purchase Agreement embedded derivative Derivative assets, non-current 152 1,545 $ 1,558 $ 2,792 Gold Offering Agreement Derivative liabilities, current $ 385 $ 1,721 Gold Offering Agreement Derivative liabilities, non-current — 331 $ 385 $ 2,052 The following table lists the net amounts recorded for (Loss) on derivatives, net (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold Purchase Agreement embedded derivative (304 ) 114 (1,703 ) (4,982 ) Gold Offering Agreement (663 ) (113 ) (630 ) (1,948 ) Currency swap — (809 ) — (809 ) Forward metal sales 173 (489 ) 935 (7,839 ) Gold Collar 575 — 699 — $ (219 ) $ (1,297 ) $ (699 ) $ (15,578 ) Gold Purchase Agreement embedded derivative The Company's Gold Purchase Agreement (as defined and discussed in Note 6. Debt ) contains an embedded compound derivative for: 1) the prepayment option, which is at the discretion of the Company, and 2) the forward sales component, which was established on the transaction date and incorporates the then current forward gold prices. In addition to recurring fair value adjustments, gains and losses on the Gold Purchase Agreement's embedded derivative relate to the difference in the forward gold price received by the Company and the spot price of gold on each delivery date. The following table summarizes information about past and future gold deliveries under the Gold Purchase Agreement: Outstanding Future Deliveries Three months ended September 30, Nine months ended September 30, 2018 2017 2017 2016 2017 2016 Gold ounces 8,000 2,000 2,000 2,000 6,000 6,000 Average forward gold price $ — $ — $ 1,336 $ 1,310 $ 1,329 $ 1,306 Average gold spot price on delivery date n/a n/a $ 1,287 $ 1,325 $ 1,260 $ 1,264 Gold Offering Agreement In March 2011, the Company entered into a gold offering agreement, as amended in October 2011 (the "Gold Offering Agreement"), which granted the counterparty the right to purchase, on a monthly basis, the refined gold produced from the Fire Creek mine ("Fire Creek") for a five -year period which began in February 2013 and ends in February 2018. When/if the counterparty elects to purchase the refined gold, the purchase price is calculated as the average PM settlement price per gold ounce on the London Bullion Market Association for the 30 trading days immediately preceding the relevant purchase election date. In addition to recurring fair value adjustments, gains and losses on the Gold Offering Agreement relate to: 1) the difference in the gold price paid to the Company from the counterparty and the spot price of gold on the applicable delivery date, and 2) losses incurred by the Company to net cash settle any obligations arising from the Gold Offering Agreement. The following table summarizes information about gold purchased under the Gold Offering Agreement: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold ounces purchased by counterparty 20,907 18,984 77,692 48,957 Average gold price paid to the Company $ 1,257 $ 1,314 $ 1,231 $ 1,214 Average gold spot price on delivery date $ 1,298 $ 1,335 $ 1,260 $ 1,247 Forward metal sales In order to increase the certainty of expected future cash flows, from time to time, the Company enters into fixed forward spot trades for a portion of its projected gold and silver sales. These agreements are considered derivative financial instruments. The following table summarizes information about the Company's forward trades entered into during the respective periods: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold ounces covered 78,976 6,300 169,826 103,390 Average price per gold ounce $ 1,285 $ 1,325 $ 1,268 $ 1,250 Silver ounces covered 343,983 — 937,882 1,421,516 Average price per silver ounce $ 17.10 $ — $ 17.39 $ 16.56 Gold Collar The Company entered into short-term zero cost gold collars. The collars total 40,503 gold ounces from October 1, 2017 through September 30, 2018 with a floor ranging from $1,200 to $1,300 per ounce and a ceiling ranging from $1,318 to $ $1,385 per ounce. The value of these collars at September 30, 2017 was $0.7 million . |
Fair value measurements
Fair value measurements | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | 10. Fair value measurements Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets and liabilities recorded at fair value in the Condensed Consolidated Financial Statements are classified using a fair value hierarchy that reflects the significance of the inputs used in making the fair value measurements. The fair value hierarchy has the following levels: Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities at the measurement date; Level 2 – Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for the full term of the asset or liability; and Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and are not observable. Financial assets and liabilities are classified in their entirety based upon the lowest level of input that is significant to the fair value measurement. There were no transfers between fair value hierarchy levels during the nine months ended September 30, 2017 . The following table provides a listing (by level) of the Company's financial assets and liabilities which are measured at fair value on a recurring basis (in thousands): September 30, 2017 December 31, 2016 Assets: Note Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gold Purchase Agreement embedded derivative 9 $ — $ 686 $ — $ — $ 2,792 $ — Forward metal sales 9 — 173 — — — — Gold Collar 9 — 699 — — — — $ — $ 1,558 $ — $ — $ 2,792 $ — Liabilities: Deferred share units liability 8 $ — $ 1,298 $ — $ — $ 812 $ — Gold Offering Agreement 9 — — 385 — — 2,052 $ — $ 1,298 $ 385 $ — $ 812 $ 2,052 Gold Purchase Agreement embedded derivative - This asset was valued by a third-party consultant (and reviewed by the Company) using observable inputs, including period-end forward gold prices and historic forward gold prices from the Gold Purchase Agreement's February 2014 transaction date and, as such, is classified within Level 2 of the fair value hierarchy. Forward metal sales - Forward metal sales are valued using observable inputs, which are forward metal prices. Such instruments are classified within Level 2 of the fair value hierarchy. Gold Collar - The Company's gold collar is valued based on a Black-Scholes model with various observable inputs. These inputs include contractual terms, gold market prices, volatility of gold prices, and risk free interest rates. These derivatives are classified within Level 2 of the valuation hierarchy. Deferred share units liability - This liability was valued using the number of outstanding DSUs and quoted closing prices of the Company’s common shares, which are traded in active markets, and as such is classified within Level 2 of the fair value hierarchy. The fair value was calculated as the number of DSUs outstanding multiplied by the period end DSU Value. Gold Offering Agreement - This liability was valued by a third-party consultant (and reviewed by the Company) using a simulation-based pricing model and is classified within level 3 of the fair value hierarchy as it incorporates an estimate of the Company's future gold production from Fire Creek, which is not an observable input, as well as quoted prices from active markets and certain observable inputs, such as, forward gold prices and the volatility of such prices. The Company's 2017 gold production from Fire Creek is estimated to range from 107,000 - 110,000 ounces, the amounts of which were incorporated into the September 30, 2017 valuation. Items disclosed at fair value - Other than the above, the carrying values of financial assets and liabilities approximate their fair values, other than Debt, which is carried at amortized cost. As of September 30, 2017 , the fair value of the Gold Purchase Agreement, including the embedded features, was approximately $12.6 million . Level 3 information The following table provides additional detail for the Company's Level 3 financial liability (in thousands): Gold Offering Agreement liability: September 30, Balance at beginning of the period $ 2,052 Gain from change in fair value (1,667 ) Balance at end of the period $ 385 (Loss) gain on derivative, net: Settlement losses $ (2,297 ) Gain from change in fair value 1,667 $ (630 ) |
Share capital
Share capital | 9 Months Ended |
Sep. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Share capital | 11. Share capital Common shares The authorized share capital of the Company is comprised of an unlimited number of common shares with no par value. Common shares are typically issued in conjunction with corporate financing efforts, the exercise of warrants (discussed below), and pursuant to share-based compensation arrangements (see Note 12. Share-based compensation ). Share Purchase Warrants The Company has previously issued share purchase warrants in conjunction with its acquisition of Hollister and Midas (both as defined herein) in 2016 and 2014, respectively, and other past debt and equity financing transactions. The following table summarizes the Company's warrant activity: September 30, 2017 Warrants Number of Warrants Weighted Outstanding, beginning of period 11,140,800 $ 3.86 Exercised (1,140,800 ) 1.95 Outstanding, end of period 10,000,000 $ 4.08 Exercisable, end of period 10,000,000 $ 4.08 The following table provides a summary of the Company's outstanding warrants: September 30, 2017 Exercise price per share - CDN$ Number outstanding Weighted average remaining life (years) Weighted average exercise price - CDN$ $2.00 - $2.49 5,000,000 11.37 2.15 $6.00 5,000,000 14.51 6.00 10,000,000 12.94 $ 4.08 |
Share-based compensation
Share-based compensation | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Share-based compensation | 8. Deferred share units liability In May 2016, the Board of Directors adopted the Deferred Share Unit Plan (the "DSU Plan") to: (1) assist the Company in the recruitment and retention of qualified non-employee directors and (2) further align the interests of directors with shareholders. The DSU Plan is administered by the Compensation and Governance Committee of the Board of Directors of the Company. Under the DSU Plan, non-employee directors may receive a portion of their annual compensation in the form of Deferred Share Units ("DSUs"). The value of a DSU is determined as the weighted average closing price of the Company's common shares for the five days preceding such valuation date (the "DSU Value"). DSUs are fully vested at the time of grant and are retained until a director is separated or terminated from the Board of Directors of the Company, at which time the number of DSUs credited to such director's account multiplied by the DSU Value is to be paid out in cash. In the event the Company pays cash dividends, additional DSUs are to be credited to each director's account in an amount equal to the cash value that would have been received by the directors had the DSUs been held as common shares of the Company divided by the DSU Value. DSUs have no voting rights. The fair value of DSUs granted each year, together with the change in fair value of all outstanding DSUs, is recorded within General and administrative and totaled nil and $0.4 million during the three and nine months ended September 30, 2017 , respectively. The following table provides a summary of the Company's outstanding DSUs: Nine months ended September 30, 2017 Outstanding at beginning of period 180,183 Granted 180,183 Redeemed — Outstanding at end of period 360,366 12. Share-based compensation The Company has a Share Option and Restricted Share Unit Plan (" New Share Plan ") to compensate eligible participants, which can include directors, officers, employees, and service providers to the Company. The New Share Plan is administered by the Board of Directors of the Company and is subject to conditions and restrictions over award terms, grant limits, and grant prices. The New Share Plan was approved at the June 15, 2016 annual and special meeting of shareholders. Subject to certain adjustments, the maximum number of common shares available for grant under the New Share Plan is equal to 8.9% of the common shares then outstanding less the aggregate number of common shares reserved for issuance under all of the Company's other share-based compensation plans. Additionally, the maximum number of common shares available for issuance pursuant to grants under the restricted share unit portion of the New Share Plan is subject to a sub-cap and cannot exceed 4.0% of the total number of common shares outstanding at the time of grant of the applicable award. The New Share Plan replaced the Company's Share Incentive Plan (the " Legacy SIP "), which permitted the granting of share options and common share awards. Awards outstanding under the Legacy SIP will continue to vest in accordance with their grant terms and reduce the number of shares available for issuance under the New Share Plan (discussed above). Share-based compensation costs The following table summarizes the Company's share-based compensation cost by award type (in thousands): Three months ended September 30, Nine months ended September 30, Share-based compensation cost by award 2017 2016 2017 2016 Share options $ 115 $ 342 $ 460 $ 1,142 Restricted share units - time vesting criteria 697 325 1,803 563 Restricted share units - performance vesting criteria 236 51 492 51 Common share awards 2 13 16 13 $ 1,050 $ 731 $ 2,771 $ 1,769 The following table summarizes activity of the Company's share-based compensation for restricted share units ("RSUs"), common share awards, and share options: Nine months ended September 30, 2017 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Common share awards Share options Outstanding, beginning of period 948,038 212,243 56,665 5,233,105 Granted 968,339 (4) 295,390 (5) — — Forfeited (121,579 ) — — (73,333 ) Vested and issued (2) (262,616 ) — (56,665 ) — Exercised (3) — — — (1,042,189 ) Outstanding, end of period 1,532,182 507,633 — 4,117,583 (1) Includes awards with comparable terms and characteristics of RSUs, even if such awards are not called "RSUs" under the plan they were granted. (2) Not applicable to Share options . (3) Only applicable to Share options . (4) The weighted average grant-date fair value of time-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.62. (5) The weighted average grant-date fair value of performance-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.60. |
Income taxes
Income taxes | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 13. Income taxes Major components of our income tax (expense) benefit for the three and nine months ended September 30, 2017 and 2016 are as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Current: Canada $ — $ — $ — $ — United States 490 (1,263 ) (6,001 ) (2,629 ) Total current income tax (expense) benefit 490 (1,263 ) (6,001 ) (2,629 ) Deferred: Canada — — — — United States (1,320 ) (878 ) (758 ) (1,625 ) Total deferred income tax (expense) (1,320 ) (878 ) (758 ) (1,625 ) Total income tax (expense) benefit $ (830 ) $ (2,141 ) $ (6,759 ) $ (4,254 ) |
Net (loss) income per share
Net (loss) income per share | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Net (loss) income per share | 14. Net (loss) income per share Basic net income (loss) per share is calculated by dividing net income by the weighted average number of shares outstanding for the period. Diluted net income (loss) per share reflects the potential dilution that would occur if outstanding share-based instruments were executed. The following table provides computations of the Company's basic and diluted net income (loss) per share (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Net income (loss) $ (13,392 ) $ 7,269 $ (15,927 ) $ (3,878 ) Weighted average common shares: Basic 177,594,562 144,672,654 177,164,321 142,373,930 Effect of: Share options — 3,994,831 — — Warrants — 4,728,274 — — Common share awards — 410,906 — — Restricted share units (1) — 429,770 — — Special warrants — 563,043 — — Diluted 177,594,562 154,799,478 177,164,321 142,373,930 Net income (loss) per share Basic $ (0.08 ) $ 0.05 $ (0.09 ) $ (0.03 ) Diluted $ (0.08 ) $ 0.05 $ (0.09 ) $ (0.03 ) (1) Represents restricted share units with time-based and performance-based vesting criteria. For the three and nine months ended September 30, 2017 , the impact of dilutive share-based instruments was determined using the Company's average share price, which was CDN$ 4.17 and CDN$ 5.16 , respectively. For the three and nine months ended September 30, 2016 , the impact of dilutive share-based instruments was determined using the Company's average share price, which was CDN$ 6.54 and CDN$ 4.76 , respectively. Diluted net income (loss) per share excludes common share-based instruments in periods where inclusion would be anti-dilutive. During the three and nine months ended September 30, 2017 , the Company's basic weighted average common shares and diluted weighted average common shares were the same because the effects of potential execution was anti-dilutive due to the Company's net loss. Had the Company generated net income during the three months ended September 30, 2017 , the effects from executing 2,420,865 warrants, 549,618 share options, and 342,279 restricted share units would have been included in the weighted average common shares calculation. Had the Company generated net income during the nine months ended September 30, 2017 , the effects from executing 2,420,865 warrants, 2,027,216 share options, and 435,231 restricted share units would have been included in the diluted weighted average common shares calculation. During the nine months ended September 30, 2016 , had the Company generated net income, the effects from executing 4,332,177 warrants, 3,181,792 share options, 479,358 common share awards, 144,302 restricted share units, and 189,051 special warrants would have been included in the diluted weighted average common shares calculation. |
Segment information
Segment information | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Segment information | 15. Segment information The Company's reportable segments are comprised of operating units which have revenues, earnings or losses, or assets exceeding 10% of the respective consolidated totals, each of which is reviewed by the Company’s Chief Executive Officer to make decisions about resources to be allocated to the segments and to assess their performance . The tables below summarizes segment information: Three months ended September 30, 2017 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 29,726 $ 11,245 $ 679 $ — $ 7,203 $ — $ 48,853 Cost of sales Production costs 11,768 9,142 633 — 4,565 — 26,108 Depreciation and depletion 5,088 3,994 116 — 1,475 — 10,673 Write-down of production inventories — 1,569 — — 4,825 — 6,394 12,870 (3,460 ) (70 ) — (3,662 ) — 5,678 Other operating expenses General and administrative 256 595 264 — 354 4,269 5,738 Exploration 1,418 — 2,123 — 126 — 3,667 Development and projects costs — — 1,822 466 — — 2,288 Asset retirement and accretion 36 176 96 42 32 — 382 Loss on equipment disposal — 174 — — 27 — 201 Income (loss) from operations $ 11,160 $ (4,405 ) $ (4,375 ) $ (508 ) $ (4,201 ) $ (4,269 ) $ (6,598 ) Capital expenditures $ 7,694 $ 4,172 $ 4,308 $ 541 $ 4,139 $ 36 $ 20,890 Total assets $ 55,849 $ 85,864 $ 133,408 $ 16,742 $ 59,969 $ 37,901 $ 389,733 Three months ended September 30, 2016 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 36,462 $ 17,843 $ — $ — $ 1,336 $ — $ 55,641 Cost of sales Production costs 13,716 13,446 — — 612 — 27,774 Depreciation and depletion 3,187 3,483 — — 215 — 6,885 Write-down of production inventories — — — — — — — 19,559 914 — — 509 — 20,982 Other operating expenses General and administrative 280 288 — — — 4,269 4,837 Exploration 1,450 1,971 — — — — 3,421 Development and projects costs — — — — — — — Asset retirement and accretion 42 183 — — 31 — 256 Business acquisition costs — — 613 — 205 — 818 Loss on equipment disposal — — — — — 105 105 Income (loss) from operations $ 17,787 $ (1,528 ) $ (613 ) $ — $ 273 $ (4,374 ) $ 11,545 Capital expenditures $ 7,557 $ 6,041 $ — $ — $ 3,677 $ — $ 17,275 Total assets $ 48,560 $ 94,805 $ — $ — $ 50,652 $ 137,295 $ 331,312 Nine months ended September 30, 2017 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 109,427 $ 46,182 $ 679 $ — $ 21,067 $ — $ 177,355 Cost of sales Production costs 39,495 35,178 633 — 18,729 — 94,035 Depreciation and depletion 14,078 14,180 116 — 4,899 — 33,273 Write-down of production inventories — 2,939 — — 9,370 — 12,309 55,854 (6,115 ) (70 ) — (11,931 ) — 37,738 Other operating expenses General and administrative 685 956 450 — 782 13,080 15,953 Exploration 2,007 476 2,484 — 126 — 5,093 Development and projects costs — — 10,553 1,121 — — 11,674 Asset retirement and accretion 108 529 288 127 91 — 1,143 Loss on equipment disposal 36 280 — — 27 — 343 Income (loss) from operations $ 53,018 $ (8,356 ) $ (13,845 ) $ (1,248 ) $ (12,957 ) $ (13,080 ) $ 3,532 Capital expenditures $ 22,178 $ 14,432 $ 5,929 $ 1,311 $ 11,673 $ 383 $ 55,906 Total assets $ 55,849 $ 85,864 $ 133,408 $ 16,742 $ 59,969 $ 37,901 $ 389,733 Nine months ended September 30, 2016 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 92,726 $ 48,013 $ — $ — $ 1,336 $ — $ 142,075 Cost of sales Production costs 33,285 36,784 — — 612 — 70,681 Depreciation and depletion 8,115 10,784 — — 215 — 19,114 Write-down of production inventories — — — — — — — 51,326 445 — — 509 — 52,280 Other operating expenses General and administrative 618 626 — — — 10,191 11,435 Exploration 5,838 2,425 — — — — 8,263 Development and projects costs — — — — 5,530 — 5,530 Asset retirement and accretion 125 538 — — 92 — 755 Business acquisition costs — — 723 — 1,147 — 1,870 Provision for legal settlement 2,249 — — — — 1 2,250 Loss on equipment disposal — — — — — 109 109 Income (loss) from operations $ 42,496 $ (3,144 ) $ (723 ) $ — $ (6,260 ) $ (10,301 ) $ 22,068 Capital expenditures $ 18,496 $ 18,356 $ — $ — $ 5,758 $ 360 $ 42,970 Total assets $ 48,560 $ 94,805 $ — $ — $ 50,652 $ 137,295 $ 331,312 |
Supplemental cash flow informat
Supplemental cash flow information | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | 16. Supplemental cash flow information The following table provides a summary of significant supplemental cash flow information: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Cash paid for federal and state income taxes $ — $ — $ 638 $ 1,915 Cash paid for interest 1,028 1,218 3,285 3,949 Mineral properties, plant and equipment acquired through Promissory Note — — — 12,000 Mobile equipment acquired through capital lease obligations 409 — 1,045 — |
Commitments and contingencies
Commitments and contingencies | 9 Months Ended |
Sep. 30, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 17. Commitments and contingencies From time to time the Company is involved in legal actions related to our business; however, management does not believe, based on currently available information, that contingencies related to any pending or threatened legal matter will have a material adverse effect on the Company’s financial position, although a contingency could be material to the Company’s results of operations or cash flows for a particular period depending on the results of operations and cash flows for such period. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense costs, diversion of management resources, and other factors. Royalty commitments Certain patented and unpatented mining claims at all mine sites are subject to lease and royalty agreements that require payments to holders based on minimum annual payment schedules and/or a percentage of the mineral values produced from, or transported through, the royalty claims. Amounts due pursuant to royalty agreements are not recorded in the Condensed Consolidated Financial Statements until such time when the amounts are actually payable. The primary type of royalty agreement applicable to the mine sites is a net smelter return ("NSR") royalty. Under an NSR royalty, the amount paid by the Company to the royalty holder is generally calculated as the royalty percentage multiplied by the market value of the minerals produced less charges and costs for milling, smelting, refining, and transportation. During the three and nine months ended September 30, 2017 , and 2016 , the Company paid nil and $0.2 million , respectively, all of which were related to minimum and advance royalty payments. |
Subsequent events (Notes)
Subsequent events (Notes) | 9 Months Ended |
Sep. 30, 2017 | |
Subsequent Events [Abstract] | |
Subsequent events | 18. Subsequent events On October 19, 2017 (the "Closing Date"), the Company completed its previously announced arrangement with Bison Gold Resources Inc. ("Bison"), pursuant to which the Company acquired all the issued and outstanding common shares of Bison. On the Closing Date, the Company paid consideration of approximately $7.0 million (CDN $8.8 million ) on a fully-diluted basis by its issuance of 1,956,126 shares of its common shares to the Bison shareholders and assumed 10,000 warrants to acquire Bison shares. Each former Bison shareholder received 0.1242 of a common share of Klondex for each Bison common share held prior to the completion of the arrangement. |
Recent accounting pronounceme27
Recent accounting pronouncements (Policies) | 9 Months Ended |
Sep. 30, 2017 | |
Accounting Policies [Abstract] | |
Recently adopted & issued accounting pronouncements | 2. Recent accounting pronouncements Recently adopted In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") No. 2016-09, "Compensation - Stock Compensation - Improvements to Employee Share-Based Payment Accounting." ASU No. 2016-09 simplifies several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, an accounting policy election for forfeitures, and classification on the statement of cash flows. ASU No. 2016-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2016, which for the Company meant the first quarter of the year ending December 31, 2017. The Company has adopted ASU 2016-09, which other than presentation and disclosure changes, did not have a material impact on its financial statements. Recently issued In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers”, which has been amended several times. The new standard provides a five-step approach to be applied to all contracts with customers and also requires expanded disclosures surrounding revenue recognition. ASU No. 2014-09 is effective for fiscal years, and interim periods within those years, beginning on or after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company has evaluated the potential impacts of ASU No. 2014-09 and does not expect it will have a material impact on its financial statements. In February 2016, the FASB issued ASU No. 2016-02, "Leases." ASU No. 2016-02 requires lessees to recognize assets and liabilities on the balance sheet for the rights and obligations resulting from leases. ASU No. 2016-02 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years, which for the Company means the first quarter of the year ending December 31, 2019. The Company is currently evaluating the impact that ASU No. 2016-02 will have on its financial statements. In August 2016, the FASB issued ASU No. 2016-15, "Statement of Cash Flows - Classification of Certain Cash Receipts and Cash Payments." ASU No. 2016-15 addresses eight specific cash flow issues with the objective of reducing the diversity in practice in how certain cash receipts and cash payments are presented and classified in the statement of cash flows. ASU No. 2016-15 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2016-15 will have on its financial statements. In November 2016, the FASB issued ASU No. 2016-18, "Statement of Cash Flows - Restricted Cash." ASU No. 2016-18 requires that restricted cash or restricted cash equivalents be included with cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. ASU No. 2016-18 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2016-18 will have on its financial statements. In January 2017, the FASB issued ASU No. 2017-01, "Business Combinations." ASU No. 2017-01 clarifies the definition of a business and adds guidance to assist entities with evaluating whether transactions should be accounted for as acquisitions or disposals of assets or businesses. ASU No. 2017-01 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2017-01 will have on its financial statements. In May 2017, the FASB issued ASU No. 2017-09, "Compensation - Stock Compensation." ASU No. 2017-09 provides guidance about which changes to the terms or conditions of a share-based payment award require an entity to apply modification accounting under Topic 718. ASU No. 2017-09 is effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2017, which for the Company means the first quarter of the year ending December 31, 2018. The Company is currently evaluating the impact that ASU No. 2017-09 will have on its financial statements. In August 2017, the FASB issued ASU No. 2017-12, "Derivatives and Hedging - Targeted Improvements to Accounting for Hedging Activities." ASU No. 2017-12 provides amendments that aim to simplify the derivative and hedging accounting guidance under Topic 815 and better align the measurement and presentation of qualifying hedging relationships with risk management activities. ASU No. 2017-12 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years, which for the Company means the first quarter of the year ending December 31, 2019. The Company is currently evaluating the impact that ASU No. 2017-12 will have on its financial statements. |
Inventories (Tables)
Inventories (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The following table provides information about the Company's write-downs (in thousands, except per ounce amounts): Three months ended September 30, Nine months ended September 30, Type of previously incurred cost 2017 2016 2017 2016 Cash production costs $ 4,635 $ — $ 8,560 $ — Allocated depreciation and depletion 1,759 — 3,749 — Write-down of production inventories $ 6,394 $ — $ 12,309 $ — The following table provides the components of Inventories (in thousands): September 30, December 31, Supplies $ 8,936 $ 5,541 Production related inventories: Stockpiles 19,635 6,604 In-process 13,180 7,316 Doré finished goods 1,316 1,849 $ 43,067 $ 21,310 |
Prepaid expenses and other (Tab
Prepaid expenses and other (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |
Summary of prepaid expenses and other assets | The following table provides the components of Prepaid expenses and other (in thousands): September 30, December 31, Prepaid taxes $ 384 $ 1,390 Vendor prepayments 801 315 Prepaid claim maintenance and land holding costs 1,238 909 Prepaid insurance 739 518 Utilities, rent, and service deposits 188 178 Prepaid software maintenance 146 60 Royalties 115 82 Other 1,083 1,226 $ 4,694 $ 4,678 |
Mineral properties, plant and30
Mineral properties, plant and equipment, net (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Property, Plant and Equipment [Abstract] | |
Summary of mineral properties, plant and equipment, net | The following table provides the components of Mineral properties, plant and equipment, net (in thousands): September 30, December 31, Mineral properties $ 164,191 $ 163,012 Facilities and equipment 108,756 97,054 Mine development 99,654 54,070 Land 3,888 3,828 Asset retirement cost assets (1) 3,191 2,887 Construction in progress 17,310 16,472 396,990 337,323 Less: accumulated depreciation and depletion (105,434 ) (61,100 ) $ 291,556 $ 276,223 (1) Asset retirement cost assets relate to changes in asset retirement obligations at sites with proven and probable reserves. |
Debt (Tables)
Debt (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Debt Disclosure [Abstract] | |
Schedule of components of debt | The following table summarizes the components of Debt (in thousands): September 30, December 31, Debt, current: Gold Purchase Agreement $ 9,412 $ 8,023 Capital lease obligations 759 479 $ 10,171 $ 8,502 Debt, non-current: Revolver (1) $ 11,285 $ 11,165 Gold Purchase Agreement 2,686 9,935 Capital lease obligations 959 589 $ 14,930 $ 21,689 (1) Net of unamortized issuance costs of $0.7 million. The following table summarizes the components of Interest expense, net (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold Purchase Agreement $ 627 $ 957 $ 2,111 $ 3,106 Promissory Note — 235 — 648 Revolver interest and stand-by fees 348 225 1,022 287 Capital lease obligations 14 11 29 42 Other 39 25 123 139 Less: capitalized interest — (235 ) — (273 ) $ 1,028 $ 1,218 $ 3,285 $ 3,949 |
Asset retirement obligations (T
Asset retirement obligations (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of changes in the asset retirement obligation | The following table provides a summary of changes in the asset retirement obligation (in thousands): September 30, December 31, Balance, beginning of period $ 25,436 $ 12,387 Changes in estimates — 2,866 Accretion expense 1,143 1,122 Additions resulting from Hollister Acquisition - Hollister — 4,481 Additions resulting from Hollister Acquisition - Aurora — 2,677 Additions resulting from True North Acquisition — 1,793 Effect of foreign currency 126 110 Balance, end of period $ 26,705 $ 25,436 |
Asset retirement obligations by property | The following table provides a listing of the Company's asset retirement obligations by property (in thousands): September 30, December 31, Midas $ 13,145 $ 12,616 Hollister 6,397 6,110 Aurora 2,868 2,741 Fire Creek 2,412 2,303 True North 1,883 1,666 $ 26,705 $ 25,436 |
Deferred share units liability
Deferred share units liability (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of the Company's Outstanding DSUs | The following table provides a summary of the Company's outstanding DSUs: Nine months ended September 30, 2017 Outstanding at beginning of period 180,183 Granted 180,183 Redeemed — Outstanding at end of period 360,366 The following table summarizes activity of the Company's share-based compensation for restricted share units ("RSUs"), common share awards, and share options: Nine months ended September 30, 2017 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Common share awards Share options Outstanding, beginning of period 948,038 212,243 56,665 5,233,105 Granted 968,339 (4) 295,390 (5) — — Forfeited (121,579 ) — — (73,333 ) Vested and issued (2) (262,616 ) — (56,665 ) — Exercised (3) — — — (1,042,189 ) Outstanding, end of period 1,532,182 507,633 — 4,117,583 (1) Includes awards with comparable terms and characteristics of RSUs, even if such awards are not called "RSUs" under the plan they were granted. (2) Not applicable to Share options . (3) Only applicable to Share options . (4) The weighted average grant-date fair value of time-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.62. (5) The weighted average grant-date fair value of performance-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.60. |
Derivatives (Tables)
Derivatives (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |
Schedule of derivative instruments | The following table provides a listing of the Company's derivative instruments (in thousands): Description Recorded Within September 30, December 31, Gold Purchase Agreement embedded derivative Derivative assets, current $ 534 $ 1,247 Forward metal sales Derivative assets, current 173 — Gold Collar Derivative assets, current 699 — 1,406 1,247 Gold Purchase Agreement embedded derivative Derivative assets, non-current 152 1,545 $ 1,558 $ 2,792 Gold Offering Agreement Derivative liabilities, current $ 385 $ 1,721 Gold Offering Agreement Derivative liabilities, non-current — 331 $ 385 $ 2,052 |
Gain (loss) on derivatives, net | The following table lists the net amounts recorded for (Loss) on derivatives, net (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold Purchase Agreement embedded derivative (304 ) 114 (1,703 ) (4,982 ) Gold Offering Agreement (663 ) (113 ) (630 ) (1,948 ) Currency swap — (809 ) — (809 ) Forward metal sales 173 (489 ) 935 (7,839 ) Gold Collar 575 — 699 — $ (219 ) $ (1,297 ) $ (699 ) $ (15,578 ) |
Schedule of gold purchase agreement | The following table summarizes information about past and future gold deliveries under the Gold Purchase Agreement: Outstanding Future Deliveries Three months ended September 30, Nine months ended September 30, 2018 2017 2017 2016 2017 2016 Gold ounces 8,000 2,000 2,000 2,000 6,000 6,000 Average forward gold price $ — $ — $ 1,336 $ 1,310 $ 1,329 $ 1,306 Average gold spot price on delivery date n/a n/a $ 1,287 $ 1,325 $ 1,260 $ 1,264 |
Schedule of gold offering agreement | The following table summarizes information about gold purchased under the Gold Offering Agreement: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold ounces purchased by counterparty 20,907 18,984 77,692 48,957 Average gold price paid to the Company $ 1,257 $ 1,314 $ 1,231 $ 1,214 Average gold spot price on delivery date $ 1,298 $ 1,335 $ 1,260 $ 1,247 |
Schedule of forward positions | The following table summarizes information about the Company's forward trades entered into during the respective periods: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Gold ounces covered 78,976 6,300 169,826 103,390 Average price per gold ounce $ 1,285 $ 1,325 $ 1,268 $ 1,250 Silver ounces covered 343,983 — 937,882 1,421,516 Average price per silver ounce $ 17.10 $ — $ 17.39 $ 16.56 |
Fair value measurements (Tables
Fair value measurements (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Fair Value Disclosures [Abstract] | |
Assets and liabilities measured at fair value on a recurring basis | The following table provides a listing (by level) of the Company's financial assets and liabilities which are measured at fair value on a recurring basis (in thousands): September 30, 2017 December 31, 2016 Assets: Note Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Gold Purchase Agreement embedded derivative 9 $ — $ 686 $ — $ — $ 2,792 $ — Forward metal sales 9 — 173 — — — — Gold Collar 9 — 699 — — — — $ — $ 1,558 $ — $ — $ 2,792 $ — Liabilities: Deferred share units liability 8 $ — $ 1,298 $ — $ — $ 812 $ — Gold Offering Agreement 9 — — 385 — — 2,052 $ — $ 1,298 $ 385 $ — $ 812 $ 2,052 |
Schedule of Company's Level 3 financial liability | The following table provides additional detail for the Company's Level 3 financial liability (in thousands): Gold Offering Agreement liability: September 30, Balance at beginning of the period $ 2,052 Gain from change in fair value (1,667 ) Balance at end of the period $ 385 (Loss) gain on derivative, net: Settlement losses $ (2,297 ) Gain from change in fair value 1,667 $ (630 ) |
Share capital (Tables)
Share capital (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of warrants | The following table summarizes the Company's warrant activity: September 30, 2017 Warrants Number of Warrants Weighted Outstanding, beginning of period 11,140,800 $ 3.86 Exercised (1,140,800 ) 1.95 Outstanding, end of period 10,000,000 $ 4.08 Exercisable, end of period 10,000,000 $ 4.08 The following table provides a summary of the Company's outstanding warrants: September 30, 2017 Exercise price per share - CDN$ Number outstanding Weighted average remaining life (years) Weighted average exercise price - CDN$ $2.00 - $2.49 5,000,000 11.37 2.15 $6.00 5,000,000 14.51 6.00 10,000,000 12.94 $ 4.08 |
Share-based compensation (Table
Share-based compensation (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Schedule of share-based compensation cost by award type | The following table summarizes the Company's share-based compensation cost by award type (in thousands): Three months ended September 30, Nine months ended September 30, Share-based compensation cost by award 2017 2016 2017 2016 Share options $ 115 $ 342 $ 460 $ 1,142 Restricted share units - time vesting criteria 697 325 1,803 563 Restricted share units - performance vesting criteria 236 51 492 51 Common share awards 2 13 16 13 $ 1,050 $ 731 $ 2,771 $ 1,769 |
Schedule of share-based compensation by award | The following table provides a summary of the Company's outstanding DSUs: Nine months ended September 30, 2017 Outstanding at beginning of period 180,183 Granted 180,183 Redeemed — Outstanding at end of period 360,366 The following table summarizes activity of the Company's share-based compensation for restricted share units ("RSUs"), common share awards, and share options: Nine months ended September 30, 2017 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Common share awards Share options Outstanding, beginning of period 948,038 212,243 56,665 5,233,105 Granted 968,339 (4) 295,390 (5) — — Forfeited (121,579 ) — — (73,333 ) Vested and issued (2) (262,616 ) — (56,665 ) — Exercised (3) — — — (1,042,189 ) Outstanding, end of period 1,532,182 507,633 — 4,117,583 (1) Includes awards with comparable terms and characteristics of RSUs, even if such awards are not called "RSUs" under the plan they were granted. (2) Not applicable to Share options . (3) Only applicable to Share options . (4) The weighted average grant-date fair value of time-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.62. (5) The weighted average grant-date fair value of performance-based RSUs granted during the nine months ended September 30, 2017 was CDN$4.60. |
Income taxes (Tables)
Income taxes (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Income Tax Disclosure [Abstract] | |
Components of Income tax (expense) / benefit | Major components of our income tax (expense) benefit for the three and nine months ended September 30, 2017 and 2016 are as follows (in thousands): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Current: Canada $ — $ — $ — $ — United States 490 (1,263 ) (6,001 ) (2,629 ) Total current income tax (expense) benefit 490 (1,263 ) (6,001 ) (2,629 ) Deferred: Canada — — — — United States (1,320 ) (878 ) (758 ) (1,625 ) Total deferred income tax (expense) (1,320 ) (878 ) (758 ) (1,625 ) Total income tax (expense) benefit $ (830 ) $ (2,141 ) $ (6,759 ) $ (4,254 ) |
Net (loss) income per share (Ta
Net (loss) income per share (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Earnings Per Share [Abstract] | |
Computation of basic and diluted net income (loss) per share | The following table provides computations of the Company's basic and diluted net income (loss) per share (in thousands, except per share amounts): Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Net income (loss) $ (13,392 ) $ 7,269 $ (15,927 ) $ (3,878 ) Weighted average common shares: Basic 177,594,562 144,672,654 177,164,321 142,373,930 Effect of: Share options — 3,994,831 — — Warrants — 4,728,274 — — Common share awards — 410,906 — — Restricted share units (1) — 429,770 — — Special warrants — 563,043 — — Diluted 177,594,562 154,799,478 177,164,321 142,373,930 Net income (loss) per share Basic $ (0.08 ) $ 0.05 $ (0.09 ) $ (0.03 ) Diluted $ (0.08 ) $ 0.05 $ (0.09 ) $ (0.03 ) (1) Represents restricted share units with time-based and performance-based vesting criteria. |
Segment information (Tables)
Segment information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Segment Reporting [Abstract] | |
Schedule of segment information | The tables below summarizes segment information: Three months ended September 30, 2017 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 29,726 $ 11,245 $ 679 $ — $ 7,203 $ — $ 48,853 Cost of sales Production costs 11,768 9,142 633 — 4,565 — 26,108 Depreciation and depletion 5,088 3,994 116 — 1,475 — 10,673 Write-down of production inventories — 1,569 — — 4,825 — 6,394 12,870 (3,460 ) (70 ) — (3,662 ) — 5,678 Other operating expenses General and administrative 256 595 264 — 354 4,269 5,738 Exploration 1,418 — 2,123 — 126 — 3,667 Development and projects costs — — 1,822 466 — — 2,288 Asset retirement and accretion 36 176 96 42 32 — 382 Loss on equipment disposal — 174 — — 27 — 201 Income (loss) from operations $ 11,160 $ (4,405 ) $ (4,375 ) $ (508 ) $ (4,201 ) $ (4,269 ) $ (6,598 ) Capital expenditures $ 7,694 $ 4,172 $ 4,308 $ 541 $ 4,139 $ 36 $ 20,890 Total assets $ 55,849 $ 85,864 $ 133,408 $ 16,742 $ 59,969 $ 37,901 $ 389,733 Three months ended September 30, 2016 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 36,462 $ 17,843 $ — $ — $ 1,336 $ — $ 55,641 Cost of sales Production costs 13,716 13,446 — — 612 — 27,774 Depreciation and depletion 3,187 3,483 — — 215 — 6,885 Write-down of production inventories — — — — — — — 19,559 914 — — 509 — 20,982 Other operating expenses General and administrative 280 288 — — — 4,269 4,837 Exploration 1,450 1,971 — — — — 3,421 Development and projects costs — — — — — — — Asset retirement and accretion 42 183 — — 31 — 256 Business acquisition costs — — 613 — 205 — 818 Loss on equipment disposal — — — — — 105 105 Income (loss) from operations $ 17,787 $ (1,528 ) $ (613 ) $ — $ 273 $ (4,374 ) $ 11,545 Capital expenditures $ 7,557 $ 6,041 $ — $ — $ 3,677 $ — $ 17,275 Total assets $ 48,560 $ 94,805 $ — $ — $ 50,652 $ 137,295 $ 331,312 Nine months ended September 30, 2017 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 109,427 $ 46,182 $ 679 $ — $ 21,067 $ — $ 177,355 Cost of sales Production costs 39,495 35,178 633 — 18,729 — 94,035 Depreciation and depletion 14,078 14,180 116 — 4,899 — 33,273 Write-down of production inventories — 2,939 — — 9,370 — 12,309 55,854 (6,115 ) (70 ) — (11,931 ) — 37,738 Other operating expenses General and administrative 685 956 450 — 782 13,080 15,953 Exploration 2,007 476 2,484 — 126 — 5,093 Development and projects costs — — 10,553 1,121 — — 11,674 Asset retirement and accretion 108 529 288 127 91 — 1,143 Loss on equipment disposal 36 280 — — 27 — 343 Income (loss) from operations $ 53,018 $ (8,356 ) $ (13,845 ) $ (1,248 ) $ (12,957 ) $ (13,080 ) $ 3,532 Capital expenditures $ 22,178 $ 14,432 $ 5,929 $ 1,311 $ 11,673 $ 383 $ 55,906 Total assets $ 55,849 $ 85,864 $ 133,408 $ 16,742 $ 59,969 $ 37,901 $ 389,733 Nine months ended September 30, 2016 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 92,726 $ 48,013 $ — $ — $ 1,336 $ — $ 142,075 Cost of sales Production costs 33,285 36,784 — — 612 — 70,681 Depreciation and depletion 8,115 10,784 — — 215 — 19,114 Write-down of production inventories — — — — — — — 51,326 445 — — 509 — 52,280 Other operating expenses General and administrative 618 626 — — — 10,191 11,435 Exploration 5,838 2,425 — — — — 8,263 Development and projects costs — — — — 5,530 — 5,530 Asset retirement and accretion 125 538 — — 92 — 755 Business acquisition costs — — 723 — 1,147 — 1,870 Provision for legal settlement 2,249 — — — — 1 2,250 Loss on equipment disposal — — — — — 109 109 Income (loss) from operations $ 42,496 $ (3,144 ) $ (723 ) $ — $ (6,260 ) $ (10,301 ) $ 22,068 Capital expenditures $ 18,496 $ 18,356 $ — $ — $ 5,758 $ 360 $ 42,970 Total assets $ 48,560 $ 94,805 $ — $ — $ 50,652 $ 137,295 $ 331,312 |
Supplemental cash flow inform41
Supplemental cash flow information (Tables) | 9 Months Ended |
Sep. 30, 2017 | |
Supplemental Cash Flow Elements [Abstract] | |
Summary of significant supplemental cash flow | The following table provides a summary of significant supplemental cash flow information: Three months ended September 30, Nine months ended September 30, 2017 2016 2017 2016 Cash paid for federal and state income taxes $ — $ — $ 638 $ 1,915 Cash paid for interest 1,028 1,218 3,285 3,949 Mineral properties, plant and equipment acquired through Promissory Note — — — 12,000 Mobile equipment acquired through capital lease obligations 409 — 1,045 — |
Inventories - Components of Inv
Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Inventory Disclosure [Abstract] | ||
Supplies | $ 8,936 | $ 5,541 |
Stockpiles | 19,635 | 6,604 |
In-process | 13,180 | 7,316 |
Doré finished goods | 1,316 | 1,849 |
Inventory, Gross | 43,067 | 21,310 |
Capitalized non-cash depreciation and depletion costs | $ 7,900 | $ 2,000 |
Inventories - Schedule of Compa
Inventories - Schedule of Company's Write-downs (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017USD ($)$ / oz | Sep. 30, 2016USD ($) | Sep. 30, 2017USD ($)$ / oz | Sep. 30, 2016USD ($) | |
Inventory [Line Items] | ||||
Cash production costs | $ 4,635 | $ 0 | $ 8,560 | $ 0 |
Allocated depreciation and depletion | 1,759 | 0 | 3,749 | 0 |
Write-down of production inventories | $ 6,394 | $ 0 | $ 12,309 | $ 0 |
Price per gold ounce | ||||
Inventory [Line Items] | ||||
Period-end prices used in write-down calculation | $ / oz | 1,287 | 1,287 | ||
Price per silver ounce | ||||
Inventory [Line Items] | ||||
Period-end prices used in write-down calculation | $ / oz | 16.86 | 16.86 |
Prepaid expenses and other (Det
Prepaid expenses and other (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid taxes | $ 384 | $ 1,390 |
Vendor prepayments | 801 | 315 |
Prepaid claim maintenance and land holding costs | 1,238 | 909 |
Prepaid insurance | 739 | 518 |
Utilities, rent, and service deposits | 188 | 178 |
Prepaid software maintenance | 146 | 60 |
Royalties | 115 | 82 |
Other | 1,083 | 1,226 |
Prepaid expenses and other | $ 4,694 | $ 4,678 |
Mineral properties, plant and45
Mineral properties, plant and equipment, net - Components of Mineral properties, plant and equipment, net (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | $ 396,990 | $ 337,323 |
Less: accumulated depreciation and depletion | (105,434) | (61,100) |
Mineral properties, plant and equipment, net | 291,556 | 276,223 |
Mineral properties | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 164,191 | 163,012 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 108,756 | 97,054 |
Mine development | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 99,654 | 54,070 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 3,888 | 3,828 |
Asset retirement cost assets | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 3,191 | 2,887 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | $ 17,310 | $ 16,472 |
Mineral properties, plant and46
Mineral properties, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | $ 396,990 | $ 337,323 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Mobile equipment acquired under capital lease obligations, gross | 2,600 | 1,500 |
Accumulated depreciation | 900 | 500 |
Mineral properties, plant and equipment, gross | 108,756 | 97,054 |
Construction in progress | 11,100 | |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 17,310 | 16,472 |
Mine development | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 99,654 | 54,070 |
Construction in progress | 4,800 | |
Mineral properties | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 164,191 | $ 163,012 |
Construction in progress | 1,100 | |
Other | ||
Property, Plant and Equipment [Line Items] | ||
Construction in progress | $ 300 |
Debt - Components of debt (Deta
Debt - Components of debt (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Debt Instrument [Line Items] | ||
Debt, current | $ 10,171 | $ 8,502 |
Long-term debt and capital lease obligations | 14,930 | 21,689 |
Unamortized issuance costs | 700 | |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Long-term debt and capital lease obligations | 11,285 | 11,165 |
Gold Purchase Agreement | ||
Debt Instrument [Line Items] | ||
Debt, current | 9,412 | 8,023 |
Long-term debt and capital lease obligations | 2,686 | 9,935 |
Capital lease obligations | ||
Debt Instrument [Line Items] | ||
Debt, current | 759 | 479 |
Long-term debt and capital lease obligations | $ 959 | $ 589 |
Debt - Interest expense, net (D
Debt - Interest expense, net (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Debt Instrument [Line Items] | ||||
Less: capitalized interest | $ 0 | $ (235) | $ 0 | $ (273) |
Interest expense, net | 1,028 | 1,218 | 3,285 | 3,949 |
Gold Purchase Agreement | ||||
Debt Instrument [Line Items] | ||||
Interest costs | 627 | 957 | 2,111 | 3,106 |
Promissory Note | ||||
Debt Instrument [Line Items] | ||||
Interest costs | 0 | 235 | 0 | 648 |
Revolver interest and stand-by fees | ||||
Debt Instrument [Line Items] | ||||
Interest costs | 348 | 225 | 1,022 | 287 |
Capital lease obligations | ||||
Debt Instrument [Line Items] | ||||
Interest costs | 14 | 11 | 29 | 42 |
Other | ||||
Debt Instrument [Line Items] | ||||
Interest costs | $ 39 | $ 25 | $ 123 | $ 139 |
Debt - Revolver (Details)
Debt - Revolver (Details) - Revolving credit facility - Investee Bank PLC - USD ($) | Mar. 23, 2016 | Oct. 27, 2016 | Dec. 31, 2016 |
Line of Credit Facility [Line Items] | |||
Revolving credit facility, maximum borrowing capacity | $ 25,000,000 | $ 35,000,000 | |
Revolving credit facility, maximum borrowing capacity, increase (decrease) | $ 10,000,000 | ||
Proceeds from Revolver draw | $ 12,000,000 | ||
Line of credit facility, covenant, risk premium, threshold of other debt held | $ 10,000,000 | ||
London Interbank Offered Rate (LIBOR), margin portion | Minimum | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, basis spread | 2.75% | ||
London Interbank Offered Rate (LIBOR), margin portion | Maximum | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, basis spread | 4.00% | ||
London Interbank Offered Rate (LIBOR), risk premium portion | |||
Line of Credit Facility [Line Items] | |||
Revolving credit facility, basis spread | 0.35% |
Debt - Gold purchase agreement
Debt - Gold purchase agreement (Details) - Gold Commodity Contract - Gold Purchase Agreement | 3 Months Ended | 9 Months Ended | 12 Months Ended | |||
Sep. 30, 2017oz | Sep. 30, 2016oz | Sep. 30, 2017oz$ / oz | Sep. 30, 2016oz | Dec. 31, 2018oz | Dec. 31, 2017oz | |
Debt Instrument [Line Items] | ||||||
Interest rate | 18.30% | 18.30% | ||||
Balloon payment to be paid (in gold ounces) | 38,250 | |||||
Periodic payment (in gold ounces) | 2,000 | 2,000 | 6,000 | 6,000 | ||
Minimum | ||||||
Debt Instrument [Line Items] | ||||||
Average gold spot price on delivery date | $ / oz | 1,290 | |||||
Maximum | ||||||
Debt Instrument [Line Items] | ||||||
Average gold spot price on delivery date | $ / oz | 1,388 | |||||
Scenario, forecast | ||||||
Debt Instrument [Line Items] | ||||||
Periodic payment (in gold ounces) | 2,000 | 2,000 | ||||
Annual payment (in gold ounces) | 8,000 | 8,000 |
Debt - Capital lease obligation
Debt - Capital lease obligations (Details) - Capital lease obligations | 9 Months Ended |
Sep. 30, 2017 | |
Debt Instrument [Line Items] | |
Interest rate | 4.00% |
Minimum | |
Debt Instrument [Line Items] | |
Debt instrument, terms | 36 months |
Maximum | |
Debt Instrument [Line Items] | |
Debt instrument, terms | 48 years |
Debt - Debt covenants (Details)
Debt - Debt covenants (Details) - Revolving credit facility | Mar. 23, 2016USD ($) |
Line of Credit Facility [Line Items] | |
Debt covenant, minimum Tangible Net Worth | $ 100,000,000 |
Debt covenant, Gearing Ratio, maximum | 4 |
Debt covenant, cash balance, minimum | $ 10,000,000 |
Debt covenant, current ratio, minimum | 1.10 |
Asset retirement obligations -
Asset retirement obligations - Changes in the Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Asset retirement obligation, beginning balance | $ 25,436 | $ 12,387 | $ 12,387 | ||
Changes in estimates | 0 | 2,866 | |||
Accretion expense | $ 382 | $ 256 | 1,143 | $ 755 | 1,122 |
Effect of foreign currency | 126 | 110 | |||
Asset retirement obligation, ending balance | $ 26,705 | 26,705 | 25,436 | ||
Hollister acquisition | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Additions, resulting from acquisition | 0 | 4,481 | |||
Aurora acquisition | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Additions, resulting from acquisition | 0 | 2,677 | |||
True North acquisition | |||||
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||||
Additions, resulting from acquisition | $ 0 | $ 1,793 |
Asset retirement obligations 54
Asset retirement obligations - Narrative (Details) $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($) | |
Guarantor Obligations [Line Items] | |
Surety bonds | $ 48.4 |
Restricted cash | 9.5 |
Surety Bond | |
Guarantor Obligations [Line Items] | |
Decrease in restricted cash | $ 0.5 |
Asset retirement obligations 55
Asset retirement obligations - Listing of Company's Asset Retirement Obligations (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | $ 26,705 | $ 25,436 | $ 12,387 |
Midas | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 13,145 | 12,616 | |
Hollister | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 6,397 | 6,110 | |
Aurora | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 2,868 | 2,741 | |
Fire Creek | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 2,412 | 2,303 | |
True North | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | $ 1,883 | $ 1,666 |
Deferred share units liabilit56
Deferred share units liability - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
May 31, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Duration preceding valuation date, weighted average closing price (in days) | 5 days | ||||
Deferred share unit expense | $ (8) | $ 1,007 | $ 396 | $ 1,007 | |
Deferred Share Unit Plan | Deferred Share Units (DSUs) | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Deferred share unit expense | $ 0 | $ 400 |
Deferred share units liabilit57
Deferred share units liability - Outstanding DSUs (Details) - Deferred Share Units - Deferred Share Units (DSUs) - Deferred Share Unit Plan | 9 Months Ended |
Sep. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at beginning of period (in shares) | 180,183 |
Granted (in shares) | 180,183 |
Redeemed (in shares) | 0 |
Outstanding at end of period (in shares) | 360,366 |
Derivatives - Schedule of deriv
Derivatives - Schedule of derivative instruments (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Derivative [Line Items] | ||
Derivative assets, current | $ 1,406 | $ 1,247 |
Derivative asset, non-current | 152 | 1,545 |
Derivative asset | 1,558 | 2,792 |
Derivative liabilities, current | 385 | 1,721 |
Derivative liabilities, non-current | 0 | 331 |
Derivative liability | 385 | 2,052 |
Gold Purchase Agreement embedded derivative | ||
Derivative [Line Items] | ||
Derivative assets, current | 534 | 1,247 |
Derivative asset, non-current | 152 | 1,545 |
Forward metal sales | ||
Derivative [Line Items] | ||
Derivative assets, current | 173 | 0 |
Gold Collar | ||
Derivative [Line Items] | ||
Derivative assets, current | 699 | 0 |
Gold Offering Agreement | ||
Derivative [Line Items] | ||
Derivative liabilities, current | 385 | 1,721 |
Derivative liabilities, non-current | $ 0 | $ 331 |
Derivatives - Loss on derivativ
Derivatives - Loss on derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on derivatives, net | $ (219) | $ (1,297) | $ (699) | $ (15,578) |
Gold Purchase Agreement | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on derivatives, net | (304) | 114 | (1,703) | (4,982) |
Gold Offering Agreement | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on derivatives, net | (663) | (113) | (630) | (1,948) |
Currency swap | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on derivatives, net | 0 | (809) | 0 | (809) |
Forward metal sales | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on derivatives, net | 173 | (489) | 935 | (7,839) |
Gold Collar | ||||
Derivative Instruments, Gain (Loss) [Line Items] | ||||
Loss on derivatives, net | $ 575 | $ 0 | $ 699 | $ 0 |
Derivatives - Gold purchase agr
Derivatives - Gold purchase agreement (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017oz$ / oz | Sep. 30, 2016oz$ / oz | Sep. 30, 2017oz$ / oz | Sep. 30, 2016oz$ / oz | |
Gold Commodity Contract, 2018, Outstanding Future Deliveries | ||||
Derivative [Line Items] | ||||
Gold ounces | oz | 8,000 | |||
Average forward gold price | 0 | |||
Gold Commodity Contract, 2017, Outstanding Future Deliveries | ||||
Derivative [Line Items] | ||||
Gold ounces | oz | 2,000 | |||
Average forward gold price | 0 | |||
Gold Commodity Contract, 2017, Maturing Within Period | ||||
Derivative [Line Items] | ||||
Gold ounces | oz | 2,000 | 6,000 | ||
Average forward gold price | 1,336 | 1,329 | ||
Average gold spot price on delivery date | 1,287 | 1,260 | ||
Gold Commodity Contract, 2016, Maturing Within Period | ||||
Derivative [Line Items] | ||||
Gold ounces | oz | 2,000 | 6,000 | ||
Average forward gold price | 1,310 | 1,306 | ||
Average gold spot price on delivery date | 1,325 | 1,264 |
Derivatives - Gold offering agr
Derivatives - Gold offering agreement (Details) - Gold Offering Agreement | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||
Oct. 31, 2011 | Sep. 30, 2017oz$ / oz | Sep. 30, 2016oz$ / oz | Sep. 30, 2017oz$ / oz | Sep. 30, 2016oz$ / oz | |
Derivative [Line Items] | |||||
Derivative, term of contract | 5 years | ||||
Trading days preceding relevant purchase election date | 30 days | ||||
Gold ounces | oz | 20,907 | 18,984 | 77,692 | 48,957 | |
Average forward gold price | 1,257 | 1,314 | 1,231 | 1,214 | |
Average gold spot price on delivery date | 1,298 | 1,335 | 1,260 | 1,247 |
Derivatives - Forward metal sal
Derivatives - Forward metal sales (Details) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017oz$ / oz | Sep. 30, 2016oz$ / oz | Sep. 30, 2017oz$ / oz | Sep. 30, 2016oz$ / oz | |
Price per gold ounce | ||||
Derivative [Line Items] | ||||
Gold ounces | oz | 78,976 | 6,300 | 169,826 | 103,390 |
Average forward gold price | $ / oz | 1,285 | 1,325 | 1,268 | 1,250 |
Price per silver ounce | ||||
Derivative [Line Items] | ||||
Gold ounces | oz | 343,983 | 0 | 937,882 | 1,421,516 |
Average forward gold price | $ / oz | 17.10 | 0 | 17.39 | 16.56 |
Derivatives - Gold Collar (Deta
Derivatives - Gold Collar (Details) $ in Thousands | 3 Months Ended | |
Sep. 30, 2017USD ($)oz$ / oz | Dec. 31, 2016USD ($) | |
Derivative [Line Items] | ||
Derivative assets | $ | $ 1,406 | $ 1,247 |
Gold Collar | ||
Derivative [Line Items] | ||
Gold ounces | oz | 40,503 | |
Derivative, exchange rate floor | 1,300 | |
Derivative assets | $ | $ 699 | $ 0 |
Minimum | Gold Collar | ||
Derivative [Line Items] | ||
Derivative, exchange rate floor | 1,200 | |
Derivative, exchange rate cap | 1,318 | |
Maximum | Gold Collar | ||
Derivative [Line Items] | ||
Derivative, exchange rate cap | 1,385 |
Fair value measurements - Asset
Fair value measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Sep. 30, 2017 | Dec. 31, 2016 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 1,558 | $ 2,792 |
Derivative liability | 385 | 2,052 |
Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Deferred share units liability | 0 | 0 |
Liabilities, fair value disclosure | 0 | 0 |
Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 1,558 | 2,792 |
Deferred share units liability | 1,298 | 812 |
Liabilities, fair value disclosure | 1,298 | 812 |
Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets, fair value disclosure | 0 | 0 |
Deferred share units liability | 0 | 0 |
Liabilities, fair value disclosure | 385 | 2,052 |
Gold Purchase Agreement embedded derivative | Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Gold Purchase Agreement embedded derivative | Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 686 | 2,792 |
Gold Purchase Agreement embedded derivative | Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Forward metal sales | Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Forward metal sales | Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 173 | 0 |
Forward metal sales | Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Gold Collar | Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Gold Collar | Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 699 | 0 |
Gold Collar | Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Gold Offering Agreement | Fair value, measurements, recurring | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Gold Offering Agreement | Fair value, measurements, recurring | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Gold Offering Agreement | Fair value, measurements, recurring | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 385 | $ 2,052 |
Fair value measurements - Narra
Fair value measurements - Narrative (Details) oz in Thousands, $ in Millions | 9 Months Ended |
Sep. 30, 2017USD ($)oz | |
Gold Purchase Agreement embedded derivative | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Fair value, embedded derivative | $ | $ 12.6 |
Minimum | Fire Creek | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Mineral production, gold (in ounces) | 107 |
Maximum | Fire Creek | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | |
Mineral production, gold (in ounces) | 110 |
Fair value measurements - Level
Fair value measurements - Level 3 financial liability (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Derivative, gain (loss) on derivative, net | $ (219) | $ (1,297) | $ (699) | $ (15,578) |
Level 3 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Derivative, gain (loss) on derivative, net | (630) | |||
Gold Offering Agreement | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Derivative, gain (loss) on derivative, net | (663) | $ (113) | (630) | $ (1,948) |
Settlement losses | Level 3 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Derivative, gain (loss) on derivative, net | (2,297) | |||
Gain from change in fair value | Level 3 | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Derivative, gain (loss) on derivative, net | 1,667 | |||
Derivative financial instruments, liabilities | Gold Offering Agreement | ||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||||
Balance at beginning of the period | 2,052 | |||
Gain from change in fair value | (1,667) | |||
Balance at end of the period | $ 385 | $ 385 |
Share capital - Warrants Activi
Share capital - Warrants Activity (Details) | 9 Months Ended |
Sep. 30, 2017CAD / sharesshares | |
Number of Warrants | |
Warrants outstanding, beginning of year (in shares) | shares | 11,140,800 |
Warrants exercised (in shares) | shares | (1,140,800) |
Warrants outstanding, end of year (in shares) | shares | 10,000,000 |
Warrants exercisable, end of year (in shares) | shares | 10,000,000 |
Weighted Average Exercise Price - CDN$ | |
Warrants, outstanding, beginning of period, weighted average exercise price (in CDN$ per share) | CAD / shares | CAD 3.86 |
Warrants, weighted average exercised price (in CDN$ per share) | CAD / shares | 1.95 |
Warrants, outstanding, end of period, weighted average exercise price (in CDN$ per share) | CAD / shares | 4.08 |
Warrants, exercisable, end of period, weighted average exercise price (in CDN$ per share) | CAD / shares | CAD 4.08 |
Share capital - Warrants by Exe
Share capital - Warrants by Exercise Price (Details) - CAD / shares | 9 Months Ended | |
Sep. 30, 2017 | Dec. 31, 2016 | |
Class of Warrant or Right [Line Items] | ||
Number outstanding | 10,000,000 | 11,140,800 |
Weighted average remaining life (years) | 12 years 11 months 9 days | |
Weighted average exercise price (in CDN$ per share) | CAD 4.08 | CAD 3.86 |
$2.00 - $2.49 | ||
Class of Warrant or Right [Line Items] | ||
Number outstanding | 5,000,000 | |
Weighted average remaining life (years) | 11 years 4 months 13 days | |
$ 6 | ||
Class of Warrant or Right [Line Items] | ||
Number outstanding | 5,000,000 | |
Weighted average remaining life (years) | 14 years 6 months 4 days | |
Minimum | $2.00 - $2.49 | ||
Class of Warrant or Right [Line Items] | ||
Weighted average exercise price (in CDN$ per share) | CAD 2 | |
Maximum | $2.00 - $2.49 | ||
Class of Warrant or Right [Line Items] | ||
Weighted average exercise price (in CDN$ per share) | 2.49 | |
Weighted Average | ||
Class of Warrant or Right [Line Items] | ||
Weighted average exercise price (in CDN$ per share) | 4.08 | |
Weighted Average | $2.00 - $2.49 | ||
Class of Warrant or Right [Line Items] | ||
Weighted average exercise price (in CDN$ per share) | 2.15 | |
Weighted Average | $6.00 | ||
Class of Warrant or Right [Line Items] | ||
Weighted average exercise price (in CDN$ per share) | CAD 6 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) - New Share Plan | 9 Months Ended |
Sep. 30, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of outstanding stock, maximum | 8.90% |
Restricted share units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of outstanding stock, maximum | 4.00% |
Share-based compensation - Shar
Share-based compensation - Share-based compensation cost by award type (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation cost by award | $ 1,050 | $ 731 | $ 2,771 | $ 1,769 |
Share options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation cost by award | 115 | 342 | 460 | 1,142 |
Restricted share units - time vesting criteria | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation cost by award | 697 | 325 | 1,803 | 563 |
Restricted share units - performance-based vesting | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation cost by award | 236 | 51 | 492 | 51 |
Common share awards | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based compensation cost by award | $ 2 | $ 13 | $ 16 | $ 13 |
Share-based compensation - Sh71
Share-based compensation - Share-based compensation by award (Details) | 9 Months Ended |
Sep. 30, 2017CAD / sharesshares | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Exercised (in shares) | (1,042,189) |
Share options | |
Outstanding, beginning of year (in shares) | 5,233,105 |
Granted (in shares) | 0 |
Forfeited (in shares) | (73,333) |
Exercised (in shares) | (1,042,189) |
Outstanding, end of period (in shares) | 4,117,583 |
Restricted share units - time vesting criteria | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, beginning of year (in shares) | 948,038 |
Granted (in shares) | 968,339 |
Forfeited (in shares) | (121,579) |
Vested and issued (in shares) | (262,616) |
Exercised (in shares) | 0 |
Outstanding, end of period (in shares) | 1,532,182 |
Share options | |
Exercised (in shares) | 0 |
Weighted average grant-date fair value (in CDN$ per share) | CAD / shares | CAD 4.62 |
Restricted share units - performance-based vesting | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, beginning of year (in shares) | 212,243 |
Granted (in shares) | 295,390 |
Forfeited (in shares) | 0 |
Vested and issued (in shares) | 0 |
Exercised (in shares) | 0 |
Outstanding, end of period (in shares) | 507,633 |
Share options | |
Exercised (in shares) | 0 |
Weighted average grant-date fair value (in CDN$ per share) | CAD / shares | CAD 4.60 |
Common share awards | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Outstanding, beginning of year (in shares) | 56,665 |
Granted (in shares) | 0 |
Forfeited (in shares) | 0 |
Vested and issued (in shares) | (56,665) |
Exercised (in shares) | 0 |
Outstanding, end of period (in shares) | 0 |
Share options | |
Exercised (in shares) | 0 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Current: | ||||
Canada | $ 0 | $ 0 | $ 0 | $ 0 |
United States | 490 | (1,263) | (6,001) | (2,629) |
Total current income tax (expense) benefit | 490 | (1,263) | (6,001) | (2,629) |
Deferred: | ||||
Canada | 0 | 0 | 0 | 0 |
United States | (1,320) | (878) | (758) | (1,625) |
Total deferred income tax (expense) | (1,320) | (878) | (758) | (1,625) |
Total income tax (expense) benefit | $ (830) | $ (2,141) | $ (6,759) | $ (4,254) |
Net (loss) income per share - C
Net (loss) income per share - Computation of basic and diluted net income (loss) per share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Earnings Per Share [Abstract] | ||||
Net income (loss) | $ (13,392) | $ 7,269 | $ (15,927) | $ (3,878) |
Weighted average common shares: | ||||
Basic (in shares) | 177,594,562 | 144,672,654 | 177,164,321 | 142,373,930 |
Effect of potential dilutive securities: | ||||
Share options (in shares) | 0 | 3,994,831 | 0 | 0 |
Warrants (in shares) | 0 | 4,728,274 | 0 | 0 |
Common share awards (in shares) | 0 | 410,906 | 0 | 0 |
Restricted share units (in shares) | 0 | 429,770 | 0 | 0 |
Special warrants (in shares) | 0 | 563,043 | 0 | 0 |
Diluted | 177,594,562 | 154,799,478 | 177,164,321 | 142,373,930 |
Net income (loss) per share | ||||
Basic (in dollars per share) | $ (0.08) | $ 0.05 | $ (0.09) | $ (0.03) |
Diluted (in dollars per share) | $ (0.08) | $ 0.05 | $ (0.09) | $ (0.03) |
Net (loss) income per share -
Net (loss) income per share - Narrative (Details) - CAD / shares | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Average share price (in dollars per share) | CAD 4.17 | CAD 6.54 | CAD 5.16 | CAD 4.76 |
Warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation (in shares) | 2,420,865 | 2,420,865 | 4,332,177 | |
Restricted share units | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation (in shares) | 342,279 | 435,231 | 144,302 | |
Share options | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation (in shares) | 549,618 | 2,027,216 | 3,181,792 | |
Common share awards | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation (in shares) | 479,358 | |||
Special warrants | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Antidilutive securities excluded from computation (in shares) | 189,051 |
Segment information (Details)
Segment information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | Dec. 31, 2016 | |
Segment Reporting Information [Line Items] | |||||
Revenues | $ 48,853 | $ 55,641 | $ 177,355 | $ 142,075 | |
Cost of sales | |||||
Production costs | 26,108 | 27,774 | 94,035 | 70,681 | |
Depreciation and depletion | 10,673 | 6,885 | 33,273 | 19,114 | |
Write-down of production inventories | 6,394 | 0 | 12,309 | 0 | |
Gross Profit | 5,678 | 20,982 | 37,738 | 52,280 | |
Other operating expenses | |||||
General and administrative | 5,738 | 4,837 | 15,953 | 11,435 | |
Exploration | 3,667 | 3,421 | 5,093 | 8,263 | |
Development and projects costs | 2,288 | 0 | 11,674 | 5,530 | |
Asset retirement and accretion | 382 | 256 | 1,143 | 755 | $ 1,122 |
Business acquisition costs | 0 | 818 | 0 | 1,870 | |
Provision for legal settlement | 0 | 0 | 0 | 2,250 | |
Loss on equipment disposal | 201 | 105 | 343 | 109 | |
(Loss) Income from operations | (6,598) | 11,545 | 3,532 | 22,068 | |
Capital expenditures | 20,890 | 17,275 | 55,906 | 42,970 | |
Total assets | 389,733 | 331,312 | 389,733 | 331,312 | $ 379,978 |
Fire Creek | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 29,726 | 36,462 | 109,427 | 92,726 | |
Cost of sales | |||||
Production costs | 11,768 | 13,716 | 39,495 | 33,285 | |
Depreciation and depletion | 5,088 | 3,187 | 14,078 | 8,115 | |
Write-down of production inventories | 0 | 0 | 0 | 0 | |
Gross Profit | 12,870 | 19,559 | 55,854 | 51,326 | |
Other operating expenses | |||||
General and administrative | 256 | 280 | 685 | 618 | |
Exploration | 1,418 | 1,450 | 2,007 | 5,838 | |
Development and projects costs | 0 | 0 | 0 | 0 | |
Asset retirement and accretion | 36 | 42 | 108 | 125 | |
Business acquisition costs | 0 | 0 | |||
Provision for legal settlement | 2,249 | ||||
Loss on equipment disposal | 0 | 0 | 36 | 0 | |
(Loss) Income from operations | 11,160 | 17,787 | 53,018 | 42,496 | |
Capital expenditures | 7,694 | 7,557 | 22,178 | 18,496 | |
Total assets | 55,849 | 48,560 | 55,849 | 48,560 | |
Midas | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 11,245 | 17,843 | 46,182 | 48,013 | |
Cost of sales | |||||
Production costs | 9,142 | 13,446 | 35,178 | 36,784 | |
Depreciation and depletion | 3,994 | 3,483 | 14,180 | 10,784 | |
Write-down of production inventories | 1,569 | 0 | 2,939 | 0 | |
Gross Profit | (3,460) | 914 | (6,115) | 445 | |
Other operating expenses | |||||
General and administrative | 595 | 288 | 956 | 626 | |
Exploration | 0 | 1,971 | 476 | 2,425 | |
Development and projects costs | 0 | 0 | 0 | 0 | |
Asset retirement and accretion | 176 | 183 | 529 | 538 | |
Business acquisition costs | 0 | 0 | |||
Provision for legal settlement | 0 | ||||
Loss on equipment disposal | 174 | 0 | 280 | 0 | |
(Loss) Income from operations | (4,405) | (1,528) | (8,356) | (3,144) | |
Capital expenditures | 4,172 | 6,041 | 14,432 | 18,356 | |
Total assets | 85,864 | 94,805 | 85,864 | 94,805 | |
Hollister | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 679 | 0 | 679 | 0 | |
Cost of sales | |||||
Production costs | 633 | 0 | 633 | 0 | |
Depreciation and depletion | 116 | 0 | 116 | 0 | |
Write-down of production inventories | 0 | 0 | 0 | 0 | |
Gross Profit | (70) | 0 | (70) | 0 | |
Other operating expenses | |||||
General and administrative | 264 | 0 | 450 | 0 | |
Exploration | 2,123 | 0 | 2,484 | 0 | |
Development and projects costs | 1,822 | 0 | 10,553 | 0 | |
Asset retirement and accretion | 96 | 0 | 288 | 0 | |
Business acquisition costs | 613 | 723 | |||
Provision for legal settlement | 0 | ||||
Loss on equipment disposal | 0 | 0 | 0 | 0 | |
(Loss) Income from operations | (4,375) | (613) | (13,845) | (723) | |
Capital expenditures | 4,308 | 0 | 5,929 | 0 | |
Total assets | 133,408 | 0 | 133,408 | 0 | |
Aurora | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | ||
Cost of sales | |||||
Production costs | 0 | 0 | 0 | ||
Depreciation and depletion | 0 | 0 | 0 | ||
Write-down of production inventories | 0 | 0 | 0 | 0 | |
Gross Profit | 0 | 0 | 0 | 0 | |
Other operating expenses | |||||
General and administrative | 0 | 0 | 0 | 0 | |
Exploration | 0 | 0 | 0 | 0 | |
Development and projects costs | 466 | 0 | 1,121 | 0 | |
Asset retirement and accretion | 42 | 0 | 127 | 0 | |
Business acquisition costs | 0 | 0 | |||
Provision for legal settlement | 0 | ||||
Loss on equipment disposal | 0 | 0 | 0 | 0 | |
(Loss) Income from operations | (508) | 0 | (1,248) | 0 | |
Capital expenditures | 541 | 0 | 1,311 | 0 | |
Total assets | 16,742 | 0 | 16,742 | 0 | |
True North | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 7,203 | 1,336 | 21,067 | 1,336 | |
Cost of sales | |||||
Production costs | 4,565 | 612 | 18,729 | 612 | |
Depreciation and depletion | 1,475 | 215 | 4,899 | 215 | |
Write-down of production inventories | 4,825 | 0 | 9,370 | 0 | |
Gross Profit | (3,662) | 509 | (11,931) | 509 | |
Other operating expenses | |||||
General and administrative | 354 | 0 | 782 | 0 | |
Exploration | 126 | 0 | 126 | 0 | |
Development and projects costs | 0 | 0 | 0 | 5,530 | |
Asset retirement and accretion | 32 | 31 | 91 | 92 | |
Business acquisition costs | 205 | 1,147 | |||
Provision for legal settlement | 0 | ||||
Loss on equipment disposal | 27 | 0 | 27 | 0 | |
(Loss) Income from operations | (4,201) | 273 | (12,957) | (6,260) | |
Capital expenditures | 4,139 | 3,677 | 11,673 | 5,758 | |
Total assets | 59,969 | 50,652 | 59,969 | 50,652 | |
Corporate and other | |||||
Segment Reporting Information [Line Items] | |||||
Revenues | 0 | 0 | 0 | 0 | |
Cost of sales | |||||
Production costs | 0 | 0 | 0 | 0 | |
Depreciation and depletion | 0 | 0 | 0 | 0 | |
Write-down of production inventories | 0 | 0 | 0 | 0 | |
Gross Profit | 0 | 0 | 0 | 0 | |
Other operating expenses | |||||
General and administrative | 4,269 | 4,269 | 13,080 | 10,191 | |
Exploration | 0 | 0 | 0 | 0 | |
Development and projects costs | 0 | 0 | 0 | 0 | |
Asset retirement and accretion | 0 | 0 | 0 | 0 | |
Business acquisition costs | 0 | 0 | |||
Provision for legal settlement | 1 | ||||
Loss on equipment disposal | 0 | 105 | 0 | 109 | |
(Loss) Income from operations | (4,269) | (4,374) | (13,080) | (10,301) | |
Capital expenditures | 36 | 0 | 383 | 360 | |
Total assets | $ 37,901 | $ 137,295 | $ 37,901 | $ 137,295 |
Supplemental cash flow inform76
Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash paid for federal and state income taxes | $ 0 | $ 0 | $ 638 | $ 1,915 |
Cash paid for interest | 1,028 | 1,218 | 3,285 | 3,949 |
Mineral properties, plant and equipment acquired through Promissory Note | 0 | 0 | 0 | 12,000 |
Mobile equipment acquired through capital lease obligations | $ 409 | $ 0 | $ 1,045 | $ 0 |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2017 | Sep. 30, 2016 | Sep. 30, 2017 | Sep. 30, 2016 | |
Commitments and Contingencies Disclosure [Abstract] | ||||
Payments to acquire royalty interests | $ 0 | $ 0 | $ 200,000 | $ 200,000 |
Subsequent events (Details)
Subsequent events (Details) - Oct. 19, 2017 - Bison Gold Resources Inc. - Subsequent event CAD in Millions, $ in Millions | USD ($)shares | CADshares |
Subsequent Event [Line Items] | ||
Consideration transferred | $ 7 | CAD 8.8 |
Common shares issued (in shares) | 1,956,126 | 1,956,126 |
Warrants assumed (in shares) | 10,000 | 10,000 |
Number of common shares of Klondex received for each Bison common share held | 0.1242 | 0.1242 |