Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | Apr. 27, 2018 | |
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 | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | false | |
Entity Common Stock, Shares Outstanding | 179,668,072 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets | ||
Cash and cash equivalents | $ 27,814 | $ 23,674 |
Inventories | 37,739 | 42,583 |
Prepaid expenses and other | 4,440 | 7,580 |
Derivative assets | 17 | 17 |
Total current assets | 70,010 | 73,854 |
Mineral properties, plant and equipment, net | 276,040 | 289,450 |
Restricted cash | 9,504 | 9,555 |
Deferred tax assets | 18,696 | 18,696 |
Total assets | 374,250 | 391,555 |
Current liabilities | ||
Accounts payable | 23,081 | 28,302 |
Accrued compensation and benefits | 3,343 | 4,296 |
Derivative liabilities | 735 | 170 |
Debt | 873 | 902 |
Income taxes payable | 3,203 | 2,833 |
Total current liabilities | 31,235 | 36,503 |
Debt | 35,717 | 35,405 |
Deferred share units liability | 847 | 945 |
Asset retirement obligations | 21,389 | 21,108 |
Deferred tax liabilities | 17,030 | 17,565 |
Total liabilities | 106,218 | 111,526 |
Shareholders' Equity | ||
Unlimited common shares authorized, no par value; 179,660,245 and 179,614,947 issued and outstanding at March 31, 2018 and December 31, 2017, respectively | 0 | 0 |
Additional paid-in capital | 378,435 | 377,714 |
Accumulated deficit | (89,942) | (81,944) |
Accumulated other comprehensive loss | (20,461) | (15,741) |
Total shareholders' equity | 268,032 | 280,029 |
Total liabilities and shareholders' equity | $ 374,250 | $ 391,555 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Unaudited) (Parenthetical) - shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement of Financial Position [Abstract] | ||
Common stock, shares, issued (in shares) | 179,660,245 | 179,614,947 |
Common stock, shares, outstanding (in shares) | 179,660,245 | 179,614,947 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Statement [Abstract] | ||
Revenues | $ 56,771 | $ 41,710 |
Cost of sales | ||
Production costs | 35,449 | 26,229 |
Depreciation and depletion | 13,103 | 7,728 |
Write-down of production inventories | 8,517 | 3,680 |
Gross Profit | (298) | 4,073 |
Other operating expenses | ||
General and administrative | 5,824 | 4,488 |
Exploration | 502 | 127 |
Development and projects costs | 0 | 5,505 |
Asset retirement and accretion | 334 | 381 |
Arrangement agreement costs | 3,616 | 0 |
Loss on equipment disposal | 20 | 116 |
(Loss) income from operations | (10,594) | (6,544) |
Other income (expense) | ||
(Loss) gain on derivatives, net | (128) | (2,144) |
Interest expense, net | (599) | (1,158) |
Foreign currency (loss) gain, net | 3,185 | (1,021) |
Interest income and other (expense), net | 6 | 17 |
Income (loss) before tax | (8,130) | (10,850) |
Income tax benefit (expense) | 132 | 623 |
Net (loss) income | $ (7,998) | $ (10,227) |
Net (loss) income per share | ||
Basic (in dollars per share) | $ (0.04) | $ (0.06) |
Diluted (in dollars per share) | $ (0.04) | $ (0.06) |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | $ (7,998) | $ (10,227) |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments, net of tax benefit (expense) of $1,658 and ($495) for the three months ended March 31, 2018 and 2017, respectively. | (4,720) | 1,410 |
Comprehensive income (loss) | $ (12,718) | $ (8,817) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | ||
Foreign currency translation adjustments, tax (expense) benefit | $ 1,658 | $ (495) |
Condensed Consolidated Stateme7
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | ||
Operating activities | |||
Net (loss) income | $ (7,998) | $ (10,227) | |
Significant items not involving cash | |||
Depreciation and depletion | 13,103 | 7,890 | |
Asset retirement and accretion | 334 | 381 | |
Derivative fair value adjustments | 572 | 1,052 | |
Write-down of production inventories | 1,883 | 1,446 | |
Foreign exchange, net | (2,405) | 899 | |
Deferred tax expense (benefit) | (535) | 240 | |
Share-based compensation | 713 | 716 | |
Deliveries under Gold Purchase Agreement | [1] | 0 | (1,860) |
Loss on equipment disposal | 20 | 116 | |
Deferred share unit expense | (72) | (91) | |
Non-cash interest expense | (82) | 153 | |
Net income (loss) to cash provided by (used in) operating activities, net of significant items not involving cash | 5,533 | 715 | |
Changes in non-cash working capital | |||
Inventories | 4,491 | (6,414) | |
Prepaid expenses and other | 3,113 | (1,148) | |
Accounts payable | (4,556) | 3,339 | |
Accrued compensation and benefits | (941) | (219) | |
Income taxes payable | 370 | 633 | |
Net cash provided by (used in ) operating activities | 8,010 | (3,094) | |
Investing activities | |||
Expenditures on mineral properties, plant and equipment | (2,810) | (17,008) | |
Change in accounts payable related to expenditures on mineral properties, plant and equipment | (461) | (919) | |
Net cash used in investing activities | (3,271) | (17,927) | |
Financing activities | |||
Cash transactions related to share-based compensation | 8 | 1,528 | |
Cash received from warrant exercises | 0 | 1,681 | |
Repayment of capital lease obligations | (276) | (112) | |
Payment of debt issuance costs | (239) | (217) | |
Net cash (used in) provided by financing activities | (507) | 2,880 | |
Effect of foreign exchange on cash balances | (143) | 59 | |
Net increase (decrease) in cash, cash equivalents and restricted cash | 4,089 | (18,082) | |
Cash, cash equivalents and restricted cash, beginning of period | 33,229 | 57,691 | |
Cash, cash equivalents and restricted cash, end of period | $ 37,318 | $ 39,609 | |
[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) - 3 months ended Mar. 31, 2018 - 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, 2017 | 179,614,947 | 179,614,947 | |||
Shareholders' equity, beginning balance at Dec. 31, 2017 | $ 280,029 | $ 377,714 | $ (81,944) | $ (15,741) | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Share-based compensation expense | $ 713 | 713 | |||
Option exercises (in shares) | 6,667 | 6,667 | |||
Option exercises | $ 14 | 14 | |||
Restricted share unit vestings, net of shares withheld to satisfy tax withholding (in shares) | 38,631 | ||||
Restricted share unit vestings, net of shares withheld to satisfy tax withholding | (6) | (6) | |||
Net loss | (7,998) | (7,998) | |||
Foreign currency translation adjustments | $ (4,720) | (4,720) | |||
Common stock, outstanding, ending balance (in shares) at Mar. 31, 2018 | 179,660,245 | 179,660,245 | |||
Shareholders' equity, ending balance at Mar. 31, 2018 | $ 268,032 | $ 378,435 | $ (89,942) | $ (20,461) |
Basis of presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2018 | |
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, 2017 . 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 | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recent accounting pronouncements | 2. Recent accounting pronouncements Recently adopted Effective January 1, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” and the applicable related accounting standard updates that followed (collectively referred to as “Topic 606”). The Company adopted Topic 606 using the modified retrospective method, which required it to apply the new revenue standard to (i) all new revenue contracts entered into after January 1, 2018, and (ii) revenue contracts which were not completed as of January 1, 2018. In accordance with this approach, the consolidated revenues for periods prior to January 1, 2018 were not revised and there was no cumulative effect of the adoption of Topic 606 as of January 1, 2018. The Company’s current revenue recognition policy is consistent with Topic 606 which requires that revenue from contracts with customers be recognized when the performance condition to transfer a distinct good is satisfied. The recognition of revenue upon completion of the Company’s performance condition is generally satisfied when title transfers to the customer. As a result, the adoption of Topic 606 did not have an impact on the Company’s 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2016-15, which did not have a material impact 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 statements 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2016-18, which resulted in the inclusion of restricted cash in its beginning-of-period and end-of-period cash and cash equivalents amounts shown on the statements of cash flows. See Note 16. Supplemental cash flow information for additional detail. 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2017-01, which did not have a material impact 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2017-09, which did not have a material impact on its financial statements. Recently issued 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 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. In February 2018, the FASB issued ASU No. 2018-02, "Income Statement- Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU No. 2018-02 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. 2018-02 will have on its financial statements. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | 3. Inventories The following table provides the components of Inventories (in thousands): March 31, December 31, Supplies $ 8,966 $ 9,300 Production related inventories: Stockpiles 16,501 18,749 In-process 9,980 12,516 Doré finished goods 2,292 2,018 $ 37,739 $ 42,583 As of March 31, 2018 and December 31, 2017 , the Company's stockpiles, in-process, and doré finished goods inventories included approximately $7.0 million and $7.2 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 months ended March 31, 2018 were related to Midas, Hollister and True North (as defined herein). The following table provides information about the Company's write-downs (in thousands, except per ounce amounts): Three months ended March 31, Type of previously incurred cost 2018 2017 Cash production costs $ 6,634 $ 2,234 Allocated depreciation and depletion 1,883 1,446 Write-down of production inventories $ 8,517 $ 3,680 The period-end prices used in the write-down calculation for March 31, 2018 were $1,324 and $16.28 per gold and silver ounce, respectively. Further declines from March 31, 2018 metal price levels and/or future production costs greater than the March 31, 2018 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 | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, Prepaid taxes $ 2,016 $ 3,496 Vendor prepayments 1,049 696 Prepaid claim maintenance and land holding costs 505 847 Canadian taxes receivable 353 1,568 Prepaid insurance 134 178 Other 383 795 $ 4,440 $ 7,580 |
Mineral properties, plant and e
Mineral properties, plant and equipment, net | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, Mineral properties $ 170,759 $ 171,422 Facilities and equipment 120,971 120,727 Mine development 114,843 112,887 Land 3,862 3,887 Construction in progress 1,528 1,956 411,963 410,879 Less: accumulated depreciation and depletion (135,923 ) (121,429 ) $ 276,040 $ 289,450 Facilities and equipment included $3.7 million and $3.1 million at March 31, 2018 and December 31, 2017 , respectively, for the gross amount of mobile mine equipment acquired under capital lease obligations. Accumulated depreciation on such mobile mine equipment totaled $1.4 million and $1.1 million at March 31, 2018 and December 31, 2017 , respectively. At March 31, 2018 , construction in progress of $1.5 million was related to facilities and equipment. |
Debt
Debt | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt | 6. Debt The following table summarizes the components of Debt (in thousands): March 31, December 31, Debt, current: Capital lease obligations $ 873 $ 902 $ 873 $ 902 Debt, non-current: Revolver (1) $ 34,162 $ 34,173 Capital lease obligations 1,555 1,232 $ 35,717 $ 35,405 (1) Net of unamortized issuance costs of $0.8 million. The following table summarizes the components of Interest expense, net (in thousands): Three months ended March 31, 2018 2017 Gold Purchase Agreement $ — $ 783 Revolver interest and stand-by fees 537 334 Capital lease obligations 28 9 Other 34 32 $ 599 $ 1,158 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. 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 December 21, 2017 , the Revolver was amended to increase the borrowing capacity by $5.0 million to $40.0 million . During the year ended December 31, 2017, the Company drew $23.0 million from the Revolver, of which approximately $10.0 million was utilized to purchase gold in order to completely fulfill the Gold Purchase Agreement. On February 13, 2018, the Revolver was amended to increase the borrowing capacity by $5.0 million from December 31, 2017 borrowing capacity. This increase relates to an inventory draw, subject to certain adjustments, which added to the aggregate amount available to the Company under the Revolver, thereby increasing the borrowing capacity from $40.0 million to $45.0 million . This amendment expired on April 16, 2018. The total borrowing capacity of the Revolver remains at $40.0 million . 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 March 31, 2018 and December 31, 2017 . |
Asset retirement obligations
Asset retirement obligations | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, Balance, beginning of period $ 21,108 $ 25,436 Changes in estimates — (5,945 ) Accretion expense 334 1,523 Effect of foreign currency (53 ) 94 Balance, end of period $ 21,389 $ 21,108 As of March 31, 2018 , the Company's asset retirement obligations were secured by surety bonds totaling $49.4 million , which were partially collateralized by Restricted cash totaling $9.5 million . The following table provides a listing of the Company's asset retirement obligations by property (in thousands): March 31, December 31, Midas $ 8,529 $ 8,401 Hollister 6,005 5,905 Aurora 3,807 3,752 Fire Creek 1,230 1,210 True North 1,818 1,840 $ 21,389 $ 21,108 |
Deferred share units liability
Deferred share units liability | 3 Months Ended |
Mar. 31, 2018 | |
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 on the TSX 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 $(0.1) million and $(0.1) million during the three months ended March 31, 2018 and 2017 , respectively. The following table provides a summary of the Company's outstanding DSUs: Three months ended March 31, 2018 Outstanding at beginning of period 360,366 Granted — 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 March 31, Share-based compensation cost by award 2018 2017 Share options $ 56 $ 173 Restricted share units - time vesting criteria 538 444 Restricted share units - performance vesting criteria 119 92 Common share awards — 7 $ 713 $ 716 The following table summarizes activity of the Company's share-based compensation for restricted share units ("RSUs") and share options: Three months ended March 31, 2018 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Share options Outstanding, beginning of period 1,456,481 507,633 4,067,583 Forfeited (110,732 ) (53,028 ) (34,445 ) Vested and issued (2) (39,830 ) (6,716 ) — Exercised (3) — — (6,667 ) Outstanding, end of period 1,305,919 447,889 4,026,471 (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 . |
Derivatives
Derivatives | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, December 31, Forward metal sales Derivative assets, current $ 17 $ 17 $ 17 $ 17 Gold Offering Agreement Derivative liabilities, current $ — $ 170 Gold Collar and Forward Priced Derivative liabilities, current 735 — $ 735 $ 170 The following table lists the net amounts recorded for (Loss) gain on derivatives, net (in thousands): Three months ended March 31, 2018 2017 Gold Purchase Agreement embedded derivative — (1,407 ) Gold Offering Agreement 32 (342 ) Forward metal sales (1) 583 (395 ) Gold Collar and Forward Priced (743 ) — $ (128 ) $ (2,144 ) (1) (Loss) gain on settlement and revaluation of forward metal sales derivative instruments, which was determined by the difference in the fixed forward price received by the Company and the spot price on the applicable delivery date. See Forward Metal Sales discussed below. Gold Purchase Agreement embedded derivative The Company's Gold Purchase Agreement was settled during the year ended December 31, 2017. The Gold Purchase Agreement contained an embedded compound derivative for: 1) the prepayment option, which was at the discretion of the Company, and 2) the forward sales component, which was established on the transaction date and incorporated the then current forward gold prices. In addition to recurring fair value adjustments, gains and losses on the Gold Purchase Agreement's embedded derivative related 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 gold deliveries under the Gold Purchase Agreement: Three months ended March 31, 2018 2017 Gold ounces — 2,000 Average forward gold price $ — $ 1,322 Average gold spot price on delivery date $ — $ 1,238 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 ended in February 2018. When/if the counterparty elected to purchase the refined gold, the purchase price was 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 related 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 March 31, 2018 2017 Gold ounces purchased by counterparty — 22,040 Average gold price paid to the Company $ — $ 1,206 Average gold spot price on delivery date $ — $ 1,250 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 March 31, 2018 2017 Gold ounces covered 36,073 48,558 Average price per gold ounce $ 1,322 $ 1,236 Silver ounces covered — 287,000 Average price per silver ounce $ — $ 17.88 Gold Collar & Forward Priced The Company entered into short-term zero cost gold collars. The collars total 30,450 gold ounces from April 1, 2018 through December 31, 2018 with a floor ranging from $1,300 to $1,325 per ounce and a ceiling ranging from $1,340 to $ $1,376 per ounce. Forward priced ounces totaled 36,073 ounces at an average price per ounce of $1,322 per ounce. The value of these collars and forward priced ounces at March 31, 2018 was $(0.7) million . |
Fair value measurements
Fair value measurements | 3 Months Ended |
Mar. 31, 2018 | |
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 three months ended March 31, 2018 . 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): March 31, 2018 December 31, 2017 Assets: Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Forward metal sales $ — $ 17 $ — $ — $ 17 $ — $ — $ 17 $ — $ — $ 17 $ — Liabilities: Deferred share units liability $ — $ 847 $ — $ — $ 945 $ — Gold Offering Agreement — — — — — 170 Gold Collar — 735 — — — — $ — $ 1,582 $ — $ — $ 945 $ 170 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 and Forward Priced - 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 Gold Offering Agreement expired on February 28, 2018. 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. Level 3 information The following table provides additional detail for the Company's Level 3 financial liability (in thousands): Gold Offering Agreement liability: March 31, Balance at beginning of the period $ 170 Gain from change in fair value (170 ) Balance at end of the period $ — (Loss) gain on derivative, net: Settlement losses $ (138 ) Gain from change in fair value 170 $ 32 |
Share capital
Share capital | 3 Months Ended |
Mar. 31, 2018 | |
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 12. Share-based compensation ). Share Purchase Warrants The Company has previously issued share purchase warrants in conjunction with its acquisition of Hollister (as defined herein) in 2016 and other past debt and equity financing transactions. The following table summarizes the Company's warrant activity: March 31, 2018 Warrants Number of Warrants Weighted Outstanding, beginning of period 10,001,242 $ 4.07 Exercised — — Outstanding, end of period 10,001,242 $ 4.07 Exercisable, end of period 10,001,242 $ 4.07 The following table provides a summary of the Company's outstanding warrants: March 31, 2018 Exercise price per share - CDN$ Number outstanding Weighted average remaining life (years) Weighted average exercise price - CDN$ $2.00 - $2.49 5,001,242 10.87 2.15 $6.00 5,000,000 14.01 6.00 10,001,242 12.44 $ 4.07 |
Share-based compensation
Share-based compensation | 3 Months Ended |
Mar. 31, 2018 | |
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 on the TSX 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 $(0.1) million and $(0.1) million during the three months ended March 31, 2018 and 2017 , respectively. The following table provides a summary of the Company's outstanding DSUs: Three months ended March 31, 2018 Outstanding at beginning of period 360,366 Granted — 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 March 31, Share-based compensation cost by award 2018 2017 Share options $ 56 $ 173 Restricted share units - time vesting criteria 538 444 Restricted share units - performance vesting criteria 119 92 Common share awards — 7 $ 713 $ 716 The following table summarizes activity of the Company's share-based compensation for restricted share units ("RSUs") and share options: Three months ended March 31, 2018 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Share options Outstanding, beginning of period 1,456,481 507,633 4,067,583 Forfeited (110,732 ) (53,028 ) (34,445 ) Vested and issued (2) (39,830 ) (6,716 ) — Exercised (3) — — (6,667 ) Outstanding, end of period 1,305,919 447,889 4,026,471 (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 . |
Income taxes
Income taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income taxes | 13. Income taxes Major components of our income tax benefit (expense) for the three months ended March 31, 2018 and 2017 are as follows (in thousands): Three months ended March 31, 2018 2017 Current: Canada $ — $ — United States 294 864 Total current income tax (expense) benefit 294 864 Deferred: Canada — — United States (162 ) (241 ) Total deferred income tax (expense) (162 ) (241 ) Total income tax (expense) benefit $ 132 $ 623 |
Net (loss) income per share
Net (loss) income per share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net (loss) income per share | 14. Net (loss) income per share Basic net (loss) income per share is calculated by dividing net income by the weighted average number of shares outstanding for the period. Diluted net (loss) income 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 (loss) income per share (in thousands, except per share amounts): Three months ended March 31, 2018 2017 Net (loss) income $ (7,998 ) $ (10,227 ) Weighted average common shares: Basic 179,615,936 175,570,592 Effect of: Share options — — Warrants — — Common share awards — — Restricted share units (1) — — Special warrants — — Diluted 179,615,936 175,570,592 Net (loss) income per share Basic $ (0.04 ) $ (0.06 ) Diluted $ (0.04 ) $ (0.06 ) (1) Represents restricted share units with time-based and performance-based vesting criteria. For the three months ended March 31, 2018 , the impact of dilutive share-based instruments was determined using the Company's average share price, which was CDN$ 2.43 . For the three months ended March 31, 2017 , the impact of dilutive share-based instruments was determined using the Company's average share price, which was CDN$ 6.66 . Diluted net (loss) income per share excludes common share-based instruments in periods where inclusion would be anti-dilutive. During the three months ended March 31, 2018 , 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 March 31, 2018 , the effects from executing 568,192 warrants, 330,660 share options, and 316,016 restricted share units would have been included in the weighted average common shares calculation. During the three months ended March 31, 2017 , had the Company generated net income, the effects from executing 3,878,026 warrants, 2,595,078 share options, and 546,196 restricted share units would have been included in the diluted weighted average common shares calculation. |
Segment information
Segment information | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, 2018 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 20,505 $ 14,038 $ 13,380 $ 1,981 $ 6,867 $ — $ 56,771 Cost of sales Production costs 7,569 10,382 7,323 2,007 8,168 — 35,449 Depreciation and depletion 3,486 5,203 1,610 297 2,507 — 13,103 Write-down of production inventories — 1,715 5,342 — 1,460 — 8,517 9,450 (3,262 ) (895 ) (323 ) (5,268 ) — (298 ) Other operating expenses General and administrative 238 232 208 49 1,191 3,906 5,824 Exploration 41 41 420 — — — 502 Asset retirement and accretion 20 128 100 55 31 — 334 Arrangement agreement costs — — — — — 3,616 3,616 Loss on equipment disposal — 20 — — — — 20 Income (loss) from operations $ 9,151 $ (3,683 ) $ (1,623 ) $ (427 ) $ (6,490 ) $ (7,522 ) $ (10,594 ) Capital expenditures $ 1,265 $ 1,525 $ (19 ) $ (2 ) $ 26 $ 15 $ 2,810 Total assets $ 52,128 $ 72,686 $ 126,255 $ 16,548 $ 55,873 $ 50,760 $ 374,250 Three months ended March 31, 2017 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 20,451 $ 15,789 $ — $ — $ 5,470 $ — $ 41,710 Cost of sales Production costs 6,781 12,542 — — 6,906 — 26,229 Depreciation and depletion 1,657 4,536 — — 1,535 — 7,728 Write-down of production inventories — 951 — — 2,729 — 3,680 12,013 (2,240 ) — — (5,700 ) — 4,073 Other operating expenses General and administrative 191 156 — — 253 3,888 4,488 Exploration 127 — — — — — 127 Development and projects costs — — 5,505 — — — 5,505 Asset retirement and accretion 36 177 96 42 30 — 381 Loss on equipment disposal 36 80 — — — — 116 Income (loss) from operations $ 11,623 $ (2,653 ) $ (5,601 ) $ (42 ) $ (5,983 ) $ (3,888 ) $ (6,544 ) Capital expenditures $ 6,804 $ 5,544 $ 298 $ 615 $ 3,458 $ 289 $ 17,008 Total assets $ 55,664 $ 109,636 $ 116,340 $ 16,199 $ 49,179 $ 28,474 $ 375,492 |
Supplemental cash flow informat
Supplemental cash flow information | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Supplemental cash flow information | 16. Supplemental cash flow information The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Statements of Cash Flows (in thousands): Three months ended March 31, 2018 2017 Cash and cash equivalents $ 27,814 $ 29,554 Restricted cash 9,504 10,055 Total cash, cash equivalents and restricted cash (1) $ 37,318 $ 39,609 (1) The cash and cash equivalents and restricted cash balances were $23,674 and $9,555, respectively as of December 31, 2017, as shown on the Condensed Consolidated Balance Sheets. Amounts included in restricted cash represent cash deposits which collateralize surety bonds associated with asset retirement obligations. See Note 7. Asset retirement obligations to the Notes to Condensed Consolidated Financial Statements for additional detail. The following table provides a summary of significant supplemental cash flow information (in thousands): Three months ended March 31, 2018 2017 Cash paid for federal and state income taxes $ — $ — Cash paid for interest 599 1,181 Mobile equipment acquired through capital lease obligations 570 — Change in accounts payable related to purchase of mineral properties, plant, and equipment 461 919 |
Commitments and contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2018 | |
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 months ended March 31, 2018 , and 2017 , the Company paid nil and nil , respectively, all of which were related to minimum and advance royalty payments. |
Recent accounting pronounceme26
Recent accounting pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Policies [Abstract] | |
Recently adopted and issued accounting pronouncements | Recently adopted Effective January 1, 2018, the Company adopted ASU No. 2014-09, “Revenue from Contracts with Customers” and the applicable related accounting standard updates that followed (collectively referred to as “Topic 606”). The Company adopted Topic 606 using the modified retrospective method, which required it to apply the new revenue standard to (i) all new revenue contracts entered into after January 1, 2018, and (ii) revenue contracts which were not completed as of January 1, 2018. In accordance with this approach, the consolidated revenues for periods prior to January 1, 2018 were not revised and there was no cumulative effect of the adoption of Topic 606 as of January 1, 2018. The Company’s current revenue recognition policy is consistent with Topic 606 which requires that revenue from contracts with customers be recognized when the performance condition to transfer a distinct good is satisfied. The recognition of revenue upon completion of the Company’s performance condition is generally satisfied when title transfers to the customer. As a result, the adoption of Topic 606 did not have an impact on the Company’s 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2016-15, which did not have a material impact 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 statements 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2016-18, which resulted in the inclusion of restricted cash in its beginning-of-period and end-of-period cash and cash equivalents amounts shown on the statements of cash flows. See Note 16. Supplemental cash flow information for additional detail. 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2017-01, which did not have a material impact 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 meant the first quarter of the year ending December 31, 2018. The Company has adopted ASU 2017-09, which did not have a material impact on its financial statements. Recently issued 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 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. In February 2018, the FASB issued ASU No. 2018-02, "Income Statement- Reporting Comprehensive Income - Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income." ASU No. 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. ASU No. 2018-02 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. 2018-02 will have on its financial statements. |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Components of inventory | The following table provides the components of Inventories (in thousands): March 31, December 31, Supplies $ 8,966 $ 9,300 Production related inventories: Stockpiles 16,501 18,749 In-process 9,980 12,516 Doré finished goods 2,292 2,018 $ 37,739 $ 42,583 The following table provides information about the Company's write-downs (in thousands, except per ounce amounts): Three months ended March 31, Type of previously incurred cost 2018 2017 Cash production costs $ 6,634 $ 2,234 Allocated depreciation and depletion 1,883 1,446 Write-down of production inventories $ 8,517 $ 3,680 |
Prepaid expenses and other (Tab
Prepaid expenses and other (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, Prepaid taxes $ 2,016 $ 3,496 Vendor prepayments 1,049 696 Prepaid claim maintenance and land holding costs 505 847 Canadian taxes receivable 353 1,568 Prepaid insurance 134 178 Other 383 795 $ 4,440 $ 7,580 |
Mineral properties, plant and29
Mineral properties, plant and equipment, net (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, Mineral properties $ 170,759 $ 171,422 Facilities and equipment 120,971 120,727 Mine development 114,843 112,887 Land 3,862 3,887 Construction in progress 1,528 1,956 411,963 410,879 Less: accumulated depreciation and depletion (135,923 ) (121,429 ) $ 276,040 $ 289,450 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Schedule of components of debt | The following table summarizes the components of Debt (in thousands): March 31, December 31, Debt, current: Capital lease obligations $ 873 $ 902 $ 873 $ 902 Debt, non-current: Revolver (1) $ 34,162 $ 34,173 Capital lease obligations 1,555 1,232 $ 35,717 $ 35,405 (1) Net of unamortized issuance costs of $0.8 million. The following table summarizes the components of Interest expense, net (in thousands): Three months ended March 31, 2018 2017 Gold Purchase Agreement $ — $ 783 Revolver interest and stand-by fees 537 334 Capital lease obligations 28 9 Other 34 32 $ 599 $ 1,158 |
Asset retirement obligations (T
Asset retirement obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, December 31, Balance, beginning of period $ 21,108 $ 25,436 Changes in estimates — (5,945 ) Accretion expense 334 1,523 Effect of foreign currency (53 ) 94 Balance, end of period $ 21,389 $ 21,108 |
Asset retirement obligations by property | The following table provides a listing of the Company's asset retirement obligations by property (in thousands): March 31, December 31, Midas $ 8,529 $ 8,401 Hollister 6,005 5,905 Aurora 3,807 3,752 Fire Creek 1,230 1,210 True North 1,818 1,840 $ 21,389 $ 21,108 |
Deferred share units liability
Deferred share units liability (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Summary of outstanding DSUs | The following table provides a summary of the Company's outstanding DSUs: Three months ended March 31, 2018 Outstanding at beginning of period 360,366 Granted — 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") and share options: Three months ended March 31, 2018 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Share options Outstanding, beginning of period 1,456,481 507,633 4,067,583 Forfeited (110,732 ) (53,028 ) (34,445 ) Vested and issued (2) (39,830 ) (6,716 ) — Exercised (3) — — (6,667 ) Outstanding, end of period 1,305,919 447,889 4,026,471 (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 . |
Derivatives (Tables)
Derivatives (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, December 31, Forward metal sales Derivative assets, current $ 17 $ 17 $ 17 $ 17 Gold Offering Agreement Derivative liabilities, current $ — $ 170 Gold Collar and Forward Priced Derivative liabilities, current 735 — $ 735 $ 170 |
Gain (loss) on derivatives, net | The following table lists the net amounts recorded for (Loss) gain on derivatives, net (in thousands): Three months ended March 31, 2018 2017 Gold Purchase Agreement embedded derivative — (1,407 ) Gold Offering Agreement 32 (342 ) Forward metal sales (1) 583 (395 ) Gold Collar and Forward Priced (743 ) — $ (128 ) $ (2,144 ) (1) (Loss) gain on settlement and revaluation of forward metal sales derivative instruments, which was determined by the difference in the fixed forward price received by the Company and the spot price on the applicable delivery date. See Forward Metal Sales discussed below. |
Schedule of gold purchase agreement | The following table summarizes information about past gold deliveries under the Gold Purchase Agreement: Three months ended March 31, 2018 2017 Gold ounces — 2,000 Average forward gold price $ — $ 1,322 Average gold spot price on delivery date $ — $ 1,238 |
Schedule of gold offering agreement | The following table summarizes information about gold purchased under the Gold Offering Agreement: Three months ended March 31, 2018 2017 Gold ounces purchased by counterparty — 22,040 Average gold price paid to the Company $ — $ 1,206 Average gold spot price on delivery date $ — $ 1,250 |
Schedule of forward positions | The following table summarizes information about the Company's forward trades entered into during the respective periods: Three months ended March 31, 2018 2017 Gold ounces covered 36,073 48,558 Average price per gold ounce $ 1,322 $ 1,236 Silver ounces covered — 287,000 Average price per silver ounce $ — $ 17.88 |
Fair value measurements (Tables
Fair value measurements (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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): March 31, 2018 December 31, 2017 Assets: Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Forward metal sales $ — $ 17 $ — $ — $ 17 $ — $ — $ 17 $ — $ — $ 17 $ — Liabilities: Deferred share units liability $ — $ 847 $ — $ — $ 945 $ — Gold Offering Agreement — — — — — 170 Gold Collar — 735 — — — — $ — $ 1,582 $ — $ — $ 945 $ 170 |
Schedule of Level 3 financial liability | The following table provides additional detail for the Company's Level 3 financial liability (in thousands): Gold Offering Agreement liability: March 31, Balance at beginning of the period $ 170 Gain from change in fair value (170 ) Balance at end of the period $ — (Loss) gain on derivative, net: Settlement losses $ (138 ) Gain from change in fair value 170 $ 32 |
Share capital (Tables)
Share capital (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Other Liabilities Disclosure [Abstract] | |
Schedule of warrants | The following table summarizes the Company's warrant activity: March 31, 2018 Warrants Number of Warrants Weighted Outstanding, beginning of period 10,001,242 $ 4.07 Exercised — — Outstanding, end of period 10,001,242 $ 4.07 Exercisable, end of period 10,001,242 $ 4.07 The following table provides a summary of the Company's outstanding warrants: March 31, 2018 Exercise price per share - CDN$ Number outstanding Weighted average remaining life (years) Weighted average exercise price - CDN$ $2.00 - $2.49 5,001,242 10.87 2.15 $6.00 5,000,000 14.01 6.00 10,001,242 12.44 $ 4.07 |
Share-based compensation (Table
Share-based compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 March 31, Share-based compensation cost by award 2018 2017 Share options $ 56 $ 173 Restricted share units - time vesting criteria 538 444 Restricted share units - performance vesting criteria 119 92 Common share awards — 7 $ 713 $ 716 |
Schedule of share-based compensation by award | The following table provides a summary of the Company's outstanding DSUs: Three months ended March 31, 2018 Outstanding at beginning of period 360,366 Granted — 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") and share options: Three months ended March 31, 2018 Restricted share units - time-based vesting (1) Restricted share units - performance-based vesting Share options Outstanding, beginning of period 1,456,481 507,633 4,067,583 Forfeited (110,732 ) (53,028 ) (34,445 ) Vested and issued (2) (39,830 ) (6,716 ) — Exercised (3) — — (6,667 ) Outstanding, end of period 1,305,919 447,889 4,026,471 (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 . |
Income taxes (Tables)
Income taxes (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Components of income tax (expense) / benefit | Major components of our income tax benefit (expense) for the three months ended March 31, 2018 and 2017 are as follows (in thousands): Three months ended March 31, 2018 2017 Current: Canada $ — $ — United States 294 864 Total current income tax (expense) benefit 294 864 Deferred: Canada — — United States (162 ) (241 ) Total deferred income tax (expense) (162 ) (241 ) Total income tax (expense) benefit $ 132 $ 623 |
Net (loss) income per share (Ta
Net (loss) income per share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
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 (loss) income per share (in thousands, except per share amounts): Three months ended March 31, 2018 2017 Net (loss) income $ (7,998 ) $ (10,227 ) Weighted average common shares: Basic 179,615,936 175,570,592 Effect of: Share options — — Warrants — — Common share awards — — Restricted share units (1) — — Special warrants — — Diluted 179,615,936 175,570,592 Net (loss) income per share Basic $ (0.04 ) $ (0.06 ) Diluted $ (0.04 ) $ (0.06 ) (1) Represents restricted share units with time-based and performance-based vesting criteria. |
Segment information (Tables)
Segment information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Schedule of segment information | The tables below summarizes segment information: Three months ended March 31, 2018 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 20,505 $ 14,038 $ 13,380 $ 1,981 $ 6,867 $ — $ 56,771 Cost of sales Production costs 7,569 10,382 7,323 2,007 8,168 — 35,449 Depreciation and depletion 3,486 5,203 1,610 297 2,507 — 13,103 Write-down of production inventories — 1,715 5,342 — 1,460 — 8,517 9,450 (3,262 ) (895 ) (323 ) (5,268 ) — (298 ) Other operating expenses General and administrative 238 232 208 49 1,191 3,906 5,824 Exploration 41 41 420 — — — 502 Asset retirement and accretion 20 128 100 55 31 — 334 Arrangement agreement costs — — — — — 3,616 3,616 Loss on equipment disposal — 20 — — — — 20 Income (loss) from operations $ 9,151 $ (3,683 ) $ (1,623 ) $ (427 ) $ (6,490 ) $ (7,522 ) $ (10,594 ) Capital expenditures $ 1,265 $ 1,525 $ (19 ) $ (2 ) $ 26 $ 15 $ 2,810 Total assets $ 52,128 $ 72,686 $ 126,255 $ 16,548 $ 55,873 $ 50,760 $ 374,250 Three months ended March 31, 2017 Fire Creek Midas Hollister Aurora True North Corporate and other Total Revenues $ 20,451 $ 15,789 $ — $ — $ 5,470 $ — $ 41,710 Cost of sales Production costs 6,781 12,542 — — 6,906 — 26,229 Depreciation and depletion 1,657 4,536 — — 1,535 — 7,728 Write-down of production inventories — 951 — — 2,729 — 3,680 12,013 (2,240 ) — — (5,700 ) — 4,073 Other operating expenses General and administrative 191 156 — — 253 3,888 4,488 Exploration 127 — — — — — 127 Development and projects costs — — 5,505 — — — 5,505 Asset retirement and accretion 36 177 96 42 30 — 381 Loss on equipment disposal 36 80 — — — — 116 Income (loss) from operations $ 11,623 $ (2,653 ) $ (5,601 ) $ (42 ) $ (5,983 ) $ (3,888 ) $ (6,544 ) Capital expenditures $ 6,804 $ 5,544 $ 298 $ 615 $ 3,458 $ 289 $ 17,008 Total assets $ 55,664 $ 109,636 $ 116,340 $ 16,199 $ 49,179 $ 28,474 $ 375,492 |
Supplemental cash flow inform40
Supplemental cash flow information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Supplemental Cash Flow Elements [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Statements of Cash Flows (in thousands): Three months ended March 31, 2018 2017 Cash and cash equivalents $ 27,814 $ 29,554 Restricted cash 9,504 10,055 Total cash, cash equivalents and restricted cash (1) $ 37,318 $ 39,609 (1) The cash and cash equivalents and restricted cash balances were $23,674 and $9,555, respectively as of December 31, 2017, as shown on the Condensed Consolidated Balance Sheets. |
Restricted Cash and Cash Equivalents | The following table provides a reconciliation of cash, cash equivalents and restricted cash to amounts reported within the Condensed Consolidated Statements of Cash Flows (in thousands): Three months ended March 31, 2018 2017 Cash and cash equivalents $ 27,814 $ 29,554 Restricted cash 9,504 10,055 Total cash, cash equivalents and restricted cash (1) $ 37,318 $ 39,609 (1) The cash and cash equivalents and restricted cash balances were $23,674 and $9,555, respectively as of December 31, 2017, as shown on the Condensed Consolidated Balance Sheets. |
Summary of significant supplemental cash flow | The following table provides a summary of significant supplemental cash flow information (in thousands): Three months ended March 31, 2018 2017 Cash paid for federal and state income taxes $ — $ — Cash paid for interest 599 1,181 Mobile equipment acquired through capital lease obligations 570 — Change in accounts payable related to purchase of mineral properties, plant, and equipment 461 919 |
Inventories - Components of Inv
Inventories - Components of Inventory (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Disclosure [Abstract] | ||
Supplies | $ 8,966 | $ 9,300 |
Stockpiles | 16,501 | 18,749 |
In-process | 9,980 | 12,516 |
Doré finished goods | 2,292 | 2,018 |
Inventories | 37,739 | 42,583 |
Capitalized non-cash depreciation and depletion costs | $ 7,000 | $ 7,200 |
Inventories - Schedule of Compa
Inventories - Schedule of Company's Write-downs (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)$ / oz | Mar. 31, 2017USD ($) | |
Inventory [Line Items] | ||
Cash production costs | $ 6,634 | $ 2,234 |
Allocated depreciation and depletion | 1,883 | 1,446 |
Write-down of production inventories | $ 8,517 | $ 3,680 |
Price per gold ounce | ||
Inventory [Line Items] | ||
Period-end prices used in write-down calculation (USD per ounce) | $ / oz | 1,323.85 | |
Price per silver ounce | ||
Inventory [Line Items] | ||
Period-end prices used in write-down calculation (USD per ounce) | $ / oz | 16.28 |
Prepaid expenses and other (Det
Prepaid expenses and other (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepaid taxes | $ 2,016 | $ 3,496 |
Vendor prepayments | 1,049 | 696 |
Prepaid claim maintenance and land holding costs | 505 | 847 |
Canadian taxes receivable | 353 | 1,568 |
Prepaid insurance | 134 | 178 |
Other | 383 | 795 |
Prepaid expenses and other | $ 4,440 | $ 7,580 |
Mineral properties, plant and44
Mineral properties, plant and equipment, net - Components of Mineral properties, plant and equipment, net (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | $ 411,963 | $ 410,879 |
Less: accumulated depreciation and depletion | (135,923) | (121,429) |
Mineral properties, plant and equipment, net | 276,040 | 289,450 |
Mineral properties | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 170,759 | 171,422 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 120,971 | 120,727 |
Mine development | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 114,843 | 112,887 |
Land | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | 3,862 | 3,887 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | $ 1,528 | $ 1,956 |
Mineral properties, plant and45
Mineral properties, plant and equipment, net - Narrative (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | $ 411,963 | $ 410,879 |
Facilities and equipment | ||
Property, Plant and Equipment [Line Items] | ||
Mobile equipment acquired under capital lease obligations, gross | 3,700 | 3,100 |
Accumulated depreciation | 1,400 | 1,100 |
Mineral properties, plant and equipment, gross | 120,971 | 120,727 |
Construction in progress | ||
Property, Plant and Equipment [Line Items] | ||
Mineral properties, plant and equipment, gross | $ 1,528 | $ 1,956 |
Debt - Components of debt (Deta
Debt - Components of debt (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Debt Instrument [Line Items] | ||
Debt, current | $ 873 | $ 902 |
Debt, non-current | 35,717 | 35,405 |
Unamortized issuance costs | 800 | |
Revolving credit facility | ||
Debt Instrument [Line Items] | ||
Debt, non-current | 34,162 | 34,173 |
Capital lease obligations | ||
Debt Instrument [Line Items] | ||
Debt, current | 873 | 902 |
Debt, non-current | $ 1,555 | $ 1,232 |
Debt - Interest expense, net (D
Debt - Interest expense, net (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Debt Instrument [Line Items] | ||
Interest expense, net | $ 599 | $ 1,158 |
Gold Purchase Agreement | ||
Debt Instrument [Line Items] | ||
Interest costs | 0 | 783 |
Revolver interest and stand-by fees | ||
Debt Instrument [Line Items] | ||
Interest costs | 537 | 334 |
Capital lease obligations | ||
Debt Instrument [Line Items] | ||
Interest costs | 28 | 9 |
Other | ||
Debt Instrument [Line Items] | ||
Interest costs | $ 34 | $ 32 |
Debt - Revolver (Details)
Debt - Revolver (Details) - Revolving credit facility - Investee Bank PLC - USD ($) | Feb. 13, 2018 | Dec. 21, 2017 | Mar. 23, 2016 | Oct. 27, 2016 | Dec. 31, 2016 | Dec. 31, 2017 | Apr. 16, 2018 |
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility, maximum borrowing capacity | $ 45,000,000 | $ 40,000,000 | $ 25,000,000 | $ 35,000,000 | $ 40,000,000 | ||
Revolving credit facility, maximum borrowing capacity, increase (decrease) | $ 5,000,000 | $ 5,000,000 | $ 10,000,000 | ||||
Proceeds from Revolver draw | $ 12,000,000 | 23,000,000 | |||||
Repayment of purchase agreement | $ 10,000,000 | ||||||
Subsequent event | |||||||
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility, maximum borrowing capacity | $ 40,000,000 | ||||||
LIBOR | Minimum | |||||||
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility, basis spread | 2.75% | ||||||
LIBOR | Maximum | |||||||
Line of Credit Facility [Line Items] | |||||||
Revolving credit facility, basis spread | 4.00% |
Debt - Capital lease obligation
Debt - Capital lease obligations (Details) - Capital lease obligations | 3 Months Ended |
Mar. 31, 2018 | |
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 months |
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 | 1.1 |
Asset retirement obligations -
Asset retirement obligations - Changes in the Asset Retirement Obligation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |||
Asset retirement obligation, beginning balance | $ 21,108 | $ 25,436 | $ 25,436 |
Changes in estimates | 0 | (5,945) | |
Accretion expense | 334 | $ 381 | 1,523 |
Effect of foreign currency | (53) | 94 | |
Asset retirement obligation, ending balance | $ 21,389 | $ 21,108 |
Asset retirement obligations 52
Asset retirement obligations - Narrative (Details) $ in Millions | Mar. 31, 2018USD ($) |
Asset Retirement Obligation Disclosure [Abstract] | |
Surety bonds | $ 49.4 |
Restricted cash | $ 9.5 |
Asset retirement obligations 53
Asset retirement obligations - Listing of Company's Asset Retirement Obligations (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | $ 21,389 | $ 21,108 | $ 25,436 |
Midas | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 8,529 | 8,401 | |
Hollister | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 6,005 | 5,905 | |
Aurora | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 3,807 | 3,752 | |
Fire Creek | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | 1,230 | 1,210 | |
True North | |||
Segment Reporting Information [Line Items] | |||
Asset retirement obligation | $ 1,818 | $ 1,840 |
Deferred share units liabilit54
Deferred share units liability - Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 3 Months Ended | |
May 31, 2016 | Mar. 31, 2018 | Mar. 31, 2017 | |
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 | $ (72) | $ (91) | |
Deferred Share Unit Plan | Deferred Share Units (DSUs) | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Deferred share unit expense | $ (100) | $ (100) |
Deferred share units liabilit55
Deferred share units liability - Outstanding DSUs (Details) - Deferred Share Units - Deferred Share Units (DSUs) - Deferred Share Unit Plan | 3 Months Ended |
Mar. 31, 2018shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Outstanding [Roll Forward] | |
Outstanding at beginning of period (in shares) | 360,366 |
Granted (in shares) | 0 |
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 | Mar. 31, 2018 | Dec. 31, 2017 |
Derivative [Line Items] | ||
Derivative assets, current | $ 17 | $ 17 |
Derivative asset | 17 | 17 |
Derivative liabilities, current | 735 | 170 |
Derivative liability | 735 | 170 |
Forward metal sales | ||
Derivative [Line Items] | ||
Derivative assets, current | 17 | 17 |
Gold Offering Agreement | ||
Derivative [Line Items] | ||
Derivative liabilities, current | 0 | 170 |
Gold Collar and Forward Priced | ||
Derivative [Line Items] | ||
Derivative liabilities, current | $ 735 | $ 0 |
Derivatives - Loss on derivativ
Derivatives - Loss on derivatives (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on derivatives, net | $ (128) | $ (2,144) |
Gold Purchase Agreement | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on derivatives, net | 0 | (1,407) |
Gold Offering Agreement | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on derivatives, net | 32 | (342) |
Forward metal sales | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on derivatives, net | 583 | (395) |
Gold Collar and Forward Priced | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Loss on derivatives, net | $ (743) | $ 0 |
Derivatives - Gold purchase agr
Derivatives - Gold purchase agreement (Details) | 3 Months Ended | |
Mar. 31, 2018oz$ / oz | Mar. 31, 2017oz$ / oz | |
Gold Commodity Contract, 2017, Maturing Within Period | ||
Derivative [Line Items] | ||
Gold ounces | oz | 0 | |
Average forward price (USD per ounce) | 0 | |
Average gold spot price on delivery date (USD per ounce) | 0 | |
Gold Commodity Contract, 2016, Maturing Within Period | ||
Derivative [Line Items] | ||
Gold ounces | oz | 2,000 | |
Average forward price (USD per ounce) | 1,322 | |
Average gold spot price on delivery date (USD per ounce) | 1,238 |
Derivatives - Gold offering agr
Derivatives - Gold offering agreement (Details) - Gold Offering Agreement | 3 Months Ended | |
Mar. 31, 2018oz$ / oz | Mar. 31, 2017oz$ / oz | |
Derivative [Line Items] | ||
Derivative, term of contract | 5 years | |
Trading days preceding relevant purchase election date | 30 days | |
Gold ounces | oz | 0 | 22,040 |
Average forward price (USD per ounce) | 0 | 1,206 |
Average gold spot price on delivery date (USD per ounce) | 0 | 1,250 |
Derivatives - Forward metal sal
Derivatives - Forward metal sales (Details) | 3 Months Ended | |
Mar. 31, 2018oz$ / oz | Mar. 31, 2017oz$ / oz | |
Price per gold ounce | ||
Derivative [Line Items] | ||
Gold ounces | oz | 36,073 | 48,558 |
Average forward price (USD per ounce) | $ / oz | 1,322 | 1,236 |
Price per silver ounce | ||
Derivative [Line Items] | ||
Gold ounces | oz | 0 | 287,000 |
Average forward price (USD per ounce) | $ / oz | 0 | 17.88 |
Derivatives - Gold Collar and F
Derivatives - Gold Collar and Forward Priced (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018USD ($)oz$ / oz | Dec. 31, 2017USD ($) | |
Derivative [Line Items] | ||
Derivative liabilities | $ | $ 735 | $ 170 |
Gold Collar | ||
Derivative [Line Items] | ||
Gold ounces | oz | 30,450 | |
Forward Priced | ||
Derivative [Line Items] | ||
Gold ounces | oz | 36,073 | |
Gold Collar and Forward Priced | ||
Derivative [Line Items] | ||
Derivative liabilities | $ | $ 735 | $ 0 |
Minimum | Gold Collar | ||
Derivative [Line Items] | ||
Derivative, exchange rate floor (USD per ounce) | 1,300 | |
Derivative, exchange rate cap (USD per ounce) | 1,340 | |
Maximum | Gold Collar | ||
Derivative [Line Items] | ||
Derivative, exchange rate floor (USD per ounce) | 1,325 | |
Derivative, exchange rate cap (USD per ounce) | 1,376 | |
Average | Forward Priced | ||
Derivative [Line Items] | ||
Derivative, exchange rate cap (USD per ounce) | 1,322 |
Fair value measurements - Asset
Fair value measurements - Assets and liabilities measured at fair value on a recurring basis (Details) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | $ 17 | $ 17 |
Derivative liability | 735 | 170 |
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 | 17 | 17 |
Deferred share units liability | 847 | 945 |
Liabilities, fair value disclosure | 1,582 | 945 |
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 | 0 | 170 |
Fair value, measurements, recurring | Forward metal sales | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Fair value, measurements, recurring | Forward metal sales | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 17 | 17 |
Fair value, measurements, recurring | Forward metal sales | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative asset | 0 | 0 |
Fair value, measurements, recurring | Gold Offering Agreement | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Fair value, measurements, recurring | Gold Offering Agreement | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Fair value, measurements, recurring | Gold Offering Agreement | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 170 |
Fair value, measurements, recurring | Gold Collar | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 0 | 0 |
Fair value, measurements, recurring | Gold Collar | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | 735 | 0 |
Fair value, measurements, recurring | Gold Collar | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative liability | $ 0 | $ 0 |
Fair value measurements - Level
Fair value measurements - Level 3 financial liability (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Derivative, gain (loss) on derivative, net | $ (128) | $ (2,144) |
Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Derivative, gain (loss) on derivative, net | 32 | |
Gold Offering Agreement | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Derivative, gain (loss) on derivative, net | 32 | $ (342) |
Settlement losses | Level 3 | ||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward] | ||
Derivative, gain (loss) on derivative, net | (138) | |
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 | 170 | |
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 | 170 | |
Gain from change in fair value | (170) | |
Balance at end of the period | $ 0 |
Share capital - Warrants Activi
Share capital - Warrants Activity (Details) | 3 Months Ended |
Mar. 31, 2018$ / sharesshares | |
Number of Warrants | |
Warrants outstanding, beginning of year (in shares) | shares | 10,001,242 |
Warrants exercised (in shares) | shares | 0 |
Warrants outstanding, end of year (in shares) | shares | 10,001,242 |
Warrants exercisable, end of year (in shares) | shares | 10,001,242 |
Weighted Average Exercise Price - CDN$ | |
Warrants, outstanding, beginning of period, weighted average exercise price (in CDN$ per share) | $ / shares | $ 4.07 |
Warrants, weighted average exercised price (in CDN$ per share) | $ / shares | 0 |
Warrants, outstanding, end of period, weighted average exercise price (in CDN$ per share) | $ / shares | 4.07 |
Warrants, exercisable, end of period, weighted average exercise price (in CDN$ per share) | $ / shares | $ 4.07 |
Share capital - Warrants by Exe
Share capital - Warrants by Exercise Price (Details) | 3 Months Ended | ||
Mar. 31, 2018$ / sharesshares | Mar. 31, 2018$ / sharesshares | Dec. 31, 2017$ / sharesshares | |
Class of Warrant or Right [Line Items] | |||
Number outstanding (in shares) | shares | 10,001,242 | 10,001,242 | 10,001,242 |
Weighted average remaining life (years) | 12 years 5 months 9 days | ||
Weighted average exercise price (in CDN$ per share) | $ 4.07 | $ 4.07 | |
$2.00 - $2.49 | |||
Class of Warrant or Right [Line Items] | |||
Number outstanding (in shares) | shares | 5,001,242 | 5,001,242 | |
Weighted average remaining life (years) | 10 years 10 months 13 days | ||
Weighted average exercise price (in CDN$ per share) | $ 2.15 | ||
$ 6 | |||
Class of Warrant or Right [Line Items] | |||
Number outstanding (in shares) | shares | 5,000,000 | 5,000,000 | |
Weighted average remaining life (years) | 14 years 4 days | ||
Weighted average exercise price (in CDN$ per share) | (per share) | $ 6 | $ 6 | |
Minimum | $2.00 - $2.49 | |||
Class of Warrant or Right [Line Items] | |||
Weighted average exercise price (in CDN$ per share) | 2 | ||
Maximum | $2.00 - $2.49 | |||
Class of Warrant or Right [Line Items] | |||
Weighted average exercise price (in CDN$ per share) | $ 2.49 |
Share-based compensation - Narr
Share-based compensation - Narrative (Details) | 3 Months Ended |
Mar. 31, 2018 | |
Restricted share units | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of outstanding stock, maximum | 4.00% |
New Share Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Percentage of outstanding stock, maximum | 8.90% |
Share-based compensation - Shar
Share-based compensation - Share-based compensation cost by award type (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation cost by award | $ 713 | $ 716 |
Share options | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation cost by award | 56 | 173 |
Restricted share units - time vesting criteria | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation cost by award | 538 | 444 |
Restricted share units - performance-based vesting | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation cost by award | 119 | 92 |
Common share awards | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Share-based compensation cost by award | $ 0 | $ 7 |
Share-based compensation - Sh68
Share-based compensation - Share-based compensation by award (Details) | 3 Months Ended |
Mar. 31, 2018shares | |
Share options | |
Outstanding, beginning of year (in shares) | 4,067,583 |
Forfeited (in shares) | (34,445) |
Exercised (in shares) | (6,667) |
Outstanding, end of period (in shares) | 4,026,471 |
Restricted share units - time-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) | 1,456,481 |
Forfeited (in shares) | (110,732) |
Vested and issued (in shares) | (39,830) |
Outstanding, end of period (in shares) | 1,305,919 |
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) | 507,633 |
Forfeited (in shares) | (53,028) |
Vested and issued (in shares) | (6,716) |
Outstanding, end of period (in shares) | 447,889 |
Income taxes (Details)
Income taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Current: | ||
Canada | $ 0 | $ 0 |
United States | 294 | 864 |
Total current income tax (expense) benefit | 294 | 864 |
Deferred: | ||
Canada | 0 | 0 |
United States | (162) | (241) |
Total deferred income tax (expense) | (162) | (241) |
Total income tax (expense) benefit | $ 132 | $ 623 |
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 | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Net (loss) income | $ (7,998) | $ (10,227) |
Weighted average common shares: | ||
Basic (in shares) | 179,615,936 | 175,570,592 |
Effect of: | ||
Share options (in shares) | 0 | 0 |
Warrants (in shares) | 0 | 0 |
Common share awards (in shares) | 0 | 0 |
Restricted share units (in shares) | 0 | 0 |
Special warrants (in shares) | 0 | 0 |
Diluted (in shares) | 179,615,936 | 175,570,592 |
Net (loss) income per share | ||
Basic (in dollars per share) | $ (0.04) | $ (0.06) |
Diluted (in dollars per share) | $ (0.04) | $ (0.06) |
Net (loss) income per share -
Net (loss) income per share - Narrative (Details) - $ / shares | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Average share price (in dollars per share) | $ 2.43 | $ 6.66 |
Warrants | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 568,192 | 3,878,026 |
Share options | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 330,660 | 2,595,078 |
Restricted share units | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation (in shares) | 316,016 | 546,196 |
Segment information (Details)
Segment information (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||
Revenues | $ 56,771 | $ 41,710 | |
Cost of sales | |||
Production costs | 35,449 | 26,229 | |
Depreciation and depletion | 13,103 | 7,728 | |
Write-down of production inventories | 8,517 | 3,680 | |
Gross Profit | (298) | 4,073 | |
Other operating expenses | |||
General and administrative | 5,824 | 4,488 | |
Exploration | 502 | 127 | |
Development and projects costs | 0 | 5,505 | |
Asset retirement and accretion | 334 | 381 | $ 1,523 |
Arrangement agreement costs | 3,616 | 0 | |
Loss on equipment disposal | 20 | 116 | |
(Loss) income from operations | (10,594) | (6,544) | |
Capital expenditures | 2,810 | 17,008 | |
Total assets | 374,250 | 375,492 | $ 391,555 |
Fire Creek | |||
Segment Reporting Information [Line Items] | |||
Revenues | 20,505 | 20,451 | |
Cost of sales | |||
Production costs | 7,569 | 6,781 | |
Depreciation and depletion | 3,486 | 1,657 | |
Write-down of production inventories | 0 | 0 | |
Gross Profit | 9,450 | 12,013 | |
Other operating expenses | |||
General and administrative | 238 | 191 | |
Exploration | 41 | 127 | |
Development and projects costs | 0 | ||
Asset retirement and accretion | 20 | 36 | |
Arrangement agreement costs | 0 | ||
Loss on equipment disposal | 0 | 36 | |
(Loss) income from operations | 9,151 | 11,623 | |
Capital expenditures | 1,265 | 6,804 | |
Total assets | 52,128 | 55,664 | |
Midas | |||
Segment Reporting Information [Line Items] | |||
Revenues | 14,038 | 15,789 | |
Cost of sales | |||
Production costs | 10,382 | 12,542 | |
Depreciation and depletion | 5,203 | 4,536 | |
Write-down of production inventories | 1,715 | 951 | |
Gross Profit | (3,262) | (2,240) | |
Other operating expenses | |||
General and administrative | 232 | 156 | |
Exploration | 41 | 0 | |
Development and projects costs | 0 | ||
Asset retirement and accretion | 128 | 177 | |
Arrangement agreement costs | 0 | ||
Loss on equipment disposal | 20 | 80 | |
(Loss) income from operations | (3,683) | (2,653) | |
Capital expenditures | 1,525 | 5,544 | |
Total assets | 72,686 | 109,636 | |
Hollister | |||
Segment Reporting Information [Line Items] | |||
Revenues | 13,380 | 0 | |
Cost of sales | |||
Production costs | 7,323 | 0 | |
Depreciation and depletion | 1,610 | 0 | |
Write-down of production inventories | 5,342 | 0 | |
Gross Profit | (895) | 0 | |
Other operating expenses | |||
General and administrative | 208 | 0 | |
Exploration | 420 | 0 | |
Development and projects costs | 5,505 | ||
Asset retirement and accretion | 100 | 96 | |
Arrangement agreement costs | 0 | ||
Loss on equipment disposal | 0 | 0 | |
(Loss) income from operations | (1,623) | (5,601) | |
Capital expenditures | (19) | 298 | |
Total assets | 126,255 | 116,340 | |
Aurora | |||
Segment Reporting Information [Line Items] | |||
Revenues | 1,981 | 0 | |
Cost of sales | |||
Production costs | 2,007 | 0 | |
Depreciation and depletion | 297 | 0 | |
Write-down of production inventories | 0 | 0 | |
Gross Profit | (323) | 0 | |
Other operating expenses | |||
General and administrative | 49 | 0 | |
Exploration | 0 | 0 | |
Development and projects costs | 0 | ||
Asset retirement and accretion | 55 | 42 | |
Arrangement agreement costs | 0 | ||
Loss on equipment disposal | 0 | 0 | |
(Loss) income from operations | (427) | (42) | |
Capital expenditures | (2) | 615 | |
Total assets | 16,548 | 16,199 | |
True North | |||
Segment Reporting Information [Line Items] | |||
Revenues | 6,867 | 5,470 | |
Cost of sales | |||
Production costs | 8,168 | 6,906 | |
Depreciation and depletion | 2,507 | 1,535 | |
Write-down of production inventories | 1,460 | 2,729 | |
Gross Profit | (5,268) | (5,700) | |
Other operating expenses | |||
General and administrative | 1,191 | 253 | |
Exploration | 0 | 0 | |
Development and projects costs | 0 | ||
Asset retirement and accretion | 31 | 30 | |
Arrangement agreement costs | 0 | ||
Loss on equipment disposal | 0 | 0 | |
(Loss) income from operations | (6,490) | (5,983) | |
Capital expenditures | 26 | 3,458 | |
Total assets | 55,873 | 49,179 | |
Corporate and other | |||
Segment Reporting Information [Line Items] | |||
Revenues | 0 | 0 | |
Cost of sales | |||
Production costs | 0 | 0 | |
Depreciation and depletion | 0 | 0 | |
Write-down of production inventories | 0 | 0 | |
Gross Profit | 0 | 0 | |
Other operating expenses | |||
General and administrative | 3,906 | 3,888 | |
Exploration | 0 | 0 | |
Development and projects costs | 0 | ||
Asset retirement and accretion | 0 | 0 | |
Arrangement agreement costs | 3,616 | ||
Loss on equipment disposal | 0 | 0 | |
(Loss) income from operations | (7,522) | (3,888) | |
Capital expenditures | 15 | 289 | |
Total assets | $ 50,760 | $ 28,474 |
Supplemental cash flow inform73
Supplemental cash flow information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | Dec. 31, 2016 | |
Supplemental Cash Flow Elements [Abstract] | ||||
Cash and cash equivalents | $ 27,814 | $ 29,554 | $ 23,674 | |
Restricted cash | 9,504 | 10,055 | 9,555 | |
Total cash, cash equivalents and restricted cash | 37,318 | 39,609 | $ 33,229 | $ 57,691 |
Cash paid for federal and state income taxes | 0 | 0 | ||
Cash paid for interest | 599 | 1,181 | ||
Mobile equipment acquired through capital lease obligations | 570 | 0 | ||
Change in accounts payable related to purchase of mineral properties, plant, and equipment | $ 461 | $ 919 |
Commitments and contingencies (
Commitments and contingencies (Details) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Commitments and Contingencies Disclosure [Abstract] | ||
Payments to acquire royalty interests | $ 0 | $ 0 |